BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

N-CSRS 1 d783244dncsrs.htm BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-10331

Name of Fund:

BlackRock California Municipal Income Trust (BFZ)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

Municipal Income Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 01/31/2024

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Municipal 2030 Target Term Trust (BTT)

BlackRock Municipal Income Quality Trust (BYM)

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


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

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

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

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

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

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

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

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

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

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

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


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		49
Statements of Operations		51
Statements of Changes in Net Assets		53
Statements of Cash Flows		56
Financial Highlights		58
Notes to Financial Statements		63
Additional Information		74
Glossary of Terms Used in this Report		76


		3

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

Municipal Market Conditions

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


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

A Closer Look at Yields

AAA Municipal Yield Curves

LOGO

Source: Thomson Municipal Market Data.

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

Treasury curve.

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

Financial Conditions of Municipal Issuers

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

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

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


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The Benefits and Risks of Leveraging

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

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

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

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

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

To obtain leverage, each Trust has issued Variable Rate Muni Term Preferred Shares (“VMTP Shares”) or 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.


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


Trust Summary as of January 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 January 31, 2024 ($11.80)^(a)		5.19%
Tax Equivalent Yield^(b)		11.31%
Current Monthly Distribution per Common Share^(c)		$0.051000
Current Annualized Distribution per Common Share^(c)		$0.612000
Leverage as of January 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


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

Closing Market Price	$	11.80	$	11.59		1.81	%	$	12.03	$	9.90
Net Asset Value		13.05		13.03		0.15			13.20		11.52

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		2.49	%		2.83	%		2.01	%		3.35%
Trust at Market Price^(a)(b)		4.19			7.42			2.89			2.86

California Customized Reference Benchmark^(c)		2.79			2.78			2.00			N/A
Bloomberg Municipal Bond Index^(d)		2.70			2.90			2.00			2.78

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the 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.

^(d)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The 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:

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

The Trust’s holdings in higher-quality investment-grade securities with longer duration characteristics contributed to performance. (Duration is a measure of interest rate sensitivity.) Within this category, longer-maturity bonds performed particularly well. On the other end of the spectrum, positions in lower-duration securities made smaller contributions.


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Trust Summary as of January 31, 2024 (continued)		BlackRock California Municipal Income Trust (BFZ)

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

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. Believing yields were unlikely to rise significantly from already elevated levels, the investment adviser reduced the extent of the risk-management strategy. The Trust continued to use leverage, but the performance impact was muted due to increased borrowing costs.

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

Overview of the Trust’s Total Investments


SECTOR ALLOCATION

Sector^(a)(b)	Percentage of Total Investments

County/City/Special District/School District		24.4	%
Transportation		22.6
Health		15.7
Utilities		15.1
Corporate		11.5
State		3.8
Tobacco		3.5
Education		2.7
Housing		0.7

CALL/MATURITY SCHEDULE

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

2024		2.3	%
2025		0.3
2026		6.6
2027		16.2
2028		12.3


CREDIT QUALITY ALLOCATION

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

AAA/Aaa		4.9	%
AA/Aa		62.6
A		23.4
BBB/Baa		3.8
BB/Ba		0.1
N/R^(e)		5.2

^(a)	Excludes short-term securities.

^(b)

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

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

^(d)

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

^(e)

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


T R U S T S U M M A R Y		7


Trust Summary as of January 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 January 31, 2024 ($21.36)^(a)		2.61%
Tax Equivalent Yield^(b)		4.41%
Current Monthly Distribution per Common Share^(c)		$0.046400
Current Annualized Distribution per Common Share^(c)		$0.556800
Leverage as of January 31, 2024^(d)		34%

^(a)

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

^(b)

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

^(c)

The distribution rate is not constant and is subject to change.

^(d)

Represents 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 RVMTP Shares and TOB Trusts, minus the sum of accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary


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

Closing Market Price	$	21.36	$	21.00		1.71	%	$	21.36	$	18.96
Net Asset Value		23.94		23.55		1.66			24.07		22.17

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		3.15	%		2.85	%		3.18	%		5.70%
Trust at Market Price^(a)(b)		3.21			(0.89	)		2.83			5.20

Customized Reference Benchmark^(c)		2.42			2.07			2.24			N/A
Bloomberg Municipal Bond Index^(d)		2.70			2.90			2.00			2.78

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the 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 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.

^(d)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

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:

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


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Trust Summary as of January 31, 2024 (continued)		BlackRock Municipal 2030 Target Term Trust (BTT)

At a time of positive market performance, all sectors delivered gains. Corporate-backed, state tax-backed, transportation, and healthcare issues made the largest contributions. All ratings tiers and coupons delivered positive absolute returns, with the strongest results coming from A and AA rated bonds and 5% coupons, respectively.

Overview of the Trust’s Total Investments


SECTOR ALLOCATION

Sector^(a)(b)	Percentage of Total Investments

Transportation		24.8	%
Corporate		20.2
Health		14.9
County/City/Special District/School District		13.5
State		11.0
Education		7.0
Utilities		5.1
Tobacco		1.8
Housing		1.7

CALL/MATURITY SCHEDULE

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

2024		12.9	%
2025		5.6
2026		15.8
2027		14.2
2028		13.9


CREDIT QUALITY ALLOCATION

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

AAA/Aaa		4.4	%
AA/Aa		34.0
A		39.0
BBB/Baa		8.8
BB/Ba		3.7
B		0.2
N/R^(e)		9.9

^(a)	Excludes short-term securities.

^(b)

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

^(d)

^(e)


T R U S T S U M M A R Y		9


Trust Summary as of January 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 January 31, 2024 ($11.29)^(a)		5.58%
Tax Equivalent Yield^(b)		9.43%
Current Monthly Distribution per Common Share^(c)		$0.052500
Current Annualized Distribution per Common Share^(c)		$0.630000
Leverage as of January 31, 2024^(d)		33%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


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

Closing Market Price	$	11.29	$	11.23		0.53	%	$	11.54	$	9.34
Net Asset Value		12.78		12.73		0.39			12.95		11.18

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		2.83	%		2.04	%		1.94	%		3.91%
Trust at Market Price^(a)(b)		2.97			(0.17	)		1.51			3.32

Customized Reference Benchmark^(c)		2.80			2.97			2.12			N/A
Bloomberg Municipal Bond Index^(d)		2.70			2.90			2.00			2.78

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the 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.

^(d)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

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:

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

Holdings in long-dated securities, which outperformed the broader market, contributed the most to performance given their high weighting in the Trust. Positions in high-quality bonds, especially in the tax-backed state and corporate-backed sectors, further contributed. The Trust’s use of leverage contributed to returns by increasing overall portfolio duration and income. (Duration is a measure of interest rate sensitivity.) While higher short-term borrowing costs reduced the income benefit of leverage, the investment adviser actively engaged in tax-loss selling and rotated the proceeds into higher-yielding securities.


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


Trust Summary as of January 31, 2024 (continued)		BlackRock Municipal Income Quality Trust (BYM)

The Trust continued to use U.S. Treasury futures in an effort to mitigate interest rate risk, which detracted from performance at a time in which yields fell. Select securities in the housing sector, primarily those with lower coupons or lower ratings that lagged during the rally in the latter half of the reporting period, also detracted.

Overview of the Trust’s Total Investments


SECTOR ALLOCATION

Sector^(a)(b)	Percentage of Total Investments

County/City/Special District/School District		19.9	%
Utilities		15.0
Transportation		14.2
State		13.7
Health		12.4
Corporate		12.0
Education		6.2
Tobacco		4.2
Housing		2.4

CALL/MATURITY SCHEDULE

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

2024		6.9	%
2025		7.3
2026		3.1
2027		5.7
2028		14.6


CREDIT QUALITY ALLOCATION

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

AAA/Aaa		11.8	%
AA/Aa		39.8
A		22.4
BBB/Baa		8.4
BB/Ba		2.4
B		0.3
N/R^(e)		14.9

^(a)	Excludes short-term securities.

^(b)

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

^(d)

^(e)


T R U S T S U M M A R Y		11


Trust Summary as of January 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 January 31, 2024 ($11.14)^(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 January 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)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


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

Closing Market Price	$	11.14	$	10.85		2.67	%	$	11.27	$	9.21
Net Asset Value		12.74		12.68		0.47			12.94		11.02

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		2.71	%		2.35	%		1.34	%		3.07%
Trust at Market Price^(a)(b)		4.96			0.76			1.55			2.70

California Customized Reference Benchmark^(c)		2.79			2.78			2.00			N/A
Bloomberg Municipal Bond Index^(d)		2.70			2.90			2.00			2.78

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the 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)

^(d)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

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:

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


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


Trust Summary as of January 31, 2024 (continued)		BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Holdings in long-dated securities, which outperformed the broader market, contributed the most to performance given their high weighting in the Trust. At the sector level, positions in utilities, education, and transportation issues were the largest contributors. The Trust’s use of leverage contributed to returns by increasing overall portfolio duration and income. (Duration is a measure of interest rate sensitivity.) While higher short-term borrowing costs reduced the income benefit of leverage, the investment adviser actively engaged in tax-loss selling and rotated the proceeds into higher-yielding securities.

The Trust continued to use U.S. Treasury futures in an effort to mitigate interest rate risk, which detracted from performance at a time in which yields fell. Holdings in some high-yield securities in the workforce housing sector, which didn’t keep pace with the December rally in the broader market, also detracted modestly.

Overview of the Trust’s Total Investments


SECTOR ALLOCATION

Sector^(a)(b)	Percentage of Total Investments

County/City/Special District/School District		25.8	%
Transportation		16.6
Corporate		13.6
Education		11.9
Utilities		11.8
State		9.1
Health		5.9
Housing		3.5
Tobacco		1.8

CALL/MATURITY SCHEDULE

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

2024		2.6	%
2025		0.3
2026		3.4
2027		12.7
2028		16.0


CREDIT QUALITY ALLOCATION

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

AAA/Aaa		4.7	%
AA/Aa		56.7
A		21.7
BBB/Baa		4.0
BB/Ba		0.1
N/R^(e)		12.8

^(a)	Excludes short-term securities.

^(b)

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

^(d)

^(e)


T R U S T S U M M A R Y		13


Trust Summary as of January 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 January 31, 2024 ($9.88)^(a)		5.47%
Tax Equivalent Yield^(b)		9.24%
Current Monthly Distribution per Common Share^(c)		$0.045000
Current Annualized Distribution per Common Share^(c)		$0.540000
Leverage as of January 31, 2024^(d)		30%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


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

Closing Market Price	$	9.88	$	9.93		(0.50	)%	$	10.14	$	8.54
Net Asset Value		11.62		11.42		1.75			11.78		10.37

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		3.96	%		3.86	%		1.78	%		3.57%
Trust at Market Price^(a)(b)		1.65			(1.45	)		0.61			2.70

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

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the 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 National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

^(d)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

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:

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


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


Trust Summary as of January 31, 2024 (continued)		BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

At a time of positive market performance, all sectors delivered gains. Transportation, state tax-backed, and healthcare issues made the largest contributions. All ratings tiers, maturities, and coupons delivered positive absolute returns, with the strongest results coming from A and AA bonds, securities maturing in 25 years or more, and 4% and 5% coupons, respectively. Bonds with lower coupons and lower dollar prices generally outperformed higher-coupon issues priced at a premium. The only notable detractors were a few individual positions that posted negative returns due to issuer-specific factors. The Trust’s cash position had no material impact on performance. The Trust continued to use leverage, but the performance impact was muted due to increased borrowing costs.

Overview of the Trust’s Total Investments


SECTOR ALLOCATION

Sector^(a)(b)	Percentage of Total Investments

Transportation		30.1	%
State		15.2
Health		13.1
County/City/Special District/School District		11.8
Corporate		10.4
Education		8.2
Housing		4.7
Utilities		4.2
Tobacco		2.3

CALL/MATURITY SCHEDULE

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

2024		12.8	%
2025		3.8
2026		1.9
2027		10.3
2028		14.4


CREDIT QUALITY ALLOCATION

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

AAA/Aaa		3.8	%
AA/Aa		45.4
A		25.2
BBB/Baa		8.9
BB/Ba		1.9
B		0.5
N/R^(e)		14.3

^(a)	Excludes short-term securities.

^(b)

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

^(d)

^(e)


T R U S T S U M M A R Y		15

Schedule of Investments (unaudited)

January 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

California — 127.2%

Corporate^(a)— 17.3%
California Community Choice Financing Authority, RB
Series G, 5.25%, 11/01/54	$	10,000	$	10,727,700
Sustainability Bonds, 5.00%, 07/01/53		12,000		12,616,440
Sustainability Bonds, 5.00%, 12/01/53		10,000		10,522,400
Sustainability Bonds, 5.25%, 01/01/54		3,000		3,170,754
Sustainability Bonds, 5.50%, 10/01/54		10,035		11,043,316
Series A-1, Sustainability Bonds, 4.00%, 05/01/53		15,000		15,040,343
Series E-1, Sustainability Bonds, 5.00%, 02/01/54		4,545		4,877,701


				67,998,654

County/City/Special District/School District — 28.1%
Butte-Glenn Community College District, GO, Series A, Election 2016, 5.25%, 08/01/46		1,420		1,518,535
California Statewide Communities Development Authority, SAB, Series B, 5.00%, 09/02/52		565		535,523
Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48		6,925		7,880,538
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45		9,210		9,334,571
City & County of San Francisco California, GO, Series 2020, Class D-1, 4.00%, 06/15/46		2,500		2,549,514
City & County of San Francisco California, Refunding COP, Class A, Sustainability Bonds, 4.00%, 04/01/40		6,635		6,760,947
City of Sacramento California Transient Occupancy Tax Revenue, RB, Series A, Convertible, 5.00%, 06/01/43		1,570		1,685,081
Corona-Norco Unified School District, GO
Series C, 4.00%, 08/01/49		3,000		3,028,773
Series B, Election 2014, 5.00%, 08/01/47		5,000		5,329,890
Dublin Unified School District, GO
Series B, Election 2020, 4.00%, 08/01/44		4,970		5,151,989
Series B, Election 2020, 4.00%, 08/01/45		6,625		6,836,795
Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/47		2,500		2,515,941
Garden Grove Unified School District, GO, Election 2016, 4.00%, 08/01/45		1,320		1,331,795
Grossmont Union High School District, GO, Series I-2, 4.00%, 08/01/44		5,115		5,218,980
Hartnell Community College District, GO, Series A, Election 2016, 4.00%, 08/01/47		2,995		3,016,136
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49		8,000		8,083,229
Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43		2,000		2,039,113
Napa Valley Unified School District, GO, Series A, Election 2016, 4.00%, 08/01/38		2,925		2,987,735
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44		2,680		2,739,346
Peralta Community College District, Refunding GO, Series A, 4.00%, 08/01/32		7,335		7,387,461
San Bernardino City Unified School District, GO, Series D, Election 2012, (AGM), 4.00%, 08/01/42		1,210		1,224,586
San Diego Unified School District, GO
Series L, 4.00%, 07/01/44		4,035		4,118,578
Sustainability Bonds, 5.00%, 07/01/48		3,000		3,353,634
San Jose Evergreen Community College District, GO, Series C, Election 2016, 4.00%, 09/01/45		3,740		3,823,045


Security	Par (000)		Value

County/City/Special District/School District (continued)
San Lorenzo Unified School District, GO, 4.00%, 08/01/41	$	345	$	353,640
San Mateo Joint Powers Financing Authority, RB, Series A, 5.00%, 07/15/43		1,965		2,099,058
Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41		5,000		5,079,925
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44		4,000		4,101,684


				110,086,042

Education — 4.0%
California Enterprise Development Authority, RB, 8.00%, 11/15/62^(b)		540		533,327
California Municipal Finance Authority, Refunding RB^(b)
5.00%, 08/01/39		425		398,042
5.00%, 08/01/48		510		442,247
California School Finance Authority, RB^(b)
Series A, 4.00%, 06/01/41		600		500,843
Series A, 5.00%, 06/01/58		2,120		1,925,437
California School Finance Authority, Refunding RB^(b)
Sustainability Bonds, 5.50%, 08/01/43		130		133,318
Sustainability Bonds, 5.50%, 08/01/47		125		126,462
Hastings Campus Housing Finance Authority, RB^(b)
Series A, Sustainability Bonds, 5.00%, 07/01/45		355		316,030
Series A, Sustainability Bonds, 5.00%, 07/01/61		3,000		2,502,258
University of California, RB, Series AV, 5.00%, 05/15/47		8,440		8,868,484


				15,746,448

Health — 19.3%
California Health Facilities Financing Authority, RB
5.00%, 11/15/42		1,000		1,041,510
Series A, 5.00%, 11/15/48		6,190		6,430,312
California Health Facilities Financing Authority, Refunding RB
Class A, 5.00%, 08/15/51		9,210		9,905,678
Series A, 4.00%, 08/15/40		1,350		1,392,998
Series A, 4.00%, 11/15/40		2,450		2,488,832
Series A, 5.00%, 11/15/41^(c)		14,830		17,059,302
Series A, 4.00%, 04/01/44		4,000		3,956,201
Series A, 4.00%, 08/15/48		5,000		4,971,822
Series A, 4.00%, 11/15/48		3,870		3,759,047
Series A, 5.00%, 11/15/48		7,195		7,474,328
Series A-2, 4.00%, 11/01/44		2,825		2,786,636
California Public Finance Authority, Refunding RB, Series A, 4.00%, 08/01/47		1,000		1,002,377
California Statewide Communities Development Authority, Refunding RB, 5.00%, 10/01/45		1,860		1,888,101
Regents of the University of California Medical Center Pooled Revenue, RB
Series P, 4.00%, 05/15/43		9,095		9,267,099
Series P, 5.00%, 05/15/47		2,000		2,212,832


				75,637,075

Housing — 1.2%
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 02/01/50^(b)		375		267,160
California Housing Finance Agency, RB, M/F Housing, Series A, 4.25%, 01/15/35		1		663
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(b)		1,050		674,269


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Housing (continued)
CMFA Special Finance Agency, RB, M/F Housing, Series A-1, 3.00%, 12/01/56^(b)	$	750	$	496,790
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
4.00%, 10/01/56		345		281,915
4.00%, 05/01/57		1,840		1,243,561
Series A, 3.00%, 09/01/56		480		306,777
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59		1,095		712,338
Sustainability Bonds, 4.00%, 12/01/56		265		184,618
Series A-2, Sustainability Bonds, 3.00%, 02/01/57		525		339,569


				4,507,660

State — 1.6%
California State Public Works Board, RB, Series D, 5.00%, 11/01/46		990		1,103,616
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		5,000		5,166,173


				6,269,789

Tobacco — 5.2%
California County Tobacco Securitization Agency, Refunding RB
Series A, 4.00%, 06/01/49		1,745		1,620,535
Series B-1, Subordinate, 5.00%, 06/01/49		595		593,025
California County Tobacco Securitization Agency, Refunding RB, CAB^(d)
0.00%, 06/01/55		2,425		482,120
Series B-2, Subordinate, 0.00%, 06/01/55		1,755		335,952
Golden State Tobacco Securitization Corp., Refunding RB, Series B, 5.00%, 06/01/51		10,655		11,102,390
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66^(d)		1,625		187,024
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		6,000		6,178,371


				20,499,417

Transportation — 34.0%
City of Long Beach California Harbor Revenue, ARB
Series A, AMT, 5.00%, 05/15/40		5,000		5,203,136
Series A, AMT, 5.00%, 05/15/44		2,500		2,701,031
City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47		1,480		1,539,015
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.25%, 05/15/48		1,990		2,092,810
Series B, AMT, 5.00%, 05/15/36		1,090		1,130,929
Series B, AMT, 5.00%, 05/15/41		6,000		6,160,228
Series B, AMT, 5.00%, 05/15/46		7,860		8,000,358
Series C, AMT, Subordinate, 5.00%, 05/15/44		3,095		3,218,113
AMT, Sustainability Bonds, 5.25%, 05/15/47		3,900		4,184,181
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.50%, 05/15/40		3,490		3,972,535
AMT, 5.00%, 05/15/43		1,250		1,319,935
AMT, 5.00%, 05/15/46		1,365		1,452,344
AMT, 5.50%, 05/15/47		4,250		4,704,297
AMT, 5.00%, 05/15/48		1,500		1,567,221
Series A, AMT, 5.00%, 05/15/40		4,450		4,893,009
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39		1,000		1,058,631


Security	Par (000)		Value

Transportation (continued)
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/37	$	1,280	$	1,329,756
Series A, AMT, 5.00%, 03/01/41		2,000		2,060,919
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		12,795		12,823,597
Port of Los Angeles, Refunding RB
Series B, 4.00%, 08/01/35		2,685		2,753,716
Series C, Sustainability Bonds, 4.00%, 08/01/39		5,495		5,588,325
San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48		6,890		7,335,129
San Diego County Regional Airport Authority, Refunding ARB, Series B, AMT, Subordinate, 5.00%, 07/01/34		2,000		2,186,353
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/40		850		850,823
Series A, AMT, 5.00%, 05/01/47		16,735		17,040,325
Series A, AMT, 5.00%, 05/01/49		6,405		6,610,271
Series B, AMT, 5.00%, 05/01/41		3,365		3,409,860
Series D, AMT, 5.00%, 05/01/43		6,130		6,355,476
Series E, AMT, 5.00%, 05/01/45		1,000		1,042,132
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series C, AMT, 5.75%, 05/01/48		9,600		10,787,738


