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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| BlackRock Long Term Municipal Advantage Trust | NYSE:BTA | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.31 | 0 | 00:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21835
| Name of Fund: | BlackRock Long-Term Municipal Advantage Trust (BTA) |
| Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Long-Term Municipal Advantage Trust, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2024
Date of reporting period: 01/31/2024
Item 1 – Report to Stockholders
Explanatory Note: The Registrant is filing this amendment to its Form N-CSRS for the period ended January 31, 2024, filed with the Securities and Exchange Commission on April 3, 2024 (Accession Number 0001193125-24-085792). The sole purpose of this amendment is to revise the 6-month, 1 year and 5 years average annual total returns for the Customized Reference Benchmark in the section entitled “Fund Summary” for BlackRock Long-Term Municipal Advantage Trust (BTA), which were inadvertently understated in the original filing. Except for such change, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSRS filing.
(a) The Report to Shareholders is attached herewith.
|
|
JANUARY 31, 2024 |
| 2024 Semi-Annual Report (Unaudited) | ||
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock Municipal Income Fund, Inc. (MUI)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC
| Total Returns as of January 31, 2024
|
||||||||
|
6-Month
|
12-Month
|
|||||||
| U.S. large cap equities |
6.43% | 20.82% | ||||||
| U.S. small cap equities |
(2.02) | 2.40 | ||||||
| International equities |
3.15 | 10.01 | ||||||
| Emerging market equities |
(6.00) | (2.94) | ||||||
| 3-month Treasury
bills |
2.73 | 5.13 | ||||||
| U.S. Treasury securities |
1.74 | (0.38) | ||||||
|
U.S. investment grade bonds |
3.15 | 2.10 | ||||||
|
Tax-exempt municipal bonds |
2.70 | 2.90 | ||||||
| U.S. high yield bonds |
6.18 | 9.28 | ||||||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
| |||||||
| 2 | T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
| Page | ||||
| 2 | ||||
| Semi-Annual Report: |
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| 4 | ||||
| 5 | ||||
| 5 | ||||
| 6 | ||||
| Financial Statements: |
||||
| 18 | ||||
| 72 | ||||
| 74 | ||||
| 76 | ||||
| 79 | ||||
| 81 | ||||
| 92 | ||||
| 103 | ||||
| 106 | ||||
| 3 |
Municipal Market Overview For the Reporting Period Ended January 31, 2024
Municipal Market Conditions
Municipals struggled at the start of the period as the Fed continued its tightening policy, raising fed fund rates to 5.25%—5.50%, before pausing in September. Subsequently, falling inflation, weakening economic growth, and the prolonged Fed pause led to more dovish expectations for monetary policy, causing a strong interest rate rally into year-end. As a result, municipals posted their strongest performance since the mid-1980s during the fourth quarter of 2023 before taking a step back to reassess macro expectations at the end of the period. Lower-rated credits and the long-end of the curve performed best.
| During the 12-months ended January 31, 2024, municipal bond funds experienced net outflows totaling $20 billion (based on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the same time, the market contended with just $368 billion in issuance, a small increase from the $347 billion issued during the prior 12-month period, as issuers shied away from rising rates and volatility. |
Bloomberg Municipal Bond Index Total Returns as of January 31, 2024 6 months: 2.70% 12 months: 2.90% | |||
| A Closer Look at Yields
|
From January 31, 2023, to January 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.20% to 3.52%, ten-year yields increased by 19 bps from 2.19% to 2.38%, five-year yields increased by 31 bps from 2.05% to 2.36%, and two-year yields increased by 47 bps from 2.17% to 2.64% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 15 bps to a slope of 88 bps. Still, the curve remained relatively steep compared to the inverted U.S. Treasury curve.
Outperformance throughout the period pushed relative valuations to extremely rich levels. Municipal-to-Treasury ratios ended well through their 5-year averages across the curve, with intermediate maturities approaching all-time lows. |
Financial Conditions of Municipal Issuers
With reserves at nearly an all-time high and debt service burden at a 50-year low, states are well-positioned to weather a potential economic slowdown. However, tax receipts are diverging for the states that primarily rely on consumption taxes, compared to their peers that depend on income taxes. State median revenues declined by a slight 1% for the rolling 12-months ending September 2023. States with regimes that favor sales taxes, such as Florida, Nevada, Texas, Tennessee, and Washington, all experienced positive revenue growth, while states that depend on personal income taxes, such as California and New York, experienced much greater declines in receipts, by 23% and 16%, respectively. Particularly in California’s case, the rating agencies have been patient, but the risk of downgrades has increased significantly. Meanwhile spreads remain surprisingly tight, reflecting investor indifference. Personal income tax collections should improve this April, due to a rebound in the financial markets, which should alleviate the strain on New York’s budget, but California will need to enact significant corrective action to address its reported $68 billion deficit. No sector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and can raise user fees or taxes to cover operations. Across all muni sectors, we anticipate borrowing to increase modestly in 2024 due to various potential factors: revenue shortfalls, aversion to fee increases, reluctance to cut programs, no future federal stimulus, preference to maintain liquidity, and deferral of capital expenditures. Patient investors will have better options in 2024 to buy solid credits in the primary market or discounted names in the secondary market.
The opinions expressed are those of BlackRock as of January 31, 2024 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.
The Bloomberg Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.
| 4 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Fund’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. In such circumstance, the investment adviser may nevertheless determine to maintain a Fund’s leverage if it deems such action to be appropriate. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Fund’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Fund’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s Common Shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of each Fund’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.
To obtain leverage, each Fund has issued Variable Rate Demand Preferred Shares (“VRDP Shares” or “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
| T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
| Fund Summary as of January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) |
Investment Objective
BlackRock Long-Term Municipal Advantage Trust’s (BTA) (the “Fund”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are expected to pay interest or income that is exempt from U.S. federal income tax (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the Fund’s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
BTA | |
| Initial Offering Date |
February 28, 2006 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 10.34)(a) |
5.05% | |
| Tax Equivalent Yield(b) |
8.53% | |
| Current Monthly Distribution per Common Share(c) |
$0.043500 | |
| Current Annualized Distribution per Common Share(c) |
$0.522000 | |
| Leverage as of January 31, 2024(d) |
37% | |
| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ | 10.34 | $ | 9.71 | 6.49 | % | $ | 10.58 | $ | 8.65 | ||||||||||
| Net Asset Value |
10.43 | 10.36 | 0.68 | 10.59 | 9.03 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns
|
||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
3.43 | % | 3.14 | % | 2.24 | % | 4.60 | % | ||||||||
| Fund at Market Price(a)(b) |
9.40 | 7.48 | 3.02 | 5.35 | ||||||||||||
| Customized Reference Benchmark(c) |
2.88 | 3.20 | 2.33 | N/A | ||||||||||||
| Bloomberg Municipal Bond Index(d) |
2.70 | 2.90 | 2.00 | 2.78 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (75%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (25%). The Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
| 6 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock Long-Term Municipal Advantage Trust (BTA) |
At a time of positive market performance, all sectors delivered gains. Corporate-backed, state tax-backed, and education issues made the largest contributions. All ratings tiers, maturities, and coupons delivered positive absolute returns, with the strongest results coming from A rated bonds, securities maturing in 20 years or more, and 4% and 5% coupons, respectively. Bonds with lower coupons and lower dollar prices generally outperformed higher-coupon issues priced at a premium.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| Corporate |
15.6 | % | ||
| Transportation |
14.1 | |||
| Health |
13.9 | |||
| County/City/Special District/School District |
13.1 | |||
| Education |
12.5 | |||
| State |
11.3 | |||
| Utilities |
7.6 | |||
| Tobacco |
6.7 | |||
| Housing |
5.2 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage | |||
| 2024 |
12.8 | % | ||
| 2025 |
2.8 | |||
| 2026 |
9.1 | |||
| 2027 |
9.9 | |||
| 2028 |
13.8 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
3.3 | % | ||
| AA/Aa |
19.7 | |||
| A |
26.9 | |||
| BBB/Baa |
10.3 | |||
| BB/Ba |
9.4 | |||
| B |
2.6 | |||
| N/R(e) |
27.8 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments. |
| F U N D S U M M A R Y |
7 |
| Fund Summary as of January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) |
Investment Objective
BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from U.S. federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BBB or lower by S&P Global Ratings, or securities that are unrated but are deemed by the investment adviser to be of comparable quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
MUA | |
| Initial Offering Date |
June 25, 1993 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 10.91)(a) |
6.10% | |
| Tax Equivalent Yield(b) |
10.30% | |
| Current Monthly Distribution per Common Share(c) |
$0.055500 | |
| Current Annualized Distribution per Common Share(c) |
$0.666000 | |
| Leverage as of January 31, 2024(d) |
29% | |
| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ | 10.91 | $ | 10.24 | 6.54 | % | $ | 11.30 | $ | 8.72 | ||||||||||
| Net Asset Value |
11.42 | 11.28 | 1.24 | 11.59 | 10.04 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns | ||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
4.05 | % | 2.32 | % | 1.27 | % | 3.83 | % | ||||||||
| Fund at Market Price(a)(b) |
9.50 | 0.93 | 0.39 | 4.06 | ||||||||||||
| High Yield Customized Reference Benchmark(c) |
3.17 | 3.91 | 2.91 | N/A | ||||||||||||
| Bloomberg Municipal High Yield Bond Index(d) |
3.42 | 4.08 | 3.26 | 4.61 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The High Yield Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Rated Baa Index (20%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (60%) and the Bloomberg Municipal Investment Grade ex BBB Index (20%). The High Yield Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
| 8 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock MuniAssets Fund, Inc. (MUA) |
At a time of positive market performance, all sectors delivered gains. State tax-backed, corporate-backed, other industries, education, and transportation issues made the largest contributions. All ratings tiers, maturities, and coupons delivered positive absolute returns, with the strongest results coming from non-rated bonds, securities maturing in 20 years or more, and 4% and 5% coupons, respectively. Bonds with lower coupons and lower dollar prices generally outperformed higher-coupon issues priced at a premium. The Fund’s cash position had no material impact on performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| State |
20.5 | % | ||
| Corporate |
16.2 | |||
| Education |
13.6 | |||
| Transportation |
12.3 | |||
| Health |
10.2 | |||
| County/City/Special District/School District |
10.0 | |||
| Tobacco |
7.0 | |||
| Housing |
6.3 | |||
| Utilities |
3.5 | |||
| Diversified Consumer Services |
0.4 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage % | |||
| 2024 |
21.4 | % | ||
| 2025 |
2.2 | |||
| 2026 |
7.2 | |||
| 2027 |
6.2 | |||
| 2028 |
10.8 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
0.3 | % | ||
| AA/Aa |
14.6 | |||
| A |
13.7 | |||
| BBB/Baa |
8.1 | |||
| BB/Ba |
12.9 | |||
| B |
3.3 | |||
| N/R(e) |
47.1 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments. |
| F U N D S U M M A R Y |
9 |
| Fund Summary as of January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) |
Investment Objective
BlackRock Municipal Income Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser, at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
MUI | |
| Initial Offering Date |
August 1, 2003 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 11.65)(a) |
5.67% | |
| Tax Equivalent Yield(b) |
9.58% | |
| Current Monthly Distribution per Common Share(c) |
$0.055000 | |
| Current Annualized Distribution per Common Share(c) |
$0.660000 | |
| Leverage as of January 31, 2024(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 is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ | 11.65 | $ | 11.47 | 1.57 | % | $ | 11.81 | $ | 9.75 | ||||||||||
| Net Asset Value |
13.37 | 13.23 | 1.06 | 13.55 | 11.67 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns
|
||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
3.32 | % | 3.61 | % | 1.84 | % | 3.62 | % | ||||||||
| Fund at Market Price(a)(b) |
3.84 | 0.95 | 1.82 | 2.85 | ||||||||||||
| National Customized Reference Benchmark(c) |
2.77 | 3.02 | 2.13 | N/A | ||||||||||||
| Bloomberg Municipal Bond Index(d) |
2.70 | 2.90 | 2.00 | 2.78 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains in the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors, as well. Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors.
| 10 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock Municipal Income Fund, Inc. (MUI) |
The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| Transportation |
31.5 | % | ||
| County/City/Special District/School District |
12.3 | |||
| Corporate |
12.1 | |||
| State |
11.3 | |||
| Health |
11.1 | |||
| Utilities |
10.7 | |||
| Education |
6.0 | |||
| Tobacco |
3.3 | |||
| Housing |
1.7 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage % | |||
| 2024 |
8.8 | % | ||
| 2025 |
2.0 | |||
| 2026 |
5.0 | |||
| 2027 |
8.9 | |||
| 2028 |
9.8 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
7.9 | % | ||
| AA/Aa |
41.6 | |||
| A |
31.8 | |||
| BBB/Baa |
7.3 | |||
| BB/Ba |
2.8 | |||
| B |
— | (e) | ||
| N/R(f) |
8.6 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | Rounds to less than 0.1% of total investments. |
| (f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
| F U N D S U M M A R Y |
11 |
| Fund Summary as of January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) |
Investment Objective
BlackRock MuniYield Fund, Inc.’s (MYD) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade, or deemed to be of comparable quality by the investment adviser, at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
MYD | |
| Initial Offering Date |
November 29, 1991 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 10.70)(a) |
5.89% | |
| Tax Equivalent Yield(b) |
9.95% | |
| Current Monthly Distribution per Common Share(c) |
$0.052500 | |
| Current Annualized Distribution per Common Share(c) |
$0.630000 | |
| Leverage as of January 31, 2024(d) |
35% | |
| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ 10.70 | $ 10.50 | 1.90 | % | $ 10.85 | $ 8.82 | ||||||||||||||
| Net Asset Value |
12.27 | 12.14 | 1.07 | 12.43 | 10.62 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns | ||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
3.60 | % | 4.02 | % | 1.87 | % | 4.12 | % | ||||||||
| Fund at Market Price(a)(b) |
4.45 | 0.11 | 0.23 | 3.04 | ||||||||||||
| National Customized Reference Benchmark(c) |
2.77 | 3.02 | 2.13 | N/A | ||||||||||||
| Bloomberg Municipal Bond Index(d) |
2.70 | 2.90 | 2.00 | 2.78 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains in the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
Holdings in long-dated securities, which outperformed the broader market, contributed the most to performance given their high weighting in the Fund. While all sectors delivered positive returns, positions in high-quality bonds—especially in the tax-backed state and transportation sectors—were the largest contributors.
| 12 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Fund, Inc. (MYD) |
The Fund’s use of leverage contributed to returns by increasing overall portfolio duration and income. (Duration is a measure of interest rate sensitivity.) While higher short-term borrowing costs reduced the income benefit of leverage, the investment adviser actively engaged in tax-loss selling and rotated the proceeds into higher-yielding securities. The Fund continued to use U.S. Treasury futures in an effort to mitigate interest rate risk, which detracted from performance at a time in which yields fell.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| Transportation |
24.7 | % | ||
| State |
15.9 | |||
| Utilities |
13.5 | |||
| Corporate |
13.3 | |||
| County/City/Special District/School District |
11.7 | |||
| Health |
10.6 | |||
| Education |
4.7 | |||
| Tobacco |
3.2 | |||
| Housing |
2.4 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage | |||
| 2024 |
10.3 | % | ||
| 2025 |
1.2 | |||
| 2026 |
2.6 | |||
| 2027 |
8.8 | |||
| 2028 |
11.6 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
5.9 | % | ||
| AA/Aa |
42.9 | |||
| A |
30.5 | |||
| BBB/Baa |
8.2 | |||
| BB/Ba |
3.3 | |||
| B |
1.4 | |||
| N/R(e) |
7.8 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
| F U N D S U M M A R Y |
13 |
| Fund Summary as of January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) |
Investment Objective
BlackRock MuniYield Quality Fund, Inc.’s (MQY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better), or which are deemed to be of comparable quality by the adviser, at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
MQY | |
| Initial Offering Date |
June 26, 1992 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 12.16)(a) |
5.72% | |
| Tax Equivalent Yield(b) |
9.66% | |
| Current Monthly Distribution per Common Share(c) |
$0.058000 | |
| Current Annualized Distribution per Common Share(c) |
$0.696000 | |
| Leverage as of January 31, 2024(d) |
35% | |
| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ | 12.16 | $ | 11.86 | 2.53 | % | $ | 12.47 | $ | 9.86 | ||||||||||
| Net Asset Value |
13.33 | 13.22 | 0.83 | 13.51 | 11.67 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns
|
||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
3.44 | % | 3.77 | % | 2.23 | % | 4.09 | % | ||||||||
| Fund at Market Price(a)(b) |
5.18 | 3.91 | 2.40 | 3.54 | ||||||||||||
| National Customized Reference Benchmark(c) |
2.77 | 3.02 | 2.13 | N/A | ||||||||||||
| Bloomberg Municipal Bond Index(d) |
2.70 | 2.90 | 2.00 | 2.78 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
| 14 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Quality Fund, Inc. (MQY) |
Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors, as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors.
The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| Transportation |
27.2 | % | ||
| County/City/Special District/School District |
17.8 | |||
| Health |
11.5 | |||
| Corporate |
10.3 | |||
| State |
10.0 | |||
| Utilities |
9.7 | |||
| Education |
8.0 | |||
| Housing |
3.2 | |||
| Tobacco |
2.3 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage % | |||
| 2024 |
9.9 | % | ||
| 2025 |
3.4 | |||
| 2026 |
7.3 | |||
| 2027 |
9.5 | |||
| 2028 |
8.7 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
5.2 | % | ||
| AA/Aa |
39.5 | |||
| A |
36.6 | |||
| BBB/Baa |
7.2 | |||
| BB/Ba |
2.4 | |||
| B |
0.5 | |||
| N/R(e) |
8.6 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
| F U N D S U M M A R Y |
15 |
| Fund Summary as of January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Investment Objective
BlackRock MuniYield Quality Fund III, Inc.’s (MYI) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of purchase. The Fund may invest directly in securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
On October 30, 2023, the Board of Directors of the Fund and the Board of Directors/Trustees of each of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), BlackRock MuniYield Pennsylvania Quality Fund (MPA), BlackRock Virginia Municipal Bond Trust (BHV), and BlackRock Investment Quality Municipal Trust, Inc. (BKN) (collectively, the “Target Funds”) announced the withdrawal of merger proposals that were previoulsy approved by the Boards pursuant to which each of the Target Funds would have been merged into MYI, with MYI continuing as the surviving Fund.
Fund Information
| Symbol on New York Stock Exchange |
MYI | |
| Initial Offering Date |
March 27, 1992 | |
| Yield on Closing Market Price as of January 31, 2024 ($ 11.28)(a) |
5.90% | |
| Tax Equivalent Yield(b) |
9.97% | |
| Current Monthly Distribution per Common Share(c) |
$0.055500 | |
| Current Annualized Distribution per Common Share(c) |
$0.666000 | |
| Leverage as of January 31, 2024(d) |
37% | |
| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| 01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
| Closing Market Price |
$ | 11.28 | $ | 11.13 | 1.35 | % | $ | 11.64 | $ | 9.34 | ||||||||||
| Net Asset Value |
12.68 | 12.51 | 1.36 | 12.87 | 11.07 | |||||||||||||||
Performance
Returns for the period ended January 31, 2024 were as follows:
| Average Annual Total Returns
|
||||||||||||||||
| 6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
| Fund at NAV(a)(b) |
3.97 | % | 4.12 | % | 2.74 | % | 4.18 | % | ||||||||
| Fund at Market Price(a)(b) |
3.96 | 2.68 | 2.53 | 3.56 | ||||||||||||
| National Customized Reference Benchmark(c) |
2.77 | 3.02 | 2.13 | N/A | ||||||||||||
| Bloomberg Municipal Bond Index(d) |
2.70 | 2.90 | 2.00 | 2.78 | ||||||||||||
| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
| (b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
| 16 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers.
Security selection in the transportation sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION
| Sector(a)(b) | Percentage of Total Investments |
|||
| Transportation |
25.3 | % | ||
| County/City/Special District/School District |
20.8 | |||
| State |
16.5 | |||
| Utilities |
10.9 | |||
| Education |
8.5 | |||
| Health |
7.3 | |||
| Corporate |
5.7 | |||
| Housing |
3.2 | |||
| Tobacco |
1.8 | |||
CALL/MATURITY SCHEDULE
| Calendar Year Ended December 31,(a)(c) | Percentage | |||
| 2024 |
6.2 | % | ||
| 2025 |
3.2 | |||
| 2026 |
5.0 | |||
| 2027 |
8.5 | |||
| 2028 |
11.9 | |||
CREDIT QUALITY ALLOCATION
| Credit Rating(a)(d) | Percentage of Total Investments |
|||
| AAA/Aaa |
9.2 | % | ||
| AA/Aa |
53.6 | |||
| A |
21.0 | |||
| BBB/Baa |
6.0 | |||
| BB/Ba |
1.6 | |||
| B |
0.2 | |||
| N/R(e) |
8.4 | |||
| (a) | Excludes short-term securities. |
| (b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.0% of the Fund’s total investments. |
| F U N D S U M M A R Y |
17 |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 2.4% | ||||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 |
$ | 320 | $ | 346,721 | ||||
| Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |
1,040 | 1,123,487 | ||||||
| Southeast Energy Authority A Cooperative District,
RB(a) |
1,300 | 1,296,923 | ||||||
| Series A-1, 5.50%, 01/01/53 |
470 | 505,556 | ||||||
| Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |
160 | 154,528 | ||||||
|
|
|
|||||||
| 3,427,215 | ||||||||
| Arizona — 4.9% | ||||||||
| Arizona Industrial Development Authority, Refunding
RB(b) |
360 | 360,508 | ||||||
| Series A, 5.38%, 07/01/50 |
925 | 901,403 | ||||||
| Series A, 5.50%, 07/01/52 |
855 | 814,157 | ||||||
| Series G, 5.00%, 07/01/47 |
135 | 126,521 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |
1,255 | 1,205,482 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB(b) |
955 | 733,387 | ||||||
| 5.00%, 07/01/56 |
230 | 202,553 | ||||||
| Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47(b) |
935 | 827,316 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |
375 | 379,500 | ||||||
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
725 | 791,632 | ||||||
| Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b) |
510 | 510,820 | ||||||
|
|
|
|||||||
| 6,853,279 | ||||||||
| Arkansas(b) — 3.7% | ||||||||
| Arkansas Development Finance Authority, RB |
1,050 | 1,018,889 | ||||||
| Series A, AMT, 4.75%, 09/01/49 |
3,570 | 3,517,842 | ||||||
| Series A, AMT, Sustainability Bonds, 6.88%, |
600 | 629,014 | ||||||
|
|
|
|||||||
| 5,165,745 | ||||||||
| California — 8.6% | ||||||||
| California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |
140 | 136,171 | ||||||
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
205 | 202,467 | ||||||
| California Municipal Finance Authority, RB, S/F Housing |
||||||||
| Series A, 5.25%, 08/15/39 |
70 | 70,243 | ||||||
| Series A, 5.25%, 08/15/49 |
175 | 175,743 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| Series B, AMT, 5.00%, 05/15/46 |
2,700 | 2,748,214 | ||||||
| AMT, Sustainability Bonds, 5.25%, 05/15/47 |
1,100 | 1,180,154 | ||||||
| CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) |
460 | 295,394 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) Series A, 3.00%, 09/01/56 |
725 | 463,362 | ||||||
| Mezzanine Lien, 4.00%, 03/01/57 |
330 | 226,860 | ||||||
| Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 |
835 | 476,665 | ||||||
| Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
1,000 | 746,867 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |
||||||||
| Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 |
$ | 285 | $ | 185,403 | ||||
| Series B, Sustainability Bonds, 4.00%, 07/01/58 |
200 | 129,035 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, CAB, |
425 | 48,914 | ||||||
| Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61(b)(d) |
830 | 334,682 | ||||||
| Indio Finance Authority, Refunding RB, |
595 | 608,529 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
935 | 927,603 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c) |
1,265 | 881,624 | ||||||
| San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38(c) |
3,725 | 2,266,673 | ||||||
|
|
|
|||||||
| 12,104,603 | ||||||||
| Colorado — 4.3% | ||||||||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
275 | 249,729 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
320 | 298,587 | ||||||
| Series D, AMT, 5.75%, 11/15/45 |
790 | 892,971 | ||||||
| Colorado Health Facilities Authority, RB |
145 | 157,131 | ||||||
| 5.50%, 11/01/47 |
90 | 97,719 | ||||||
| 5.25%, 11/01/52 |
220 | 234,331 | ||||||
| Series A, 5.00%, 05/15/35 |
140 | 112,565 | ||||||
| Series A, 5.00%, 05/15/44 |
180 | 123,207 | ||||||
| Series A, 5.00%, 05/15/49 |
290 | 167,914 | ||||||
| Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 |
500 | 462,659 | ||||||
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,550 | 1,556,349 | ||||||
| Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31 |
500 | 460,014 | ||||||
| Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
500 | 398,613 | ||||||
| Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) |
510 | 342,312 | ||||||
| Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 |
500 | 426,989 | ||||||
|
|
|
|||||||
| 5,981,090 | ||||||||
| Connecticut — 0.1% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/55(b) |
160 | 119,430 | ||||||
|
|
|
|||||||
| Delaware — 0.3% | ||||||||
| Affordable Housing Opportunities Trust, RB, Series AH- 01, Class B, 6.88%, 05/01/39(b)(e) |
447 | 422,491 | ||||||
|
|
|
|||||||
| District of Columbia — 1.0% | ||||||||
| District of Columbia, TA, 5.13%, 06/01/41 |
590 | 591,166 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
870 | 801,027 | ||||||
|
|
|
|||||||
| 1,392,193 | ||||||||
| 18 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida — 12.6% | ||||||||
| Brevard County Health Facilities Authority, Refunding
RB(b) |
$ | 100 | $ | 94,602 | ||||
| 4.00%, 11/15/33 |
625 | 576,646 | ||||||
| Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |
145 | 142,179 | ||||||
| Capital Region Community Development District, |
||||||||
| Series A-1, 5.13%, 05/01/39 |
210 | 209,654 | ||||||
| Series A-2, 4.60%, 05/01/31 |
510 | 509,970 | ||||||
| Capital Trust Agency, Inc., RB |
1,290 | 981,433 | ||||||
| Series A, 5.75%, 06/01/54(b) |
450 | 374,651 | ||||||
| Series B, 0.00%, 01/01/60(c) |
3,000 | 186,218 | ||||||
| Capital Trust Agency, Inc., RB, CAB(b)(c) |
16,370 | 1,076,320 | ||||||
| Subordinate, 0.00%, 01/01/61 |
5,685 | 367,069 | ||||||
| Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/49(b) |
120 | 113,836 | ||||||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |
970 | 1,112,030 | ||||||
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
2,000 | 2,034,461 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |
350 | 371,754 | ||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) |
745 | 213,953 | ||||||
| Series A-2, 0.00%, 10/01/48 |
525 | 141,766 | ||||||
| Series A-2, 0.00%, 10/01/49 |
435 | 110,808 | ||||||
| Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |
2,325 | 2,065,253 | ||||||
| Florida Development Finance Corp., RB(b) |
525 | 404,686 | ||||||
| 5.00%, 06/15/56 |
550 | 428,270 | ||||||
| 6.50%, 06/30/57 |
250 | 239,887 | ||||||
| Series B, 4.50%, 12/15/56 |
705 | 524,276 | ||||||
| Series C, 5.75%, 12/15/56 |
250 | 206,675 | ||||||
| Lakes of Sarasota Community Development District, SAB |
100 | 97,923 | ||||||
| Series A-1, 3.90%, 05/01/41 |
285 | 242,560 | ||||||
| Series B-1, 4.13%, 05/01/41 |
200 | 172,977 | ||||||
| Series B-1, 4.30%, 05/01/51 |
100 | 80,394 | ||||||
| Lakewood Ranch Stewardship District, SAB |
315 | 304,236 | ||||||
| 6.30%, 05/01/54 |
117 | 123,135 | ||||||
| Series 1B, 4.75%, 05/01/29 |
270 | 271,581 | ||||||
| Series 1B, 5.30%, 05/01/39 |
310 | 312,231 | ||||||
| Series 1B, 5.45%, 05/01/48 |
550 | 546,388 | ||||||
| Poitras East Community Development District, SAB, 5.00%, 05/01/43 |
245 | 235,718 | ||||||
| Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |
535 | 413,713 | ||||||
| Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(d) |
310 | 296,443 | ||||||
| Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g) |
340 | 3 | ||||||
| Trout Creek Community Development District, SAB 5.00%, 05/01/28 |
160 | 161,436 | ||||||
| 5.50%, 05/01/49 |
570 | 556,346 | ||||||
| Village Community Development District No. 14, SAB 5.38%, 05/01/42 |
410 | 412,288 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Village Community Development District No. 14, SAB (continued) |
||||||||
| 5.50%, 05/01/53 |
$ | 305 | $ | 307,762 | ||||
| West Villages Improvement District, SAB |
220 | 207,341 | ||||||
| 5.00%, 05/01/50 |
450 | 403,591 | ||||||
|
|
|
|||||||
| 17,632,463 | ||||||||
| Georgia — 6.5% | ||||||||
| Atlanta Urban Redevelopment Agency, RB,
3.88%, |
355 | 284,162 | ||||||
| Development Authority of Cobb County, RB,
6.38%, |
100 | 98,295 | ||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
110 | 99,709 | ||||||
| Main Street Natural Gas, Inc., RB(a) |
3,500 | 3,702,230 | ||||||
| Series B, 5.00%, 12/01/52 |
1,230 | 1,291,254 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series |
1,605 | 1,682,633 | ||||||
| Municipal Electric Authority of Georgia, RB |
1,640 | 1,503,062 | ||||||
| Series A, 5.00%, 07/01/52 |
460 | 474,059 | ||||||
|
|
|
|||||||
| 9,135,404 | ||||||||
| Illinois — 8.0% | ||||||||
| Chicago Board of Education, GO |
795 | 798,706 | ||||||
| Series D, 5.00%, 12/01/46 |
1,035 | 1,035,801 | ||||||
| Series H, 5.00%, 12/01/36 |
935 | 956,469 | ||||||
| Chicago Board of Education, Refunding GO |
415 | 430,006 | ||||||
| Series C, 5.00%, 12/01/34 |
940 | 961,227 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, |
640 | 577,957 | ||||||
| City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38 |
595 | 621,865 | ||||||
| Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |
350 | 351,317 | ||||||
| Illinois Finance Authority, Refunding RB, Series A, 4.00%, 07/15/47 |
1,815 | 1,753,484 | ||||||
| Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
845 | 910,309 | ||||||
| Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |
500 | 488,330 | ||||||
| Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57 |
555 | 566,161 | ||||||
| Series A, 5.50%, 06/15/53 |
200 | 204,144 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB |
410 | 378,169 | ||||||
| Series B, 5.00%, 06/15/52 |
225 | 227,479 | ||||||
| State of Illinois, GO, 5.00%, 05/01/27 |
500 | 501,902 | ||||||
| University of Illinois, RB, Series A, 5.00%, 04/01/44 |
475 | 475,433 | ||||||
|
|
|
|||||||
| 11,238,759 | ||||||||
| Indiana — 1.7% | ||||||||
| City of Valparaiso Indiana, RB |
365 | 365,585 | ||||||
| AMT, 7.00%, 01/01/44 |
