Blackrock Muniholdings Investment Quality Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-08349

Name of Fund: BlackRock MuniHoldings Investment Quality Fund (MFL)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings Investment Quality Fund, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2020

Date of reporting period: 02/29/2020

Item 1 – Report to Stockholders


		FEBRUARY 29, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Municipal Bond Trust (BBK)

BlackRock Municipal Income Investment Quality Trust (BAF)

BlackRock Municipal Income Quality Trust (BYM)

BlackRock Municipal Income Trust II (BLE)

BlackRock MuniHoldings Investment Quality Fund (MFL)

BlackRock MuniVest Fund, Inc. (MVF)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as threat from the coronavirus became more apparent throughout February 2020, which led China to take economically disruptive countermeasures, equity prices fell sharply. Now that the virus has spread around the globe and an economic downturn appears to be inevitable, investors are faced with the question of how long and how deep it will be.

Returns for most securities were robust for the first eleven months of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. While the coronavirus-related downturn negatively impacted all equity types, U.S. large cap-stocks still achieved positive returns for the reporting period due to the strength of their prior gains. However, U.S. small-cap, international, and emerging market equities all ended the reporting period with negative performance.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Returns were further bolstered late in the reporting period as investors moved towards relatively lower-risk bonds, which drove the yield on the 10-year Treasury, a bond market bellwether, to a 10-year low.

Continuing the shift toward looser monetary policy that began in early 2019, the U.S. Federal Reserve (the “Fed”) increased efforts to stimulate economic activity. The Fed reduced interest rates three times during the reporting period, from July 2019 to October 2019, while the European Central Bank also increased monetary stimulus, and the Bank of Japan continued to provide extensive monetary stimulus. Following the market downturn, investors were hopeful that central banks would intervene to further support the financial system.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. For the near term, however, the disruption is likely to act as a further drag on corporate earnings, following flat earnings growth in 2019. A coordinated monetary and fiscal response will be necessary to help businesses and individuals through the crisis, and hopeful signs have emerged on this front in the United States and abroad. If measures are taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the ability to quickly provide monetary and fiscal stimulus. In bonds, we favor U.S. Treasuries over other government bonds, but maintain a neutral stance overall, and see risks that Treasuries offer a diminishing buffer from equity market selloffs.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, 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 February 29, 2020
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	1.92%	8.19%
U.S. small cap equities (Russell 2000^® Index)	(0.52)	(4.92)
International equities (MSCI Europe, Australasia, Far East Index)	(0.91)	(0.57)
Emerging market equities (MSCI Emerging Markets Index)	2.93	(1.88)
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.92	2.18
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	4.07	16.75
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	3.39	11.68
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.85	8.94
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.56	6.10
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

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 Summaries		6
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		57
Statements of Operations		59
Statements of Changes in Net Assets		61
Statements of Cash Flows		64
Financial Highlights		66
Notes to Financial Statements		72
Trustee and Officer Information		82
Additional Information		83
Glossary of Terms Used in this Report		85


			3

Municipal Market Overview For the Reporting Period Ended February 29, 2020

Municipal Market Conditions



Municipal bonds posted strong total returns during the period, buoyed by a combination of rallying interest rates and a favorable technical backdrop. Interest rates moved lower in 2019 as the Fed turned more dovish on the back of slowing global growth and trade uncertainties, indicated a commitment to sustain the current economic expansion, and executed a mid-cycle adjustment consisting of three 0.25% rate cuts. This dynamic was compounded in early 2020 as elevated event risks, led by a coronavirus epidemic, spurred a flight to quality and pushed interest rates to new all-time lows. At the same		S&P Municipal Bond Index
		Total Returns as of February 29, 2020
		6 months: 2.85%
		12 months: 8.94%

time, municipal technicals remained supportive with historically robust demand outpacing supply. During the 12 months ended February 29, 2020, municipal bond funds experienced net inflows totaling $97 billion (based on data from the Investment Company Institute). Broadly, investors favored the tax-exempt income, diversification, quality, and value of municipal bonds given that tax reform ultimately lowered the top individual tax rate just 2.6% while eliminating deductions. For the same 12-month period, total new issuance was elevated from a historical perspective at $424 billion, but was boosted by robust taxable municipal supply. Taxable municipal issuance picked up late in 2019, as issuers advance refunded tax-exempt debt using taxable municipal bonds for cost savings. While increasing issuance totals, this dynamic ultimately shrinks the size of the tax-exempt market and provides a positive technical tailwind for the natural buyer of the asset class.

A Closer Look at Yields

LOGO

From February 28, 2019 to February 29, 2020, yields on AAA-rated 30-year municipal bonds decreased by 146 basis points (“bps”) from 2.98% to 1.52%, while ten-year rates decreased by 117 bps from 2.10% to 0.93% and five-year rates decreased by 94 bps from 1.67% to 0.73% (as measured by Thomson 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 61 bps, compared to 22 bps of steepening in the comparable U.S. Treasury curve.

During the same time period, tax-exempt municipal bonds modestly underperformed duration matched U.S. Treasuries, most notably in the front and intermediate part of the yield curve. However, relative valuations remained broadly stretched versus history. Given that the corporate tax rate was lowered much more than the individual rate, institutions have less incentive to own tax-exempt municipal bonds, while individuals are more incentivized. In a more retail-driven market, lower municipal-to-Treasury ratios are likely sustainable as individuals are focused more on generating tax-free income and less concerned with relative valuations. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

Most states and localities are on solid footing as tax receipts are increasing steadily and spending levels are rebounding from post-recession lows. Rising healthcare expenditures and legacy pension costs are plaguing a handful of high-profile credits. Essential service revenue bonds continue to benefit from deleveraging. Several private-public-partnerships and off-balance sheet projects have made headlines for cost-overruns that are calling into question their value-add. More caution is warranted in the non-profit sectors, especially less-selective private education credits that are dealing with competitive pressures and are burdened with outsized debt. Merger and acquisition activity has been elevated in the hospital sector, providing opportunities to generate performance. Additionally, high yield remains an important driver of performance. BlackRock maintains the view that municipal bond defaults will remain minimal and the overall market is fundamentally sound. However, we continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of February 29, 2020 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 S&P 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 no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


4		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 the Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trust had not used leverage. 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 value 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 the 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 Demand Preferred Shares (“VRDP Shares”) or Variable Rate Muni Term Preferred Shares (“VMTP 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 issue debt 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.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements 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. 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.


THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS			5


Trust Summary as of February 29, 2020		BlackRock Municipal Bond Trust

Trust Overview

BlackRock Municipal Bond Trust’s (BBK) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from regular U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade quality or, if unrated, determined to be of comparable quality by the investment adviser 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 (“NYSE”)		BBK
Initial Offering Date		April 30, 2002
Yield on Closing Market Price as of February 29, 2020 ($15.94)^(a)		4.10%
Tax Equivalent Yield^(b)		6.93%
Current Monthly Distribution per Common Share^(c)		$0.0545
Current Annualized Distribution per Common Share^(c)		$0.6540
Leverage as of February 29, 2020^(d)		38%

^(a)

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

^(b)

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

^(c)

The monthly distribution per Common Share, declared on March 2, 2020, was increased to $0.0560 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

^(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 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 on page 5.

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BBK^(a)(b)		2.02	%		4.58	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

After moving sideways for much of the period, municipal bonds finished with positive returns thanks to their rally in January and February. The gains for the broader bond market reflected the likelihood of an economic downturn caused by the spread of coronavirus, together with expectations for interest rate cuts by the Fed. (Bond prices rise as yields fall.) The favorable combination of robust investor demand and relatively limited new-issue supply provided an additional tailwind for tax-exempt securities.

Portfolio income, enhanced by leverage, exceeded the contribution from price appreciation. At the sector level, the Trust benefited from its positions in school district, state tax-backed and health care issues. Holdings in longer-term bonds, particularly those with lower coupons, were also strong performers. A meaningful position in securities rated below investment grade, which outperformed the broader market as a group, was a further positive.

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.


6		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock Municipal Bond Trust

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	15.94	$	15.95		(0.06	)%	$	16.50	$	15.07
Net Asset Value		17.23		16.82		2.44			17.24		16.42

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
County/City/Special District/School District		24	%		22	%
Health		18			18
Utilities		14			15
Transportation		13			14
Education		12			12
State		7			7
Tobacco		6			6
Housing		4			4
Corporate		2			2

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.

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	6	%
2021	9
2022	10
2023	9
2024	8

^(c)

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

CREDIT QUALITY ALLOCATION^(a)


	02/29/20			08/31/19
AAA/Aaa		4	%		3	%
AA/Aa		35			36
A		27			28
BBB/Baa		13			13
BB/Ba		7			6
B		1			2
CC		1			1
N/R^(b)		12			11

^(a)

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 (“Moody’s”) 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.

^(b)

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 February 29, 2020 and August 31, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.

Excludes short-term securities.


TRUST SUMMARY			7


Trust Summary as of February 29, 2020		BlackRock Municipal Income Investment Quality Trust

Trust Overview

BlackRock Municipal Income Investment Quality Trust’s (BAF) (the “Trust”) investment objective is to provide current income exempt from U.S. federal income tax, including the alternative minimum tax and Florida intangible property 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 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. Effective July 31, 2019, 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. Due to the repeal of the Florida intangible personal property tax, in September 2008, the Board gave approval to permit the Trust the flexibility to invest in municipal obligations regardless of geographic location since municipal obligations issued by any state or municipality that provides income exempt from regular U.S. federal income tax would now satisfy the foregoing objective and policy.

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

Trust Information


Symbol on NYSE		BAF
Initial Offering Date		October 31, 2002
Yield on Closing Market Price as of February 29, 2020 ($14.36)^(a)		4.30%
Tax Equivalent Yield^(b)		7.26%
Current Monthly Distribution per Common Share^(c)		$0.0515
Current Annualized Distribution per Common Share^(c)		$0.6180
Leverage as of February 29, 2020^(d)		41%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BAF^(a)(b)		0.95	%		4.17	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Holdings in longer-dated securities with maturities of greater than 20 years generated the strongest returns, as longer-term bonds outpaced short-term issues. The Trust’s use of leverage, which enhanced portfolio income and amplified the impact of rising prices, also contributed to results. The Trust further benefited from its positions in the state tax-backed and transportation sectors, as well as its holdings in Puerto Rico sales tax bonds.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as prices rose, this strategy detracted from Trust performance. The trend of net negative issuance exacerbated reinvestment risk as the proceeds from bonds that matured or were called needed to be reinvested at lower prevailing yields compared to bonds that were issued when yields were higher. Positions in pre-refunded bonds and short duration issues, while producing positive absolute returns, lagged somewhat in the rising market.


8		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock Municipal Income Investment Quality Trust

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	14.36	$	14.53		(1.17	)%	$	15.43	$	14.02
Net Asset Value		15.99		15.68		1.98			15.99		15.28

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
Transportation		26	%		27	%
County/City/Special District/School District		20			20
Health		16			17
Utilities		14			12
State		9			8
Housing		6			6
Education		6			7
Tobacco		3			3
Corporate		—	^(a)		—

^(a)

Represents less than 1% of total investments.

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2020	2	%
2021	24
2022	5
2023	17
2024	1

^(d)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(b)


	02/29/20			08/31/19
AAA/Aaa		2	%		2	%
AA/Aa		49			49
A		27			30
BBB/Baa		13			12
BB/Ba		1			—
B		—			1
N/R^(c)		8			6

^(b)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s 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.

^(c)


TRUST SUMMARY			9


Trust Summary as of February 29, 2020		BlackRock Municipal Income Quality Trust

Trust Overview

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. Effective July 31, 2019, 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 NYSE		BYM
Initial Offering Date		October 31, 2002
Yield on Closing Market Price as of February 29, 2020 ($14.39)^(a)		4.00%
Tax Equivalent Yield^(b)		6.76%
Current Monthly Distribution per Common Share^(c)		$0.0480
Current Annualized Distribution per Common Share^(c)		$0.5760
Leverage as of February 29, 2020^(d)		38%

^(a)

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee 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)

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BYM^(a)(b)		3.48	%		4.44	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Holdings in longer-term bonds, particularly those with lower coupons, were key contributors to the Trust’s six-month results. AA rated issues also performed very well and added to returns. The Trust’s use of leverage contributed to results by enhancing portfolio income and amplifying the impact of rising prices. At the sector level, the Trust benefited from its positions in state tax-backed, health care and school district issues.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as prices rose, this strategy detracted from Trust performance. The trend of net negative issuance exacerbated reinvestment risk as the proceeds from bonds that matured or were called needed to be reinvested at lower prevailing yields compared to bonds that were issued when yields were higher. The Trust’s higher-quality focus also detracted at a time in which high yield bonds (those rated BBB and below) outperformed the rest of the market. However, the investment adviser began adding to high yield debt during the period as a result of a change in the Trust’s quality designation.


10		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock Municipal Income Quality Trust

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	14.39	$	14.19		1.41	%	$	14.68	$	13.63
Net Asset Value		16.09		15.72		2.35			16.10		15.30

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
Transportation		23	%		25	%
County/City/Special District/School District		22			20
Health		19			20
Utilities		13			13
State		7			6
Education		7			7
Tobacco		5			5
Housing		4			4
Corporate		—	^(a)		—

^(a)

Represents less than 1% of total investments.

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2020	7	%
2021	7
2022	9
2023	15
2024	6

^(d)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(b)


	02/29/20			08/31/19
AAA/Aaa		11	%		7	%
AA/Aa		40			45
A		22			24
BBB/Baa		16			16
BB/Ba		1			—
N/R		10	^(c)		8

^(b)

^(c)

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 February 29, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% of the Trust’s total investments.


TRUST SUMMARY			11


Trust Summary as of February 29, 2020		BlackRock Municipal Income Trust II

Trust Overview

BlackRock Municipal Income Trust II’s (BLE) (the “Trust”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment. The 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 NYSE		BLE
Initial Offering Date		July 30, 2002
Yield on Closing Market Price as of February 29, 2020 ($14.78)^(a)		4.71%
Tax Equivalent Yield^(b)		7.96%
Current Monthly Distribution per Common Share^(c)		$0.0580
Current Annualized Distribution per Common Share^(c)		$0.6960
Leverage as of February 29, 2020^(d)		38%

^(a)

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

^(b)

^(c)

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

^(d)

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
BLE^(a)(b)		(2.29	)%		4.90	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(b)

The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Portfolio income, enhanced by leverage, was a key contributor to total returns in the six-month period. The Trust’s significant allocation to investment-grade bonds was also a key driver of overall performance, with more muted contributions coming from non-investment grade and unrated positions. Longer-dated investments with maturities of greater than 20 years performed very well and helped Trust performance. At the sector level, tobacco, state tax-backed, transportation and health care issues were the largest contributors.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as prices rose, this strategy detracted from Trust performance.


12		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock Municipal Income Trust II

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	14.78	$	15.48		(4.52	)%	$	16.12	$	14.23
Net Asset Value		15.54		15.16		2.51			15.55		14.81

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
Transportation		23	%		23	%
Utilities		21			19
County/City/Special District/School District		17			17
Health		11			14
Tobacco		10			9
State		8			7
Education		6			6
Corporate		4			5
Housing		—	^(a)		—

^(a)

Represents less than 1% of total investments.

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2020	15	%
2021	13
2022	10
2023	7
2024	8

^(d)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(b)


	02/29/20			08/31/19
AAA/Aaa		5	%		4	%
AA/Aa		29			30
A		23			22
BBB/Baa		22			23
BB/Ba		8			6
B		2			3
N/R^(c)		11			12

^(b)

^(c)


TRUST SUMMARY			13


Trust Summary as of February 29, 2020		BlackRock MuniHoldings Investment Quality Fund

Trust Overview

BlackRock MuniHoldings Investment Quality Fund’s (MFL) (the “Trust”) investment objective is to provide shareholders with current income exempt from U.S. federal income tax and to provide shareholders with the opportunity to own shares the value of which is exempt from Florida intangible personal property tax. The Trust seeks to achieve its investment objective by investing primarily in long-term, investment grade (as rated or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment) municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in municipal obligations with remaining maturities of one year or more at the time of investment. Effective July 31, 2019, 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. Due to the repeal of the Florida intangible personal property tax, in September 2008, the Board gave approval to permit the Trust the flexibility to invest in municipal obligations regardless of geographic location since municipal obligations issued by any state or municipality that provides income exempt from regular U.S. federal income tax would now satisfy the foregoing objective and policy.

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

Trust Information


Symbol on NYSE		MFL
Initial Offering Date		September 26, 1997
Yield on Closing Market Price as of February 29, 2020 ($13.75)^(a)		3.97%
Tax Equivalent Yield^(b)		6.71%
Current Monthly Distribution per Common Share^(c)		$0.0455
Current Annualized Distribution per Common Share^(c)		$0.5460
Leverage as of February 29, 2020^(d)		39%

^(a)

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

^(b)

^(c)

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

^(d)

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of 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 on page 5.

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
MFL^(a)(b)		3.15	%		5.24	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Positions in AA rated securities made a meaningful contribution to Trust performance, as did holdings in lower coupon, longer-dated issues. The Trust’s use of leverage added value by boosting income and augmenting the effect of rising prices. At the sector level, the Trust benefited from its positions in state tax-backed, transportation and health care issues.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as prices rose, this strategy detracted from Trust performance. The trend of net negative issuance exacerbated reinvestment risk as the proceeds from bonds that matured or were called needed to be reinvested at lower prevailing yields compared to bonds that were issued when yields were higher. The Trust’s higher-quality focus also detracted at a time in which high yield bonds (those rated BBB and below) outperformed the rest of the market. However, the investment adviser began adding to high yield debt during the period as a result of a change in the Trust’s quality designation.


14		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock MuniHoldings Investment Quality Fund

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	13.75	$	13.60		1.10	%	$	13.98	$	13.11
Net Asset Value		15.41		14.94		3.15			15.41		14.54

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
Transportation		40	%		42	%
State		19			17
Health		14			16
County/City/Special District/School District		9			12
Education		6			4
Utilities		5			4
Tobacco		5			3
Corporate		1			1
Housing		1			1

^(a)

Represents less than 1% of total investments.

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	3	%
2021	13
2022	1
2023	17
2024	5

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(b)


	02/29/20			08/31/19
AAA/Aaa		7	%		7	%
AA/Aa		52			53
A		25			29
BBB/Baa		6			6
BB/Ba		3			—
B		1			1
N/R^(b)		6			4

^(b)


TRUST SUMMARY			15


Trust Summary as of February 29, 2020		BlackRock MuniVest Fund, Inc.

Trust Overview

BlackRock MuniVest Fund, Inc.’s (MVF) (the “Trust”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Trust seeks to achieve its investment objective by investing at least 80% of an aggregate of the Trust’s net assets (including proceeds from the issuance of any preferred shares) and the proceeds of any borrowing for investment purposes, in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Trust primarily invests in long term municipal obligations rated investment grade at the time of investment (or, if unrated, are considered by the Trust’s investment adviser to be of comparable quality at the time of investment) and in long term municipal obligations with maturities of more than ten years at the time of investment. The Trust may invest up to 20% of its total assets in securities rated below investment grade or deemed equivalent 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 NYSE		MVF
Initial Offering Date		September 29, 1988
Yield on Closing Market Price as of February 29, 2020 ($9.24)^(a)		4.35%
Tax Equivalent Yield^(b)		7.35%
Current Monthly Distribution per Common Share^(c)		$0.0335
Current Annualized Distribution per Common Share^(c)		$0.4020
Leverage as of February 29, 2020^(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 does not guarantee 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)

Performance

Returns for the six months ended February 29, 2020 were as follows:


	Returns Based On
	Market Price			NAV
MVF^(a)(b)		(0.40	)%		5.41	%
Lipper General & Insured Municipal Debt Funds (Leveraged)^(c)		1.89			4.82

^(a)

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

^(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)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not indicative of future results.

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

Positions in high yield issues, which outpaced the investment-grade market, were key contributors to the Trust’s performance. Puerto Rico and tobacco issues were particularly strong performers in this area. The Trust’s allocations to longer-duration and longer-maturity bonds also benefited results. (Duration is a measure of interest rate sensitivity.) At the sector level, revenue sectors such as transportation and health care were large contributors. The Trust’s use of leverage also added value by boosting income and augmenting the effect of rising prices.

The Trust actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as prices rose, this strategy detracted from Trust performance. Positions in pre-refunded bonds and short duration issues, while producing positive absolute returns, lagged somewhat in the rising market. The trend of net negative issuance exacerbated reinvestment risk as the proceeds from bonds that matured or were called needed to be reinvested at lower prevailing yields compared to bonds that were issued when yields were higher.


16		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of February 29, 2020 (continued)		BlackRock MuniVest Fund, Inc.