				133,372,193

Utilities — 16.5%
Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44		2,310		2,508,706
East Bay Municipal Utility District Water System Revenue, RB, Series A, Sustainability Bonds, 4.00%, 06/01/45		1,730		1,749,437
Los Angeles Department of Water & Power Water System Revenue, RB, Series A, 5.00%, 07/01/43		7,015		7,506,035
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46		7,000		7,802,291
Mountain House Public Financing Authority, RB, Series A, Sustainability Bonds, (BAM), 4.00%, 12/01/45		2,720		2,741,079
Orange County Water District, Refunding RB, Series A, 4.00%, 08/15/41		1,100		1,122,469
Sacramento Municipal Utility District, Refunding RB, Series H, Sustainability Bonds, 4.00%, 08/15/45		28,000		28,742,276
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		12,485		12,731,720


				64,904,013

Total Municipal Bonds in California				499,021,291

Puerto Rico — 4.1%

State — 4.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		2,845		2,787,445
Series A-1, Restructured, 5.00%, 07/01/58		8,279		8,278,893
Series A-2, Restructured, 4.78%, 07/01/58		2,530		2,473,075
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		8,577		2,636,661


Total Municipal Bonds in Puerto Rico				16,176,074


Total Municipal Bonds — 131.3% (Cost: $497,732,927)				515,197,365


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


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	$	10,871,102
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Sustainability Bonds, Series A, 5.00%, 07/01/44		11,200		11,996,723
Los Angeles Unified School District, GO, Sustainability Bonds, Series QRR, 5.25%, 07/01/47		10,000		11,512,672


				34,380,497

Health — 4.4%
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		15,620		17,282,216


Utilities — 6.2%
Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/42		10,670		11,282,713
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Sustainability Bonds, Series A, 4.00%, 10/01/49		12,790		12,956,663


				24,239,376


Total Municipal Bonds in California				75,902,089


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 19.4% (Cost: $74,117,264)				75,902,089


Total Long-Term Investments — 150.7% (Cost: $571,850,191)				591,099,454


Security	Shares		Value


Short-Term Securities

Money Market Funds — 5.7%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 3.26%^(f)(g)		22,577,863	$	22,564,316


Total Short-Term Securities — 5.7% (Cost: $22,562,968)				22,564,316


Total Investments — 156.4% (Cost: $594,413,159)				613,663,770
Liabilities in Excess of Other Assets — (3.7)%				(14,688,447	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.0)%				(35,403,250	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.7)%				(171,300,000	)


Net Assets Applicable to Common Shares — 100.0%			$	392,272,073

^(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

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



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

BlackRock Liquidity Funds California Money Fund, Institutional Class	$	3,025,616	$	19,537,223	^(a)	$	—	$	726	$	751	$	22,564,316		22,577,863	$	132,931	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	607,756	$	—	$	607,756


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock California Municipal Income Trust (BFZ)

Derivative Financial Instruments Categorized by Risk Exposure (continued)



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

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	$	16,514,563

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	$	—	$	515,197,365		$	—	$	515,197,365
Municipal Bonds Transferred to Tender Option Bond Trusts		—		75,902,089			—		75,902,089
Short-Term Securities
Money Market Funds		22,564,316		—			—		22,564,316


	$	22,564,316	$	591,099,454		$	—	$	613,663,770


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	$	—	$	(35,140,000	)	$	—	$	(35,140,000	)
VMTP Shares at Liquidation Value		—		(171,300,000	)		—		(171,300,000	)


	$	—	$	(206,440,000	)	$	—	$	(206,440,000	)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 7.3%
Alabama Economic Settlement Authority, RB, Series A, 4.00%, 09/15/33	$	5,000	$	5,017,529
Alabama Public School and College Authority, Refunding RB, Series A, Sustainability Bonds, 5.00%, 11/01/30		11,900		13,779,712
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30		10,000		10,259,686
Birmingham-Jefferson Civic Center Authority, ST
Series A, 5.00%, 07/01/31		1,100		1,200,775
Series A, 5.00%, 07/01/32		1,150		1,253,531
Series A, 5.00%, 07/01/33		1,600		1,741,494
Black Belt Energy Gas District, RB^(a) 4.00%, 10/01/52		12,025		12,006,786
Series A, 5.25%, 01/01/54		10,000		10,768,626
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51^(a)		8,930		8,941,520
County of Jefferson Alabama Sewer Revenue, Refunding RB
5.00%, 10/01/26		935		980,215
5.00%, 10/01/30		2,500		2,787,185
Homewood Educational Building Authority, Refunding RB
Series A, 5.00%, 12/01/33		1,010		1,055,100
Series A, 5.00%, 12/01/34		1,380		1,437,484
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		1,965		2,122,742
Orange Beach Water Sewer & Fire Protection Authority, RB, 4.00%, 05/15/30		510		540,183
Southeast Energy Authority A Cooperative District, RB^(a)
Series A-2, 6.01%, 01/01/53		30,265		30,788,237
Series B-1, 5.00%, 05/01/53		9,375		9,744,800
University of South Alabama, Refunding RB
(AGM), 5.00%, 11/01/29		1,105		1,161,928
(AGM), 5.00%, 11/01/30		2,000		2,102,974

				117,690,507

Arizona — 2.3%
Arizona Health Facilities Authority, Refunding RB, Series B, 5.00%, 02/01/33		1,810		1,811,756
Arizona Industrial Development Authority, RB^(b)
4.00%, 07/01/29		590		566,282
4.50%, 07/01/29		765		752,278
Series A, 4.00%, 07/01/29		4,135		3,968,844
Sustainability Bonds, 4.00%, 07/01/30		555		528,684
Arizona Sports & Tourism Authority, Refunding RB, Senior Lien, (BAM), 5.00%, 07/01/30		12,000		13,645,943
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37^(a)		3,570		3,589,671
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24^(b)		165		165,374
Maricopa County Industrial Development Authority, Refunding RB
4.00%, 07/01/29^(b)		855		837,380
Series A, 5.00%, 01/01/31		10,000		10,504,212

				36,370,424


Security	Par (000)		Value

California — 13.0%
Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30^(c)	$	10,530	$	8,925,697
Bay Area Toll Authority, RB, Class A, 5.80%, 04/01/36^(a)		3,000		2,949,205
Bay Area Toll Authority, Refunding RB^(a)
Series C, 5.00%, 04/01/56		4,500		4,424,987
Series E, 4.96%, 04/01/56		3,250		3,214,901
California Community Choice Financing Authority, RB^(a)
Series G, 5.25%, 11/01/54		1,785		1,914,894
Sustainability Bonds, 5.54%, 12/01/53		6,750		6,837,502
Sustainability Bonds, 5.23%, 02/01/54		9,780		9,768,386
Sustainability Bonds, 5.50%, 10/01/54		2,500		2,751,200
Series A, Sustainability Bonds, 4.00%, 10/01/52		8,650		8,658,769
California Health Facilities Financing Authority, RB
Series A, 5.00%, 11/15/32		1,600		1,727,931
Series A, 5.00%, 11/15/33		1,855		2,002,467
California Housing Finance Agency, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35		3,596		3,363,768
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33		4,000		4,101,848
California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30		1,000		1,004,249
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 07/01/30		1,200		1,255,284
Series A, 5.00%, 07/01/31		1,050		1,098,149
California School Finance Authority, RB^(b)
5.00%, 06/01/30		565		522,508
Series A, 5.00%, 06/01/29		280		283,456
Series A, 4.00%, 06/01/31		265		255,122
Series A, 5.00%, 06/01/32		1,100		1,113,671
City of Long Beach California Harbor Revenue, ARB
Series A, AMT, 5.00%, 05/15/31		1,200		1,270,062
Series A, AMT, 5.00%, 05/15/32		1,800		1,903,576
Series A, AMT, 5.00%, 05/15/33		675		713,875
Series A, AMT, 5.00%, 05/15/34		1,650		1,743,270
City of Los Angeles California, RB, 5.00%, 06/27/24		20,000		20,155,563
City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.00%, 05/15/30		18,250		20,401,448
Compton Unified School District, GO, CAB^(c)
Series B, (BAM), 0.00%, 06/01/33		1,000		692,854
Series B, (BAM), 0.00%, 06/01/34		1,125		744,432
Series B, (BAM), 0.00%, 06/01/35		1,000		628,611
Series B, (BAM), 0.00%, 06/01/36		1,000		592,705
El Camino Community College District Foundation, GO, CAB^(c)
Series C, Election 2002, 0.00%, 08/01/30		9,090		7,704,383
Series C, Election 2002, 0.00%, 08/01/31		12,465		10,288,041
Series C, Election 2002, 0.00%, 08/01/32		17,435		13,984,930
Los Angeles Unified School District, GO, Series A, Election 2008, 4.00%, 07/01/33		3,000		3,066,898
Monterey Peninsula Community College District, Refunding GO, CAB^(c)
0.00%, 08/01/30		3,500		2,763,128
0.00%, 08/01/31		5,940		4,526,652
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,045		2,178,848
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/30		500		523,729
Series A, AMT, 5.00%, 03/01/31		1,500		1,570,134
Series A, AMT, 5.00%, 03/01/32		1,000		1,044,000


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock 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 (continued)
Series A, AMT, 5.00%, 03/01/33	$	975	$	1,020,252
Series A, AMT, 5.00%, 03/01/34		1,250		1,306,421
Series A, AMT, 5.00%, 03/01/35		2,000		2,088,539
Poway Unified School District, GO^(c)
Series A, Election 2008, 0.00%, 08/01/30		10,000		8,499,972
Series A, Election 2008, 0.00%, 08/01/32		12,500		9,617,856
San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33		1,000		1,062,911
San Rafael City Elementary School District, GO, Series C, Election 2002, (NPFGC), 0.00%, 08/01/30^(c)		6,350		5,392,152
State of California, Refunding GO, 5.00%, 08/01/30		10,000		10,861,818
Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28		750		712,761
Wiseburn School District, GO, Series A, Election 2007, (NPFGC), 0.00%, 08/01/30^(c)		7,505		6,379,229

				209,613,044

Colorado — 5.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/30		12,780		14,074,214
Series A, AMT, 5.00%, 12/01/33		25,000		26,612,366
Series D, AMT, 5.50%, 11/15/30		14,000		15,950,015
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/30^(c)		1,000		764,692
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32		2,500		2,487,500
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30^(b)		1,015		959,224
Colorado Health Facilities Authority, RB
5.00%, 11/01/30		1,000		1,104,647
Series B, 2.63%, 05/15/29		2,100		1,765,920
Series D, 5.10%, 05/15/61^(a)		7,000		6,989,787
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/37		3,000		3,009,847
E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39^(a)		1,475		1,470,905
Park Creek Metropolitan District, Refunding RB
Series A, Senior Lien, 5.00%, 12/01/27		1,500		1,540,520
Series A, Senior Lien, 5.00%, 12/01/28		1,500		1,541,154
Series A, Senior Lien, 5.00%, 12/01/30		1,350		1,392,031
Series A, Senior Lien, 5.00%, 12/01/31		1,500		1,546,267
Plaza Metropolitan District No. 1, Refunding TA^(b)
4.10%, 12/01/24		5,080		5,029,998
4.20%, 12/01/25		5,280		5,184,957

				91,424,044

Connecticut — 0.8%
Capital Region Development Authority, Refunding RB
(SAP), 5.00%, 06/15/30		1,095		1,197,239
(SAP), 5.00%, 06/15/31		1,125		1,229,527
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30^(b)		370		352,844
Connecticut State Health & Educational Facilities Authority, Refunding RB
Series G-1, 5.00%, 07/01/27^(b)		225		227,335
Series G-1, 5.00%, 07/01/28^(b)		300		303,031
Series G-1, 5.00%, 07/01/29^(b)		300		302,445
Series G-1, 5.00%, 07/01/30^(b)		300		301,499
Series G-1, 5.00%, 07/01/32^(b)		425		425,297


Security	Par (000)		Value

Connecticut (continued)
Connecticut State Health & Educational Facilities Authority, Refunding RB (continued)
Series G-1, 5.00%, 07/01/34^(b)	$	355	$	354,163
Series I-1, 5.00%, 07/01/35		400		424,591
State of Connecticut, GO, Series A, 5.00%, 04/15/33		7,000		7,669,428

				12,787,399

Delaware — 0.9%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/24		705		706,641
Series A, 5.00%, 07/01/25		805		811,405
Series A, 5.00%, 07/01/26		850		860,617
Series A, 5.00%, 07/01/27		890		903,772
Series A, 5.00%, 07/01/28		935		948,929
Delaware State Economic Development Authority, Refunding RB^(a)
Series A, 1.25%, 10/01/45		6,035		5,645,216
Series B, 1.25%, 10/01/40		500		467,706
Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35		1,250		1,210,612
Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30		2,000		2,284,902

				13,839,800

District of Columbia — 1.2%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30		17,325		18,690,284

Florida — 6.4%
Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30		1,000		1,048,140
Capital Trust Agency, Inc., RB^(b)
Series A, 4.00%, 06/15/29		1,420		1,346,398
Series A-1, 3.38%, 07/01/31		1,810		1,671,392
Central Florida Expressway Authority, Refunding RB
Senior Lien, 5.00%, 07/01/32		1,610		1,755,450
Senior Lien, 5.00%, 07/01/33		2,750		2,996,481
City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30		3,750		3,904,389
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27		5,000		5,390,416
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32		6,690		6,883,716
County of Palm Beach Florida, RB, 5.00%, 04/01/29^(b)		915		927,087
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB^(c)
Series B, 0.00%, 06/01/30		2,000		1,677,226
Series B, 0.00%, 06/01/31		1,295		1,054,224
Series B, 0.00%, 06/01/32		2,495		1,966,228
Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31		1,200		1,200,886
Florida Development Finance Corp., RB
AMT, 5.00%, 05/01/29^(b)		7,430		7,162,266
AMT, 3.00%, 06/01/32		3,000		2,407,950
Florida Development Finance Corp., Refunding RB^(b)
4.00%, 06/01/24		105		104,423
4.00%, 06/01/25		100		97,877
4.00%, 06/01/26		110		105,980
4.00%, 09/15/30		470		440,979
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/30		2,325		2,555,795


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30^(b)	$	540	$	510,052
Lakewood Ranch Stewardship District, SAB, 5.40%, 05/01/28		1,000		1,022,822
Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30		375		355,720
LT Ranch Community Development District, SAB, 3.40%, 05/01/30		985		937,908
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30		1,000		1,011,915
Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30		11,470		13,176,138
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32		19,820		20,547,298
Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31		1,000		936,097
School Board of Miami-Dade County, Refunding COP, Series A, 5.00%, 05/01/32		9,000		9,429,274
St Johns County Industrial Development Authority, Refunding RB
4.00%, 12/15/25		180		175,935
4.00%, 12/15/28		200		188,051
4.00%, 12/15/29		215		199,283
4.00%, 12/15/30		195		178,177
4.00%, 12/15/31		205		184,986
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29		520		508,765
Village Community Development District No. 15, SAB, 4.25%, 05/01/28^(b)		730		727,983
Village Community Development District No. 5, Refunding SAB
3.50%, 05/01/28		4,635		4,636,251
4.00%, 05/01/33		890		890,606
4.00%, 05/01/34		1,965		1,966,343

				102,280,907

Georgia — 6.1%
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/29		4,150		4,524,466
Georgia Ports Authority, ARB, 5.00%, 07/01/30		1,175		1,351,921
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/29		1,250		1,312,772
Series A, 5.00%, 05/15/30		8,000		8,406,178
Series A, 4.00%, 07/01/52^(a)		3,500		3,510,325
Series A, 4.00%, 09/01/52^(a)		15,000		14,997,400
Series A, 5.00%, 06/01/53^(a)		11,185		11,831,269
Series B, 5.00%, 12/01/52^(a)		20,190		21,195,463
Series C, 4.00%, 05/01/52^(a)		5,360		5,366,114
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53^(a)		9,865		10,517,668
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34		8,000		8,638,310
Municipal Electric Authority of Georgia, Refunding RB
Series A, 5.00%, 01/01/29		2,000		2,182,861
Series A, 5.00%, 01/01/30		1,905		2,114,008
Series A, Subordinate, 5.00%, 01/01/29		1,200		1,309,717
Series A, Subordinate, 5.00%, 01/01/30		1,250		1,386,148

				98,644,620


Security	Par (000)		Value

Guam — 0.2%
Territory of Guam, Refunding RB
Series A, 5.00%, 11/01/30	$	500	$	531,631
Series F, 5.00%, 01/01/30		1,160		1,253,721
Series F, 5.00%, 01/01/31		1,250		1,361,827

				3,147,179

Idaho — 0.0%
Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29^(b)		155		152,320

Illinois — 10.2%
Chicago Board of Education, Refunding GO, Series C, 5.00%, 12/01/30		7,025		7,278,723
Chicago Housing Authority, RB, M/F Housing
Series A, 5.00%, 01/01/33		3,000		3,180,479
Series A, 5.00%, 01/01/35		1,500		1,586,243
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/33		5,000		5,009,989
Chicago O’Hare International Airport, Refunding RB
Series B, AMT, 4.00%, 01/01/27		5,000		5,002,269
Series B, Senior Lien, 5.00%, 01/01/33		6,000		6,383,785
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26		3,000		3,099,904
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/30		1,053		1,090,337
Illinois Finance Authority, RB, Sustainability Bonds, 5.00%, 07/01/30		1,500		1,725,726
Illinois Finance Authority, Refunding RB
5.00%, 08/15/30		4,515		5,122,585
Series A, 4.00%, 11/01/24		425		417,450
Series A, 5.00%, 11/01/26		460		442,765
Series A, 5.00%, 11/01/28		1,745		1,632,724
Series A, 5.00%, 11/01/29		1,840		1,695,864
Series A, 5.00%, 10/01/30		1,000		1,058,549
Series A, 5.00%, 11/01/30		1,935		1,757,097
Series A, 5.00%, 11/15/31		8,415		8,516,162
Series A, 4.00%, 10/01/32		1,000		1,033,522
Series A, 5.00%, 11/15/32		2,075		2,099,501
Series A, 4.00%, 02/01/33		12,850		12,860,994
Series A, 5.00%, 11/15/33		2,125		2,149,456
Series B, 5.00%, 08/15/30		3,205		3,399,454
Series B, 5.25%, 05/01/42^(a)		1,750		1,713,473
Series C, 5.00%, 02/15/30		12,000		12,681,101
Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31		20,000		20,500,369
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Refunding GO, Series A, 5.00%, 01/01/30		6,350		6,730,694
Metropolitan Pier & Exposition Authority, Refunding RB
5.00%, 12/15/28		1,200		1,264,596
5.00%, 12/15/30		1,385		1,464,172
Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/30		11,000		12,326,611
State of Illinois, GO
Series A, 5.00%, 12/01/26		10,805		11,358,916
Series A, 5.00%, 12/01/28		9,950		10,652,651
Series A, 5.00%, 03/01/32		1,500		1,670,281


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/30	$	7,000	$	7,575,130
Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31^(b)		260		246,341

				164,727,913

Indiana — 0.4%
Indiana Finance Authority, Refunding RB
Series A, 4.13%, 12/01/26		3,665		3,628,530
Series B, 4.85%, 03/01/39^(a)		1,010		989,841
Northern Indiana Commuter Transportation District, RB
5.00%, 07/01/32		1,000		1,056,270
5.00%, 07/01/33		1,400		1,478,751

				7,153,392

Iowa^(a)— 1.5%
Iowa Finance Authority, RB, AMT, 1.50%, 01/01/42		2,750		2,731,388
PEFA, Inc., RB, 5.00%, 09/01/49		21,415		21,854,155

				24,585,543

Kansas — 0.2%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/24		1,550		1,550,699
City of Manhattan Kansas, Refunding RB, Series A, 4.00%, 06/01/26		315		309,310
City of Shawnee Kansas, RB, 4.00%, 08/01/31^(b)		500		475,769
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33		1,370		1,417,393

				3,753,171

Kentucky — 0.9%
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52^(a)		4,225		4,212,706
Kentucky Public Transportation Infrastructure Authority, RB, CAB
Series B, 0.00%, 07/01/30^(c)		1,230		876,957
Series C, Convertible, 6.40%, 07/01/33^(d)		1,500		1,799,212
Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32		7,300		7,650,429

				14,539,304

Louisiana — 1.3%
City of Ruston Louisiana Sales Tax Revenue, RB
(AGM), 5.00%, 06/01/29		1,060		1,111,587
(AGM), 5.00%, 06/01/30		1,000		1,048,691
(AGM), 5.00%, 06/01/31		1,020		1,069,657
(AGM), 5.00%, 06/01/32		1,225		1,284,622
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 08/15/30		4,700		4,979,750
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, Series A, 2.00%, 06/01/30		1,250		1,146,962
Louisiana Public Facilities Authority, RB^(b)
Series A, 5.00%, 06/01/29		700		690,978
Series A, 5.00%, 04/01/30		520		509,488
Series A, 5.00%, 06/01/31		500		483,329
Louisiana Public Facilities Authority, Refunding RB
5.00%, 05/15/29		1,235		1,282,338
5.00%, 05/15/30		990		1,027,815
3.00%, 05/15/31		2,225		2,120,053