885 | 886,175 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
19 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Indiana (continued) | ||||||||
| City of Vincennes Indiana, Refunding RB, |
$ | 810 | $ | 550,800 | ||||
| Indiana Finance Authority, RB, |
515 | 560,585 | ||||||
|
|
|
|||||||
| 2,363,145 | ||||||||
| Iowa — 1.3% | ||||||||
| Iowa Finance Authority, Refunding RB, |
1,815 | 1,685,173 | ||||||
| Iowa Student Loan Liquidity Corp., Refunding RB, |
110 | 107,525 | ||||||
|
|
|
|||||||
| 1,792,698 | ||||||||
| Kentucky — 1.7% | ||||||||
| Kentucky Public Energy Authority, RB, |
1,690 | 1,691,684 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(d) |
565 | 663,040 | ||||||
|
|
|
|||||||
| 2,354,724 | ||||||||
| Louisiana — 1.0% | ||||||||
| Lafayette Parish School Board Sale Tax Revenue, RB |
130 | 129,883 | ||||||
| 4.00%, 04/01/53 |
85 | 84,582 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) |
445 | 337,355 | ||||||
| Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b) |
105 | 103,633 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, |
770 | 770,728 | ||||||
|
|
|
|||||||
| 1,426,181 | ||||||||
| Maine — 0.2% | ||||||||
| Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51(b) |
380 | 251,645 | ||||||
|
|
|
|||||||
| Maryland — 1.5% | ||||||||
| City of Baltimore Maryland, RB, |
120 | 119,182 | ||||||
| Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |
380 | 390,923 | ||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |
1,480 | 1,561,105 | ||||||
|
|
|
|||||||
| 2,071,210 | ||||||||
| Massachusetts — 1.5% | ||||||||
| Massachusetts Development Finance Agency, RB, |
860 | 865,428 | ||||||
| Massachusetts Housing Finance Agency, Refunding RB |
310 | 298,060 | ||||||
| Series A, AMT, 4.50%, 12/01/47 |
1,030 | 1,003,533 | ||||||
|
|
|
|||||||
| 2,167,021 | ||||||||
| Michigan — 1.8% | ||||||||
| Michigan Finance Authority, RB, |
2,000 | 1,890,916 | ||||||
| Michigan Strategic Fund, RB |
165 | 149,484 | ||||||
| AMT, 5.00%, 12/31/43 |
500 | 504,239 | ||||||
|
|
|
|||||||
| 2,544,639 | ||||||||
| Security | Par (000) |
Value | ||||||
| Minnesota — 0.8% | ||||||||
| Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 |
$ | 655 | $ | 667,719 | ||||
| Minnesota Housing Finance Agency, RB, S/F Housing, |
505 | 541,353 | ||||||
|
|
|
|||||||
| 1,209,072 | ||||||||
| Missouri — 0.8% | ||||||||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35 |
330 | 270,624 | ||||||
| Kansas City Industrial Development Authority, ARB, |
850 | 863,122 | ||||||
|
|
|
|||||||
| 1,133,746 | ||||||||
| New Hampshire — 0.9% | ||||||||
| New Hampshire Business Finance Authority, RB |
260 | 223,288 | ||||||
| Series A, 4.25%, 08/15/46 |
290 | 236,775 | ||||||
| Series A, 4.50%, 08/15/55 |
600 | 484,868 | ||||||
| New Hampshire Business Finance Authority, Refunding
RB(a)(b) |
130 | 101,377 | ||||||
| Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 |
375 | 294,123 | ||||||
|
|
|
|||||||
| 1,340,431 | ||||||||
| New Jersey — 11.1% | ||||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB |
475 | 479,058 | ||||||
| 5.25%, 11/01/44 |
1,160 | 1,166,492 | ||||||
| New Jersey Economic Development Authority, RB |
70 | 77,963 | ||||||
| 5.00%, 06/15/43 |
125 | 132,303 | ||||||
| New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(i) |
1,225 | 1,320,588 | ||||||
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
785 | 728,069 | ||||||
| New Jersey Higher Education Student Assistance |
1,340 | 1,199,553 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 |
645 | 506,333 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
585 | 594,001 | ||||||
| Series S, 5.25%, 06/15/43 |
2,535 | 2,721,173 | ||||||
| New Jersey Turnpike Authority, RB, |
1,300 | 1,433,190 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/35 |
730 | 770,934 | ||||||
| Series A, 5.25%, 06/01/46 |
1,700 | 1,753,703 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
2,635 | 2,661,954 | ||||||
|
|
|
|||||||
| 15,545,314 | ||||||||
| New York — 14.6% | ||||||||
| City of New York, GO |
390 | 397,273 | ||||||
| Series B, 5.25%, 10/01/39 |
245 | 283,648 | ||||||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
910 | 887,125 | ||||||
| Metropolitan Transportation Authority, RB |
1,125 | 1,131,606 | ||||||
| Series B, 5.25%, 11/15/39 |
400 | 400,905 | ||||||
| 20 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| Metropolitan Transportation Authority, Refunding RB, |
$ | 985 | $ | 1,016,352 | ||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
4,000 | 3,983,882 | ||||||
| Series A-1, Subordinate, 4.00%, 08/01/48 |
555 | 553,021 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB |
900 | 900,313 | ||||||
| Series A, 5.00%, 06/01/42 |
1,505 | 1,466,890 | ||||||
| New York Counties Tobacco Trust VI, Refunding RB, |
1,000 | 904,933 | ||||||
| New York Liberty Development Corp., Refunding RB |
1,415 | 1,413,231 | ||||||
| Class 2, 5.38%, 11/15/40(b) |
395 | 395,494 | ||||||
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
505 | 377,426 | ||||||
| New York Power Authority, Refunding RB, Series A, |
565 | 544,161 | ||||||
| New York Transportation Development Corp., ARB |
260 | 281,528 | ||||||
| AMT, 5.00%, 12/01/40 |
555 | 584,170 | ||||||
| New York Transportation Development Corp., RB |
560 | 584,627 | ||||||
| AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 |
1,750 | 1,805,551 | ||||||
| New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 |
730 | 741,463 | ||||||
| Westchester County Local Development Corp., Refunding
RB(b) |
340 | 296,226 | ||||||
| 5.00%, 07/01/56 |
380 | 302,883 | ||||||
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
1,170 | 1,169,826 | ||||||
|
|
|
|||||||
| 20,422,534 | ||||||||
| North Carolina — 0.4% | ||||||||
| North Carolina Housing Finance Agency, RB, S/F |
||||||||
| GNMA), 6.00%, 07/01/53 |
550 | 589,528 | ||||||
|
|
|
|||||||
| North Dakota — 0.4% | ||||||||
| City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/53 |
525 | 552,355 | ||||||
|
|
|
|||||||
| Ohio — 2.2% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
1,025 | 965,509 | ||||||
| County of Hamilton Ohio, Refunding RB, |
800 | 754,342 | ||||||
| Port of Greater Cincinnati Development Authority, RB, |
180 | 152,268 | ||||||
| State of Ohio, RB, AMT, 5.00%, 06/30/53 |
1,220 | 1,206,810 | ||||||
|
|
|
|||||||
| 3,078,929 | ||||||||
| Oklahoma — 3.5% | ||||||||
| Oklahoma Development Finance Authority, RB |
2,205 | 2,326,998 | ||||||
| Series B, 5.00%, 08/15/38 |
750 | 730,692 | ||||||
| Series B, 5.50%, 08/15/52 |
765 | 764,086 | ||||||
| Security | Par (000) |
Value | ||||||
| Oklahoma (continued) | ||||||||
| Tulsa Authority for Economic Opportunity, TA, |
$ | 155 | $ | 144,557 | ||||
| Tulsa County Industrial Authority, Refunding RB, |
925 | 894,582 | ||||||
|
|
|
|||||||
| 4,860,915 | ||||||||
| Oregon — 0.2% | ||||||||
| Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) |
625 | 326,082 | ||||||
|
|
|
|||||||
| Pennsylvania — 8.7% | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b) |
1,280 | 1,291,224 | ||||||
| Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
200 | 156,244 | ||||||
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB Series B, (AGM), 4.50%, 09/01/48 |
800 | 826,341 | ||||||
| Series B, (AGM), 5.50%, 09/01/53 |
1,605 | 1,796,009 | ||||||
| Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 |
1,240 | 1,142,005 | ||||||
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
95 | 96,400 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
465 | 465,438 | ||||||
| AMT, 5.75%, 06/30/48 |
335 | 369,353 | ||||||
| AMT, 5.25%, 06/30/53 |
560 | 601,494 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, |
720 | 712,370 | ||||||
| Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
805 | 802,111 | ||||||
| Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
960 | 1,020,014 | ||||||
| Pennsylvania Turnpike Commission, RB |
1,685 | 1,767,944 | ||||||
| Series A, 5.00%, 12/01/44 |
520 | 526,075 | ||||||
| Philadelphia Authority for Industrial Development, RB, |
355 | 371,636 | ||||||
| School District of Philadelphia, GO, Series A, (SAW), |
220 | 244,297 | ||||||
|
|
|
|||||||
| 12,188,955 | ||||||||
| Puerto Rico — 8.1% | ||||||||
| Children’s Trust Fund, RB, |
9,585 | 790,704 | ||||||
| Commonwealth of Puerto Rico, GO |
4,759 | 2,688,763 | ||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
784 | 868,521 | ||||||
| Commonwealth of Puerto Rico, RB, 1.00%, 11/01/51(a) |
3,171 | 586,581 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
72 | 71,079 | ||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
1,529 | 1,498,068 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
2,376 | 2,375,969 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
1,038 | 1,014,645 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
21 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) |
||||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
$ | 851 | $ | 844,830 | ||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, |
1,914 | 588,384 | ||||||
|
|
|
|||||||
| 11,327,544 | ||||||||
| Rhode Island — 2.3% | ||||||||
| Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
2,450 | 2,388,598 | ||||||
| Rhode Island Student Loan Authority, RB, |
395 | 372,743 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, |
420 | 421,803 | ||||||
|
|
|
|||||||
| 3,183,144 | ||||||||
| South Carolina — 4.0% | ||||||||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
1,130 | 1,210,349 | ||||||
| South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |
225 | 205,174 | ||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |
1,110 | 1,138,140 | ||||||
| South Carolina Public Service Authority, RB |
1,840 | 1,845,290 | ||||||
| Series E, 5.00%, 12/01/48 |
420 | 420,145 | ||||||
| Series E, 5.50%, 12/01/53 |
750 | 750,453 | ||||||
|
|
|
|||||||
| 5,569,551 | ||||||||
| Tennessee — 1.7% | ||||||||
| Metropolitan Government Nashville & Davidson County |
||||||||
| Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 |
290 | 252,135 | ||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c) |
450 | 164,188 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 |
585 | 648,635 | ||||||
| Metropolitan Nashville Airport Authority, ARB |
230 | 255,333 | ||||||
| Series B, AMT, 5.50%, 07/01/36 |
190 | 213,371 | ||||||
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
750 | 804,080 | ||||||
|
|
|
|||||||
| 2,337,742 | ||||||||
| Texas — 12.7% | ||||||||
| Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |
335 | 221,368 | ||||||
| Arlington Higher Education Finance Corp., RB |
230 | 223,817 | ||||||
| 7.88%, 11/01/62(b) |
195 | 197,896 | ||||||
| Series A, 5.75%, 08/15/62 |
500 | 427,297 | ||||||
| Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |
180 | 157,324 | ||||||
| Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |
325 | 301,951 | ||||||
| City of Houston Texas Airport System Revenue, ARB, Series B-1, AMT, 5.00%, 07/15/30 |
240 | 240,270 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB AMT, 5.00%, 07/15/27 |
125 | 124,908 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| City of Houston Texas Airport System Revenue, |
||||||||
| Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
$ | 340 | $ | 365,797 | ||||
| City of Houston Texas Airport System Revenue, Refunding RB, |
800 | 802,000 | ||||||
| Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 |
500 | 484,511 | ||||||
| Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |
810 | 802,838 | ||||||
| Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
160 | 160,081 | ||||||
| Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/34(c) |
3,000 | 1,861,265 | ||||||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(i) |
5,200 | 2,852,469 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |
430 | 424,104 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 |
600 | 541,477 | ||||||
| Newark Higher Education Finance Corp., RB(b) |
135 | 138,281 | ||||||
| Series A, 5.75%, 08/15/45 |
275 | 278,889 | ||||||
| North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
890 | 892,428 | ||||||
| Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36(b) |
710 | 524,173 | ||||||
| Port Beaumont Navigation District, Refunding
RB(b) |
425 | 349,900 | ||||||
| Series A, AMT, 4.00%, 01/01/50 |
815 | 590,750 | ||||||
| San Antonio Education Facilities Corp., RB |
85 | 69,543 | ||||||
| Series A, 5.00%, 10/01/51 |
115 | 86,621 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
310 | 331,255 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, |
1,300 | 1,385,228 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB |
1,025 | 1,002,964 | ||||||
| AMT, Senior Lien, 5.50%, 12/31/58 |
800 | 861,407 | ||||||
| Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43(c) |
2,205 | 878,915 | ||||||
| Texas Water Development Board, RB, 4.45%, 10/15/36 |
170 | 188,459 | ||||||
|
|
|
|||||||
| 17,768,186 | ||||||||
| Utah — 0.6% | ||||||||
| County of Utah Utah, RB, Series B, 4.00%, 05/15/47 |
750 | 721,407 | ||||||
| Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) |
225 | 166,337 | ||||||
|
|
|
|||||||
| 887,744 | ||||||||
| Vermont — 0.2% | ||||||||
| Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
320 | 314,692 | ||||||
|
|
|
|||||||
| Virginia — 2.6% | ||||||||
| Ballston Quarter Community Development Authority,
TA(f)(g) |
180 | 175,142 | ||||||
| Series A, 5.13%, 03/01/31 |
490 | 420,046 | ||||||
| 22 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Virginia (continued) | ||||||||
| Hampton Roads Transportation Accountability |
||||||||
| Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |
$ | 245 | $ | 236,624 | ||||
| James City County Economic Development Authority, RB |
125 | 124,247 | ||||||
| Series A, 6.88%, 12/01/58 |
175 | 187,853 | ||||||
| Norfolk Redevelopment & Housing Authority, RB |
235 | 217,195 | ||||||
| Series A, 5.00%, 01/01/49 |
455 | 371,360 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
1,025 | 966,045 | ||||||
| Virginia Beach Development Authority, RB |
155 | 154,471 | ||||||
| 7.00%, 09/01/53 |
240 | 256,525 | ||||||
| Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42 |
500 | 521,722 | ||||||
|
|
|
|||||||
| 3,631,230 | ||||||||
| Washington — 0.8% | ||||||||
| Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40 |
350 | 351,838 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
485 | 502,916 | ||||||
| Washington State Housing Finance Commission, Refunding RB |
125 | 127,052 | ||||||
| Series A, 5.00%, 07/01/48 |
115 | 115,265 | ||||||
|
|
|
|||||||
| 1,097,071 | ||||||||
| West Virginia — 1.3% | ||||||||
| Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |
1,895 | 1,839,152 | ||||||
|
|
|
|||||||
| Wisconsin — 5.1% | ||||||||
| Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 |
750 | 512,434 | ||||||
| Public Finance Authority, RB |
165 | 151,970 | ||||||
| 7.75%, 07/01/43(b) |
1,190 | 1,214,479 | ||||||
| 5.00%, 06/15/55(b) |
440 | 377,108 | ||||||
| 5.00%, 01/01/56(b) |
710 | 618,289 | ||||||
| Class A, 5.00%, 06/15/56(b) |
230 | 187,784 | ||||||
| Series A, 6.25%, 10/01/31(b)(f)(g) |
290 | 40,600 | ||||||
| Series A, 7.00%, 10/01/47(b)(f)(g) |
290 | 40,600 | ||||||
| Series A, 5.00%, 10/15/50(b) |
530 | 449,837 | ||||||
| Series A, 4.75%, 06/15/56(b) |
730 | 519,398 | ||||||
| Series A-1, 4.50%, 01/01/35(b) |
590 | 528,692 | ||||||
| Series A-1, 5.50%, 12/01/48(b)(f)(g) |
10 | 2,109 | ||||||
| Series B, 0.00%, 01/01/35(b)(c) |
980 | 460,474 | ||||||
| Series B, 0.00%, 01/01/60(b)(c) |
16,025 | 994,529 | ||||||
| AMT, 4.00%, 09/30/51 |
475 | 387,898 | ||||||
| AMT, 4.00%, 03/31/56 |
455 | 358,627 | ||||||
| Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(c) |
6,580 | 290,227 | ||||||
|
|
|
|||||||
| 7,135,055 | ||||||||
| Wyoming — 0.3% | ||||||||
| University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
500 | 471,264 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 146.4% (Cost: $208,649,362) |
205,254,171 | |||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(j) | ||||||||
| Alabama — 4.7% | ||||||||
| Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a) |
$ | 6,194 | $ | 6,596,745 | ||||
|
|
|
|||||||
| Iowa — 0.6% | ||||||||
| Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |
905 | 905,000 | ||||||
|
|
|
|||||||
| New York — 2.7% | ||||||||
| New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
2,181 | 2,146,985 | ||||||
| Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 |
1,720 | 1,577,645 | ||||||
|
|
|
|||||||
| 3,724,630 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts —8.0% (Cost: $11,052,102) |
11,226,375 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 154.4% (Cost: $219,701,464) |
216,480,546 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 2.3% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(k)(l) |
3,270,530 | 3,270,858 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 2.3% (Cost: $3,270,530) |
3,270,858 | |||||||
|
|
|
|||||||
| Total Investments — 156.7% (Cost: $222,971,994) |
219,751,404 | |||||||
| Other Assets Less Liabilities — 1.8% |
2,385,880 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)% |
(6,264,187 | ) | ||||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.0)% |
(75,676,232 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 140,196,865 | ||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (f) | Issuer filed for bankruptcy and/or is in default. |
| (g) | Non-income producing security. |
| (h) | When-issued security. |
| (i) | 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. |
| (j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (k) | Affiliate of the Fund. |
| (l) | Annualized 7-day yield as of period end. |
| S C H E D U L E O F I N V E S T M E N T S |
23 |
| Schedule of Investments (unaudited)(continued) January 31, 2024 |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 12,588,591 | $ | — | $ | (9,318,269)(a) | $ | 1,926 | $ | (1,390 | ) | $ | 3,270,858 | 3,270,530 | $ | 93,235 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 204,831,680 | $ | 422,491 | $ | 205,254,171 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 11,226,375 | — | 11,226,375 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
3,270,858 | — | — | 3,270,858 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 3,270,858 | $ | 216,058,055 | $ | 422,491 | $ | 219,751,404 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (6,218,595 | ) | $ | — | $ | (6,218,595 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (76,000,000 | ) | — | (76,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (82,218,595 | ) | $ | — | $ | (82,218,595 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 24 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Corporate Bonds |
||||||||
| Diversified Consumer Services — 0.5% | ||||||||
| Grand Canyon University, 5.13%, 10/01/28 |
$ | 2,445 | $ | 2,223,067 | ||||
|
|
|
|||||||
| Total Corporate Bonds — 0.5% |
2,223,067 | |||||||
|
|
|
|||||||
| Municipal Bonds |
||||||||
| Alabama — 5.2% | ||||||||
| Black Belt Energy Gas District, RB(a) |
3,085 | 3,322,121 | ||||||
| Series F, 5.50%, 11/01/53 |
615 | 654,339 | ||||||
| Black Belt Energy Gas District, Refunding RB, |
5,240 | 5,246,759 | ||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 |
5,645 | 6,116,383 | ||||||
| Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |
2,140 | 2,311,790 | ||||||
| MidCity Improvement District, SAB 4.25%, 11/01/32 |
160 | 145,344 | ||||||
| 4.50%, 11/01/42 |
255 | 212,876 | ||||||
| 4.75%, 11/01/49 |
270 | 221,723 | ||||||
| Southeast Alabama Gas Supply District, Refunding RB, Series A, 5.00%, 08/01/54(a) |
4,000 | 4,256,795 | ||||||
| Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |
335 | 323,544 | ||||||
|
|
|
|||||||
| 22,811,674 | ||||||||
| Arizona — 4.3% | ||||||||
| Arizona Industrial Development Authority,
RB(b) |
1,690 | 1,720,214 | ||||||
| Series A, 5.00%, 12/15/39 |
250 | 237,910 | ||||||
| Series B, 5.13%, 07/01/47 |
665 | 624,465 | ||||||
| Arizona Industrial Development Authority, Refunding
RB(b) |
960 | 961,354 | ||||||
| Series A, 5.50%, 07/01/52 |
1,775 | 1,690,209 | ||||||
| Glendale Industrial Development Authority, RB, |
505 | 394,214 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB(b) |
570 | 574,347 | ||||||
| Series A, 6.75%, 07/01/44 |
1,000 | 1,005,933 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b) |
320 | 321,393 | ||||||
| 5.00%, 07/01/45 |
255 | 245,894 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB(b) |
1,555 | 1,194,154 | ||||||
| 5.00%, 07/01/56 |
470 | 413,912 | ||||||
| La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) |
875 | 842,962 | ||||||
| Maricopa County Industrial Development Authority, RB |
465 | 470,841 | ||||||
| 5.50%, 10/01/51(b) |
465 | 465,268 | ||||||
| Series A, 3.00%, 09/01/51 |
5,155 | 3,805,104 | ||||||
| AMT, 4.00%, 10/15/47(b) |
2,495 | 2,207,651 | ||||||
| Salt Verde Financial Corp., RB, |
1,650 | 1,801,645 | ||||||
|
|
|
|||||||
| 18,977,470 | ||||||||
| Security | Par (000) |
Value | ||||||
| Arkansas — 5.2% | ||||||||
| Arkansas Development Finance Authority, RB AMT, 7.38%, 07/01/48(b) |
$ | 2,800 | $ | 3,014,741 | ||||
| Arkansas Development Finance Authority, RB (continued) |
||||||||
| Series A, AMT, 4.50%, 09/01/49(b) |
9,435 | 9,155,441 | ||||||
| Series A, AMT, 4.75%, 09/01/49(b) |
6,850 | 6,749,922 | ||||||
| AMT, Sustainability Bonds, 5.45%, 09/01/52 |
2,325 | 2,356,652 | ||||||
| Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48(b) |
1,300 | 1,362,863 | ||||||
|
|
|
|||||||
| 22,639,619 | ||||||||
| California — 4.8% | ||||||||
| California Municipal Finance Authority, RB(b) |
250 | 250,621 | ||||||
| 6.00%, 08/01/44 |
665 | 666,127 | ||||||
| 6.13%, 08/01/49 |
580 | 581,035 | ||||||
| California School Finance Authority, RB, |
1,570 | 1,572,487 | ||||||
| California Statewide Communities Development Authority, RB, |
580 | 591,823 | ||||||
| California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 |
1,650 | 1,651,022 | ||||||
| CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) |
3,300 | 2,285,111 | ||||||
| CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) |
790 | 507,307 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) |
485 | 383,670 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) 3.13%, 08/01/56 |
120 | 82,942 | ||||||
| Series A, 3.00%, 09/01/56 |
1,570 | 1,003,418 | ||||||
| Mezzanine Lien, 4.00%, 03/01/57 |
700 | 481,217 | ||||||
| Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 |
2,060 | 1,442,641 | ||||||
| Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 |
6,035 | 3,445,116 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
655 | 422,168 | ||||||
| Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 |
4,000 | 2,602,148 | ||||||
| Sustainability Bonds, 3.13%, 07/01/56 |
990 | 653,827 | ||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
385 | 268,218 | ||||||
| Sustainability Bonds, 4.00%, 07/01/58 |
380 | 259,102 | ||||||
| Series B, Sustainability Bonds, 4.00%, 07/01/58 |
435 | 280,651 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c) |
3,315 | 381,530 | ||||||
| Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61(b)(d) |
1,705 | 687,510 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43(b)(c) |
1,500 | 482,731 | ||||||
|
|
|
|||||||
| 20,982,422 | ||||||||
| Colorado — 3.3% | ||||||||
| 9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 |
910 | 805,437 | ||||||
| Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) |
665 | 518,203 | ||||||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
575 | 522,161 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
1,870 | 1,804,453 | ||||||
| Series A, AMT, 4.13%, 11/15/53 |
1,025 | 956,411 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
25 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Colorado (continued) | ||||||||
| Colorado Health Facilities Authority, RB |
$ | 265 | $ | 287,730 | ||||
| 5.25%, 11/01/52 |
555 | 591,154 | ||||||
| Series A, 5.00%, 05/15/35 |
355 | 285,432 | ||||||
| Series A, 5.00%, 05/15/44 |
385 | 263,525 | ||||||
| Series A, 5.00%, 05/15/49 |
750 | 434,260 | ||||||
| Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55 |
1,735 | 1,231,847 | ||||||
| Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 |
935 | 869,340 | ||||||
| Inspiration Metropolitan District, GO, |
721 | 648,022 | ||||||
| Karl’s Farm Metropolitan District No. 2, GO, |
545 | 492,123 | ||||||
| Lanterns Metropolitan District No. 2, GO, |
520 | 387,777 | ||||||
| Loretto Heights Community Authority, RB, |
790 | 629,809 | ||||||
| North Holly Metropolitan District, GO, |
500 | 497,133 | ||||||
| Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 |
1,211 | 1,136,266 | ||||||
| Prairie Farm Metropolitan District, GO, |
759 | 721,347 | ||||||
| Pueblo Urban Renewal Authority, TA, |
1,065 | 714,828 | ||||||
| Waters’ Edge Metropolitan District No. 2, GO, |
790 | 674,643 | ||||||
|
|
|
|||||||
| 14,471,901 | ||||||||
| Connecticut(b) — 0.6% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/55 |
325 | 242,592 | ||||||
| Mohegan Tribal Finance Authority, RB, |
1,355 | 1,355,441 | ||||||
| Mohegan Tribe of Indians of Connecticut, RB, |
950 | 950,711 | ||||||
|
|
|
|||||||
| 2,548,744 | ||||||||
| Delaware — 0.9% | ||||||||
| Affordable Housing Opportunities Trust, RB, |
1,212 | 1,144,644 | ||||||
| Delaware State Health Facilities Authority, Refunding RB, |
2,870 | 2,779,540 | ||||||
|
|
|
|||||||
| 3,924,184 | ||||||||
| District of Columbia — 0.9% | ||||||||
| District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46(c) |
15,400 | 3,783,424 | ||||||
|
|
|
|||||||
| Florida — 14.3% | ||||||||
| Babcock Ranch Community Independent Special District, SAB |
510 | 489,734 | ||||||
| Series 2022, 5.00%, 05/01/53 |
385 | 347,461 | ||||||
| Boggy Creek Improvement District, Refunding SAB, |
1,240 | 1,212,240 | ||||||
| Brevard County Health Facilities Authority, Refunding RB(b) 4.00%, 11/15/24 |
440 | 435,458 | ||||||
| 4.00%, 11/15/25 |
460 | 450,631 | ||||||
| 4.00%, 11/15/27 |
495 | 479,421 | ||||||
| 4.00%, 11/15/29 |
435 | 411,519 | ||||||
| 4.00%, 11/15/32 |
450 | 418,619 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Brevard County Health Facilities Authority, Refunding RB(b)
(continued) |
$ | 675 | $ | 605,749 | ||||
| Buckhead Trails Community Development District, SAB, |
400 | 392,218 | ||||||
| Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 |
1,490 | 1,487,544 | ||||||
| Capital Trust Agency, Inc., RB(b) |
2,640 | 2,008,515 | ||||||
| Series A, 5.75%, 06/01/54 |
940 | 782,604 | ||||||
| Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(c) |
34,550 | 2,271,646 | ||||||
| Charlotte County Industrial Development Authority,
RB(b) |
1,415 | 1,342,317 | ||||||
| AMT, 4.00%, 10/01/51 |
425 | 339,068 | ||||||
| Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g) |
630 | 9,765 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |
5,000 | 5,145,961 | ||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) |
730 | 185,953 | ||||||
| Series A-2, 0.00%, 10/01/51 |
875 | 206,442 | ||||||
| Series A-2, 0.00%, 10/01/52 |
1,200 | 260,014 | ||||||
| Series A-2, 0.00%, 10/01/54 |
2,875 | 558,977 | ||||||
| Darby Community Development District, SAB, |
1,685 | 1,684,079 | ||||||
| Florida Development Finance Corp., RB(b) |
1,150 | 895,474 | ||||||
| 6.50%, 06/30/57 |
500 | 479,773 | ||||||
| Series A, 5.75%, 06/15/29 |
690 | 691,492 | ||||||
| Series A, 6.00%, 06/15/34 |
835 | 837,285 | ||||||
| Series A, 6.13%, 06/15/44 |
3,180 | 3,181,851 | ||||||
| Series A, 5.13%, 06/15/55 |
3,645 | 3,071,867 | ||||||
| Series B, 4.50%, 12/15/56 |
3,985 | 2,963,464 | ||||||
| Series C, 5.75%, 12/15/56 |
1,325 | 1,095,377 | ||||||
| AMT, 5.00%, 05/01/29 |
2,155 | 2,077,346 | ||||||
| Series B, AMT, 7.38%, 01/01/49 |
2,677 | 2,708,986 | ||||||
| Lakewood Ranch Stewardship District, SAB |
345 | 349,134 | ||||||
| 5.50%, 05/01/39(b) |
315 | 320,131 | ||||||
| 3.00%, 05/01/41 |
275 | 206,124 | ||||||
| 5.13%, 05/01/46 |
675 | 651,935 | ||||||
| 5.65%, 05/01/48(b) |
520 | 523,495 | ||||||
| Series 1B, 4.75%, 05/01/29 |
565 | 568,308 | ||||||
| Series 1B, 5.30%, 05/01/39 |
645 | 649,641 | ||||||
| Series 1B, 5.45%, 05/01/48 |
1,150 | 1,142,447 | ||||||
| Laurel Road Community Development District, SAB |
80 | 78,198 | ||||||
| Series A-1, 3.00%, 05/01/31 |
100 | 91,967 | ||||||
| Series A-1, 3.25%, 05/01/41 |
190 | 147,777 | ||||||
| Series A-1, 4.00%, 05/01/52 |
300 | 232,332 | ||||||
| Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 |
915 | 908,054 | ||||||
| Midtown Miami Community Development District, Refunding SAB |
845 | 839,232 | ||||||
| Series B, 5.00%, 05/01/37 |
495 | 491,241 | ||||||
| North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(b) |
925 | 907,125 | ||||||
| 26 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| North River Ranch Community Development District, SAB |
$ | 310 | $ | 261,228 | ||||
| Series A-1, 4.25%, 05/01/51 |
530 | 413,979 | ||||||
| Series A-2, 4.20%, 05/01/35 |
230 | 201,370 | ||||||
| Poitras East Community Development District, SAB, |
690 | 663,858 | ||||||
| Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32 |
1,000 | 896,416 | ||||||
| Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |
1,145 | 885,423 | ||||||
| Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 |
985 | 745,195 | ||||||
| South Broward Hospital District, RB (BAM-TCRS), |
720 | 556,395 | ||||||
| Series A, 3.00%, 05/01/51 |
6,355 | 4,651,894 | ||||||
| Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(d) |
805 | 769,796 | ||||||
| Tolomato Community Development District, SAB, |
875 | 9 | ||||||
| Trout Creek Community Development District, SAB |
430 | 432,667 | ||||||
| 5.50%, 05/01/49 |
1,105 | 1,078,531 | ||||||
| Village Community Development District No. 14, SAB |
1,110 | 1,116,195 | ||||||
| 5.50%, 05/01/53 |
820 | 827,426 | ||||||
| West Villages Improvement District, SAB |
455 | 428,819 | ||||||
| 5.00%, 05/01/50 |
940 | 843,057 | ||||||
| Windward at Lakewood Ranch Community Development District, SAB |
220 | 187,551 | ||||||
| 4.25%, 05/01/52 |
250 | 202,426 | ||||||
|
|
|
|||||||
| 62,798,226 | ||||||||
| Georgia — 1.0% | ||||||||
| Atlanta Urban Redevelopment Agency, RB, |
765 | 612,348 | ||||||
| Development Authority of Cobb County, RB, |
265 | 260,483 | ||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
290 | 262,869 | ||||||
| Gainesville & Hall County Hospital Authority, RB, |
855 | 803,966 | ||||||
| Main Street Natural Gas, Inc., RB, Series A, |
340 | 359,500 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, |
1,195 | 1,274,061 | ||||||
| Municipal Electric Authority of Georgia, RB, |
915 | 942,965 | ||||||
|
|
|
|||||||
| 4,516,192 | ||||||||
| Idaho — 0.1% | ||||||||
| Idaho Housing & Finance Association, RB, |
580 | 614,098 | ||||||
|
|
|
|||||||
| Illinois — 7.1% | ||||||||
| Chicago Board of Education, GO |
1,650 | 1,650,615 | ||||||
| Series C, 5.25%, 12/01/35 |
1,655 | 1,662,715 | ||||||
| Series D, 5.00%, 12/01/46 |
2,155 | 2,156,659 | ||||||
| Chicago Board of Education, Refunding GO |
745 | 730,299 | ||||||
| Security | Par (000) |
Value | ||||||
| Illinois (continued) | ||||||||
| Chicago Board of Education, Refunding GO (continued) |
$ | 1,665 | $ | 1,551,324 | ||||
| Series D, 5.00%, 12/01/31 |
1,000 | 1,035,481 | ||||||
| City of Chicago Illinois, Refunding GO |
1,260 | 1,316,890 | ||||||
| Series B, 4.00%, 01/01/37 |
1,709 | 1,687,304 | ||||||
| Illinois Finance Authority, RB(b) |
2,000 | 1,440,359 | ||||||
| Class A, 5.00%, 07/01/56 |
2,000 | 1,387,671 | ||||||
| Illinois Finance Authority, Refunding RB |
230 | 231,857 | ||||||
| 6.00%, 02/01/34 |
365 | 365,051 | ||||||
| 6.13%, 02/01/45 |
860 | 860,073 | ||||||
| Series C, 4.00%, 02/15/41 |
1,430 | 1,398,088 | ||||||
| Illinois State Toll Highway Authority, RB, |
1,795 | 1,753,104 | ||||||
| Metropolitan Pier & Exposition Authority, RB |
1,020 | 1,040,512 | ||||||
| Series A, 5.50%, 06/15/53 |
2,370 | 2,419,106 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 |
2,920 | 2,693,299 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(c) |
14,000 | 3,075,231 | ||||||
| State of Illinois, GO |
530 | 587,368 | ||||||
| 5.50%, 05/01/39 |
1,055 | 1,168,752 | ||||||
| Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 |
1,174 | 1,165,204 | ||||||
|
|
|
|||||||
| 31,376,962 | ||||||||
| Indiana — 1.2% | ||||||||
| City of Valparaiso Indiana, RB |
825 | 826,321 | ||||||
| AMT, 7.00%, 01/01/44 |
2,000 | 2,002,657 | ||||||
| City of Vincennes Indiana, Refunding RB, |
1,715 | 1,166,200 | ||||||
| Indiana Finance Authority, RB, |
1,060 | 1,153,825 | ||||||
|
|
|
|||||||
| 5,149,003 | ||||||||
| Kansas(b) — 0.2% | ||||||||
| City of Shawnee Kansas, RB |
230 | 217,714 | ||||||
| 5.00%, 08/01/56 |
850 | 737,880 | ||||||
|
|
|
|||||||
| 955,594 | ||||||||
| Kentucky(b) — 0.5% | ||||||||
| City of Henderson Kentucky, RB |
2,000 | 1,909,480 | ||||||
| Series A, AMT, 4.70%, 01/01/52 |
230 | 217,026 | ||||||
|
|
|
|||||||
| 2,126,506 | ||||||||
| Louisiana — 1.8% | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, |
930 | 705,034 | ||||||
| Louisiana Public Facilities Authority, RB(b) |
280 | 276,356 | ||||||
| AMT, 6.50%, 10/01/53(a) |
835 | 844,860 | ||||||
| Parish of St. James Louisiana, RB, |
1,580 | 1,712,246 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, |
4,540 | 4,544,294 | ||||||
|
|
|
|||||||
| 8,082,790 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