Market Price and Net Asset Value Per Share Summary


	02/29/20		08/31/19		Change			High		Low
Market Price	$	9.24	$	9.49		(2.63	)%	$	9.60	$	8.93
Net Asset Value		10.13		9.83		3.05			10.14		9.58

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


	02/29/20			08/31/19
Transportation		28	%		28	%
Health		21			20
Utilities		11			10
County/City/Special District/School District		10			11
State		8			8
Tobacco		8			7
Education		7			8
Corporate		5			5
Housing		2			3

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	15	%
2021	4
2022	6
2023	6
2024	5

^(c)

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

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


	02/29/20			08/31/19
AAA/Aaa		2	%		3	%
AA/Aa		28			30
A		28			28
BBB/Baa		22			21
BB/Ba		5			4
B		3			3
CC		1			1
N/R^(b)		11			10

^(a)

^(b)


TRUST SUMMARY			17

Schedule of Investments (unaudited)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 130.0%

Alabama — 0.6%
Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41	$	960	$	1,099,738


Arizona — 7.3%
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42		2,200		2,357,542
Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52^(a)		130		140,937
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45^(a)		460		508,378
County of Pinal Arizona Electric District No.3, Refunding RB:
4.75%, 07/01/21^(b)		680		714,993
4.75%, 07/01/31		3,070		3,221,566
Industrial Development Authority of the County of Pima, RB, Imagine East Mesa Charter Schools Project, 5.00%, 07/01/34^(a)		400		441,496
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		1,500		2,031,540
5.00%, 12/01/37		2,065		2,939,404
University Medical Center Corp., Refunding RB, 6.00%, 07/01/21^(b)		900		961,218

				13,317,074

Arkansas — 2.2%
City of Benton Arkansas, RB, 4.00%, 06/01/39		505		558,767
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40		840		949,141
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		1,835		1,972,276
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42		465		539,289

				4,019,473

California — 18.8%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20^(b)		1,900		1,943,510
California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A, 4.00%, 03/01/48		1,345		1,503,697
Carlsbad California Unified School District, GO, Election of 2006, Series B, 6.00%, 05/01/34		1,000		1,214,400
City & County of San Francisco Public Utilities Commission Wastewater Revenue, Refunding RB, Sewer System, Series B, 4.00%, 10/01/42		500		537,515
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.75%, 03/01/34		2,000		2,092,720
County of San Diego Regional Airport Authority, ARB, Subordinate, Series B, AMT, 5.00%, 07/01/47		1,405		1,727,799
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47		525		557,960
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 7.00%, 08/01/34^(c)		1,650		2,055,999
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 08/01/38^(d)		8,000		4,946,720
Palomar Community College District, GO, CAB, Election of 2006, Series B:
0.00%, 08/01/30^(d)		1,500		1,297,935
0.00%, 08/01/33^(d)		4,000		1,708,400
6.20%, 08/01/39^(c)		2,605		3,313,873
San Diego Community College District, GO, CAB, Election of 2002, 6.00%, 08/01/33		2,800		3,784,144
State of California, GO, Refunding, Various Purpose, 5.00%, 02/01/38		3,000		3,350,730


Security	Par (000)		Value

California (continued)
State of California, GO, Various Purposes:
6.00%, 03/01/33	$	500	$	502,145
5.50%, 03/01/40		2,350		2,358,201
Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48		1,225		1,255,845

				34,151,593

Colorado — 0.4%
Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59^(a)		595		666,912


Connecticut — 1.0%
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21^(b)		550		580,470
State of Connecticut, GO, Series E, 5.00%, 09/15/37		970		1,231,638

				1,812,108

Delaware — 2.1%
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:
5.00%, 07/01/40		330		387,064
5.00%, 07/01/48		900		1,036,980
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,200		1,240,080
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55		950		1,132,846

				3,796,970

Florida — 2.9%
County of Miami-Dade Florida, RB, AMT, Seaport Department, Series B, 6.00%, 10/01/31		4,135		4,804,167
Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35^(e)(f)(g)		860		412,800

				5,216,967

Georgia — 0.7%
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A:
3.95%, 12/01/43		295		324,727
4.00%, 12/01/48		210		231,160
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/38		255		369,661
5.00%, 05/15/43		330		409,629

				1,335,177

Hawaii — 0.2%
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37		400		441,284


Idaho — 0.3%
Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39		500		567,965


Illinois — 7.3%
Chicago Board of Education, GO, Series D:
Dedicated Revenues, Series H, 5.00%, 12/01/36		235		282,888
Project, Series C, 5.25%, 12/01/35		775		893,854
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series C, 5.00%, 12/01/25		425		506,591
Dedicated Revenues, Series C, 5.00%, 12/01/34		235		283,911
Dedicated Revenues, Series F, 5.00%, 12/01/23		310		350,697
Series C, 5.00%, 12/01/25		335		398,965
Chicago Board of Education, GO:
5.00%, 12/01/46		280		336,274
5.00%, 12/01/46		725		800,748


18		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/29	$	1,600	$	1,683,568
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41		870		980,916
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		665		707,733
County of Will Illinois, GO, 5.00%, 11/15/45		600		704,556
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:
5.00%, 02/15/37		300		354,669
5.00%, 02/15/47		205		237,247
5.00%, 02/15/50		100		115,488
Illinois Finance Authority, Refunding RB:
OSF Health Care System, Series A, 5.00%, 11/15/45		1,205		1,413,983
OSF Healthcare System, 6.00%, 05/15/39		110		111,056
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project^(h):
4.00%, 06/15/50		220		248,389
5.00%, 06/15/50		285		351,981
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,150		1,223,657
State of Illinois, GO, Series D, 5.00%, 11/01/28		645		806,385
Upper Illinois River Valley Development Authority, Refunding RB, Prairie Crossing Charter School, 5.00%, 01/01/55^(a)		390		423,634

				13,217,190

Iowa — 0.2%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50⁽ⁱ⁾		250		283,640


Kansas — 2.4%
County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding:
5.00%, 09/01/22^(b)		3,280		3,614,593
5.00%, 09/01/39		720		794,887

				4,409,480

Kentucky — 3.9%
County of Boyle Kentucky, Refunding RB, Centre College of Kentucky, 5.00%, 06/01/37		2,500		3,031,925
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/23^(b)		1,830		2,060,873
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C^(c):
6.45%, 07/01/34		500		605,345
6.60%, 07/01/39		830		996,564
6.75%, 07/01/43		270		324,683

				7,019,390

Louisiana — 1.4%
City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39		860		992,371
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		1,050		1,083,894
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/21^(b)		400		426,244

				2,502,509

Maryland — 0.4%
County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:
5.13%, 07/01/36		170		180,980
5.25%, 07/01/44		170		178,740


Security	Par (000)		Value

Maryland (continued)
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38	$	315	$	354,633

				714,353

Massachusetts — 4.3%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		630		740,395
Emerson College Issue, 5.00%, 01/01/48		1,115		1,325,780
Emerson College Issue, Series A, 5.25%, 01/01/42		565		678,689
UMass Darthmouth Student Housing Project, 5.00%, 10/01/48		830		1,015,978
Worcester Polytechnic Institute, 4.00%, 09/01/49		1,270		1,345,565
Massachusetts Development Finance Agency, Refunding RB:
Atrius Health Issue, Series A, 4.00%, 06/01/49		75		82,829
Emmanuel College Issue, Series A, 5.00%, 10/01/43		750		889,343
International Charter School, 5.00%, 04/15/40		400		437,104
Western New England University, 5.00%, 09/01/43		750		913,890
Massachusetts HFA, RB, M/F Housing, Series A:
3.80%, 12/01/43		160		173,566
3.85%, 06/01/46		205		222,400

				7,825,539

Michigan — 7.2%
Michigan Finance Authority, RB:
Beaumont Health Credit Group, Series A, 5.00%, 11/01/44		1,555		1,824,854
Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44		240		258,425
Michigan Finance Authority, Refunding RB, Henry Ford Health System, 5.00%, 11/15/41		5,560		6,747,505
Michigan State Housing Development Authority, RB, S/F Housing, Series A, 3.80%, 10/01/38		1,690		1,885,178
State of Michigan Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32		2,100		2,245,173

				12,961,135

Minnesota — 2.8%
City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37		880		987,906
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/49		560		691,499
City of Otsego Minnesota, Refunding RB, Kaleidoscope Charter School Project, Series A, 5.00%, 09/01/44		425		452,905
City of Spring Lake Park Michigan, RB, Academy for Higher Learning Project, 5.00%, 06/15/39		1,080		1,191,661
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding ARB, Sub Series D, AMT, 5.00%, 01/01/41		290		351,555
Minnesota Higher Education Facilities Authority, RB:
Augsburg College, Series B, 4.25%, 05/01/40		1,045		1,045,251
College of St. Benedict, Series 8-K, 4.00%, 03/01/43		385		422,280

				5,143,057

Mississippi — 0.7%
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35		400		426,460
Mississippi Development Bank, RB, CAB, Special Obligation, Hinds Community College District (AGM), 5.00%, 04/01/21^(b)		845		882,881

				1,309,341

Missouri — 2.5%
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41		900		953,784
Missouri State Health & Educational Facilities Authority, RB:
A.T. Still University of Health Sciences, 5.25%, 10/01/21^(b)		500		534,990


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Missouri (continued)
A.T. Still University of Health Sciences, 4.25%, 10/01/23^(b)	$	320	$	359,296
A.T. Still University of Health Sciences, 5.00%, 10/01/23^(b)		500		574,610
Heartland Regional Medical Center, 4.13%, 02/15/43		300		313,386
University of Central Missouri, Series C-2, 5.00%, 10/01/34		1,000		1,133,040
Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A, 5.00%, 06/01/42		540		659,367

				4,528,473

Nebraska — 1.0%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		600		655,428
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45		400		462,980
Nebraska Public Power District, Refunding RB, Series A:
5.00%, 01/01/32		250		268,493
4.00%, 01/01/44		400		420,280

				1,807,181

Nevada — 0.9%
City of Las Vegas Nevada, RB, Special Assessment, No. 809 Summerlin Area, 5.65%, 06/01/23		580		586,560
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36		1,000		1,126,960

				1,713,520

New Hampshire — 0.2%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(a):
Series B, 4.63%, 11/01/42		255		276,609
Series C, AMT, 4.88%, 11/01/42		145		158,547

				435,156

New Jersey — 13.2%
New Jersey Economic Development Authority, RB, School Facilities Construction Bonds:
5.00%, 06/15/24^(b)		80		94,109
5.00%, 06/15/40		345		390,747
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30		660		763,560
Goethals Bridge Replacement Project (AGM), 5.13%, 07/01/42		200		224,086
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28		7,500		9,016,725
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Hospital Asset Transfer Program, 5.00%, 10/01/37		685		841,242
St. Barnabas Health Care System, Series A, 4.63%, 07/01/21^(b)		510		535,995
St. Barnabas Health Care System, Series A, 5.63%, 07/01/21^(b)		1,700		1,809,072
St. Barnabas Health Care System, Series A, 5.00%, 07/01/25		500		546,775
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45		1,860		2,178,004
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program Bonds, Series S, 5.25%, 06/15/43		1,070		1,332,792
CAB, Transportation System, Series A, 0.00%, 12/15/35^(d)		1,000		647,290


Security	Par (000)		Value

New Jersey (continued)
Transportation Program, Series AA, 5.00%, 06/15/45	$	900	$	1,040,094
Transportation Program, Series AA, 5.00%, 06/15/46		400		461,924
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36		140		174,265
South Jersey Port Corp., RB, Marine Terminal, Series B, AMT, 5.00%, 01/01/35		625		753,325
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/35		760		946,268
5.25%, 06/01/46		1,810		2,238,029

				23,994,302

New Mexico — 0.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		450		529,542


New York — 4.3%
City of New York Industrial Development Agency, RB, PILOT (AMBAC), 5.00%, 01/01/39		925		927,618
City of New York Water & Sewer System, Refunding RB, 2nd Generation, Fiscal 2013, 5.00%, 06/15/47		1,000		1,124,250
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		900		907,128
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/45		500		541,800
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		1,160		1,160,905
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2, 5.38%, 11/15/40^(a)		405		460,141
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		1,295		1,355,515
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43		1,190		1,292,780

				7,770,137

North Dakota — 0.3%
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21^(b)		480		505,934


Ohio — 3.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Series B-2, 5.00%, 06/01/55^(h)		1,500		1,690,680
City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A (AGM), AMT, 4.00%, 12/01/32		2,000		2,114,140
Northwest Local School District/Hamilton & Butler Counties, GO, School Improvements, 4.00%, 12/01/50		1,135		1,224,120
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)		395		466,618
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41		1,500		1,602,675

				7,098,233

Oklahoma — 0.9%
City of Oklahoma Public Property Authority, Refunding RB, 5.00%, 10/01/39		720		851,429
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		605		741,306

				1,592,735

Oregon — 1.4%
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		675		787,009
State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 04/01/45		1,475		1,725,765

				2,512,774


20		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania — 4.2%
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/33	$	335	$	423,209
5.00%, 06/01/34		750		944,055
(AGM), 4.00%, 06/01/39		1,365		1,564,686
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University:
Series A, 4.00%, 09/01/49		495		562,845
Project, 4.00%, 09/01/49		715		823,394
Delaware River Port Authority, RB, 4.50%, 01/01/32		1,500		1,698,750
Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45		1,250		1,507,987

				7,524,926

Puerto Rico — 5.8%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		315		324,305
5.63%, 05/15/43		345		355,164
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		1,305		1,391,508
5.13%, 07/01/37		375		400,327
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		385		396,793
6.00%, 07/01/44		700		724,108
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(d)		843		251,560
Series A-1, 4.75%, 07/01/53		1,072		1,204,832
Series A-1, 5.00%, 07/01/58		3,304		3,787,606
Series A-2, 4.33%, 07/01/40		451		495,699
Series A-2, 4.78%, 07/01/58		1,028		1,161,794

				10,493,696

Rhode Island — 3.7%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22^(b)		900		956,583
Rhode Island Health & Educational Building Corp., Refunding RB, Series A (AGM), 3.75%, 05/15/32		1,155		1,278,597
Rhode Island Housing & Mortgage Finance Corp., RB, (FHA), S/F Housing, Series 3-B, 4.13%, 10/01/49		480		505,200
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/40		1,000		1,139,500
Series B, 4.50%, 06/01/45		2,730		2,914,766

				6,794,646

South Carolina — 1.5%
South Carolina Jobs-Economic Development Authority, RB:
Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/44		100		117,530
Bishop Gadsden Episcopal Retirement Community, 4.00%, 04/01/49		100		109,419
Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/49		135		156,974
Bishop Gadsden Episcopal Retirement Community, 4.00%, 04/01/54		105		114,342
Bishop Gadsden Episcopal Retirement Community, 5.00%, 04/01/54		265		307,442
Hilton Head Christian Academy, 5.00%, 01/01/55^(a)		470		504,399
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53		1,000		1,140,460
State of South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36		175		210,555

				2,661,121


Security	Par (000)		Value

South Dakota — 0.5%
City of Rapid City South Dakota, RB, 4.00%, 12/01/48	$	740	$	840,270


Tennessee — 2.7%
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(b)		1,950		2,188,739
City of Johnson Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 08/15/42		800		864,880
County of Chattanooga-Hamilton Tennessee Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		994,735
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		675		807,752

				4,856,106

Texas — 10.0%
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%, 11/15/41^(d)		11,690		4,978,069
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/38^(d)		10,760		5,476,087
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43		890		1,038,817
Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)^(d):
0.00%, 08/15/24^(b)		370		210,582
0.00%, 08/15/35		3,630		2,069,536
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23^(b)		760		859,241
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42		1,355		1,434,606
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		2,000		2,040,860

				18,107,798

Utah — 0.8%
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/43		530		655,059
State of Utah Charter School Finance Authority, RB, Utah Charter Academies Project, 5.00%, 10/15/48		360		439,106
State of Utah Charter School Finance Authority, Refunding RB, Mountainville Academy, 4.00%, 04/15/42		400		432,224

				1,526,389

Vermont — 0.6%
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37		500		557,695
Vermont Student Assistance Corp., RB, Series A, 4.13%, 06/15/30		440		469,049

				1,026,744

Virginia — 1.9%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36		490		558,277
Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay:
5.00%, 09/01/44		585		683,982
4.00%, 09/01/48		375		409,552
Virginia HDA, RB, M/F Housing, Rental Housing, Series B, 4.00%, 06/01/53		385		425,945
Virginia Small Business Financing Authority, RB, AMT:
Covanta Project, 5.00%, 01/01/48^(a)(i)		470		515,905
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37		725		801,777

				3,395,438


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington — 0.4%
State of Washington Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/38^(a)	$	600	$	707,610


West Virginia — 0.8%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		1,305		1,466,859


Wisconsin — 1.1%
Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35		280		296,080
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44		800		1,011,904
WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 07/01/37		665		765,967

				2,073,951


Total Municipal Bonds — 130.0% (Cost — $206,125,501)				235,774,436


Municipal Bonds Transferred to Tender Option Bond Trusts^(j) — 31.7%

California — 1.0%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42^(k)		1,451		1,874,804


Colorado — 1.4%
State of Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/44^(k)		1,950		2,452,164


Connecticut — 1.7%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		2,611		3,134,331


Michigan — 3.4%
State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 3.90%, 12/01/33		5,385		6,077,134


New Jersey — 0.8%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		1,400		1,470,073


New York — 12.2%
City of New York, GO, Refunding, Fiscal 2015, Series B, 4.00%, 08/01/32		3,990		4,459,942
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013:
Series BB, 4.00%, 06/15/47		3,660		3,922,056
Series CC, 5.00%, 06/15/47		6,000		6,784,265
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(k):
5.75%, 02/15/21^(b)		1,548		1,618,547
5.75%, 02/15/47		952		995,681
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		2,505		2,692,048
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31		1,560		1,659,528

				22,132,067

Texas — 5.7%
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43		2,999		3,233,522
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		1,580		1,765,856


Security	Par (000)		Value

Texas (continued)
City of San Antonio Texas Water System, Refunding RB, Water System, Junior Lien, Series C, 5.00%, 05/15/46	$	1,515	$	1,856,208
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/48		2,999		3,544,707

				10,400,293

Virginia — 1.4%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.00%, 07/01/48		1,996		2,495,512


Washington — 4.1%
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42		2,992		3,732,796
Washington State Convention Center Public Facilities District, RB, 5.00%, 07/01/58		3,000		3,661,530

				7,394,326


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.7% (Cost — $53,741,287)				57,430,704


Total Long-Term Investments — 161.7% (Cost — $259,866,788)				293,205,140


	Shares

Short-Term Securities — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(l)(m)		1,776,911		1,777,266


Total Short-Term Securities — 1.0% (Cost — $1,777,266)				1,777,266


Total Investments — 162.7% (Cost — $261,644,054)				294,982,406

Liabilities in Excess of Other Assets — (0.1)%				(313,558	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.5)%				(33,508,952	)

VMTP Shares at Liquidation Value — (44.1)%				(79,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	181,259,896

^(a)	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.

^(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-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(d)	Zero-coupon bond.

^(e)	Non-income producing security.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(h)	When-issued security.

⁽ⁱ⁾	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(j)	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.

^(k)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to August 1, 2027, is $3,678,119. See Note 4 of the Notes to Financial Statements for details.

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


22		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

^(m)	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		7,802		1,769,109		1,776,911	$	1,777,266	$	4,852	$	(95	)	$	—

^(a)

Includes net capital gain distributions, if applicable.

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		31		06/19/20	$	4,177	$	(52,355	)
U.S. Long Treasury Bond		60		06/19/20		10,215		(201,753	)
5-Year U.S. Treasury Note		24		06/30/20		2,946		(27,235	)

							$	(281,343	)

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)	$	—	$	—	$	—	$	—	$	281,343	$	—	$	281,343

^(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 six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations were 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	$	—	$	—	$	—	$	—	$	(466,370	)	$	—	$	(466,370	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(246,962	)	$	—	$	(246,962	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		16,120,969

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Bond Trust (BBK)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	292,792,340	$	412,800	$	293,205,140
Short-Term Securities		1,777,266			—		—		1,777,266

	$	1,777,266		$	292,792,340	$	412,800	$	294,982,406

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(281,343	)	$	—	$	—	$	(281,343	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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

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 disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(33,442,766	)	$	—	$	(33,442,766	)
VMTP Shares at Liquidation Value		—		(79,900,000	)		—		(79,900,000	)

	$	—	$	(113,342,766	)	$	—	$	(113,342,766	)

See notes to financial statements.