Security	Par (000)		Value

Louisiana (continued)
Louisiana Public Facilities Authority, Refunding RB (continued)
5.00%, 05/15/32	$	1,485	$	1,541,746
5.00%, 05/15/33		2,175		2,258,038

				20,555,054

Maine — 0.2%
City of Portland Maine General Airport Revenue, Refunding RB
Sustainability Bonds, 5.00%, 01/01/33		695		764,489
Sustainability Bonds, 5.00%, 01/01/34		305		335,255
Sustainability Bonds, 4.00%, 01/01/35		1,000		1,027,496
Maine Turnpike Authority, RB
5.00%, 07/01/29		300		336,679
5.00%, 07/01/30		275		314,451

				2,778,370

Maryland — 1.8%
Anne Arundel County Consolidated Special Taxing District, ST
4.20%, 07/01/24		165		165,208
4.90%, 07/01/30		1,315		1,318,353
City of Baltimore Maryland, Refunding RB, Convertible, 5.00%, 09/01/31		1,250		1,253,705
County of Prince George’s Maryland, TA, 5.00%, 07/01/30^(b)		585		581,908
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33		1,765		1,886,694
Maryland Health & Higher Educational Facilities Authority, Refunding RB
5.00%, 07/01/29		2,200		2,237,857
5.00%, 07/01/31		2,400		2,490,622
5.00%, 07/01/32		500		532,680
5.00%, 07/01/33		2,585		2,686,856
5.00%, 07/01/34		775		821,640
Series A, 5.00%, 01/01/31		2,865		2,961,382
Series A, 5.00%, 01/01/32		3,010		3,109,470
Series A, 5.00%, 01/01/33		3,165		3,268,507
State of Maryland, GO, Series 1, 3.00%, 03/15/34		5,000		4,883,348

				28,198,230

Massachusetts — 1.1%
Commonwealth of Massachusetts, GO, Series I, 5.00%, 12/01/33		5,000		5,343,703
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, CAB, Series A, 0.00%, 07/01/32^(c)		4,000		2,857,075
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33		1,070		1,098,563
Massachusetts Development Finance Agency, Refunding RB
Series A, 5.00%, 01/01/32		2,020		2,093,970
Series A, 5.00%, 01/01/33		1,500		1,552,764
Series A, 5.00%, 01/01/34		2,085		2,152,114
Series A, 5.00%, 01/01/35		2,000		2,057,216

				17,155,405

Michigan — 2.6%
City of Detroit Michigan, GO
5.00%, 04/01/26		735		756,061
5.00%, 04/01/27		580		602,873
5.00%, 04/01/28		665		697,238
5.00%, 04/01/29		665		694,995
5.00%, 04/01/30		510		531,871


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock 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%, 04/01/31	$	735	$	764,869
5.00%, 04/01/32		625		649,823
5.00%, 04/01/33		830		862,993
Michigan Finance Authority, Refunding RB
5.00%, 04/15/30		4,000		4,533,828
5.30%, 04/15/47^(a)		16,595		16,428,040
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25		985		945,148
Michigan Strategic Fund, RB
AMT, 5.00%, 06/30/30		1,325		1,387,552
AMT, 5.00%, 12/31/32		2,000		2,112,520
AMT, Sustainability Bonds, 4.00%, 10/01/61^(a)		3,690		3,642,294
Michigan Strategic Fund, Refunding RB
5.00%, 11/15/29		1,260		1,274,261
5.00%, 11/15/34		1,410		1,413,659
Saginaw Valley State University, Refunding RB
Series A, 5.00%, 07/01/31		2,070		2,154,863
Series A, 5.00%, 07/01/32		1,430		1,488,672
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/30		800		926,410

				41,867,970

Minnesota — 0.5%
City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29		1,185		1,135,678
Minnesota Housing Finance Agency, RB, S/F Housing
Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.90%, 01/01/30		465		489,220
Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.95%, 07/01/30		490		518,297
Sartell-St Stephen Independent School District No. 748, GO, CAB^(c)
Series B, 0.00%, 02/01/30		3,915		3,076,830
Series B, 0.00%, 02/01/31		2,190		1,654,165
Series B, 0.00%, 02/01/32		1,450		1,050,399

				7,924,589

Mississippi — 1.2%
Mississippi Development Bank, Refunding RB
Series A, (AGM), 5.00%, 03/01/30		2,280		2,365,513
Series A, (AGM), 5.00%, 03/01/31		1,595		1,654,616
Series A, (AGM), 5.00%, 03/01/32		2,000		2,076,198
Series A, (AGM), 5.00%, 03/01/33		1,275		1,322,369
State of Mississippi Gaming Tax Revenue, RB, Series E, 5.00%, 10/15/33		12,225		12,591,211

				20,009,907

Missouri — 0.5%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.00%, 05/15/31		1,175		1,229,693
4.00%, 05/15/32		1,680		1,719,981
4.00%, 05/15/33		2,000		2,046,558
Series A, 4.00%, 11/15/33		2,010		2,010,809
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29		810		709,379
St Louis Land Clearance for Redevelopment Authority, Refunding RB, 3.88%, 10/01/35		410		381,891

				8,098,311


Security	Par (000)		Value

Montana — 0.6%
City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31^(a)	$	10,050	$	9,931,415


Nebraska — 0.1%
Elkhorn School District, GO
4.00%, 12/15/32		325		347,231
4.00%, 12/15/33		375		399,996

				747,227

Nevada — 0.4%
County of Clark Nevada, Refunding GO, Series B, 4.00%, 11/01/34		5,000		5,134,940
State of Nevada Department of Business & Industry, RB
Series A, 5.00%, 07/15/27		290		293,134
Series A, 4.50%, 12/15/29^(b)		430		424,780

				5,852,854

New Hampshire — 0.6%
New Hampshire Business Finance Authority, Refunding RB
4.00%, 01/01/28		285		273,159
4.00%, 01/01/29		300		285,526
4.00%, 01/01/30		280		267,135
Class A, AMT, 4.25%, 10/01/33^(a)		7,180		7,091,521
Series A, AMT, 4.00%, 11/01/27^(b)		2,205		2,120,028

				10,037,369

New Jersey — 16.6%
Atlantic City Board of Education, Refunding GO
(AGM), 4.00%, 04/01/30		170		176,294
(AGM), 4.00%, 04/01/31		175		181,059
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24^(e)		340		341,212
New Jersey Economic Development Authority, ARB
5.25%, 09/15/29		6,500		6,509,268
Series A, AMT, 5.63%, 11/15/30		1,740		1,748,186
Series B, AMT, 5.63%, 11/15/30		1,315		1,325,154
New Jersey Economic Development Authority, RB
Series A, 4.00%, 06/15/29^(b)		525		512,226
Series A, 4.00%, 07/01/29		335		336,446
Series A, 5.00%, 06/15/32		4,500		4,877,508
Series C, 5.00%, 06/15/32		3,600		3,902,006
Series DDD, 5.00%, 06/15/27^(f)		2,000		2,153,492
AMT, 5.00%, 01/01/28		4,705		4,706,144
Series QQQ, Sustainability Bonds, 5.00%, 06/15/30		600		681,056
New Jersey Economic Development Authority, Refunding RB
(AGM), 5.00%, 06/01/28		1,000		1,045,214
5.00%, 01/01/29		1,945		1,894,714
(AGM), 5.00%, 06/01/30		1,500		1,573,563
(AGM), 5.00%, 06/01/31		1,750		1,836,032
(AGM), 4.00%, 06/01/32		2,125		2,150,630
Series MMM, 4.00%, 06/15/35		5,000		5,215,403
Sub-Series A, 4.00%, 07/01/32		9,855		9,868,077
Series A, AMT, 2.20%, 10/01/39^(a)		4,000		3,512,717
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		5,000		4,637,379
New Jersey Educational Facilities Authority, RB, Series A, 4.00%, 09/01/30		5,860		5,889,820


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock 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	$	1,540,798
5.00%, 07/01/29		4,150		4,337,869
5.00%, 07/01/30		3,500		3,654,278
Series A, 5.00%, 07/01/30		11,245		11,811,938
New Jersey Higher Education Student Assistance Authority, RB
Series 1A, AMT, 5.00%, 12/01/25		5,500		5,631,269
Series 1A, AMT, 5.00%, 12/01/26		2,250		2,302,063
Series A, AMT, 4.00%, 12/01/32		750		769,519
Series A, AMT, 4.00%, 12/01/33		605		620,745
Series A, AMT, 4.00%, 12/01/34		300		309,251
Series A, AMT, 4.00%, 12/01/35		300		310,214
Series B, AMT, 5.00%, 12/01/30		5,000		5,423,005
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		10,165		9,717,313
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/27		4,225		4,347,341
Series AA, 5.25%, 06/15/28		4,500		4,631,893
Series BB, 5.00%, 06/15/30		1,500		1,657,577
Series C, (NPFGC), 0.00%, 12/15/30^(c)		45,000		36,115,071
Series C, 5.25%, 06/15/32		10,000		10,190,237
Series D, 5.00%, 06/15/32		5,000		5,084,479
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 06/15/30		6,600		6,917,233
Series A, 5.00%, 12/15/30		21,325		23,369,167
Newark Housing Authority, Refunding RB, (NPFGC), 5.25%, 01/01/27		5,000		5,217,874
South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33		500		503,441
State of New Jersey, GO, Series A, 4.00%, 06/01/30		26,000		27,938,301
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/30		16,740		17,869,831
Series A, 5.00%, 06/01/32		8,270		8,804,798
Township of Irvington New Jersey, Refunding GO, Series A, (AGM SAW), 5.00%, 07/15/24^(f)		3,450		3,479,840

				267,628,945

New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34		480		444,992
City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32		1,000		942,008
New Mexico Educational Assistance Foundation, RB
Series A-1, AMT, 3.75%, 09/01/31		100		101,112
Series A-1, AMT, 3.88%, 04/01/34		20		20,226
Series A-2, AMT, 3.80%, 11/01/32		100		101,131
Series A-2, AMT, 3.80%, 09/01/33		100		101,060

				1,710,529

New York — 5.7%
Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25^(b)		185		186,244
County of Nassau New York, GO
Series A, (AGM), 5.00%, 04/01/34		4,165		4,587,391
Series A, (AGM), 5.00%, 04/01/35		4,385		4,819,950
Genesee County Funding Corp., Refunding RB, Series A, 5.00%, 12/01/30		500		538,477
Hempstead Town Local Development Corp., Refunding RB
5.00%, 06/01/30		200		222,188
5.00%, 06/01/31		300		337,726


Security	Par (000)		Value

New York (continued)
Hempstead Town Local Development Corp., Refunding RB (continued)
5.00%, 06/01/32	$	100	$	112,354
Metropolitan Transportation Authority, Refunding RB
2nd Sub Series, (AGM), 4.41%, 11/01/32^(a)		2,875		2,863,585
Sub-Series C-1, Sustainability Bonds, 5.00%, 11/15/34		10,000		10,784,037
Metropolitan Transportation Authority, Refunding RB, CAB, Series A, 0.00%, 11/15/30^(c)		13,000		10,414,590
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30		4,980		5,406,098
New York State Energy Research & Development Authority, Refunding RB, Series D, 3.50%, 10/01/29		9,000		8,950,960
New York State Environmental Facilities Corp., RB, AMT, 5.13%, 09/01/50^(a)(b)		2,250		2,283,277
New York Transportation Development Corp., ARB
AMT, 5.00%, 01/01/30		2,590		2,670,898
AMT, 5.00%, 01/01/31		5,000		5,179,640
Series A, AMT, 4.00%, 07/01/32		5,500		5,477,123
Series A, AMT, 4.00%, 07/01/33		6,000		5,929,777
New York Transportation Development Corp., RB
AMT, 4.00%, 10/01/30		13,140		13,108,925
AMT, 4.00%, 10/31/34		350		353,513
New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31		2,275		2,082,268
New York Transportation Development Corp., Refunding RB
Series A, AMT, 5.00%, 12/01/28		350		373,381
Series A, AMT, 5.00%, 12/01/29		235		253,057
Series A, AMT, 5.00%, 12/01/30		250		273,247
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 5.00%, 07/15/30		3,730		4,099,623

				91,308,329

North Carolina — 1.8%
City of Charlotte North Carolina, Refunding GO
Series A, 5.00%, 06/01/28		330		364,839
Series A, 5.00%, 06/01/29		350		395,706
Series A, 5.00%, 06/01/30		485		559,208
North Carolina Medical Care Commission, RB
4.00%, 09/01/33		355		335,602
4.00%, 09/01/34		185		173,082
Series A, 4.00%, 10/01/27		600		592,788
North Carolina Medical Care Commission, Refunding RB, 5.00%, 10/01/30		1,500		1,488,175
North Carolina Turnpike Authority, Refunding RB, CAB, Series C, (SAP), 0.00%, 07/01/30^(c)		550		405,134
University of North Carolina at Chapel Hill, Refunding RB^(a)
Series A, 4.26%, 12/01/34		7,000		6,987,466
Series A, 4.26%, 12/01/41		17,845		17,938,923

				29,240,923

Ohio — 1.4%
Akron Bath Copley Joint Township Hospital District, Refunding RB, Class A, 5.00%, 11/15/30		1,010		1,146,720
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31		460		450,386
American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48^(a)		6,000		5,904,294
Ohio Air Quality Development Authority, Refunding RB
3.25%, 09/01/29		4,450		4,095,493
4.00%, 09/01/30^(a)		1,650		1,665,439


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Ohio Air Quality Development Authority, Refunding RB (continued)
Series A, AMT, 4.25%, 11/01/39^(a)	$	1,525	$	1,540,145
Ohio State University, RB, Class A, Sustainability Bonds, 5.00%, 12/01/30		3,320		3,854,538
State of Ohio, RB
AMT, (AGM), 5.00%, 12/31/29		1,625		1,663,073
AMT, (AGM), 5.00%, 12/31/30		2,400		2,456,747

				22,776,835

Oklahoma — 0.6%
Norman Regional Hospital Authority, Refunding RB
5.00%, 09/01/29		2,150		2,182,486
5.00%, 09/01/30		5,130		5,273,457
Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30		2,150		2,436,882

				9,892,825

Oregon — 0.9%
Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35		7,390		7,777,614
Oregon State Facilities Authority, Refunding RB, Series B, 5.00%, 06/01/30		4,750		5,245,643
Port of Morrow Oregon, Refunding GO
Series A, 4.00%, 06/01/30		1,205		1,247,530
Series D, 4.00%, 12/01/30		880		913,609

				15,184,396

Pennsylvania — 18.2%
Allegheny County Higher Education Building Authority, Refunding RB, 4.06%, 02/01/33^(a)		6,250		6,230,667
Allegheny County Hospital Development Authority, RB, Series D2, 5.25%, 11/15/47^(a)		5,205		5,104,837
Allegheny County Hospital Development Authority, Refunding RB
Series A, 5.00%, 04/01/31		3,075		3,280,856
Series A, 5.00%, 04/01/34		3,345		3,550,438
Series A, 5.00%, 04/01/35		1,000		1,057,758
Allentown City School District, Refunding GO, Series B, (BAM SAW), 5.00%, 02/01/31		4,000		4,329,926
Allentown Neighborhood Improvement Zone Development Authority, RB^(b)
5.00%, 05/01/28		835		851,313
5.00%, 05/01/32		9,310		9,424,949
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB
5.00%, 05/01/29		450		482,017
5.00%, 05/01/30		450		487,343
Bucks County Industrial Development Authority, RB
5.00%, 07/01/29		555		539,191
5.00%, 07/01/30		700		677,040
Chester County Health and Education Facilities Authority, Refunding RB
Series A, 5.00%, 12/01/30		2,180		1,821,811
Series A, 5.00%, 10/01/32		1,450		1,547,048
Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28^(b)		197		196,589
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30		5,000		5,697,450
City of Philadelphia Pennsylvania, Refunding GO
(AGM), 5.00%, 08/01/30		9,235		9,974,575
(AGM), 4.00%, 08/01/32		6,000		6,238,488
Series A, 5.00%, 08/01/30		4,500		4,831,354


Security	Par (000)		Value

Pennsylvania (continued)
Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39^(a)	$	4,200	$	3,807,620
Commonwealth Financing Authority, RB, 5.00%, 06/01/32		6,000		6,443,506
Commonwealth of Pennsylvania, Refunding GO, Series 1, 4.00%, 01/01/30		7,000		7,266,183
Cumberland County Municipal Authority, Refunding RB
5.00%, 01/01/29		570		571,354
5.00%, 01/01/30		1,285		1,288,878
5.00%, 01/01/32		1,510		1,530,198
Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31		2,275		2,329,874
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25^(f)		825		849,098
Geisinger Authority, Refunding RB
Series A-2, 5.00%, 02/15/32		4,000		4,223,434
Series A-2, 5.00%, 02/15/34		1,750		1,844,026
Lancaster County Hospital Authority, Refunding RB, Series A, 3.00%, 08/15/30		2,535		2,535,219
Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30		150		155,617
Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29		15,000		14,601,941
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/35		1,735		1,762,872
4.00%, 09/01/36		1,500		1,512,856
Series A, 5.00%, 09/01/31		1,750		1,875,401
Series A, 5.00%, 09/01/32		1,315		1,397,124
Montgomery County Industrial Development Authority, Refunding RB
5.00%, 01/01/30		2,000		1,893,321
4.10%, 04/01/53^(a)		7,905		8,038,361
Series A, 5.25%, 01/15/25^(f)		3,250		3,319,512
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34		5,400		5,848,323
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 5.00%, 04/15/30		2,500		2,791,121
AMT, 5.00%, 12/31/29		8,750		9,087,247
AMT, 5.00%, 06/30/30		3,500		3,720,397
AMT, 5.00%, 12/31/30		13,100		13,431,012
AMT, 5.00%, 12/31/34		16,500		16,860,503
Pennsylvania Economic Development Financing Authority, Refunding RB, 5.00%, 03/15/31		4,500		4,729,067
Pennsylvania Higher Educational Facilities Authority, RB
Series AT-1, 5.00%, 06/15/30		7,810		8,205,211
Series AT-1, 5.00%, 06/15/30^(f)		100		105,184
Pennsylvania Higher Educational Facilities Authority, Refunding RB
5.00%, 05/01/30		425		439,862
5.00%, 05/01/31		1,275		1,318,558
4.00%, 05/01/32		3,000		2,403,875
5.00%, 05/01/32		1,750		1,806,984
5.00%, 05/01/33		3,320		3,423,297
5.00%, 05/01/35		1,000		1,027,165
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 137, Sustainability Bonds, 1.90%, 04/01/30		1,625		1,486,495
Series 137, Sustainability Bonds, 1.95%, 10/01/30		875		795,110
Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32		8,890		8,388,610


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Turnpike Commission, RB
Series B, 5.00%, 12/01/29	$	800	$	906,876
Series B, 5.00%, 12/01/30		620		714,599
Sub-Series B-1, 5.00%, 06/01/31		3,000		3,227,678
Sub-Series B-1, 5.00%, 06/01/32		4,075		4,383,841
Sub-Series B-1, 5.00%, 06/01/33		4,000		4,303,057
Pennsylvania Turnpike Commission, Refunding RB
2nd Sub Series, 5.00%, 12/01/32		1,000		1,086,181
2nd Sub Series, 5.00%, 12/01/33		1,815		1,969,927
2nd Sub Series, 5.00%, 12/01/34		1,500		1,625,061
2nd Sub Series, 5.00%, 12/01/35		2,005		2,155,141
Series B, 5.00%, 12/01/30		330		380,351
Sub-Series B-2, (AGM), 5.00%, 06/01/34		4,000		4,283,540
Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29		300		285,997
Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30		800		907,677
Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30		425		446,691
Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 5.00%, 09/01/30		205		232,091
School District of Philadelphia, GO
Series A, (SAW), 5.00%, 09/01/24		1,500		1,511,912
Series A, (SAW), 5.00%, 09/01/25		1,300		1,330,570
Series A, (SAW), 5.00%, 09/01/26		3,250		3,385,668
Series A, (SAW), 5.00%, 09/01/27		2,675		2,839,284
Series A, (SAW), 5.00%, 09/01/28		1,630		1,761,305
Series A, (SAW), 5.00%, 09/01/30		2,380		2,652,479
Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30		5,000		5,631,356
Wayne County Hospital & Health Facilities Authority, RB
Series A, (GTD), 5.00%, 07/01/31		460		489,795
Series A, (GTD), 4.00%, 07/01/33		440		449,954
West Cornwall Township Municipal Authority, Refunding RB
Series A, 4.00%, 11/15/27		130		126,524
Series A, 4.00%, 11/15/28		105		101,836
Series A, 4.00%, 11/15/29		140		133,402
Series A, 4.00%, 11/15/30		190		179,703
Series A, 4.00%, 11/15/31		200		187,699
Westmoreland County Municipal Authority, Refunding RB
(BAM), 5.00%, 08/15/27		1,500		1,545,118
(BAM), 5.00%, 08/15/31		5,000		5,400,582
(BAM), 5.00%, 08/15/32		17,945		19,373,545