27 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Maine — 0.2% | ||||||||
| Finance Authority of Maine, RB, AMT, Sustainability |
$ | 1,185 | $ | 784,737 | ||||
|
|
|
|||||||
| Maryland — 1.2% | ||||||||
| City of Baltimore Maryland, RB, |
325 | 322,784 | ||||||
| Maryland Economic Development Corp., RB |
360 | 363,353 | ||||||
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
1,555 | 1,585,616 | ||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |
3,010 | 3,174,950 | ||||||
|
|
|
|||||||
| 5,446,703 | ||||||||
| Michigan — 1.0% | ||||||||
| Advanced Technology Academy, Refunding RB, |
415 | 369,276 | ||||||
| Michigan Finance Authority, Refunding RB, |
2,405 | 2,309,895 | ||||||
| Michigan Strategic Fund, RB |
345 | 312,558 | ||||||
| AMT, 5.00%, 12/31/43 |
1,200 | 1,210,173 | ||||||
|
|
|
|||||||
| 4,201,902 | ||||||||
| Minnesota — 0.3% | ||||||||
| City of Minneapolis Minnesota, RB, |
1,660 | 1,535,342 | ||||||
|
|
|
|||||||
| Missouri — 0.1% | ||||||||
| Industrial Development Authority of the City of St. |
||||||||
| Louis Missouri, Refunding RB, |
685 | 561,749 | ||||||
|
|
|
|||||||
| Montana — 1.1% | ||||||||
| City of Forsyth Montana, Refunding RB, |
5,000 | 4,941,003 | ||||||
|
|
|
|||||||
| Nevada — 0.3% | ||||||||
| Tahoe-Douglas Visitors Authority, |
670 | 695,559 | ||||||
| 5.00%, 07/01/45 |
460 | 470,954 | ||||||
|
|
|
|||||||
| 1,166,513 | ||||||||
| New Hampshire — 0.7% | ||||||||
| New Hampshire Business Finance Authority, RB |
530 | 455,164 | ||||||
| Series A, 4.25%, 08/15/46 |
595 | 485,797 | ||||||
| Series A, 4.50%, 08/15/55 |
1,235 | 998,020 | ||||||
| New Hampshire Business Finance Authority, Refunding
RB(b) |
1,015 | 861,665 | ||||||
| Series C, AMT, 4.88%, 11/01/42 |
485 | 443,690 | ||||||
|
|
|
|||||||
| 3,244,336 | ||||||||
| New Jersey — 7.3% | ||||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB |
1,065 | 1,074,098 | ||||||
| 5.25%, 11/01/44 |
770 | 774,310 | ||||||
| Middlesex County Improvement Authority, RB |
990 | 12,226 | ||||||
| Series B, 6.25%, 01/01/37(f)(g) |
2,145 | 26,491 | ||||||
| New Jersey Economic Development Authority, RB |
1,530 | 1,531,952 | ||||||
| Class A, 5.25%, 11/01/47 |
2,650 | 2,921,666 | ||||||
| Series A, 5.00%, 07/01/37 |
260 | 257,803 | ||||||
| Series A, 5.25%, 11/01/54(b) |
1,675 | 1,443,116 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, RB (continued) |
$ | 2,245 | $ | 2,376,166 | ||||
| AMT, 5.38%, 01/01/43 |
2,155 | 2,156,907 | ||||||
| Series B, AMT, 6.50%, 04/01/31 |
1,660 | 1,676,723 | ||||||
| New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(b) |
500 | 500,591 | ||||||
| New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
2,655 | 2,575,200 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
1,140 | 1,161,470 | ||||||
| Series S, 5.25%, 06/15/43 |
2,345 | 2,517,219 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, |
8,950 | 5,804,026 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, |
5,120 | 5,172,373 | ||||||
|
|
|
|||||||
| 31,982,337 | ||||||||
| New York — 14.6% | ||||||||
| Albany Capital Resource Corp., Refunding RB, |
1,500 | 850,230 | ||||||
| Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 |
745 | 707,624 | ||||||
| City of New York, GO, Series A-1, 4.00%, 09/01/46 |
1,195 | 1,217,286 | ||||||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
2,890 | 2,817,352 | ||||||
| Huntington Local Development Corp., RB, |
185 | 147,431 | ||||||
| Metropolitan Transportation Authority, Refunding RB |
740 | 763,554 | ||||||
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
565 | 588,665 | ||||||
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
840 | 885,111 | ||||||
| New York City Housing Development Corp., RB, M/F Housing |
1,895 | 1,895,089 | ||||||
| Series C-1A, 4.20%, 11/01/44 |
3,475 | 3,462,704 | ||||||
| Series C-1A, 4.30%, 11/01/47 |
2,845 | 2,696,180 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB |
4,900 | 4,901,701 | ||||||
| Series A, 5.00%, 06/01/42 |
3,155 | 3,075,108 | ||||||
| New York Counties Tobacco Trust VI, Refunding RB |
215 | 199,453 | ||||||
| Series A-2B, 5.00%, 06/01/51 |
4,340 | 3,927,411 | ||||||
| New York Liberty Development Corp., Refunding RB |
6,205 | 6,197,244 | ||||||
| Class 2, 5.38%, 11/15/40(b) |
1,080 | 1,081,350 | ||||||
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
2,250 | 1,681,600 | ||||||
| New York Power Authority, Refunding RB, |
1,435 | 1,382,072 | ||||||
| New York State Dormitory Authority, Refunding RB, |
1,505 | 1,484,410 | ||||||
| New York State Urban Development Corp., RB, |
2,020 | 1,992,871 | ||||||
| New York State Urban Development Corp., Refunding RB |
9,655 | 7,681,350 | ||||||
| 4.00%, 03/15/49 |
2,330 | 2,284,049 | ||||||
| New York Transportation Development Corp., ARB, |
745 | 806,686 | ||||||
| New York Transportation Development Corp., RB |
1,175 | 1,226,673 | ||||||
| 28 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| New York Transportation Development Corp., RB (continued) |
$ | 4,870 | $ | 5,024,591 | ||||
| New York Transportation Development Corp., |
1,490 | 1,513,397 | ||||||
| State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239, Sustainability Bonds, (SONYMA), 2.70%, 10/01/47 . |
3,370 | 2,513,449 | ||||||
| Westchester County Local Development Corp., Refunding
RB(b) |
730 | 636,015 | ||||||
| 5.00%, 07/01/56 |
810 | 645,619 | ||||||
|
|
|
|||||||
| 64,286,275 | ||||||||
| North Dakota — 0.4% | ||||||||
| City of Grand Forks North Dakota, RB, |
1,765 | 1,868,383 | ||||||
|
|
|
|||||||
| Ohio — 1.8% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
3,370 | 3,174,405 | ||||||
| County of Hamilton Ohio, Refunding RB, |
875 | 807,532 | ||||||
| County of Hardin Ohio, Refunding RB |
240 | 228,694 | ||||||
| 5.25%, 05/01/40 |
240 | 217,577 | ||||||
| 5.50%, 05/01/50 |
1,130 | 979,437 | ||||||
| Hickory Chase Community Authority, Refunding RB, |
||||||||
| 5.00%, 12/01/40(b) |
365 | 336,032 | ||||||
| Jefferson County Port Authority, RB, AMT, |
1,125 | 806,220 | ||||||
| Ohio Air Quality Development Authority, RB, |
1,300 | 1,224,173 | ||||||
| Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) |
375 | 317,226 | ||||||
|
|
|
|||||||
| 8,091,296 | ||||||||
| Oklahoma — 2.4% | ||||||||
| Oklahoma Development Finance Authority, RB |
4,615 | 4,870,338 | ||||||
| Series B, 5.00%, 08/15/38 |
2,990 | 2,913,026 | ||||||
| Series B, 5.50%, 08/15/52 |
1,570 | 1,568,124 | ||||||
| Tulsa Authority for Economic Opportunity, TA, |
325 | 303,104 | ||||||
| Tulsa County Industrial Authority, Refunding RB, |
750 | 756,486 | ||||||
|
|
|
|||||||
| 10,411,078 | ||||||||
| Oregon — 0.6% | ||||||||
| Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/24(i) |
1,765 | 1,793,540 | ||||||
| Oregon State Facilities Authority, RB(b) |
115 | 114,454 | ||||||
| Series A, 5.00%, 06/15/39 |
565 | 537,183 | ||||||
|
|
|
|||||||
| 2,445,177 | ||||||||
| Pennsylvania — 4.9% | ||||||||
| Allegheny County Airport Authority, ARB, |
5,240 | 4,923,275 | ||||||
| Allegheny County Industrial Development Authority, |
3,400 | 3,398,546 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b) |
$ | 3,560 | $ | 3,591,221 | ||||
| Bucks County Industrial Development Authority, RB, |
200 | 156,244 | ||||||
| Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,430 | 1,431,685 | ||||||
| Pennsylvania Economic Development Financing |
2,710 | 2,681,280 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |
5,000 | 4,694,349 | ||||||
| School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 |
580 | 644,057 | ||||||
|
|
|
|||||||
| 21,520,657 | ||||||||
| Puerto Rico — 14.6% | ||||||||
| Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c) |
44,330 | 3,656,955 | ||||||
| Commonwealth of Puerto Rico, GO |
9,238 | 3,903,286 | ||||||
| 1.00%, 11/01/51(a) |
13,336 | 7,534,966 | ||||||
| Series A-1, 0.00%, 11/01/43(a) |
4,676 | 2,594,951 | ||||||
| Series A-1, Restructured, 5.63%, 07/01/29 |
3,644 | 3,937,559 | ||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
2,813 | 3,115,952 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/33 |
625 | 605,150 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/35 |
4,100 | 3,911,515 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/37 |
1,452 | 1,358,055 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/41 |
656 | 594,671 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/46 |
682 | 603,361 | ||||||
| Commonwealth of Puerto Rico, GO, CAB, Series A, |
1,765 | 1,120,413 | ||||||
| Commonwealth of Puerto Rico, RB(a) |
244 | 86,590 | ||||||
| 1.00%, 11/01/51 |
8,747 | 1,618,211 | ||||||
| Puerto Rico Electric Power Authority, RB(f)(g) |
660 | 165,000 | ||||||
| Series A, 7.00%, 07/01/33 |
3,295 | 823,750 | ||||||
| Series A, 6.75%, 07/01/36 |
1,335 | 333,750 | ||||||
| Series A, 5.00%, 07/01/42 |
910 | 227,500 | ||||||
| Series A, 7.00%, 07/01/43 |
375 | 93,750 | ||||||
| Series A-1, 10.00%, 07/01/19 |
75 | 18,774 | ||||||
| Series A-2, 10.00%, 07/01/19 |
379 | 94,715 | ||||||
| Series A-3, 10.00%, 07/01/19 |
323 | 80,753 | ||||||
| Series B-3, 10.00%, 07/01/19 |
323 | 80,753 | ||||||
| Series C-1, 5.40%, 01/01/18 |
887 | 221,863 | ||||||
| Series C-2, 5.40%, 07/01/18 |
888 | 221,899 | ||||||
| Series C-3, 5.40%, 01/01/20 |
90 | 22,430 | ||||||
| Series C-4, 5.40%, 07/01/20 |
90 | 22,430 | ||||||
| Series CCC, 5.25%, 07/01/26 |
260 | 65,000 | ||||||
| Series CCC, 5.25%, 07/01/28 |
145 | 36,250 | ||||||
| Series D-1, 7.50%, 01/01/20 |
761 | 190,193 | ||||||
| Series D-4, 7.50%, 07/01/20 |
404 | 100,970 | ||||||
| Series TT, 5.00%, 07/01/18 |
295 | 73,750 | ||||||
| Series TT, 5.00%, 07/01/25 |
100 | 25,000 | ||||||
| Series TT, 5.00%, 07/01/26 |
225 | 56,250 | ||||||
| Series WW, 5.50%, 07/01/17 |
200 | 50,000 | ||||||
| Series WW, 5.50%, 07/01/18 |
1,175 | 293,750 | ||||||
| Series WW, 5.50%, 07/01/19 |
145 | 36,250 | ||||||
| Series WW, 5.50%, 07/01/20 |
1,595 | 398,750 | ||||||
| Series WW, 5.38%, 07/01/22 |
1,310 | 327,500 | ||||||
| Series WW, 5.25%, 07/01/33 |
120 | 30,000 | ||||||
| Series WW, 5.50%, 07/01/38 |
205 | 51,250 | ||||||
| Series XX, 5.25%, 07/01/27 |
110 | 27,500 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
29 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Electric Power Authority, RB(f)(g) (continued) |
||||||||
| Series XX, 5.25%, 07/01/35 |
$ | 645 | $ | 161,250 | ||||
| Series XX, 5.75%, 07/01/36 |
860 | 215,000 | ||||||
| Series XX, 5.25%, 07/01/40 |
1,020 | 255,000 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB(f)(g) |
||||||||
| Series AAA, 5.25%, 07/01/22 |
2,545 | 636,250 | ||||||
| Series AAA, 5.25%, 07/01/29 |
95 | 23,750 | ||||||
| Series UU, 1.00%, 07/01/17(a) |
60 | 15,000 | ||||||
| Series UU, 1.00%, 07/01/18(a) |
55 | 13,750 | ||||||
| Series UU, 4.45%, 07/01/31(a) |
580 | 145,000 | ||||||
| Series UU, 1.00%, 07/01/49(a) |
495 | 123,750 | ||||||
| Series ZZ, 5.25%, 07/01/19 |
455 | 113,750 | ||||||
| Series ZZ, 5.25%, 07/01/24 |
345 | 86,250 | ||||||
| Series ZZ, 5.00%, 07/01/27 |
145 | 36,250 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(f)(g) |
1,085 | 271,250 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
2,453 | 2,403,376 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
5,234 | 5,233,933 | ||||||
| Series A-2, Restructured, 4.54%, 07/01/53 |
21 | 19,744 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
2,080 | 2,033,200 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
6,129 | 6,084,565 | ||||||
| Series B-1, Restructured, 4.55%, 07/01/40 |
2,402 | 2,413,658 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/29 |
200 | 162,255 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
1,023 | 698,886 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/46 |
12,021 | 3,695,383 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/46 |
883 | 272,656 | ||||||
|
|
|
|||||||
| 63,925,321 | ||||||||
| Rhode Island — 0.6% | ||||||||
| Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(f)(g) |
4,190 | 1,476,975 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40 |
980 | 984,208 | ||||||
|
|
|
|||||||
| 2,461,183 | ||||||||
| South Carolina — 0.9% | ||||||||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
3,110 | 3,331,137 | ||||||
| South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |
605 | 551,691 | ||||||
|
|
|
|||||||
| 3,882,828 | ||||||||
| Tennessee — 2.0% | ||||||||
| Memphis-Shelby County Airport Authority, ARB, |
||||||||
| Series A, AMT, 5.00%, 07/01/45 |
3,000 | 3,137,491 | ||||||
| Metropolitan Government Nashville & Davidson |
||||||||
| County Industrial Development Board, SAB, CAB, |
||||||||
| 0.00%, 06/01/43(b)(c) |
3,270 | 1,193,098 | ||||||
| Metropolitan Government Nashville & Davidson |
||||||||
| County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 |
1,610 | 1,785,133 | ||||||
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
2,520 | 2,701,708 | ||||||
|
|
|
|||||||
| 8,817,430 | ||||||||
| Texas — 11.3% | ||||||||
| Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |
715 | 472,471 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Arlington Higher Education Finance Corp., RB |
||||||||
| 5.00%, 06/15/51 |
$ | 715 | $ | 586,838 | ||||
| 7.88%, 11/01/62(b) |
565 | 573,391 | ||||||
| Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |
370 | 323,389 | ||||||
| Brazoria County Industrial Development Corp., RB, |
675 | 627,129 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB(c) |
||||||||
| 0.00%, 01/01/28 |
1,000 | 887,347 | ||||||
| 0.00%, 01/01/29 |
2,000 | 1,719,491 | ||||||
| 0.00%, 01/01/30 |
1,170 | 973,490 | ||||||
| 0.00%, 01/01/33 |
3,690 | 2,769,021 | ||||||
| 0.00%, 01/01/34 |
4,000 | 2,880,116 | ||||||
| City of Houston Texas Airport System Revenue, ARB |
3,350 | 3,009,212 | ||||||
| Series A, AMT, 6.63%, 07/15/38 |
2,890 | 2,893,754 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
250 | 249,817 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 07/01/29 |
5,730 | 5,722,837 | ||||||
| Series C, AMT, 5.00%, 07/15/27 |
1,615 | 1,619,038 | ||||||
| City of San Marcos Texas, SAB(b) |
||||||||
| 4.00%, 09/01/32 |
100 | 95,596 | ||||||
| 4.50%, 09/01/51 |
480 | 417,878 | ||||||
| City of Sinton Texas, SAB(b) |
||||||||
| 5.13%, 09/01/42 |
858 | 843,540 | ||||||
| 5.25%, 09/01/51 |
1,195 | 1,126,582 | ||||||
| Mission Economic Development Corp., Refunding RB, |
||||||||
| AMT, Senior Lien, 4.63%, 10/01/31(b) |
785 | 774,236 | ||||||
| New Hope Cultural Education Facilities Finance Corp., |
||||||||
| Refunding RB, Series A, 6.75%, 10/01/52 |
1,650 | 1,489,062 | ||||||
| New Hope Higher Education Finance Corp., RB, |
||||||||
| Series A, 5.75%, 06/15/51(b) |
1,650 | 1,467,634 | ||||||
| Newark Higher Education Finance Corp., RB(b) |
||||||||
| Series A, 5.50%, 08/15/35 |
290 | 297,047 | ||||||
| Series A, 5.75%, 08/15/45 |
580 | 588,202 | ||||||
| Port Beaumont Navigation District, RB(b) |
||||||||
| AMT, 2.75%, 01/01/36 |
920 | 679,210 | ||||||
| AMT, 3.00%, 01/01/50 |
2,910 | 1,733,803 | ||||||
| Port Beaumont Navigation District, Refunding RB(b) |
||||||||
| Series A, AMT, 3.63%, 01/01/35 |
2,535 | 2,087,049 | ||||||
| Series A, AMT, 4.00%, 01/01/50 |
4,795 | 3,475,640 | ||||||
| Tarrant County Cultural Education Facilities Finance |
||||||||
| Corp., Refunding RB, 5.00%, 10/01/49 |
865 | 776,571 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, |
||||||||
| Refunding RB, 5.00%, 12/15/32 |
860 | 916,382 | ||||||
| Texas Private Activity Bond Surface Transportation |
||||||||
| Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 |
3,155 | 3,397,175 | ||||||
| Texas Transportation Commission State Highway |
||||||||
| 0.00%, 08/01/46 |
1,420 | 476,129 | ||||||
| 0.00%, 08/01/47 |
2,120 | 672,390 | ||||||
| 0.00%, 08/01/48 |
2,235 | 666,362 | ||||||
| 0.00%, 08/01/49 |
2,100 | 588,124 | ||||||
| 0.00%, 08/01/50 |
3,015 | 794,167 | ||||||
| 0.00%, 08/01/51 |
1,770 | 437,521 | ||||||
| 0.00%, 08/01/52 |
1,770 | 408,610 | ||||||
| 0.00%, 08/01/53 |
160 | 34,865 | ||||||
|
|
|
|||||||
| 49,551,116 | ||||||||
| 30 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utah — 0.2% | ||||||||
| County of Utah, RB, Series A, 3.00%, 05/15/50 |
$ | 1,000 | $ | 760,876 | ||||
| Utah Charter School Finance Authority, RB, Series A, |
||||||||
| 5.00%, 06/15/52(b) |
470 | 347,460 | ||||||
|
|
|
|||||||
| 1,108,336 | ||||||||
| Vermont — 0.7% | ||||||||
| East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b) |
4,000 | 3,147,969 | ||||||
|
|
|
|||||||
| Virginia — 2.7% | ||||||||
| Hampton Roads Transportation Accountability |
||||||||
| Commission, RB, Series A, Senior Lien, |
2,435 | 2,351,751 | ||||||
| James City County Economic Development Authority, RB |
||||||||
| 5.25%, 12/01/27 |
435 | 432,379 | ||||||
| Series A, 6.88%, 12/01/58 |
605 | 649,434 | ||||||
| Lower Magnolia Green Community Development |
||||||||
| Authority, SAB(b) |
||||||||
| 5.00%, 03/01/35 |
465 | 466,198 | ||||||
| 5.00%, 03/01/45 |
475 | 467,156 | ||||||
| Norfolk Redevelopment & Housing Authority, RB |
||||||||
| Series A, 4.00%, 01/01/29 |
300 | 276,441 | ||||||
| Series A, 5.00%, 01/01/34 |
485 | 448,254 | ||||||
| Series A, 5.00%, 01/01/49 |
955 | 779,449 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, |
||||||||
| Series B-1, 5.00%, 06/01/47 |
2,370 | 2,233,685 | ||||||
| Virginia Beach Development Authority, RB |
||||||||
| 5.38%, 09/01/29 |
425 | 423,548 | ||||||
| 7.00%, 09/01/53 |
600 | 641,312 | ||||||
| Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 |
2,000 | 2,003,002 | ||||||
| Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, |
840 | 765,864 | ||||||
|
|
|
|||||||
| 11,938,473 | ||||||||
| Washington — 0.5% | ||||||||
| Washington State Housing Finance Commission, RB, |
||||||||
| Series A, 5.00%, 07/01/50(b) |
450 | 395,787 | ||||||
| Washington State Housing Finance Commission, |
||||||||
| Refunding RB |
||||||||
| 5.75%, 01/01/35(b) |
315 | 266,707 | ||||||
| 6.00%, 01/01/45(b) |
850 | 667,870 | ||||||
| Series A, 5.00%, 07/01/43 |
340 | 345,583 | ||||||
| Series A, 5.00%, 07/01/48 |
320 | 320,737 | ||||||
|
|
|
|||||||
| 1,996,684 | ||||||||
| Wisconsin — 6.4% | ||||||||
| Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 |
1,595 | 1,089,776 | ||||||
| Public Finance Authority, RB |
||||||||
| 5.00%, 06/15/39 |
175 | 169,609 | ||||||
| 5.00%, 06/15/41(b) |
345 | 317,756 | ||||||
| 7.75%, 07/01/43(b) |
3,270 | 3,337,266 | ||||||
| 5.00%, 06/15/49 |
530 | 474,184 | ||||||
| 5.63%, 06/15/49(b) |
2,480 | 2,149,370 | ||||||
| 5.00%, 06/15/53 |
355 | 311,996 | ||||||
| 5.00%, 06/15/55(b) |
895 | 767,072 | ||||||
| 5.00%, 01/01/56(b) |
1,470 | 1,280,119 | ||||||
| Class A, 5.00%, 06/15/56(b) |
495 | 404,143 | ||||||
| Series A, 6.25%, 10/01/31(b)(f)(g) |
605 | 84,700 | ||||||
| Series A, 6.85%, 11/01/46(b)(f)(g) |
900 | 450,000 | ||||||
| Series A, 7.00%, 11/01/46(b)(f)(g) |
570 | 285,000 | ||||||
| Series A, 7.00%, 10/01/47(b)(f)(g) |
605 | 84,700 | ||||||
| Series A, 5.63%, 06/15/49(b) |
2,890 | 2,684,783 | ||||||
| Security | Par (000) |
Value | ||||||
| Wisconsin (continued) | ||||||||
| Public Finance Authority, RB (continued) |
||||||||
| Series A, 5.25%, 12/01/51(b) |
$ | 1,470 | $ | 1,125,820 | ||||
| Series A, 5.00%, 06/15/55(b) |
4,030 | 3,057,512 | ||||||
| Series A, 4.75%, 06/15/56(b) |
2,990 | 2,127,400 | ||||||
| Series A-1, 4.50%, 01/01/35(b) |
1,195 | 1,070,825 | ||||||
| Series B, 0.00%, 01/01/35(b)(c) |
1,580 | 742,397 | ||||||
| Series B, 0.00%, 01/01/60(b)(c) |
35,940 | 2,230,476 | ||||||
| AMT, 4.00%, 09/30/51 |
1,025 | 837,044 | ||||||
| AMT, 4.00%, 03/31/56 |
980 | 772,427 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 4.00%, 12/01/46 |
1,145 | 1,106,597 | ||||||
| 4.00%, 01/01/47 |
1,610 | 1,017,665 | ||||||
|
|
|
|||||||
| 27,978,637 | ||||||||
| Wyoming — 0.3% | ||||||||
| University of Wyoming, RB, Series C, (AGM), |
1,345 | 1,267,701 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 128.5% |
564,321,975 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(j) |
| |||||||
| New York — 2.0% | ||||||||
| New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45 |
9,000 | 8,557,986 | ||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0% |
8,557,986 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 131.0% |
575,103,028 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
| |||||||
| Money Market Funds — 7.6% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(k)(l) |
33,454,075 | 33,457,421 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 7.6% |
33,457,421 | |||||||
|
|
|
|||||||
| Total Investments — 138.6% |
608,560,449 | |||||||
| Other Assets Less Liabilities — 2.2% | 10,125,198 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.0)% |
(4,538,956) | |||||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (39.8)% |
(174,937,276) | |||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% | $439,209,415 | |||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| S C H E D U L E O F I N V E S T M E N T S |
31 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) |
| (e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (f) | Issuer filed for bankruptcy and/or is in default. |
| (g) | Non-income producing security. |
| (h) | When-issued security. |
| (i) | 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. |
| (j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (k) | Affiliate of the Fund. |
| (l) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class . |
$ | 73,862,164 | $ | — | $ | (40,411,039 | )(a) | $ | 4,812 | $ | 1,484 | $ | 33,457,421 | 33,454,075 | $ | 890,431 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Corporate Bonds |
$ | — | $ | 2,223,067 | $ | — | $ | 2,223,067 | ||||||||
| Municipal Bonds |
— | 563,177,331 | 1,144,644 | 564,321,975 | ||||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 8,557,986 | — | 8,557,986 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
33,457,421 | — | — | 33,457,421 | ||||||||||||
| Unfunded Commitments(a) |
— | — | 4,516,898 | 4,516,898 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 33,457,421 | $ | 573,958,384 | $ | 5,661,542 | $ | 613,077,347 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (4,500,000 | ) | $ | — | $ | (4,500,000 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (175,000,000 | ) | — | (175,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (179,500,000 | ) | $ | — | $ | (179,500,000 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 32 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniAssets Fund, Inc. (MUA) |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
|
|
||||||||||||
| Municipal Bonds |
Unfunded Commitments |
Total | ||||||||||
|
|
||||||||||||
| Assets |
||||||||||||
| Opening balance, as of July 31, 2023 |
$ | 1,084,754 | $ | — | $ | 1,084,754 | ||||||
| Transfers into Level 3 |
— | — | — | |||||||||
| Transfers out of Level 3 |
— | — | — | |||||||||
| Accrued discounts/premiums |
— | — | — | |||||||||
| Net realized gain (loss) |
— | — | — | |||||||||
| Net change in unrealized appreciation (depreciation)(a)(b) |
62,902 | 4,516,898 | 4,579,800 | |||||||||
| Purchases |
— | — | ||||||||||
| Sales |
(3,012 | ) | — | (3,012 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Closing balance, as of January 31, 2024 |
$ | 1,144,644 | $ | 4,516,898 | $ | 5,661,542 | ||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2024(b) |
$ | 62,902 | $ | 4,516,898 | $ | 4,579,800 | ||||||
|
|
|
|
|
|
|
|||||||
| (a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
33 |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds | ||||||||
| Alabama — 8.3% | ||||||||
| Black Belt Energy Gas District, RB(a) |
||||||||
| 4.00%, 10/01/52 |
$ | 2,425 | $ | 2,421,327 | ||||
| Series A, 5.25%, 01/01/54 |
3,365 | 3,623,643 | ||||||
| Series C, 5.50%, 10/01/54 |
7,625 | 8,449,120 | ||||||
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
11,455 | 11,469,777 | ||||||
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 |
1,750 | 1,896,133 | ||||||
| County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
11,700 | 12,834,282 | ||||||
| Energy Southeast A Cooperative District, RB, |
||||||||
| Series B-1, 5.75%, 04/01/54(a) |
10,455 | 11,621,673 | ||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
| Series A, 4.00%, 11/01/51 |
8,540 | 8,519,787 | ||||||
| Series A-1, 5.50%, 01/01/53 |
3,315 | 3,565,780 | ||||||
| Series B, 5.00%, 01/01/54 |
6,190 | 6,558,738 | ||||||
| Series B-1, 5.00%, 05/01/53 |
8,800 | 9,147,118 | ||||||
|
|
|
|||||||
| 80,107,378 | ||||||||
| Arizona — 2.4% | ||||||||
| Arizona Industrial Development Authority, RB |
||||||||
| 4.38%, 07/01/39(b) |
1,015 | 903,829 | ||||||
| Series A, 3.55%, 07/15/29 |
1,010 | 983,749 | ||||||
| Series A, 5.00%, 07/01/49(b) |
965 | 874,531 | ||||||
| Series A, 5.00%, 07/01/54(b) |
745 | 663,182 | ||||||
| Series B, 4.25%, 07/01/27(b) |
265 | 261,469 | ||||||
| City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/36 |
4,000 | 4,297,619 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24(b) |
165 | 165,374 | ||||||
| Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29(b) |
300 | 300,517 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b) |
950 | 868,563 | ||||||
| Maricopa County Industrial Development Authority, RB 6.38%, 07/01/58(b) |
1,050 | 1,066,253 | ||||||
| Series 2019F, 4.00%, 01/01/45 |
3,130 | 3,107,503 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 |
3,000 | 3,121,237 | ||||||
| Phoenix-Mesa Gateway Airport Authority, ARB |
||||||||
| AMT, 5.00%, 07/01/27 |
700 | 700,842 | ||||||
| AMT, 5.00%, 07/01/32 |
1,925 | 1,927,453 | ||||||
| Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |
3,590 | 3,994,037 | ||||||
|
|
|
|||||||
| 23,236,158 | ||||||||
| Arkansas — 0.7% | ||||||||
| Arkansas Development Finance Authority, RB, |
||||||||
| Series A, AMT, 4.50%, 09/01/49(b) |
2,245 | 2,178,481 | ||||||
| City of Springdale Arkansas Sales & Use Tax |
||||||||
| Revenue, RB, Series B, (BAM), 4.13%, 08/01/47 |
4,345 | 4,312,988 | ||||||
|
|
|
|||||||
| 6,491,469 | ||||||||
| California — 11.8% | ||||||||
| California Community Choice Financing Authority, RB, Sustainability Bonds, 5.50%, 10/01/54(a) |
2,615 | 2,877,755 | ||||||
| California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b) |
215 | 151,217 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
$ | 1,450 | $ | 1,432,083 | ||||
| California Municipal Finance Authority, RB |
||||||||
| Series A, 4.00%, 10/01/29(b) |
410 | 398,225 | ||||||
| Series A, AMT, 4.00%, 07/15/29 |
5,640 | 5,610,702 | ||||||
| California School Finance Authority, RB, 5.00%, 08/01/42(b) |
875 | 892,379 | ||||||
| City of Campbell California, GO, Election 2018, |
3,025 | 3,055,756 | ||||||
| City of Los Angeles Department of Airports, ARB |
||||||||
| Series A, AMT, 5.00%, 05/15/45 |
6,415 | 6,954,560 | ||||||
| Series C, AMT, 5.00%, 05/15/45 |
5,000 | 5,272,612 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB Series A, AMT, 5.00%, 05/15/36 |
5,650 | 6,340,625 | ||||||
| AMT, Subordinate, 5.00%, 11/15/31(c) |
530 | 602,411 | ||||||
| AMT, Subordinate, 5.00%, 05/15/37 |
9,470 | 10,616,350 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) 4.00%, 10/01/56 |
600 | 490,287 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,005 | 647,755 | ||||||
| Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
3,880 | 2,897,844 | ||||||
| Sustainability Bonds, 5.00%, 09/01/37 |
170 | 174,321 | ||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
300 | 209,001 | ||||||
| Series A, Sustainability Bonds, 4.00%, 06/01/58 |
1,855 | 1,342,395 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28(c) |
10,285 | 11,409,735 | ||||||
| Los Angeles Department of Water & Power, RB, |
||||||||
| 5.00%, 07/01/51 |
5,000 | 5,496,005 | ||||||
| Manteca Financing Authority, RB, Series A, (AGC- ICC), 5.75%, 12/01/36 |
3,285 | 3,293,758 | ||||||
| Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52 |
6,000 | 6,568,147 | ||||||
| Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
5,755 | 5,709,472 | ||||||
| Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 |
1,870 | 1,839,263 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
| Series A, AMT, 5.25%, 05/01/33 |
6,370 | 6,372,437 | ||||||
| Series A, AMT, 5.00%, 05/01/47 |
7,855 | 7,998,312 | ||||||
| Series E, AMT, 5.00%, 05/01/40 |
3,335 | 3,508,646 | ||||||
| State of California, GO, 5.50%, 04/01/28 |
15 | 15,033 | ||||||
| State of California, Refunding GO, 4.00%, 03/01/36 |
10,775 | 11,473,731 | ||||||
|
|
|
|||||||
| 113,650,817 | ||||||||
| Colorado — 1.5% | ||||||||
| City & County of Denver Colorado Airport System Revenue, ARB |
||||||||
| Series A, AMT, 5.50%, 11/15/28 |
2,700 | 2,701,656 | ||||||
| Series A, AMT, 5.50%, 11/15/30 |
1,040 | 1,040,646 | ||||||
| Series A, AMT, 5.50%, 11/15/31 |
1,250 | 1,250,862 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 5.00%, 11/15/47 |
885 | 933,698 | ||||||
| Series A, AMT, 4.13%, 11/15/53 |
2,185 | 2,038,789 | ||||||
| Series D, AMT, 5.75%, 11/15/45 |
1,315 | 1,486,401 | ||||||
| Colorado Health Facilities Authority, RB 5.25%, 11/01/39 |
1,000 | 1,083,663 | ||||||
| 34 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Colorado (continued) | ||||||||
| Colorado Health Facilities Authority, RB (continued) |
||||||||
| 5.50%, 11/01/47 |
$ | 620 | $ | 673,178 | ||||
| 5.25%, 11/01/52 |
1,555 | 1,656,298 | ||||||
| Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |
1,189 | 1,162,884 | ||||||
| Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34 |
500 | 515,398 | ||||||
|
|
|
|||||||
| 14,543,473 | ||||||||
| Connecticut — 1.2% | ||||||||
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series C-2, AMT, 2.20%, |
||||||||
| 11/15/34 |
1,190 | 1,041,295 | ||||||
| Connecticut State Health & Educational Facilities Authority, RB |
||||||||
| 5.25%, 07/15/48 |
2,860 | 3,095,933 | ||||||
| 4.25%, 07/15/53 |
765 | 746,391 | ||||||
| Series A, 5.00%, 01/01/30(b) |
130 | 123,972 | ||||||
| Connecticut State Health & Educational Facilities Authority, Refunding RB 5.00%, 12/01/45 |
5,000 | 5,089,681 | ||||||
| Series G-1, 5.00%, 07/01/27(b) |
100 | 101,038 | ||||||
| Series G-1, 5.00%, 07/01/28(b) |
100 | 101,010 | ||||||
| Series G-1, 5.00%, 07/01/29(b) |
100 | 100,815 | ||||||
| Series G-1, 5.00%, 07/01/30(b) |
100 | 100,500 | ||||||
| Series G-1, 5.00%, 07/01/32(b) |
150 | 150,105 | ||||||
| Series G-1, 5.00%, 07/01/34(b) |
125 | 124,705 | ||||||
| State of Connecticut, GO |
||||||||
| Series C, 4.00%, 06/15/39 |
300 | 310,880 | ||||||
| Series C, 4.00%, 06/15/41 |
300 | 306,853 | ||||||
|
|
|
|||||||
| 11,393,178 | ||||||||
| Delaware — 0.4% | ||||||||
| County of Kent Delaware, RB |
||||||||
| Series A, 5.00%, 07/01/29 |
880 | 890,572 | ||||||
| Series A, 5.00%, 07/01/30 |
1,030 | 1,040,060 | ||||||
| Series A, 5.00%, 07/01/31 |
750 | 755,982 | ||||||
| Series A, 5.00%, 07/01/32 |
375 | 377,610 | ||||||
| Series A, 5.00%, 07/01/33 |
1,190 | 1,197,507 | ||||||
|
|
|
|||||||
| 4,261,731 | ||||||||
| District of Columbia — 0.7% | ||||||||
| District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.50%, 02/28/37 |
880 | 1,015,191 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.00%, 07/15/48 |
5,000 | 5,471,843 | ||||||
|
|
|
|||||||
| 6,487,034 | ||||||||
| Florida — 8.7% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |
2,035 | 2,165,420 | ||||||
| Capital Region Community Development District, Refunding SAB, Series A-1, 4.63%, 05/01/28 |
500 | 501,422 | ||||||
| Capital Trust Agency, Inc., RB(b) 5.00%, 01/01/55 |
945 | 718,957 | ||||||
| Series A, 4.00%, 06/15/29 |
500 | 474,084 | ||||||
| Series A, 5.00%, 06/01/45 |
850 | 735,106 | ||||||
| Series A, 5.50%, 06/01/57 |
305 | 268,113 | ||||||
| Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41 |
10,000 | 10,026,200 | ||||||
| Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29(b) |
785 | 783,636 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB |
||||||||
| Series A, 5.50%, 09/01/48 |
$ | 5,310 | $ | 6,165,286 | ||||
| Series B, 5.50%, 09/01/48 |
4,645 | 5,393,172 | ||||||
| City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |
20,000 | 22,227,895 | ||||||
| County of Miami-Dade Florida Transit System, RB, Series A, 4.00%, 07/01/46 |
3,000 | 2,996,223 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 10/01/47 |
3,415 | 3,575,458 | ||||||
| Series B-1, AMT, Subordinate, 4.00%, 10/01/46 |
5,500 | 5,195,958 | ||||||
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
715 | 806,407 | ||||||
| Escambia County Health Facilities Authority, Refunding RB |
||||||||
| 5.00%, 08/15/33 |
1,400 | 1,480,569 | ||||||
| 5.00%, 08/15/34 |
1,240 | 1,306,783 | ||||||
| Esplanade Lake Club Community Development District, SAB |
||||||||
| Series A-1, 3.63%, 11/01/30 |
370 | 350,363 | ||||||
| Series A-1, 4.00%, 11/01/40 |
1,080 | 936,479 | ||||||
| Series A-1, 4.13%, 11/01/50 |
385 | 308,266 | ||||||
| Series A-2, 3.63%, 11/01/30 |
130 | 123,102 | ||||||
| Series A-2, 4.00%, 11/01/40 |
185 | 160,415 | ||||||
| Series A-2, 4.13%, 11/01/50 |
140 | 112,097 | ||||||
| Florida Development Finance Corp., RB(b) 6.50%, 06/30/57 |
1,270 | 1,218,625 | ||||||
| AMT, 5.00%, 05/01/29 |
3,080 | 2,969,015 | ||||||
| Florida Development Finance Corp., Refunding RB(b) 5.00%, 06/01/31 |
450 | 425,873 | ||||||
| Series C, 5.00%, 09/15/50 |
475 | 408,235 | ||||||
| Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29 |
960 | 923,231 | ||||||
| Harbor Bay Community Development District, SAB, Series A-1, 3.30%, 05/01 /29 |
590 | 567,431 | ||||||
| Hills of Minneola Community Development District, SAB, 3.50%, 05/01/31(b) |