24		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 100.6%

Alabama — 0.4%
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35	$	335	$	356,594
University of South Alabama, RB, 4.00%, 04/01/40^(a)		220		262,229

				618,823

Arizona — 2.3%
Arizona IDA, RB^(b):
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		210		223,257
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		240		251,978
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		185		193,764
Odyssey Preparatory Academy Project, 4.38%, 07/01/39		250		257,825
County of Maricopa Arizona IDA, Refunding RB, Legacy Traditional Schools Project^(b):
5.00%, 07/01/39		100		116,376
5.00%, 07/01/49		125		142,639
5.00%, 07/01/54		100		113,808
County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38		300		357,525
County of Maricopa Pollution Control Corp., Refunding RB, EL Paso Electric Co. Palo Varde Project, Series B, 3.60%, 04/01/40		1,400		1,539,048

				3,196,220

California — 8.0%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(c)		1,120		1,146,275
California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A, 4.00%, 03/01/42		1,000		1,147,330
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/23^(c)		1,025		1,200,193
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21^(c)		1,000		1,066,440
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J:
5.25%, 05/15/23^(c)		1,835		2,094,469
5.25%, 05/15/38		520		589,431
State of California Public Works Board, LRB, Various Capital Projects, Series I:
5.50%, 11/01/30		1,000		1,169,640
5.50%, 11/01/31		1,500		1,753,020
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		505		580,886
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40		380		449,445

				11,197,129

Colorado — 4.7%
City & County of Denver Colorado, RB, Capital Appreciation Bonds Series, Series A-2, 0.00%, 08/01/38^(d)		915		493,990
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32		3,250		3,768,992
Colorado Educational & Cultural Facilities Authority, RB, Rocky Mountain School of Expeditionary Learning, 5.00%, 03/01/50^(b)		360		404,752
Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59^(b)		480		538,013


Security	Par (000)		Value

Colorado (continued)
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series B-1, 4.00%, 11/09/22^(c)	$	680	$	738,058
Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48		555		573,454

				6,517,259

Connecticut — 0.3%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1, 4.00%, 05/15/45		415		457,816


District of Columbia — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53		700		812,385


Florida — 10.5%
Capital Trust Agency, Inc., RB, Advantage Academy of Hillsborough Projects, Series A:
5.00%, 12/15/49		160		177,896
5.00%, 12/15/54		140		155,366
City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31		4,525		4,814,193
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		795		917,557
County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38		4,215		4,914,437
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project, 5.00%, 08/01/41		1,305		1,453,627
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-2^(d):
0.00%, 10/01/46		625		262,731
0.00%, 10/01/47		605		245,763
0.00%, 10/01/48		430		166,832
0.00%, 10/01/49		355		133,203
Esplanade Lake Club Community Development District, Special Assessment Bonds, Capital Improvement, Series A-1, 4.13%, 11/01/50		615		636,396
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/23^(c)		745		850,149

				14,728,150

Georgia — 6.1%
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30		2,500		2,606,725
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		2,225		3,370,074
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		710		800,823
4.00%, 01/01/59		1,335		1,488,672
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49		260		293,953

				8,560,247

Idaho — 0.5%
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, 4.00%, 12/01/43		670		776,577


Illinois — 20.2%
City of Chicago Illinois, Refunding GARB, O’Hare International Airport, 3rd Lien, Series C (AGC), 5.25%, 01/01/30		1,000		1,003,270
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:
Series A, 5.75%, 01/01/21^(c)		690		718,000
Series A, 5.75%, 01/01/39		135		140,226
Series C, 6.50%, 01/01/21^(c)		3,740		3,914,882


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts:
5.25%, 12/01/36	$	3,185	$	3,407,313
5.25%, 12/01/40		3,000		3,192,780
City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%, 06/01/28		3,000		3,030,210
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42		1,480		1,564,301
County of Cook Illinois Community College District No. 508, GO, City College of Chicago:
5.50%, 12/01/38		855		962,764
5.25%, 12/01/43		1,430		1,580,636
Illinois Finance Authority, RB, Series A:
Carle Foundation, 6.00%, 08/15/41		1,885		2,011,974
Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/37		520		614,760
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project^(a):
4.00%, 06/15/50		465		525,004
5.00%, 06/15/50		450		555,759
Railsplitter Tobacco Settlement Authority, RB^(c):
5.50%, 06/01/21		915		967,887
6.00%, 06/01/21		260		276,653
State of Illinois, GO:
5.25%, 02/01/31		610		699,792
5.25%, 02/01/32		1,010		1,157,430
5.50%, 07/01/33		1,000		1,137,600
5.50%, 07/01/38		270		305,810
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/27		345		431,919

				28,198,970

Louisiana — 0.4%
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29		640		641,306


Maine — 0.8%
Maine State Housing Authority^(a):
2.50%, 11/15/45		400		397,380
2.60%, 11/15/50		680		677,844

				1,075,224

Maryland — 0.6%
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		710		799,332


Massachusetts — 1.0%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47		695		816,785
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35		500		598,560

				1,415,345

Michigan — 0.0%
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM), 6.25%, 07/01/36		5		5,020


Minnesota — 2.9%
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48		3,050		3,496,124
5.25%, 02/15/58		520		638,898

				4,135,022

Mississippi — 1.7%
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40		1,000		1,205,190


Security	Par (000)		Value

Mississippi (continued)
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23^(c)	$	1,000	$	1,149,210

				2,354,400

New Jersey — 6.1%
New Jersey EDA, RB, School Facilities Construction, 5.00%, 06/15/44		160		197,891
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 4.00%, 07/01/47		300		341,052
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program Bonds, Series S, 5.00%, 06/15/46		2,070		2,502,216
Transportation System, Series AA, 5.50%, 06/15/39		1,620		1,820,750
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		270		320,012
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		580		722,152
Series A, 5.00%, 06/01/46		1,365		1,659,103
Sub-Series B, 5.00%, 06/01/46		810		947,514

				8,510,690

New Mexico — 0.1%
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/44		100		113,887


New York — 2.9%
Metropolitan Transportation Authority, RB:
Series A, 5.25%, 11/15/21^(c)		1,565		1,682,907
Series A-1, 5.25%, 11/15/39		1,000		1,145,630
State of New York Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50		700		825,377
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42		415		444,025

				4,097,939

North Carolina — 0.7%
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55		260		304,783
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/45		395		617,215

				921,998

Ohio — 1.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB^(a):
4.00%, 06/01/48		425		486,085
Senior, Series B-2, 5.00%, 06/01/55		1,215		1,369,451
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31		470		531,429

				2,386,965

Oregon — 0.4%
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(d)		510		278,521
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Deferred Interest, Series A, 0.00%, 06/15/38^(d)		530		319,405

				597,926

Pennsylvania — 2.6%
Pennsylvania Turnpike Commission, RB, Series C:
5.00%, 12/01/23^(c)		1,305		1,507,432
5.00%, 12/01/43		415		471,726
Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37		1,500		1,679,520

				3,658,678


26		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico — 3.9%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(d)	$	143	$	42,672
Series A-1, 4.75%, 07/01/53		734		824,950
Series A-1, 5.00%, 07/01/58		978		1,121,150
Series A-2, 4.78%, 07/01/58		2,693		3,043,494
Series B-1, 4.75%, 07/01/53		187		210,560
Series B-2, 4.78%, 07/01/58		181		203,645

				5,446,471

Rhode Island — 0.8%
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40		1,050		1,196,475


South Carolina — 8.0%
County of Berkeley South Carolina, Special Assessment Bonds, Nexton Improvement District Assessment:
4.25%, 11/01/40		140		147,199
4.38%, 11/01/49		205		214,533
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38		1,525		1,762,870
South Carolina Jobs EDA, Refunding RB:
Anmed Health Projects, 5.00%, 02/01/38		2,875		3,369,672
Prisma Health Obligated Group, Series A, 5.00%, 05/01/48		785		949,041
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55^(b)		375		402,446
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43		880		1,075,202
State of South Carolina Public Service Authority, RB, Series E:
5.00%, 12/01/48		440		493,530
5.50%, 12/01/53		500		570,230
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		1,825		2,162,807

				11,147,530

Tennessee — 4.0%
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A:
4.00%, 10/01/49		230		258,196
5.25%, 10/01/58		2,155		2,674,118
Tennessee Housing Development Agency, RB^(a):
2.30%, 07/01/40		2,030		2,041,855
2.40%, 01/01/44		560		562,861

				5,537,030

Texas — 5.6%
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37		980		1,096,473
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33		1,000		1,139,550
North Texas Tollway Authority, Refunding RB:
4.25%, 01/01/49		2,555		2,960,581
1st Tier (AGM), 6.00%, 01/01/21^(c)		1,000		1,041,970
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23^(c)		440		497,455
Texas Transportation Commission, RB, First Tier Toll Revenue:
0.00%, 08/01/39^(d)		1,000		480,450
0.00%, 08/01/43^(d)		795		304,135
5.00%, 08/01/57		240		284,652

				7,805,266


Security	Par (000)		Value

Utah — 0.1%
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/39^(b)	$	100	$	110,023


Virginia — 0.3%
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22^(c)		370		398,205


Washington — 2.3%
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21^(c)		1,025		1,066,307
State of Washington, GO, Various Purposes, Series B, 5.25%, 02/01/21^(c)		795		827,039
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55^(b)		220		251,376
Washington State Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/43^(b)		900		1,053,666

				3,198,388

Wisconsin — 0.1%
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/54^(b)		130		144,100


Total Municipal Bonds — 100.6% (Cost — $127,927,225)				140,760,796


Municipal Bonds Transferred to Tender Option Bond Trusts^(e) — 72.9%

California — 11.9%
Fremont Union High School District, GO, Refunding, Series A, 4.00%, 08/01/46		1,640		1,897,333
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43		2,775		3,436,421
San Marcos Unified School District, GO, Election of 2010, Series A, 5.25%, 08/01/21^(c)		10,680		11,352,199

				16,685,953

Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/49^(f)		1,490		1,707,644


Connecticut — 1.1%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		1,306		1,567,165


District of Columbia — 0.6%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39		790		896,697


Florida — 1.5%
Escambia Cnty Fl Hlth Facs Aut, 4.00%, 08/15/50^(f)		1,770		2,026,084


Georgia — 0.8%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,025		1,149,619


Idaho — 1.4%
Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48		1,700		1,954,966


Illinois — 5.5%
State of Illinois Toll Highway Authority, RB:
Series A, 5.00%, 01/01/40		825		981,151
Series B, 5.00%, 01/01/40		3,329		3,990,809
Series C, 5.00%, 01/01/38		2,252		2,650,681

				7,622,641


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iowa — 1.2%
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46	$	1,455	$	1,603,483


Michigan — 3.6%
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47		1,624		1,898,705
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45		2,650		3,197,198

				5,095,903

Nevada — 3.1%
Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 06/01/28		4,100		4,313,036


New Jersey — 5.5%
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 07/01/22^(c)(f)		6,020		6,602,616
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		1,000		1,050,052

				7,652,668

New York — 14.5%
City of New York, GO, Sub-Series-D1, Series D, 5.00%, 12/01/43^(f)		2,620		3,360,857
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		1,890		2,143,203
City of New York Municipal Water Finance Authority, Refunding RB:
Series FF, 5.00%, 06/15/45		3,019		3,286,660
Water & Sewer System, 2nd General Resolution, Series BB, 5.25%, 12/15/21^(c)		4,993		5,386,084
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(f):
5.75%, 02/15/21^(c)		619		647,419
5.75%, 02/15/47		381		398,272
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		2,955		3,175,650
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(f)		1,740		1,884,558

				20,282,703

North Carolina — 2.8%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		2,400		2,892,936
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48		943		1,055,350

				3,948,286

Pennsylvania — 4.9%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,349		1,614,274
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49		1,680		1,774,786
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,094		1,359,016
Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM), 5.00%, 06/01/35		1,640		2,033,403

				6,781,479

Rhode Island — 1.6%
Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,982		2,243,842


Security	Par (000)		Value

Texas — 6.9%
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38	$	4,456	$	5,009,630
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 09/01/21^(c)		2,310		2,467,958
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):
3.63%, 09/01/44		1,114		1,235,208
3.75%, 09/01/49		790		876,484

				9,589,280

Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57^(f)		1,337		1,699,138


West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(f)		1,511		1,739,884


Wisconsin — 2.4%
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:
4.10%, 11/01/43		1,342		1,492,714
4.45%, 05/01/57		1,678		1,865,925

				3,358,639


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 72.9% (Cost — $94,031,323)				101,919,110


Total Long-Term Investments — 173.5% (Cost — $221,958,548)				242,679,906


	Shares

Short-Term Securities — 0.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(g)^(h)		1,093,985		1,094,204


Total Short-Term Securities — 0.8% (Cost — $1,094,204)				1,094,204


Total Investments — 174.3% (Cost — $223,052,752)				243,774,110

Liabilities in Excess of Other Assets — (3.6)%				(5,115,482	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (40.5)%				(56,592,651	)

VMTP Shares, at Liquidation Value,— (30.2)%				(42,200,000	)


Net Assets Applicable to Common Shares — 100.0%			$	139,865,977

^(a)	When-issued security.

^(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)	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)	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)

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 July 1, 2020 to August 15, 2027, is $11,193,928. See Note 4 of the Notes to Financial Statements for details.

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


28		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

^(h)	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		466,968		627,017		1,093,985	$	1,094,204	$	1,461	$	(79	)	$	—

^(a)

Includes net capital gain distributions, if applicable.

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		13		06/19/20	$	1,752	$	(22,393	)
U.S. Long Treasury Bond		49		06/19/20		8,342		(164,765	)
5-Year U.S. Treasury Note		21		06/30/20		2,578		(23,957	)

							$	(211,115	)

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)	$	—	$	—	$	—	$	—	$	211,115	$	—	$	211,115

^(a)

For the six months ended February 29, 2020, 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	$	—	$	—	$	—	$	—	$	(372,684	)	$	—	$	(372,684	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(187,429	)	$	—	$	(187,429	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		12,003,195

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Investment Quality Trust (BAF)

Fair Value Hierarchy as of Period End

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	242,679,906	$	—	$	242,679,906
Short-Term Securities		1,094,204			—		—		1,094,204

	$	1,094,204		$	242,679,906	$	—	$	243,774,110

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(211,115	)	$	—	$	—	$	(211,115	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(56,448,869	)	$	—	$	(56,448,869	)
VMTP Shares at Liquidation Value		—		(42,200,000	)		—		(42,200,000	)

	$	—	$	(98,648,869	)	$	—	$	(98,648,869	)

See notes to financial statements.


30		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Municipal Bonds — 111.0%

Alabama — 2.6%
City of Birmingham Alabama, GO, Convertible CAB, Series A1, 5.00%, 03/01/45	$	1,165		$	1,383,041
City of Birmingham Alabama Airport Authority, ARB, (AGM), 5.50%, 07/01/40		5,800			5,882,244
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20^(a)		3,800	��		3,913,506

					11,178,791

Alaska — 0.3%
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41		1,070			1,143,980


Arizona — 1.0%
Arizona IDA, RB^(b):
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		610			648,509
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		690			724,438
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		530			555,106
Odyssey Preparatory Academy Project, 4.38%, 07/01/39		725			747,693
County of Maricopa Arizona IDA, Refunding RB, Legacy Traditional Schools Project^(b):
5.00%, 07/01/39		255			296,759
5.00%, 07/01/49		365			416,505
5.00%, 07/01/54		230			261,758
County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52^(b)		595			640,006

					4,290,774

California — 10.3%
California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47		1,465			2,405,750
California Infrastructure & Economic Development Bank, RB, Bay Area Toll Bridges, 1st Lien, Series A (AMBAC), 5.00%, 01/01/28^(a)		10,100			13,273,319
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		1,620			1,754,314
California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A, 4.00%, 03/01/48		3,175			3,549,618
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43^(c)		1,580			1,788,797
San Diego California Unified School District, GO, Election of 2008^(d):
CAB, Series C, 0.00%, 07/01/38		2,000			1,410,960
CAB, Series G, 0.00%, 07/01/34		725			400,142
CAB, Series G, 0.00%, 07/01/35		775			402,597
CAB, Series G, 0.00%, 07/01/36		1,155			565,153
CAB, Series G, 0.00%, 07/01/37		770			354,924
CAB, Series K-2, 0.00%, 07/01/38		1,745			991,300
CAB, Series K-2, 0.00%, 07/01/39		2,115			1,149,143
CAB, Series K-2, 0.00%, 07/01/40		2,715			1,413,456
San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31^(d)		1,400			1,172,794
State of California, GO, Refunding, Various Purposes, 5.00%, 10/01/41		1,100			1,169,652
State of California, GO, Various Purposes, 5.00%, 04/01/42		3,000			3,247,680
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33		1,415			1,650,682


Security	Par (000)		Value

California (continued)
Yosemite Community College District, GO, CAB, Election of 2004, Series D, 0.00%, 08/01/37^(d)	$	10,000	$	6,909,800

				43,610,081

Colorado — 0.8%
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31		960		970,723
Regional Transportation District, COP, Series A, 5.00%, 06/01/39		1,305		1,467,029
Sabell Metropolitan District, GO, Senior Bonds, Series A, 5.00%, 12/01/50^(b)(e)		1,055		1,118,859

				3,556,611

Connecticut — 1.4%
State of Connecticut, GO, Series E, 5.00%, 09/15/37		2,280		2,894,984
University of Connecticut, RB, Series A, 5.00%, 01/15/34		2,620		3,222,862

				6,117,846

Delaware — 0.8%
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:
5.00%, 07/01/40		770		903,148
5.00%, 07/01/48		2,110		2,431,142

				3,334,290

District of Columbia — 2.3%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		9,500		9,820,625


Florida — 5.6%
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39		1,795		2,006,397
County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38		2,770		3,229,654
County of Miami-Dade Florida Aviation, Refunding ARB, Aviation, Miami International Airport, Series A-1, 5.50%, 10/01/20^(a)		5,000		5,134,500
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40		3,910		4,584,709
County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 08/01/42		685		841,591
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:
5.00%, 08/01/41		630		701,751
5.00%, 08/01/47		1,845		2,045,957
Preserve at South Branch Community Development District, Special Assessment Bonds, Green Bond, Phase 2:
4.00%, 11/01/39		300		315,582
4.00%, 11/01/50		500		511,740
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23^(a)		1,340		1,529,128
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21^(a)		2,000		2,134,540
Westside Community Development District, Refunding, Special Assessment Bonds^(b):
4.10%, 05/01/37		260		272,072
4.13%, 05/01/38		260		271,778

				23,579,399

Georgia — 2.9%
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30		7,500		7,820,175
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		545		654,567


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A:
3.95%, 12/01/43	$	685	$	754,027
4.00%, 12/01/48		500		550,380
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/38		595		862,542
5.00%, 05/15/43		775		962,007
Private Colleges & Universities Authority, RB, Savannah College of Art & Design:
5.00%, 04/01/33		155		178,996
5.00%, 04/01/44		595		681,043

				12,463,737

Hawaii — 1.2%
State of Hawaii Harbor System, RB, Series A, 5.50%, 07/01/35		5,000		5,077,300


Illinois — 13.2%
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, 5.63%, 01/01/21^(a)		1,230		1,278,610
3rd Lien, 5.63%, 01/01/35		295		306,349
Senior Lien, Series D, 5.25%, 01/01/42		3,300		4,096,653
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series D, 5.25%, 01/01/34		9,800		10,954,342
City of Chicago Illinois Transit Authority, RB:
5.25%, 12/01/49		3,500		4,056,710
Sales Tax Receipts, 5.25%, 12/01/36		650		695,370
County of Cook Illinois Community College District No. 508, GO, City College of Chicago:
5.13%, 12/01/38		7,700		8,566,866
5.50%, 12/01/38		1,000		1,126,040
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37		210		225,611
County of Will Illinois, GO, 5.00%, 11/15/45		1,400		1,643,964
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:
5.00%, 02/15/47		480		555,504
5.00%, 02/15/50		240		277,171
Illinois Finance Authority, Refunding RB:
OSF Health Care System, Series A, 5.00%, 11/15/45		2,815		3,303,205
Silver Cross Hospital & Medical Centers, Series C, 4.13%, 08/15/37		3,130		3,432,515
Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44		390		444,635
University of Chicago Medical Center, Series B, 4.00%, 08/15/41		900		1,003,266
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project^(e):
4.00%, 06/15/50		515		581,456
5.00%, 06/15/50		670		827,463
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(a)		710		755,476
State of Illinois, GO:
5.25%, 07/01/29		8,345		9,412,576
5.50%, 07/01/33		880		1,001,088
5.50%, 07/01/38		1,475		1,670,629

				56,215,499

Indiana — 0.3%
Indiana Finance Authority, RB, CWA Authority Project, 1st Lien, Series A, 5.25%, 10/01/38		1,100		1,172,424


Iowa — 0.8%
Iowa Finance Authority, RB, Iowa Health Care Facilities, Genesis Health System, 5.50%, 07/01/33		3,000		3,418,800


Security	Par (000)		Value

Maryland — 1.7%
County of Montgomery Maryland, RB, Trinity Health Credit Group, 4.00%, 12/01/44	$	1,810	$	2,016,412
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		745		838,736
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System Issue, 4.00%, 07/01/48		4,000		4,475,880

				7,331,028

Massachusetts — 3.5%
Collegiate Charter School of Lowell, RB:
5.00%, 06/15/39		565		621,353
5.00%, 06/15/49		1,185		1,293,191
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		2,370		2,785,295
Emerson College Issue, 5.00%, 01/01/48		2,595		3,085,559
UMass Darthmouth Student Housing Project, 5.00%, 10/01/48		1,970		2,411,418
Massachusetts Development Finance Agency, Refunding RB:
Atrius Health Issue, Series A, 4.00%, 06/01/49		185		204,310
Foxborough Regional Charter School Issue, 5.00%, 07/01/37		190		223,064
Western New England University, 5.00%, 09/01/43		1,750		2,132,410
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46		490		531,591
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43		1,395		1,564,534

				14,852,725

Michigan — 6.9%
Lansing Board of Water & Light, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/21^(a)		1,100		1,168,123
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44		3,640		4,271,686
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 5.00%, 11/15/41		2,235		2,712,351
Hospital; Trinity Health Credit Group, 5.00%, 12/01/21^(a)		9,020		9,674,311
Trinity Health Credit Group, 5.00%, 12/01/21^(a)		30		32,177
Michigan State Housing Development Authority, RB, S/F Housing, Series A, 3.80%, 10/01/38		3,965		4,422,918
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39		1,560		1,784,531
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series I-A, 5.38%, 10/15/36		2,000		2,141,920
Series I-A, 5.38%, 10/15/41		800		855,104
Series II-A, 5.38%, 10/15/36		1,500		1,606,440
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39		430		488,110

				29,157,671

Minnesota — 0.4%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/49		1,315		1,623,788


Nebraska — 1.7%
Central Plains Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37		6,345		6,980,008


New Jersey — 9.7%
New Jersey EDA, RB:
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42		375		450,623
Series WW, 5.25%, 06/15/25^(a)		20		24,584


32		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
Series WW, 5.25%, 06/15/33	$	170	$	202,263
Series WW, 5.00%, 06/15/34		225		261,722
Series WW, 5.00%, 06/15/36		1,395		1,619,595
Series WW, 5.25%, 06/15/40		380		445,485
New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32		930		1,026,562
New Jersey Health Care Facilities Financing Authority, Refunding RB, Hospital Asset Transfer Program, 5.00%, 10/01/37		1,605		1,971,084
New Jersey Transportation Trust Fund Authority, RB:
5.00%, 06/15/36		5,070		5,619,892
CAB, Transportation System, Series A, 0.00%, 12/15/38^(d)		5,845		3,385,015
Transportation Program Bonds, Series S, 5.25%, 06/15/43		2,150		2,678,040
Transportation Program, Series AA, 5.25%, 06/15/33		1,660		1,863,898
Transportation Program, Series AA, 5.00%, 06/15/38		945		1,072,216
Transportation System, Series A, 5.50%, 06/15/21^(a)		3,000		3,180,000
Transportation System, Series AA, 5.50%, 06/15/39		3,785		4,254,037
Transportation System, Series B, 5.25%, 06/15/36		5,000		5,249,050
Transportation System, Series D, 5.00%, 06/15/32		900		1,043,955
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36		340		423,215
South Jersey Port Corp., RB, Sub-Marine Terminal, Series A, 5.00%, 01/01/49		720		865,627
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/35		1,750		2,178,908
5.25%, 06/01/46		1,725		2,132,928
Tobacco Settlement Bonds, 5.00%, 06/01/33		1,000		1,253,300

				41,201,999

New Mexico — 0.2%
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/49		220		249,275
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		405		476,588