				293,447,506

Puerto Rico — 5.3%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		1,533		1,657,301
Series A-1, Restructured, 5.75%, 07/01/31		5,097		5,646,089
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(c)
Series A-1, Restructured, 0.00%, 07/01/29		14,055		11,402,465
Series A-1, Restructured, 0.00%, 07/01/31		38,523		28,780,889
Series A-1, Restructured, 0.00%, 07/01/33		43,149		29,478,244
Series B-1, Restructured, 0.00%, 07/01/31		5,755		4,275,801
Series B-1, Restructured, 0.00%, 07/01/33		6,477		4,411,689

				85,652,478


Security	Par (000)		Value

Rhode Island — 1.0%
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30	$	1,500	$	1,555,519
Rhode Island Student Loan Authority, RB
Series A, AMT, 5.00%, 12/01/29		1,950		2,102,596
Series A, AMT, 5.00%, 12/01/30		1,300		1,418,536
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/28		2,750		2,777,083
Series A, 5.00%, 06/01/29		4,500		4,545,981
Series A, 5.00%, 06/01/30		4,215		4,258,148

				16,657,863

South Carolina — 1.1%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54^(a)		3,200		3,427,536
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35		10,000		10,503,832
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31		2,800		3,147,116

				17,078,484

Tennessee — 1.3%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36		2,000		2,016,930
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31		6,210		6,239,944
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31		1,300		1,344,297
Tennergy Corp., RB, Series A, 4.00%, 12/01/51^(a)		6,000		6,033,609
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52^(a)		5,000		5,312,850

				20,947,630

Texas — 14.3%
Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31		3,030		2,770,337
Central Texas Regional Mobility Authority, RB, Series A, Senior Lien, 5.00%, 07/01/25^(f)		4,275		4,396,418
Central Texas Turnpike System, RB
Series C, 5.00%, 08/15/32		12,500		12,567,095
Series C, 5.00%, 08/15/33		14,000		14,071,223
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/30		2,000		2,208,028
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, Series C, 5.00%, 11/15/30		900		1,039,619
City of Houston Texas Airport System Revenue, ARB
AMT, 5.00%, 07/15/28		3,000		3,044,993
Series B-1, AMT, 5.00%, 07/15/30		1,900		1,902,135
City of Houston Texas Airport System Revenue, Refunding RB
Sub-Series D, 5.00%, 07/01/33		7,000		7,622,586
AMT, 4.75%, 07/01/24		3,135		3,140,004
AMT, 5.00%, 07/01/29		14,000		13,982,500
Series C, AMT, 5.00%, 07/15/27		2,000		2,005,000
Sub-Series A, AMT, 5.00%, 07/01/30		1,200		1,305,033
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, Subordinate, 5.00%, 11/15/34		7,315		7,687,736
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/33		1,650		1,653,379
Clifton Higher Education Finance Corp., Refunding RB
Series A, (PSF), 4.00%, 08/15/31		1,250		1,276,255
Series A, 3.95%, 12/01/32		1,650		1,628,239


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
County of Nueces Texas, Refunding GO
4.00%, 02/15/33	$	1,165	$	1,229,965
4.00%, 02/15/35		725		756,574
Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32		2,500		2,858,246
DeSoto Independent School District, Refunding GO, (PSF), 5.00%, 08/15/30		3,980		4,460,014
Harris County Cultural Education Facilities Finance Corp., RB
Series B, 5.75%, 01/01/28		480		479,964
Series B, 6.38%, 01/01/33		40		40,010
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 06/01/28		1,150		1,095,271
Series A, 5.00%, 01/01/33		850		795,336
Series A, 5.00%, 06/01/33		3,000		2,683,513
Leander Independent School District, Refunding GO, CAB^(c)
Series D, (PSF), 0.00%, 08/15/24^(f)		4,610		3,017,481
Series D, (PSF), 0.00%, 08/15/31		1,200		866,123
Series D, (PSF), 0.00%, 08/15/32		1,875		1,281,149
Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/26		430		447,028
Matagorda County Navigation District No. 1, Refunding RB
Series A, (AMBAC), 4.40%, 05/01/30		31,120		30,965,143
Series B, (AMBAC), 4.55%, 05/01/30		10,000		9,791,352
Series B-2, 4.00%, 06/01/30		12,995		12,644,302
AMT, 4.25%, 05/01/30		6,855		6,802,311
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27^(c)(f)		21,370		15,527,567
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		3,805		3,752,826
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 4.00%, 08/15/29^(b)		335		325,304
Socorro Independent School District, Refunding GO, Series B, (PSF), 4.00%, 08/15/34		3,000		3,107,184
Spring Branch Independent School District, GO, (PSF), 3.00%, 02/01/33		5,000		4,868,811
Tarrant County Cultural Education Facilities Finance Corp., RB
Class F, 5.00%, 11/15/52^(a)		3,585		3,986,274
Series B, 5.00%, 07/01/35		6,000		6,472,008
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A-1, 5.00%, 10/01/29		1,000		1,001,416
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB
5.00%, 12/15/30		16,435		17,429,525
5.00%, 12/15/32		5,000		5,327,800
Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31		1,650		1,690,897
Texas Water Development Board, RB, 5.00%, 10/15/30		3,850		4,440,148

				230,444,122


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	$	3,251,885
Utah Transit Authority, Refunding RB, Subordinate, 4.00%, 12/15/31		5,000		5,076,177

				8,328,062

Virginia — 0.8%
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26		500		495,333
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/30^(b)		1,000		914,386
Loudoun County Economic Development Authority, RB, Series B, VRDN, 3.14%, 02/07/24^(a)(g)		10,000		10,000,000
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25		1,650		1,625,050

				13,034,769

Washington — 2.4%
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40^(a)		5,750		5,615,182
Port of Seattle Washington, ARB
Series C, AMT, Intermediate Lien, 5.00%, 05/01/33		6,695		6,981,607
Series C, AMT, Intermediate Lien, 5.00%, 05/01/34		6,000		6,238,583
Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/35		9,485		9,933,252
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31		4,240		4,199,635
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/24		350		351,115
Series A, 5.00%, 07/01/25		350		354,461
Series A, 5.00%, 07/01/26		285		292,118
Series A, 5.00%, 07/01/27		350		363,758
Series A, 5.00%, 07/01/28		550		579,434
Series A, 5.00%, 07/01/29		775		826,475
Series A, 5.00%, 07/01/30		815		878,339
WBRP 3.2, RB
Series A, 5.00%, 01/01/31		1,000		1,029,567
Series A, 5.00%, 01/01/32		1,140		1,173,310

				38,816,836

West Virginia — 0.2%
West Virginia Hospital Finance Authority, RB
Series A, 5.00%, 06/01/31		1,950		2,063,144
Series A, 5.00%, 06/01/33		1,100		1,163,183

				3,226,327

Wisconsin — 2.5%
Public Finance Authority, RB^(b)
4.00%, 06/15/30		1,520		1,401,258
5.00%, 01/01/31		650		649,465
Class A, 5.00%, 06/15/31		720		700,502
Series A, 4.00%, 07/15/29		575		556,649
Series A, 4.00%, 03/01/30		1,305		1,246,465
Series A, 3.75%, 06/01/30		345		319,697
Public Finance Authority, Refunding RB
4.00%, 09/01/29^(b)		325		295,465
Class A, 3.00%, 12/01/26^(b)		250		241,271
Class C, 4.00%, 10/01/41^(a)		7,000		7,098,762


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Wisconsin (continued)
Public Finance Authority, Refunding RB (continued)
AMT, 2.63%, 11/01/25	$	3,000	$	2,945,863
Class B, AMT, 4.00%, 10/01/46^(a)		1,750		1,856,775
Series B, AMT, 5.25%, 07/01/28		1,780		1,780,513
State of Wisconsin, GO, Series A, 4.97%, 05/01/25^(a)		12,160		12,088,167
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/35		2,500		2,762,682
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series D, (FNMA), 3.00%, 09/01/32		7,265		6,615,629


				40,559,163


Total Municipal Bonds — 142.7% (Cost: $2,316,041,085)				2,298,492,574


Municipal Bonds Transferred to Tender Option Bond Trusts^(h)(i)

Colorado — 0.6%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.25%, 11/15/31		8,085		8,090,721
Series A, AMT, 4.25%, 11/15/32		2,230		2,231,710


				10,322,431

Florida — 5.9%
County of Broward Florida Airport System Revenue, ARB
Series Q-1, 4.00%, 10/01/29		17,200		17,216,389
Series Q-1, 4.00%, 10/01/30		18,095		18,112,269
Series Q-1, 4.00%, 10/01/31		18,820		18,837,953
Series Q-1, 4.00%, 10/01/32		19,575		19,593,666
Series Q-1, 4.00%, 10/01/33		20,355		20,374,419


				94,134,696


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.5% (Cost: $104,359,983)				104,457,127


Total Long-Term Investments — 149.2% (Cost: $2,420,401,068)				2,402,949,701


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%^(j)(k)		8,145,825	$	8,146,639


Total Short-Term Securities — 0.5% (Cost: $8,146,335)				8,146,639


Total Investments — 149.7% (Cost: $2,428,547,403)				2,411,096,340

Other Assets Less Liabilities — 1.3%				19,577,651

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.4)%				(70,363,626	)

RVMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (46.6)%				(749,783,581	)


Net Assets Applicable to Common Shares — 100.0%			$	1,610,526,784

^(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)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(h)	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.

⁽ⁱ⁾

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.

^(j)	Affiliate of the Trust.

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

Affiliates



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

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	88,184,293	$	—	$	(80,040,437	)^(a)	$	6,596	$	(3,813	)	$	8,146,639		8,145,825	$	763,161	$	—

^(a)

Represents net amount purchased (sold).


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal 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	$	—	$	2,298,492,574	$	—	$	2,298,492,574
Municipal Bonds Transferred to Tender Option Bond Trusts		—		104,457,127		—		104,457,127
Short-Term Securities
Money Market Funds		8,146,639		—		—		8,146,639


	$	8,146,639	$	2,402,949,701	$	—	$	2,411,096,340

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	$	—	$	(69,569,982	)	$	—	$	(69,569,982	)
RVMTP Shares at Liquidation Value		—		(750,000,000	)		—		(750,000,000	)


	$	—	$	(819,569,982	)	$	—	$	(819,569,982	)

See notes to financial statements.


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

Schedule of Investments (unaudited)

January 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 4.6%
Black Belt Energy Gas District, RB, Series A, 5.25%, 01/01/54^(a)	$	3,875	$	4,172,843
City of Birmingham Alabama, GO, CAB, Series A-1, Convertible, 5.00%, 09/01/25^(b)(c)		1,165		1,203,555
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		1,100		1,206,642
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54^(a)		6,980		7,758,898
Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54^(a)		755		799,975

				15,141,913

Arizona — 1.1%
Arizona Industrial Development Authority, RB^(d)
4.38%, 07/01/39		725		645,592
Series A, 5.00%, 07/01/49		690		625,312
Series A, 5.00%, 07/01/54		530		471,794
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		835		951,365
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49^(d)		685		626,279
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54^(d)		360		337,113

				3,657,455

California — 14.1%
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56^(d)		155		109,017
California Enterprise Development Authority, RB, 8.00%, 11/15/62^(d)		475		469,131
California Health Facilities Financing Authority, Refunding RB, Series B, 5.00%, 11/15/46		3,715		3,826,807
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28^(b)		10,100		11,093,266
CSCDA Community Improvement Authority, RB, M/F Housing^(d)
4.00%, 10/01/56		195		159,343
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		690		444,727
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		955		713,258
Sustainability Bonds, 5.00%, 09/01/37		120		123,050
Sustainability Bonds, 4.00%, 12/01/56		230		160,234
Series A, Sustainability Bonds, 4.00%, 06/01/58		610		441,434
Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48		2,370		2,378,962
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43^(c)		1,580		1,562,200
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		4,100		4,067,565
San Diego County Regional Airport Authority, ARB, Series A, Subordinate, 4.00%, 07/01/51		2,730		2,697,704
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38^(e)		2,000		1,195,022
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31^(e)		1,400		1,122,153


Security	Par (000)		Value

California (continued)
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series B, 4.00%, 11/01/51	$	10,000	$	10,013,092
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37^(e)		10,000		6,088,551

				46,665,516

Colorado — 0.3%
Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50^(d)		1,055		908,861

Connecticut — 0.3%
Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53		1,170		1,141,539

Delaware — 0.7%
County of Kent Delaware, RB
5.00%, 07/01/53		1,810		1,710,470
Series A, 5.00%, 07/01/40		770		771,002

				2,481,472

District of Columbia — 3.9%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		1,850		2,073,679
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		9,225		9,523,981
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.00%, 07/15/48		1,210		1,324,186

				12,921,846

Florida — 5.9%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39		1,795		1,800,444
Capital Trust Agency, Inc., RB^(d)
Series A, 5.00%, 06/01/45		615		531,871
Series A, 5.50%, 06/01/57		220		193,393
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49		2,665		2,548,060
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48		3,090		3,322,439
Escambia County Health Facilities Authority, Refunding RB
5.00%, 08/15/38		1,000		1,030,832
5.00%, 08/15/40		1,050		1,075,125
Florida Development Finance Corp., RB
6.50%, 06/30/57^(d)		420		403,010
Series A, 5.00%, 06/15/56		580		561,706
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40^(d)		340		313,050
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		265		277,709
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53		4,000		4,269,647
Preserve at South Branch Community Development District, SAB, 4.00%, 11/01/50		500		391,703
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47		1,895		1,934,286
Village Community Development District No. 15, SAB, 5.25%, 05/01/54^(d)		280		277,497
Westside Community Development District, Refunding SAB^(d)
4.10%, 05/01/37		260		235,853
4.13%, 05/01/38		260		234,452

				19,401,077


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

Schedule of Investments (unaudited) (continued)

January 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	$	1,003,263
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(d)		245		222,079
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53^(a)		4,355		4,606,632

				5,831,974

Idaho — 0.5%
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/57		1,510		1,593,847

Illinois — 11.3%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,620		1,705,462
Series A, 5.00%, 12/01/40		1,540		1,581,426
Series A, 5.00%, 12/01/47		450		460,079
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42		3,300		3,462,377
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58		4,565		4,985,843
Cook County Community College District No. 508, GO
5.13%, 12/01/38		7,700		7,722,598
5.50%, 12/01/38		1,000		1,003,763
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50		70		65,478
Illinois Finance Authority, Refunding RB
Series C, 4.13%, 08/15/37		3,130		2,985,200
Series C, 5.00%, 08/15/44		390		391,851
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43		1,905		1,934,794
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		7,020		7,190,693
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57		670		683,473
State of Illinois, GO
5.50%, 05/01/39		1,840		2,038,392
Series C, 5.00%, 12/01/45		1,280		1,380,896

				37,592,325

Kentucky — 0.7%
Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49		2,000		2,189,478

Louisiana — 1.3%
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53		2,330		2,471,361
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48		1,575		1,688,328

				4,159,689

Massachusetts — 1.3%
Massachusetts Development Finance Agency, RB
5.00%, 10/01/48		1,970		1,900,167
Series A, 5.00%, 01/01/47		2,370		2,384,960

				4,285,127


Security	Par (000)		Value

Michigan — 0.5%
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47	$	335	$	331,279
State of Michigan Trunk Line Revenue, RB, 5.50%, 11/15/49		1,145		1,327,519

				1,658,798

Nebraska — 0.3%
Omaha Public Power District, RB, Series A, 5.25%, 02/01/48		950		1,070,186

Nevada — 0.7%
City of Las Vegas Nevada Special Improvement District No. 611, SAB, 4.13%, 06/01/50		1,125		927,147
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		760		788,992
5.00%, 07/01/45		530		542,621

				2,258,760

New Hampshire — 0.1%
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43^(a)(d)		300		233,948

New Jersey — 6.6%
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62		500		542,881
New Jersey Economic Development Authority, RB^(b)
Series DDD, 5.00%, 06/15/27		375		403,775
Series WW, 5.00%, 06/15/25		1,620		1,665,683
Series WW, 5.25%, 06/15/25		550		567,441
New Jersey Transportation Trust Fund Authority, RB
Series BB, 4.00%, 06/15/50		3,000		2,872,713
Series D, 5.00%, 06/15/32		900		915,206
Series S, 5.25%, 06/15/43		2,150		2,307,898
New Jersey Transportation Trust Fund Authority, RB, CAB^(e)
Series A, 0.00%, 12/15/35		4,050		2,626,403
Series A, 0.00%, 12/15/38		5,845		3,224,498
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 12/15/36		340		369,150
Series A, 4.00%, 06/15/40		1,690		1,728,332
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		820		835,343
Series A, 5.25%, 06/01/46		905		933,589
Sub-Series B, 5.00%, 06/01/46		2,920		2,949,869

				21,942,781

New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		175		148,198

New York — 10.0%
City of New York, GO, Series B, 5.25%, 10/01/47		100		112,338
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.00%, 11/15/56		1,690		1,720,472
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		1,135		1,195,954
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52		10,000		11,215,060
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 4.13%, 06/15/46		5,670		5,821,147
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-1, Subordinate, 4.00%, 08/01/48		1,320		1,315,293


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
New York City Transitional Finance Authority, RB, 5.00%, 05/01/46	$	1,520	$	1,702,451
New York Counties Tobacco Trust VI, Refunding RB, Series B, 5.00%, 06/01/41		550		554,536
New York Liberty Development Corp., Refunding RB, Class 1, 5.00%, 11/15/44^(d)		1,040		1,038,700
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB
Series A, 5.25%, 05/15/52		1,000		1,113,346
Series A, 4.13%, 05/15/53		1,000		1,005,455
Triborough Bridge & Tunnel Authority, Refunding RB
Series A-1, 5.00%, 05/15/51		230		247,230
Series C, 5.25%, 05/15/52		4,340		4,791,695
Sustainability Bonds, 5.25%, 11/15/40		1,025		1,202,781

				33,036,458

Ohio — 2.2%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,970		4,681,541
County of Hamilton Ohio, RB, Series A, 5.00%, 08/15/42		2,650		2,726,095

				7,407,636

Oklahoma — 0.7%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53		1,960		2,188,450

Oregon — 0.2%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(e)		1,115		581,731

Pennsylvania — 3.8%
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		205		160,150
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		1,145		1,052,437
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		5,000		4,840,899
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing
Series 142-A, Sustainability Bonds, 5.00%, 10/01/43		1,895		1,979,260
Series 2022, Sustainability Bonds, 4.25%, 10/01/47		2,415		2,259,407
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		695		706,373
Series A, Subordinate, 4.00%, 12/01/46		1,605		1,555,142

				12,553,668

Puerto Rico — 5.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		6,639		6,504,692
Series A-1, Restructured, 5.00%, 07/01/58		5,568		5,567,928
Series A-2, Restructured, 4.78%, 07/01/58		349		341,147
Series A-2, Restructured, 4.33%, 07/01/40		1,688		1,675,762
Series B-1, Restructured, 4.75%, 07/01/53		391		381,200
Series B-2, Restructured, 4.78%, 07/01/58		520		504,785
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(e)		6,226		1,913,939

				16,889,453

South Carolina — 3.2%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54^(a)		5,685		6,089,232


Security	Par (000)		Value

South Carolina (continued)
South Carolina Jobs-Economic Development Authority, RB^(d)
5.00%, 01/01/55	$	1,095	$	957,133
7.50%, 08/15/62		505		460,503
South Carolina Jobs-Economic Development Authority, Refunding RB, 4.00%, 12/01/44		1,645		1,570,996
South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53		1,610		1,610,971

				10,688,835

South Dakota — 0.5%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26^(b)		1,760		1,823,765

Tennessee — 3.9%
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/54		490		534,320
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		35		35,439
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58		2,465		2,521,547
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		1,575		1,688,568
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52^(a)		2,560		2,720,179
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53^(a)		3,000		3,112,756
Tennessee Housing Development Agency, RB, S/F Housing, Series 2, Sustainability Bonds, 4.35%, 01/01/48		2,500		2,369,692

				12,982,501

Texas — 20.2%
Arlington Higher Education Finance Corp., RB^(d)
7.50%, 04/01/62		530		515,753
7.88%, 11/01/62		450		456,683
City of Austin Texas Airport System Revenue, ARB, Series A, 5.00%, 11/15/41		1,990		2,068,513
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series A, 5.00%, 10/01/41		760		791,168
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/43		810		922,445
Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30^(e)		10,030		8,315,527
County of Harris Texas, Refunding GO
(NPFGC), 0.00%, 08/15/25^(e)		7,485		7,159,861
(NPFGC), 0.00%, 08/15/28^(e)		10,915		9,629,939
Series A, 4.25%, 09/15/48		340		344,957
Crowley Independent School District, GO
(PSF), 5.00%, 02/01/48		315		346,075
(PSF), 4.25%, 02/01/53		310		315,049
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48		755		750,411
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48		570		627,362
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46^(c)		2,365		2,583,765
Harris County-Houston Sports Authority, Refunding RB^(e)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24^(b)		5,965		2,551,879
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38		10,925		4,591,069
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38		5,785		2,640,379
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39		6,160		2,623,397