1,100 | 1,024,345 | ||||||
| Lakewood Ranch Stewardship District, SAB |
||||||||
| 3.60%, 05/01/24 |
85 | 84,815 | ||||||
| 4.30%, 05/01/27(b) |
425 | 423,764 | ||||||
| 3.80%, 05/01/29 |
515 | 503,119 | ||||||
| Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |
65 | 65,071 | ||||||
| Midtown Miami Community Development District, Refunding SAB, Series A, 4.25%, 05/01/24 |
240 | 239,859 | ||||||
| Orange County Health Facilities Authority, RB, 5.00%, 10/01/47 |
1,945 | 2,029,721 | ||||||
| Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30 |
350 | 334,608 | ||||||
| Seminole Improvement District, RB |
||||||||
| 5.00%, 10/01/32 |
265 | 263,517 | ||||||
| 5.30%, 10/01/37 |
300 | 300,199 | ||||||
| Southern Groves Community Development District No. 5, Refunding SAB, 3.25%, 05/01/29 |
290 | 278,476 | ||||||
| Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(d)(e) |
142 | 68,422 | ||||||
| Talavera Community Development District, SAB 3.50%, 05/01/25 |
190 | 188,678 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
35 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Talavera Community Development District, SAB (continued) |
$ | 540 | $ | 520,449 | ||||
| Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29 |
180 | 176,111 | ||||||
| Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 |
910 | 893,426 | ||||||
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
2,000 | 2,018,113 | ||||||
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
840 | 832,492 | ||||||
|
|
|
|||||||
| 83,569,006 | ||||||||
| Georgia — 4.0% | ||||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
740 | 670,768 | ||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/49 |
860 | 935,431 | ||||||
| Series A, 5.00%, 06/01/53(a) |
8,890 | 9,403,664 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
13,405 | 14,291,874 | ||||||
| Municipal Electric Authority of Georgia, RB |
||||||||
| Series A, 5.00%, 01/01/49 |
8,285 | 8,460,925 | ||||||
| Series A, 5.00%, 07/01/52 |
3,160 | 3,256,578 | ||||||
| Municipal Electric Authority of Georgia, Refunding RB, 5.00%, 01/01/56 |
1,250 | 1,276,528 | ||||||
|
|
|
|||||||
| 38,295,768 | ||||||||
| Hawaii — 0.9% | ||||||||
| State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |
5,000 | 5,188,039 | ||||||
| State of Hawaii Airports System Revenue, COP |
||||||||
| AMT, 5.25%, 08/01/25 |
1,350 | 1,351,036 | ||||||
| AMT, 5.25%, 08/01/26 |
2,500 | 2,501,943 | ||||||
|
|
|
|||||||
| 9,041,018 | ||||||||
| Idaho — 0.7% | ||||||||
| Idaho Health Facilities Authority, RB, Series A, 5.00%, 12/01/47 |
5,000 | 5,181,532 | ||||||
| Idaho Housing & Finance Association, Refunding RB |
||||||||
| (GTD), 4.00%, 05/01/42 |
1,160 | 1,107,413 | ||||||
| (GTD), 4.00%, 05/01/52 |
905 | 798,209 | ||||||
|
|
|
|||||||
| 7,087,154 | ||||||||
| Illinois — 15.5% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/34 |
2,825 | 2,974,030 | ||||||
| Series A, 5.00%, 12/01/40 |
720 | 739,368 | ||||||
| Series A, 5.00%, 12/01/47 |
1,915 | 1,957,890 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series A, 5.00%, 12/01/30 |
495 | 521,245 | ||||||
| Series C, 5.00%, 12/01/26 |
4,730 | 4,851,504 | ||||||
| Series D, 5.00%, 12/01/26 |
4,185 | 4,288,351 | ||||||
| Chicago Midway International Airport, Refunding ARB |
||||||||
| Series A, AMT, 2nd Lien, 5.00%, 01/01/32 |
5,000 | 5,009,989 | ||||||
| Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
6,685 | 6,688,851 | ||||||
| Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48 |
1,015 | 1,124,372 | ||||||
| Chicago Midway International Airport, Refunding RB |
||||||||
| Series A, AMT, 2nd Lien, 5.50%, 01/01/30 |
6,500 | 6,501,190 | ||||||
| Series A, AMT, 2nd Lien, 5.50%, 01/01/32 |
7,775 | 7,776,423 | ||||||
| Security | Par (000) |
Value | ||||||
| Illinois (continued) | ||||||||
| Chicago O’Hare International Airport, ARB AMT, Senior Lien, (AGM), 5.50%, 01/01/53 |
$ | 4,360 | $ | 4,670,514 | ||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
2,630 | 2,759,409 | ||||||
| Chicago O’Hare International Airport, Refunding RB |
||||||||
| Series B, 5.00%, 01/01/32 |
3,745 | 3,820,956 | ||||||
| Series A, Senior Lien, 4.00%, 01/01/37 |
3,820 | 3,949,584 | ||||||
| Series B, Senior Lien, 5.00%, 01/01/37 |
3,460 | 3,659,228 | ||||||
| Series E, Senior Lien, (AGM), 4.00%, 01/01/40 |
5,000 | 5,038,067 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB |
||||||||
| Series A, 2nd Lien, 5.00%, 12/01/57 |
1,000 | 1,022,060 | ||||||
| Series A, Senior Lien, 4.00%, 12/01/49 |
5,190 | 4,686,875 | ||||||
| City of Chicago Illinois Wastewater Transmission Revenue, RB |
||||||||
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |
2,755 | 3,019,945 | ||||||
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
1,190 | 1,299,705 | ||||||
| City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |
1,975 | 2,149,353 | ||||||
| Cook County Community College District No. 508, GO, 5.13%, 12/01/38 |
1,000 | 1,002,935 | ||||||
| Illinois Finance Authority, RB |
||||||||
| Series A, 5.00%, 02/15/28 |
810 | 823,066 | ||||||
| Series A, 5.00%, 02/15/29 |
400 | 408,012 | ||||||
| Series A, 5.00%, 02/15/30 |
500 | 509,870 | ||||||
| Series A, 5.00%, 02/15/31 |
500 | 509,817 | ||||||
| Series A, 5.00%, 02/15/32 |
500 | 509,591 | ||||||
| Illinois Finance Authority, Refunding RB, Series A, 4.00%, 07/15/47 |
5,000 | 4,830,534 | ||||||
| Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37 |
1,455 | 1,517,958 | ||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/34 |
4,140 | 4,152,373 | ||||||
| Series A, 5.00%, 01/01/40 |
5,000 | 5,121,576 | ||||||
| Series A, 5.00%, 01/01/45 |
2,500 | 2,708,844 | ||||||
| Series A, 4.00%, 01/01/46 |
9,770 | 9,541,962 | ||||||
| Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
4,220 | 4,408,994 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
| 5.00%, 12/15/28 |
1,200 | 1,264,596 | ||||||
| 4.00%, 06/15/50 |
2,725 | 2,513,438 | ||||||
| State of Illinois, GO |
||||||||
| 5.00%, 04/01/31 |
1,000 | 1,002,664 | ||||||
| 5.00%, 05/01/31 |
5,010 | 5,030,417 | ||||||
| 5.00%, 11/01/34 |
5,000 | 5,227,971 | ||||||
| 5.50%, 05/01/39 |
3,500 | 3,877,377 | ||||||
| 5.75%, 05/01/45 |
2,000 | 2,240,442 | ||||||
| Series A, 5.50%, 03/01/42 |
6,000 | 6,696,626 | ||||||
| Series A, 5.50%, 03/01/47 |
5,500 | 6,087,060 | ||||||
| Series D, 5.00%, 11/01/28 |
350 | 373,470 | ||||||
| State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |
120 | 128,068 | ||||||
|
|
|
|||||||
| 148,996,570 | ||||||||
| Indiana — 0.9% | ||||||||
| Indiana Finance Authority, RB |
||||||||
| Series A, 5.00%, 06/01/41 |
550 | 460,402 | ||||||
| Series A, 5.00%, 06/01/51 |
405 | 313,446 | ||||||
| Series A, 5.00%, 06/01/56 |
360 | 272,050 | ||||||
| 36 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Indiana (continued) | ||||||||
| Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26 |
$ | 1,270 | $ | 1,257,362 | ||||
| Indianapolis Local Public Improvement Bond Bank, RB |
||||||||
| 5.25%, 02/01/48 |
975 | 1,095,700 | ||||||
| (BAM), 5.00%, 03/01/53 |
5,365 | 5,633,246 | ||||||
|
|
|
|||||||
| 9,032,206 | ||||||||
| Iowa — 0.8% | ||||||||
| Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35 |
7,500 | 7,500,658 | ||||||
|
|
|
|||||||
| Kansas — 0.2% | ||||||||
| Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
2,000 | 1,826,854 | ||||||
|
|
|
|||||||
| Kentucky — 1.7% | ||||||||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
285 | 268,923 | ||||||
| County of Boyle Kentucky, Refunding RB, Series A, 4.25%, 06/01/46 |
810 | 800,920 | ||||||
| Kentucky Public Energy Authority, RB(a) |
||||||||
| Series A-1, 4.00%, 08/01/52 |
2,440 | 2,432,900 | ||||||
| Series C, 4.00%, 02/01/50 |
2,500 | 2,502,490 | ||||||
| Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a) |
9,170 | 9,951,284 | ||||||
|
|
|
|||||||
| 15,956,517 | ||||||||
| Louisiana — 1.4% | ||||||||
| Lafayette Parish School Board Sale Tax Revenue, RB |
||||||||
| 4.00%, 04/01/48 |
940 | 939,154 | ||||||
| 4.00%, 04/01/53 |
595 | 592,074 | ||||||
| Louisiana Public Facilities Authority, RB |
||||||||
| 5.25%, 10/01/48 |
2,030 | 2,152,614 | ||||||
| 5.25%, 10/01/53 |
3,965 | 4,205,557 | ||||||
| Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
4,405 | 4,721,957 | ||||||
| New Orleans Aviation Board, ARB, Series A, 5.00%, 01/01/33 |
1,000 | 1,017,722 | ||||||
|
|
|
|||||||
| 13,629,078 | ||||||||
| Maryland — 2.9% | ||||||||
| City of Baltimore Maryland, RB, 5.00%, 06/01/51 |
820 | 810,622 | ||||||
| City of Baltimore Maryland, Refunding TA(b) |
||||||||
| Series A, Senior Lien, 2.95%, 06/01/27 |
175 | 166,122 | ||||||
| Series A, Senior Lien, 3.05%, 06/01/28 |
190 | 178,020 | ||||||
| Series A, Senior Lien, 3.15%, 06/01/29 |
200 | 185,098 | ||||||
| City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29(b) |
285 | 266,753 | ||||||
| Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |
9,730 | 10,009,702 | ||||||
| Maryland Health & Higher Educational Facilities Authority, RB, 6.25%, 07/01/63(b) |
1,655 | 1,634,846 | ||||||
| Maryland State Transportation Authority, RB, 4.00%, 07/01/50 |
15,000 | 14,900,032 | ||||||
|
|
|
|||||||
| 28,151,195 | ||||||||
| Massachusetts — 3.4% | ||||||||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, Sustainability Bonds, 4.00%, 06/01/50 |
8,000 | 8,011,361 | ||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series D, 4.00%, 02/01/46 |
5,000 | 5,011,338 | ||||||
| Series E, 5.00%, 11/01/45 |
2,500 | 2,717,750 | ||||||
| Security | Par (000) |
Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
$ | 4,610 | $ | 4,639,099 | ||||
| Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/30 |
3,125 | 3,228,961 | ||||||
| Series A, 5.00%, 01/01/31 |
1,730 | 1,748,785 | ||||||
| Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 |
1,000 | 1,013,632 | ||||||
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |
215 | 222,918 | ||||||
| Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/42 |
6,200 | 6,200,307 | ||||||
|
|
|
|||||||
| 32,794,151 | ||||||||
| Michigan — 3.6% | ||||||||
| City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
10 | 10,029 | ||||||
| City of Detroit Michigan, GO |
||||||||
| 5.00%, 04/01/26 |
265 | 272,593 | ||||||
| 5.00%, 04/01/27 |
210 | 218,282 | ||||||
| 5.00%, 04/01/28 |
235 | 246,392 | ||||||
| 5.00%, 04/01/29 |
235 | 245,600 | ||||||
| 5.00%, 04/01/30 |
180 | 187,719 | ||||||
| 5.00%, 04/01/31 |
265 | 275,769 | ||||||
| 5.00%, 04/01/32 |
225 | 233,936 | ||||||
| 5.00%, 04/01/33 |
295 | 306,726 | ||||||
| City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 |
1,825 | 1,783,383 | ||||||
| Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 |
3,760 | 4,036,660 | ||||||
| Michigan Finance Authority, RB |
||||||||
| 4.00%, 02/15/47 |
4,500 | 4,309,374 | ||||||
| 4.00%, 02/15/50 |
9,705 | 9,175,668 | ||||||
| Michigan Finance Authority, Refunding RB, Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31 |
4,000 | 4,034,677 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, 5.00%, 06/30/33 |
2,415 | 2,521,229 | ||||||
| AMT, 5.00%, 12/31/33 |
2,000 | 2,111,666 | ||||||
| Michigan Strategic Fund, Refunding RB |
||||||||
| 5.00%, 11/15/29 |
440 | 444,980 | ||||||
| 5.00%, 11/15/34 |
490 | 491,272 | ||||||
| State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |
2,925 | 3,265,159 | ||||||
|
|
|
|||||||
| 34,171,114 | ||||||||
| Minnesota — 1.2% | ||||||||
| Duluth Economic Development Authority, Refunding RB |
||||||||
| Series A, 5.00%, 02/15/33 |
1,000 | 1,052,408 | ||||||
| Series A, 5.00%, 02/15/34 |
1,185 | 1,243,891 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29(b) |
200 | 197,541 | ||||||
| Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54(f) |
6,050 | 6,641,371 | ||||||
| Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |
2,420 | 2,511,015 | ||||||
|
|
|
|||||||
| 11,646,226 | ||||||||
| Mississippi — 1.3% | ||||||||
| Mississippi Development Bank, RB (AGM), 6.75%, 12/01/31 |
3,775 | 3,783,513 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
37 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Mississippi (continued) | ||||||||
| Mississippi Development Bank, RB (continued) |
||||||||
| (AGM), 6.75%, 12/01/33 |
$ | 2,350 | $ | 2,355,201 | ||||
| (AGM), 6.88%, 12/01/40 |
6,405 | 6,418,766 | ||||||
|
|
|
|||||||
| 12,557,480 | ||||||||
| Missouri — 1.4% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
9,340 | 8,732,304 | ||||||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |
290 | 253,975 | ||||||
| Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
2,840 | 2,883,843 | ||||||
| St Louis County Industrial Development Authority, Refunding RB |
||||||||
| 5.00%, 09/01/27 |
290 | 290,730 | ||||||
| 5.00%, 09/01/32 |
1,015 | 1,004,129 | ||||||
|
|
|
|||||||
| 13,164,981 | ||||||||
| Nebraska — 1.0% | ||||||||
| Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 |
800 | 824,158 | ||||||
| Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 |
8,045 | 9,062,782 | ||||||
|
|
|
|||||||
| 9,886,940 | ||||||||
| Nevada — 0.7% | ||||||||
| County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33 |
5,000 | 5,042,944 | ||||||
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 |
1,890 | 1,902,706 | ||||||
|
|
|
|||||||
| 6,945,650 | ||||||||
| New Hampshire — 0.1% | ||||||||
| New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27(b) |
795 | 764,364 | ||||||
|
|
|
|||||||
| New Jersey — 12.2% | ||||||||
| Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/47 |
940 | 1,030,952 | ||||||
| New Jersey Economic Development Authority, RB 5.00%, 11/01/44 |
10,500 | 11,152,554 | ||||||
| AMT, 5.50%, 01/01/26 |
1,500 | 1,500,963 | ||||||
| AMT, 5.50%, 01/01/27 |
1,000 | 1,000,659 | ||||||
| AMT, (AGM), 5.00%, 01/01/31 |
2,425 | 2,426,480 | ||||||
| AMT, 5.38%, 01/01/43 |
7,000 | 7,006,196 | ||||||
| New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c) |
1,750 | 1,886,675 | ||||||
| New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
6,110 | 5,926,356 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
| Series B, AMT, 5.00%, 12/01/27 |
1,000 | 1,066,604 | ||||||
| Series B, AMT, 5.00%, 12/01/28 |
1,000 | 1,066,296 | ||||||
| Series B, AMT, 4.00%, 12/01/41 |
4,820 | 4,805,760 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Refunding RB |
||||||||
| Series BB, AMT, 3.65%, 04/01/28 |
3,840 | 3,765,003 | ||||||
| Series BB, AMT, 3.70%, 10/01/28 |
2,975 | 2,920,440 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series A, 5.00%, 06/15/30 |
2,000 | 2,096,620 | ||||||
| Series AA, 5.25%, 06/15/32 |
2,250 | 2,318,847 | ||||||
| Series AA, 5.00%, 06/15/35 |
3,000 | 3,280,630 | ||||||
| Series AA, 4.00%, 06/15/39 |
4,000 | 4,072,164 | ||||||
| Series AA, 5.00%, 06/15/45 |
6,000 | 6,419,298 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
| Series BB, 5.00%, 06/15/46 |
$ | 6,725 | $ | 7,337,094 | ||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/15/33 |
2,285 | 2,495,928 | ||||||
| Series A, 5.00%, 06/15/37 |
2,115 | 2,443,262 | ||||||
| Series A, 5.25%, 06/15/42 |
850 | 967,805 | ||||||
| Series AA, 4.25%, 06/15/44 |
2,000 | 2,034,924 | ||||||
| New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |
9,105 | 10,037,842 | ||||||
| Newark Housing Authority, RB, M/F Housing, |
||||||||
| Series A, 5.00%, 12/01/25 |
1,345 | 1,346,770 | ||||||
| Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |
985 | 953,775 | ||||||
| South Jersey Port Corp., ARB |
||||||||
| Series B, AMT, 5.00%, 01/01/29 |
250 | 259,176 | ||||||
| Series B, AMT, 5.00%, 01/01/30 |
200 | 207,211 | ||||||
| Series B, AMT, 5.00%, 01/01/31 |
350 | 363,709 | ||||||
| Series B, AMT, 5.00%, 01/01/32 |
425 | 441,486 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/34 |
12,000 | 12,720,246 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
12,065 | 12,188,415 | ||||||
|
|
|
|||||||
| 117,540,140 | ||||||||
| New Mexico — 0.4% | ||||||||
| Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33 |
2,510 | 2,547,113 | ||||||
| City of Santa Fe New Mexico, RB |
||||||||
| Series A, 5.00%, 05/15/34 |
170 | 157,601 | ||||||
| Series A, 5.00%, 05/15/44 |
820 | 694,411 | ||||||
|
|
|
|||||||
| 3,399,125 | ||||||||
| New York — 24.2% | ||||||||
| Buffalo & Erie County Industrial Land Development Corp., Refunding RB |
||||||||
| Series A, 4.50%, 06/01/27 |
1,400 | 1,410,594 | ||||||
| Series A, 5.00%, 06/01/35 |
415 | 425,442 | ||||||
| Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31(b) |
385 | 383,144 | ||||||
| Build NYC Resource Corp., Refunding RB, 5.00%, |
||||||||
| 08/01/35 |
665 | 690,557 | ||||||
| City of New York, GO |
||||||||
| Series A, 5.00%, 08/01/46 |
3,035 | 3,383,330 | ||||||
| Series A-1, 4.00%, 09/01/46 |
2,630 | 2,679,049 | ||||||
| Series B, 5.25%, 10/01/39 |
1,750 | 2,026,060 | ||||||
| Series B, 5.25%, 10/01/40 |
1,340 | 1,544,104 | ||||||
| Series F-1, 4.00%, 03/01/47 |
2,645 | 2,669,795 | ||||||
| Hudson Yards Infrastructure Corp., Refunding RB, |
||||||||
| Series A, (AGM), 4.00%, 02/15/47 |
25,165 | 24,527,596 | ||||||
| Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36 |
940 | 853,344 | ||||||
| Metropolitan Transportation Authority, RB |
||||||||
| Series B, 5.25%, 11/15/38 |
3,145 | 3,163,467 | ||||||
| Sub-Series A-1, 5.00%, 11/15/40 |
2,355 | 2,391,236 | ||||||
| Metropolitan Transportation Authority, Refunding RB, |
||||||||
| Series A, 4.00%, 11/15/51 |
2,250 | 2,267,175 | ||||||
| Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
4,365 | 4,367,384 | ||||||
| New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
2,925 | 2,982,697 | ||||||
| New York City Municipal Water Finance Authority, RB, Series GG, 5.00%, 06/15/50 |
1,685 | 1,812,990 | ||||||
| 38 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| New York City Municipal Water Finance Authority, Refunding RB |
||||||||
| Series DD, 4.13%, 06/15/46 |
$ | 5,000 | $ | 5,133,287 | ||||
| Series DD, 4.13%, 06/15/47 |
2,500 | 2,539,826 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, RB |
||||||||
| Series S-1, Subordinate, (SAW), 4.00%, 07/15/45 |
4,210 | 4,152,998 | ||||||
| Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 |
6,625 | 7,074,050 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series E-1, 4.00%, 02/01/49 |
2,915 | 2,905,978 | ||||||
| Sub-Series B-1, 5.00%, 08/01/38 |
3,000 | 3,115,273 | ||||||
| Sub-Series E-1, 5.00%, 02/01/35 |
6,795 | 7,131,534 | ||||||
| Subordinate, 4.00%, 05/01/43 |
19,900 | 19,957,319 | ||||||
| Series A-1, Subordinate, 4.00%, 08/01/48 |
3,795 | 3,781,467 | ||||||
| Series F-1, Subordinate, 5.00%, 02/01/47 |
2,690 | 2,953,706 | ||||||
| New York Convention Center Development Corp., RB, CAB, Class B, Sub Lien, 0.00%, 11/15/40(g) |
7,650 | 3,485,891 | ||||||
| New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44(b) |
1,730 | 1,727,837 | ||||||
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
6,385 | 4,772,007 | ||||||
| Series A, Sustainability Bonds, (BAM-TCRS), |
3,970 | 2,889,730 | ||||||
| New York Power Authority, Refunding RB, Series A, |
||||||||
| Sustainability Bonds, 4.00%, 11/15/55 |
9,515 | 9,164,052 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/01/32 |
3,060 | 3,124,795 | ||||||
| Series A, 4.00%, 03/15/46 |
10,000 | 10,034,763 | ||||||
| Series E, 4.00%, 03/15/42 |
10,000 | 10,184,863 | ||||||
| New York State Thruway Authority, Refunding RB, |
5,000 | 5,002,872 | ||||||
| New York State Urban Development Corp., RB, |
8,885 | 8,765,672 | ||||||
| New York Transportation Development Corp., ARB |
||||||||
| AMT, 5.63%, 04/01/40 |
1,810 | 1,959,868 | ||||||
| AMT, 5.00%, 12/01/40 |
1,865 | 1,963,021 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 4.00%, 10/01/30 |
2,775 | 2,768,437 | ||||||
| AMT, 5.00%, 10/01/35 |
1,870 | 1,952,238 | ||||||
| AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44 |
3,325 | 3,576,380 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB |
||||||||
| AMT, 5.00%, 01/15/47 |
6,520 | 6,942,592 | ||||||
| Series 223, AMT, 4.00%, 07/15/40 |
1,475 | 1,449,336 | ||||||
| Series 223, AMT, 4.00%, 07/15/41 |
1,850 | 1,824,665 | ||||||
| Series 232, AMT, 4.63%, 08/01/52 |
1,290 | 1,298,476 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 |
12,245 | 12,311,796 | ||||||
| Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |
4,860 | 5,208,730 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/15/47 |
3,915 | 4,282,904 | ||||||
| Series B, 5.00%, 11/15/37 |
4,400 | 4,683,553 | ||||||
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| Triborough Bridge & Tunnel Authority, Refunding RB (continued) |
||||||||
| Series C, 5.25%, 05/15/52 |
$ | 1,805 | $ | 1,992,859 | ||||
| Utility Debt Securitization Authority, Refunding RB, Restructured, Sustainability Bonds, 5.00%, 12/15/44 |
4,290 | 4,810,850 | ||||||
|
|
|
|||||||
| 232,501,589 | ||||||||
| North Carolina — 0.8% | ||||||||
| North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47 |
1,855 | 1,892,957 | ||||||
| North Carolina Turnpike Authority, RB, (AGM), 5.00%, 01/01/58 |
4,625 | 4,938,964 | ||||||
| University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
620 | 694,944 | ||||||
|
|
|
|||||||
| 7,526,865 | ||||||||
| Ohio — 2.2% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
| Series A-2, Class 1, 4.00%, 06/01/48 |
2,710 | 2,456,070 | ||||||
| Series B-2, Class 2, 5.00%, 06/01/55 |
13,510 | 12,725,880 | ||||||
| State of Ohio, RB, 4.00%, 01/01/46 |
6,000 | 5,812,161 | ||||||
| State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28(c) |
25 | 26,337 | ||||||
|
|
|
|||||||
| 21,020,448 | ||||||||
| Oklahoma — 0.5% | ||||||||
| Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/29 |
1,400 | 1,445,113 | ||||||
| Oklahoma Development Finance Authority, RB |
||||||||
| Series B, 5.00%, 08/15/29 |
1,200 | 1,197,482 | ||||||
| Series B, 5.00%, 08/15/33 |
1,305 | 1,287,599 | ||||||
| Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
1,395 | 1,366,524 | ||||||
|
|
|
|||||||
| 5,296,718 | ||||||||
| Oregon — 0.9% | ||||||||
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
7,910 | 8,763,273 | ||||||
|
|
|
|||||||
| Pennsylvania — 4.1% | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/28(b) |
835 | 851,312 | ||||||
| Bucks County Industrial Development Authority, RB |
||||||||
| 5.00%, 07/01/35 |
1,100 | 1,050,885 | ||||||
| 5.00%, 07/01/36 |
1,250 | 1,190,897 | ||||||
| 4.00%, 07/01/46 |
245 | 191,399 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| AMT, (AGM), 5.50%, 06/30/42 |
2,000 | 2,216,498 | ||||||
| AMT, 5.75%, 06/30/48 |
2,365 | 2,607,523 | ||||||
| AMT, 5.25%, 06/30/53 |
3,910 | 4,199,716 | ||||||
| Pennsylvania Housing Finance Agency, Refunding |
||||||||
| RB, S/F Housing, Series 142-A, Sustainability |
||||||||
| Bonds, 5.00%, 10/01/50 |
1,590 | 1,638,449 | ||||||
| Pennsylvania Turnpike Commission, RB, Series B, |
||||||||
| Subordinate, 4.00%, 12/01/51 |
3,000 | 2,837,368 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
39 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Turnpike Commission, Refunding RB 2nd Sub Series, 5.00%, 12/01/30 |
$ | 2,620 | $ | 2,847,244 | ||||
| Sub-Series B-2, 5.00%, 06/01/32 |
5,000 | 5,378,951 | ||||||
| Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |
745 | 779,911 | ||||||
| School District of Philadelphia, GO |
||||||||
| Series A, (SAW), 5.00%, 09/01/32 |
1,200 | 1,297,969 | ||||||
| Series A, (SAW), 5.50%, 09/01/48 |
9,145 | 10,155,000 | ||||||
| Series B, Sustainability Bonds, (SAW), 5.00%, 09/01/48 |
2,085 | 2,209,812 | ||||||
|
|
|
|||||||
| 39,452,934 | ||||||||
| Puerto Rico — 4.8% | ||||||||
| Commonwealth of Puerto Rico, GO |
||||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
2,753 | 3,049,495 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/35 |
675 | 643,961 | ||||||
| Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(g) |
5,621 | 3,568,809 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-2, Convertible, Restructured, 4.33%, 07/01/40 |
1,919 | 1,894,448 | ||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
1,069 | 1,047,374 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
8,827 | 8,826,886 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
488 | 477,020 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
12,484 | 12,393,491 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
334 | 325,628 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
726 | 704,758 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(g) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/29 |
11,890 | 9,646,056 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
1,464 | 1,000,166 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/46 |
7,903 | 2,429,466 | ||||||
|
|
|
|||||||
| 46,007,558 | ||||||||
| Rhode Island — 0.1% | ||||||||
| Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 |
1,000 | 1,010,958 | ||||||
|
|
|
|||||||
| South Carolina — 1.1% | ||||||||
| Patriots Energy Group Financing Agency, RB, |
||||||||
| Series A1, 5.25%, 10/01/54(a) |
5,210 | 5,580,457 | ||||||
| South Carolina Jobs-Economic Development |
||||||||
| Authority, Refunding RB |
||||||||
| 4.00%, 11/15/27 |
415 | 395,152 | ||||||
| Series A, 5.00%, 05/01/37 |
4,480 | 4,652,189 | ||||||
| South Carolina State Housing Finance & |
||||||||
| Development Authority, Refunding RB, S/F |
||||||||
| Housing, Series A, 4.95%, 07/01/53 |
310 | 320,451 | ||||||
|
|
|
|||||||
| 10,948,249 | ||||||||
| Tennessee — 3.6% | ||||||||
| Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |
660 | 718,491 | ||||||
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |
3,230 | 3,350,222 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB 5.25%, 05/01/48 |
820 | 887,197 | ||||||
| Series A, 5.00%, 07/01/40 |
4,000 | 4,050,164 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB 5.00%, 10/01/34 |
450 | 469,207 | ||||||
| Security | Par (000) |
Value | ||||||
| Tennessee (continued) | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB (continued) |
||||||||
| 5.25%, 10/01/58 |
$ | 3,090 | $ | 3,160,885 | ||||
| Metropolitan Nashville Airport Authority, ARB |
||||||||
| Series B, AMT, 5.00%, 07/01/52 |
3,800 | 3,907,725 | ||||||
| Series B, AMT, 5.50%, 07/01/52 |
3,500 | 3,748,809 | ||||||
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
5,395 | 5,784,015 | ||||||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
7,845 | 8,335,862 | ||||||
|
|
|
|||||||
| 34,412,577 | ||||||||
| Texas — 12.8% | ||||||||
| Arlington Higher Education Finance Corp., RB(b) |
||||||||
| 7.50%, 04/01/62 |
1,630 | 1,586,182 | ||||||
| 7.88%, 11/01/62 |
1,410 | 1,430,940 | ||||||
| City of Austin Texas Airport System Revenue, ARB, |
5,130 | 5,346,602 | ||||||
| City of El Paso Texas Water & Sewer Revenue, |
2,505 | 2,788,084 | ||||||
| City of Garland Texas Electric Utility System Revenue, |
405 | 406,725 | ||||||
| City of Houston Texas Airport System Revenue, ARB, |
700 | 700,909 | ||||||
| City of Houston Texas Airport System Revenue, |
410 | 409,700 | ||||||
| Series A, AMT, 1st Lien, Subordinate, (AGM), |
2,390 | 2,571,338 | ||||||
| City of Houston Texas Airport System Revenue, |
400 | 400,260 | ||||||
| City of Houston Texas Combined Utility System |
1,840 | 1,766,919 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |
5,940 | 6,742,294 | ||||||
| County of Harris Texas, Refunding GO, Series A, 5.00%, 09/15/48 |
6,080 | 6,678,769 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |
9,400 | 9,226,586 | ||||||
| Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
6,640 | 7,308,214 | ||||||
| Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |
1,885 | 1,853,000 | ||||||
| Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
230 | 253,445 | ||||||
| Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/28 |
855 | 854,949 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |
1,360 | 1,341,352 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
800 | 719,229 | ||||||
| North Texas Tollway Authority, Refunding RB |
||||||||
| Series A, 4.13%, 01/01/40 |
2,500 | 2,574,090 | ||||||
| Series A, 5.00%, 01/01/40 |
3,000 | 3,326,856 | ||||||
| Port Authority of Houston of Harris County Texas, ARB 4.00%, 10/01/46 |
1,740 | 1,706,839 | ||||||
| 1st Lien, 5.00%, 10/01/53 |
1,850 | 2,012,565 | ||||||
| San Jacinto River Authority, RB, (AGM), 5.25%, |
2,910 | 2,913,032 | ||||||
| Spring Branch Independent School District, GO, |
6,720 | 6,720,572 | ||||||
| 40 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| State of Texas, GO, Class A, 5.00%, 04/01/44 |
$ | 6,000 | $ | 6,184,245 | ||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| 5.00%, 11/15/51 |
7,130 | 7,618,862 | ||||||
| Series A, 4.00%, 07/01/53 |
2,410 | 2,162,084 | ||||||
| Series A, 5.00%, 07/01/53 |
1,485 | 1,542,419 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/47 |
8,590 | 8,753,044 | ||||||
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
445 | 392,913 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, |
||||||||
| Refunding RB |
||||||||
| 5.00%, 12/15/30 |
1,720 | 1,824,082 | ||||||
| 5.00%, 12/15/32 |
6,585 | 7,016,713 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV, RB, Series B, 5.50%, 01/01/54(a) |
5,000 | 5,590,322 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
2,000 | 2,023,224 | ||||||
| Texas Water Development Board, RB |
||||||||
| 4.45%, 10/15/36 |
1,155 | 1,280,411 | ||||||
| 4.00%, 10/15/54 |
7,000 | 6,723,258 | ||||||
|
|
|
|||||||
| 122,751,028 | ||||||||
| Utah — 0.8% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/34 |
3,500 | 3,666,443 | ||||||
| Series A, AMT, 5.25%, 07/01/48 |
950 | 1,016,771 | ||||||
| Series A, AMT, 5.00%, 07/01/51 |
1,805 | 1,874,081 | ||||||
| Utah Charter School Finance Authority, RB(b) |
||||||||
| Series A, 3.63%, 06/15/29 |
345 | 325,616 | ||||||
| Series A, 5.00%, 06/15/49 |
320 | 287,984 | ||||||
| Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27(b) |
1,040 | 1,003,591 | ||||||
|
|
|
|||||||
| 8,174,486 | ||||||||
| Vermont — 0.6% | ||||||||
| University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30 |
5,565 | 5,587,295 | ||||||
|
|
|
|||||||
| Virginia — 1.2% | ||||||||
| Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
8,400 | 8,107,366 | ||||||
| Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |
2,065 | 1,663,320 | ||||||
| Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52 |
2,065 | 2,137,213 | ||||||
|
|
|
|||||||
| 11,907,899 | ||||||||
| Washington — 0.9% | ||||||||
| Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |
5,755 | 5,979,073 | ||||||
| Security | Par (000) |
Value | ||||||
| Washington (continued) | ||||||||
| Washington State Housing Finance Commission, |
||||||||
| Refunding RB(b) |
||||||||
| 5.00%, 01/01/27 |
$ | 1,560 | $ | 1,521,772 | ||||
| 5.00%, 01/01/28 |
750 | 725,281 | ||||||
|
|
|
|||||||
| 8,226,126 | ||||||||
| Wisconsin — 1.7% | ||||||||
| Public Finance Authority, RB |
||||||||
| 5.00%, 06/15/34 |
430 | 436,841 | ||||||
| 5.00%, 10/15/56(b) |
385 | 318,163 | ||||||
| Class A, 5.00%, 06/15/56(b) |
1,000 | 773,107 | ||||||
| Series A, 4.00%, 03/01/30(b) |
445 | 425,040 | ||||||
| Series A, 5.00%, 10/15/50(b) |
1,695 | 1,438,629 | ||||||
| AMT, 4.00%, 09/30/51 |
1,595 | 1,302,522 | ||||||
| AMT, 4.00%, 03/31/56 |
1,520 | 1,198,050 | ||||||
| Public Finance Authority, Refunding RB |
||||||||
| 4.00%, 09/01/29(b) |
115 | 104,549 | ||||||
| 5.00%, 09/01/49(b) |
520 | 420,197 | ||||||
| Series B, AMT, 5.25%, 07/01/28 |
3,765 | 3,766,086 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 4.00%, 12/15/49 |
4,235 | 4,007,655 | ||||||
| 4.00%, 12/01/51 |
2,720 | 2,574,018 | ||||||
|
|
|
|||||||
| 16,764,857 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds — 150.3% (Cost: $1,403,129,721) |
1,446,480,293 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(h) | ||||||||
| Alabama — 2.2% | ||||||||
| Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a) |
20,000 | 21,299,588 | ||||||
|
|
|
|||||||
| Colorado — 0.8% | ||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
7,310 | 7,955,953 | ||||||
|
|
|
|||||||
| Idaho — 0.8% | ||||||||
| Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 |
6,880 | 7,781,133 | ||||||
|
|
|
|||||||
| Illinois — 1.4% | ||||||||
| Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46 |
11,860 | 12,934,151 | ||||||
|
|
|
|||||||
| Michigan — 2.7% | ||||||||
| Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45 |
15,520 | 15,840,667 | ||||||
| Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
10,000 | 10,198,663 | ||||||
|
|
|
|||||||
| 26,039,330 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
41 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Pennsylvania — 2.1% | ||||||||
| Pennsylvania Turnpike Commission, RB, Series B-1, |
||||||||
| 5.25%, 06/01/47 |
$ | 18,910 | $ | 19,679,301 | ||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.0% (Cost: $92,034,026) |
95,689,456 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 160.3% (Cost: $1,495,163,747) |
1,542,169,749 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 2.2% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(i)(j) |
20,999,561 | 21,001,661 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 2.2% |
21,001,661 | |||||||
|
|
|
|||||||
| Total Investments — 162.5% |
1,563,171,410 | |||||||
| Other Assets Less Liabilities — 1.2% |
12,204,477 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)% |
(51,791,724 | ) | ||||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (58.3)% |