				725,863

New York — 2.1%
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32		1,650		1,829,833
City of New York Water & Sewer System, Refunding RB, Water and Sewer System, 2nd General Resolution, Fiscal 2013, Series BB, 4.00%, 06/15/47		2,855		3,059,418
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21^(a)		480		502,541
5.75%, 02/15/47		290		302,722
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43		2,810		3,052,700

				8,747,214

Ohio — 2.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Series B-2, 5.00%, 06/01/55^(e)		3,515		3,961,827
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21^(a)		610		668,584
Northwest Local School District/Hamilton & Butler Counties, GO, School Improvements, 4.00%, 12/01/50		2,645		2,852,686
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41		2,500		2,671,125
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:
5.25%, 02/15/32		780		881,618
5.25%, 02/15/33		1,095		1,237,043

				12,272,883


Security	Par (000)		Value

Oregon — 0.4%
Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 5.00%, 06/15/36	$	945	$	1,191,702
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(d)		1,115		608,924

				1,800,626

Pennsylvania — 5.2%
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/33		790		998,015
5.00%, 06/01/34		1,750		2,202,795
(AGM), 4.00%, 06/01/39		3,230		3,702,517
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		1,145		1,301,934
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50		4,245		4,974,036
Pennsylvania Turnpike Commission, RB:
Series A, 5.00%, 12/01/38		695		816,111
Series A-1, 5.00%, 12/01/41		2,730		3,296,448
Series B, 5.00%, 12/01/40		1,060		1,272,222
Series C, 5.50%, 12/01/23^(a)		630		739,330
Subordinate, Special Motor License Fund, 6.00%, 12/01/20^(a)		625		649,037
Pennsylvania Turnpike Commission, Refunding RB:
Series A-1, 5.00%, 12/01/40		850		1,012,265
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35		860		1,067,518

				22,032,228

Puerto Rico — 3.8%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(d)		2,388		712,603
Series A-1, 4.75%, 07/01/53		2,111		2,372,574
Series A-1, 5.00%, 07/01/58		2,811		3,222,446
Series A-2, 4.78%, 07/01/58		7,766		8,776,745
Series B-1, 4.75%, 07/01/53		536		603,531
Series B-2, 4.78%, 07/01/58		520		585,057

				16,272,956

Rhode Island — 2.0%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22^(a)		2,275		2,418,029
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45		5,855		6,251,267

				8,669,296

South Carolina — 6.2%
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 08/01/21^(a)		260		280,808
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55^(b)		1,095		1,175,143
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43		3,500		3,916,045
State of South Carolina Ports Authority, ARB, 5.25%, 07/01/20^(a)		5,000		5,072,850
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		6,960		8,000,799
Series E, 5.50%, 12/01/53		1,610		1,836,141
State of South Carolina Public Service Authority, Refunding RB, Series B:
Santee Cooper, 5.00%, 12/01/38		2,360		2,664,888
(AGM), 5.00%, 12/01/56		2,845		3,425,266

				26,371,940


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Dakota — 0.5%
City of Rapid City South Dakota, RB, 4.00%, 12/01/48	$	1,760	$	1,998,480


Tennessee — 0.0%
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		35		41,883


Texas — 14.6%
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38		615		684,022
Coppell Texas ISD, GO, CAB, Refunding (PSF-GTD), 0.00%, 08/15/30^(d)		10,030		8,423,996
County of Harris Texas, GO, Refunding (NPFGC)^(d):
0.00%, 08/15/25		7,485		7,028,864
0.00%, 08/15/28		10,915		9,641,765
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Junior Lien, Series H (NPFGC)^(d):
0.00%, 11/15/38		5,785		2,798,320
0.00%, 11/15/39		6,160		2,792,451
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36^(d)		2,340		1,329,237
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33		1,090		1,254,459
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43		2,110		2,462,813
Grand Parkway Transportation Corp., RB, Convertible CAB, Series B, 5.80%, 10/01/46^(c)		2,365		2,626,735
Harris County-Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NPFGC)^(d):
0.00%, 11/15/24^(a)		5,965		2,469,033
0.00%, 11/15/38		10,925		4,249,716
Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38^(d)		3,775		1,833,744
North Texas Tollway Authority, RB^(a):
CAB, Special Project System, Series B, 0.00%, 09/01/31^(d)		1,975		1,044,341
Convertible CAB, Series C, 6.75%, 09/01/31^(c)		2,500		3,629,100
Special Projects System, Series A, 6.00%, 09/01/21		1,000		1,075,790
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/40		385		426,018
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42		3,155		3,340,356
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/31		2,105		2,307,459
5.00%, 12/15/32		2,540		2,781,046

				62,199,265

Utah — 0.7%
Salt Lake City Corp. Airport Revenue, ARB, Series B, 5.00%, 07/01/43		2,000		2,524,040
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49^(b)		235		253,932

				2,777,972

Virginia — 0.8%
Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay:
5.00%, 09/01/44		1,375		1,607,650
4.00%, 09/01/48		885		966,544
Virginia HDA, RB, M/F Housing, Rental Housing, Series B, 4.00%, 06/01/53		895		990,183

				3,564,377


Security	Par (000)			Value

Washington — 1.2%
State of Washington Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/38^(b)	$	1,400		$	1,651,090
Washington Health Care Facilities Authority, RB:
MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44		2,000			2,182,180
Providence Health & Services, Series A, 5.25%, 04/01/20^(a)		675			677,295
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55^(b)		625			714,138

					5,224,703

West Virginia — 0.8%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		3,050			3,428,292


Wisconsin — 2.2%
Public Finance Authority, RB, American Preparatory Academy - Las Vegas Project, Series A^(b):
5.00%, 07/15/39		120			135,343
5.00%, 07/15/49		455			505,564
5.00%, 07/15/54		215			238,338
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/39^(b)		375			421,841
State of Wisconsin Health & Educational Facilities Authority, RB, Marshfield Clinic Health System, Inc. Series C, 4.00%, 02/15/42		5,000			5,577,150
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44		1,895			2,396,948

					9,275,184


Total Municipal Bonds — 111.0% (Cost — $413,266,838)					471,530,538


Municipal Bonds Transferred to Tender Option Bond Trusts^(f) — 50.7%

California — 1.8%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42^(g)		3,432			4,434,450
Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48		3,077			3,154,827

					7,589,277

Colorado — 1.4%
State of Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/44^(g)		4,605			5,790,879


Connecticut — 0.5%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		1,561			1,873,393


Florida — 3.9%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		3,500			4,153,415
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42		1,950			2,123,316
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20^(a)		10,101	��		10,343,986

					16,620,717

Illinois — 4.5%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41		2,400			2,574,384


34		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
State of Illinois Toll Highway Authority, RB:
Series A, 5.00%, 01/01/38	$	7,714	$	8,538,764
Series A, 5.00%, 01/01/40		3,045		3,621,338
Series B, 5.00%, 01/01/40		1,170		1,402,177
Series C, 5.00%, 01/01/38		2,658		3,127,803

				19,264,466

Kansas — 1.6%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/26^(a)		5,363		6,750,984


Maryland — 0.9%
City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41		3,139		3,849,218


Massachusetts — 4.7%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,661		1,912,814
Massachusetts Development Finance Agency, RB, Worcester Polytechnic Institute, 4.00%, 09/01/49		5,494		5,821,131
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 4.00%, 07/01/35		7,070		8,314,320
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 11/15/46^(g)		3,300		4,040,718

				20,088,983

Michigan — 4.2%
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44		2,220		2,605,795
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45		960		1,158,230
State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 3.90%, 12/01/33		12,615		14,236,406

				18,000,431

Nevada — 1.1%
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46		3,900		4,765,878


New Jersey — 0.8%
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51		920		1,113,090
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		2,000		2,100,104

				3,213,194

New York — 11.6%
City of New York Water & Sewer System, Refunding RB:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47		6,240		7,055,635
2nd General Resolution, Series FF, 5.00%, 06/15/39		8,355		10,026,000
Series DD, 5.00%, 06/15/35		1,845		2,160,753
Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44		3,850		4,531,142
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		1,698		2,079,983
New York City Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/30		12,500		13,871,375
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56		2,561		3,202,181
State of New York Urban Development Corp., RB, Personal Income Tax, General Purpose, Series A-1, 5.00%, 03/15/43		5,720		6,411,205

				49,338,274


Security	Par (000)		Value

North Carolina — 1.3%
Durham Capital Fing Corp. Ltd., Refunding RB, 4.00%, 06/01/23^(a)	$	5,125	$	5,653,438


Pennsylvania — 1.8%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		1,020		1,216,156
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		4,997		6,206,035

				7,422,191

Texas — 6.1%
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43		7,001		7,550,274
City of San Antonio Texas Water System, Refunding RB, Water System, Junior Lien, Series C, 5.00%, 05/15/46		3,750		4,594,575
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38		719		808,729
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41		3,920		4,749,903
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/48		7,001		8,276,891

				25,980,372

Virginia — 0.6%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.00%, 07/01/48		1,996		2,495,512


Washington — 3.0%
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38		3,210		4,251,934
Washington State Convention Center Public Facilities District, RB, 5.00%, 07/01/58		7,000		8,543,570

				12,795,504

Wisconsin — 0.9%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42		3,520		3,854,013


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 50.7% (Cost — $199,795,072)				215,346,724


Total Long-Term Investments — 161.7% (Cost — $613,061,910)				686,877,262


	Shares

Short-Term Securities — 1.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(h)(i)		5,259,355		5,260,407


Total Short-Term Securities — 1.2% (Cost — $5,260,367)				5,260,407


Total Investments — 162.9% (Cost — $618,322,277)				692,137,669

Liabilities in Excess of Other Assets — (0.4)%				(1,673,592	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (30.2)%				(128,309,233	)

VMTP Shares, at Liquidation Value — (32.3)%				(137,200,000	)


Net Assets Applicable to Common Shares — 100.0%			$	424,954,844


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

^(a)	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.

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

^(c)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(d)	Zero-coupon bond.

^(e)	When-issued security.

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

^(g)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between November 15, 2024 to August 1, 2027, is $8,125,715. See Note 4 of the Notes to Financial Statements for details.

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

⁽ⁱ⁾	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		971,958		4,287,397		5,259,355	$	5,260,407	$	17,051	$	(118	)	$	40

^(a)

Includes net capital gain distributions, if applicable.

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		79		06/19/20	$	10,645	$	(133,421	)
U.S. Long Treasury Bond		125		06/19/20		21,281		(420,318	)
5-Year U.S. Treasury Note		85		06/30/20		10,434		(96,144	)

							$	(649,883	)

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)	$	—	$	—	$	—	$	—	$	649,883	$	—	$	649,883

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(1,042,481	)	$	—	$	(1,042,481	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(568,874	)	$	—	$	(568,874	)


36		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Quality Trust (BYM)

Average Quarterly Balances of Outstanding Derivative Financial Instruments:


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		39,500,641

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	686,877,262	$	—	$	686,877,262
Short-Term Securities		5,260,407			—		—		5,260,407

	$	5,260,407		$	686,877,262	$	—	$	692,137,669

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(649,883	)	$	—	$	—	$	(649,883	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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	$	—	$	(127,922,497	)	$	—	$	(127,922,497	)
VMTP Shares at Liquidation Value		—		(137,200,000	)		—		(137,200,000	)

	$	—	$	(265,122,497	)	$	—	$	(265,122,497	)

See notes to financial statements.


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (unaudited)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 126.0%

Alabama — 2.1%
County of Jefferson Alabama Sewer, Refunding RB:
Senior Lien, Series A (AGM), 5.00%, 10/01/44	$	540	$	616,918
Senior Lien, Series A (AGM), 5.25%, 10/01/48		1,320		1,517,802
Sub-Lien, Series D, 7.00%, 10/01/51		3,220		3,918,160
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		1,170		1,761,107

				7,813,987

Arizona — 3.5%
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46^(a)		1,825		2,007,646
City of Phoenix Civic Improvement Corp., ARB, Series A, 4.00%, 07/01/45		1,425		1,658,344
Salt Verde Financial Corp., RB, Senior:
5.00%, 12/01/32		5,635		7,631,818
5.00%, 12/01/37		1,000		1,423,440

				12,721,248

California — 8.1%
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49		2,315		3,932,583
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(b)		3,500		3,582,110
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33		1,365		1,548,115
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:
5.25%, 08/15/39		160		182,739
5.25%, 08/15/49		395		446,168
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45^(a)		1,655		1,796,453
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46^(a)		490		562,128
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40		6,500		6,555,380
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23^(b)		380		453,925
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:
5.00%, 06/01/47		3,195		3,395,582
5.25%, 06/01/47		590		629,961
San Marcos Unified School District, GO, CAB, Election of 2010, Series B^(c):
0.00%, 08/01/33		3,000		2,366,760
0.00%, 08/01/43		2,500		1,518,275
State of California, GO, Various Purposes, 6.00%, 03/01/33		1,760		1,767,551
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38		825		942,579

				29,680,309

Colorado — 1.8%
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43		1,915		2,544,652
Colorado Health Facilities Authority, RB, Commonspirit Health, Series A, 4.00%, 08/01/49		1,610		1,845,173
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		335		386,426


Security	Par (000)		Value

Colorado (continued)
State of Colorado, COP, Building Excellent Schools, Series O, 4.00%, 03/15/44	$	1,405	$	1,644,398

				6,420,649

Connecticut — 1.1%
State of Connecticut, GO, Series A, 4.00%, 01/15/38		3,435		4,122,653


Delaware — 2.0%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,240		1,281,416
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55		1,260		1,502,512
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45		4,275		4,364,433

				7,148,361

District of Columbia — 5.6%
District of Columbia, Refunding RB:
Georgetown University, 5.00%, 04/01/35		465		576,823
Georgetown University Issue, 5.00%, 04/01/27^(b)		380		465,546
Kipp Charter School, Series A, 6.00%, 07/01/23^(b)		820		954,160
The Catholic University of America Issue, 5.00%, 10/01/48		2,525		3,103,275
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		11,500		11,888,125
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53		2,195		2,356,662
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53		845		980,665

				20,325,256

Florida — 4.6%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38		1,665		1,820,661
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		1,450		1,673,532
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20^(b)		1,255		1,287,843
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20^(b)		5,000		5,120,100
County of Volusia Educational Facility Authority, Refunding RB, Embry Riddle Aeronautical Project:
5.00%, 10/15/44		635		796,487
5.00%, 10/15/49		1,295		1,608,481
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21^(b)		3,300		3,625,116
Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35^(d)(e)(f)		1,795		861,600

				16,793,820

Georgia — 2.1%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		555		666,577
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/35		540		758,970
5.00%, 05/15/36		540		767,140
5.00%, 05/15/37		595		855,253
5.00%, 05/15/38		325		471,136
5.00%, 05/15/49		1,095		1,658,531
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49		1,720		1,921,808


38		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49	$	670	$	757,495

				7,856,910

Hawaii — 0.4%
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30		1,480		1,501,786


Idaho — 0.3%
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46		805		985,706


Illinois — 14.5%
Chicago Board of Education, GO, Series C:
Dedicated Revenues, Series H, 5.00%, 12/01/36		495		595,871
Project, 5.25%, 12/01/35		1,600		1,845,376
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series D, 5.00%, 12/01/27		920		1,141,932
Dedicated Revenues, Series F, 5.00%, 12/01/22		675		741,461
Dedicated Revenues, Series G, 5.00%, 12/01/34		495		599,598
5.00%, 12/01/25		705		839,613
Chicago Board of Education, GO:
5.00%, 12/01/46		585		702,573
5.00%, 12/01/46		1,505		1,662,242
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:
Series A, 5.75%, 01/01/21^(b)		4,200		4,370,436
Series A, 5.75%, 01/01/39		800		830,968
Series C, 6.50%, 01/01/21^(b)		6,430		6,730,667
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		1,150		1,223,899
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38		845		951,504
Metropolitan Pier & Exposition Authority, Refunding RB:
McCormick Place Expansion Project, 4.00%, 06/15/50^(g)		1,475		1,665,334
McCormick Place Expansion Project, 5.00%, 06/15/50^(g)		960		1,185,619
Mccormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/43^(c)		5,700		3,283,770
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50		6,725		6,795,747
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50		2,725		2,756,991
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		1,255		1,335,383
State of Illinois, GO:
5.00%, 02/01/39		1,640		1,850,412
Series A, 5.00%, 04/01/35		2,500		2,765,700
Series A, 5.00%, 04/01/38		3,885		4,287,564
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37		3,005		3,540,281
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44		1,050		1,193,650

				52,896,591

Indiana — 3.9%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 01/01/34		845		987,653
7.00%, 01/01/44		3,535		4,116,472
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		3,510		3,741,098
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		485		535,818


Security	Par (000)		Value

Indiana (continued)
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48	$	1,610	$	1,777,681
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51		435		483,868
Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32		1,180		1,241,207
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		1,380		1,529,137

				14,412,934

Iowa — 1.7%
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:
Series B, 5.25%, 12/01/50^(h)		3,060		3,471,754
Midwestern Disaster Area, 5.25%, 12/01/25		500		571,080
Midwestern Disaster Area, 5.88%, 12/01/26^(a)		445		464,571
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46		1,610		1,626,615

				6,134,020

Kentucky — 0.7%
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(b)		1,060		1,190,030
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43⁽ⁱ⁾		1,280		1,539,239

				2,729,269

Louisiana — 2.6%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		3,650		3,767,822
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.50%, 05/15/30		1,100		1,118,975
5.25%, 05/15/31		935		975,224
5.25%, 05/15/32		1,195		1,287,146
5.25%, 05/15/33		1,300		1,399,749
5.25%, 05/15/35		795		881,647

				9,430,563

Maryland — 1.1%
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25		800		816,344
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46		455		557,093
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21^(b)		2,400		2,507,040

				3,880,477

Michigan — 3.2%
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39		4,825		5,277,585
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:
5.50%, 05/15/20^(b)		830		837,760
5.50%, 05/15/36		670		676,010
Michigan Finance Authority, Refunding RB:
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44		940		1,020,229
Series A, 4.00%, 12/01/49		895		1,049,907
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48		1,100		1,393,062


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Michigan (continued)
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48	$	1,165	$	1,424,515

				11,679,068

Minnesota — 1.1%
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:
4.25%, 02/15/48		1,115		1,278,091
5.25%, 02/15/53		2,230		2,739,466

				4,017,557

Missouri — 0.7%
370/Missouri Bottom Road/Taussig Road Transportation Development District, RB, 7.20%, 05/01/33^(d)(e)		6,000		2,130,000
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44		275		299,973
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43		265		289,123

				2,719,096

Nebraska — 0.7%
Central Plains Energy Project, RB, Gas Project No. 3:
5.25%, 09/01/37		895		984,572
5.00%, 09/01/42		1,570		1,715,036

				2,699,608

New Hampshire — 0.8%
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project^(a):
Series B, 4.63%, 11/01/42		1,860		2,017,617
Series C, AMT, 4.88%, 11/01/42		975		1,066,094

				3,083,711

New Jersey — 16.2%
Casino Reinvestment Development Authority, Inc., Refunding RB:
5.25%, 11/01/39		1,805		2,038,044
5.25%, 11/01/44		1,640		1,831,798
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45^(a)		1,165		1,180,704
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23		2,130		2,299,953
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29		2,130		2,332,691
School Facilities Construction, 5.00%, 06/15/49		2,535		3,100,153
Series EEE, 5.00%, 06/15/48		4,020		4,841,487
Transit transportation Project, 4.00%, 11/01/38		560		656,628
Transit transportation Project, 4.00%, 11/01/39		450		526,333
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47		1,570		1,844,923
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28		7,475		8,986,669
New Jersey State Turnpike Authority, RB:
Series A, 5.00%, 07/01/22^(b)		1,355		1,485,500
Series A, 5.00%, 01/01/43		770		837,868
Series E, 5.00%, 01/01/45		2,810		3,290,426
New Jersey Transportation Trust Fund Authority, RB:
Series BB, 4.00%, 06/15/50		1,645		1,846,332
Series BB, 5.00%, 06/15/50		5,395		6,503,187
Transportation Program, Series AA, 5.00%, 06/15/44		730		825,345
Transportation Program, Series AA, 5.00%, 06/15/44		1,355		1,492,451
Transportation System, Series B, 5.25%, 06/15/36		2,690		2,823,989


Security	Par (000)		Value

New Jersey (continued)
Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23^(b)	$	570	$	643,376
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.25%, 06/01/46		580		717,158
Sub-Series B, 5.00%, 06/01/46		7,830		9,159,299

				59,264,314

New York — 6.4%
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42		2,680		2,881,965
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		2,000		2,015,840
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		775		854,371
Metropolitan Transportation Authority, RB, Series B:
5.25%, 11/15/38		2,555		2,976,933
5.25%, 11/15/39		910		1,059,204
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project^(a):
Class 1, 5.00%, 11/15/44		4,320		4,873,305
Class 2, 5.15%, 11/15/34		365		412,319
Class 2, 5.38%, 11/15/40		910		1,033,896
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31		1,620		1,695,702
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8:
6.00%, 12/01/42		1,635		1,687,974
Special Project, 6.00%, 12/01/36		1,410		1,462,142
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48		1,945		2,487,772

				23,441,423

North Carolina — 1.2%
North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, Duke Energy Carolinas Project, Series B, 4.63%, 11/01/40		1,000		1,022,860
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage:
Aldersgate, 6.25%, 07/01/35		1,530		1,714,426
Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21^(b)		625		668,056
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49		590		943,782

				4,349,124

North Dakota — 0.3%
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58		1,035		1,260,702


Ohio — 4.5%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47		3,550		3,552,095
Buckeye Tobacco Settlement Financing Authority, Refunding RB^(g):
4.00%, 06/01/37		315		377,027
4.00%, 06/01/38		315		375,726
4.00%, 06/01/39		315		374,431
4.00%, 06/01/48		825		943,577
Senior, Series B-2, 5.00%, 06/01/55		2,990		3,370,089
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20^(b)		3,405		3,441,842