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48	$	40	$	44,077
Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/49		2,010		2,071,189
Marshall Independent School District, GO, (PSF), 4.00%, 02/15/45		380		384,821
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27^(b)(e)		2,340		1,355,714
New Hope Cultural Education Facilities Finance Corp., RB^(d)
Series A, 5.00%, 08/15/50		580		521,441
Series A, 5.00%, 08/15/51		1,535		1,408,287
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 08/15/40		4,000		3,986,483
North Texas Tollway Authority, RB^(b)
Series B, 0.00%, 09/01/31^(e)		1,975		1,005,665
Series C, Convertible, 6.75%, 09/01/31^(c)		2,500		3,214,143
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43		3,795		3,934,448
Northwest Independent School District, GO, (PSF), 5.00%, 02/15/48		730		797,054
Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48		535		599,554
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		330		291,373

				66,848,481

Utah^(d)— 0.2%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49		235		211,489
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55		450		411,855

				623,344

Virginia — 4.0%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		4,000		3,860,650
Henrico County Economic Development Authority, RB
5.00%, 10/01/52		1,170		1,182,437
Class A, 5.00%, 10/01/47		4,580		4,669,634
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,225		1,154,541
Virginia Beach Development Authority, Refunding RB
5.00%, 09/01/40		1,230		1,128,100
4.00%, 09/01/48		885		648,286
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52		505		522,660

				13,166,308

Washington — 0.4%
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38^(d)		1,400		1,228,300

West Virginia — 0.9%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		3,050		2,839,112

Wisconsin — 1.1%
Public Finance Authority, RB
Class A, 5.00%, 06/15/51^(d)		305		239,706
Class A, 6.00%, 06/15/52		175		157,904
Class A, 5.00%, 06/15/56^(d)		400		309,243
Class A, 6.13%, 06/15/57		200		181,637


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
Series A, 5.00%, 10/15/40^(d)	$	1,260	$	1,148,725
Series A, 5.00%, 07/01/55^(d)		395		328,143
Series A-1, 4.50%, 01/01/35^(d)		665		595,898
Public Finance Authority, Refunding RB, 5.00%, 09/01/39^(d)		375		331,984
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		452,652

				3,745,892
Total Municipal Bonds — 112.4% (Cost: $355,320,901)				371,888,724

Municipal Bonds Transferred to Tender Option Bond Trusts^(f)

Alabama — 5.0%
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54		10,000		11,080,811
Series C-1, 5.25%, 02/01/53^(a)		5,020		5,346,198

				16,427,009

District of Columbia — 1.9%
District of Columbia Water & Sewer Authority, Refunding RB, Series B, 5.00%, 10/01/49		6,035		6,339,636

Florida — 3.6%
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53		7,045		8,076,546
JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.50%, 10/01/54^(g)		3,497		3,984,160

				12,060,706

Indiana — 3.0%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51		10,685		9,934,564

Massachusetts — 3.3%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51		10,000		10,936,224

Nevada — 3.1%
Las Vegas Valley Water District, GO, Series A, 5.00%, 06/01/49		9,500		10,340,248

New York — 8.6%
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/47		9,705		10,782,463
New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49		8,955		8,795,033
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/50		8,000		8,848,116

				28,425,612

South Carolina — 3.3%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		10,000		10,789,600


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Washington — 3.3%
State of Washington, GO, Series 2024-A, 5.00%, 08/01/48	$	10,000	$	11,048,275


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.1% (Cost: $110,091,756)				116,301,874


Total Long-Term Investments — 147.5% (Cost: $465,412,657)				488,190,598


	Shares


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%^(h)(i)		2,453,803		2,454,049


Total Short-Term Securities — 0.7% (Cost: $2,453,792)				2,454,049


Total Investments — 148.2% (Cost: $467,866,449)				490,644,647

Other Assets Less Liabilities — 0.2%				419,129

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.9)%				(62,408,241	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.5)%				(97,600,000	)


Net Assets Applicable to Common Shares — 100.0%			$	331,055,535

^(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)	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)	When-issued security.

^(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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	7,645,975	$	—	$	(5,193,318	)^(a)	$	1,232	$	160	$	2,454,049		2,453,803	$	220,301	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	61,633	$	—	$	61,633


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	46,721	$	—	$	46,721

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	13,187,703


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

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	$	—	$	371,888,724	$	—	$	371,888,724
Municipal Bonds Transferred to Tender Option Bond Trusts		—		116,301,874		—		116,301,874
Short-Term Securities
Money Market Funds		2,454,049		—		—		2,454,049


	$	2,454,049	$	488,190,598	$	—	$	490,644,647



	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(61,981,882	)	$	—	$	(61,981,882	)
VMTP Shares at Liquidation Value		—		(97,600,000	)		—		(97,600,000	)


	$	—	$	(159,581,882	)	$	—	$	(159,581,882	)

See notes to financial statements.


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

Schedule of Investments (unaudited)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

California — 121.6%

Corporate — 15.7%
California Community Choice Financing Authority, RB^(a)
Series G, 5.25%, 11/01/54	$	50,000	$	53,638,500
Sustainability Bonds, 5.00%, 07/01/53		45,200		47,521,924
Sustainability Bonds, 5.00%, 12/01/53		6,670		7,018,441
Sustainability Bonds, 5.25%, 01/01/54		11,500		12,154,556
Sustainability Bonds, 5.50%, 10/01/54		40,000		44,019,199
Series E-1, Sustainability Bonds, 5.00%, 02/01/54		15,480		16,613,161
California Municipal Finance Authority, RB, Series A, AMT, 4.38%, 09/01/53^(a)		2,935		3,032,964
California Pollution Control Financing Authority, RB, AMT, 4.75%, 11/01/46		4,000		4,047,829

				188,046,574

County/City/Special District/School District — 33.8%
Anaheim City School District, GO, (AGM), 5.00%, 08/01/51		5,615		6,170,173
California Statewide Communities Development Authority, SAB
Series B, 5.00%, 09/02/52		1,785		1,691,874
Series C, 4.00%, 09/02/50		4,985		4,139,935
Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48		13,355		15,197,774
Chaffey Joint Union High School District, GO, Series G, Election 2012, 4.00%, 08/01/52		15,390		15,524,498
Chaffey Joint Union High School District, GO, CAB^(b)
Series C, Election 2012, 0.00%, 08/01/37		1,300		727,651
Series C, Election 2012, 0.00%, 08/01/38		1,255		659,891
Series C, Election 2012, 0.00%, 08/01/39		1,500		743,624
Series C, Election 2012, 0.00%, 08/01/40		3,705		1,739,417
Series C, Election 2012, 0.00%, 08/01/41		610		270,685
Series C, Election 2012, 0.00%, 02/01/42		700		301,432
City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31		1,500		1,504,011
City of Oakland California, GO, Series D, 5.25%, 07/15/48		4,715		5,397,135
Clovis Unified School District, GO, Series B, Election 2020, 5.00%, 08/01/47		8,050		8,751,237
Coachella Valley Unified School District, GO, Series F, Election 2005, (BAM), 5.00%, 08/01/46		2,990		3,099,999
Dublin Unified School District, GO, Series B, Election 2020, 4.25%, 08/01/53		5,805		6,046,772
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24^(c)		15,000		15,025,412
El Rancho Unified School District, GO, Series D, Election 2016, (BAM), 5.75%, 08/01/48		750		887,997
Folsom Cordova Unified School District, GO, Series D, (AGM), 4.00%, 10/01/44		10,300		10,314,417
Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48		5,000		5,140,079
Hayward Unified School District, Refunding GO, (BAM), 4.00%, 08/01/43		6,500		6,514,067
Indio Finance Authority, Refunding RB
Series A, (BAM), 5.25%, 11/01/47		2,225		2,483,043
Series A, (BAM), 5.25%, 11/01/52		7,000		7,693,217
La Canada Unified School District, GO, Series A, Election 2017, 5.00%, 08/01/47		6,945		7,410,464
La Mesa-Spring Valley School District, GO, Series B, 4.00%, 08/01/51		625		631,618


Security	Par (000)		Value

County/City/Special District/School District (continued)
Livermore Valley Joint Unified School District, GO, 4.00%, 08/01/46	$	15,000	$	15,100,286
Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48		7,500		7,528,360
Los Angeles County Public Works Financing Authority, Refunding RB, Series F, Sustainability Bonds, 4.00%, 12/01/46		7,890		8,082,029
Los Angeles Unified School District, GO, Series RYQ, 4.00%, 07/01/44		10,475		10,617,015
Menifee Union School District, GO, Series B, (BAM), 4.00%, 08/01/43		5,370		5,426,671
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49		10,000		10,104,036
Newport Mesa Unified School District, Refunding GO, CAB, 0.00%, 08/01/45^(b)		8,485		3,523,629
Oak Grove School District, GO, Series A-1, 5.00%, 08/01/52		5,835		6,499,270
Oakland Unified School District/Alameda County, GO, Series A, (BAM), 4.00%, 08/01/46		14,530		14,581,176
Oxnard School District, GO, Series A, Election 2016, (BAM), 5.00%, 08/01/45		2,500		2,625,911
Oxnard Union High School District, GO
Series B, 5.00%, 08/01/45		6,560		7,025,895
Series C, Election 2018, 4.00%, 08/01/47		16,750		16,924,762
Peralta Community College District, GO, Series B, 5.50%, 08/01/52		2,500		2,876,273
Ravenswood City School District, GO, Election 2022, (BAM), 5.25%, 08/01/53		7,570		8,452,364
Redwood City School District, GO
Series C, 4.00%, 08/01/44		2,800		2,844,996
Series A, Election 2022, 5.00%, 08/01/52		6,000		6,656,259
San Diego Unified School District, GO
Series I, Election 2012, 4.00%, 07/01/47		14,155		14,039,477
Series F-2, Sustainability Bonds, 4.25%, 07/01/52		6,270		6,413,568
San Francisco Bay Area Rapid Transit District, GO Class D1, Election 2016, Sustainability Bonds, 4.25%, 08/01/52		13,500		13,885,285
Series A, Election 2016, Sustainability Bonds, 4.00%, 08/01/42		6,000		6,136,991
Series D-1, Election 2016, Sustainability Bonds, 4.00%, 08/01/47		9,175		9,359,187
San Leandro Unified School District, GO, Series B, 5.25%, 08/01/48		3,000		3,381,232
San Mateo Joint Powers Financing Authority, RB, Series A, 4.00%, 07/15/52		14,270		14,337,156
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/43		6,355		6,470,305
Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/45		4,000		4,522,942
Santa Monica Community College District, GO, Series B, 4.00%, 08/01/45		17,500		18,025,211
Santa Monica-Malibu Unified School District, GO, 4.00%, 08/01/44		9,360		9,481,717
Santa Rosa High School District, GO
Series A, Election 2022, 4.00%, 08/01/46		3,500		3,541,614
Series A, Election 2022, 4.00%, 08/01/49		7,050		7,076,123
Simi Valley Unified School District, GO, Series C, 4.00%, 08/01/50		3,115		3,121,217
Solano County Community College District, GO, Series C, Election 2012, 4.00%, 08/01/46		11,435		11,554,699
South Orange County Public Financing Authority, RB, 5.00%, 06/01/52		5,000		5,493,924


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

County/City/Special District/School District (continued)
Val Verde Unified School District, GO, Series C, Election 2020, (AGM), 4.00%, 08/01/49	$	5,000	$	4,956,192
Ventura Unified School District, GO, Series A, Election 2022, 4.00%, 08/01/52		3,960		3,982,632
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/38		3,250		3,285,061

				405,999,887

Education — 11.6%
California Educational Facilities Authority, RB
Series A, 5.00%, 10/01/53		10,000		10,328,591
Series U-7, 5.00%, 06/01/46		7,525		9,336,300
California Enterprise Development Authority, RB^(d)
8.00%, 11/15/62		1,760		1,738,253
Series A, 5.00%, 07/01/50		600		545,568
California Municipal Finance Authority, RB
5.50%, 08/01/34^(d)		425		426,055
4.00%, 10/01/51		1,150		965,842
California Municipal Finance Authority, Refunding RB^(d)
5.00%, 08/01/39		290		271,605
5.00%, 08/01/48		350		303,503
California School Finance Authority, RB
5.00%, 08/01/52^(d)		1,875		1,877,187
5.00%, 08/01/61^(d)		5,315		5,282,940
Series A, 6.00%, 07/01/33		1,500		1,501,564
Series A, 6.30%, 07/01/43		3,000		3,004,331
Series A, 4.00%, 06/01/51^(d)		800		604,818
Series A, 5.00%, 07/01/54^(d)		1,150		1,139,936
Series A, 5.00%, 06/01/58^(d)		6,615		6,007,907
Series A, 5.00%, 07/01/59^(d)		2,565		2,513,812
Series A, 4.00%, 06/01/61^(d)		1,300		932,645
Series A, (NGFGC), 5.00%, 06/01/61^(d)		820		722,717
Series B, 4.00%, 07/01/45^(d)		1,035		893,131
California School Finance Authority, Refunding RB^(d)
5.88%, 06/01/53		700		702,924
Series A, 5.00%, 07/01/36		755		766,338
Sustainability Bonds, 5.50%, 08/01/43		420		430,719
Sustainability Bonds, 5.50%, 08/01/47		400		404,678
California State University, Refunding RB
Series A, 5.00%, 11/01/42		20,000		21,191,443
Series A, 5.00%, 11/01/48		12,395		13,248,697
California Statewide Communities Development Authority, Refunding RB, 5.00%, 05/15/40		1,500		1,523,034
Hastings Campus Housing Finance Authority, RB^(d)
Series A, Sustainability Bonds, 5.00%, 07/01/45		1,115		992,602
Series A, Sustainability Bonds, 5.00%, 07/01/61		9,360		7,807,044
University of California, Refunding RB
Series BE, 4.00%, 05/15/47		14,000		14,250,034
Series BE, 4.00%, 05/15/50		3,750		3,801,859
Series BH, 4.00%, 05/15/51		15,000		15,197,910
Series Q, 3.00%, 05/15/51		6,000		4,761,110
Series Q, 4.00%, 05/15/51		6,000		5,960,758

				139,435,855

Health — 8.9%
California Health Facilities Financing Authority, RB
5.00%, 02/01/37		2,625		2,767,623
Series A, 5.00%, 11/15/48		3,000		3,116,468
California Health Facilities Financing Authority, Refunding RB
(BAM-TCRS), 4.00%, 08/15/48		5,005		4,993,515
(AGM-CR), 3.00%, 08/15/51		13,975		11,247,503


Security	Par (000)		Value

Health (continued)
California Health Facilities Financing Authority, Refunding RB (continued)
Series A, 5.00%, 11/15/38	$	1,500	$	1,581,752
Series A, 4.00%, 03/01/43		545		515,308
Series A, 4.00%, 04/01/45		3,570		3,524,668
Series A, 5.00%, 11/15/48		17,280		17,950,854
Series A-2, 4.00%, 11/01/44		31,000		30,579,019
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 02/01/47		9,250		9,409,385
Series A, Sustainability Bonds, 5.00%, 11/01/39^(d)		600		579,348
California Statewide Communities Development Authority, RB, Sustainability Bonds, 4.00%, 08/01/45		5,000		4,376,273
California Statewide Communities Development Authority, Refunding RB
5.00%, 03/01/48		5,000		5,109,458
Series A, 4.00%, 12/01/57		6,500		6,248,616
Marin Healthcare California Distict, GO, Election 2013, 4.00%, 08/01/45		5,000		4,959,336

				106,959,126

Housing — 5.2%
California Community Housing Agency, RB, M/F Housing^(d)
Series A, 5.00%, 04/01/49		8,270		6,686,479
Series A-2, 4.00%, 02/01/50		1,155		822,852
Series A-2, 4.00%, 08/01/51		6,380		3,947,774
California Housing Finance Agency, RB, M/F Housing
Series 2021-1, Class A, 3.50%, 11/20/35		14,363		13,437,157
Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35		17,951		17,636,053
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(d)		3,235		2,077,390
CMFA Special Finance Agency, RB, M/F Housing^(d)
Series A-1, 3.00%, 12/01/56		2,315		1,533,426
Series A-2, 4.00%, 08/01/45		240		195,353
CSCDA Community Improvement Authority, RB, M/F Housing^(d)
4.00%, 10/01/46		695		510,664
4.00%, 10/01/56		1,000		817,145
4.00%, 05/01/57		5,660		3,825,304
Series A, 3.00%, 09/01/56		1,475		942,702
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		2,705		1,743,459
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		1,525		1,138,972
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59		575		374,059
Sustainability Bonds, 4.00%, 12/01/56		765		532,953
Series A, Sustainability Bonds, 4.00%, 06/01/58		2,885		2,087,768
Series A-2, Sustainability Bonds, 3.00%, 02/01/57		1,625		1,051,047
Santa Clara County Housing Authority, RB, M/F Housing, Series A, AMT, 6.00%, 08/01/41		3,500		3,505,737

				62,866,294

State — 6.5%
California State Public Works Board, RB
Series B, 4.00%, 05/01/46		13,180		13,272,978
Series D, 5.00%, 11/01/47		18,275		20,820,576
Series D, Sustainability Bonds, 4.00%, 05/01/44		4,675		4,848,410
California Statewide Communities Development Authority, SAB, S/F Housing, 5.00%, 09/02/39		1,060		1,071,869
Irvine Facilities Financing Authority, ST, 5.00%, 09/01/43		1,275		1,442,725


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

State (continued)
State of California, GO, 4.00%, 03/01/46	$	4,000	$	4,067,957
State of California, Refunding GO
4.00%, 10/01/39		10,000		10,419,615
5.00%, 10/01/45		5,000		5,657,886
5.00%, 10/01/47		10,740		11,081,806
5.00%, 09/01/52		5,000		5,511,138

				78,194,960

Tobacco — 2.7%
California County Tobacco Securitization Agency, Refunding RB
5.00%, 06/01/50		520		528,444
Series A, 4.00%, 06/01/49		755		701,149
California County Tobacco Securitization Agency, Refunding RB, CAB^(b)
0.00%, 06/01/55		7,575		1,506,004
Series B-2, Subordinate, 0.00%, 06/01/55		8,895		1,702,732
California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55^(b)(d)		57,200		2,799,552
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/28^(c)		5,390		5,979,433
Series B, 5.00%, 06/01/51		13,000		13,545,853
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66^(b)		5,030		578,912
Tobacco Securitization Authority of Southern California, Refunding RB, CAB, 0.00%, 06/01/54^(b)		25,600		4,892,097

				32,234,176

Transportation — 20.5%
Alameda Corridor Transportation Authority, Refunding RB, Series B, Sub Lien, 5.00%, 10/01/37		3,790		4,005,391
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		28,750		28,848,532
California Municipal Finance Authority, ARB
AMT, Senior Lien, 5.00%, 12/31/43		6,500		6,609,330
AMT, Senior Lien, 4.00%, 12/31/47		21,415		19,222,188
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/44		8,525		8,900,612
Series A, AMT, 5.00%, 05/15/45		5,000		5,420,546
Series A, AMT, 4.00%, 05/15/49		5,000		4,746,179
Series B, AMT, 5.00%, 05/15/41		8,500		8,726,989
Series B, AMT, 5.00%, 05/15/46		11,280		11,481,429
Series E, AMT, 5.00%, 05/15/44		7,000		7,521,335
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/45		1,940		2,099,502
AMT, 5.00%, 05/15/46		5,980		6,362,651
AMT, 5.50%, 05/15/47		2,450		2,711,889
AMT, Subordinate, 4.00%, 11/15/31^(c)		115		122,786
AMT, Subordinate, 4.00%, 05/15/41		4,190		4,289,759
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39		3,000		3,175,893
Foothill-Eastern Transportation Corridor Agency, Refunding RB, Series B-2, 3.50%, 01/15/53		10,000		8,444,407
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/33		2,000		2,196,812
Series A, AMT, 5.00%, 03/01/41		11,250		11,592,668
Series A, AMT, 5.00%, 03/01/47		6,150		6,250,710


Security	Par (000)		Value

Transportation (continued)
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44	$	200	$	200,447
San Diego County Regional Airport Authority, ARB
AMT, 5.00%, 07/01/53		6,000		6,322,187
Series B, AMT, 5.00%, 07/01/47		6,485		6,673,286
Series B, AMT, Subordinate, 5.00%, 07/01/51		10,000		10,447,684
Series B, AMT, Subordinate, 5.00%, 07/01/56		6,855		7,119,250
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/44		2,660		2,642,755
Series A, AMT, 5.00%, 05/01/47		14,220		14,479,440
Series E, AMT, 5.00%, 05/01/45		2,515		2,620,963
Series E, AMT, 5.00%, 05/01/50		27,195		28,052,193
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB
Series 2020, AMT, 4.00%, 05/01/39		6,800		6,755,229
Series C, AMT, 5.75%, 05/01/48		6,900		7,753,687