(561,403,586 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 962,180,577 | ||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | 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) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Non-income producing security. |
| (f) | When-issued security. |
| (g) | Zero-coupon bond. |
| (h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class. |
$ | 36,788,624 | $ | — | $ | (15,791,821)(a) | $ | 2,671 | $ | 2,187 | $ | 21,001,661 | 20,999,561 | $ | 546,493 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (2,269,716 | ) | $ | — | $ | (2,269,716 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 137,766 | $ | — | $ | 137,766 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
||||
| Average notional value of contracts — short |
$ | 39,118,672 | ||
| 42 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Fund, Inc. (MUI) |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 1,446,480,293 | $ | — | $ | 1,446,480,293 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 95,689,456 | — | 95,689,456 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
21,001,661 | — | — | 21,001,661 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 21,001,661 | $ | 1,542,169,749 | $ | — | $ | 1,563,171,410 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (51,489,875 | ) | $ | — | $ | (51,489,875 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (561,700,000 | ) | — | (561,700,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (613,189,875 | ) | $ | — | $ | (613,189,875 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
43 |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 5.4% | ||||||||
| Black Belt Energy Gas District, RB(a) |
||||||||
| Series A, 5.25%, 01/01/54 |
$ | 4,665 | $ | 5,023,564 | ||||
| Series C, 5.50%, 10/01/54 |
10,500 | 11,634,854 | ||||||
| Series F, 5.50%, 11/01/53 |
830 | 883,092 | ||||||
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
7,240 | 7,249,340 | ||||||
| County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
1,100 | 1,206,642 | ||||||
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a) |
1,585 | 1,761,870 | ||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||
| Series A-1, 5.50%, 01/01/53 |
1,405 | 1,511,288 | ||||||
| Series B, 5.00%, 01/01/54 |
1,230 | 1,303,271 | ||||||
|
|
|
|||||||
| 30,573,921 | ||||||||
| Arizona — 3.5% | ||||||||
| City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
1,665 | 1,897,033 | ||||||
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
940 | 733,785 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |
3,575 | 3,433,942 | ||||||
| Salt Verde Financial Corp., RB |
||||||||
| 5.00%, 12/01/32 |
7,365 | 7,883,747 | ||||||
| 5.00%, 12/01/37 |
5,000 | 5,459,530 | ||||||
|
|
|
|||||||
| 19,408,037 | ||||||||
| Arkansas — 1.0% | ||||||||
| Arkansas Development Finance Authority, RB |
||||||||
| Series A, AMT, 4.75%, 09/01/49(b) |
4,900 | 4,828,411 | ||||||
| AMT, Sustainability Bonds, 5.70%, 05/01/53 |
895 | 916,221 | ||||||
|
|
|
|||||||
| 5,744,632 | ||||||||
| California — 6.3% | ||||||||
| Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 |
6,490 | 6,512,243 | ||||||
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
785 | 775,300 | ||||||
| California Health Facilities Financing Authority, Refunding RB |
||||||||
| Series A, 4.00%, 08/15/48 |
3,540 | 3,520,050 | ||||||
| Series B, 5.00%, 11/15/46 |
6,025 | 6,206,329 | ||||||
| California Municipal Finance Authority, RB, S/F Housing |
||||||||
| Series A, 5.25%, 08/15/39 |
305 | 306,058 | ||||||
| Series A, 5.25%, 08/15/49 |
770 | 773,269 | ||||||
| California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b) |
1,650 | 1,652,970 | ||||||
| California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43 |
3,285 | 3,287,034 | ||||||
| City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 |
2,815 | 2,811,504 | ||||||
| City of Los Angeles Department of Airports, Refunding ARB |
2,415 | 2,569,532 | ||||||
| Series D, AMT, Subordinate, 4.00%, 05/15/51 |
1,335 | 1,251,156 | ||||||
| CSCDA Community Improvement Authority, RB, M/F
Housing(b) |
235 | 192,029 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,215 | 783,106 | ||||||
| Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
615 | 459,323 | ||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
340 | 236,868 | ||||||
| Security | Par (000) |
Value | ||||||
| California (continued) | ||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |
||||||||
| Series A, Sustainability Bonds, 4.00%, 06/01/58 |
$ | 735 | $ | 531,892 | ||||
| San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56 |
3,145 | 3,266,235 | ||||||
| State of California, GO, (AMBAC), 5.00%, 04/01/31 |
10 | 10,019 | ||||||
|
|
|
|||||||
| 35,144,917 | ||||||||
| Colorado — 1.5% | ||||||||
| Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47 |
4,265 | 4,163,777 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 |
870 | 983,398 | ||||||
| Colorado Health Facilities Authority, RB |
||||||||
| 5.50%, 11/01/47 |
355 | 385,449 | ||||||
| 5.25%, 11/01/52 |
745 | 793,532 | ||||||
| Colorado Health Facilities Authority, Refunding RB |
||||||||
| Series A, 5.00%, 08/01/44 |
950 | 986,968 | ||||||
| Series A, 4.00%, 11/15/50 |
1,125 | 1,059,002 | ||||||
|
|
|
|||||||
| 8,372,126 | ||||||||
| Connecticut — 0.1% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53 |
720 | 702,486 | ||||||
|
|
|
|||||||
| Delaware — 0.5% | ||||||||
| Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |
3,065 | 3,073,976 | ||||||
|
|
|
|||||||
| District of Columbia — 8.7% | ||||||||
| District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |
1,850 | 2,073,680 | ||||||
| District of Columbia Water & Sewer Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 |
1,875 | 1,943,929 | ||||||
| District of Columbia, Refunding RB, 5.00%, 10/01/48 |
4,875 | 4,964,424 | ||||||
| District of Columbia, TA, 5.13%, 06/01/41 |
3,490 | 3,496,900 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%,
10/01/39 |
795 | 795,763 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
||||||||
| Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31(c) |
8,350 | 6,522,165 | ||||||
| Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32(c) |
15,000 | 11,304,429 | ||||||
| Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33(c) |
13,410 | 9,731,982 | ||||||
| Series B, Subordinate, 4.00%, 10/01/49 |
3,780 | 3,480,322 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
1,965 | 2,150,434 | ||||||
| Series A, Sustainability Bonds, 4.00%, 07/15/46 |
2,540 | 2,520,903 | ||||||
|
|
|
|||||||
| 48,984,931 | ||||||||
| Florida — 3.0% | ||||||||
| Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |
445 | 447,627 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/29 |
1,900 | 1,908,127 | ||||||
| County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49 |
4,335 | 4,144,781 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |
980 | 1,040,910 | ||||||
| 44 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48 |
$ | 5,000 | $ | 5,376,115 | ||||
| Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 |
220 | 213,061 | ||||||
| Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
435 | 455,862 | ||||||
| Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 |
3,105 | 3,169,371 | ||||||
|
|
|
|||||||
| 16,755,854 | ||||||||
| Georgia — 3.6% | ||||||||
| City of Atlanta Georgia Department of Aviation, ARB, Series B-1, Sustainability Bonds, 5.00%, 07/01/53 |
1,485 | 1,628,248 | ||||||
| Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |
2,400 | 2,265,522 | ||||||
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
1,105 | 1,039,044 | ||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/49 |
2,100 | 2,284,191 | ||||||
| Series B, 5.00%, 12/01/52(a) |
7,800 | 8,188,440 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
1,655 | 1,764,495 | ||||||
| Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 |
3,290 | 2,954,429 | ||||||
|
|
|
|||||||
| 20,124,369 | ||||||||
| Idaho — 1.8% | ||||||||
| Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |
10,000 | 10,015,447 | ||||||
|
|
|
|||||||
| Illinois — 9.6% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/42 |
1,115 | 1,115,416 | ||||||
| Series C, 5.25%, 12/01/35 |
3,095 | 3,109,428 | ||||||
| Series D, 5.00%, 12/01/46 |
4,040 | 4,043,111 | ||||||
| Series H, 5.00%, 12/01/36 |
460 | 470,562 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series D, 5.00%, 12/01/31 |
1,000 | 1,035,481 | ||||||
| Series G, 5.00%, 12/01/34 |
455 | 465,807 | ||||||
| Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 |
3,035 | 3,149,779 | ||||||
| City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
7,435 | 8,120,426 | ||||||
| Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |
1,635 | 1,641,152 | ||||||
| Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50 |
270 | 252,557 | ||||||
| Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |
2,860 | 2,796,175 | ||||||
| Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 |
3,095 | 3,143,406 | ||||||
| Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |
1,835 | 1,871,902 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB(c) |
||||||||
| Series B, (AGM), 0.00%, 06/15/44 |
10,925 | 4,466,648 | ||||||
| Series B, (AGM), 0.00%, 06/15/47 |
27,225 | 9,428,459 | ||||||
| State of Illinois, GO |
3,195 | 3,201,780 | ||||||
| Security | Par (000) |
Value | ||||||
| Illinois (continued) | ||||||||
| State of Illinois, GO (continued) |
||||||||
| Series C, 5.00%, 12/01/45 |
$ | 2,235 | $ | 2,411,174 | ||||
| State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28 |
1,000 | 1,084,949 | ||||||
| University of Illinois, RB, Series A, 5.00%, 04/01/44 |
2,045 | 2,046,866 | ||||||
|
|
|
|||||||
| 53,855,078 | ||||||||
| Indiana — 1.0% | ||||||||
| City of Valparaiso Indiana, RB |
||||||||
| AMT, 6.75%, 01/01/34 |
1,635 | 1,637,619 | ||||||
| AMT, 7.00%, 01/01/44 |
3,950 | 3,955,247 | ||||||
|
|
|
|||||||
| 5,592,866 | ||||||||
| Kansas — 0.1% | ||||||||
| Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
530 | 484,116 | ||||||
|
|
|
|||||||
| Kentucky — 1.5% | ||||||||
| Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
2,140 | 2,216,112 | ||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 |
2,485 | 2,916,203 | ||||||
| Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 |
3,000 | 3,284,217 | ||||||
|
|
|
|||||||
| 8,416,532 | ||||||||
| Louisiana — 1.9% | ||||||||
| Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53 |
760 | 756,262 | ||||||
| Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |
4,100 | 4,348,747 | ||||||
| Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
2,560 | 2,744,202 | ||||||
| New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |
1,920 | 1,943,157 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
835 | 835,790 | ||||||
|
|
|
|||||||
| 10,628,158 | ||||||||
| Maryland — 0.2% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |
1,250 | 1,164,973 | ||||||
|
|
|
|||||||
| Massachusetts — 3.7% | ||||||||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series B, 5.00%, 06/01/50 |
5,000 | 5,492,685 | ||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series C, 5.00%, 10/01/47 |
2,740 | 3,012,310 | ||||||
| Series C, 5.00%, 10/01/52 |
2,835 | 3,077,447 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A-1, 5.25%, 07/01/29 |
3,250 | 3,725,747 | ||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
3,000 | 3,018,936 | ||||||
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
2,325 | 2,438,411 | ||||||
|
|
|
|||||||
| 20,765,536 | ||||||||
| Michigan — 5.0% | ||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue, RB |
||||||||
| Series B, 2nd Lien, 5.25%, 07/01/47 |
1,125 | 1,232,671 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
45 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Michigan (continued) | ||||||||
| Great Lakes Water Authority Sewage Disposal System Revenue, RB (continued) |
||||||||
| Series B, 2nd Lien, 5.50%, 07/01/52 |
$ | 2,655 | $ | 2,928,392 | ||||
| Series A, Senior Lien, 5.25%, 07/01/52 |
2,655 | 2,922,035 | ||||||
| Great Lakes Water Authority Water Supply System Revenue, RB |
||||||||
| Series A, Senior Lien, 5.25%, 07/01/52 |
2,655 | 2,922,035 | ||||||
| Series B, Senior Lien, 5.50%, 07/01/52 |
2,655 | 2,933,059 | ||||||
| Michigan Finance Authority, RB |
||||||||
| 4.00%, 02/15/47 |
820 | 785,264 | ||||||
| 4.00%, 02/15/50 |
4,730 | 4,472,016 | ||||||
| 4.00%, 02/15/44 |
1,710 | 1,648,741 | ||||||
| Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
3,110 | 2,987,016 | ||||||
| Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 |
540 | 534,001 | ||||||
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
2,255 | 2,274,117 | ||||||
| State of Michigan Trunk Line Revenue, RB, 5.50%, 11/15/49 |
1,855 | 2,150,697 | ||||||
|
|
|
|||||||
| 27,790,044 | ||||||||
| Minnesota — 0.9% | ||||||||
| Duluth Economic Development Authority, Refunding RB |
||||||||
| Series A, 4.25%, 02/15/48 |
2,160 | 2,011,765 | ||||||
| Series A, 5.25%, 02/15/58 |
3,125 | 3,185,683 | ||||||
|
|
|
|||||||
| 5,197,448 | ||||||||
| Missouri — 2.4% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
| Series A, 4.00%, 02/15/49 |
5,555 | 5,252,556 | ||||||
| Series C, 5.00%, 11/15/42 |
5,470 | 5,667,236 | ||||||
| Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
2,680 | 2,721,373 | ||||||
|
|
|
|||||||
| 13,641,165 | ||||||||
| Nebraska — 3.3% | ||||||||
| Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |
4,300 | 4,498,876 | ||||||
| Omaha Public Power District, RB |
||||||||
| Series A, 5.25%, 02/01/48 |
5,000 | 5,632,555 | ||||||
| Series A, (AGM-CR), 4.00%, 02/01/51 |
8,700 | 8,525,326 | ||||||
|
|
|
|||||||
| 18,656,757 | ||||||||
| New Hampshire(b) — 0.8% | ||||||||
| New Hampshire Business Finance Authority, Refunding RB |
||||||||
| Series B, 4.63%, 11/01/42 |
3,205 | 2,720,825 | ||||||
| Series C, AMT, 4.88%, 11/01/42 |
1,665 | 1,523,184 | ||||||
|
|
|
|||||||
| 4,244,009 | ||||||||
| New Jersey — 9.3% | ||||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
| 5.25%, 11/01/39 |
3,490 | 3,519,813 | ||||||
| 5.25%, 11/01/44 |
3,180 | 3,197,798 | ||||||
| New Jersey Economic Development Authority, RB |
3,565 | 3,930,468 | ||||||
| Series EEE, 5.00%, 06/15/48 |
12,340 | 12,877,002 | ||||||
| Series B, AMT, 6.50%, 04/01/31 |
1,845 | 1,863,586 | ||||||
| New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
3,040 | 3,045,442 | ||||||
| Security | Par (000) |
Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
| Series B, AMT, 4.00%, 12/01/41 |
$ | 2,570 | $ | 2,562,407 | ||||
| Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,595 | 2,626,315 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series C, (AMBAC), 0.00%, 12/15/35(c) |
7,395 | 4,797,531 | ||||||
| Series S, 5.00%, 06/15/46 |
2,415 | 2,531,321 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
2,435 | 2,480,560 | ||||||
| Series A, 5.25%, 06/01/46 |
2,685 | 2,769,818 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
5,670 | 5,727,999 | ||||||
|
|
|
|||||||
| 51,930,060 | ||||||||
| New York — 20.4% | ||||||||
| City of New York, GO |
||||||||
| Series A-1, 4.00%, 09/01/46 |
1,640 | 1,670,586 | ||||||
| Series C, 5.00%, 08/01/43 |
2,330 | 2,542,712 | ||||||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
4,070 | 3,967,689 | ||||||
| Metropolitan Transportation Authority, Refunding RB |
||||||||
| Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
3,335 | 3,441,152 | ||||||
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
1,085 | 1,130,444 | ||||||
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
1,605 | 1,691,195 | ||||||
| Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
3,335 | 3,336,821 | ||||||
| New York City Municipal Water Finance Authority, Refunding RB |
||||||||
| Series BB-1, 4.00%, 06/15/45 |
1,545 | 1,549,251 | ||||||
| Series DD, 4.13%, 06/15/46 |
9,330 | 9,578,713 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Subordinate, 4.00%, 05/01/47 |
5,000 | 4,937,620 | ||||||
| New York City Transitional Finance Authority, RB, 5.00%, 05/01/46 |
2,480 | 2,777,684 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |
3,300 | 3,301,146 | ||||||
| New York Liberty Development Corp., Refunding RB(b) |
||||||||
| Class 1, 5.00%, 11/15/44 |
8,145 | 8,134,819 | ||||||
| Class 2, 5.38%, 11/15/40 |
1,760 | 1,762,199 | ||||||
| New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
2,765 | 2,663,017 | ||||||
| New York State Dormitory Authority, RB, Series A, |
||||||||
| 4.00%, 03/15/47 |
1,575 | 1,540,840 | ||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/44 |
2,270 | 2,292,185 | ||||||
| Series A, 4.00%, 03/15/47 |
7,890 | 7,892,959 | ||||||
| Series A, 4.00%, 03/15/48 |
1,395 | 1,375,916 | ||||||
| Series A-1, 5.00%, 03/15/45 |
5,610 | 6,206,826 | ||||||
| Series D, 4.00%, 02/15/47 |
4,730 | 4,675,037 | ||||||
| New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
1,870 | 1,844,885 | ||||||
| New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49 |
6,675 | 6,543,360 | ||||||
| New York Transportation Development Corp., ARB AMT, 5.63%, 04/01/40 |
965 | 1,044,902 | ||||||
| Series A, AMT, 5.00%, 07/01/46 |
1,525 | 1,525,513 | ||||||
| New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 |
2,230 | 2,328,069 | ||||||
| AMT, Sustainability Bonds, 5.38%, 06/30/60 |
5,590 | 5,842,491 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
1,625 | 1,809,187 | ||||||
| 46 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York (continued) | ||||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB (continued) |
||||||||
| Series A, 4.13%, 05/15/53 |
$ | 3,275 | $ | 3,292,865 | ||||
| Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56 |
2,230 | 2,381,006 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB |
8,760 | 9,222,644 | ||||||
| Sustainability Bonds, 5.25%, 11/15/40 |
1,640 | 1,924,449 | ||||||
|
|
|
|||||||
| 114,228,182 | ||||||||
| Ohio — 3.1% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 . |
5,015 | 4,723,929 | ||||||
| County of Franklin Ohio, RB |
||||||||
| Series A, 4.00%, 12/01/44 |
1,060 | 1,041,486 | ||||||
| Series A, 5.00%, 12/01/47 |
840 | 870,481 | ||||||
| County of Hamilton Ohio, RB |
||||||||
| Series A, 5.00%, 08/15/42 |
4,350 | 4,474,910 | ||||||
| Series CC, 5.00%, 11/15/49 |
1,130 | 1,264,671 | ||||||
| County of Hamilton Ohio, Refunding RB |
1,245 | 1,173,944 | ||||||
| Series A, 3.75%, 08/15/50 |
2,190 | 1,966,146 | ||||||
| State of Ohio, RB, AMT, 5.00%, 06/30/53 |
1,685 | 1,666,783 | ||||||
|
|
|
|||||||
| 17,182,350 | ||||||||
| Oklahoma — 1.4% | ||||||||
| Oklahoma Turnpike Authority, RB 5.50%, |
3,140 | 3,505,986 | ||||||
| Series A, 4.00%, 01/01/48 |
4,320 | 4,312,479 | ||||||
|
|
|
|||||||
| 7,818,465 | ||||||||
| Oregon — 0.7% | ||||||||
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
3,725 | 4,126,826 | ||||||
|
|
|
|||||||
| Pennsylvania — 5.4% | ||||||||
| Allegheny County Airport Authority, ARB |
||||||||
| Series A, AMT, (AGM), 5.50%, 01/01/48 |
6,750 | 7,377,297 | ||||||
| Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
1,275 | 1,197,933 | ||||||
| Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
| 4.00%, 09/01/51 |
1,115 | 1,026,883 | ||||||
| 5.00%, 09/01/48 |
740 | 757,494 | ||||||
| Series A, 4.00%, 09/01/49 |
1,185 | 1,089,203 | ||||||
| Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 |
1,765 | 1,766,663 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
3,210 | 3,175,981 | ||||||
| Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 |
3,105 | 3,243,063 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax |
||||||||
| Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |
2,290 | 2,150,012 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A, 5.00%, 12/01/44 |
2,305 | 2,331,927 | ||||||
| Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 |
1,550 | 1,507,410 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |
4,515 | 4,444,565 | ||||||
|
|
|
|||||||
| 30,068,431 | ||||||||
| Puerto Rico — 5.5% | ||||||||
| Commonwealth of Puerto Rico, GO |
2,931 | 3,167,548 | ||||||
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) | ||||||||
| Commonwealth of Puerto Rico, GO (continued) |
||||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
$ | 2,646 | $ | 2,930,693 | ||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
3,817 | 3,739,782 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
12,161 | 12,160,843 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
6,236 | 6,095,690 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
9,662 | 2,970,201 | ||||||
|
|
|
|||||||
| 31,064,757 | ||||||||
| Rhode Island — 0.3% | ||||||||
| Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(d)(e) |
4,155 | 1,464,637 | ||||||
|
|
|
|||||||
| South Carolina — 3.1% | ||||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB |
3,835 | 3,662,474 | ||||||
| Series A, 5.00%, 05/01/48 |
3,030 | 3,087,649 | ||||||
| South Carolina Ports Authority, ARB AMT, |
4,500 | 4,636,976 | ||||||
| Series B, AMT, 4.00%, 07/01/49 |
1,330 | 1,202,215 | ||||||
| South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50 |
5,000 | 5,039,225 | ||||||
|
|
|
|||||||
| 17,628,539 | ||||||||
| Tennessee — 3.8% | ||||||||
| Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/54 |
860 | 937,786 | ||||||
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |
2,665 | 2,787,138 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
1,440 | 1,458,059 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 |
4,030 | 4,122,448 | ||||||
| Tennessee Energy Acquisition Corp., RB, |
4,190 | 4,452,168 | ||||||
| Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) |
7,270 | 7,543,246 | ||||||
|
|
|
|||||||
| 21,300,845 | ||||||||
| Texas — 13.7% | ||||||||
| Arlington Higher Education Finance Corp., RB(b) |
||||||||
| 7.50%, 04/01/62 |
885 | 861,209 | ||||||
| 7.88%, 11/01/62 |
755 | 766,213 | ||||||
| Austin Independent School District, GO, 4.00%, 08/01/48 |
1,500 | 1,497,635 | ||||||
| City of Austin Texas Airport System Revenue, ARB |
||||||||
| Series A, 5.00%, 11/15/41 |
3,250 | 3,378,225 | ||||||
| Series B, AMT, 5.00%, 11/15/44 |
5,755 | 5,997,991 | ||||||
| City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series A, 5.00%, 10/01/41 |
1,240 | 1,290,854 | ||||||
| City of Houston Texas Airport System Revenue, ARB, Series B-1, AMT, 5.00%, 07/15/30 |
3,600 | 3,604,045 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
3,580 | 3,851,628 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |
1,765 | 1,762,794 | ||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.00%, 02/01/47 |
3,415 | 3,529,003 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
47 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |
$ | 1,525 | $ | 1,528,125 | ||||
| County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |
560 | 568,165 | ||||||
| Crowley Independent School District, GO |
||||||||
| (PSF), 5.00%, 02/01/48 |
515 | 565,804 | ||||||
| (PSF), 4.25%, 02/01/53 |
190 | 193,094 | ||||||
| Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 |
1,225 | 1,217,555 | ||||||
| Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
940 | 1,034,597 | ||||||
| Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33 |
40 | 40,010 | ||||||
| Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
60 | 66,116 | ||||||
| Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/49 |
3,255 | 3,354,089 | ||||||
| Marshall Independent School District, GO, (PSF), 4.00%, 02/15/45 |
620 | 627,866 | ||||||
| North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(f) |
4,110 | 2,092,801 | ||||||
| North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43 |
6,205 | 6,433,004 | ||||||
| Northwest Independent School District, GO, (PSF), 5.00%, 02/15/48 |
1,190 | 1,299,307 | ||||||
| Plano Independent School District, GO, 5.00%, 02/15/42 |
1,540 | 1,719,972 | ||||||
| Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48 |
865 | 969,372 | ||||||
| San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |
5,700 | 5,699,812 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series A, 4.00%, 07/01/53 |
1,280 | 1,148,327 | ||||||
| Series A, 5.00%, 07/01/53 |
1,570 | 1,630,706 | ||||||
| Series B, 5.00%, 07/01/43 |
4,080 | 4,249,464 | ||||||
| Series B, 5.00%, 07/01/48 |
5,505 | 5,664,856 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
2,435 | 2,463,276 | ||||||
| Texas Water Development Board, RB, 4.00%, 10/15/45 |
2,735 | 2,737,440 | ||||||
| Waller Consolidated Independent School District, GO, (BAM), 4.00%, 02/15/48 |
5,000 | 4,923,204 | ||||||
|
|
|
|||||||
| 76,766,559 | ||||||||
| Utah — 0.3% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 |
1,845 | 1,891,463 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Virginia — 1.0% | ||||||||
| Hampton Roads Transportation Accountability Commission, RB |
||||||||
| Series A, Senior Lien, 4.00%, 07/01/50 |
$ | 1,115 | $ | 1,101,824 | ||||
| Series A, Senior Lien, 4.00%, 07/01/55 |
4,950 | 4,780,767 | ||||||
|
|
|
|||||||
| 5,882,591 | ||||||||
| Washington — 0.6% | ||||||||
| Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
3,120 | 3,194,541 | ||||||
|
|
|
|||||||
| Wisconsin — 0.1% | ||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
700 | 736,876 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 134.5% |
754,622,500 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
| Alabama — 1.8% | ||||||||
| Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54(a) |
9,350 | 9,948,587 | ||||||
|
|
|
|||||||
| District of Columbia — 1.8% | ||||||||
| District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
10,265 | 10,294,086 | ||||||
|
|
|
|||||||
| Florida — 5.0% | ||||||||
| City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 |
10,000 | 10,851,900 | ||||||
| County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/50 |
10,000 | 10,912,601 | ||||||
| JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.50%, 10/01/54(h) |
5,703 | 6,497,772 | ||||||
|
|
|
|||||||
| 28,262,273 | ||||||||
| Nebraska — 2.3% | ||||||||
| Omaha Public Power District, RB, Series A, 5.00%, 02/01/46 |
11,970 | 12,946,381 | ||||||
|
|
|
|||||||
| New York — 4.3% | ||||||||
| Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
12,550 | 13,058,417 | ||||||
| New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/50 |
10,000 | 11,060,145 | ||||||
|
|
|
|||||||
| 24,118,562 | ||||||||
| 48 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Washington — 2.0% | ||||||||
| State of Washington, GO, Series 2024-A, 5.00%, 08/01/48 |
$ | 10,000 | $ | 11,048,275 | ||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2% (Cost: $91,664,098) |
96,618,164 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 151.7% (Cost: $818,789,982) |
851,240,664 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 1.0% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(i)(j) |
5,291,628 | 5,292,158 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 1.0% (Cost: $5,291,985) |
5,292,158 | |||||||
|
|
|
|||||||
| Total Investments — 152.7% (Cost: $824,081,967) |
856,532,822 | |||||||
| Other Assets Less Liabilities — 1.3% | 7,412,681 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.2)% |
|
(51,775,361 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.8)% |
(251,128,294 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% | $ 561,041,848 | |||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Non-income producing security. |
| (f) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (h) | When-issued security. |
| (i) | Affiliate of the Fund. |
| (j) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 25,211,856 | $ | — | $ | (19,920,496 | )(a) | $ | 48 | $ | 750 | $ | 5,292,158 | 5,291,628 | $ | 159,628 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Short Contracts |
||||||||||||||||
| 10-Year U.S. Treasury Note |
87 | 03/19/24 | $ | 9,775 | $ | (308,647 | ) | |||||||||
| U.S. Long Bond |
65 | 03/19/24 | 7,971 | (439,353 | ) | |||||||||||
| 5-Year U.S. Treasury Note |
64 | 03/28/24 | 6,941 | (137,422 | ) | |||||||||||
|
|
|
|||||||||||||||
| $ | (885,422 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| S C H E D U L E O F I N V E S T M E N T S |
49 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) |
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 |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
| Futures contracts |
||||||||||||||||||||||||||||
| Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | — | $ | — | $ | 885,422 | $ | — | $ | 885,422 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange |
Interest Rate |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
| Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (1,780,278 | ) | $ | — | $ | (1,780,278 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (885,422 | ) | $ | — | $ | (885,422 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
| Futures contracts: |
||||
| Average notional value of contracts — short |
$ | 35,856,824 | ||
|
|
||||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 754,622,500 | $ | — | $ | 754,622,500 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 96,618,164 | — | 96,618,164 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
5,292,158 | — | — | 5,292,158 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 5,292,158 | $ | 851,240,664 | $ | — | $ | 856,532,822 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Derivative Financial Instruments(a) |
||||||||||||||||
| Liabilities |
||||||||||||||||
| Interest Rate Contracts |
$ | (885,422 | ) | $ | — | $ | — | $ | (885,422 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| 50 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Fund, Inc. (MYD) |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (51,338,092) | $ | — | $ | (51,338,092) | ||||||||
| VRDP Shares at Liquidation Value |
— | (251,400,000 | ) | — | (251,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (302,738,092) | $ | — | $ | (302,738,092) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| S C H E D U L E O F I N V E S T M E N T S |
51 |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Municipal Bonds | ||||||||||||
| Alabama — 5.9% | ||||||||||||
| Black Belt Energy Gas District, RB(a) |
||||||||||||
| 4.00%, 10/01/52 |
$ | 4,950 | $ | 4,942,503 | ||||||||
| Series A, 5.25%, 01/01/54 |
3,065 | 3,300,584 | ||||||||||
| Series C, 5.50%, 10/01/54 |
7,575 | 8,393,716 | ||||||||||
| Series F, 5.50%, 11/01/53 |
2,920 | 3,106,779 | ||||||||||
| County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
6,495 | 7,124,672 | ||||||||||
| Energy Southeast A Cooperative District, RB(a) |
4,900 | 5,328,652 | ||||||||||
| Series B-1, 5.75%, 04/01/54 |
10,625 | 11,810,644 | ||||||||||
| Homewood Educational Building Authority, Refunding RB, |
1,010 | 1,020,406 | ||||||||||
| Southeast Energy Authority A Cooperative District, RB(a) |
||||||||||||
| Series A-1, 5.50%, 01/01/53 |
2,665 | 2,866,607 | ||||||||||
| Series B-1, 5.00%, 05/01/53 |
8,445 | 8,778,115 | ||||||||||
|
|
|
|||||||||||
| 56,672,678 | ||||||||||||
| Arizona — 6.7% | ||||||||||||
| Arizona Industrial Development Authority, RB |
||||||||||||
| 4.38%, 07/01/39(b) |
875 | 779,163 | ||||||||||
| 5.00%, 07/01/54(b) |
615 | 540,213 | ||||||||||
| 7.10%, 01/01/55(b) |
250 | 254,470 | ||||||||||
| Series A, (BAM), 5.00%, 06/01/49 |
2,500 | 2,596,568 | ||||||||||
| Series A, 5.00%, 07/01/49(b) |
1,445 | 1,309,531 | ||||||||||
| Series A, 5.00%, 07/15/49 |
1,000 | 952,388 | ||||||||||
| Series A, 5.00%, 12/15/49(b) |
250 | 225,377 | ||||||||||
| Series A, 5.00%, 07/01/54(b) |
1,110 | 988,096 | ||||||||||
| Arizona Industrial Development Authority, Refunding RB |
||||||||||||
| Series A, 5.13%, 07/01/37(b) |
500 | 500,705 | ||||||||||
| Series A, 5.38%, 07/01/50(b) |
1,645 | 1,603,036 | ||||||||||
| Series A, 5.50%, 07/01/52(b) |
600 | 571,338 | ||||||||||
| Series G, 5.00%, 07/01/47(b) |
2,360 | 2,211,771 | ||||||||||
| Series S, 5.00%, 07/01/37 |
750 | 776,840 | ||||||||||
| City of Buckeye Arizona Excise Tax Revenue, RB, (NGFGC), 5.00%, 07/01/43 |
4,000 | 4,087,796 | ||||||||||
| City of Phoenix Civic Improvement Corp., ARB |
||||||||||||
| Series B, AMT, Junior Lien, 5.00%, 07/01/44 |
4,515 | 4,722,027 | ||||||||||
| AMT, Senior Lien, 5.00%, 07/01/43 |
4,000 | 4,157,292 | ||||||||||
| Glendale Industrial Development Authority, RB, |
||||||||||||
| 5.00%, 05/15/56 |
825 | 644,013 | ||||||||||
| Industrial Development Authority of the City of |
||||||||||||
| Series A, 5.00%, 07/01/44 |
2,000 | 2,002,500 | ||||||||||
| Series A, 6.75%, 07/01/44(b) |
440 | 442,611 | ||||||||||
| Series A, 5.00%, 07/01/46(b) |
1,570 | 1,508,053 | ||||||||||
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB |
||||||||||||
| 5.00%, 07/01/45(b) |
500 | 482,145 | ||||||||||
| 5.00%, 07/01/46 |
500 | 484,357 | ||||||||||
| Industrial Development Authority of the County of Pima, |
1,150 | 1,037,943 | ||||||||||
| Industrial Development Authority of the County of Pima, |
||||||||||||
| 5.00%, 06/15/49 |
1,985 | 1,814,839 | ||||||||||
| 5.00%, 06/15/52 |
530 | 477,725 | ||||||||||
| Security | Par (000) |
Value | ||||||||||
| Arizona (continued) | ||||||||||||
| Maricopa County Industrial Development Authority, RB |
||||||||||||
| 5.00%, 07/01/47 |
$ | 1,000 | $ | 979,977 | ||||||||
| 4.00%, 07/01/50 |
1,500 | 1,446,606 | ||||||||||
| Maricopa County Industrial Development Authority, Refunding RB |
||||||||||||
| 5.00%, 07/01/47(b) |
1,000 | 919,659 | ||||||||||
| 5.00%, 07/01/54(b) |
440 | 412,027 | ||||||||||
| Series A, 5.00%, 09/01/37 |