40		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Ohio (continued)
County of Franklin Ohio, RB:
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40	$	710		$	780,517
Series A, 4.00%, 12/01/49		555			647,818
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46		435			534,515
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)		810			956,861
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53		870			992,078

					16,346,576

Oklahoma — 1.8%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		2,230			2,539,502
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		1,275			1,562,257
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42		2,120			2,437,237

					6,538,996

Pennsylvania — 3.7%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42		2,500			2,660,825
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42		685			742,985
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:
5.00%, 09/01/43		1,350			1,679,954
4.00%, 09/01/49		615			699,292
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		3,030			3,517,739
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49		2,545			2,985,514
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		1,190			1,389,825

					13,676,134

Puerto Rico — 5.7%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		715	��		736,121
5.63%, 05/15/43		740			761,800
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:
5.00%, 07/01/33		2,690			2,868,320
5.13%, 07/01/37		770			822,006
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		795			819,351
6.00%, 07/01/44		1,445			1,494,766
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(c)		2,181			650,832
Series A-1, 4.75%, 07/01/53		1,721			1,934,249
Series A-1, 5.00%, 07/01/58		6,833			7,833,146
Series A-2, 4.33%, 07/01/40		906			995,794
Series A-2, 4.78%, 07/01/58		1,758			1,986,804

					20,903,189

Rhode Island — 2.3%
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/35		1,690			1,940,999


Security	Par (000)		Value

Rhode Island (continued)
Series B, 4.50%, 06/01/45	$	2,850	$	3,042,888
Series B, 5.00%, 06/01/50		3,175		3,461,194

				8,445,081

South Carolina — 4.3%
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48		3,340		4,037,960
State of South Carolina Ports Authority, ARB, 5.25%, 07/01/20^(b)		3,595		3,647,379
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54		3,575		4,109,605
State of South Carolina Public Service Authority, Refunding RB:
Series A, 5.00%, 12/01/50		1,545		1,792,200
Series E, 5.25%, 12/01/55		1,840		2,180,584

				15,767,728

Tennessee — 1.1%
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23^(b)		1,470		1,650,045
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		170		196,097
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40		740		885,536
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58		1,055		1,309,139

				4,040,817

Texas — 9.9%
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 6.25%, 01/01/21^(b)		2,350		2,453,752
Sub-Lien, 5.00%, 01/01/33		390		431,574
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39		665		771,959
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		460		520,596
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		1,260		1,611,540
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(b)		485		567,726
County of Harris Texas Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NPFGC)^(c):
0.00%, 11/15/24^(b)		2,300		1,073,594
0.00%, 11/15/36		23,075		10,169,614
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37^(c)		6,055		3,250,566
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48		4,955		6,164,664
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A, 5.13%, 08/15/47^(a)		1,085		1,112,082
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48		2,720		3,394,125
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		3,000		3,061,290


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57	$	1,270	$	1,506,284

				36,089,366

Utah — 0.7%
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:
5.00%, 07/01/47		995		1,206,318
5.00%, 07/01/48		955		1,172,988

				2,379,306

Virginia — 1.4%
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50		865		965,548
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:
5.25%, 01/01/32		1,755		1,913,915
6.00%, 01/01/37		2,120		2,344,508

				5,223,971

Washington — 3.9%
City of Bellingham Washington Water & Sewer, RB, 5.00%, 08/01/36		5,050		5,336,284
Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/26^(b)		2,335		2,847,696
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		1,615		1,965,407
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		815		943,746
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		2,445		2,764,537
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44		375		432,566

				14,290,236


Total Municipal Bonds — 126.0% (Cost — $419,677,223)				461,070,542


Municipal Bonds Transferred to Tender Option Bond Trusts^(j) — 32.4%

California — 2.2%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42^(k)		3,358		3,901,116
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47		3,345		4,128,755

				8,029,871

Colorado — 0.9%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(k)		2,463		3,128,322


Georgia — 0.9%
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48		1,321		1,481,771
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.60%, 12/01/44		1,582		1,739,444

				3,221,215

Illinois — 0.5%
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:
4.00%, 02/15/27^(b)		4		4,407
4.00%, 02/15/41		1,540		1,757,095

				1,761,502


Security	Par (000)		Value

Massachusetts — 3.0%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45	$	2,238	$	2,538,917
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47		4,979		5,958,909
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21^(b)		2,461		2,629,333

				11,127,159

New York — 15.1%
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31^(k)		9,150		9,646,387
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(k):
5.75%, 02/15/21^(b)		1,083		1,132,983
5.75%, 02/15/47		666		696,977
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		11,670		12,541,399
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(k)		7,040		7,624,876
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		6,576		7,876,956
New York State Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50		3,164		3,730,576
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55		2,790		3,391,998
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46		7,217		8,484,008

				55,126,160

North Carolina — 0.9%
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55		2,740		3,302,769


Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		2,521		3,130,972


Rhode Island — 0.5%
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/22^(b)		1,695		1,801,565


Texas — 6.0%
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43		2,660		2,972,896
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/21^(b)		3,720		3,970,914
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43		2,241		2,367,161
Texas Water Development Board, RB, State Water Implementation Fund, Series A, 4.00%, 10/15/49		7,600		8,993,460
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43		3,347		3,664,154

				21,968,585

Washington — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B (AGM), 4.00%, 10/01/53		1,978		2,315,506


42		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wisconsin — 0.9%
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46	$	3,072	$	3,431,238


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.4% (Cost — $109,330,578)				118,344,864


Total Long-Term Investments — 158.4% (Cost — $529,007,801)				579,415,406


	Shares

Short-Term Securities — 3.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(l)(m)		10,933,943		10,936,129


Total Short-Term Securities — 3.0% (Cost — $10,935,559)				10,936,129


Total Investments — 161.4% (Cost — $539,943,360)				590,351,535

Liabilities in Excess of Other Assets — (1.0)%				(3,778,663	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.0)%				(69,483,088	)

VMTP Shares, at Liquidation Value — (41.4)%				(151,300,000	)


Net Assets Applicable to Common Shares — 100.0%			$	365,789,784

^(a)	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.

^(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)	Zero-coupon bond.

^(d)	Issuer filed for bankruptcy and/or is in default.

^(e)	Non-income producing security.

^(f)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(g)	When-issued security.

^(h)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(j)	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.

^(k)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to June 1, 2026, is $15,285,307. See Note 4 of the Notes to Financial Statements for details.

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

^(m)	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		7,110,938		3,823,005		10,933,943	$	10,936,129	$	40,172	$	471	$	1,104

^(a)

Includes net capital gain distributions, if applicable.

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		27		06/19/20	$	3,638	$	(45,599	)
U.S. Long Treasury Bond		101		06/19/20		17,195		(341,249	)
5-Year U.S. Treasury Note		29		06/30/20		3,560		(33,273	)

							$	(420,121	)


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock Municipal Income Trust II (BLE)

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)	$	—	$	—	$	—	$	—	$	420,121	$	—	$	420,121

^(a)

For the six months ended February 29, 2020, 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	$	—	$	—	$	—	$	—	$	(518,947	)	$	—	$	(518,947	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(370,030	)	$	—	$	(370,030	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		21,977,930

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	578,553,806	$	861,600	$	579,415,406
Short-Term Securities		10,936,129			—		—		10,936,129

	$	10,936,129		$	578,553,806	$	861,600	$	590,351,535

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(420,121	)	$	—	$	—	$	(420,121	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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	$	—	$	(69,294,759	)	$	—	$	(69,294,759	)
VMTP Shares at Liquidation Value		—		(151,300,000	)		—		(151,300,000	)

	$	—	$	(220,594,759	)	$	—	$	(220,594,759	)

See notes to financial statements.


44		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

February 29, 2020

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 121.5%

Alabama — 0.7%
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35	$	1,745	$	1,857,483
Homewood Educational Building Authority, Refunding RB, Samford University, Series A, 4.00%, 12/01/39		1,700		1,972,646

				3,830,129

Arizona — 2.6%
Arizona IDA, RB^(a):
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		855		908,976
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		965		1,013,163
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		745		780,291
Odyssey Preparatory Academy Project, 4.38%, 07/01/39		1,015		1,046,769
County of Maricopa Arizona IDA, Refunding RB:
Banner Health Obligation Group, 5.00%, 01/01/38		3,000		3,688,890
Legacy Traditional Schools Project, 5.00%, 07/01/39^(a)		360		418,954
Legacy Traditional Schools Project, 5.00%, 07/01/49^(a)		510		581,966
Legacy Traditional Schools Project, 5.00%, 07/01/54^(a)		320		364,186
County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52^(a)		825		887,403
Salt River Project Agricultural Improvement & Power District, RB, Salt River Project Electric System, 4.00%, 01/01/41		2,000		2,427,280
University of Arizona, Refunding RB, Series A, 5.00%, 06/01/40		2,300		2,757,332

				14,875,210

California — 12.0%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(b)		5,370		5,495,980
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A:
2nd, 5.50%, 05/01/28		3,330		3,804,692
2nd, 5.25%, 05/01/33		6,370		7,215,745
5.00%, 05/01/44		3,430		3,943,985
City of Los Angeles California Department of Airports, ARB, Sub-Series A, AMT, 5.00%, 05/15/42		1,750		2,155,423
City of Manteca California Financing Authority, RB, Manteca Sewer (AGC), 5.75%, 12/01/36		3,285		3,296,990
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.75%, 03/01/34		4,450		4,656,302
County of Sacramento California Airport System Revenue, Refunding RB, AMT, Series C, 5.00%, 07/01/39		3,410		4,312,115
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/23^(b)		3,365		3,940,146
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/38		2,705		3,066,172
State of California Public Works Board, LRB, Various Capital Projects, Series I:
5.50%, 11/01/30		4,500		5,263,380
5.50%, 11/01/33		2,000		2,333,120
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33		3,240		3,726,875
State of California University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/42		3,500		4,424,385
University of California, Refunding RB, Series AR, 5.00%, 05/15/38		10,000		12,413,300

				70,048,610


Security	Par (000)		Value

Colorado — 2.6%
City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT:
5.50%, 11/15/28	$	2,700	$	3,137,940
5.50%, 11/15/30		1,040		1,207,326
5.50%, 11/15/31		1,250		1,450,087
City & County of Denver Colorado Airport System Revenue, Refunding ARB, AMT, Series A, 5.00%, 12/01/43		7,500		9,438,225

				15,233,578

Connecticut — 0.1%
Connecticut State Health & Educational Facilities Authority, RB, Mary Wade Home Issue, Series A-1, 5.00%, 10/01/54^(a)		415		458,807


Florida — 8.6%
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT:
5.50%, 10/01/29		5,360		6,177,293
5.25%, 10/01/30		3,255		3,720,563
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32		7,100		7,521,811
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40		235		240,454
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40		105		107,431
County of Miami-Dade Florida, RB, Seaport Department:
Series A, 5.38%, 10/01/33		3,145		3,611,058
Series B, AMT, 6.25%, 10/01/38		1,405		1,637,218
Series B, AMT, 6.00%, 10/01/42		1,885		2,191,162
County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B, 5.25%, 10/01/23^(b)		2,870		3,316,084
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/22^(b)		5,465		6,018,222
County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, Series A, 4.00%, 10/01/44		8,000		9,279,120
Esplanade Lake Club Community Development District, Special Assessment Bonds, Capital Improvement:
Series A-1, 4.00%, 11/01/40		1,080		1,129,043
Series A-1, 4.13%, 11/01/50		385		398,394
Series A-2, 4.00%, 11/01/40		500		522,705
Series A-2, 4.13%, 11/01/50		500		517,395
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/23^(b)		3,225		3,680,176

				50,068,129

Hawaii — 1.9%
State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45		5,985		6,998,141
State of Hawaii Airports System, COP, AMT:
5.25%, 08/01/25		1,350		1,533,181
5.25%, 08/01/26		2,500		2,837,625

				11,368,947

Idaho — 2.0%
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, 4.00%, 12/01/43		10,000		11,590,700


Illinois — 16.3%
Chicago Board of Education, GO, Refunding, Series A:
CAB, 0.00%, 12/01/25^(c)		395		357,578
5.00%, 12/01/29		1,045		1,337,423
5.00%, 12/01/30		1,245		1,582,320
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT:
5.50%, 01/01/30		6,500		7,279,740
5.50%, 01/01/32		6,275		7,021,160


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41	$	8,020	$	9,042,470
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, Series A, 5.75%, 01/01/39		1,185		1,230,871
3rd Lien, Series C, 6.50%, 01/01/21^(b)		16,800		17,585,568
Senior Lien, Series D, 5.25%, 01/01/42		2,630		3,264,908
City of Chicago Illinois O’Hare International Airport, Refunding RB, Senior Lien, Series B, 5.00%, 01/01/35		4,300		5,317,595
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40		10,960		11,664,290
City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%, 06/01/28		6,500		6,565,455
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 08/15/41		4,000		4,269,440
Railsplitter Tobacco Settlement Authority, RB^(b):
5.50%, 06/01/21		4,365		4,617,297
6.00%, 06/01/21		1,245		1,324,742
State of Illinois, GO, Rebuild Illinois Program, Series B, 5.00%, 11/01/32		10,000		12,799,800

				95,260,657

Indiana — 0.7%
Bloomington Redevelopment District, Tax Allocation Bonds, Series B, 5.00%, 02/01/40		2,205		2,787,319
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40		1,240		1,374,081

				4,161,400

Kansas — 0.9%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/26^(b)		4,000		5,035,000


Kentucky — 1.9%
Kentucky Public Energy Authority, RB, Gas Supply, Series C-1, 4.00%, 12/01/49^(d)		10,000		11,350,800


Massachusetts — 7.8%
Collegiate Charter School of Lowell, RB, 5.00%, 06/15/49		2,430		2,651,859
Commonwealth of Massachusetts, GO, Series G, 4.00%, 09/01/42		22,535		26,051,136
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/41		4,710		5,691,705
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 01/01/27		1,000		1,170,650
Massachusetts Housing Finance Agency, Refunding RB, Series G, 3.45%, 12/01/30		3,100		3,405,474
Massachusetts School Building Authority, RB, Sub Series B, 4.00%, 02/15/42		6,200		6,762,092

				45,732,916

Michigan — 1.1%
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM), 6.25%, 07/01/36		10		10,040
Michigan Finance Authority, Refunding RB, Henry Ford Health System:
4.00%, 11/15/46		5,470		6,054,360
5.00%, 11/15/41		525		637,129

				6,701,529

Mississippi — 2.6%
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM):
6.88%, 12/01/40		6,405		7,719,242
Special Obligation, 6.75%, 12/01/31		3,775		4,507,048
Special Obligation, 6.75%, 12/01/33		2,350		2,797,252

				15,023,542


Security	Par (000)			Value

New Jersey — 11.2%
New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond:
5.38%, 01/01/43	$	7,000		$	7,982,800
(AGM), 5.00%, 01/01/31		2,425			2,731,302
New Jersey EDA, Refunding RB, Series B, 5.50%, 06/15/30		4,080			5,138,760
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT, 5.75%, 12/01/28		1,705			1,814,188
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program Bonds, Series S, 5.25%, 06/15/43		10,000			12,456,000
Transportation System, Series AA, 5.50%, 06/15/39		8,175			9,188,046
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 4.25%, 12/15/38		5,745			6,667,015
New Jersey Turnpike Authority, Refunding RB, Series A, 5.00%, 01/01/34		1,685			2,046,702
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		15,000			17,546,550

					65,571,363

New Mexico — 0.1%
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/39		310			355,722


New York — 12.5%
City of New York, GO, Sub-Series F-1, 5.00%, 04/01/40		4,850			6,168,715
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 4.00%, 02/15/44		10,000			11,428,500
Metropolitan Transportation Authority, RB, Series A-1, 5.25%, 11/15/39		4,490			5,143,879
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Subordinate, Series C, 4.00%, 05/01/43		5,000			5,841,300
New York City Water & Sewer System, RB, 2nd General Resolution:
5.38%, 12/15/20^(b)		2,300			2,381,926
5.38%, 06/15/43		1,175			1,215,514
New York City Water & Sewer System, Refunding RB, 2nd General Resolution, Series CC, 4.00%, 06/15/41		4,000			4,837,680
New York Convention Center Development Corp., RB, Cabs- Sub Lien Hotel Unit, Series B (BAM), 0.00%, 11/15/40^(c)		7,000			4,477,270
Port Authority of New York & New Jersey, RB, Consolidated Bonds, Series 217th:
4.00%, 11/01/38		2,120			2,571,772
5.00%, 11/01/44		6,000			7,847,580
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36		10,000			10,384,800
Triborough Bridge & Tunnel Authority, Refunding RB, Series B:
General, 5.00%, 11/15/37		4,000			5,033,080
5.00%, 11/15/38		4,400			5,539,380

					72,871,396

Ohio — 4.4%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47		4,650			4,652,093
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Series B-2, 5.00%, 06/01/55		4,915			5,539,795
State of Ohio, RB, Cleveland Clinic Health System Obligated Group, 4.00%, 01/01/41		6,000	��		7,066,500
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 4.00%, 01/01/28^(b)		25			30,823
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:
5.25%, 02/15/31		5,145			5,817,451
5.25%, 02/15/32		2,250			2,543,130

					25,649,792


46		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania — 6.4%
County of Lycoming Pennsylvania, Refunding RB, Pennsylvania College of Technology, 3.00%, 10/01/37	$	4,000	$	4,202,680
Pennsylvania Turnpike Commission, RB:
Series A, 5.25%, 12/01/44		5,000		6,490,750
Sub-Series A, 5.50%, 12/01/46		18,570		23,463,195
Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37		3,000		3,359,040

				37,515,665

Puerto Rico — 3.9%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(c)		3,323		991,616
Series A-1, 4.75%, 07/01/53		2,944		3,308,791
Series A-1, 5.00%, 07/01/58		3,926		4,500,649
Series A-2, 4.33%, 07/01/40		10,137		11,141,678
Series A-2, 4.78%, 07/01/58		875		988,881
Series B-1, 4.75%, 07/01/53		749		843,367
Series B-2, 4.78%, 07/01/58		726		816,830

				22,591,812

South Carolina — 5.6%
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38		6,735		7,785,525
County of Charleston South Carolina Airport District, ARB, Series A, AMT:
5.25%, 07/01/25		4,490		5,106,252
5.50%, 07/01/38		3,000		3,406,440
6.00%, 07/01/38		5,270		6,069,459
5.50%, 07/01/41		4,170		4,723,985
South Carolina Jobs-Economic Development Authority, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/37		4,480		5,551,034

				32,642,695

Texas — 11.8%
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37		4,190		4,687,982
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT:
Series A, 5.00%, 11/01/20^(b)		5,580		5,724,689
Series H, 5.00%, 11/01/37		4,575		4,822,370
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33		3,735		4,256,219
North Texas Tollway Authority, Refunding RB, 1st Tier (AGM), 6.00%, 01/01/21^(b)		5,555		5,788,143
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23^(b)		7,170		8,106,259
State of Texas, GO:
Transportation Commission Highway Improvement, 5.00%, 04/01/43		15,550		18,909,889
Water Financial Assistance, Series D, 5.00%, 05/15/40		4,000		4,772,080
Texas Water Development Board, RB:
State Water Implementation Fund, Series B, 4.00%, 10/15/43		5,000		5,920,500
State Water Implementation Revenue, 5.25%, 10/15/46		4,780		5,979,541

				68,967,672

Utah — 2.5%
County of Utah, RB, IHC Health Services, Inc., Series B, 5.00%, 05/15/46		7,500		9,116,475
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49^(a)		320		345,779
Utah State University, RB, Series B (AGM), 4.00%, 12/01/45		4,390		5,064,348

				14,526,602


Security	Par (000)		Value

Virginia — 0.3%
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22^(b)	$	1,750	$	1,883,402


Washington — 0.7%
State of Washington, GO, Series C, 5.00%, 02/01/41		2,500		3,176,600
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55^(a)		875		999,792

				4,176,392

Wisconsin — 0.3%
Public Finance Authority, RB, American Preparatory Academy — Las Vegas Project, Series A^(a):
5.00%, 07/15/39		165		186,097
5.00%, 07/15/49		630		700,012
5.00%, 07/15/54		300		332,565
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/49^(a)		520		578,151

				1,796,825


Total Municipal Bonds — 121.5% (Cost — $648,412,411)				709,289,292


Municipal Bonds Transferred to Tender Option Bond Trusts^(e) — 41.1%

Alabama — 8.2%
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group:
Series B, 5.00%, 11/15/46		27,798		33,623,899
Series C, 5.00%, 11/15/46		11,920		14,387,321

				48,011,220

Massachusetts — 4.5%
Commonwealth of Massachusetts, GOL, Consolidated Loan, Series E, 5.25%, 09/01/43		20,000		26,043,400


Michigan — 4.0%
Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, Series A, 4.00%, 12/01/40		10,100		11,762,056
Michigan Finance Authority, RB, Mclaren Health Care, Series A, 4.00%, 02/15/44		10,000		11,729,500

				23,491,556

Nevada — 1.9%
County of Clark Nevada, GOL, Las Vegas Convention and Visitor, 4.00%, 07/01/47		10,000		11,382,600


New Jersey — 0.5%
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		2,961		3,108,154


New York — 18.3%
City of New York Transitional Finance Authority, RB, Series, S-1, 5.00%, 07/15/43		11,825		15,006,637
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/41		20,000		23,966,000
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012^(f):
5.75%, 02/15/21^(b)		5,726		5,988,623
5.75%, 02/15/47		3,523		3,684,019
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 4.00%, 02/15/44		30,165		34,474,056
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		13,950		14,991,646
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(f)		8,200		8,881,248

				106,992,229

��


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania — 1.9%
Geisinger Authority Pennsylvania, Refunding RB, Geisinger Health System, Series A, 4.00%, 06/01/41	$	10,000	$	10,914,300


Texas — 1.8%
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 09/01/21^(b)		9,640		10,299,183


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 41.1% (Cost — $222,458,406)				240,242,642


Total Long-Term Investments — 162.6% (Cost — $870,870,817)				949,531,934


	Shares

Short-Term Securities — 0.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(g)(h)		424,928		425,013


Total Short-Term Securities — 0.1% (Cost — $425,013)				425,013


Total Investments — 162.7% (Cost — $871,295,830)				949,956,947

Other Assets Less Liabilities — 2.5%				14,351,501

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.2)%				(106,254,671	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.0)%				(274,238,531	)


Net Assets Applicable to Common Shares — 100.0%			$	583,815,246

^(a)	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.