				245,796,729

Utilities — 16.7%
California Infrastructure & Economic Development Bank, RB
4.00%, 10/01/44		11,370		11,756,233
Sustainability Bonds, 5.00%, 10/01/48		10,000		10,600,332
California Pollution Control Financing Authority, Refunding RB, 5.00%, 07/01/39^(d)		1,000		1,054,524
City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Sustainability Bonds, 4.00%, 06/01/52		8,450		8,619,746
City of Riverside California Water Revenue, RB, Series A, 5.00%, 10/01/52		2,250		2,497,535
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series C, 4.00%, 11/01/50		26,935		27,402,643
Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44		1,260		1,368,385
East Bay Municipal Utility District Water System Revenue, RB
Series A, Sustainability Bonds, 5.00%, 06/01/49		3,835		4,100,074
Series B, Sustainability Bonds, 4.00%, 06/01/45		5,500		5,518,011
Eastern Municipal Water District Financing Authority, RB, Series D, 5.00%, 07/01/47		1,000		1,054,470
Imperial Irrigation District Electric System Revenue, Refunding RB, Series B-2, 5.00%, 11/01/41		7,750		8,096,430
Livermore Valley Water Financing Authority, RB
Series A, 5.00%, 07/01/48		1,795		1,962,305
Series A, 5.00%, 07/01/53		2,740		2,968,850
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series D, 5.00%, 07/01/52		6,155		6,822,297
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51		10,420		11,453,771
Los Angeles Department of Water & Power, Refunding RB, Series C, 5.00%, 07/01/41		2,810		3,230,382
Mountain House Public Financing Authority, RB, Series A, Sustainability Bonds, (BAM), 4.00%, 12/01/50		4,500		4,462,225
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/44		1,000		1,006,278
Sacramento Municipal Utility District, Refunding RB
Series H, Sustainability Bonds, 5.00%, 08/15/50		3,730		4,052,115
Series K, Sustainability Bonds, 5.00%, 08/15/53		13,000		14,479,488


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utilities (continued)
San Diego Public Facilities Financing Authority, RB, Series A, 5.00%, 05/15/52	$	6,970	$	7,687,859
San Diego Public Facilities Financing Authority, Refunding RB, Series A, 4.00%, 08/01/52		7,945		8,129,692
San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series B, 4.00%, 11/01/51		3,500		3,504,582
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series A, Sustainability Bonds, 4.00%, 10/01/51		14,595		14,797,958
San Mateo Foster City Public Financing Authority, RB
4.00%, 08/01/44		5,000		5,098,806
5.00%, 08/01/49		4,840		5,207,825
Southern California Public Power Authority, RB, 5.00%, 07/01/48		20,570		23,262,182

				200,194,998

Total Municipal Bonds in California				1,459,728,599

Puerto Rico — 5.4%

State — 5.4%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		13,134		12,868,298
Series A-1, Restructured, 5.00%, 07/01/58		18,296		18,295,764
Series A-2, Restructured, 4.78%, 07/01/58		2,416		2,361,640
Series A-2, Restructured, 4.33%, 07/01/40		5,766		5,724,197
Series B-1, Restructured, 4.75%, 07/01/53		1,063		1,036,356
Series B-1, Restructured, 5.00%, 07/01/58		7,714		7,725,184
Series B-2, Restructured, 4.33%, 07/01/40		7,022		6,942,198
Series B-2, Restructured, 4.78%, 07/01/58		1,535		1,490,087
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(b)		26,291		8,082,133

Total Municipal Bonds in Puerto Rico				64,525,857


Total Municipal Bonds — 127.0% (Cost: $1,482,925,205)				1,524,254,456


Municipal Bonds Transferred to Tender Option Bond Trusts^(e)

California — 23.2%

Corporate — 4.7%
Southern California Public Power Authority, RB
5.00%, 07/01/48		25,000		28,271,975
5.25%, 07/01/53		25,000		28,588,509


				56,860,484

County/City/Special District/School District — 4.9%
California Municipal Finance Authority, RB, 5.00%, 06/01/48		15,000		15,899,017
Los Angeles County Facilities, Inc., RB, 5.00%, 12/01/43		13,345		14,291,666
Los Angeles Unified School District, GO, Sustainability Bonds, 5.25%, 07/01/48		25,000		29,013,687


				59,204,370

Education — 6.3%
University of California, RB, Series BK, 5.00%, 05/15/52		56,410		62,388,175
University of California, Refunding RB, Series AZ, 5.00%, 05/15/48		12,000		12,762,655


				75,150,830


Security	Par (000)		Value


State — 1.9%
Irvine Facilities Financing Authority, ST, 5.00%, 09/01/48	$	20,000	$	22,304,795


Transportation — 4.4%
San Diego County Regional Airport Authority, ARB, AMT, 5.00%, 07/01/48		20,795		22,138,461
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series 2, 5.00%, 05/01/48		30,660		31,334,208


				53,472,669

Utilities — 1.0%
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/50		11,690		12,304,001


Total Municipal Bonds in California				279,297,149


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.2% (Cost: $261,506,102)				279,297,149


Total Long-Term Investments — 150.2% (Cost: $1,744,431,307)				1,803,551,605


	Shares


Short-Term Securities

Money Market Funds — 4.6%
BlackRock Liquidity Funds California Money Fund, Institutional Class, 3.26%^(f)(g)		54,818,619		54,785,727


Total Short-Term Securities — 4.6% (Cost: $54,783,135)				54,785,727


Total Investments — 154.8% (Cost: $1,799,214,442)				1,858,337,332
Other Assets Less Liabilities — 1.4%				16,288,318
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.3)%				(147,967,346	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.9)%				(526,400,000	)


Net Assets Applicable to Common Shares — 100.0%			$	1,200,258,304

^(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)	Zero-coupon bond.

^(c)	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.

^(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)	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.


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Affiliates



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

BlackRock Liquidity Funds California Money Fund, Institutional Class	$	61,896,344	$	—	$	(7,110,791	)^(a)	$	4,824	$	(4,650	)	$	54,785,727		54,818,619	$	581,068	$	—

^(a)

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		190		03/19/24	$	21,348	$	(674,058	)
U.S. Long Bond		154		03/19/24		18,884		(1,040,929	)
5-Year U.S. Treasury Note		152		03/28/24		16,484		(326,377	)


							$	(2,041,364	)

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)	$	—	$	—	$	—	$	—	$	2,041,364	$	—	$	2,041,364

^(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 January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(5,627,682	)	$	—	$	(5,627,682	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(2,041,364	)	$	—	$	(2,041,364	)


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:

Average notional value of contracts — short	$	101,351,074

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	$	—		$	1,524,254,456	$	—	$	1,524,254,456
Municipal Bonds Transferred to Tender Option Bond Trusts		—			279,297,149		—		279,297,149
Short-Term Securities
Money Market Funds		54,785,727			—		—		54,785,727


	$	54,785,727		$	1,803,551,605	$	—	$	1,858,337,332

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(2,041,364	)	$	—	$	—	$	(2,041,364	)

^(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.


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

Schedule of Investments (unaudited)

January 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 3.5%
Black Belt Energy Gas District, RB^(a)
Series A, 5.25%, 01/01/54	$	2,000	$	2,153,725
Series F, 5.50%, 11/01/53		840		893,731
County of Jefferson Alabama Sewer Revenue, Refunding RB
5.00%, 10/01/26		150		157,254
5.25%, 10/01/49		520		563,422
Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53^(a)		5,090		5,177,999


				8,946,131

Arizona — 1.5%
Arizona Industrial Development Authority, RB
4.38%, 07/01/39^(b)		550		489,759
Series A, (BAM), 4.00%, 06/01/44		730		702,151
Series A, 5.00%, 07/01/49^(b)		525		475,781
Series A, 5.00%, 07/01/54^(b)		405		360,522
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37^(a)		535		537,948
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		535		417,633
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54^(b)		280		262,199
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		450		491,358


				3,737,351

Arkansas — 0.6%
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49^(b)		1,270		1,232,370
AMT, Sustainability Bonds, 5.70%, 05/01/53		415		424,839


				1,657,209

California — 5.6%
Bay Area Toll Authority, Refunding RB, Series C, 5.00%, 04/01/56^(a)		1,000		983,330
California Community Choice Financing Authority, RB^(a)
Sustainability Bonds, 5.23%, 02/01/54		1,550		1,548,159
Series B-2, Sustainability Bonds, 5.00%, 02/01/52		1,500		1,332,843
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56^(b)		120		84,400
California Enterprise Development Authority, RB, 8.00%, 11/15/62^(b)		365		360,490
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51		1,100		854,339
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43		1,400		1,423,548
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
4.00%, 10/01/56		160		130,743
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		515		331,934
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		745		556,416
Sustainability Bonds, 5.00%, 09/01/37		100		102,542
Sustainability Bonds, 4.00%, 12/01/56		200		139,334
Series A, Sustainability Bonds, 4.00%, 06/01/58		475		343,740
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.50%, 05/01/28		1,800		1,800,715
Series A, AMT, 5.25%, 05/01/33		1,410		1,410,539


Security	Par (000)		Value

California (continued)
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB (continued)
Series A, AMT, 5.00%, 05/01/44	$	1,860	$	1,847,942
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		940		949,213


				14,200,227

Colorado — 3.7%
City & County of Denver Colorado Airport System Revenue, ARB
Series A, AMT, 5.50%, 11/15/28		1,500		1,500,920
Series A, AMT, 5.50%, 11/15/30		565		565,351
Series A, AMT, 5.50%, 11/15/31		675		675,465
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48		1,700		1,758,177
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50^(b)		790		798,607
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47		205		222,583
Colorado Health Facilities Authority, Refunding RB, Series A, 3.25%, 08/01/49		3,025		2,258,956
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		830		833,400
E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39^(a)		260		259,278
STC Metropolitan District No. 2, Refunding GO, Series A, 5.00%, 12/01/38		715		660,300


				9,533,037

Connecticut — 1.5%
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42		1,725		1,970,467
State of Connecticut, GO, Series A, 5.00%, 04/15/38		1,690		1,817,032


				3,787,499

Delaware — 0.5%
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48		1,345		1,346,953


District of Columbia — 1.7%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		465		500,195
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53		3,370		3,711,502


				4,211,697

Florida — 6.5%
Capital Trust Agency, Inc., RB^(b)
Series A, 5.00%, 06/01/45		465		402,146
Series A, 5.50%, 06/01/57		165		145,045
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53		1,700		1,948,918
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51		1,700		1,602,083
County of Miami-Dade Seaport Department, Refunding RB
Series A-2, (AGM), 4.00%, 10/01/49		1,700		1,657,229
Series A, AMT, 5.00%, 10/01/38		950		1,013,668
Series A-1, AMT, (AGM), 4.00%, 10/01/45		3,230		2,991,310
Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50^(b)		730		541,355


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Finley Woods Community Development District, SAB
4.00%, 05/01/40	$	265	$	228,131
4.20%, 05/01/50		450		358,037
Florida Development Finance Corp., RB^(b)
6.50%, 06/30/57		335		321,448
AMT, 5.00%, 05/01/29		470		453,064
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50^(b)		260		223,455
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		210		220,072
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40		30		30,033
Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40		670		584,065
4.00%, 05/01/50		640		503,354
Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49		2,065		1,902,541
Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43		380		320,167
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51		1,000		788,504
Village Community Development District No. 15, SAB, 5.25%, 05/01/54^(b)		210		208,123


				16,442,748

Georgia — 1.6%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		195		176,756
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		950		1,033,325
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53^(a)		2,830		2,966,886


				4,176,967

Hawaii — 0.8%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		740		740,568
AMT, 5.25%, 08/01/26		1,205		1,205,936


				1,946,504

Illinois — 10.2%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,225		1,289,624
Series A, 5.00%, 12/01/40		1,165		1,196,338
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41		1,140		1,140,657
Chicago Midway International Airport, Refunding RB
Series A, AMT, 2nd Lien, 5.50%, 01/01/28		1,000		1,000,183
Series A, AMT, 2nd Lien, 5.50%, 01/01/29		1,500		1,500,274
Series A, AMT, 2nd Lien, 5.38%, 01/01/33		2,000		2,000,339
Cook County Community College District No. 508, GO
5.25%, 12/01/30		1,270		1,274,078
5.50%, 12/01/38		1,205		1,209,534
5.25%, 12/01/43		2,960		2,969,504
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41		1,000		977,684
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42		515		531,786


Security	Par (000)		Value

Illinois (continued)
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40	$	4,885	$	5,003,780
Series A, 5.00%, 01/01/45		980		1,061,867
Series A, 4.00%, 01/01/46		1,000		976,659
State of Illinois, GO
5.25%, 02/01/31		1,495		1,497,456
5.25%, 02/01/32		2,320		2,323,869


				25,953,632

Indiana — 0.2%
Indiana Finance Authority, RB
Series A, 5.00%, 06/01/41		300		251,128
Series A, 5.00%, 06/01/51		220		170,267
Series A, 5.00%, 06/01/56		190		143,582


				564,977

Kentucky — 0.9%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52^(b)		150		141,539
Fayette County School District Finance Corp., RB, (BAM-TCRS), 5.00%, 06/01/47		1,995		2,142,692


				2,284,231

Louisiana — 0.9%
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29		2,225		2,228,549


Maryland — 4.3%
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42		2,450		2,531,614
Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49		1,095		1,088,363
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40		525		539,254
Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47		6,460		6,739,215


				10,898,446

Massachusetts — 1.5%
Commonwealth of Massachusetts, GO
Series B, 3.00%, 04/01/49		1,300		1,003,347
Series D, 4.00%, 02/01/43		1,550		1,550,994
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		940		956,218
Series A, 5.00%, 01/01/47		420		422,651


				3,933,210

Michigan — 1.8%
Michigan Finance Authority, RB, 4.00%, 02/15/44		2,500		2,410,440
Michigan Finance Authority, Refunding RB
4.00%, 09/01/46		550		505,741
5.30%, 04/15/47^(a)		755		747,404
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		895		902,587


				4,566,172

Minnesota — 1.0%
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43		985		862,187
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42		1,555		1,661,154


				2,523,341


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mississippi — 1.9%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40	$	2,225	$	2,229,782
State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38		2,815		2,662,076


				4,891,858

Missouri — 1.8%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		5,000		4,674,681


Montana — 0.1%
Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47		165		145,695


Nevada — 2.0%
Carson City Nevada, Refunding RB, 5.00%, 09/01/42		1,130		1,146,057
City of Las Vegas Nevada Special Improvement District No. 814, SAB
4.00%, 06/01/39		120		106,224
4.00%, 06/01/44		315		262,208
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43		2,690		2,653,790
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		580		602,125
5.00%, 07/01/45		400		409,526


				5,179,930

New Hampshire^(a)(b)— 0.3%
New Hampshire Business Finance Authority, Refunding RB
Series A, 3.63%, 07/01/43		200		155,965
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45		670		525,499


				681,464

New Jersey — 8.4%
New Jersey Economic Development Authority, RB
5.00%, 06/15/36		810		895,325
Series A, 5.00%, 06/15/47		2,500		2,592,223
Series LLL, 5.00%, 06/15/34		635		707,078
AMT, (AGM), 5.00%, 01/01/31		1,355		1,355,827
AMT, 5.38%, 01/01/43		1,940		1,941,717
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		1,500		1,454,915
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		1,195		1,191,470
Series C, AMT, Subordinate, 5.00%, 12/01/52		1,355		1,371,351
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		1,880		1,797,201
New Jersey Transportation Trust Fund Authority, RB
Class BB, 4.00%, 06/15/50		1,500		1,432,081
Series BB, 4.00%, 06/15/50		1,775		1,699,689
Series S, 5.25%, 06/15/43		2,980		3,198,854
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		1,000		1,018,711
Sub-Series B, 5.00%, 06/01/46		810		818,286


				21,474,728

New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		135		114,324


New York — 5.1%
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44^(b)		760		759,050


Security	Par (000)		Value

New York (continued)
New York Liberty Development Corp., Refunding RB (continued)
Series 1, 4.00%, 02/15/43	$	1,750	$	1,739,413
Series A, Sustainability Bonds, 3.00%, 11/15/51		210		156,949
New York State Thruway Authority, RB, Series 2, Sustainability Bonds, 4.13%, 03/15/56		1,675		1,678,206
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		465		503,502
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		1,025		1,070,077
AMT, 4.00%, 04/30/53		605		503,729
AMT, Sustainability Bonds, 5.38%, 06/30/60		5,350		5,591,651
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41		895		902,480


				12,905,057

North Carolina — 2.0%
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.26%, 12/01/41^(a)		4,970		4,996,159


North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48		880		931,545


Ohio — 2.8%
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40		490		425,936
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,600		4,333,016
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		270		302,178
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50		2,275		2,131,264


				7,192,394

Oklahoma — 2.3%
Oklahoma Turnpike Authority, RB
5.50%, 01/01/53		2,055		2,294,522
Series A, 4.00%, 01/01/48		3,600		3,593,733


				5,888,255

Pennsylvania — 16.1%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53		670		726,909
Allegheny County Hospital Development Authority, RB, Series D2, 5.25%, 11/15/47^(a)		1,040		1,019,987
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		200		156,244
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/52		2,000		2,054,380
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB
Series B, (AGM), 4.50%, 09/01/48		1,415		1,461,591
Series B, (AGM), 5.50%, 09/01/53		2,830		3,166,796
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38		3,600		3,694,197
Geisinger Authority, Refunding RB
4.00%, 02/15/47		2,815		2,733,201
Series A, 4.00%, 04/01/50		3,080		2,946,044
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40		1,215		1,207,223
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44		675		676,146


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania (continued)
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45	$	570	$	578,398
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38		5,930		5,998,753
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.50%, 06/30/43		515		568,145
AMT, 5.25%, 06/30/53		1,000		1,074,096
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 125B, AMT, 3.65%, 10/01/42		3,000		2,670,928
Series 143A, Sustainability Bonds, 5.38%, 10/01/46		3,990		4,239,433
Pennsylvania Turnpike Commission, RB
Sub-Series B-1, 5.25%, 06/01/47		2,300		2,393,569
Series A, Subordinate, 5.00%, 12/01/37		750		817,038
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		1,285		1,345,216
Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41		1,165		955,209
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48		400		444,177


				40,927,680

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		4,937,061
Series A-1, Restructured, 5.00%, 07/01/58		4,109		4,108,947
Series A-2, Restructured, 4.78%, 07/01/58		264		258,060
Series A-2, Restructured, 4.33%, 07/01/40		2,279		2,262,477
Series B-2, Restructured, 4.78%, 07/01/58		394		382,472
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		4,757		1,462,352


				13,411,369

South Carolina — 1.6%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54^(a)		1,970		2,110,077
South Carolina Jobs-Economic Development Authority, RB^(b)
5.00%, 01/01/55		825		721,128
7.50%, 08/15/62		390		355,636
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		860		881,802


				4,068,643

Tennessee — 1.7%
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49		3,000		3,111,662
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48		1,020		1,130,953


				4,242,615

Texas — 7.3%
Arlington Higher Education Finance Corp., RB^(b)
7.50%, 04/01/62		410		398,978
7.88%, 11/01/62		360		365,347
Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52		1,000		980,311
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53		900		872,119


Security	Par (000)		Value

Texas (continued)
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47	$	1,410	$	1,397,533
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48		885		885,450
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53		815		782,144
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50^(b)		440		395,576
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/43		1,400		1,468,277
Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51		1,620		1,731,074
Series B, 5.00%, 07/01/36		2,500		2,676,579
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/40		2,500		2,277,795
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		255		225,152
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		2,935		3,127,419
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58		1,050		1,130,597


				18,714,351

Utah — 1.8%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.25%, 07/01/48		585		626,117
Series A, AMT, 5.50%, 07/01/53		675		736,620
County of Utah Utah, RB, Series B, 4.00%, 05/15/47		1,340		1,288,914
County of Utah, RB, Series A, 3.00%, 05/15/50		1,840		1,400,011
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49^(b)		170		152,992
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40^(b)		325		316,533


				4,521,187

Virginia — 1.3%
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		955		900,071
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52		2,525		2,531,807


				3,431,878

Washington — 2.6%
Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, Sustainability Bonds, 4.75%, 11/01/45^(a)		3,000		2,938,079
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40^(a)		915		893,546
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		660		675,768
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		735		754,075
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44		875		907,323
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/43		215		218,530
Series A, 5.00%, 07/01/48		205		205,473


				6,592,794


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


West Virginia — 1.1%
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51	$	2,810	$	2,699,933


Wisconsin — 1.2%
Public Finance Authority, RB^(b)
Class A, 5.00%, 06/15/51		550		432,257
Series A, 5.00%, 07/01/55		305		253,376
Series A, 5.00%, 10/15/55		955		793,248
Series A-1, 4.50%, 01/01/35		510		457,005
Public Finance Authority, Refunding RB
5.00%, 09/01/49^(b)		285		230,301
Series B, AMT, 5.00%, 07/01/42		990		990,443


				3,156,630

Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51		855		805,862


Total Municipal Bonds — 115.7% (Cost: $292,860,154)				294,587,913


Municipal Bonds Transferred to Tender Option Bond Trusts^(d)

Massachusetts — 4.3%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51		10,005		10,941,695


New York — 10.7%
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/63		3,373		3,715,645
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		5,000		4,941,900
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60		10,000		10,317,434
Triborough Bridge & Tunnel Authority, RB, Series A, 4.50%, 05/15/63		8,264		8,405,062


				27,380,041

Pennsylvania — 2.2%
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52		4,995		5,512,812


South Carolina — 4.2%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		10,005		10,794,995


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.4% (Cost: $52,803,822)				54,629,543


Total Long-Term Investments — 137.1% (Cost: $345,663,976)				349,217,456


Security	Shares		Value


Short-Term Securities

Money Market Funds — 5.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%^(e)(f)		14,979,877	$	14,981,375


Total Short-Term Securities — 5.9% (Cost: $14,980,935)				14,981,375


Total Investments — 143.0% (Cost: $360,644,911)				364,198,831

Other Assets Less Liabilities — 0.9%				2,242,575

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)%				(33,760,007	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.6)%				(78,000,000	)


Net Assets Applicable to Common Shares — 100.0%			$	254,681,399

^(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)	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.