1,525 | 1,611,878 | ||||||||||
| Series A, 4.13%, 09/01/38 |
550 | 556,599 | ||||||||||
| Series A, 4.13%, 09/01/42 |
750 | 752,890 | ||||||||||
| Series A, 5.00%, 09/01/42 |
1,000 | 1,044,409 | ||||||||||
| McAllister Academic Village LLC, Refunding RB, |
||||||||||||
| 5.00%, 07/01/39 |
500 | 517,169 | ||||||||||
| Phoenix-Mesa Gateway Airport Authority, ARB, |
||||||||||||
| 5.00%, 07/01/38 |
3,600 | 3,604,845 | ||||||||||
| Pinal County Industrial Development Authority, RB, |
||||||||||||
| 6.25%, 06/01/26 |
155 | 158,264 | ||||||||||
| Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |
4,560 | 5,073,206 | ||||||||||
| Salt Verde Financial Corp., RB |
||||||||||||
| 5.50%, 12/01/29 |
2,000 | 2,161,291 | ||||||||||
| 5.00%, 12/01/32 |
155 | 165,917 | ||||||||||
| 5.00%, 12/01/37 |
5,610 | 6,125,593 | ||||||||||
| State of Arizona Distribution Revenue, RB, Series B, (BHAC-CR FGIC), 5.50%, 07/01/41 |
100 | 128,887 | ||||||||||
| Student & Academic Services LLC, RB, (BAM), |
||||||||||||
| 5.00%, 06/01/39 |
1,400 | 1,404,347 | ||||||||||
| University of Arizona, Refunding RB, 5.00%, 06/01/39. |
2,050 | 2,121,417 | ||||||||||
|
|
|
|||||||||||
| 64,355,778 | ||||||||||||
| Arkansas — 0.6% | ||||||||||||
| Arkansas Development Finance Authority, RB |
||||||||||||
| Series A, AMT, 4.50%, 09/01/49(b) |
2,135 | 2,071,740 | ||||||||||
| Series A, AMT, 4.75%, 09/01/49(b) |
2,450 | 2,414,205 | ||||||||||
| AMT, Sustainability Bonds, 5.70%, 05/01/53 |
1,550 | 1,586,751 | ||||||||||
|
|
|
|||||||||||
| 6,072,696 | ||||||||||||
| California — 11.1% | ||||||||||||
| Alvord Unified School District, Refunding GO, |
||||||||||||
| Series B, Election 2007, (AGM),
0.00%, |
1,175 | 567,881 | ||||||||||
| Anaheim Public Financing Authority, RB, Series A, |
1,265 | 1,286,334 | ||||||||||
| Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 |
1,625 | 1,630,569 | ||||||||||
| California Community Choice Financing Authority, RB, Sustainability Bonds, 5.50%, 10/01/54(a) |
2,385 | 2,624,645 | ||||||||||
| California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b) |
440 | 309,468 | ||||||||||
| California Enterprise Development Authority, RB, |
||||||||||||
| 8.00%, 11/15/62(b) |
1,355 | 1,338,257 | ||||||||||
| Carlsbad Unified School District, GO, Series B, |
||||||||||||
| 6.00%, 05/01/34 |
5,000 | 5,031,319 | ||||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||||||
| 4.00%, 10/01/56 |
590 | 482,116 | ||||||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 . |
2,065 | 1,330,958 | ||||||||||
| Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
4,610 | 3,443,057 | ||||||||||
| Sustainability Bonds, 5.00%, 09/01/37 |
345 | 353,769 | ||||||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
575 | 400,585 | ||||||||||
| 52 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| California (continued) | ||||||||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |
||||||||||||
| Series A, Sustainability Bonds, 4.00%, 06/01/58 |
$ | 1,920 | $ | 1,389,433 | ||||||||
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
5,000 | 4,143,061 | ||||||||||
| Grossmont-Cuyamaca Community College District, GO, Series C, Election 2002, (AGC), 0.00%, 08/01/30(c) |
10,030 | 8,288,964 | ||||||||||
| Hartnell Community College District, GO, |
4,125 | 4,789,174 | ||||||||||
| Mount San Antonio Community College District, |
||||||||||||
| Refunding GO, CAB, Series A, Convertible, |
||||||||||||
| Election 2013, 6.25%, 08/01/43 |
4,445 | 4,394,924 | ||||||||||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 |
2,050 | 2,112,442 | ||||||||||
| Poway Unified School District, Refunding GO, |
||||||||||||
| Series B, 0.00%, 08/01/36(c) |
8,750 | 5,703,896 | ||||||||||
| Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
5,015 | 4,975,326 | ||||||||||
| Rio Hondo Community College District, GO(c) |
||||||||||||
| Series C, Election 2004, 0.00%, 08/01/37 |
4,005 | 2,557,089 | ||||||||||
| Series C, Election 2004, 0.00%, 08/01/38 |
5,000 | 3,018,160 | ||||||||||
| San Bernardino Community College District, GO, Series B, 6.38%, 08/01/34 |
10,000 | 10,174,095 | ||||||||||
| San Diego Unified School District, GO, |
3,800 | 2,270,542 | ||||||||||
| San Diego Unified School District, Refunding GO, CAB(c) |
||||||||||||
| Series R-1, 0.00%, 07/01/30 |
5,000 | 4,184,761 | ||||||||||
| Series R-1, 0.00%, 07/01/31 |
3,005 | 2,408,621 | ||||||||||
| San Francisco City & County Airport Comm-San |
||||||||||||
| Francisco International Airport, Refunding ARB |
||||||||||||
| Series A, AMT, 5.50%, 05/01/28 |
1,065 | 1,065,423 | ||||||||||
| Series A, AMT, 5.25%, 05/01/33 |
830 | 830,318 | ||||||||||
| San Mateo County Community College District, GO, Series C, (NPFGC), 0.00%, 09/01/30(c) |
12,740 | 10,482,100 | ||||||||||
| State of California, GO, 5.50%, 04/01/28 |
5 | 5,011 | ||||||||||
| Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) |
5,500 | 3,589,638 | ||||||||||
| Washington Township Health Care District, GO, |
||||||||||||
| Series B, Election 2004, 5.50%, 08/01/40 |
625 | 631,125 | ||||||||||
| Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36(c) |
15,000 | 10,721,190 | ||||||||||
|
|
|
|||||||||||
| 106,534,251 | ||||||||||||
| Colorado — 1.7% | ||||||||||||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
345 | 313,297 | ||||||||||
| City & County of Denver Colorado Airport System Revenue, ARB |
||||||||||||
| Series A, AMT, 5.50%, 11/15/28 |
1,000 | 1,000,613 | ||||||||||
| Series A, AMT, 5.50%, 11/15/30 |
330 | 330,205 | ||||||||||
| Series A, AMT, 5.50%, 11/15/31 |
400 | 400,276 | ||||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47 |
875 | 923,147 | ||||||||||
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37(c) |
1,760 | 973,236 | ||||||||||
| City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 |
1,805 | 1,724,920 | ||||||||||
| Colorado Health Facilities Authority, RB |
2,400 | 2,605,852 | ||||||||||
| Security | Par (000) |
Value | ||||||||||
| Colorado (continued) | ||||||||||||
| Colorado Health Facilities Authority, RB (continued) |
||||||||||||
| Series A, 4.00%, 11/15/46 |
$ | 2,555 | $ | 2,438,824 | ||||||||
| Colorado Health Facilities Authority, Refunding RB, |
||||||||||||
| Series A, 4.00%, 08/01/44 |
1,060 | 1,013,926 | ||||||||||
| State of Colorado, COP, Series S, 4.00%, 03/15/40 |
4,400 | 4,507,342 | ||||||||||
|
|
|
|||||||||||
| 16,231,638 | ||||||||||||
| Connecticut — 0.2% | ||||||||||||
| Connecticut Housing Finance Authority, Refunding |
260 | 249,526 | ||||||||||
| Connecticut State Health & Educational Facilities Authority, RB |
||||||||||||
| 5.25%, 07/15/48 |
525 | 568,309 | ||||||||||
| 4.25%, 07/15/53 |
705 | 687,851 | ||||||||||
|
|
|
|||||||||||
| 1,505,686 | ||||||||||||
| Delaware — 0.2% | ||||||||||||
| Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |
1,605 | 1,607,330 | ||||||||||
|
|
|
|||||||||||
| District of Columbia — 0.3% | ||||||||||||
| District of Columbia, RB, Series B-1, (NPFGC-IBC FGIC), 5.00%, 02/01/31 |
435 | 435,773 | ||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, |
||||||||||||
| Subordinate, 4.00%, 10/01/49 |
2,875 | 2,647,071 | ||||||||||
|
|
|
|||||||||||
| 3,082,844 | ||||||||||||
| Florida — 10.5% | ||||||||||||
| Brevard County Health Facilities Authority, Refunding |
3,775 | 3,786,449 | ||||||||||
| Capital Trust Agency, Inc., RB(b) |
||||||||||||
| 5.00%, 01/01/55 |
825 | 627,661 | ||||||||||
| Series A, 5.00%, 06/01/55 |
1,285 | 1,048,750 | ||||||||||
| Series A, 5.50%, 06/01/57 |
460 | 404,367 | ||||||||||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB |
||||||||||||
| Series A, 5.50%, 09/01/48 |
5,275 | 6,124,648 | ||||||||||
| Series B, 5.50%, 09/01/48 |
4,615 | 5,358,340 | ||||||||||
| City of South Miami Health Facilities Authority, Inc., |
4,215 | 4,313,868 | ||||||||||
| City of Tampa Florida Water & Wastewater System |
5,055 | 5,618,100 | ||||||||||
| City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 |
1,920 | 1,820,838 | ||||||||||
| City of Tampa Florida, RB, CAB(c) |
||||||||||||
| Series A, 0.00%, 09/01/49 |
1,725 | 494,217 | ||||||||||
| Series A, 0.00%, 09/01/53 |
975 | 225,081 | ||||||||||
| County of Broward Florida Airport System Revenue, ARB |
||||||||||||
| Series A, AMT, 4.00%, 10/01/49 |
2,650 | 2,342,191 | ||||||||||
| Series A, AMT, 5.00%, 10/01/49 |
300 | 304,586 | ||||||||||
| County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47 |
3,650 | 3,845,915 | ||||||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |
1,745 | 1,812,677 | ||||||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||||||
| 5.00%, 10/01/41 |
3,800 | 3,886,528 | ||||||||||
| AMT, 5.00%, 10/01/34 |
450 | 454,281 | ||||||||||
| County of Miami-Dade Seaport Department, Refunding RB |
||||||||||||
| Series A, AMT, 5.00%, 10/01/41 |
1,315 | 1,396,006 | ||||||||||
| S C H E D U L E O F I N V E S T M E N T S |
53 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Florida (continued) | ||||||||||||
| County of Miami-Dade Seaport Department, |
||||||||||||
| Refunding RB (continued) |
||||||||||||
| Series A, AMT, 5.00%, 10/01/47 |
$ | 8,600 | $ | 9,004,081 | ||||||||
| Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
2,885 | 2,671,805 | ||||||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) |
||||||||||||
| Series A-2, 0.00%, 10/01/46 |
1,840 | 561,584 | ||||||||||
| Series A-2, 0.00%, 10/01/47 |
2,970 | 852,939 | ||||||||||
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
660 | 744,376 | ||||||||||
| Florida Development Finance Corp., RB(b) |
||||||||||||
| 6.50%, 06/30/57 |
1,230 | 1,180,243 | ||||||||||
| AMT, 5.00%, 05/01/29 |
1,275 | 1,229,056 | ||||||||||
| Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b) |
710 | 653,722 | ||||||||||
| Greater Orlando Aviation Authority, ARB |
||||||||||||
| Series A, AMT, 5.00%, 10/01/40 |
3,890 | 3,999,207 | ||||||||||
| Series A, AMT, 4.00%, 10/01/52 |
6,600 | 5,917,291 | ||||||||||
| Sub-Series A, AMT, 5.00%, 10/01/47 |
7,865 | 7,994,858 | ||||||||||
| Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |
5,765 | 5,861,466 | ||||||||||
| Lakewood Ranch Stewardship District, SAB |
||||||||||||
| 5.25%, 05/01/37 |
240 | 241,255 | ||||||||||
| 3.85%, 05/01/39 |
420 | 363,188 | ||||||||||
| 5.38%, 05/01/47 |
260 | 256,718 | ||||||||||
| 4.00%, 05/01/49 |
665 | 527,625 | ||||||||||
| 6.30%, 05/01/54 |
765 | 801,689 | ||||||||||
| Lakewood Ranch Stewardship District, SAB, S/F Housing |
||||||||||||
| 4.00%, 05/01/40 |
365 | 314,217 | ||||||||||
| 4.00%, 05/01/50 |
605 | 465,009 | ||||||||||
| Lee County Housing Finance Authority, RB, S/F |
||||||||||||
| Housing, Series A-2, (FHLMC, FNMA, GNMA), |
||||||||||||
| 6.00%, 09/01/40 |
20 | 20,022 | ||||||||||
| Orange County Health Facilities Authority, RB |
||||||||||||
| 5.00%, 10/01/47 |
1,930 | 2,014,068 | ||||||||||
| 5.00%, 10/01/53 |
6,605 | 7,050,255 | ||||||||||
| Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 |
335 | 321,134 | ||||||||||
| Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 |
160 | 145,267 | ||||||||||
| Seminole Improvement District, RB |
||||||||||||
| 5.00%, 10/01/32 |
255 | 253,573 | ||||||||||
| 5.30%, 10/01/37 |
290 | 290,192 | ||||||||||
| Storey Creek Community Development District, SAB |
||||||||||||
| 4.00%, 12/15/39 |
415 | 363,189 | ||||||||||
| 4.13%, 12/15/49 |
350 | 282,104 | ||||||||||
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
1,935 | 1,952,524 | ||||||||||
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
790 | 782,939 | ||||||||||
|
|
|
|||||||||||
| 100,980,099 | ||||||||||||
| Georgia — 3.2% | ||||||||||||
| Development Authority for Fulton County, RB, 4.00%, 07/01/49 |
1,855 | 1,753,257 | ||||||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
715 | 648,107 | ||||||||||
| Gainesville & Hall County Hospital Authority, RB, |
||||||||||||
| Series A, 4.00%, 02/15/51 |
2,875 | 2,703,395 | ||||||||||
| Security | Par (000) |
Value | ||||||||||
| Georgia (continued) | ||||||||||||
| Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a) |
$ | 7,480 | $ | 7,912,194 | ||||||||
| Municipal Electric Authority of Georgia, RB |
||||||||||||
| (AGM), 5.00%, 07/01/52 |
1,770 | 1,854,393 | ||||||||||
| Class A, 5.50%, 07/01/63 |
1,275 | 1,338,877 | ||||||||||
| Series A, 5.00%, 01/01/49 |
4,385 | 4,478,112 | ||||||||||
| Series A, 5.00%, 01/01/59 |
1,870 | 1,898,386 | ||||||||||
| Municipal Electric Authority of Georgia, Refunding RB, |
7,475 | 7,710,584 | ||||||||||
| Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(d) |
330 | 331,001 | ||||||||||
|
|
|
|||||||||||
| 30,628,306 | ||||||||||||
| Hawaii — 0.5% | ||||||||||||
| State of Hawaii Airports System Revenue, ARB, |
||||||||||||
| Series A, AMT, 5.00%, 07/01/43 |
3,310 | 3,434,482 | ||||||||||
| State of Hawaii Airports System Revenue, COP |
||||||||||||
| AMT, 5.25%, 08/01/25 |
485 | 485,372 | ||||||||||
| AMT, 5.25%, 08/01/26 |
525 | 525,408 | ||||||||||
|
|
|
|||||||||||
| 4,445,262 | ||||||||||||
| Illinois — 11.8% | ||||||||||||
| Chicago Board of Education, GO |
||||||||||||
| Series A, 5.00%, 12/01/34 |
3,665 | 3,858,344 | ||||||||||
| Series A, 5.00%, 12/01/40 |
4,090 | 4,200,020 | ||||||||||
| Series C, 5.25%, 12/01/35 |
970 | 974,522 | ||||||||||
| Series D, 5.00%, 12/01/46 |
1,230 | 1,230,952 | ||||||||||
| Series H, 5.00%, 12/01/36 |
295 | 301,774 | ||||||||||
| Chicago Board of Education, Refunding GO |
||||||||||||
| Series A, 5.00%, 12/01/30 |
355 | 373,822 | ||||||||||
| Series G, 5.00%, 12/01/34 |
290 | 296,888 | ||||||||||
| Chicago Midway International Airport, Refunding ARB |
||||||||||||
| Series B, 5.00%, 01/01/46 |
7,060 | 7,197,453 | ||||||||||
| Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
665 | 665,383 | ||||||||||
| Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48 |
1,010 | 1,118,834 | ||||||||||
| Chicago O’Hare International Airport, ARB, Series D, Senior Lien, |
6,885 | 7,223,777 | ||||||||||
| Chicago O’Hare International Airport, Refunding ARB |
||||||||||||
| Series A, AMT, Senior Lien, 5.00%, 01/01/48 |
2,750 | 2,787,767 | ||||||||||
| Series A, AMT, Senior Lien, 4.38%, 01/01/53 |
2,780 | 2,655,773 | ||||||||||
| Chicago O’Hare International Airport, Refunding RB, |
||||||||||||
| Series B, AMT, 5.00%, 01/01/31 |
2,500 | 2,503,671 | ||||||||||
| Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49 |
1,610 | 1,615,038 | ||||||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |
2,575 | 2,631,803 | ||||||||||
| City of Chicago Illinois Wastewater Transmission Revenue, RB, |
1,185 | 1,294,244 | ||||||||||
| City of Chicago Illinois Waterworks Revenue, RB, |
1,920 | 2,089,498 | ||||||||||
| Cook County Community College District No. 508, GO |
||||||||||||
| 5.50%, 12/01/38 |
1,000 | 1,003,763 | ||||||||||
| 5.25%, 12/01/43 |
1,500 | 1,504,816 | ||||||||||
| Illinois Finance Authority, RB, 5.00%, 10/01/48 |
1,760 | 1,917,271 | ||||||||||
| Illinois Finance Authority, Refunding RB |
||||||||||||
| Series A, 5.00%, 11/15/45 |
2,945 | 2,966,218 | ||||||||||
| Series C, 4.13%, 08/15/37 |
2,430 | 2,317,583 | ||||||||||
| Series C, 4.00%, 02/15/41 |
870 | 850,585 | ||||||||||
| Series C, 5.00%, 08/15/44 |
820 | 823,893 | ||||||||||
| 54 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Illinois (continued) | ||||||||||||
| Illinois Housing Development Authority, RB, S/F Housing, |
$ | 320 | $ | 311,877 | ||||||||
| Illinois State Toll Highway Authority, RB |
||||||||||||
| Series A, 5.00%, 01/01/40 |
1,950 | 1,997,415 | ||||||||||
| Series B, 5.00%, 01/01/40 |
3,245 | 3,339,031 | ||||||||||
| Metropolitan Pier & Exposition Authority, RB |
||||||||||||
| 5.00%, 06/15/57 |
3,005 | 3,065,430 | ||||||||||
| Series A, (NPFGC), 0.00%, 12/15/26(c) |
5,000 | 4,489,488 | ||||||||||
| Series A, (NPFGC), 0.00%, 12/15/33(c) |
9,950 | 6,964,191 | ||||||||||
| Metropolitan Pier & Exposition Authority, RB,
CAB(c) |
2,965 | 615,067 | ||||||||||
| Series A, (NPFGC), 0.00%, 06/15/30 |
14,205 | 11,328,810 | ||||||||||
| Series A, (NPFGC), 0.00%, 06/15/30(e) |
800 | 651,334 | ||||||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, |
8,075 | 3,301,436 | ||||||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(c) |
4,140 | 953,444 | ||||||||||
| Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |
3,200 | 3,783,051 | ||||||||||
| State of Illinois, GO |
||||||||||||
| 5.25%, 02/01/30 |
2,010 | 2,013,253 | ||||||||||
| 5.25%, 02/01/32 |
2,330 | 2,333,886 | ||||||||||
| 5.25%, 02/01/34 |
1,610 | 1,611,853 | ||||||||||
| 5.50%, 05/01/39 |
2,785 | 3,085,284 | ||||||||||
| Series B, 5.25%, 05/01/41 |
2,345 | 2,583,222 | ||||||||||
| Series B, 5.50%, 05/01/47 |
1,930 | 2,115,322 | ||||||||||
| Series C, 5.00%, 12/01/48 |
3,135 | 3,341,293 | ||||||||||
| Series D, 5.00%, 11/01/27 |
440 | 470,033 | ||||||||||
|
|
|
|||||||||||
| 112,758,412 | ||||||||||||
| Indiana — 0.8% | ||||||||||||
| City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |
1,350 | 1,352,163 | ||||||||||
| Indianapolis Local Public Improvement Bond Bank, RB |
895 | 1,005,796 | ||||||||||
| (BAM), 5.00%, 03/01/53 |
5,325 | 5,591,246 | ||||||||||
|
|
|
|||||||||||
| 7,949,205 | ||||||||||||
| Iowa — 0.0% | ||||||||||||
| Iowa Student Loan Liquidity Corp., Refunding RB, |
195 | 190,612 | ||||||||||
|
|
|
|||||||||||
| Kansas — 0.1% | ||||||||||||
| City of Lenexa Kansas, Refunding RB, |
550 | 514,118 | ||||||||||
|
|
|
|||||||||||
| Kentucky — 1.6% | ||||||||||||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
555 | 523,692 | ||||||||||
| County of Boyle Kentucky, Refunding RB |
||||||||||||
| Series A, 4.25%, 06/01/46 |
740 | 731,704 | ||||||||||
| Series A, 5.25%, 06/01/49 |
1,305 | 1,399,281 | ||||||||||
| Fayette County School District Finance Corp., RB |
||||||||||||
| (NGFGC), 5.00%, 06/01/44 |
1,455 | 1,578,604 | ||||||||||
| (BAM-TCRS), 5.00%, 06/01/46 |
1,285 | 1,384,165 | ||||||||||
| Kentucky Public Energy Authority, Refunding RB, |
8,480 | 9,202,496 | ||||||||||
|
|
|
|||||||||||
| 14,819,942 | ||||||||||||
| Louisiana — 3.1% | ||||||||||||
| Jefferson Sales Tax District, RB |
||||||||||||
| Series B, (AGM), 5.00%, 12/01/34 |
330 | 356,883 | ||||||||||
| Series B, (AGM), 5.00%, 12/01/35 |
440 | 473,797 | ||||||||||
| Security | Par (000) |
Value | ||||||||||
| Louisiana (continued) | ||||||||||||
| Jefferson Sales Tax District, RB (continued) |
||||||||||||
| Series B, (AGM), 5.00%, 12/01/36 |
$ | 395 | $ | 421,307 | ||||||||
| Series B, (AGM), 5.00%, 12/01/37 |
495 | 524,715 | ||||||||||
| Lake Charles Harbor & Terminal District, ARB, |
||||||||||||
| Series B, AMT, (AGM), 5.50%, 01/01/29 |
1,500 | 1,502,393 | ||||||||||
| Louisiana Public Facilities Authority, RB |
||||||||||||
| 5.25%, 10/01/48 |
1,905 | 2,020,063 | ||||||||||
| 5.25%, 10/01/53 |
3,760 | 3,988,119 | ||||||||||
| Louisiana Public Facilities Authority, Refunding RB |
||||||||||||
| 5.00%, 05/15/42 |
4,600 | 4,739,682 | ||||||||||
| 5.00%, 05/15/47 |
1,895 | 1,928,364 | ||||||||||
| Louisiana Stadium & Exposition District, Refunding |
||||||||||||
| RB, Series A, 5.00%, 07/01/48 |
4,020 | 4,309,255 | ||||||||||
| New Orleans Aviation Board, ARB |
||||||||||||
| Series B, AMT, 5.00%, 01/01/45 |
4,620 | 4,643,350 | ||||||||||
| Series B, AMT, 5.00%, 01/01/48 |
4,780 | 4,837,651 | ||||||||||
|
|
|
|||||||||||
| 29,745,579 | ||||||||||||
| Maine — 0.3% | ||||||||||||
| Maine Health & Higher Educational Facilities Authority, RB, Series B, (AGM), 4.75%, 07/01/53 |
3,000 | 3,116,775 | ||||||||||
|
|
|
|||||||||||
| Maryland — 2.5% | ||||||||||||
| Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32 |
495 | 495,855 | ||||||||||
| Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44 |
250 | 250,383 | ||||||||||
| City of Baltimore Maryland, Refunding RB |
||||||||||||
| Series A, 4.50%, 09/01/33 |
185 | 178,079 | ||||||||||
| Series A, 5.00%, 09/01/38 |
250 | 250,099 | ||||||||||
| Convertible, 5.00%, 09/01/46 |
750 | 706,418 | ||||||||||
| City of Baltimore Maryland, Refunding TA(b) |
||||||||||||
| Series A, Senior Lien, 3.50%, 06/01/39 |
650 | 553,939 | ||||||||||
| Series A, Senior Lien, 3.63%, 06/01/46 |
1,095 | 891,227 | ||||||||||
| City of Baltimore Maryland, TA(b) |
||||||||||||
| Series B, 3.70%, 06/01/39 |
200 | 174,725 | ||||||||||
| Series B, 3.88%, 06/01/46 |
300 | 254,173 | ||||||||||
| County of Howard Maryland, TA, 6.10%, 02/15/44 |
250 | 250,080 | ||||||||||
| County of Prince George’s Maryland, TA, 5.25%, 07/01/48(b) |
300 | 296,885 | ||||||||||
| Howard County Housing Commission, RB, M/F Housing |
||||||||||||
| 5.00%, 12/01/42 |
500 | 516,656 | ||||||||||
| 4.00%, 06/01/46 |
500 | 465,812 | ||||||||||
| Series A, 5.00%, 06/01/44 |
550 | 551,412 | ||||||||||
| Maryland Community Development Administration, |
||||||||||||
| RB, M/F Housing, Series D, 3.70%, 07/01/35 |
500 | 500,015 | ||||||||||
| Maryland Economic Development Corp., RB |
||||||||||||
| 5.00%, 07/01/56 |
390 | 393,632 | ||||||||||
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
2,920 | 2,977,492 | ||||||||||
| Maryland Economic Development Corp., Refunding RB |
||||||||||||
| 5.00%, 07/01/37 |
500 | 499,960 | ||||||||||
| (AGM), 5.00%, 06/01/43 |
1,350 | 1,383,495 | ||||||||||
| Series A, 5.00%, 06/01/35 |
100 | 106,981 | ||||||||||
| Maryland Health & Higher Educational Facilities Authority, RB |
||||||||||||
| 4.00%, 07/01/48 |
300 | 287,664 | ||||||||||
| Series C, 5.00%, 05/15/45 |
2,875 | 2,916,970 | ||||||||||
| Maryland Health & Higher Educational Facilities |
||||||||||||
| Authority, Refunding RB |
||||||||||||
| 4.00%, 07/01/24(d) |
100 | 100,379 | ||||||||||
| 5.00%, 07/01/24(d) |
700 | 705,499 | ||||||||||
| S C H E D U L E O F I N V E S T M E N T S |
55 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Maryland (continued) | ||||||||
| Maryland Health & Higher Educational Facilities |
||||||||
| Authority, Refunding RB (continued) |
||||||||
| 5.00%, 06/01/29 |
$ | 500 | $ | 500,315 | ||||
| 5.00%, 07/01/34 |
510 | 540,692 | ||||||
| 5.00%, 07/01/35 |
200 | 206,274 | ||||||
| 5.00%, 07/01/40 |
1,000 | 1,007,829 | ||||||
| 4.00%, 07/01/41 |
500 | 500,748 | ||||||
| 5.00%, 08/15/42 |
1,000 | 1,006,401 | ||||||
| 4.13%, 07/01/47 |
500 | 485,133 | ||||||
| Maryland State Transportation Authority Passenger Facility Charge Revenue, ARB, AMT, 4.00%, 06/01/29 |
1,925 | 1,925,386 | ||||||
| Montgomery County Housing Opportunities Commission, Refunding RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39 |
2,830 | 2,510,432 | ||||||
|
|
|
|||||||
| 24,391,040 | ||||||||
| Massachusetts — 3.1% | ||||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.25%, 07/01/29 |
730 | 832,874 | ||||||
| Massachusetts Development Finance Agency, RB |
||||||||
| 5.00%, 10/01/46 |
500 | 507,037 | ||||||
| 5.00%, 07/01/47 |
580 | 580,498 | ||||||
| 5.00%, 10/01/48 |
200 | 192,910 | ||||||
| Series A, 5.25%, 01/01/42 |
500 | 508,627 | ||||||
| Series A, (AMBAC), 5.75%, 01/01/42 |
650 | 810,060 | ||||||
| Series A, 5.00%, 01/01/47 |
5,945 | 5,982,525 | ||||||
| Massachusetts Development Finance Agency, Refunding RB |
||||||||
| 4.00%, 07/01/39 |
2,545 | 2,322,168 | ||||||
| 5.00%, 04/15/40 |
1,000 | 1,004,264 | ||||||
| 4.13%, 10/01/42(b) |
550 | 470,488 | ||||||
| 4.00%, 12/01/42 |
485 | 437,544 | ||||||
| 4.00%, 07/01/44 |
250 | 250,176 | ||||||
| 5.00%, 07/01/47 |
7,685 | 7,873,787 | ||||||
| Series A, 4.00%, 06/01/29(d) |
420 | 451,625 | ||||||
| Series E, 4.00%, 07/01/38 |
500 | 502,039 | ||||||
| Series P, 5.45%, 05/15/59 |
1,500 | 1,671,466 | ||||||
| Massachusetts Educational Financing Authority, RB AMT, 5.00%, 01/01/27 |
1,000 | 1,013,632 | ||||||
| Series B, AMT, 2.63%, 07/01/36 |
30 | 29,757 | ||||||
| Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33 |
80 | 76,776 | ||||||
| Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27 |
1,000 | 1,078,995 | ||||||
| Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43 |
500 | 450,670 | ||||||
| Massachusetts Housing Finance Agency, Refunding RB |
||||||||
| Series A, AMT, 4.45%, 12/01/42 |
910 | 874,949 | ||||||
| Series A, AMT, 4.50%, 12/01/47 |
245 | 238,705 | ||||||
| Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44 |
465 | 367,984 | ||||||
| Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39 |
825 | 1,039,242 | ||||||
|
|
|
|||||||
| 29,568,798 | ||||||||
| Security | Par (000) |
Value | ||||||
| Michigan — 5.2% | ||||||||
| City of Lansing Michigan, Refunding GO, |
$ | 5,035 | $ | 4,920,183 | ||||
| Eastern Michigan University, RB |
||||||||
| Series A, 4.00%, 03/01/28(d) |
60 | 63,368 | ||||||
| Series A, (AGM), 4.00%, 03/01/44 |
1,395 | 1,357,962 | ||||||
| Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 |
3,740 | 4,015,188 | ||||||
| Michigan Finance Authority, RB |
||||||||
| 4.00%, 02/15/50 |
5,000 | 4,727,289 | ||||||
| 4.00%, 02/15/44 |
1,695 | 1,634,278 | ||||||
| Series A, 4.00%, 11/15/50 |
5,680 | 5,261,309 | ||||||
| Michigan Finance Authority, Refunding RB |
3,420 | 3,244,308 | ||||||
| Series A, 4.00%, 12/01/40 |
7,000 | 7,006,189 | ||||||
| Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 |
1,965 | 1,943,172 | ||||||
| Michigan State Housing Development Authority, RB, M/F Housing |
||||||||
| Series A, 4.05%, 10/01/48 |
1,855 | 1,720,259 | ||||||
| Series A, 2.55%, 10/01/51 |
2,360 | 1,594,524 | ||||||
| Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 |
675 | 582,849 | ||||||
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
6,310 | 6,363,493 | ||||||
| State of Michigan Trunk Line Revenue, RB |
||||||||
| 4.00%, 11/15/46 |
2,485 | 2,526,150 | ||||||
| 5.00%, 11/15/46 |
2,665 | 2,974,923 | ||||||
|
|
|
|||||||
| 49,935,444 | ||||||||
| Minnesota — 0.6% | ||||||||
| Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54(f) |
4,050 | 4,445,876 | ||||||
| Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |
1,615 | 1,675,740 | ||||||
|
|
|
|||||||
| 6,121,616 | ||||||||
| Missouri — 0.9% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
5,660 | 5,291,739 | ||||||
| Kansas City Industrial Development Authority, ARB |
530 | 541,462 | ||||||
| Series B, AMT, 5.00%, 03/01/39 |
2,505 | 2,626,682 | ||||||
|
|
|
|||||||
| 8,459,883 | ||||||||
| Nebraska — 1.7% | ||||||||
| Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37 |
4,260 | 4,718,631 | ||||||
| Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 |
7,985 | 8,995,191 | ||||||
| Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42 |
2,860 | 2,899,823 | ||||||
|
|
|
|||||||
| 16,613,645 | ||||||||
| Nevada — 1.2% | ||||||||
| County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40 |
7,285 | 7,438,175 | ||||||
| Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49 |
1,000 | 924,273 | ||||||
| Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |
2,910 | 2,826,682 | ||||||
|
|
|
|||||||
| 11,189,130 | ||||||||
| 56 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New Hampshire — 0.4% |
||||||||
| New Hampshire Business Finance Authority, Refunding RB(a)(b) |
||||||||
| Series A, 3.63%, 07/01/43 |
$ | 160 | $ | 124,772 | ||||
| Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 |
1,075 | 843,151 | ||||||
| New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52 |
3,200 | 2,796,196 | ||||||
|
|
|
|||||||
| 3,764,119 | ||||||||
| New Jersey — 7.6% |
||||||||
| Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |
655 | 711,175 | ||||||
| Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |
1,930 | 1,981,838 | ||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series WW, 5.00%, 06/15/25(d) |
485 | 498,675 | ||||||
| Series WW, 5.25%, 06/15/25(d) |
1,125 | 1,160,656 | ||||||
| AMT, (AGM), 5.00%, 01/01/31 |
900 | 900,550 | ||||||
| AMT, 5.13%, 01/01/34 |
1,620 | 1,621,100 | ||||||
| AMT, 5.38%, 01/01/43 |
2,115 | 2,116,872 | ||||||
| New Jersey Economic Development Authority, Refunding RB |
||||||||
| Series BBB, 5.50%, 12/15/26(d) |
5,360 | 5,778,615 | ||||||
| Sub-Series A, 4.00%, 07/01/32 |
1,510 | 1,512,004 | ||||||
| New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
2,135 | 1,911,228 | ||||||
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 |
3,180 | 3,170,605 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series A, (NPFGC), 5.75%, 06/15/25 |
2,000 | 2,069,568 | ||||||
| Series A, 0.00%, 12/15/29(c) |
7,530 | 6,209,605 | ||||||
| Series AA, 5.00%, 06/15/38 |
4,325 | 4,357,380 | ||||||
| Series AA, 4.13%, 06/15/39 |
1,210 | 1,228,209 | ||||||
| Series AA, 4.00%, 06/15/40 |
1,060 | 1,075,907 | ||||||
| Series AA, 5.00%, 06/15/45 |
2,710 | 2,899,383 | ||||||
| Series AA, 4.00%, 06/15/50 |
2,000 | 1,914,380 | ||||||
| Series BB, 5.00%, 06/15/46 |
6,200 | 6,764,310 | ||||||
| Series BB, 4.00%, 06/15/50 |
4,900 | 4,692,099 | ||||||
| Series D, 5.00%, 06/15/32 |
1,610 | 1,637,202 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
| Series A, 5.00%, 12/15/36 |
180 | 195,432 | ||||||
| Series A, 5.00%, 06/15/37 |
1,940 | 2,241,101 | ||||||
| Series A, 5.25%, 06/15/42 |
775 | 882,411 | ||||||
| New Jersey Turnpike Authority, RB, |
2,650 | 2,640,921 | ||||||
| Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |
925 | 895,677 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/35 |
3,220 | 3,400,560 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
8,360 | 8,445,516 | ||||||
|
|
|
|||||||
| 72,912,979 | ||||||||
| New Mexico — 0.0% |
||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
415 | 351,440 | ||||||
|
|
|
|||||||
| New York — 13.0% |
||||||||
| City of New York, GO |
||||||||
| Series A-1, 5.00%, 08/01/47 |
930 | 1,012,116 | ||||||
| Series B, 5.25%, 10/01/41 |
1,955 | 2,246,895 | ||||||
| Security | Par (000) |
Value | ||||||
| New York (continued) |
||||||||
| Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
$ | 4,090 | $ | 3,822,059 | ||||
| Metropolitan Transportation Authority, Refunding RB |
||||||||
| Series B, 5.00%, 11/15/29 |
540 | 572,115 | ||||||
| Series C-1, 5.00%, 11/15/56 |
6,550 | 6,668,101 | ||||||
| New York City Municipal Water Finance Authority, RB |
||||||||
| Series AA-1, 5.25%, 06/15/52 |
5,600 | 6,280,433 | ||||||
| Series GG, 5.00%, 06/15/50 |
1,680 | 1,807,610 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 |
2,910 | 2,910,191 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/43 |
7,695 | 8,667,127 | ||||||
| New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48 |
8,085 | 9,003,399 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |
1,100 | 1,100,382 | ||||||
| New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44(b) |
2,630 | 2,626,712 | ||||||
| Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
7,485 | 5,448,269 | ||||||
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
3,725 | 2,783,982 | ||||||
| New York Power Authority, Refunding RB |
||||||||
| Series A, Sustainability Bonds, 4.00%, 11/15/55 |
2,185 | 2,104,409 | ||||||
| Series A, Sustainability Bonds, 4.00%, 11/15/60 |
1,570 | 1,483,657 | ||||||
| New York State Housing Finance Agency, RB, M/F Housing, Series B, Sustainability Bonds, (SONYMA), 3.88%, 11/01/48 |
400 | 354,519 | ||||||
| New York State Thruway Authority, RB, Series N, 4.00%, 01/01/46 |
2,630 | 2,632,447 | ||||||
| New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |
510 | 482,201 | ||||||
| New York State Urban Development Corp., RB, |
||||||||
| Series A, 5.00%, 03/15/46 |
6,000 | 6,647,192 | ||||||
| New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46 |
5,960 | 5,908,649 | ||||||
| New York Transportation Development Corp., ARB |
||||||||
| AMT, 5.00%, 12/01/36 |
1,650 | 1,777,243 | ||||||
| AMT, 5.63%, 04/01/40 |
1,700 | 1,840,760 | ||||||
| New York Transportation Development Corp., RB |
||||||||
| AMT, 5.00%, 10/01/35 |
3,460 | 3,612,161 | ||||||
| AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44 |
3,295 | 3,544,112 | ||||||
| Port Authority of New York & New Jersey, ARB |
||||||||
| AMT, 5.00%, 11/01/49 |
5,600 | 5,802,344 | ||||||
| Series 221, AMT, 4.00%, 07/15/55 |
5,155 | 4,728,349 | ||||||
| Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 |
905 | 942,524 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
| Series A, 4.13%, 05/15/53 |
11,585 | 11,648,195 | ||||||
| Series A, 4.50%, 05/15/63 |
3,500 | 3,560,025 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB |
||||||||
| Series A, 5.00%, 05/15/47 |
6,120 | 6,695,115 | ||||||
| Series C, 5.00%, 05/15/47 |
5,000 | 5,467,389 | ||||||
|
|
|
|||||||
| 124,180,682 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
57 |
| Schedule of Investments (unaudited)(continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| North Carolina — 0.9% | ||||||||
| North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.00%, 07/01/46 |
$ | 1,615 | $ | 1,696,158 | ||||
| University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
6,510 | 7,296,910 | ||||||
|
|
|
|||||||
| 8,993,068 | ||||||||
| Ohio — 2.9% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
16,875 | 15,895,575 | ||||||
| County of Franklin Ohio, RB, 5.00%, 11/01/48 |
1,650 | 1,813,135 | ||||||
| Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/24(d) |
2,170 | 2,186,836 | ||||||
| Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |
350 | 350,732 | ||||||
| Ohio Turnpike & Infrastructure Commission, RB, CAB, |
10,040 | 6,308,743 | ||||||
| State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |
1,055 | 988,344 | ||||||
|
|
|
|||||||
| 27,543,365 | ||||||||
| Oklahoma — 0.4% | ||||||||
| Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
560 | 559,331 | ||||||
| Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
1,640 | 1,637,145 | ||||||
| Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