^(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)	Zero-coupon bond.

^(d)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(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)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to May 15, 2021, is $9,235,612. See Note 4 of the Notes to Financial Statements for details.

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

^(h)	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		3,255,767		(2,830,839	)		424,928	$	425,013	$	19,229	$	(438	)	$	5

^(a)

Includes net capital gain distributions, if applicable.

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		100		06/19/20	$	13,475	$	(168,887	)
U.S. Long Treasury Bond		175		06/19/20		29,794		(588,446	)
5-Year U.S. Treasury Note		102		06/30/20		12,521		(118,439	)

							$	(875,772	)


48		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniHoldings Investment Quality Fund (MFL)

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)	$	—	$	—	$	—	$	—	$	875,772	$	—	$	875,772

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations were 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	$	—	$	—	$	—	$	—	$	(719,617	)	$	—	$	(719,617	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(766,356	)	$	—	$	(766,356	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		52,946,945

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	949,531,934	$	—	$	949,531,934
Short-Term Securities		425,013			—		—		425,013

	$	425,013		$	949,531,934	$	—	$	949,956,947

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(875,772	)	$	—	$	—	$	(875,772	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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	$	—	$	(105,978,045	)	$	—	$	(105,978,045	)
VRDP Shares at Liquidation Value		—		(274,600,000	)		—		(274,600,000	)

	$	—	$	(380,578,045	)	$	—	$	(380,578,045	)

See notes to financial statements.


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (unaudited)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 122.3%

Alabama — 2.4%
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A:
5.80%, 05/01/34	$	1,850	$	1,862,765
5.38%, 12/01/35		1,000		1,064,460
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A, 4.50%, 05/01/32^(a)		4,320		4,992,494
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20^(b)		7,610		7,837,311

				15,757,030

Alaska — 0.5%
City of Anchorage Alaska Electric Revenue, Refunding RB, Series A, 5.00%, 12/01/41		3,000		3,499,950


Arizona — 5.6%
Arizona IDA, RB, S/F Housing, NCCU Properties LLC-North Carolina Central University Project, Series A (BAM), 4.00%, 06/01/44		1,435		1,618,809
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50^(a)		2,500		2,865,125
City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 07/01/20^(b)		2,000		2,027,120
City of Phoenix Arizona IDA, RB, Candeo School, Inc. Project^(b):
6.63%, 07/01/23		2,245		2,670,203
6.88%, 07/01/23		3,440		4,119,710
City of Phoenix Arizona IDA, Refunding RB^(a):
Basis Schools, Inc. Projects, 5.00%, 07/01/35		600		676,758
5.00%, 07/01/45		760		839,929
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35		1,125		1,268,921
Legacy Traditional School Projects, 5.00%, 07/01/45		700		758,695
City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, Series B, AMT, 3.25%, 07/01/49		2,195		2,358,725
County of Maricopa Arizona Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 06/01/35		3,300		3,335,970
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		9,805		13,956,829

				36,496,794

Arkansas — 0.7%
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49^(a)		3,790		4,250,030


California — 3.4%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20^(b)		5,600		5,731,376
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43		2,800		3,413,508
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:
5.00%, 06/01/47		855		908,677
5.25%, 06/01/47		1,025		1,094,423
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement District No. 2007-1, Election of 2008, Series B, 0.00%, 08/01/46^(c)		10,000		5,088,100
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series E, 4.00%, 05/01/50		5,000		5,798,800

				22,034,884

Colorado — 0.9%
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47^(a)		1,025		1,098,554


Security	Par (000)		Value

Colorado (continued)
Colorado Health Facilities Authority, Refunding RB, AdventHealth Obligated Group, 4.00%, 11/15/43	$	2,320	$	2,751,010
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45		1,000		1,047,820
Serenity Ridge Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/43		1,000		1,084,180

				5,981,564

Connecticut — 0.6%
State of Connecticut, GO, Series A, 5.00%, 04/15/38		3,325		4,183,482


Delaware — 0.9%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		2,500		2,583,500
State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43		2,780		3,406,417

				5,989,917

Florida — 9.5%
Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida^(a):
5.00%, 05/01/32		905		1,002,577
5.00%, 05/01/48		2,270		2,455,164
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48		9,370		11,720,746
County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 07/01/42		3,750		4,083,300
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20^(b)		10,290		10,559,289
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami, Series A, 5.00%, 04/01/45		4,625		5,401,167
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A (AGM), 5.00%, 07/01/35		8,900		9,012,763
Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49^(d)		4,570		4,570,388
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49		10,000		11,576,800
Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run Projects:
4.63%, 05/01/27		255		277,930
5.25%, 05/01/37		470		531,528
5.38%, 05/01/47		770		857,911

				62,049,563

Georgia — 1.4%
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B, AMT, 5.00%, 01/01/29		1,070		1,105,021
County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49		1,575		1,846,089
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,855		2,809,657
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/48		2,745		3,318,046

				9,078,813

Hawaii — 0.8%
State of Hawaii Harbor System, RB, Series A, 5.50%, 07/01/35		5,000		5,077,300


Illinois — 11.7%
Chicago Board of Education, GO, Series C:
Dedicated Revenues, Series H, 5.00%, 12/01/36		865		1,041,270
Project, 5.25%, 12/01/35		2,785		3,212,108


50		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Chicago Board of Education, GO, Refunding:
Dedicated Revenues, Series D, 5.00%, 12/01/25	$	1,560	$	1,859,489
Dedicated Revenues, Series G, 5.00%, 12/01/34		865		1,047,783
5.00%, 12/01/25		1,200		1,429,128
Chicago Board of Education, GO, Series D:
5.00%, 12/01/46		995		1,194,975
5.00%, 12/01/46		2,575		2,844,036
City of Chicago Illinois O’Hare International Airport, GARB, Senior Lien, Series D, AMT, 5.00%, 01/01/42		1,450		1,741,334
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36		2,110		2,257,278
City of Chicago Illinois Wastewater Transmission, Refunding RB, 2nd Lien, Series C, 5.00%, 01/01/39		1,000		1,137,090
County of Cook Illinois Community College District No. 508, GO, University & College Improvements, 5.25%, 12/01/31		5,000		5,560,350
Illinois Finance Authority, RB, Memorial Health System, Series A, 5.25%, 07/01/44		1,785		1,993,649
Illinois Finance Authority, Refunding RB:
OSF Healthcare System, 6.00%, 05/15/20^(b)		3,205		3,237,499
OSF Healthcare System, 6.00%, 05/15/39		525		530,040
Presence Health Network, Series C, 5.00%, 02/15/41		3,600		4,400,532
Metropolitan Pier & Exposition Authority, RB:
Mccormick Place Expansion (BAM), 0.00%, 12/15/56^(c)		8,755		3,415,676
McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57		425		506,166
Metropolitan Pier & Exposition Authority, Refunding RB:
Mccormick Place Expansion (BAM), 0.00%, 12/15/54^(c)		12,215		5,061,529
McCormick Place Expansion Project, 4.00%, 06/15/50^(e)		2,010		2,269,370
McCormick Place Expansion Project, 5.00%, 06/15/50^(e)		2,090		2,581,192
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		2,645		2,814,412
Regional Transportation Authority, RB:
Series A (AMBAC), 7.20%, 11/01/20		440		457,846
Series C (NPFGC), 7.75%, 06/01/20		805		818,073
State of Illinois, GO, Series D, 5.00%, 11/01/28		6,965		8,707,713
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/42		7,990		9,945,153
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23		7,045		7,070,221

				77,133,912

Indiana — 1.6%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 01/01/34		2,250		2,629,845
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1^(a):
6.63%, 01/15/34		700		785,274
6.75%, 01/15/43		570		633,869
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40		2,640		2,925,463
State of Indiana Finance Authority, Refunding RB, Deaconess Health System, Series A, 5.00%, 03/01/39		3,000		3,465,810

				10,440,261

Iowa — 1.7%
Iowa Finance Authority, RB, Lifespace Communities, Inc., Series A, 5.00%, 05/15/36		1,050		1,211,280
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25		4,000		4,568,640
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, CAB, Series B, 5.60%, 06/01/34		1,000		1,010,240


Security	Par (000)		Value

Iowa (continued)
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48	$	3,950	$	4,536,772

				11,326,932

Kansas — 1.0%
City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43		1,965		2,227,956
Wyandotte County-Kansas City Unified Government Utility System, RB, Series A, 5.00%, 09/01/40		3,700		4,401,409

				6,629,365

Kentucky — 0.7%
Kentucky Economic Development Finance Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/49		3,840		4,801,958


Louisiana — 3.6%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35		2,615		2,699,412
Parish of St. Charles Louisiana, RB, Valero Energy Corp., 4.00%, 12/01/40^(d)		2,210		2,339,329
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project^(d):
2.00%, 06/01/37		2,250		2,317,815
2.10%, 06/01/37		1,310		1,364,994
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:
5.25%, 05/15/31		3,420		3,567,128
5.25%, 05/15/32		4,375		4,712,356
5.25%, 05/15/33		4,750		5,114,468
5.25%, 05/15/35		1,500		1,663,485

				23,778,987

Maryland — 2.4%
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A, 4.50%, 09/01/33		545		603,816
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42		4,935		5,881,089
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community Project, 6.25%, 01/01/21^(b)		2,000		2,089,200
Meritus Medical Center Issue, 5.00%, 07/01/40		6,350		7,370,191

				15,944,296

Massachusetts — 3.0%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47		845		993,070
Emerson College Issue, Series A, 5.25%, 01/01/42		1,895		2,276,312
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43		4,480		5,503,859
Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 01/01/40		1,620		1,947,321
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42		1,785		1,799,637
Massachusetts Port Authority, Refunding ARB, Bosfuel Project, Series A, AMT, 4.00%, 07/01/44		6,180		7,114,972

				19,635,171

Michigan — 0.3%
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48		1,775		2,170,399


Minnesota — 0.7%
City of Cologne Minnesota Charter School, LRB, Cologne Academy Project, Series A, 5.00%, 07/01/45		1,500		1,622,040


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Minnesota (continued)
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43	$	1,940	$	2,202,036
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52^(a)		695		770,220

				4,594,296

Mississippi — 4.0%
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project:
Series A, 6.80%, 04/01/22		9,160		10,190,317
Series B, 6.70%, 04/01/22		4,500		4,996,935
Mississippi Development Bank, Refunding RB, Municipal Energy Agency Of Mississippi, Series A (AGM), 4.00%, 03/01/41		3,000		3,358,980
State of Mississippi, RB, Series A:
5.00%, 10/15/37		1,105		1,407,759
4.00%, 10/15/38		5,535		6,432,279

				26,386,270

Montana — 0.1%
Montana State Board of Housing, RB, S/F Housing, Series B-2:
3.50%, 12/01/42		330		352,457
3.60%, 12/01/47		510		547,133

				899,590

Nebraska — 1.0%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42		6,200		6,772,756


Nevada — 2.4%
City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project, 5.00%, 09/01/42		2,250		2,695,950
City of Reno Nevada, Refunding RB, Series A-1 (AGM):
4.00%, 06/01/43		5,230		5,812,570
4.00%, 06/01/46		245		270,960
County of Clark Nevada, GO, Stadium Improvement, Series A:
5.00%, 06/01/36		4,080		5,236,598
5.00%, 06/01/37		1,500		1,920,600

				15,936,678

New Jersey — 10.8%
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44		1,400		1,563,730
New Jersey Economic Development Authority, RB, School Facilities Construction Bonds, Series UU:
5.00%, 06/15/24^(b)		635		746,989
5.00%, 06/15/40		2,755		3,120,313
New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, Series A, 5.63%, 11/15/30		1,530		1,770,195
Goethals Bridge Replacement Project, Private Activity Bond, 5.38%, 01/01/43		10,000		11,404,000
Goethals Bridge Replacement Project, Private Activity Bond, 5.13%, 01/01/34		1,050		1,192,023
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32		4,670		5,026,881
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series A, 0.00%, 12/15/38^(c)		7,260		4,204,484
Series BB, 4.00%, 06/15/50		4,095		4,596,187
Transportation Program, Series AA, 5.25%, 06/15/33		8,750		9,824,762


Security	Par (000)		Value

New Jersey (continued)
5.25%, 06/15/41	$	780	$	921,047
5.00%, 06/15/44		4,450		5,031,215
Transportation System, Series B, 5.50%, 06/15/31		8,000		8,449,520
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32		5,430		6,815,084
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.25%, 06/01/46		4,550		5,625,984
Sub-Series B, 5.00%, 06/01/46		665		777,897

				71,070,311

New York — 3.7%
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35^(a)		2,145		2,374,837
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41^(a)		3,500		3,527,720
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45		4,435		4,438,459
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38		3,675		3,676,286
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2^(a):
5.15%, 11/15/34		460		519,634
5.38%, 11/15/40		1,145		1,300,892
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36		3,165		3,282,042
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41		1,785		2,064,460
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 5.13%, 06/01/51		2,740		3,024,467

				24,208,797

North Carolina — 0.3%
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55		1,045		1,224,991
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49		525		839,806

				2,064,797

Ohio — 6.3%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:
5.75%, 06/01/34		950		950,276
5.88%, 06/01/47		2,925		2,926,316
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior^(e):
Series A-2, 3.00%, 06/01/48		7,605		7,784,402
Series B-2, 5.00%, 06/01/55		5,095		5,742,676
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20^(b)		2,875		2,906,107
County of Butler Port Authority, RB, StoryPoint Fairfield Project, Series A-1^(a):
6.38%, 01/15/43		675		740,489
6.50%, 01/15/52		390		426,301
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40		1,690		1,857,851
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21^(b)		1,915		2,098,917
County of Montgomery Ohio, RB, Catholic Health Initiatives, Series D-2, 5.45%, 11/13/23^(b)		7,430		8,672,742


52		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49^(a)	$	1,385	$	1,636,114
Ohio Air Quality Development Authority, Refunding RB, Ohio Valley Electric Corp., 3.25%, 09/01/29		5,000		5,309,150

				41,051,341

Oklahoma — 0.4%
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48		2,205		2,701,787


Oregon — 0.2%
State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42		800		988,168


Pennsylvania — 11.3%
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42^(a)		1,725		1,990,064
Altoona Area School District, GO, (BAM), 5.00%, 12/01/36		365		433,076
City of Philadelphia PA Water & Wastewater Revenue, RB, Series B, 5.00%, 11/01/54		6,030		7,683,727
County of Delaware Pennsylvania IDA, Refunding RB, Covanta Project, 5.00%, 07/01/43		5,000		5,064,350
County of Delaware Springfield School District, GO:
5.00%, 03/01/40		2,955		3,696,705
5.00%, 03/01/43		2,145		2,675,523
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University:
Series A, 5.00%, 09/01/48		3,330		4,106,356
Project, 4.00%, 09/01/49		6,750		7,773,300
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community, 5.25%, 01/01/40		4,170		4,459,481
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College, 4.00%, 11/01/38		1,855		2,167,178
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36		4,385		5,514,620
Pennsylvania Economic Development Financing Authority, RB:
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		2,565		2,992,432
VRDN, Waste Management, Inc. Project, AMT, 2.15%, 07/01/41^(d)		635		661,365
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, 3.65%, 10/01/42		7,000		7,567,770
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41		1,700		2,109,020
Pennsylvania Turnpike Commission, RB:
Series A-1, 5.00%, 12/01/41		440		531,296
Sub-Series B-1, 5.25%, 06/01/47		5,680		6,976,687
Subordinate, Series A, 5.00%, 12/01/44		6,390		8,048,972

				74,451,922

Puerto Rico — 5.2%
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:
5.50%, 05/15/39		1,340		1,379,584
5.63%, 05/15/43		1,335		1,374,329
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 07/01/33		3,820		4,073,228
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:
6.00%, 07/01/38		1,360		1,401,657
6.00%, 07/01/44		2,455		2,539,550


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, Series A-1, 0.00%, 07/01/46^(c)	$	3,765	$	1,123,514
Series A-1, 4.75%, 07/01/53		2,921		3,282,941
Series A-1, 5.00%, 07/01/58		11,608		13,307,063
Series A-2, 4.33%, 07/01/40		1,890		2,077,318
Series A-2, 4.78%, 07/01/58		3,003		3,393,840

				33,953,024

Rhode Island — 1.6%
Rhode Island Turnpike & Bridge Authority, RB, Series A:
3.00%, 10/01/37		750		794,940
3.00%, 10/01/39		240		252,806
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 06/01/45		6,820		7,281,578
5.00%, 06/01/50		2,000		2,180,280

				10,509,604

South Carolina — 1.8%
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43		2,690		3,286,696
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53		750		855,345
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		6,450		7,643,895

				11,785,936

Texas — 10.7%
Central Texas Regional Mobility Authority, RB, Senior Lien, Series A:
5.00%, 01/01/40		1,215		1,435,085
5.00%, 01/01/45		3,500		4,124,085
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
5.75%, 01/01/21^(b)		1,000		1,040,110
6.00%, 01/01/21^(b)		4,300		4,480,987
Series A, 5.00%, 01/01/43		6,925		7,635,851
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29		2,665		3,016,060
City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series D, 5.00%, 07/01/37		4,005		5,094,600
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23^(b)		850		994,985
County of Nueces Texas, GO, Refunding:
4.00%, 02/15/37		575		686,199
4.00%, 02/15/39		1,205		1,422,840
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 08/15/20^(b)		4,630		4,735,842
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/44		3,500		3,951,325
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40		1,100		1,130,756
New Hope Cultural Education Facilities Corp., RB:
Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35		500		556,470
Jubilee Academic Center Project, Series A, 5.00%, 08/15/37^(a)		2,000		2,056,260
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33		1,600		1,771,088


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.13%, 06/01/22^(b)	$	1,000	$	1,092,550
North Texas Tollway Authority, Refunding RB, Series A:
1st Tier, 5.00%, 01/01/48		5,350		6,619,555
5.00%, 01/01/38		5,000		5,873,250
Texas Private Activity Bond Surface Transportation Corp., RB:
Segment 3C Project, AMT, 5.00%, 06/30/58		3,575		4,331,828
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40		8,000		8,163,440

				70,213,166

Virginia — 4.3%
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:
5.38%, 03/01/36		430		489,916
5.50%, 03/01/46		1,475		1,661,455
City of Portsmouth Virginia, GO, Refunding, Series D, 5.00%, 07/15/20^(b)		3,030		3,076,480
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47		3,665		3,691,168
Virginia Small Business Financing Authority, RB, AMT:
95 Express Lanes LLC Project, 5.00%, 07/01/49		1,990		2,115,091
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37		2,150		2,377,685
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 5.50%, 01/01/42		5,140		5,599,156
Transform 66 P3 Project, 5.00%, 12/31/49		7,895		9,357,865

				28,368,816

Washington — 2.6%
Port of Seattle Washington, ARB, AMT:
Intermediate Lien, Series C, 5.00%, 05/01/37		4,905		6,022,408
Series A, 5.00%, 05/01/43		1,295		1,575,976
State of Washington, COP, Series B:
5.00%, 07/01/36		1,725		2,187,766
5.00%, 07/01/38		2,300		2,902,853
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45		4,010		4,534,067

				17,223,070

Wisconsin — 1.6%
Public Finance Authority, Refunding RB, The Evergreens Obligated Group, 5.00%, 11/15/49		1,095		1,295,385
Wisconsin Health & Educational Facilities Authority, Refunding RB:
Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44		4,080		5,160,710
ThedaCare, Inc., 4.00%, 12/15/49		3,220		3,786,205

				10,242,300

Wyoming — 0.6%
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 01/01/42		1,120		1,350,675
Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 4.05%, 12/01/38		2,215		2,327,279

				3,677,954


Total Municipal Bonds — 122.3% (Cost — $725,584,278)				803,361,191


Municipal Bonds Transferred to Tender Option Bond Trusts^(f) — 31.3%

California — 2.8%
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47		14,998		18,514,595


Security	Par (000)		Value

Colorado — 1.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43^(g)	$	6,504	$	8,336,981
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/49^(g)		3,285		3,764,840

				12,101,821

Florida — 2.3%
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20^(b)		14,747		15,101,079


Illinois — 2.0%
State of Illinois Toll Highway Authority, RB, Series B, 5.00%, 01/01/40		10,976		13,158,886


Louisiana — 2.9%
City of Shreveport Louisiana Water & Sewer Revenue, RB, Junior Lien, Series B (AGM):
4.00%, 12/01/44		5,542		6,344,882
4.00%, 12/01/49		11,133		12,746,629

				19,091,511

Maryland — 2.0%
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46		4,898		5,982,552
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47		5,509		6,847,684

				12,830,236

Michigan — 2.5%
Michigan Finance Authority, RB^(g):
Mclaren Health Care, Series A, 4.00%, 02/15/44		6,646		7,781,879
Multi Model- McLaren Health Care, 4.00%, 02/15/47		7,434		8,704,710

				16,486,589

New York — 1.6%
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51^(g)		10,001		10,830,790


Oregon — 0.2%
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30		1,200		1,201,884


Pennsylvania — 3.8%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38^(g)		7,250		8,608,723
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49^(g)		10,009		11,539,780
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		3,925		4,697,597

				24,846,100

Texas — 5.3%
City of Houston Texas Higher Education Finance Corp., RB, Rice University Project, Series A, 5.00%, 05/15/20^(b)		10,000		10,081,698
County of Harris Texas Health Facilities Development Corp., Refunding RB, School Health Care System, Series B, 5.75%, 07/01/27^(h)		19,740		24,453,123

				34,534,821

Virginia — 2.1%
County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47^(g)		6,960		8,558,016
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		5,002		5,035,687

				13,593,703


54		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington — 2.0%
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38	$	10,000	$	13,245,900


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.3% (Cost — $185,767,532)				205,537,915


Total Long-Term Investments — 153.6% (Cost — $911,351,810)				1,008,899,106


	Shares

Short-Term Securities — 0.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.97%^(i)(j)		2,803,087		2,803,647


Total Short-Term Securities — 0.4% (Cost — $2,803,406)				2,803,647


Total Investments — 154.0% (Cost — $914,155,216)				1,011,702,753

Liabilities in Excess of Other Assets — (1.5)%				(9,786,554	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.4)%				(101,049,177	)

VMTP Shares, at Liquidation Value — (37.1)%				(243,800,000	)


Net Assets Applicable to Common Shares — 100.0%			$	657,067,022

^(a)	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.