^(e)	Affiliate of the Trust.

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

Affiliates



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

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	43,517,069	$	—	$	(28,538,714)^(a)	$	5,339	$	(2,319	)	$	14,981,375		14,979,877	$	425,895	$	—

^(a)

Represents net amount purchased (sold).


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

Schedule of Investments (unaudited) (continued)

January 31, 2024

BlackRock MuniHoldings 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	$	—	$	294,587,913	$	—	$	294,587,913
Municipal Bonds Transferred to Tender Option Bond Trusts		—		54,629,543		—		54,629,543
Short-Term Securities
Money Market Funds		14,981,375		—		—		14,981,375


	$	14,981,375	$	349,217,456	$	—	$	364,198,831




	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.


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

Statements of Assets and Liabilities (unaudited)

January 31, 2024


	BFZ			BTT			BYM			MUC


ASSETS
Investments, at value — unaffiliated^(a)	$	591,099,454		$	2,402,949,701		$	488,190,598		$	1,803,551,605
Investments, at value — affiliated^(b)		22,564,316			8,146,639			2,454,049			54,785,727
Cash pledged for futures contracts		—			—			—			1,276,000
Receivables:
Investments sold		248,600			4,944,933			1,821,246			15,000
TOB Trust		—			—			2,323,787			—
Dividends — affiliated		24,908			9,303			8,663			68,255
Interest — unaffiliated		7,485,316			21,228,941			4,422,897			21,473,619
Prepaid expenses		268,554			17,319			8,022			9,213


Total assets		621,691,148			2,437,296,836			499,229,262			1,881,179,419


ACCRUED LIABILITIES
Bank overdraft		—			794,462			4,680			1,150
Payables:
Investments purchased		20,768,784			—			6,467,902			—
Accounting services fees		12,343			65,060			18,287			54,327
Capital shares redeemed		—			1,684,338			—			—
Custodian fees		1,866			6,312			1,328			4,733
Income dividend distributions — Common Shares		1,533,246			3,147,242			1,359,925			4,567,920
Interest expense and fees		263,250			793,644			426,359			782,354
Investment advisory fees		278,131			826,476			226,926			870,719
Trustees’ and Officer’s fees		63,285			5,637			42,372			545,431
Other accrued expenses		18,201			12,589			5,613			5,693
Professional fees		30,300			42,414			23,405			44,525
Transfer agent fees		9,669			38,315			15,048			22,449
Variation margin on futures contracts		—			—			—			436,822


Total accrued liabilities		22,979,075			7,416,489			8,591,845			7,336,123


OTHER LIABILITIES
TOB Trust Certificates		35,140,000			69,569,982			61,981,882			147,184,992
RVMTP Shares, at liquidation value of $5,000,000 per share, net of deferred offering costs^(c)(d)(e)		—			749,783,581			—			—
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		206,440,000			819,353,563			159,581,882			673,584,992


Total liabilities		229,419,075			826,770,052			168,173,727			680,921,115

Commitments and contingent liabilities

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	392,272,073		$	1,610,526,784		$	331,055,535		$	1,200,258,304


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(f)(g)(h)	$	425,611,826		$	1,621,967,433		$	356,256,975		$	1,335,726,826
Accumulated loss		(33,339,753	)		(11,440,649	)		(25,201,440	)		(135,468,522	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	392,272,073		$	1,610,526,784		$	331,055,535		$	1,200,258,304


Net asset value per Common Share	$	13.05		$	23.94		$	12.78		$	12.74


^(a)Investments, at cost — unaffiliated	$	571,850,191		$	2,420,401,068		$	465,412,657		$	1,744,431,307
^(b)Investments, at cost — affiliated	$	22,562,968		$	8,146,335		$	2,453,792		$	54,783,135
^(c)Preferred Shares outstanding		1,713			150			976			5,264
^(d)Preferred Shares authorized		1,713			150			Unlimited			20,864
^(e)Par value per Preferred Share	$	0.001		$	0.001		$	0.001		$	0.10
^(f)Common Shares outstanding		30,063,645			67,286,133			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.


F I N A N C I A L S T A T E M E N T S		49

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024


	MUE


ASSETS
Investments, at value — unaffiliated^(a)	$	349,217,456
Investments, at value — affiliated^(b)		14,981,375
Receivables:
Dividends — affiliated		31,458
Interest — unaffiliated		3,433,084
Prepaid expenses		7,528


Total assets		367,670,901


ACCRUED LIABILITIES
Bank overdraft		4,681
Payables:
Accounting services fees		18,587
Custodian fees		1,413
Income dividend distributions — Common Shares		986,470
Interest expense and fees		168,350
Investment advisory fees		167,812
Trustees’ and Officer’s fees		928
Other accrued expenses		6,389
Professional fees		28,693
Transfer agent fees		14,522


Total accrued liabilities		1,397,845


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		112,989,502

Commitments and contingent liabilities

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	254,681,399


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(f)(g)(h)	$	283,995,200
Accumulated loss		(29,313,801	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	254,681,399


Net asset value per Common Share	$	11.62


^(a) Investments, at cost — unaffiliated	$	345,663,976
^(b) Investments, at cost — affiliated	$	14,980,935
^(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.


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

Statements of Operations (unaudited)

Six Months Ended January 31, 2024


	BFZ			BTT			BYM			MUC


INVESTMENT INCOME
Dividends — affiliated	$	132,931		$	763,161		$	220,301		$	581,068
Interest — unaffiliated		12,304,387			41,846,977			11,149,139			38,091,800


Total investment income		12,437,318			42,610,138			11,369,440			38,672,868


EXPENSES
Investment advisory		1,617,997			4,890,978			1,345,726			4,962,526
Professional		47,845			62,286			39,754			52,277
Printing and postage		23,517			7,140			7,380			6,461
Accounting services		23,139			123,271			34,298			98,216
Transfer agent		17,489			32,695			21,125			24,233
Trustees and Officer		16,990			49,623			13,927			71,056
Registration		5,195			12,284			4,585			27,742
Custodian		3,465			12,405			3,266			9,249
Miscellaneous		33,092			38,267			33,480			39,628


Total expenses excluding interest expense, fees and amortization of offering costs		1,788,729			5,228,949			1,503,541			5,291,388
Interest expense, fees and amortization of offering costs^(a)		4,501,884			18,520,134			4,050,967			13,944,676


Total expenses		6,290,613			23,749,083			5,554,508			19,236,064
Less:
Fees waived and/or reimbursed by the Manager		(5,008	)		(21,110	)		(6,077	)		(23,401	)


Total expenses after fees waived and/or reimbursed		6,285,605			23,727,973			5,548,431			19,212,663


Net investment income		6,151,713			18,882,165			5,821,009			19,460,205


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,409,270	)		(557,333	)		(15,405,700	)		(45,251,998	)
Investments — affiliated		726			6,596			1,232			4,824
Futures contracts		607,756			—			61,633			(5,627,682	)


		(8,800,788	)		(550,737	)		(15,342,835	)		(50,874,856	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		10,939,380			18,758,788			16,739,106			58,317,759
Investments — affiliated		751			(3,813	)		160			(4,650	)
Futures contracts		(281,360	)		—			46,721			(2,041,364	)


		10,658,771			18,754,975			16,785,987			56,271,745


Net realized and unrealized gain		1,857,983			18,204,238			1,443,152			5,396,889


NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	8,009,696		$	37,086,403		$	7,264,161		$	24,857,094

^(a)	Related to TOB Trusts, VMTP and/or RVMTP Shares.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		51

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024


	MUE


INVESTMENT INCOME
Dividends — affiliated	$	425,895
Interest — unaffiliated		7,856,441


Total investment income		8,282,336


EXPENSES
Investment advisory		1,010,401
Professional		35,583
Accounting services		34,102
Transfer agent		15,662
Trustees and Officer		8,148
Printing and postage		7,007
Registration		4,239
Custodian		2,372
Miscellaneous		34,618


Total expenses excluding interest expense, fees and amortization of offering costs		1,152,132
Interest expense, fees and amortization of offering costs^(a)		3,004,969


Total expenses		4,157,101
Less:
Fees waived and/or reimbursed by the Manager		(21,666	)


Total expenses after fees waived and/or reimbursed		4,135,435


Net investment income		4,146,901


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,909,230	)
Investments — affiliated		5,339


		(4,903,891	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		8,931,064
Investments — affiliated		(2,319	)


		8,928,745


Net realized and unrealized gain		4,024,854


NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	8,171,755

^(a)	Related to TOB Trusts, VMTP and/or RVMTP Shares.

See notes to financial statements.


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

Statements of Changes in Net Assets


	BFZ							BTT


	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income		$	6,151,713		$	12,424,230		$	18,882,165		$	41,959,038
Net realized gain (loss)			(8,800,788	)		(32,964,773	)		(550,737	)		275,054
Net change in unrealized appreciation (depreciation)			10,658,771			21,029,899			18,754,975			(43,434,090	)


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations			8,009,696			489,356			37,086,403			(1,199,998	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders			(7,817,104	)		(14,023,248	)		(20,770,431	)		(49,647,696	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)			(2,247,478	)		(9,389,525	)		(66,029,335	)		—


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders			(2,054,886	)		(22,923,417	)		(49,713,363	)		(50,847,694	)
Beginning of period			394,326,959			417,250,376			1,660,240,147			1,711,087,841


End of period		$	392,272,073		$	394,326,959		$	1,610,526,784		$	1,660,240,147

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Changes in Net Assets (continued)


	BYM							MUC


	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income		$	5,821,009		$	12,626,038		$	19,460,205		$	41,490,711
Net realized loss			(15,342,835	)		(13,318,682	)		(50,874,856	)		(90,463,560	)
Net change in unrealized appreciation (depreciation)			16,785,987			(8,073,977	)		56,271,745			19,099,104


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations			7,264,161			(8,766,621	)		24,857,094			(29,873,745	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
From net investment income			(6,693,614	)^(b)		(12,227,037	)		(21,879,721	)^(b)		(41,263,922	)
Return of capital			—			(1,290,853	)		—			(5,420,461	)


Decrease in net assets resulting from distributions to Common Shareholders			(6,693,614	)		(13,517,890	)		(21,879,721	)		(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			(2,762,163	)		(24,343,550	)		(9,567,773	)		(99,474,241	)
Beginning of period			333,817,698			358,161,248			1,209,826,077			1,309,300,318


End of period		$	331,055,535		$	333,817,698		$	1,200,258,304		$	1,209,826,077

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	MUE


	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income		$	4,146,901		$	8,782,032
Net realized loss			(4,903,891	)		(9,524,177	)
Net change in unrealized appreciation (depreciation)			8,928,745			(5,267,135	)


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations			8,171,755			(6,009,280	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
From net investment income			(4,539,474	)^(b)		(8,710,452	)
Return of capital			—			(1,040,353	)


Decrease in net assets resulting from distributions to Common Shareholders			(4,539,474	)		(9,750,805	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)			(3,204,845	)		(2,549,564	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders			427,436			(18,309,649	)
Beginning of period			254,253,963			272,563,612


End of period		$	254,681,399		$	254,253,963

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Cash Flows (unaudited)

Six Months Ended January 31, 2024


	BFZ			BTT			BYM			MUC


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	8,009,696		$	37,086,403		$	7,264,161		$	24,857,094
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments		278,007,183			77,653,802			213,446,025			767,728,172
Purchases of long-term investments		(257,236,671	)		(99,481,732	)		(194,912,408	)		(810,229,827	)
Net proceeds from sales (purchases) of short-term securities		(19,537,223	)		78,178,647			5,193,318			7,110,791
Amortization of premium and accretion of discount on investments and other fees		579,877			6,625,952			(1,107,407	)		666,793
Net realized loss on investments		9,408,676			550,737			15,404,468			45,247,174
Net unrealized appreciation on investments		(10,940,131	)		(18,754,975	)		(16,739,266	)		(58,313,109	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(18,356	)		216,143			9,512			57,245
Interest — unaffiliated		431,427			(628,550	)		184,218			456,922
Prepaid expenses		(256,742	)		(3,557	)		11,740			6,495
Increase (Decrease) in Liabilities
Payables
Accounting services fees		(7,402	)		(36,754	)		(11,015	)		(30,076	)
Custodian fees		(1,950	)		(3,902	)		(1,550	)		(4,168	)
Interest expense and fees		14,064			58,146			72,141			(181,729	)
Investment advisory fees		(2,156	)		(6,506	)		(11,675	)		17,969
Trustees’ and Officer’s fees		(16,949	)		(3,537	)		(19,125	)		(65,376	)
Other accrued expenses		12,740			(4,705	)		(940	)		(648	)
Professional fees		(24,562	)		(6,107	)		(31,738	)		(29,420	)
Proxy fees		(211,948	)		—			—			—
Transfer agent fees		(7,869	)		539			(1,103	)		(1,763	)
Variation margin on futures contracts		(33,007	)		—			(26,358	)		436,822


Net cash provided by (used for) operating activities		8,168,697			81,440,044			28,722,998			(22,270,639	)


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(6,305,219	)		(17,905,273	)		(5,380,104	)		(17,517,927	)
Repayments of TOB Trust Certificates		—			—			(30,363,241	)		(91,989,995	)
Net payments on Common Shares redeemed		(2,247,478	)		(64,344,997	)		(3,464,416	)		(12,958,008	)
Payments on redemption of VMTP Shares		—			—			(39,600,000	)		—
Proceeds from TOB Trust Certificates		—			—			49,838,099			139,184,992
Increase (decrease) in bank overdraft		—			794,462			(58,336	)		1,150
Amortization of deferred offering costs		—			15,764			—			—


Net cash provided by (used for) for financing activities		(8,552,697	)		(81,440,044	)		(29,027,998	)		16,720,212


CASH
Net decrease in restricted and unrestricted cash		(384,000	)		—			(305,000	)		(5,550,427	)
Restricted and unrestricted cash at beginning of period		384,000			—			305,000			6,826,427


Restricted and unrestricted cash at end of period	$	—		$	—		$	—		$	1,276,000


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	4,487,820		$	18,446,224		$	3,978,826		$	14,126,405


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash pledged
Futures contracts		—			—			—			1,276,000


	$	—		$	—		$	—		$	1,276,000

See notes to financial statements.


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

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2024


	MUE


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	8,171,755
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		118,977,288
Purchases of long-term investments		(122,646,237	)
Net proceeds from sales of short-term securities		33,587,864
Amortization of premium and accretion of discount on investments and other fees		444,758
Net realized loss on investments		4,903,891
Net unrealized appreciation on investments		(8,928,745	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		64,415
Interest — unaffiliated		6,255
Prepaid expenses		12,484
Increase (Decrease) in Liabilities
Payables
Accounting services fees		(10,323	)
Custodian fees		(1,219	)
Interest expense and fees		73,273
Investment advisory fees		(11,807	)
Trustees’ and Officer’s fees		(602	)
Other accrued expenses		695
Professional fees		(29,713	)
Transfer agent fees		(1,395	)


Net cash provided by operating activities		34,612,637


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(3,583,269	)
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		(54,158	)


Net cash used for financing activities		(34,612,637	)


CASH
Net increase in restricted and unrestricted cash		—
Restricted and unrestricted cash at beginning of period		—


Restricted and unrestricted cash at end of period	$	—


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	2,931,696

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Financial Highlights

(For a share outstanding throughout each period)


	BFZ

	Six Months Ended
			01/31/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)				07/31/23			07/31/22			07/31/21			07/31/20			07/31/19

Net asset value, beginning of period		$	13.03		$	13.41		$	16.29		$	15.86		$	15.25		$	14.81


Net investment income^(a)			0.20			0.41			0.53			0.54			0.48			0.52
Net realized and unrealized gain (loss)			0.08			(0.33	)		(2.82	)		0.37			0.60			0.63


Net increase (decrease) from investment operations			0.28			0.08			(2.29	)		0.91			1.08			1.15


Distributions to Common Shareholders^(b)
From net investment income			(0.26	)		(0.46	)		(0.51	)		(0.48	)		(0.47	)		(0.55	)
From net realized gain			—			—			(0.08	)		—			—			(0.16	)


Total distributions to Common Shareholders			(0.26	)		(0.46	)		(0.59	)		(0.48	)		(0.47	)		(0.71	)


Net asset value, end of period		$	13.05		$	13.03		$	13.41		$	16.29		$	15.86		$	15.25


Market price, end of period		$	11.80		$	11.59		$	11.65		$	15.01		$	13.79		$	13.50


Total Return Applicable to Common Shareholders^(c)
Based on net asset value			2.49	%^(d)		1.20	%		(13.93	)%		6.24	%		7.69	%		8.89	%


Based on market price			4.19	%^(d)		3.62	%		(18.85	)%		12.59	%		5.77	%		11.96	%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)
Total expenses			3.30	%^(f)		2.95	%^(g)		1.67	%		1.49	%		2.17	%		2.76	%


Total expenses after fees waived and/or reimbursed			3.30	%^(f)		2.95	%^(g)		1.67	%		1.49	%		2.17	%		2.76	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(h)			0.94	%^(f)		1.05	%^(g)		1.02	%		1.01	%		1.02	%		1.06	%


Net investment income to Common Shareholders			3.23	%^(f)		3.17	%		3.56	%		3.37	%		3.14	%		3.56	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	392,272		$	394,327		$	417,250		$	510,656		$	500,353		$	486,586


VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	171,300		$	171,300		$	171,300		$	171,300		$	171,300		$	171,300


Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	290,017	⁽ⁱ⁾	$	291,013	⁽ⁱ⁾	$	254,015	⁽ⁱ⁾	$	398,106	^(j)	$	392,092	^(j)	$	384,055	^(j)


TOB Trust Certificates, end of period (000)		$	35,140		$	35,140		$	99,616		$	143,276		$	143,276		$	156,312


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(k)		$	17,038		$	17,096		$	6,908			N/A			N/A			N/A


Portfolio turnover rate			48	%		94	%		59	%		19	%		38	%		51	%

^(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)

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.

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

⁽ⁱ⁾	Calculated by subtracting the 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.

^(j)	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.

^(k)

Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the 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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTT

	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19

Net asset value, beginning of period		$	23.55		$	24.27		$	27.32		$	26.31		$	25.60		$	23.62


Net investment income^(a)			0.27			0.60			0.93			1.00			0.92			0.80
Net realized and unrealized gain (loss)			0.42			(0.62	)		(3.23	)		0.76			0.54			1.93


Net increase (decrease) from investment operations			0.69			(0.02	)		(2.30	)		1.76			1.46			2.73


Distributions to Common Shareholders from net investment income^(b)			(0.30	)		(0.70	)		(0.75	)		(0.75	)		(0.75	)		(0.75	)


Net asset value, end of period		$	23.94		$	23.55		$	24.27		$	27.32		$	26.31		$	25.60


Market price, end of period		$	21.36		$	21.00		$	23.65		$	26.27		$	24.78		$	23.49


Total Return Applicable to Common Shareholders^(c)
Based on net asset value			3.15	%^(d)		0.29	%		(8.41	)%		6.92	%		6.04	%		12.17	%


Based on market price			3.21	%^(d)		(8.22	)%		(7.17	)%		9.16	%		8.84	%		13.45	%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)
Total expenses			2.93	%^(f)		2.52	%		1.17	%		1.01	%		1.56	%		2.07	%


Total expenses after fees waived and/or reimbursed			2.93	%^(f)		2.52	%		1.17	%		1.01	%		1.56	%		2.07	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(g)			0.64	%^(f)		0.64	%		0.65	%		0.65	%		0.67	%		0.69	%


Net investment income to Common Shareholders			2.33	%^(f)		2.54	%		3.64	%		3.74	%		3.60	%		3.31	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	1,610,527		$	1,660,240		$	1,711,088		$	1,926,028		$	1,854,873		$	1,804,738


RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000)		$	750,000		$	750,000		$	750,000		$	750,000		$	750,000		$	750,000


Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period		$	14,825,438	^(h)	$	15,128,727	^(h)	$	13,753,263	^(h)	$	17,840,188	⁽ⁱ⁾	$	17,365,817	⁽ⁱ⁾	$	17,031,589	⁽ⁱ⁾


TOB Trust Certificates, end of period (000)		$	69,570		$	69,570		$	227,400		$	233,220		$	261,820		$	261,820


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(j)		$	34,927		$	35,641		$	11,822			N/A			N/A			N/A


Portfolio turnover rate			3	%		13	%		17	%		9	%		5	%		21	%

^(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 RVMTP 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 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.

⁽ⁱ⁾	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.