1,280 | 1,253,871 | ||||||
| Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
450 | 453,891 | ||||||
|
|
|
|||||||
| 3,904,238 | ||||||||
| Oregon — 0.2% | ||||||||
| Clackamas Community College District, GO |
||||||||
| Series A, 5.00%, 06/15/39 |
605 | 641,506 | ||||||
| Series A, 5.00%, 06/15/40 |
440 | 465,718 | ||||||
| Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) |
2,355 | 1,228,679 | ||||||
|
|
|
|||||||
| 2,335,903 | ||||||||
| Pennsylvania — 8.2% | ||||||||
| Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 |
3,600 | 3,705,760 | ||||||
| Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
425 | 332,018 | ||||||
| Pennsylvania Economic Development Financing Authority, RB |
||||||||
| 5.00%, 12/31/38 |
8,670 | 8,790,902 | ||||||
| 5.00%, 06/30/42 |
6,910 | 6,916,510 | ||||||
| AMT, 5.50%, 06/30/41 |
3,290 | 3,625,464 | ||||||
| AMT, 5.75%, 06/30/48 |
2,855 | 3,147,771 | ||||||
| AMT, 5.25%, 06/30/53 |
4,695 | 5,042,881 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
1,000 | 989,402 | ||||||
| Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |
575 | 435,638 | ||||||
| Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
1,000 | 996,411 | ||||||
| Security | Par (000) |
Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 |
$ | 6,850 | $ | 6,868,757 | ||||
| Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
1,500 | 1,545,707 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A, 5.00%, 12/01/38 |
1,480 | 1,504,218 | ||||||
| Series A-1, 5.00%, 12/01/41 |
4,835 | 5,003,884 | ||||||
| Series A-1, 5.00%, 12/01/47 |
3,380 | 3,525,678 | ||||||
| Series C, 5.00%, 12/01/39 |
4,775 | 4,853,333 | ||||||
| Series A, Subordinate, 5.00%, 12/01/44 |
4,700 | 4,963,999 | ||||||
| Series B, Subordinate, 4.00%, 12/01/51 |
665 | 628,950 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 |
1,805 | 1,826,320 | ||||||
| Philadelphia Authority for Industrial Development, RB, Class A, 4.00%, 07/01/24(d) |
2,900 | 2,910,993 | ||||||
| School District of Philadelphia, GO |
||||||||
| Series A, (SAW), 5.50%, 09/01/48 |
8,015 | 8,900,199 | ||||||
| Series B, Sustainability Bonds, (SAW), 5.00%, 09/01/48 |
2,070 | 2,193,914 | ||||||
|
|
|
|||||||
| 78,708,709 | ||||||||
| Puerto Rico — 5.2% | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax |
||||||||
| Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
4,709 | 4,613,737 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
15,881 | 15,880,795 | ||||||
| Series A-2, Restructured, 4.54%, 07/01/53 |
500 | 470,100 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
1,528 | 1,493,620 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
19,762 | 19,618,726 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
962 | 937,887 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,335 | 1,295,939 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
16,341 | 5,023,397 | ||||||
|
|
|
|||||||
| 49,334,201 | ||||||||
| Rhode Island — 0.2% | ||||||||
| Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
820 | 773,796 | ||||||
| Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
695 | 718,664 | ||||||
|
|
|
|||||||
| 1,492,460 | ||||||||
| South Carolina — 4.5% | ||||||||
| County of Berkeley South Carolina, SAB |
||||||||
| 4.25%, 11/01/40 |
485 | 433,006 | ||||||
| 4.38%, 11/01/49 |
715 | 592,402 | ||||||
| Patriots Energy Group Financing Agency, RB, |
||||||||
| Series A1, 5.25%, 10/01/54(a) |
6,040 | 6,469,475 | ||||||
| South Carolina Jobs-Economic Development |
||||||||
| Authority, RB |
||||||||
| 5.00%, 11/01/43 |
3,090 | 3,204,215 | ||||||
| 5.00%, 01/01/55(b) |
2,290 | 2,001,676 | ||||||
| 7.50%, 08/15/62(b) |
1,455 | 1,326,794 | ||||||
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 4.25%, 05/01/48 |
1,685 | 1,596,673 | ||||||
| South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |
2,690 | 2,431,548 | ||||||
| South Carolina Public Service Authority, RB |
||||||||
| Series A, 5.50%, 12/01/54 |
16,210 | 16,256,601 | ||||||
| 58 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| South Carolina (continued) | ||||||||
| South Carolina Public Service Authority, RB (continued) |
||||||||
| Series A, 4.00%, 12/01/55 |
$ | 1,950 | $ | 1,783,192 | ||||
| Series E, 5.50%, 12/01/53 |
1,730 | 1,731,044 | ||||||
| South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |
4,930 | 4,931,725 | ||||||
| South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |
280 | 289,439 | ||||||
|
|
|
|||||||
| 43,047,790 | ||||||||
| Tennessee — 3.5% | ||||||||
| Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |
615 | 669,503 | ||||||
| Memphis-Shelby County Airport Authority, ARB, |
3,655 | 3,791,041 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |
745 | 806,051 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 |
3,070 | 3,140,426 | ||||||
| Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 |
3,795 | 3,902,583 | ||||||
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
3,805 | 4,079,365 | ||||||
| Tennessee Energy Acquisition Corp., RB, |
15,950 | 16,947,992 | ||||||
|
|
|
|||||||
| 33,336,961 | ||||||||
| Texas — 11.4% | ||||||||
| Arlington Higher Education Finance Corp., RB(b) |
||||||||
| 7.50%, 04/01/62 |
1,545 | 1,503,467 | ||||||
| 7.88%, 11/01/62 |
1,335 | 1,354,826 | ||||||
| Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49 |
4,305 | 5,225,419 | ||||||
| Celina Independent School District, GO, (PSF), 5.00%, 02/15/47 |
4,530 | 5,000,690 | ||||||
| Central Texas Turnpike System, RB |
||||||||
| Series C, 5.00%, 08/15/37 |
3,290 | 3,305,140 | ||||||
| Series C, 5.00%, 08/15/42 |
2,325 | 2,334,403 | ||||||
| City of Austin Texas Airport System Revenue, ARB |
||||||||
| AMT, 5.00%, 11/15/44 |
1,000 | 1,004,721 | ||||||
| AMT, 5.25%, 11/15/47 |
3,300 | 3,555,685 | ||||||
| City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48 |
1,790 | 1,772,238 | ||||||
| City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 |
2,495 | 2,776,955 | ||||||
| City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
370 | 371,576 | ||||||
| City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
1,330 | 1,331,728 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB |
||||||||
| AMT, 5.00%, 07/15/27 |
765 | 764,441 | ||||||
| Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
5,205 | 5,599,924 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
| Series A, AMT, 5.00%, 07/01/27 |
740 | 740,481 | ||||||
| Sub-Series A, AMT, 4.00%, 07/01/46 |
2,780 | 2,625,340 | ||||||
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| City of Houston Texas Airport System Revenue, Refunding RB (continued) Sub-Series A, AMT, 4.00%, 07/01/48 |
$ | 11,670 | $ | 10,813,594 | ||||
| County of Harris Texas Toll Road Revenue, Refunding RB, 1st Lien, 4.00%, 08/15/45 |
1,575 | 1,554,048 | ||||||
| Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |
6,595 | 6,473,333 | ||||||
| Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
6,570 | 7,231,169 | ||||||
| Dickinson Independent School District, GO, (PSF), 4.13%, 02/15/48 |
1,285 | 1,293,787 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 |
6,820 | 6,544,663 | ||||||
| Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |
1,775 | 1,744,867 | ||||||
| Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
205 | 225,897 | ||||||
| Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c) (d) |
8,085 | 4,081,535 | ||||||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |
5,000 | 2,896,825 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
1,210 | 1,087,834 | ||||||
| North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
3,175 | 3,183,662 | ||||||
| Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |
1,840 | 2,001,686 | ||||||
| San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |
4,435 | 4,434,853 | ||||||
| Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
1,705 | 1,705,145 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series A, 4.00%, 07/01/53 |
1,895 | 1,700,062 | ||||||
| Series A, 5.00%, 07/01/53 |
2,325 | 2,414,898 | ||||||
| Texas City Industrial Development Corp., RB, |
690 | 609,235 | ||||||
| Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |
1,355 | 1,251,449 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
5,395 | 5,748,696 | ||||||
| Texas Transportation Commission State Highway 249 System, RB, CAB(c) |
||||||||
| 0.00%, 08/01/35 |
310 | 194,465 | ||||||
| 0.00%, 08/01/36 |
170 | 100,780 | ||||||
| 0.00%, 08/01/37 |
225 | 125,627 | ||||||
| 0.00%, 08/01/38 |
810 | 426,981 | ||||||
| 0.00%, 08/01/41 |
1,950 | 870,646 | ||||||
| 0.00%, 08/01/44 |
695 | 261,111 | ||||||
| 0.00%, 08/01/45 |
1,775 | 629,687 | ||||||
|
|
|
|||||||
| 108,873,569 | ||||||||
| Utah — 2.1% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/47 |
11,685 | 11,928,335 | ||||||
| Series A, AMT, 5.25%, 07/01/48 |
865 | 925,797 | ||||||
| Series A, AMT, 5.00%, 07/01/51 |
5,330 | 5,533,990 | ||||||
| S C H E D U L E O F I N V E S T M E N T S |
59 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Utah (continued) | ||||||||||||
| Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(b) |
$ | 485 | $ | 436,476 | ||||||||
| Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(b) |
935 | 855,744 | ||||||||||
|
|
|
|||||||||||
| 19,680,342 | ||||||||||||
| Virginia — 0.6% | ||||||||||||
| Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |
1,825 | 1,470,004 | ||||||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
4,920 | 4,637,017 | ||||||||||
|
|
|
|||||||||||
| 6,107,021 | ||||||||||||
| Washington — 0.4% | ||||||||||||
| Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
2,655 | 2,723,903 | ||||||||||
| Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 |
1,140 | 1,048,438 | ||||||||||
|
|
|
|||||||||||
| 3,772,341 | ||||||||||||
| Wisconsin — 1.3% | ||||||||||||
| Public Finance Authority, RB |
||||||||||||
| 5.00%, 10/15/41(b) |
570 | 512,267 | ||||||||||
| 5.00%, 10/15/56(b) |
225 | 185,939 | ||||||||||
| Class A, 6.00%, 06/15/52 |
505 | 455,666 | ||||||||||
| Class A, 6.13%, 06/15/57 |
570 | 517,666 | ||||||||||
| Series A, 5.00%, 07/01/40(b) |
450 | 409,874 | ||||||||||
| Series A, 5.00%, 10/15/40(b) |
1,130 | 1,030,205 | ||||||||||
| Series A, 5.00%, 10/15/55(b) |
1,545 | 1,283,317 | ||||||||||
| Series A-1, 4.50%, 01/01/35(b) |
595 | 533,172 | ||||||||||
| Public Finance Authority, Refunding RB, 5.00%, 09/01/49(b) |
825 | 666,659 | ||||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32 |
450 | 388,935 | ||||||||||
| Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing Series A, 4.15%, 11/01/48 |
4,300 | 4,087,281 | ||||||||||
| Series A, 4.45%, 05/01/57 |
2,225 | 2,202,644 | ||||||||||
|
|
|
|||||||||||
| 12,273,625 | ||||||||||||
|
|
|
|||||||||||
| Total Municipal Bonds — 136.6% |
||||||||||||
| (Cost: $1,262,474,511) |
1,308,103,580 | |||||||||||
|
|
|
|||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(g) | ||||||||||||
| Alabama — 1.1% | ||||||||||||
| Black Belt Energy Gas District, RB, Series C-1, |
||||||||||||
| 5.25%, 02/01/53(a) |
9,340 | 9,946,908 | ||||||||||
|
|
|
|||||||||||
| District of Columbia — 0.3% | ||||||||||||
| District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
3,052 | 3,060,830 | ||||||||||
|
|
|
|||||||||||
| Security | Par (000) |
Value | ||||||||||
| Florida — 1.7% |
||||||||||||
| City of Tampa Florida Water & Wastewater System |
||||||||||||
| Revenue, RB, Series A, Sustainability Bonds, |
$ | 7,850 | $ | 8,724,449 | ||||||||
| County of Seminole Florida Sales Tax Revenue, |
||||||||||||
| Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 |
6,300 | 7,240,968 | ||||||||||
|
|
|
|||||||||||
| 15,965,417 | ||||||||||||
| Georgia — 1.1% | ||||||||||||
| Main Street Natural Gas, Inc., Refunding RB, |
10,154 | 10,825,804 | ||||||||||
|
|
|
|||||||||||
| Idaho — 0.8% | ||||||||||||
| Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 |
6,820 | 7,713,274 | ||||||||||
|
|
|
|||||||||||
| Illinois — 1.3% |
||||||||||||
| Illinois Finance Authority, Refunding RB, Series A, |
7,124 | 7,604,135 | ||||||||||
| Illinois State Toll Highway Authority, RB, Series A, |
5,014 | 5,029,027 | ||||||||||
|
|
|
|||||||||||
| 12,633,162 | ||||||||||||
| Massachusetts — 1.0% | ||||||||||||
| Massachusetts Port Authority, ARB, Series E, AMT, |
9,084 | 9,418,573 | ||||||||||
|
|
|
|||||||||||
| Michigan — 0.3% | ||||||||||||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
2,748 | 2,679,220 | ||||||||||
|
|
|
|||||||||||
| New York — 3.2% | ||||||||||||
| New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
5,885 | 5,795,270 | ||||||||||
| New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |
6,600 | 6,534,000 | ||||||||||
| Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57 |
5,090 | 5,297,349 | ||||||||||
| Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51(a) |
7,270 | 7,798,872 | ||||||||||
| Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 |
5,520 | 5,535,659 | ||||||||||
|
|
|
|||||||||||
| 30,961,150 | ||||||||||||
| Oregon — 0.9% | ||||||||||||
| Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
7,450 | 8,253,652 | ||||||||||
|
|
|
|||||||||||
| Texas — 1.7% | ||||||||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |
5,890 | 6,685,541 | ||||||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
9,243 | 9,876,262 | ||||||||||
|
|
|
|||||||||||
| 16,561,803 | ||||||||||||
| 60 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||||||
| Virginia — 1.2% | ||||||||||||
| Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
$ | 11,880 | $ | 11,466,131 | ||||||||
|
|
|
|||||||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.6% |
139,485,924 | |||||||||||
|
|
|
|||||||||||
| Total Long-Term Investments — 151.2% |
1,447,589,504 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| Short-Term Securities |
||||||||||||
| Money Market Funds — 2.4% | ||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(h)(i) |
23,075,533 | 23,077,841 | ||||||||||
|
|
|
|||||||||||
| Total Short-Term Securities — 2.4% |
23,077,841 | |||||||||||
|
|
|
|||||||||||
| Total Investments — 153.6% |
1,470,667,345 | |||||||||||
| Other Assets Less Liabilities — 0.5% |
5,078,377 | |||||||||||
| Liability for TOB Trust Certificates, Including Interest Expense and |
|
|||||||||||
| Fees Payable — (7.1)% |
(67,928,949 | ) | ||||||||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.0)% |
|
(450,271,496 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets Applicable to Common Shares — 100.0% |
|
$ | 957,545,277 | |||||||||
|
|
|
|||||||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (f) | When-issued security. |
| (g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (h) | Affiliate of the Fund. |
| (i) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | |
Value at 07/31/23 |
|
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain (Loss) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
|
Value at 01/31/24 |
|
|
Shares Held at |
|
Income |
|
Capital Gain Distributions from |
| |||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 16,360,404 | $ | 6,711,075 | (a) | $ | — | $ | 4,054 | $ | 2,308 | $ | 23,077,841 | 23,075,533 | $ | 637,642 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| (a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| Currency |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |||||||||||||||||||||
| Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $— | $ | — | $ | — | $ | (2,253,277 | ) | $ | — | $ | (2,253,277 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
| Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 132,259 | $ | — | $ | 132,259 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: | Value | |||
| Average notional value of contracts — short |
$ | 36,537,399 | ||
| S C H E D U L E O F I N V E S T M E N T S |
61 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 1,308,103,580 | $ | — | $ | 1,308,103,580 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 139,485,924 | — | 139,485,924 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
23,077,841 | — | — | 23,077,841 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 23,077,841 | $ | 1,447,589,504 | $ | — | $ | 1,470,667,345 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (67,413,610 | ) | $ | — | $ | (67,413,610 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (450,300,000 | ) | — | (450,300,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (517,713,610 | ) | $ | — | $ | (517,713,610 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 62 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Municipal Bonds |
||||||||
| Alabama — 3.8% | ||||||||
| Corporate(a) — 1.7% | ||||||||
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
$ | 3,960 | $ | 4,401,896 | ||||
| Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54 |
9,000 | 9,536,130 | ||||||
|
|
|
|||||||
| 13,938,026 | ||||||||
| County/City/Special District/School District — 0.9% | ||||||||
| Huntsville Public Building Authority, RB, 5.00%, 02/01/47 |
7,000 | 7,622,215 | ||||||
|
|
|
|||||||
| Education — 0.3% | ||||||||
| Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 |
2,785 | 2,813,694 | ||||||
|
|
|
|||||||
| Utilities — 0.9% | ||||||||
| County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
6,955 | 7,629,268 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Alabama | 32,003,203 | |||||||
|
|
|
|||||||
| Arizona — 2.2% | ||||||||
| Education(b) — 1.1% | ||||||||
| Arizona Industrial Development Authority, RB |
||||||||
| 4.38%, 07/01/39 |
810 | 721,282 | ||||||
| 5.00%, 07/01/54 |
945 | 830,083 | ||||||
| Series A, 5.00%, 07/01/49 |
1,675 | 1,517,969 | ||||||
| Series A, 5.00%, 07/01/54 |
1,290 | 1,148,328 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52 |
1,620 | 1,460,215 | ||||||
| Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54 |
855 | 800,643 | ||||||
| Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 |
2,500 | 2,504,022 | ||||||
|
|
|
|||||||
| 8,982,542 | ||||||||
| Health — 0.1% | ||||||||
| Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 09/01/42 |
435 | 454,318 | ||||||
|
|
|
|||||||
| Transportation — 1.0% | ||||||||
| City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 |
8,500 | 8,834,246 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Arizona | 18,271,106 | |||||||
|
|
|
|||||||
| Arkansas — 0.6% | ||||||||
| Corporate — 0.6% | ||||||||
| Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49(b) |
4,100 | 3,978,517 | ||||||
| AMT, Sustainability Bonds, 5.70%, 05/01/53 |
1,430 | 1,463,905 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Arkansas | 5,442,422 | |||||||
| California — 10.4% | ||||||||
| Corporate(a) — 1.0% | ||||||||
| California Community Choice Financing Authority, RB |
||||||||
| Sustainability Bonds, 5.00%, 07/01/53 |
2,900 | 3,048,973 | ||||||
| Sustainability Bonds, 5.50%, 10/01/54 |
5,000 | 5,502,400 | ||||||
|
|
|
|||||||
| 8,551,373 | ||||||||
| County/City/Special District/School District — 6.6% | ||||||||
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
5,110 | 4,234,208 | ||||||
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District (continued) | ||||||||
| Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34(c) |
$ | 5,000 | $ | 3,714,718 | ||||
| Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43(a) |
3,975 | 3,930,219 | ||||||
| Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c) |
7,620 | 4,206,034 | ||||||
| Poway Unified School District, Refunding GO(c) |
||||||||
| 0.00%, 08/01/35 |
7,820 | 5,296,493 | ||||||
| Series B, 0.00%, 08/01/36 |
10,000 | 6,518,739 | ||||||
| Rio Hondo Community College District, GO(c) |
||||||||
| Series C, Election 2004, 0.00%, 08/01/37 |
8,000 | 5,107,793 | ||||||
| Series C, Election 2004, 0.00%, 08/01/38 |
12,940 | 7,810,999 | ||||||
| San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c) |
3,485 | 2,793,359 | ||||||
| Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48 |
7,660 | 7,640,747 | ||||||
| Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) |
6,545 | 4,271,670 | ||||||
|
|
|
|||||||
| 55,524,979 | ||||||||
| Education — 0.1% | ||||||||
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
1,250 | 1,234,554 | ||||||
|
|
|
|||||||
| Housing(b) — 0.7% | ||||||||
| California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 |
380 | 267,268 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing |
||||||||
| 4.00%, 10/01/56 |
470 | 384,058 | ||||||
| Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,780 | 1,147,267 | ||||||
| Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
2,555 | 1,908,245 | ||||||
| Sustainability Bonds, 5.00%, 09/01/37 |
300 | 307,625 | ||||||
| Sustainability Bonds, 4.00%, 12/01/56 |
495 | 344,852 | ||||||
| Series A, Sustainability Bonds, 4.00%, 06/01/58 |
1,535 | 1,110,823 | ||||||
|
|
|
|||||||
| 5,470,138 | ||||||||
| State — 0.0% | ||||||||
| State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 |
10 | 10,023 | ||||||
|
|
|
|||||||
| Transportation — 2.0% | ||||||||
| City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.50%, 05/15/47 |
2,000 | 2,213,787 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44 |
14,215 | 14,833,159 | ||||||
|
|
|
|||||||
| 17,046,946 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in California | 87,838,013 | |||||||
| Colorado — 3.4% | ||||||||
| County/City/Special District/School District — 0.3% | ||||||||
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,605 | 1,611,574 | ||||||
| STC Metropolitan District No. 2, Refunding GO, Series A, 5.00%, 12/01/38 |
1,285 | 1,186,692 | ||||||
|
|
|
|||||||
| 2,798,266 | ||||||||
| S C H E D U L E O F I N V E S T M E N T S |
63 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Education — 0.3% | ||||||||
| Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b) |
$ | 2,530 | $ | 2,557,564 | ||||
|
|
|
|||||||
| Health — 0.7% | ||||||||
| Colorado Health Facilities Authority, RB |
||||||||
| 5.00%, 11/01/42 |
2,500 | 2,631,619 | ||||||
| 5.25%, 11/01/52 |
2,750 | 2,929,144 | ||||||
|
|
|
|||||||
| 5,560,763 | ||||||||
| Transportation — 0.7% | ||||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/37 |
5,000 | 5,852,581 | ||||||
|
|
|
|||||||
| Utilities — 1.4% | ||||||||
| City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 4.00%, 11/15/46 |
11,820 | 11,873,688 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Colorado | 28,642,862 | |||||||
|
|
|
|||||||
| Connecticut — 0.4% | ||||||||
| Housing — 0.4% | ||||||||
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sustainability Bonds, 6.25%, 05/15/54 .. |
2,800 | 3,100,915 | ||||||
|
|
|
|||||||
| District of Columbia — 0.4% | ||||||||
| Transportation — 0.4% | ||||||||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
1,400 | 1,505,965 | ||||||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.13%, 07/15/47 |
1,890 | 1,897,137 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in District of Columbia 3,403,102 |
||||||||
|
|
|
|||||||
| Florida — 13.8% | ||||||||
| Corporate — 0.2% | ||||||||
| Florida Development Finance Corp., RB, AMT, 5.00%, 05/01/29(b) |
1,500 | 1,445,949 | ||||||
|
|
|
|||||||
| County/City/Special District/School District — 1.8% | ||||||||
| City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/47 |
3,930 | 4,141,609 | ||||||
| County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/48 |
1,750 | 1,917,848 | ||||||
| Palm Beach County School District, COP, Series B, 5.25%, 08/01/40 |
8,000 | 9,083,730 | ||||||
| Seminole Improvement District, RB |
||||||||
| 5.00%, 10/01/32 |
230 | 228,713 | ||||||
| 5.30%, 10/01/37 |
260 | 260,172 | ||||||
|
|
|
|||||||
| 15,632,072 | ||||||||
| Education — 1.6% | ||||||||
| Capital Trust Agency, Inc., RB(b) |
||||||||
| 5.00%, 01/01/55 |
1,640 | 1,247,714 | ||||||
| Series A, 5.00%, 06/01/55 |
1,475 | 1,203,818 | ||||||
| Series A, 5.50%, 06/01/57 |
500 | 439,529 | ||||||
| Florida Development Finance Corp., RB, 6.50%, 06/30/57(b) |
1,085 | 1,041,108 | ||||||
| Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) |
820 | 704,743 | ||||||
| Security | Par (000) |
Value | ||||||
| Education (continued) | ||||||||
| Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
$ | 4,000 | $ | 4,061,713 | ||||
|
|
|
|||||||
| Town of Davie Florida, Refunding RB, 5.00%, 04/01/37 | 4,630 | 4,834,776 | ||||||
|
|
|
|||||||
| 13,533,401 | ||||||||
| Health — 2.5% | ||||||||
| Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
4,535 | 4,548,754 | ||||||
| City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 |
3,655 | 3,718,832 | ||||||
| City of Tampa Florida, RB, CAB(c) |
||||||||
| Series A, 0.00%, 09/01/40 |
3,290 | 1,587,718 | ||||||
| Series A, 0.00%, 09/01/42 |
1,150 | 495,742 | ||||||
| Series A, 0.00%, 09/01/45 |
2,000 | 724,331 | ||||||
| County of Pasco Florida, RB |
||||||||
| (AGM), 5.00%, 09/01/48 |
7,790 | 8,375,987 | ||||||
| (AGM), 5.75%, 09/01/54 |
1,400 | 1,578,979 | ||||||
|
|
|
|||||||
| 21,030,343 | ||||||||
| State — 1.1% | ||||||||
| Kindred Community Development District II, SAB, 5.88%, 05/01/54 |
500 | 508,855 | ||||||
| Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
715 | 749,291 | ||||||
| LT Ranch Community Development District, SAB |
||||||||
| 4.00%, 05/01/40 |
1,415 | 1,233,516 | ||||||
| 4.00%, 05/01/50 |
2,000 | 1,572,981 | ||||||
| Parker Road Community Development District, Refunding SAB, 3.88%, 05/01/40 |
900 | 721,135 | ||||||
| Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 |
790 | 775,612 | ||||||
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
1,715 | 1,730,531 | ||||||
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
730 | 723,475 | ||||||
| Westside Community Development District, Refunding SAB(b) |
||||||||
| 4.10%, 05/01/37 |
640 | 580,561 | ||||||
| 4.13%, 05/01/38 |
630 | 568,094 | ||||||
|
|
|
|||||||
| 9,164,051 | ||||||||
| Transportation — 2.1% | ||||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 10/01/34 |
530 | 535,042 | ||||||
| Series B, AMT, 5.00%, 10/01/40 |
2,865 | 2,958,864 | ||||||
| County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50 .. |
3,500 | 3,243,333 | ||||||
| Greater Orlando Aviation Authority, ARB |
||||||||
| Series A, AMT, 5.00%, 10/01/34 |
5,060 | 5,444,651 | ||||||
| Series A, AMT, 5.00%, 10/01/49 |
2,670 | 2,776,002 | ||||||
| Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/47 |
2,500 | 2,629,470 | ||||||
|
|
|
|||||||
| 17,587,362 | ||||||||
| Utilities — 4.5% | ||||||||
| Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 |
5,000 | 4,994,882 | ||||||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 |
4,315 | 5,010,019 | ||||||
| City of Lakeland Florida Department of Electric Utilities, Refunding RB, 4.25%, 10/01/48 |
5,000 | 5,015,772 | ||||||
| 64 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utilities (continued) | ||||||||
| County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/44 |
$ | 8,500 | $ | 8,514,622 | ||||
| East Central Regional Wastewater Treatment Facilities Operation Board, Refunding RB, 5.00%, 10/01/44 |
13,925 | 14,508,988 | ||||||
|
|
|
|||||||
| 38,044,283 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Florida | 116,437,461 | |||||||
| Georgia — 1.8% | ||||||||
| Corporate — 1.7% | ||||||||
| Main Street Natural Gas, Inc., RB |
||||||||
| Series A, 5.00%, 05/15/43 |
1,105 | 1,135,490 | ||||||
| Series A, 5.00%, 06/01/53(a) |
4,195 | 4,437,387 | ||||||
| Series B, 5.00%, 07/01/53(a) |
2,915 | 3,085,382 | ||||||
| Series C, 5.00%, 09/01/53(a) |
2,445 | 2,595,979 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
3,000 | 3,198,480 | ||||||
|
|
|
|||||||
| 14,452,718 | ||||||||
| Education — 0.1% | ||||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
630 | 571,059 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Georgia | 15,023,777 | |||||||
|
|
|
|||||||
| Hawaii — 0.7% | ||||||||
| Corporate — 0.2% | ||||||||
| State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 |
2,650 | 1,831,626 | ||||||
|
|
|
|||||||
| Transportation — 0.5% | ||||||||
| State of Hawaii Airports System Revenue, COP |
||||||||
| AMT, 5.00%, 08/01/27 |
2,000 | 2,000,917 | ||||||
| AMT, 5.00%, 08/01/28 |
1,775 | 1,776,186 | ||||||
|
|
|
|||||||
| 3,777,103 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Hawaii | 5,608,729 | |||||||
| Illinois — 11.9% | ||||||||
| County/City/Special District/School District — 2.0% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/34 |
3,955 | 4,163,642 | ||||||
| Series A, 5.00%, 12/01/40 |
1,270 | 1,304,163 | ||||||
| Series A, 5.00%, 12/01/41 |
1,000 | 1,030,442 | ||||||
| Series A, 5.00%, 12/01/47 |
1,115 | 1,139,973 | ||||||
| Chicago Board of Education, Refunding GO, Series B, 5.00%, 12/01/36 |
1,300 | 1,350,082 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, (AGM-CR), 5.00%, 12/01/46 |
4,565 | 4,662,412 | ||||||
| Cook County Community College District No. 508, GO, 5.13%, 12/01/38 |
3,250 | 3,259,538 | ||||||
|
|
|
|||||||
| 16,910,252 | ||||||||
| Education — 0.9% | ||||||||
| Illinois Finance Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
7,630 | 7,746,730 | ||||||
|
|
|
|||||||
| Health — 0.3% | ||||||||
| Illinois Finance Authority, Refunding RB |
||||||||
| 4.00%, 08/15/41 |
1,750 | 1,757,028 | ||||||
| Series C, 5.00%, 08/15/44 |
985 | 989,676 | ||||||
|
|
|
|||||||
| 2,746,704 | ||||||||
| Security | Par (000) |
Value | ||||||
| Housing — 0.4% | ||||||||
| Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |
$ | 2,795 | $ | 3,067,612 | ||||
|
|
|
|||||||
| State — 7.0% | ||||||||
| Metropolitan Pier & Exposition Authority, RB(c) |
||||||||
| Series A, (NPFGC), 0.00%, 12/15/33 |
20,000 | 13,998,373 | ||||||
| Series A, (NPFGC), 0.00%, 12/15/34 |
41,880 | 28,086,794 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c) |
9,430 | 3,855,423 | ||||||
| State of Illinois, GO |
||||||||
| 5.25%, 02/01/33 |
5,860 | 5,869,915 | ||||||
| 5.25%, 02/01/34 |
5,360 | 5,366,170 | ||||||
| Series B, 5.25%, 05/01/43 |
1,640 | 1,797,568 | ||||||
|
|
|
|||||||
| 58,974,243 | ||||||||
| Transportation — 1.3% | ||||||||
| Chicago O’Hare International Airport, ARB |
||||||||
| Class A, AMT, Senior Lien, 5.00%, 01/01/48 |
1,935 | 2,012,747 | ||||||
| Series D, Senior Lien, 5.25%, 01/01/42 |
8,285 | 8,692,664 | ||||||
|
|
|
|||||||
| 10,705,411 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Illinois | 100,150,952 | |||||||
| Indiana — 0.4% | ||||||||
| County/City/Special District/School District — 0.2% | ||||||||
| Avon Community School Building Corp., RB, (NGFGC), 5.50%, 01/15/43 |
1,500 | 1,731,735 | ||||||
|
|
|
|||||||
| Utilities — 0.2% | ||||||||
| Indiana Finance Authority, RB, 1st Lien, Sustainability Bonds, 4.00%, 10/01/51 |
2,025 | 1,927,486 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Indiana | 3,659,221 | |||||||
|
|
|
|||||||
| Kentucky — 2.6% | ||||||||
| Corporate — 1.5% | ||||||||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
475 | 448,205 | ||||||
| Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a) |
11,055 | 11,996,886 | ||||||
|
|
|
|||||||
| 12,445,091 | ||||||||
| Transportation — 1.1% | ||||||||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39(a) . |
8,225 | 9,688,783 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Kentucky | 22,133,874 | |||||||
|
|
|
|||||||
| Louisiana — 0.7% | ||||||||
| County/City/Special District/School District — 0.2% | ||||||||
| Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 |
1,200 | 1,198,920 | ||||||
|
|
|
|||||||
| Education — 0.5% | ||||||||
| Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |
4,010 | 4,253,287 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Louisiana | 5,452,207 | |||||||
|
|
|
|||||||
| Maryland — 0.3% | ||||||||
| Health — 0.3% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |
2,815 | 2,623,520 | ||||||
|
|
|
|||||||
| S C H E D U L E O F I N V E S T M E N T S |
65 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Massachusetts — 3.9% | ||||||||
| Education — 1.2% | ||||||||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
$ | 9,720 | $ | 9,781,354 | ||||
|
|
|
|||||||
| Housing — 0.1% | ||||||||
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
1,080 | 1,038,401 | ||||||
|
|
|
|||||||
| State — 2.6% | ||||||||
| Commonwealth of Massachusetts, GO |
||||||||
| Series A, 5.25%, 01/01/44 |
10,000 | 10,848,183 | ||||||
| Series C, 5.25%, 10/01/47 |
10,000 | 11,273,934 | ||||||
|
|
|
|||||||
| 22,122,117 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Massachusetts | 32,941,872 | |||||||
| Michigan — 6.6% | ||||||||
| Education — 1.3% | ||||||||
| Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 |
10,000 | 10,576,775 | ||||||
|
|
|
|||||||
| Health — 0.2% | ||||||||
| Michigan Finance Authority, RB, 4.00%, 02/15/47 |
1,855 | 1,776,420 | ||||||
|
|
|
|||||||
| Housing — 1.7% | ||||||||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
8,405 | 8,791,275 | ||||||
| Michigan State Housing Development Authority, RB, S/F Housing, Series D, Sustainability Bonds, 5.50%, 06/01/53 |
5,055 | 5,286,217 | ||||||
|
|
|
|||||||
| 14,077,492 | ||||||||
| State — 2.4% | ||||||||
| Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/46 |
5,980 | 5,923,097 | ||||||
| Michigan Strategic Fund, RB |
||||||||
| AMT, (AGM), 4.25%, 12/31/38 |
2,000 | 2,001,880 | ||||||
| AMT, 5.00%, 12/31/43 |
9,940 | 10,024,266 | ||||||
| State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46 |
2,500 | 2,541,398 | ||||||
|
|
|
|||||||
| 20,490,641 | ||||||||
| Utilities — 1.0% | ||||||||
| Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 |