^(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)	Zero-coupon bond.

^(d)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)	When-issued security.

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

^(g)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 15, 2021 to August 1, 2027, is $32,616,516. See Note 4 of the Notes to Financial Statements for details.

^(h)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

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

^(j)	During the six months ended February 29, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		16,623,641		(13,820,554	)		2,803,087	$	2,803,647	$	33,830	$	(1,658	)	$	1,902

^(a)

Includes net capital gain distributions, if applicable.

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		101		06/19/20	$	13,610	$	(171,779	)
U.S. Long Treasury Bond		227		06/19/20		38,647		(765,257	)
5-Year U.S. Treasury Note		56		06/30/20		6,874		(65,410	)

							$	(1,002,446	)


SCHEDULES OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

February 29, 2020

BlackRock MuniVest Fund, Inc. (MVF)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	1,002,446	$	—	$	1,002,446

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(1,426,618	)	$	—	$	(1,426,618	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(944,400	)	$	—	$	(944,400	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short		51,699,570

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	1,008,899,106	$	—	$	1,008,899,106
Short-Term Securities		2,803,647			—		—		2,803,647

	$	2,803,647		$	1,008,899,106	$	—	$	1,011,702,753

Derivative Financial Instruments^(b)
Liabilities:
Interest rate contracts	$	(1,002,446	)	$	—	$	—	$	(1,002,446	)

^(a)

See above Schedule of Investments for values in each state or political subdivision.

^(b)

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


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(100,737,488	)	$	—	$	(100,737,488	)
VMTP Shares at Liquidation Value		—		(243,800,000	)		—		(243,800,000	)

	$	—	$	(344,537,488	)	$	—	$	(344,537,488	)

See notes to financial statements.


56		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

February 29, 2020


	BBK		BAF		BYM		BLE

ASSETS
Investments at value — unaffiliated^(a)	$	293,205,140	$	242,679,906	$	686,877,262	$	579,415,406
Investments at value — affiliated^(b)		1,777,266		1,094,204		5,260,407		10,936,129
Cash pledged for futures contracts		223,050		168,800		506,050		337,800
Receivables:
Investments sold		—		514,617		—		484,811
Dividends — affiliated		223		250		2,679		7,881
Interest — unaffiliated		2,840,294		2,358,370		6,664,278		6,157,498
Prepaid expenses		1,792		1,557		3,088		2,911

Total assets		298,047,765		246,817,704		699,313,764		597,342,436


ACCRUED LIABILITIES
Payables:
Investments purchased		2,192,350		7,230,717		6,256,791		8,381,785
Income dividend distributions — Common Shares		573,501		450,595		1,267,501		1,365,562
Interest expense and fees		66,186		143,782		386,736		188,329
Investment advisory fees		273,609		211,287		612,310		518,412
Trustees’ and Officer’s fees		30,122		22,167		69,640		63,015
Other accrued expenses		75,514		69,525		102,445		93,860
Variation margin on futures contracts		233,821		174,785		541,000		346,930

Total accrued liabilities		3,445,103		8,302,858		9,236,423		10,957,893


OTHER LIABILITIES
TOB Trust Certificates		33,442,766		56,448,869		127,922,497		69,294,759
VMTP Shares, at liquidation value of $100,000 per share^(c)(d)		79,900,000		42,200,000		137,200,000		151,300,000

Total other liabilities		113,342,766		98,648,869		265,122,497		220,594,759

Total liabilities		116,787,869		106,951,727		274,358,920		231,552,652


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	181,259,896	$	139,865,977	$	424,954,844	$	365,789,784


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(e)(f)(g)	$	149,545,188	$	124,019,631	$	362,795,037	$	325,161,855
Accumulated earnings		31,714,708		15,846,346		62,159,807		40,627,929

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	181,259,896	$	139,865,977	$	424,954,844	$	365,789,784


Net asset value per Common share	$	17.23	$	15.99	$	16.09	$	15.54


^(a) Investments at cost — unaffiliated	$	259,866,788	$	221,958,548	$	613,061,910	$	529,007,801
^(b) Investments at cost — affiliated	$	1,777,266	$	1,094,204	$	5,260,367	$	10,935,559
^(c) Preferred Shares outstanding, par value $0.001 per share		799		422		1,372		1,513
^(d) Preferred Shares authorized		unlimited		unlimited		unlimited		unlimited
^(e) Par value per Common Shares	$	0.001	$	0.001	$	0.001	$	0.001
^(f) Common Shares outstanding		10,522,957		8,749,418		26,406,273		23,544,171
^(g) Common Shares authorized		unlimited		unlimited		unlimited		unlimited

See notes to financial statements.


FINANCIAL STATEMENTS			57

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020


	MFL		MVF

ASSETS
Investments at value — unaffiliated^(a)	$	949,531,934	$	1,008,899,106
Investments at value — affiliated^(b)		425,013		2,803,647
Cash		15,231		—
Cash pledged for futures contracts		684,150		799,500
Receivables:
Investments sold		36,209,432		4,456,899
Dividends — affiliated		2,998		3,283
Interest — unaffiliated		10,083,123		11,086,095
Prepaid expenses		2,734		2,202

Total assets		996,954,615		1,028,050,732


ACCRUED LIABILITIES
Payables:
Investments purchased		28,970,069		22,048,870
Income dividend distributions — Common Shares		1,724,277		2,172,018
Interest expense and fees		276,626		311,689
Investment advisory fees		789,105		805,836
Trustees’ and Officer’s fees		284,638		129,364
Other accrued expenses		151,964		150,117
Variation margin on futures contracts		726,114		828,328

Total accrued liabilities		32,922,793		26,446,222


OTHER LIABILITIES
TOB Trust Certificates		105,978,045		100,737,488
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs^(c)(d)		274,238,531		—
VMTP Shares, at liquidation value of $100,000 per share^(c)(d)		—		243,800,000

Total other liabilities		380,216,576		344,537,488

Total liabilities		413,139,369		370,983,710


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	583,815,246	$	657,067,022


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(e)(f)(g)	$	513,574,337	$	577,197,773
Accumulated earnings		70,240,909		79,869,249

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	583,815,246	$	657,067,022


Net asset value per Common Share	$	15.41	$	10.13


^(a) Investments at cost — unaffiliated	$	870,870,817	$	911,351,810
^(b) Investments at cost — affiliated	$	425,013	$	2,803,406
^(c) Preferred Shares outstanding, par value $0.10 per share		2,746		2,438
^(d) Preferred Shares authorized		1,000,000		10,000,000
^(e) Par value per Common Shares	$	0.10	$	0.10
^(f) Common Shares outstanding		37,896,208		64,836,371
^(g) Common Shares authorized		unlimited		150,000,000

See notes to financial statements.


58		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended February 29, 2020


	BBK			BAF			BYM			BLE

INVESTMENT INCOME
Dividends — affiliated	$	4,852		$	1,461		$	17,051		$	40,172
Interest — unaffiliated		5,892,824			4,513,404			12,899,536			12,250,813

Total investment income		5,897,676			4,514,865			12,916,587			12,290,985


EXPENSES
Investment advisory		927,579			635,247			1,838,157			1,547,303
Accounting services		27,655			24,677			35,245			35,245
Professional		26,028			25,323			33,091			32,179
Rating agency		22,046			22,045			22,047			22,047
Transfer agent		12,252			10,496			20,457			18,042
Trustees and Officer		5,384			4,398			11,648			9,996
Custodian		4,973			7,711			7,419			3,604
Registration		4,509			4,506			4,880			4,330
Printing		4,212			3,954			5,099			4,852
Miscellaneous		4,381			4,260			5,203			5,109

Total expenses excluding interest expense, fees and amortization of offering costs		1,039,019			742,617			1,983,246			1,682,707
Interest expense, fees and amortization of offering costs^(a)		1,128,342			942,938			2,574,026			2,144,006

Total expenses		2,167,361			1,685,555			4,557,272			3,826,713
Less fees waived and/or reimbursed by the Manager		(107,477	)		(133	)		(1,586	)		(3,574	)

Total expenses after fees waived and/or reimbursed		2,059,884			1,685,422			4,555,686			3,823,139

Net investment income		3,837,792			2,829,443			8,360,901			8,467,846


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		(466,370	)		(372,684	)		(1,042,481	)		(518,947	)
Investments — affiliated		(95	)		(79	)		(118	)		471
Investments — unaffiliated		181,448			363,346			802,006			646,748

		(285,017	)		(9,417	)		(240,593	)		128,272

Net change in unrealized appreciation (depreciation) on:
Futures contracts		(246,962	)		(187,429	)		(568,874	)		(370,030	)
Investments — affiliated		—			—			40			1,104
Investments — unaffiliated		4,365,316			2,711,438			9,880,900			8,928,986

		4,118,354			2,524,009			9,312,066			8,560,060

Net realized and unrealized gain		3,833,337			2,514,592			9,071,473			8,688,332

NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	7,671,129		$	5,344,035		$	17,432,374		$	17,156,178

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

See notes to financial statements.


FINANCIAL STATEMENTS			59

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020


	MFL			MVF

INVESTMENT INCOME
Dividends — affiliated	$	19,229		$	33,830
Interest — unaffiliated		16,968,978			19,427,520

Total investment income		16,988,207			19,461,350


EXPENSES
Investment advisory		2,559,383			2,428,622
Accounting services		63,010			65,654
Professional		42,518			43,286
Transfer agent		24,167			27,547
Rating agency		22,050			22,049
Liquidity fees		13,940			—
Remarketing fees on Preferred Shares		13,687			—
Registration		7,002			11,405
Trustees and Officer		6,743			17,016
Custodian		4,756			4,187
Printing		5,484			5,931
Miscellaneous		5,808			7,073

Total expenses excluding interest expense, fees and amortization of offering costs		2,768,548			2,632,770
Interest expense, fees and amortization of offering costs^(a)		3,695,480			3,524,612

Total expenses		6,464,028			6,157,382
Less fees waived and/or reimbursed by the Manager		(199,547	)		(3,055	)

Total expenses after fees waived and/or reimbursed		6,264,481			6,154,327

Net investment income		10,723,726			13,307,023


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		(719,617	)		(1,426,618	)
Investments — affiliated		(438	)		(1,658	)
Investments — unaffiliated		3,978,381			888,506

		3,258,326			(539,770	)

Net change in unrealized appreciation (depreciation) on:
Futures contracts		(766,356	)		(944,400	)
Investments — affiliated		5			1,902
Investments — unaffiliated		14,604,137			21,184,235

		13,837,786			20,241,737

Net realized and unrealized gain		17,096,112			19,701,967

NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	27,819,838		$	33,008,990

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

See notes to financial statements.


60		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BBK						BAF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	3,837,792		$	6,872,366		$	2,829,443		$	5,709,453
Net realized loss		(285,017	)		(1,811,757	)		(9,417	)		(922,047	)
Net change in unrealized appreciation (depreciation)		4,118,354			13,838,815			2,524,009			8,435,693

Net increase in net assets applicable to Common Shareholders resulting from operations		7,671,129			18,899,424			5,344,035			13,223,099


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(3,441,007	)		(7,948,273	)		(2,703,570	)		(6,019,600	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase in net assets applicable to Common Shareholders		4,230,122			10,951,151			2,640,465			7,203,499
Beginning of period		177,029,774			166,078,623			137,225,512			130,022,013

End of period	$	181,259,896		$	177,029,774		$	139,865,977		$	137,225,512

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

See notes to financial statements.


FINANCIAL STATEMENTS			61

Statements of Changes in Net Assets (continued)


	BYM						BLE
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	8,360,901		$	16,163,564		$	8,467,846		$	16,652,798
Net realized gain (loss)		(240,593	)		(4,197,389	)		128,272			(2,843,168	)
Net change in unrealized appreciation (depreciation)		9,312,066			31,612,385			8,560,060			16,739,939

Net increase in net assets applicable to Common Shareholders resulting from operations		17,432,374			43,578,560			17,156,178			30,549,569


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(7,605,007	)^(b)		(16,599,960	)		(8,191,654	)		(16,376,933	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		—			—			176,517			38,608


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase in net assets applicable to Common Shareholders		9,827,367			26,978,600			9,141,041			14,211,244
Beginning of period		415,127,477			388,148,877			356,648,743			342,437,499

End of period	$	424,954,844		$	415,127,477		$	365,789,784		$	356,648,743

^(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.


62		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	MFL						MVF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	10,723,726		$	22,233,643		$	13,307,023		$	28,718,159
Net realized gain		3,258,326			2,226,310			(539,770	)		(4,769,186	)
Net change in unrealized appreciation (depreciation)		13,837,786			32,059,502			20,241,737			37,783,965

Net increase in net assets applicable to Common Shareholders resulting from operations		27,819,838			56,519,455			33,008,990			61,732,938


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(10,345,665	)		(24,253,573	)		(13,578,292	)^(b)		(30,068,516	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase in net assets applicable to Common Shareholders		17,474,173			32,265,882			19,430,698			31,664,422
Beginning of period		566,341,073			534,075,191			637,636,324			605,971,902

End of period	$	583,815,246		$	566,341,073		$	657,067,022		$	637,636,324

^(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.


FINANCIAL STATEMENTS			63

Statements of Cash Flows (unaudited)

Six Months Ended February 29, 2020


	BBK			BAF			BYM			BLE

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	7,671,129		$	5,344,035		$	17,432,374		$	17,156,178
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		8,957,793			21,235,617			25,710,788			47,662,409
Purchases of long-term investments		(11,502,178	)		(23,345,851	)		(30,979,192	)		(54,472,098	)
Net proceeds from sales (purchases) of short-term securities		(1,769,559	)		(627,268	)		(4,288,430	)		(3,822,905	)
Amortization of premium and accretion of discount on investments and other fees		2,935			571,324			419,999			543,066
Net realized gain (loss) on investments		(181,353	)		(363,267	)		(801,888	)		(647,219	)
Net unrealized appreciation (depreciation) on investments		(4,365,316	)		(2,711,438	)		(9,880,940	)		(8,930,090	)

(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		87			435			(1,395	)		635
Interest — unaffiliated		38,356			(30,449	)		45,554			261,597
Prepaid expenses		25,549			25,643			25,310			24,938

Increase (Decrease) in Liabilities:
Payables:
Interest expense and fees		(10,358	)		(36,026	)		(98,670	)		(70,190	)
Investment advisory fees		134,916			102,816			300,477			254,038
Trustees’ and Officer’s fees		(1,338	)		(974	)		(3,092	)		(2,792	)
Other accrued expenses		(50,539	)		(42,179	)		(64,142	)		(60,094	)
Variation margin on futures contracts		229,883			172,441			529,469			342,055

Net cash provided by (used for) operating activities		(819,993	)		294,859			(1,653,778	)		(1,760,472	)


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(3,441,007	)		(2,703,570	)		(7,605,007	)		(8,014,457	)
Repayments of TOB Trust Certificates		—			(20,680	)		(719,542	)		(6,890,000	)
Proceeds from TOB Trust Certificates		4,248,500			2,440,000			9,916,498			16,665,890

Net cash (provided by) used for financing activities		807,493			(284,250	)		1,591,949			1,761,433


CASH
Net increase (decrease) in restricted and unrestricted cash		(12,500	)		10,609			(61,829	)		961
Restricted and unrestricted cash at beginning of period		235,550			158,191			567,879			336,839

Restricted and unrestricted cash at end of period	$	223,050		$	168,800		$	506,050		$	337,800


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,138,700		$	978,964		$	2,672,696		$	2,214,196


NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to Common Shareholders	$	—		$	—		$	—		$	176,517


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	—		$	—		$	—
Cash pledged:
Futures contracts		223,050			168,800			506,050			337,800

	$	223,050		$	168,800		$	506,050		$	337,800


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	54,500		$	36,391		$	130,829		$	78,039
Cash pledged:
Futures contracts		181,050			121,800			437,050			258,800

	$	235,550		$	158,191		$	567,879		$	336,839

See notes to financial statements.


64		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited) (continued)

Six Months Ended February 29, 2020


	MFL			MVF

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	27,819,838		$	33,008,990
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		146,117,728			64,499,270
Purchases of long-term investments		(162,149,834	)		(77,650,237	)
Net proceeds from sales (purchases) of short-term securities		2,830,647			13,821,901
Amortization of premium and accretion of discount on investments and other fees		3,293,430			1,888,390
Net realized gain (loss) on investments		(3,977,943	)		(886,848	)
Net unrealized appreciation (depreciation) on investments		(14,604,142	)		(21,186,137	)

(Increase) Decrease in Assets:
Receivables:
Dividends — affiliated		476			12,978
Interest — unaffiliated		22,803			(691,551	)
Prepaid expenses		27,628			31,288

Increase (Decrease) in Liabilities:
Payables:
Interest expense and fees		(64,184	)		(111,576	)
Investment advisory fees		384,595			392,251
Trustees’ and Officer’s fees		(29,706	)		(19,326	)
Other accrued expenses		(103,562	)		(105,296	)
Variation margin on futures contracts		715,495			822,984

Net cash provided by (used for) operating activities		283,269			13,827,081


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(10,345,665	)		(13,707,965	)
Repayments of TOB Trust Certificates		—			(6,399,835	)
Proceeds from TOB Trust Certificates		10,000,000			6,674,001
Amortization of deferred offering costs		8,446			—

Net cash (provided by) used for financing activities		(337,219	)		(13,433,799	)


CASH
Net increase (decrease) in restricted and unrestricted cash		(53,950	)		393,282
Restricted and unrestricted cash at beginning of period		753,331			406,218

Restricted and unrestricted cash at end of period	$	699,381		$	799,500


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	3,751,218		$	3,636,188


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	15,231		$	—
Cash pledged:
Futures contracts		684,150			799,500

	$	699,381		$	799,500


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	174,181		$	94,718
Cash pledged:
Futures contracts		579,150			311,500

	$	753,331		$	406,218

See notes to financial statements.


FINANCIAL STATEMENTS			65

Financial Highlights

(For a share outstanding throughout each period)


	BBK
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	16.82		$	15.78		$	16.32		$	17.89		$	16.49		$	16.54

Net investment income^(a)		0.36			0.65			0.70			0.74			0.89			0.90
Net realized and unrealized gain (loss)		0.38			1.15			(0.47	)		(1.09	)		1.42			0.03

Net increase (decrease) from investment operations		0.74			1.80			0.23			(0.35	)		2.31			0.93


Distributions to Common Shareholders^(b)
From net investment income		(0.33	)		(0.70	)		(0.77	)		(0.83	)		(0.90	)		(0.98	)
From net realized gain		—			(0.06	)		—			(0.39	)		(0.01	)		—

Total distributions to Common Shareholders		(0.33	)		(0.76	)		(0.77	)		(1.22	)		(0.91	)		(0.98	)


Net asset value, end of period	$	17.23		$	16.82		$	15.78		$	16.32		$	17.89		$	16.49


Market price, end of period	$	15.94		$	15.95		$	14.35		$	15.99		$	18.22		$	15.23


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		4.58	%^(d)		12.35	%		1.87	%		(1.44	)%		14.53	%		5.96	%

Based on market price		2.02	%^(d)		17.16	%		(5.45	)%		(5.18	)%		26.29	%		3.83	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.48	%^(e)		2.79	%		2.49	%		2.31	%		1.78	%		1.73	%

Total expenses after fees waived and paid indirectly		2.36	%^(e)		2.77	%		2.49	%		2.31	%		1.77	%		1.73	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(f)		1.07	%^(e)		1.18	%		1.18	%		1.19	%		1.16	%		1.16	%

Net investment income to Common Shareholders		4.40	%^(e)		4.13	%		4.39	%		4.55	%		5.18	%		5.41	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	181,260		$	177,030		$	166,079		$	171,705		$	188,107		$	173,363

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	79,900		$	79,900		$	79,900		$	79,900		$	79,900		$	79,900

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	326,858		$	321,564		$	307,858		$	314,899		$	335,428		$	316,975

Borrowings outstanding, end of period (000)	$	33,443		$	29,194		$	23,232		$	22,404		$	25,054		$	19,495

Portfolio turnover rate		3	%		19	%		38	%		46	%		29	%		34	%

^(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)	Aggregate total return.

^(e)	Annualized.

^(f)	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.

See notes to financial statements.