^(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 RVMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BYM

	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Period from 09/01/21 to 07/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period		$	12.73		$	13.56		$	15.95		$	15.57		$	15.72		$	14.70		$	15.32


Net investment income^(a)			0.22			0.48			0.58			0.70			0.66			0.61			0.67
Net realized and unrealized gain (loss)			0.09			(0.80	)		(2.33	)		0.37			(0.23	)		1.04			(0.62	)


Net increase (decrease) from investment operations			0.31			(0.32	)		(1.75	)		1.07			0.43			1.65			0.05


Distributions to Common Shareholders^(b)
From net investment income			(0.26	)^(c)		(0.46	)		(0.64	)		(0.69	)		(0.58	)		(0.63	)		(0.67	)
Return of capital			—			(0.05	)		—			—			—			—			—


Total distributions to Common Shareholders			(0.26	)		(0.51	)		(0.64	)		(0.69	)		(0.58	)		(0.63	)		(0.67	)


Net asset value, end of period		$	12.78		$	12.73		$	13.56		$	15.95		$	15.57		$	15.72		$	14.70


Market price, end of period		$	11.29		$	11.23		$	13.34		$	16.06		$	14.19		$	14.19		$	13.09


Total Return Applicable to Common Shareholders^(d)
Based on net asset value			2.83	%^(e)		(1.81	)%		(10.99	)%^(e)		7.14	%		3.20	%		12.12	%		0.80	%


Based on market price			2.97	%^(e)		(11.95	)%		(13.04	)%^(e)		18.36	%		4.19	%		13.66	%		(7.34	)%


Ratios to Average Net Assets Applicable to Common Shareholders^(f)
Total expenses			3.48	%^(g)		3.15	%		1.68	%^(g)		1.49	%		2.02	%		2.53	%		2.23	%


Total expenses after fees waived and/or reimbursed			3.48	%^(g)		3.15	%		1.68	%^(g)		1.49	%		2.02	%		2.53	%		2.23	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(h)			0.94	%^(g)		0.96	%		0.97	%^(g)		0.96	%		0.98	%		0.98	%		0.97	%


Net investment income to Common Shareholders			3.65	%^(g)		3.79	%		4.35	%^(g)		4.41	%		4.31	%		4.13	%		4.50	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	331,056		$	333,818		$	358,161		$	421,245		$	411,138		$	415,127		$	388,149


VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	97,600		$	137,200		$	137,200		$	137,200		$	137,200		$	137,200		$	137,200


Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	307,452	⁽ⁱ⁾	$	288,190	⁽ⁱ⁾	$	258,385	⁽ⁱ⁾	$	407,030	^(j)	$	399,664	^(j)	$	402,571	^(j)	$	382,907	^(j)


TOB Trust Certificates, end of period (000)		$	61,982		$	40,183		$	88,933		$	107,358		$	121,029		$	118,726		$	111,781


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(k)		$	7,916		$	12,722		$	6,570			N/A			N/A			N/A			N/A


Portfolio turnover rate			41	%		26	%		32	%		5	%		13	%		15	%		30	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

⁽ⁱ⁾	Calculated by subtracting the 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.

^(j)	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.

^(k)

See notes to financial statements.


60		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MUC

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19

Net asset value, beginning of period		$	12.68		$	13.42		$	16.16		$	15.95		$	15.56		$	15.03


Net investment income^(a)			0.21			0.43			0.58			0.65			0.58			0.57
Net realized and unrealized gain (loss)			0.08			(0.69	)		(2.66	)		0.21			0.35			0.54


Net increase (decrease) from investment operations			0.29			(0.26	)		(2.08	)		0.86			0.93			1.11


Distributions to Common Shareholders^(b)
From net investment income			(0.23	)^(c)		(0.42	)		(0.66	)		(0.65	)		(0.54	)		(0.57	)
From net realized gain			—			—			—			—			—			(0.01	)
Return of capital			—			(0.06	)		—			—			—			—


Total distributions to Common Shareholders			(0.23	)		(0.48	)		(0.66	)		(0.65	)		(0.54	)		(0.58	)


Net asset value, end of period		$	12.74		$	12.68		$	13.42		$	16.16		$	15.95		$	15.56


Market price, end of period		$	11.14		$	10.85		$	12.58		$	16.09		$	14.67		$	14.00


Total Return Applicable to Common Shareholders^(d)
Based on net asset value			2.71	%^(e)		(1.27	)%		(12.92	)%		5.78	%		6.55	%		8.17	%


Based on market price			4.96	%^(e)		(9.87	)%		(18.01	)%		14.52	%		8.92	%		11.92	%


Ratios to Average Net Assets Applicable to Common Shareholders^(f)
Total expenses			3.32	%^(g)		2.93	%		1.75	%^(h)		1.46	%		2.11	%		2.58	%


Total expenses after fees waived and/or reimbursed			3.32	%^(g)		2.87	%		1.69	%^(h)		1.41	%		2.05	%		2.50	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs⁽ⁱ⁾			0.91	%^(g)		0.89	%		0.96	%^(h)		0.92	%		0.92	%		0.92	%


Net investment income to Common Shareholders			3.36	%^(g)		3.42	%		4.08	%		4.11	%		3.75	%		3.82	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	1,200,258		$	1,209,826		$	1,309,300		$	662,892		$	653,836		$	637,822


VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	526,400		$	526,400		$	526,400		$	254,000		$	254,000		$	254,000


Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	278,190	^(j)	$	293,143	^(j)	$	249,806	^(j)	$	360,981	^(k)	$	357,416	^(k)	$	351,111	^(k)


TOB Trust Certificates, end of period (000)		$	147,185		$	99,990		$	347,600		$	152,145		$	158,512		$	159,555


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(l)		$	12,731		$	18,364		$	6,281			N/A			N/A			N/A


Portfolio turnover rate			44	%		47	%		41	%		4	%		16	%		24	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.71%, 1.65% and 0.92%, respectively.

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

^(j)	Calculated by subtracting the 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.

^(k)	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.

^(l)

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MUE

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19

Net asset value, beginning of period		$	11.42		$	12.10		$	14.49		$	14.17		$	13.92		$	13.55


Net investment income^(a)			0.19			0.39			0.56			0.65			0.59			0.57
Net realized and unrealized gain (loss)			0.22			(0.64	)		(2.32	)		0.28			0.20			0.40


Net increase (decrease) from investment operations			0.41			(0.25	)		(1.76	)		0.93			0.79			0.97


Distributions to Common Shareholders^(b)
From net investment income			(0.21	)^(c)		(0.38	)		(0.63	)		(0.61	)		(0.54	)		(0.60	)
Return of capital			—			(0.05	)		—			—			—			—


Total distributions to Common Shareholders			(0.21	)		(0.43	)		(0.63	)		(0.61	)		(0.54	)		(0.60	)


Net asset value, end of period		$	11.62		$	11.42		$	12.10		$	14.49		$	14.17		$	13.92


Market price, end of period		$	9.88		$	9.93		$	11.45		$	14.41		$	13.12		$	12.67


Total Return Applicable to Common Shareholders^(d)
Based on net asset value			3.96	%^(e)		(1.48	)%		(12.21	)%		6.97	%		6.25	%		7.96	%


Based on market price			1.65	%^(e)		(9.47	)%		(16.47	)%		14.89	%		8.08	%		7.72	%


Ratios to Average Net Assets Applicable to Common Shareholders^(f)
Total expenses			3.36	%^(g)		3.33	%		1.75	%		1.51	%		2.07	%		2.48	%


Total expenses after fees waived and/or reimbursed			3.35	%^(g)		3.29	%		1.69	%		1.48	%		2.03	%		2.45	%


Total expenses after fees waived and/or reimbursed and excluding interest expense,fees and amortization of offering costs^(h)			0.91	%^(g)		0.95	%		0.95	%		0.93	%		0.95	%		0.95	%


Net investment income to Common Shareholders			3.36	%^(g)		3.44	%		4.25	%		4.55	%		4.29	%		4.23	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	254,681		$	254,254		$	272,564		$	326,390		$	319,085		$	313,406


VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	78,000		$	131,000		$	131,000		$	131,000		$	131,000		$	131,000


Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	328,225	⁽ⁱ⁾	$	282,585	⁽ⁱ⁾	$	252,124	⁽ⁱ⁾	$	349,152	^(j)	$	343,577	^(j)	$	339,241	^(j)


TOB Trust Certificates, end of period (000)		$	33,592		$	8,253		$	48,172		$	59,850		$	60,976		$	58,458


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(k)		$	10,904		$	47,681		$	9,378			N/A			N/A			N/A


Portfolio turnover rate			35	%		25	%		28	%		7	%		18	%		26	%

^(a)	Based on average Common Shares outstanding.

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

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

⁽ⁱ⁾	Calculated by subtracting the 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.

^(j)	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.

^(k)

See notes to financial statements.


62		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “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 Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the 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.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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.

4.	*SECURITIES AND OTHER INVESTMENTS*

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: The 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


64		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 BondsTransferred toTOBTrusts: 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	$	631,262	$	66,094	$	18,844	$	716,200
BTT		1,252,813		104,925		122,416		1,480,154
BYM		882,099		90,959		38,621		1,011,679
MUC		2,022,461		217,224		71,977		2,311,662
MUE		213,716		24,090		9,728		247,534

For the six months ended January 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	$ 75,902,089		$	35,140,000		4.55% — 4.58%	$	35,140,000	4.05%
BTT	104,457,127			69,569,982		4.59 — 4.61		69,569,982	4.23
BYM	116,301,874			61,981,882		4.55 — 4.60		51,297,935	3.92
MUC	279,297,149			147,184,992		4.56 — 4.65		118,207,955	3.89


N O T E S T O F I N A N C I A L S T A T E M E N T S		65

Notes to Financial Statements (unaudited) (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

MUE	$	54,629,543		$	33,591,657		4.55% — 4.60%	$	13,435,480	3.66	%

^(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 January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Trust at January 31, 2024.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, 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.


66		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (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, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived were as follows:




Trust Name	Fees Waived and/or Reimbursed by the Manager


BFZ	$	5,008
BTT		21,110
BYM		6,077
MUC		23,401
MUE		11,878

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, 2025. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended January 31, 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 six months ended January 31, 2024, the waivers were as follows:




Trust Name	Fees Waived and/or Reimbursed by the Manager


MUE	$	9,788

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

7.	*PURCHASES AND SALES*

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




Trust Name	Purchases		Sales


BFZ	$	278,005,455	$	274,793,583
BTT		96,225,605		81,788,534
BYM		195,512,145		215,042,867
MUC		802,862,786		766,693,953
MUE		120,174,464		118,807,927

8.	*INCOME TAX INFORMATION*

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		67

Notes to Financial Statements (unaudited) (continued)

As of July 31, 2023, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




Trust Name	Non-Expiring Capital Loss Carryforwards


BFZ	$	(41,909,843	)
BTT		(7,382,346	)
BYM		(31,348,149	)
MUC		(137,181,171	)
MUE		(27,241,264	)

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


BFZ	$	559,515,118	$	21,914,550	$	(2,905,898	)	$	19,008,652
BTT		2,359,312,470		28,345,620		(46,131,731	)		(17,786,111	)
BYM		406,292,279		27,275,728		(4,905,242	)		22,370,486
MUC		1,653,409,998		75,946,652		(20,245,674	)		55,700,978
MUE		327,337,228		8,570,239		(5,300,294	)		3,269,945

9.	*PRINCIPAL RISKS*

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

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

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

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

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

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

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

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the


68		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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

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

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

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

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

Certain Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

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

Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trusts’ performance.

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

10.

CAPITAL SHARE TRANSACTIONS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		69

Notes to Financial Statements (unaudited) (continued)

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:




Trust Name	Six Months Ended 01/31/24		Year Ended 07/31/23


BYM		—		6,598

For the year ended July 31, 2023, shares issued and outstanding remained constant for BTT.

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the year ended July 31, 2023, BTT did not repurchase any shares.

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



	BFZ

	Shares		Amounts

Six Months Ended January 31, 2024		210,536		$ 2,247,478
Year Ended July 31, 2023		850,759		9,389,525



	BTT

	Shares		Amounts

Six Months Ended January 31, 2024		3,219,438		$ 66,029,335



	BYM

	Shares		Amounts

Six Months Ended January 31, 2024		327,384		$ 3,332,710
Year Ended July 31, 2023		191,145		2,148,748



	MUC

	Shares		Amounts

Six Months Ended January 31, 2024		1,250,600		$ 12,545,146
Year Ended July 31, 2023		2,093,841		22,916,113



	MUE

	Shares		Amounts

Six Months Ended January 31, 2024		347,324		$ 3,204,845
Year Ended July 31, 2023		260,414		2,549,564

Preferred Shares

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

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


70		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

VMTP Shares

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

Trust Name

Issue

Date

Shares

Issued

Aggregate

Principal

Term

Redemption

Date

Moody’s

Rating

Fitch

Rating

BFZ

03/22/12

1,713

171,300,000

03/30/25

Aa2

BYM^(a)

12/20/23

976

97,600,000

07/02/25

Aa1

MUC

03/22/12

2,540

254,000,000

03/30/25

Aa2

04/11/22

2,724

272,400,000

03/30/25

Aa2

MUE^(a)

12/20/23

780

78,000,000

07/02/25

Aa1

^(a)

On December 20, 2023, BYM and MUE each issued VMTP Shares and used the proceeds of the issuance to redeem all of their respective outstanding VMTP Shares. The newly-issued VMTP Shares and the redeemed VMTP Shares have substantially similar terms.

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

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

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

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

For the six months ended January 31, 2024, the average annualized dividend rates for the VMTP Shares were as follows:



	BFZ			BYM			MUC			MUE

Dividend rates		4.40	%		5.07	%		4.39	%		5.12	%

During the six months ended January 31, 2024, VMTP Shares issued and outstanding of BYM decreased by 396 as a result of a redemption of shares.

During the six months ended January 31, 2024, VMTP Shares issued and outstanding of MUE decreased by 530 as a result of a redemption of shares.

For the six months ended January 31, 2024, VMTP Shares issued and outstanding of BFZ and MUC remained constant.

RVMTP Shares

BTT has issued Series W-7 RVMTP Shares, $5,000,000 liquidation preference per share, in privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. As of period end, the RVMTP Shares outstanding of BTT were as follows:




Trust Name	Issue Date		Shares Issued		Shares Outstanding		Aggregate Principal		Term Redemption Date


BTT		01/10/13		50		50	$	250,000,000		12/31/30
		01/30/13		50		50		250,000,000		12/31/30
		02/20/13		50		50		250,000,000		12/31/30

Redemption Terms: BTT is required to redeem its RVMTP Shares on the term redemption date or within six months of an unsuccessful remarketing, unless earlier redeemed or repurchased. There is no assurance that RVMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the RVMTP Shares. In addition, BTT is required to redeem certain of its outstanding RVMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		71

Notes to Financial Statements (unaudited) (continued)

Subject to certain conditions, RVMTP Shares may be redeemed, in whole or in part, at any time at the option of BTT. The redemption price per RVMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends. The RVMTP Shares are subject to certain restrictions on transfer outside of a remarketing. The RVMTP Shares are subject to remarketing upon 90 days’ notice by holders of the RVMTP Shares and 30 days’ notice by BTT. Each remarketing must be at least six months apart from the last remarketing. A holder of RVMTP Shares may submit notice of remarketing only if such holder requests a remarketing of at least the lesser of (i) $100,000,000 of RVMTP Shares or (ii) all of the RVMTP Shares held by such holder.

Dividends: Dividends on the RVMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread plus a percentage of the daily SOFR rate. The fixed rate spread may be adjusted at each remarketing or upon the agreement of BTT and the then-holder(s) of the RVMTP Shares. In the event that all of the RVMTP Shares submitted for remarketing are not successfully remarketed, a failed remarketing would occur, and all holders would retain their RVMTP Shares. In the event of a failed remarketing, the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. BTT has the right to reject any fixed spread determined at a remarketing, and such rejection would result in a failed remarketing and the fixed rate spread would be set at the fixed rate spread applicable to such failed remarketing. The fixed rate spread applicable due to a failed remarketing depends on whether the remarketing was pursuant to a mandatory or non-mandatory tender. In the case of a failed remarketing following a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.75%. In the case of a failed remarketing not associated with a mandatory tender, the failed remarketing spread would be the sum of the last applicable spread in effect immediately prior to the failed remarketing date for such failed remarketing plus 0.25%.

For the six months ended January 31, 2024, the average annualized dividend rate for the RVMTP Shares was 4.52%.

Remarketing: In the event of a failed remarketing that is not subsequently cured, BTT will be required to redeem the RVMTP Shares subject to such failed remarketing on a date that is approximately six months from the remarketing date for such failed remarketing, provided that no redemption of any RVMTP Share may occur within one year of the date of issuance of such RVMTP Share. At the date of issuance and as of period end, the RVMTP Shares were assigned long-term ratings of Aa1 from Moody’s and AA from Fitch. The dividend rate on the RVMTP Shares is subject to a step-up spread if BTT fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

During the six months ended January 31, 2024, no RVMTP Shares were tendered for remarketing.

For the six months ended January 31, 2024, RVMTP Shares issued and outstanding of BTT remained constant.

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

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




Trust Name	Dividends Accrued		Deferred Offering Costs Amortization


BFZ	$	3,785,092	$	—
BTT		17,023,990		15,764
BYM		3,039,263		—
MUC		11,628,746		—
MUE		2,757,395		—

11.

SUBSEQUENT EVENTS

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

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

Trust Name

Declaration

Date

Record

Date

Payable/

Paid Date

Dividend Per

Common Share

BFZ

11/14/23

01/12/24

02/01/24

0.051000

11/14/23

02/15/24

03/01/24

0.051000

03/01/24

03/15/24

04/01/24

0.051000

BTT

11/14/23

01/12/24

02/01/24

0.046400

11/14/23

02/15/24

03/01/24

0.046400

03/01/24

03/15/24

04/01/24

0.046400

BYM

11/14/23

01/12/24

02/01/24

0.052500

11/14/23

02/15/24

03/01/24

0.052500

03/01/24

03/15/24

04/01/24

0.052500


72		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Trust Name

Declaration

Date

Record

Date

Payable/

Paid Date

Dividend Per

Common Share

MUC

11/14/23

01/12/24

02/01/24

0.048500

11/14/23

02/15/24

03/01/24

0.048500

03/01/24

03/15/24

04/01/24

0.048500

MUE

11/14/23

01/12/24

02/01/24

0.045000

11/14/23

02/15/24

03/01/24

0.045000

03/01/24

03/15/24

04/01/24

0.045000

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

Preferred Shares^(a)

Trust Name

Shares

Series

Declared

BFZ

VMTP

W-7

583,590

BTT

RVMTP

W-7

2,675,049

BYM

VMTP

W-7

377,440

MUC

VMTP

W-7

1,793,356

MUE

VMTP

W-7

301,643

^(a)

Dividends declared for period February 1, 2024 to February 29, 2024.


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Additional Information

Trust Certification

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

Environmental, Social and Governance (“ESG”) Integration

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

Dividend Policy

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

General Information

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

The following information is a summary of certain changes since July 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

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

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

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

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

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

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

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.


74		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

Availability of Trust Updates

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

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Trust and Service Providers


Investment Adviser		Independent Registered Public Accounting Firm
BlackRock Advisors, LLC		Deloitte & Touche LLP
Wilmington, DE 19809		Boston, MA 02116

Accounting Agent and Custodian		Legal Counsel
State Street Bank and Trust Company		Willkie Farr & Gallagher LLP
Boston, MA 02114		New York, NY 10019

Transfer Agent		Address of the Trusts
Computershare Trust Company, N.A.		100 Bellevue Parkway
Canton, MA 02021		Wilmington, DE 19809

VMTP Redemption and Paying Agent and RVMTP Tender and Paying Agent
The Bank of New York Mellon
New York, NY 10286


A D D I T I O N A L I N F O R M A T I O N		75

Glossary of Terms Used in this Report


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AGM-CR		AGM Insured Custodial Receipt

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

BAM-TCRS		Build America Mutual Assurance Co. - Transferable Custodial Receipts

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

CR		Custodian Receipt

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF		Permanent School Fund

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAN		State Aid Notes

SAP		Subject to Appropriations

SAW		State Aid Withholding

ST		Special Tax

TA		Tax Allocation

VRDN		Variable Rate Demand Note


76		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Want to know more?

blackrock.com | 800-882-0052

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

CEMUNI5-01/24-SAR

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(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)

Not Applicable to this semi-annual report.

(b)

As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Period	(a) Total Number of Shares Purchased¹	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs¹	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
	(a) Total Number of Shares Purchased¹	(b) Average Price Paid per Share
August 1-31, 2023	27,766	$ 11.3394	27,766	1,009,793
September 1-30, 2023	6,840	$ 10.2950	6,840	1,002,953
October 1-31, 2023	83,866	$ 10.0964	83,866	919,087
November 1-30, 2023	92,064	$ 10.9957	92,064	827,023
December 1-31, 2023	0	$ -	0	1,503,182
January 1-31, 2024	0	$ -	0	1,503,182
Total:	210,536	10.6600	210,536	1,503,182

¹ On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. On November 15, 2023, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2023, the Fund may repurchase through

November 30, 2024, up to 5% of its common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

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

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock California Municipal Income Trust


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock California Municipal Income Trust

Date: March 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock California Municipal Income Trust

Date: March 22, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock California Municipal Income Trust

Date: March 22, 2024