66		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BAF
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	15.68		$	14.86		$	15.69		$	16.56		$	15.80		$	15.97

Net investment income^(a)		0.32			0.65			0.74			0.79			0.83			0.83
Net realized and unrealized gain (loss)		0.30			0.86			(0.77	)		(0.84	)		0.75			(0.18	)

Net increase (decrease) from investment operations		0.62			1.51			(0.03	)		(0.05	)		1.58			0.65

Distributions to Common Shareholders from net investment income^(b)		(0.31	)		(0.69	)		(0.80	)		(0.82	)		(0.82	)		(0.82	)


Net asset value, end of period	$	15.99		$	15.68		$	14.86		$	15.69		$	16.56		$	15.80


Market price, end of period	$	14.36		$	14.53		$	13.54		$	15.11		$	15.79		$	13.89


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		4.17	%^(d)		10.96	%		0.18	%		0.14	%		10.57	%		4.71	%

Based on market price		0.95	%^(d)		12.85	%		(5.22	)%		1.15	%		19.92	%		3.68	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.50	%^(e)		2.82	%		2.47	%		2.06	%		1.61	%		1.50	%

Total expenses after fees waived and paid indirectly		2.50	%^(e)		2.82	%		2.47	%		2.06	%		1.61	%		1.50	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(f)		1.10	%^(e)		1.11	%		1.08	%		1.06	%		1.01	%		1.00	%

Net investment income to Common Shareholders		4.19	%^(e)		4.38	%		4.84	%		5.06	%		5.09	%		5.16	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	139,866		$	137,226		$	130,022		$	137,264		$	144,927		$	138,203

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	42,200		$	42,200		$	42,200		$	42,200		$	42,200		$	42,200

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	431,436		$	425,179		$	408,109		$	425,270		$	443,429		$	427,495

Borrowings outstanding, end of period (000)	$	56,449		$	54,030		$	49,192		$	44,937		$	42,089		$	33,470

Portfolio turnover rate		9	%		36	%		28	%		31	%		29	%		13	%

^(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)	Aggregate total return.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BYM
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	15.72		$	14.70		$	15.32		$	16.22		$	15.21		$	15.56

Net investment income^(a)		0.32			0.61			0.67			0.75			0.82			0.84
Net realized and unrealized gain (loss)		0.34			1.04			(0.62	)		(0.87	)		1.02			(0.33	)

Net increase (decrease) from investment operations		0.66			1.65			0.05			(0.12	)		1.84			0.51

Distributions to Common Shareholders from net investment income^(b)		(0.29	)^(c)		(0.63	)		(0.67	)		(0.78	)		(0.83	)		(0.86	)


Net asset value, end of period	$	16.09		$	15.72		$	14.70		$	15.32		$	16.22		$	15.21


Market price, end of period	$	14.39		$	14.19		$	13.09		$	14.84		$	15.55		$	13.67


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		4.44	%^(e)		12.12	%		0.80	%		(0.30	)%		12.71	%		3.85	%

Based on market price		3.48	%^(e)		13.66	%		(7.34	)%		0.74	%		20.23	%		4.03	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.23	%^(f)		2.53	%		2.23	%		1.93	%		1.56	%		1.47	%

Total expenses after fees waived and paid indirectly		2.23	%^(f)		2.53	%		2.23	%		1.93	%		1.56	%		1.47	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(g)		0.97	%^(f)		0.98	%		0.97	%		0.97	%		0.95	%		0.96	%

Net investment income to Common Shareholders		4.09	%^(f)		4.13	%		4.50	%		4.95	%		5.19	%		5.42	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	424,955		$	415,127		$	388,149		$	404,474		$	428,389		$	401,536

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	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	$	409,734		$	402,571		$	382,907		$	394,806		$	412,237		$	392,665

Borrowings outstanding, end of period (000)	$	127,922		$	118,726		$	111,781		$	101,288		$	100,250		$	101,818

Portfolio turnover rate		4	%		15	%		30	%		18	%		10	%		12	%

^(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)	Aggregate total return.

^(f)	Annualized.

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

See notes to financial statements.


68		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BLE
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	15.16		$	14.55		$	15.17		$	16.12		$	15.25		$	15.48

Net investment income^(a)		0.36			0.71			0.76			0.83			0.93			0.92
Net realized and unrealized gain (loss)		0.37			0.60			(0.60	)		(0.89	)		0.87			(0.19	)

Net increase (decrease) from investment operations		0.73			1.31			0.16			(0.06	)		1.80			0.73

Distributions to Common Shareholders from net investment income^(b)		(0.35	)		(0.70	)		(0.78	)		(0.89	)		(0.93	)		(0.96	)


Net asset value, end of period	$	15.54		$	15.16		$	14.55		$	15.17		$	16.12		$	15.25


Market price, end of period	$	14.78		$	15.48		$	13.77		$	15.45		$	16.34		$	14.18


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		4.90	%^(d)		9.52	%		1.35	%		(0.18	)%		12.21	%		5.01	%

Based on market price		(2.29	)%^(d)		18.17	%		(5.82	)%		0.29	%		22.33	%		2.83	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.17	%^(e)		2.55	%		2.32	%		2.02	%		1.62	%		1.55	%

Total expenses after fees waived and paid indirectly		2.17	%^(e)		2.55	%		2.31	%		2.02	%		1.62	%		1.55	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(f)		0.95	%^(e)		0.98	%		0.98	%		0.99	%		0.98	%		0.98	%

Net investment income to Common Shareholders		4.81	%^(e)		4.86	%		5.12	%		5.47	%		5.90	%		5.94	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	365,790		$	356,649		$	342,437		$	356,901		$	378,572		$	357,868

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	151,300		$	151,300		$	151,300		$	151,300		$	151,300		$	151,300

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	341,765		$	335,723		$	326,330		$	335,890		$	350,213		$	336,529

Borrowings outstanding, end of period (000)	$	69,295		$	59,519		$	67,497		$	71,274		$	77,130		$	68,692

Portfolio turnover rate		9	%		18	%		7	%		9	%		7	%		10	%

^(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)	Aggregate total return.

^(e)	Annualized.

^(f)	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.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MFL
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	14.94		$	14.09		$	14.91		$	15.86		$	15.18		$	15.46

Net investment income^(a)		0.28			0.59			0.71			0.78			0.86			0.89
Net realized and unrealized gain (loss)		0.46			0.90			(0.76	)		(0.87	)		0.68			(0.31	)

Net increase (decrease) from investment operations		0.74			1.49			(0.05	)		(0.09	)		1.54			0.58

Distributions to Common Shareholders from net investment income^(b)		(0.27	)		(0.64	)		(0.77	)		(0.86	)		(0.86	)		(0.86	)


Net asset value, end of period	$	15.41		$	14.94		$	14.09		$	14.91		$	15.86		$	15.18


Market price, end of period	$	13.75		$	13.60		$	12.73		$	15.03		$	15.86		$	14.06


Total Return Applicable to Common Shareholders^(c)
Based on net asset value		5.24	%^(d)		11.42	%		(0.05	)%		(0.34	)%		10.56	%		4.29	%

Based on market price		3.15	%^(d)		12.27	%		(10.42	)%		0.46	%		19.37	%		7.28	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		2.32	%^(e)		2.67	%		2.51	%		2.17	%		1.65	%		1.54	%

Total expenses after fees waived and paid indirectly		2.24	%^(e)		2.58	%		2.41	%		2.08	%		1.60	%		1.49	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(f)(g)		0.92	%^(e)		0.94	%		0.94	%		0.95	%		0.94	%		0.95	%

Net investment income to Common Shareholders		3.84	%^(e)		4.15	%		4.91	%		5.22	%		5.54	%		5.73	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	583,815		$	566,341		$	534,075		$	564,383		$	599,930		$	573,885

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)	$	274,600		$	274,600		$	274,600		$	274,600		$	274,600		$	274,600

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period	$	312,606		$	306,242		$	294,492		$	305,529		$	318,474		$	308,990

Borrowings outstanding, end of period (000)	$	105,978		$	95,978		$	114,546		$	123,111		$	131,279		$	85,502

Portfolio turnover rate		19	%		52	%		22	%		16	%		27	%		13	%

^(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)	Aggregate total return.

^(e)	Annualized.

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

^(g)	The total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees were as follows:


	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015
Expense ratios		0.91	%		0.93	%		0.93	%		0.94	%		0.93	%		0.94	%

See notes to financial statements.


70		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MVF
	Six Months Ended 02/29/20 (unaudited)			Year Ended August 31,
	Six Months Ended 02/29/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	9.83		$	9.35		$	9.75		$	10.38		$	10.04		$	10.27

Net investment income^(a)		0.21			0.44			0.51			0.56			0.61			0.62
Net realized and unrealized gain (loss)		0.30			0.50			(0.39	)		(0.62	)		0.36			(0.21	)

Net increase (decrease) from investment operations		0.51			0.94			0.12			(0.06	)		0.97			0.41

Distributions to Common Shareholders from net investment income^(b)		(0.21	)^(c)		(0.46	)		(0.52	)		(0.57	)		(0.63	)		(0.64	)


Net asset value, end of period	$	10.13		$	9.83		$	9.35		$	9.75		$	10.38		$	10.04


Market price, end of period	$	9.24		$	9.49		$	8.81		$	9.84		$	10.77		$	9.65


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		5.41	%^(e)		10.76	%		1.52	%		(0.38	)%		9.96	%		4.27	%

Based on market price		(0.40	)%^(e)		13.47	%		(5.22	)%		(3.10	)%		18.70	%		4.71	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		1.96	%^(f)		2.29	%		2.16	%		1.92	%		1.55	%		1.43	%

Total expenses after fees waived and paid indirectly		1.96	%^(f)		2.29	%		2.16	%		1.92	%		1.55	%		1.43	%

Total expenses after fees waived and paid indirectly and excluding interest expense, fees, and amortization of offering costs^(g)		0.84	%^(f)		0.87	%		0.89	%		0.91	%		0.89	%		0.89	%

Net investment income to Common Shareholders		4.24	%^(f)		4.74	%		5.35	%		5.71	%		5.95	%		6.03	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	657,067		$	637,636		$	605,972		$	630,489		$	667,589		$	642,889

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$	243,800		$	243,800		$	243,800		$	243,800		$	243,800		$	243,800

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$	369,511		$	361,541		$	348,553		$	358,609		$	373,827		$	363,695

Borrowings outstanding, end of period (000)	$	100,737		$	100,463		$	112,817		$	139,989		$	161,957		$	148,867

Portfolio turnover rate		7	%		31	%		21	%		26	%		13	%		18	%

^(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)	Aggregate total return.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			71

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 Municipal Bond Trust	BBK	Delaware	Diversified
BlackRock Municipal Income Investment Quality Trust	BAF	Delaware	Diversified
BlackRock Municipal Income Quality Trust	BYM	Delaware	Diversified
BlackRock Municipal Income Trust II	BLE	Delaware	Diversified
BlackRock MuniHoldings Investment Quality Fund	MFL	Massachusetts	Diversified
BlackRock MuniVest Fund, Inc.	MVF	Maryland	Diversified

The Boards of Trustees and Boards of Directors of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or 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 non-index fixed-income mutual funds and all BlackRock-advised closed-end 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 on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. 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 Trust’s 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 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.

Recent Accounting Standards: The Trusts have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Trusts have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Trusts applied the amendments on a modified retrospective basis beginning with the fiscal period ended February 29, 2020. The adjusted cost basis of securities at August 31, 2019 are as follows:


BBK	$	254,959,342
BAF		213,803,733
BYM		600,981,763
BLE		521,309,639
MFL		871,235,972
MVF		895,745,721


72		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Trusts.

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.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

Investments in open-end U.S. mutual funds are valued at NAV each business day.

•

Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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.


NOTES TO FINANCIAL STATEMENTS			73

Notes to Financial Statements (unaudited) (continued)

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund 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, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes 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, a fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the 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. MVF’s management believes that the fund’s restrictions on borrowings do not apply to the funds’ TOB Trust transactions. Each fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a fund. A fund typically invests the cash received in additional municipal bonds.

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

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


	Interest Expense		Liquidity Fees		Other Expenses		Total
BBK	$	190,432	$	62,479	$	24,725	$	277,636
BAF		336,955		112,891		43,783		493,629
BYM		763,929		264,402		84,909		1,113,240
BLE		367,336		122,686		43,073		533,095
MFL		611,944		201,454		73,949		887,347
MVF		626,260		213,565		75,611		915,436


74		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2020, the following table is a summary of each fund’s TOB Trusts:


	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
BBK	$	57,430,704	$	33,442,766		1.17% — 1.23%	$	31,649,915		1.76	%
BAF		101,919,110		56,448,869		1.15% — 1.33%		54,455,468		1.82
BYM		215,346,724		127,922,497		1.17% — 1.35%		124,108,355		1.80
BLE		118,344,864		69,294,759		1.15% — 1.33%		60,758,510		1.76
MFL		240,242,642		105,978,045		1.17% — 1.25%		100,098,924		1.78
MVF		205,537,915		100,737,488		1.15% — 1.30%		101,352,916		1.82

^(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 fund, as a 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 fund, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts.

^(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 fund invests in a TOB Trust on a recourse basis, the fund enters into a reimbursement agreement with the Liquidity Provider where the fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a fund invests in a recourse TOB Trust, the fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a fund at February 29, 2020, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund at February 29, 2020.

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.

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 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, 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, each Trust, except for MFL and MVF, pays 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.


	BBK			BAF			BYM			BLE
Investment advisory fees		0.65	%		0.55	%		0.55	%		0.55	%

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


NOTES TO FINANCIAL STATEMENTS			75

Notes to Financial Statements (unaudited) (continued)

For such services, MFL and MVF pays the Manager a monthly fee at an annual rate equal to 0.55% and 0.50%, respectively, of the average daily value of each Trust’s net assets.

For purposes of calculating these fees, “net assets” mean the total assets of each 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 net asset value.

Expense Limitations, Waivers and Reimbursements: The Manager, for MFL, 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 February 29, 2020, the investment advisory fees waived were $197,779.

The Manager voluntarily agreed to waive a portion of the investment advisory fees or other expenses on BBK as a percentage of its average weekly managed assets as follows:


BBK			0.075	%

This voluntary waiver may be reduced or discontinued at any time without notice. For the six months ended February 29, 2020, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were $107,028.

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, 2021. 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. Prior to December 1, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended February 29, 2020, the amounts waived were as follows:


	BBK		BAF		BYM		BLE		MFL		MVF
Amounts Waived	$	449	$	133	$	1,586	$	3,574	$	1,768	$	3,055

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, 2021. 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 a Trust’s Independent Trustees. For the six months ended February 29, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

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 February 29, 2020, purchases and sales of investments, excluding short-term securities were as follows:


	BBK		BAF		BYM		BLE		MFL		MVF
Purchases	$	13,694,528	$	30,576,568	$	37,235,983	$	62,853,883	$	179,798,403	$	99,699,107
Sales		8,957,793		21,746,760		24,565,788		48,147,220		177,592,411		66,466,169

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 each of the four years ended August 31, 2019. 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 February 29, 2020, 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.

As of August 31, 2019, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


BBK		BAF		BYM		BLE		MFL		MVF
$	—	$	4,746,829	$	10,129,559	$	10,698,442	$	11,129,625	$	13,962,143


76		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

As of February 29, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	BBK			BAF			BYM			BLE			MFL			MVF
Tax Cost	$	228,178,259		$	166,961,517		$	490,928,828		$	470,584,338		$	765,391,491		$	814,676,864

Gross unrealized appreciation	$	33,904,557		$	20,726,308		$	73,816,465		$	54,945,826		$	78,707,700		$	97,562,444
Gross unrealized depreciation		(824,519	)		(573,699	)		(1,180,004	)		(4,893,509	)		(996,061	)		(2,276,489	)

Net unrealized appreciation	$	33,080,038		$	20,152,609		$	72,636,461		$	50,052,317		$	77,711,639		$	95,285,955

9.	*PRINCIPAL RISKS*

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Trust needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain 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 each Trust and its investments.

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.

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.

Should 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.

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 the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the 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 the Trust’s net asset value 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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the


NOTES TO FINANCIAL STATEMENTS			77

Notes to Financial Statements (unaudited) (continued)

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.

Concentration Risk: As of period end, BAF, MFL and MVF invested a significant portion of their assets in securities in the transportation sector. Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

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 increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

10.

CAPITAL SHARE TRANSACTIONS

Each of BBK, BAF, BYM, and BLE is authorized to issue an unlimited number of shares, including Preferred Shares, par value $0.001 per share, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

MFL is authorized to issue an unlimited number of shares, including 1 million Preferred Shares, par value $0.10 per share.

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

Common Shares

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


	BLE
Six Months Ended February 29, 2020		11,725
Year Ended August 31, 2019		2,585

For the six months ended February 29, 2020 and year ended August 31, 2019, shares issued and outstanding remained constant for BBK, BAF, BYM, MFL and MVF.

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2018 through November 30, 2019, 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, 2018, subject to certain conditions. From December 1, 2019 through November 30, 2020, 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, 2019, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended February 29, 2020, the Trusts did not repurchase any shares.

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


78		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

(a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

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

Issue
Date

Shares
Issued

Aggregate

Principal

Maturity
Date

MFL

6/30/11

2,746

274,600,000

7/01/41

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

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

Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Trust and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, on April 30, 2021.

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

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

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

Moody’s

Long-term

Rating

Fitch

Long-term

Rating

MFL

Aa1

AAA

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

Special Rate Period: A VRDP Trust may commence a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. MFL’s special rate period has commenced on April 17, 2014 and has a current expiration date of April 15, 2021.

Prior to the expiration date, the VRDP Trust and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Trust on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Trust is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Trust will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Trust will pay nominal or no fees to the liquidity provider and remarketing agent.

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


NOTES TO FINANCIAL STATEMENTS			79

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2020, the annualized dividend rates for the VRDP Shares was 2.04%

For the six months ended February 29, 2020, VRDP Shares issued and outstanding of the VRDP Trust remained constant.

VMTP Shares

BBK, BAF, BYM, BLE, and MVF (collectively, the “VMTP Trusts”) have each 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. 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:

Issue
Date

Shares
Issued

Aggregate
Principal

Term

Redemption

Date

Moody’s
Rating

Fitch
Rating

BBK

12/16/11

799

79,900,000

07/02/21

Aa1

AAA

BAF

12/16/11

422

42,200,000

07/02/21

Aa1

AAA

BYM

12/16/11

1,372

137,200,000

07/02/21

Aa1

AAA

BLE

12/16/11

1,513

151,300,000

07/02/21

Aa1

AAA

MVF

12/16/11

2,438

243,800,000

07/02/21

Aa1

AAA

Redemption Terms: Each 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. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index or to a percentage of the one-month LIBOR 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 February 29, 2020, the average annualized dividend rates for the VMTP Shares were as follows:


	BBK			BAF			BYM			BLE			MVF
Rate		2.13	%		2.13	%		2.13	%		2.13	%		2.14	%

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

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


	Dividend Accrued		Deferred Offering Cost Amortization
BBK	$	850,706	$	—
BAF		449,309		—
BYM		1,460,786		—
BLE		1,610,911		—
MFL		2,799,688		8,446
MVF		2,609,176		—


80		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 distributions to Common Shareholders and Preferred Shareholders as follows:


	Common Dividend Per Share				Preferred Shares^(c)
	Paid^(a)		Declare^(b)		Shares		Series		Declared
BBK	$	0.056000	$	0.056000		VMTP		W-7	$	105,431
BAF		0.051500		0.051500		VMTP		W-7		55,684
BYM		0.048000		0.048000		VMTP		W-7		181,040
BLE		0.058000		0.058000		VMTP		W-7		199,646
MFL		0.045500		0.045500		VRDP		W-7		841,957
MVF		0.033500		0.033500		VMTP		W-7		321,703

^(a)

Net investment income dividend paid on April 1, 2020 to Common Shareholders of record on March 16, 2020.

^(b)

Net investment income dividend declared on April 1, 2020, payable to Common Shareholders of record on April 15, 2020.

^(c)

Dividends declared for period March 1, 2020 to March 31, 2020.


NOTES TO FINANCIAL STATEMENTS			81

Trustee and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Trustee

Karen P. Robards, Co-Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective February 19, 2020, Henry Gabbay resigned as a Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and

Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent

The Bank of New York Mellon

New York, NY 10286

VRDP Liquidity Provider

Bank of America, N.A.

New York, NY 10036

VRDP Remarketing Agent

BofA Securities, Inc.

New York, NY 10036

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


82		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.


	Total Fiscal Year to Date Cumulative Distributions by Character										Percentage of Fiscal Year to Date Cumulative Distributions by Character
	Net Investment Income		Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital^(a)		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short Term			Net Realized Capital Gains Long Term			Return of Capital			Total Per Common Share
BYM	$	0.2864663	$	—	$	—	$	0.0015337	$	0.2880000		99	%		0	%		0	%		1	%		100	%
MVF		0.1978250		—		—		0.0115990		0.2094240		94			0			0			6			100

^(a)

The Trust estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

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.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. 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.

During the period, there were no material changes in the Trusts’ investment objectives or policies or 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 or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Effective March 24, 2020, MFL may enter into reverse repurchase agreements. The use of reverse repurchase agreements may generate taxable income for MFL and may increase the amount of ordinary income distributions paid to 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:


ADDITIONAL INFORMATION			83

Additional Information (continued)

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

Please contact your financial advisor. 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 and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Trusts’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Trusts’ Forms N-PORT and N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com; or by calling (800) 882-0052; and (2) 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.


84		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations

AGC		Assured Guarantee Corp.

AGM		Assured Guaranty Municipal Corp.

AMBAC		American Municipal Bond Assurance Corp.

AMT		Alternative Minimum Tax (subject to)

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

EDA		Economic Development Authority

EDC		Economic Development Corp.

ERB		Education Revenue Bonds

FHA		Federal Housing Administration

GARB		General Airport Revenue Bonds

GO		General Obligation Bonds

GTD		Guaranteed

HDA		Housing Development Authority

HFA		Housing Finance Agency

IDA		Industrial Development Authority

IDB		Industrial Development Board

ISD		Independent School District

LRB		Lease Revenue Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PILOT		Payment in Lieu of Taxes

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bonds

S/F		Single-Family

SRF		State Revolving Fund

VRDN		Variable Rate Demand Notes


GLOSSARY OF TERMS USED IN THIS REPORT			85

Want to know more?

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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 net asset value 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.

CEF-NTL-2/20-SAR

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 Registrants – 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 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 – Not Applicable due to no such purchases during the period covered by this report.

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

Item 13 – Exhibits attached hereto

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

(a)(2) – Section 302 Certifications are attached

(a)(3) – Not Applicable

(a)(4) – 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 MuniHoldings Investment Quality Fund

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniHoldings Investment Quality Fund

Date: May 4, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniHoldings Investment Quality Fund

Date: May 4, 2020

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock MuniHoldings Investment Quality Fund

Date: May 4, 2020

Blackrock Muniholdings Investment Quality Fund (MFL) N-CSRSCertified semi-annual shareholder report (management investment company)