1,600 | 1,717,727 | ||||||
| Lansing Board of Water & Light, Refunding RB |
||||||||
| Series A, 5.00%, 07/01/44 |
2,335 | 2,494,913 | ||||||
| Series A, 5.00%, 07/01/48 |
4,000 | 4,238,767 | ||||||
|
|
|
|||||||
| 8,451,407 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Michigan | 55,372,735 | |||||||
| Minnesota — 0.4% | ||||||||
| Housing — 0.4% | ||||||||
| Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
3,325 | 3,564,354 | ||||||
|
|
|
|||||||
| Nevada — 0.3% | ||||||||
| State — 0.3% | ||||||||
| City of Las Vegas Nevada Special Improvement District No. 814, SAB |
||||||||
| 4.00%, 06/01/39 |
375 | 331,951 | ||||||
| Security | Par (000) |
Value | ||||||
| State (continued) | ||||||||
| City of Las Vegas Nevada Special Improvement District No. 814, SAB (continued) |
||||||||
| 4.00%, 06/01/44 |
$ | 995 | $ | 828,245 | ||||
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 |
1,610 | 1,620,824 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Nevada | 2,781,020 | |||||||
|
|
|
|||||||
| New Jersey — 8.6% | ||||||||
| County/City/Special District/School District — 0.3% | ||||||||
| Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |
2,320 | 2,382,313 | ||||||
|
|
|
|||||||
| Education(d) — 0.6% | ||||||||
| New Jersey Economic Development Authority, RB |
||||||||
| Series WW, 5.00%, 06/15/25 |
3,205 | 3,295,379 | ||||||
| Series WW, 5.25%, 06/15/25 |
1,470 | 1,516,601 | ||||||
|
|
|
|||||||
| 4,811,980 | ||||||||
| State — 0.2% | ||||||||
| New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28 |
1,685 | 1,886,113 | ||||||
|
|
|
|||||||
| Tobacco — 0.9% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB |
||||||||
| Series A, 5.00%, 06/01/46 |
4,490 | 4,574,011 | ||||||
| Series A, 5.25%, 06/01/46 |
545 | 562,216 | ||||||
| Sub-Series B, 5.00%, 06/01/46 |
2,495 | 2,520,522 | ||||||
|
|
|
|||||||
| 7,656,749 | ||||||||
| Transportation — 6.5% | ||||||||
| New Jersey Economic Development Authority, RB |
||||||||
| AMT, 5.13%, 01/01/34 |
1,930 | 1,931,311 | ||||||
| AMT, 5.38%, 01/01/43 |
4,920 | 4,924,354 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
||||||||
| Series A, (NPFGC), 5.75%, 06/15/25 |
4,000 | 4,139,136 | ||||||
| Series AA, 5.00%, 06/15/38 |
3,990 | 4,019,872 | ||||||
| Series BB, 5.00%, 06/15/46 |
5,825 | 6,355,178 | ||||||
| Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25(c) |
8,550 | 8,043,875 | ||||||
| Series D, 5.00%, 06/15/32 |
1,825 | 1,855,835 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) |
10,000 | 6,484,945 | ||||||
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
10,945 | 11,491,886 | ||||||
| New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |
5,265 | 5,804,419 | ||||||
|
|
|
|||||||
| 55,050,811 | ||||||||
| Utilities — 0.1% | ||||||||
| Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 |
1,055 | 1,034,563 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in New Jersey | 72,822,529 | |||||||
|
|
|
|||||||
| New Mexico — 0.0% | ||||||||
| Health — 0.0% | ||||||||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
425 | 359,908 | ||||||
|
|
|
|||||||
| 66 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York — 11.0% | ||||||||
| Corporate — 0.6% | ||||||||
| New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |
$ | 1,555 | $ | 1,683,754 | ||||
| New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
3,275 | 3,419,025 | ||||||
|
|
|
|||||||
| 5,102,779 | ||||||||
| County/City/Special District/School District — 6.2% | ||||||||
| City of New York, GO |
||||||||
| Series B, 5.25%, 10/01/42 |
2,500 | 2,859,935 | ||||||
| Series C, 5.00%, 08/01/43 |
2,585 | 2,820,992 | ||||||
| Series D-1, 5.25%, 05/01/42 |
1,155 | 1,316,882 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series A-1, 5.00%, 08/01/38 |
2,500 | 2,678,794 | ||||||
| Series E-1, 4.00%, 02/01/42 |
3,325 | 3,366,433 | ||||||
| Series E-1, 4.00%, 02/01/46 |
1,930 | 1,899,171 | ||||||
| Series C-1, Subordinate, 4.00%, 02/01/42 |
8,000 | 8,167,315 | ||||||
| Series C-1, Subordinate, 4.00%, 02/01/43 |
8,355 | 8,491,699 | ||||||
| Series F-1, Subordinate, 4.00%, 02/01/38 |
1,700 | 1,773,448 | ||||||
| New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44(b) |
3,055 | 3,051,181 | ||||||
| Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
7,430 | 5,408,235 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.00%, 05/15/48 |
10,090 | 10,043,001 | ||||||
|
|
|
|||||||
| 51,877,086 | ||||||||
| State — 0.5% | ||||||||
| New York State Dormitory Authority, Refunding RB |
||||||||
| Series A, 4.00%, 03/15/42 |
1,160 | 1,182,771 | ||||||
| Series E, 4.00%, 03/15/46 |
1,825 | 1,828,800 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52 |
1,325 | 1,475,184 | ||||||
|
|
|
|||||||
| 4,486,755 | ||||||||
| Transportation — 2.6% | ||||||||
| Metropolitan Transportation Authority, Refunding RB, Series A-1, Sustainability Bonds, 5.25%, 11/15/57 |
3,050 | 3,140,413 | ||||||
| New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 |
2,360 | 2,360,275 | ||||||
| Port Authority of New York & New Jersey, ARB, AMT, 4.00%, 09/01/43 |
3,000 | 2,885,636 | ||||||
| Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39 |
2,500 | 2,683,544 | ||||||
| Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47 |
10,000 | 10,939,730 | ||||||
|
|
|
|||||||
| 22,009,598 | ||||||||
| Utilities — 1.1% | ||||||||
| New York City Municipal Water Finance Authority, Refunding RB |
||||||||
| Series DD, 4.13%, 06/15/46 |
3,825 | 3,926,964 | ||||||
| Series DD, 4.13%, 06/15/47 |
5,035 | 5,115,211 | ||||||
|
|
|
|||||||
| 9,042,175 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in New York |
92,518,393 | |||||||
| Security | Par (000) |
Value | ||||||
| Ohio — 2.2% | ||||||||
| Health — 0.6% | ||||||||
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |
$ | 4,500 | $ | 4,663,288 | ||||
|
|
|
|||||||
| Tobacco — 1.6% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
14,450 | 13,611,322 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Ohio | 18,274,610 | |||||||
|
|
|
|||||||
| Oregon — 0.5% | ||||||||
| County/City/Special District/School District — 0.2% | ||||||||
| Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c) |
2,800 | 1,460,850 | ||||||
|
|
|
|||||||
| Transportation — 0.3% | ||||||||
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
2,400 | 2,658,894 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Oregon | 4,119,744 | |||||||
|
|
|
|||||||
| Pennsylvania — 6.7% | ||||||||
| County/City/Special District/School District — 0.2% | ||||||||
| Pennsylvania Economic Development Financing Authority, RB, AMT, 5.75%, 06/30/48 |
1,645 | 1,813,689 | ||||||
|
|
|
|||||||
| Health — 0.1% | ||||||||
| Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
405 | 316,394 | ||||||
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
450 | 456,630 | ||||||
|
|
|
|||||||
| 773,024 | ||||||||
| Housing — 1.3% | ||||||||
| Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
9,575 | 10,539,712 | ||||||
|
|
|
|||||||
| State — 0.6% | ||||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series B, 5.00%, 12/01/43 |
5,000 | 5,242,401 | ||||||
|
|
|
|||||||
| Transportation — 4.5% | ||||||||
| Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48 |
785 | 857,952 | ||||||
| City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/42 |
6,325 | 6,453,101 | ||||||
| Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 |
15,560 | 15,574,659 | ||||||
| Pennsylvania Turnpike Commission, RB |
||||||||
| Series A, 5.00%, 12/01/38 |
1,775 | 1,804,045 | ||||||
| Series A-1, 5.00%, 12/01/41 |
5,550 | 5,743,858 | ||||||
| Pennsylvania Turnpike Commission, Refunding RB |
||||||||
| Series A-1, 5.00%, 12/01/40 |
2,165 | 2,190,572 | ||||||
| Series B, 5.25%, 12/01/44 |
1,500 | 1,694,756 | ||||||
| Series C, 5.00%, 12/01/46 |
1,415 | 1,535,448 | ||||||
| Series 2017-3, Subordinate, 5.00%, 12/01/40 |
2,330 | 2,443,857 | ||||||
|
|
|
|||||||
| 38,298,248 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Pennsylvania | 56,667,074 | |||||||
| S C H E D U L E O F I N V E S T M E N T S |
67 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico — 4.8% | ||||||||
| State — 4.8% | ||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
$ | 1,334 | $ | 1,307,013 | ||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
3,202 | 3,201,959 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
214 | 209,185 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
2,372 | 2,354,803 | ||||||
| Series B-1, Restructured, 4.75%, 07/01/53 |
937 | 913,514 | ||||||
| Series B-1, Restructured, 5.00%, 07/01/58 |
14,927 | 14,948,643 | ||||||
| Series B-2, Restructured, 4.33%, 07/01/40 |
12,433 | 12,291,705 | ||||||
| Series B-2, Restructured, 4.78%, 07/01/58 |
1,261 | 1,224,104 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
13,259 | 4,075,957 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Puerto Rico | 40,526,883 | |||||||
|
|
|
|||||||
| South Carolina — 5.6% | ||||||||
| Corporate — 0.9% | ||||||||
| Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a) |
7,215 | 7,784,697 | ||||||
|
|
|
|||||||
| Education — 0.2% | ||||||||
| South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |
1,290 | 1,176,333 | ||||||
|
|
|
|||||||
| Health — 0.6% | ||||||||
| South Carolina Jobs-Economic Development Authority, RB, 5.00%, 11/01/43 |
5,000 | 5,184,814 | ||||||
|
|
|
|||||||
| Transportation — 0.8% | ||||||||
| South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(d) |
6,530 | 6,697,626 | ||||||
|
|
|
|||||||
| Utilities — 3.1% | ||||||||
| South Carolina Public Service Authority, RB |
||||||||
| Series A, 4.00%, 12/01/43 |
3,000 | 2,879,039 | ||||||
| Series A, 5.50%, 12/01/54 |
11,450 | 11,482,917 | ||||||
| South Carolina Public Service Authority, Refunding RB |
||||||||
| 5.00%, 12/01/38 |
5,870 | 5,872,054 | ||||||
| Series B, 5.00%, 12/01/51 |
5,575 | 5,841,038 | ||||||
|
|
|
|||||||
| 26,075,048 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in South Carolina | 46,918,518 | |||||||
| Tennessee — 0.5% | ||||||||
| Transportation — 0.5% | ||||||||
| Metropolitan Nashville Airport Authority, ARB |
||||||||
| Series B, AMT, 5.50%, 07/01/41 |
1,875 | 2,060,642 | ||||||
| Series B, AMT, 5.50%, 07/01/42 |
2,000 | 2,189,520 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Tennessee | 4,250,162 | |||||||
| Texas — 12.4% | ||||||||
| Corporate — 0.4% | ||||||||
| City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
1,295 | 1,296,682 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
710 | 709,481 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 |
690 | 690,448 | ||||||
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
820 | 724,019 | ||||||
|
|
|
|||||||
| 3,420,630 | ||||||||
| Security | Par (000) |
Value | ||||||
| County/City/Special District/School District — 6.7% | ||||||||
| City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
$ | 635 | $ | 637,704 | ||||
| City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 |
695 | 795,630 | ||||||
| County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |
1,320 | 1,339,245 | ||||||
| Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |
4,240 | 4,658,272 | ||||||
| Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
470 | 470,239 | ||||||
| Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47 |
8,075 | 8,083,860 | ||||||
| Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |
2,500 | 2,457,560 | ||||||
| Hays Consolidated Independent School District, GO, (PSF), 5.00%, 02/15/48 |
8,000 | 8,725,767 | ||||||
| Houston Independent School District, Refunding GO, (PSF), 5.00%, 02/15/42 |
10,000 | 10,423,107 | ||||||
| Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
300 | 330,581 | ||||||
| Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |
5,000 | 5,016,259 | ||||||
| Lake Travis Independent School District, GO, 4.00%, 02/15/48 |
3,100 | 3,016,865 | ||||||
| Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d) |
9,685 | 4,889,260 | ||||||
| Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48 |
3,000 | 3,361,985 | ||||||
| Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |
2,540 | 2,539,181 | ||||||
|
|
|
|||||||
| 56,745,515 | ||||||||
| Education — 0.9% | ||||||||
| Arlington Higher Education Finance Corp., RB(b) |
||||||||
| 7.50%, 04/01/62 |
1,420 | 1,381,828 | ||||||
| 7.88%, 11/01/62 |
1,195 | 1,212,747 | ||||||
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
1,385 | 1,245,165 | ||||||
| Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 |
3,335 | 3,797,152 | ||||||
|
|
|
|||||||
| 7,636,892 | ||||||||
| Health — 0.2% | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
| Series A, 4.00%, 07/01/53 |
960 | 861,245 | ||||||
| Series A, 5.00%, 07/01/53 |
1,180 | 1,225,626 | ||||||
|
|
|
|||||||
| 2,086,871 | ||||||||
| Transportation — 1.6% | ||||||||
| North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/39 |
9,080 | 9,631,697 | ||||||
| Port Authority of Houston of Harris County Texas, ARB |
||||||||
| 4.00%, 10/01/46 |
1,025 | 1,005,465 | ||||||
| 1st Lien, 5.00%, 10/01/48 |
2,195 | 2,411,913 | ||||||
|
|
|
|||||||
| 13,049,075 | ||||||||
| Utilities — 2.6% | ||||||||
| City of El Paso Texas Water & Sewer Revenue, Refunding RB |
||||||||
| 5.25%, 03/01/49 |
3,410 | 3,795,357 | ||||||
| Series A, 4.00%, 03/01/44 |
9,540 | 9,536,642 | ||||||
| 68 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Utilities (continued) | ||||||||
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Junior Lien, 5.00%, 02/01/44 |
$ | 4,500 | $ | 4,920,452 | ||||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |
5,810 | 3,366,110 | ||||||
|
|
|
|||||||
| 21,618,561 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Texas | 104,557,544 | |||||||
| Utah — 2.5% | ||||||||
| Education(b) — 0.1% | ||||||||
| Utah Charter School Finance Authority, RB |
||||||||
| Series A, 5.00%, 06/15/39 |
190 | 181,380 | ||||||
| Series A, 5.00%, 06/15/49 |
380 | 341,981 | ||||||
|
|
|
|||||||
| 523,361 | ||||||||
| Transportation — 2.4% | ||||||||
| City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
| Series A, AMT, 5.00%, 07/01/36 |
3,475 | 3,656,011 | ||||||
| Series A, AMT, 5.00%, 07/01/42 |
1,000 | 1,025,567 | ||||||
| Series A, AMT, 5.00%, 07/01/43 |
3,490 | 3,607,283 | ||||||
| Series A, AMT, 5.00%, 07/01/48 |
3,140 | 3,219,075 | ||||||
| Series A, AMT, 5.25%, 07/01/48 |
8,430 | 8,825,284 | ||||||
|
|
|
|||||||
| 20,333,220 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Utah | 20,856,581 | |||||||
| Virginia — 0.3% | ||||||||
| Tobacco — 0.3% | ||||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
3,030 | 2,855,724 | ||||||
|
|
|
|||||||
| Washington — 0.5% | ||||||||
| Transportation — 0.5% | ||||||||
| Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47 |
4,350 | 4,523,982 | ||||||
|
|
|
|||||||
| Wisconsin — 2.9% | ||||||||
| Education — 1.2% | ||||||||
| Public Finance Authority, RB |
||||||||
| Class A, 4.25%, 06/15/31(b) |
270 | 242,707 | ||||||
| Class A, 5.00%, 06/15/41(b) |
895 | 753,523 | ||||||
| Class A, 5.00%, 06/15/51(b) |
590 | 463,694 | ||||||
| Class A, 6.00%, 06/15/52 |
450 | 406,039 | ||||||
| Class A, 6.13%, 06/15/57 |
505 | 458,633 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
| 4.00%, 12/01/46 |
5,130 | 5,002,699 | ||||||
| 4.00%, 12/01/51 |
3,000 | 2,838,991 | ||||||
|
|
|
|||||||
| 10,166,286 | ||||||||
| Health — 0.6% | ||||||||
| Public Finance Authority, Refunding RB(b) |
||||||||
| 5.00%, 09/01/39 |
100 | 88,529 | ||||||
| 5.00%, 09/01/49 |
845 | 682,821 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/36 |
4,140 | 4,257,588 | ||||||
|
|
|
|||||||
| 5,028,938 | ||||||||
| Security | Par (000) |
Value | ||||||
| Housing — 0.2% | ||||||||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
$ | 1,080 | $ | 1,136,894 | ||||
|
|
|
|||||||
| Utilities — 0.9% | ||||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 |
7,350 | 7,808,752 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Wisconsin | 24,140,870 | |||||||
|
|
|
|||||||
| Total Municipal Bonds — 123.1% (Cost: $994,077,671) |
1,037,843,867 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
| |||||||
| Alabama — 1.4% | ||||||||
| Health — 1.4% | ||||||||
| Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46 |
11,790 | 12,055,668 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Alabama | 12,055,668 | |||||||
|
|
|
|||||||
| California — 2.7% | ||||||||
| County/City/Special District/School District — 1.3% | ||||||||
| Los Angeles Unified School District, GO, Sustainability Bonds, Series QRR, 5.25%, 07/01/47 |
9,750 | 11,224,856 | ||||||
|
|
|
|||||||
| State — 1.4% | ||||||||
| State of California, Refunding GO, 5.00%, 04/01/45 |
10,500 | 11,333,695 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in California | 22,558,551 | |||||||
|
|
|
|||||||
| Florida — 3.0% | ||||||||
| Health — 1.3% | ||||||||
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
10,500 | 10,680,918 | ||||||
|
|
|
|||||||
| Transportation — 1.7% | ||||||||
| Central Florida Expressway Authority, RB, Senior Lien, Series B, 5.00%, 07/01/49 |
14,090 | 14,813,493 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Florida | 25,494,411 | |||||||
|
|
|
|||||||
| Illinois — 6.8% | ||||||||
| County/City/Special District/School District — 1.3% | ||||||||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Second Lien, Series A, 5.00%, 12/01/46 |
10,000 | 10,715,132 | ||||||
|
|
|
|||||||
| Health — 2.5% | ||||||||
| Illinois Finance Authority, Refunding RB, Series A, 5.00%, 07/15/42 |
20,000 | 20,983,255 | ||||||
|
|
|
|||||||
| Transportation — 3.0% | ||||||||
| Illinois State Toll Highway Authority, RB |
||||||||
| Series A, 5.00%, 01/01/38 |
5,833 | 5,850,502 | ||||||
| Series A, 5.00%, 01/01/44 |
8,000 | 8,567,070 | ||||||
| Series A, 5.00%, 01/01/46 |
10,470 | 11,418,260 | ||||||
|
|
|
|||||||
| 25,835,832 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Illinois | 57,534,219 | |||||||
|
|
|
|||||||
| S C H E D U L E O F I N V E S T M E N T S |
69 |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Nebraska — 1.2% | ||||||||
| Utilities — 1.2% | ||||||||
| Omaha Public Power District, RB, Series A, 5.00%, 02/01/47 |
$ | 8,975 | $ | 9,800,524 | ||||
|
|
|
|||||||
| Total Municipal Bonds in Nebraska | 9,800,524 | |||||||
|
|
|
|||||||
| New Jersey — 1.3% | ||||||||
| State — 1.3% | ||||||||
| Garden State Preservation Trust, RB, Series A, 5.75%, 11/01/28 |
10,000 | 10,731,876 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in New Jersey | 10,731,876 | |||||||
|
|
|
|||||||
| New York — 8.5% | ||||||||
| County/City/Special District/School District — 2.5% | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
| Series D-1, 5.25%, 11/01/43 |
12,040 | 13,768,558 | ||||||
| Series D-1, 5.50%, 11/01/45 5,900 6,841,066 |
| |||||||
|
|
|
|||||||
| 20,609,624 | ||||||||
| Education — 1.2% | ||||||||
| New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41 |
9,795 | 10,383,536 | ||||||
|
|
|
|||||||
| State — 3.5% | ||||||||
| New York State Urban Development Corp., Refunding RB |
||||||||
| 5.00%, 03/15/41 |
7,790 | 8,798,615 | ||||||
| 5.00%, 03/15/43 |
10,000 | 11,197,836 | ||||||
| 5.00%, 03/15/44 |
8,280 | 9,242,089 | ||||||
|
|
|
|||||||
| 29,238,540 | ||||||||
| Transportation — 1.3% | ||||||||
| Triborough Bridge & Tunnel Authority, RB, Senior Lien, Sustainability Bonds, Series D-2, 5.25%, 05/15/47 |
9,810 | 11,061,351 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in New York | 71,293,051 | |||||||
|
|
|
|||||||
| Ohio — 1.8% | ||||||||
| Education — 1.8% | ||||||||
| University of Cincinnati, RB, Series A, 5.00%, 06/01/45 . |
15,025 | 15,512,283 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Ohio | 15,512,283 | |||||||
|
|
|
|||||||
| Texas — 1.2% | ||||||||
| Transportation — 1.2% | ||||||||
| Dallas Area Rapid Transit, Refunding RB, Senior Lien, Series B, 5.00%, 12/01/47 |
9,480 | 10,259,540 | ||||||
|
|
|
|||||||
| Total Municipal Bonds in Texas | 10,259,540 | |||||||
|
|
|
|||||||
| Washington — 5.0% | ||||||||
| County/City/Special District/School District — 1.7% | ||||||||
| State of Washington, GO, Series A-3, 5.00%, 08/01/47 |
13,395 | 14,726,255 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Transportation — 3.3% | ||||||||
| Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/43 |
$ | 15,500 | $ | 15,870,317 | ||||
| Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47 |
10,665 | 11,580,517 | ||||||
|
|
|
|||||||
| 27,450,834 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds in Washington | 42,177,089 | |||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% |
277,417,212 | |||||||
|
|
|
|||||||
| Total Long-Term Investments — 156.0% |
1,315,261,079 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 0.7% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(f)(g) |
5,915,151 | 5,915,742 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 0.7% |
5,915,742 | |||||||
|
|
|
|||||||
| Total Investments — 156.7% |
1,321,176,821 | |||||||
| Other Assets Less Liabilities — 1.4% |
11,861,700 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.9)% |
|
(133,920,499 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (42.2)% |
(356,137,977 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
$ | 842,980,045 | ||||||
|
|
|
|||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Zero-coupon bond. |
| (d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| 70 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/24 |
Shares Held at 01/31/24 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 9,536,835 | $ | — | $ | (3,623,262 | )(a) | $ | 1,578 | $ | 591 | $ | 5,915,742 | 5,915,151 | $ | 427,443 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
||||||||||||||||
| Investments |
||||||||||||||||
| Long-Term Investments |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 1,037,843,867 | $ | — | $ | 1,037,843,867 | ||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 277,417,212 | — | 277,417,212 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
5,915,742 | — | — | 5,915,742 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 5,915,742 | $ | 1,315,261,079 | $ | — | $ | 1,321,176,821 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Liabilities |
||||||||||||||||
| TOB Trust Certificates |
$ | — | $ | (132,763,095 | ) | $ | — | $ | (132,763,095 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (489,163,095 | ) | $ | — | $ | (489,163,095 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| S C H E D U L E O F I N V E S T M E N T S |
71 |
Statements of Assets and Liabilities (unaudited)
January 31, 2024
| BTA | MUA | MUI | MYD | |||||||||||||
|
|
||||||||||||||||
| ASSETS |
||||||||||||||||
| Investments, at value — unaffiliated(a) |
$ | 216,480,546 | $ | 575,103,028 | $ | 1,542,169,749 | $ | 851,240,664 | ||||||||
| Investments, at value — affiliated(b) |
3,270,858 | 33,457,421 | 21,001,661 | 5,292,158 | ||||||||||||
| Cash |
1,769,565 | 3,995,294 | — | 7,926,658 | ||||||||||||
| Cash pledged for futures contracts |
— | — | — | 553,000 | ||||||||||||
| Receivables: |
||||||||||||||||
| Investments sold |
884,033 | 233,933 | 9,014,916 | — | ||||||||||||
| TOB Trust |
— | — | — | 3,810,184 | ||||||||||||
| Dividends — affiliated |
10,289 | 101,169 | 85,515 | 6,196 | ||||||||||||
| Interest — unaffiliated |
2,231,365 | 5,793,023 | 14,919,938 | 9,076,480 | ||||||||||||
| Unfunded commitments |
— | 4,516,898 | — | — | ||||||||||||
| Deferred offering costs |
— | 61,500 | — | — | ||||||||||||
| Prepaid expenses |
13,436 | 150,133 | 179,053 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total assets |
224,660,092 | 623,412,399 | 1,587,370,832 | 877,905,340 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| ACCRUED LIABILITIES |
||||||||||||||||
| Bank overdraft |
— | — | 15,650 | — | ||||||||||||
| Payables: |
||||||||||||||||
| Investments purchased |
1,746,577 | 2,113,271 | 6,610,769 | 10,579,041 | ||||||||||||
| Accounting services fees |
7,709 | 26,433 | 48,734 | 32,233 | ||||||||||||
| Custodian fees |
901 | 2,035 | 4,392 | 2,669 | ||||||||||||
| Income dividend distributions — Common Shares |
584,635 | 2,133,749 | 3,959,568 | 2,401,009 | ||||||||||||
| Interest expense and fees |
45,592 | 38,956 | 301,849 | 437,269 | ||||||||||||
| Investment advisory fees |
118,118 | 283,674 | 729,851 | 363,631 | ||||||||||||
| Offering costs |
— | 51,633 | — | — | ||||||||||||
| Directors’ and Officer’s fees |
22,685 | 1,581 | 530,413 | 301,849 | ||||||||||||
| Other accrued expenses |
8,056 | 29,774 | 55,872 | 16,847 | ||||||||||||
| Professional fees |
25,848 | 61,245 | 38,424 | 48,805 | ||||||||||||
| Transfer agent fees |
8,279 | 23,357 | 1,272 | 24,508 | ||||||||||||
| Variation margin on futures contracts |
— | — | — | 189,245 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total accrued liabilities |
2,568,400 | 4,765,708 | 12,296,794 | 14,397,106 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| OTHER LIABILITIES |
||||||||||||||||
| TOB Trust Certificates |
6,218,595 | 4,500,000 | 51,489,875 | 51,338,092 | ||||||||||||
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering |
75,676,232 | 174,937,276 | 561,403,586 | 251,128,294 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other liabilities |
81,894,827 | 179,437,276 | 612,893,461 | 302,466,386 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
84,463,227 | 184,202,984 | 625,190,255 | 316,863,492 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Commitments and contingent liabilities |
||||||||||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 140,196,865 | $ | 439,209,415 | $ | 962,180,577 | $ | 561,041,848 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||||||||||
| Paid-in capital(f)(g)(h) |
$ | 156,197,951 | $ | 514,130,562 | $ | 1,034,023,456 | $ | 611,402,261 | ||||||||
| Accumulated loss |
(16,001,086 | ) | (74,921,147 | ) | (71,842,879 | ) | (50,360,413 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 140,196,865 | $ | 439,209,415 | $ | 962,180,577 | $ | 561,041,848 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net asset value per Common Share |
$ | 10.43 | $ | 11.42 | $ | 13.37 | $ | 12.27 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) Investments, at cost — unaffiliated |
$ | 219,701,464 | $ | 612,072,704 | $ | 1,495,163,747 | $ | 818,789,982 | ||||||||
| (b) Investments, at cost — affiliated |
$ | 3,270,530 | $ | 33,449,258 | $ | 20,999,548 | $ | 5,291,985 | ||||||||
| (c) Preferred Shares outstanding |
760 | 1,750 | 5,617 | 2,514 | ||||||||||||
| (d) Preferred Shares authorized |
Unlimited | 1,750 | 18,417 | 16,234 | ||||||||||||
| (e) Par value per Preferred Share |
$ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
| (f) Common Shares outstanding |
13,439,892 | 38,445,935 | 71,992,145 | 45,733,511 | ||||||||||||
| (g) Common Shares authorized |
Unlimited | 199,998,250 | 199,981,583 | 199,983,766 | ||||||||||||
| (h) Par value per Common Share |
$ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
See notes to financial statements.
| 72 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2024
| MQY | MYI | |||||||
|
|
||||||||
| ASSETS |
||||||||
| Investments, at value — unaffiliated(a) |
$ | 1,447,589,504 | $ | 1,315,261,079 | ||||
| Investments, at value — affiliated(b) |
23,077,841 | 5,915,742 | ||||||
| Receivables: |
||||||||
| Investments sold |
3,513,254 | 2,788,151 | ||||||
| Dividends — affiliated |
68,899 | 27,253 | ||||||
| Interest — unaffiliated |
13,448,660 | 13,590,898 | ||||||
| Prepaid expenses |
987,387 | 294,997 | ||||||
|
|
|
|
|
|||||
| Total assets |
1,488,685,545 | 1,337,878,120 | ||||||
|
|
|
|
|
|||||
| ACCRUED LIABILITIES |
||||||||
| Bank overdraft |
1,662 | — | ||||||
| Payables: |
||||||||
| Investments purchased |
7,728,995 | — | ||||||
| Accounting services fees |
46,304 | 44,189 | ||||||
| Custodian fees |
4,249 | 3,464 | ||||||
| Income dividend distributions — Common Shares |
4,166,350 | 3,688,932 | ||||||
| Interest expense and fees |
515,339 | 1,157,404 | ||||||
| Investment advisory fees |
621,237 | 563,149 | ||||||
| Directors’ and Officer’s fees |
265,058 | 436,619 | ||||||
| Other accrued expenses |
12,138 | 6,127 | ||||||
| Professional fees |
57,519 | 67,588 | ||||||
| Transfer agent fees |
36,311 | 29,531 | ||||||
|
|
|
|
|
|||||
| Total accrued liabilities |
13,455,162 | 5,997,003 | ||||||
|
|
|
|
|
|||||
| OTHER LIABILITIES |
||||||||
| TOB Trust Certificates |
67,413,610 | 132,763,095 | ||||||
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
450,271,496 | 356,137,977 | ||||||
|
|
|
|
|
|||||
| Total other liabilities |
517,685,106 | 488,901,072 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
531,140,268 | 494,898,075 | ||||||
|
|
|
|
|
|||||
| Commitments and contingent liabilities |
||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 957,545,277 | $ | 842,980,045 | ||||
|
|
|
|
|
|||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||
| Paid-in capital(f)(g)(h) |
$ | 1,025,358,015 | $ | 867,393,928 | ||||
| Accumulated loss |
(67,812,738 | ) | (24,413,883 | ) | ||||
|
|
|
|
|
|||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 957,545,277 | $ | 842,980,045 | ||||
|
|
|
|
|
|||||
| Net asset value per Common Share |
$ | 13.33 | $ | 12.68 | ||||
|
|
|
|
|
|||||
| (a) Investments, at cost — unaffiliated |
$ | 1,395,371,056 | $ | 1,259,684,081 | ||||
| (b) Investments, at cost — affiliated |
$ | 23,075,533 | $ | 5,914,882 | ||||
| (c) Preferred Shares outstanding |
4,503 | 3,564 | ||||||
| (d) Preferred Shares authorized |
14,503 | 26,364 | ||||||
| (e) Par value per Preferred Share |
$ | 0.10 | $ | 0.10 | ||||
| (f) Common Shares outstanding |
71,833,617 | 66,467,251 | ||||||
| (g) Common Shares authorized |
199,985,497 | 199,973,636 | ||||||
| (h) Par value per Common Share |
$ | 0.10 | $ | 0.10 | ||||
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
73 |
Statements of Operations (unaudited)
Six Months Ended January 31, 2024
| BTA | MUA | MUI | MYD | |||||||||||||
|
|
||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||
| Dividends — affiliated |
$ | 93,235 | $ | 890,431 | $ | 546,493 | $ | 159,628 | ||||||||
| Interest — unaffiliated |
5,271,247 | 14,385,590 | 33,643,920 | 18,845,551 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total investment income |
5,364,482 | 15,276,021 | 34,190,413 | 19,005,179 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EXPENSES |
||||||||||||||||
| Investment advisory |
671,947 | 1,662,910 | 4,275,163 | 2,057,616 | ||||||||||||
| Professional |
31,136 | 248,706 | 34,566 | 32,130 | ||||||||||||
| Accounting services |
14,402 | 48,691 | 90,672 | 58,874 | ||||||||||||
| Transfer agent |
13,420 | 26,110 | 41,900 | 24,528 | ||||||||||||
| Printing and postage |
9,045 | 10,471 | 10,248 | 7,056 | ||||||||||||
| Directors and Officer |
6,355 | 13,584 | 63,282 | 36,795 | ||||||||||||
| Registration |
4,230 | 4,972 | 19,689 | 8,175 | ||||||||||||
| Liquidity fees |
3,900 | 8,981 | 28,826 | 12,902 | ||||||||||||
| Remarketing fees on Preferred Shares |
3,830 | 8,818 | 28,303 | 12,667 | ||||||||||||
| Custodian |
1,257 | 3,385 | 8,959 | 4,794 | ||||||||||||
| Miscellaneous |
50,553 | 6,698 | 114,274 | 34,951 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses excluding interest expense, fees and amortization of offering costs |
810,075 | 2,043,326 | 4,715,882 | 2,290,488 | ||||||||||||
| Interest expense, fees and amortization of offering costs(a) |
1,855,101 | 4,156,929 | 13,771,422 | 6,239,823 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
2,665,176 | 6,200,255 | 18,487,304 | 8,530,311 | ||||||||||||
| Less: |
||||||||||||||||
| Fees waived and/or reimbursed by the Manager |
(2,659 | ) | (25,640 | ) | (16,081 | ) | (4,500 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses after fees waived and/or reimbursed |
2,662,517 | 6,174,615 | 18,471,223 | 8,525,811 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment income |
2,701,965 | 9,101,406 | 15,719,190 | 10,479,368 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments — unaffiliated |
(2,219,548 | ) | (3,754,606 | ) | (20,640,478 | ) | (16,302,373 | ) | ||||||||
| Investments — affiliated |
1,926 | 4,812 | 2,671 | 48 | ||||||||||||
| Futures contracts |
— | — | (2,269,716 | ) | (1,780,278 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (2,217,622 | ) | (3,749,794 | ) | (22,907,523 | ) | (18,082,603 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments — unaffiliated |
3,944,580 | 5,698,767 | 32,387,240 | 24,061,652 | ||||||||||||
| Investments — affiliated |
(1,390 | ) | 1,484 | 2,187 | 750 | |||||||||||
| Futures contracts |
— | — | 137,766 | (885,422 | ) | |||||||||||
| Unfunded commitments |
— | 4,516,898 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 3,943,190 | 10,217,149 | 32,527,193 | 23,176,980 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain |
1,725,568 | 6,467,355 | 9,619,670 | 5,094,377 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 4,427,533 | $ | 15,568,761 | $ | 25,338,860 | $ | 15,573,745 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
(a) Related to TOB Trusts and/or VRDP Shares.
See notes to financial statements.
| 74 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended January 31, 2024
| MQY | MYI | |||||||
|
|
||||||||
| INVESTMENT INCOME |
||||||||
| Dividends — affiliated |
$ | 637,642 | $ | 427,443 | ||||
| Interest — unaffiliated |
32,037,420 | 29,098,817 | ||||||
|
|
|
|
|
|||||
| Total investment income |
32,675,062 | 29,526,260 | ||||||
|
|
|
|
|
|||||
| EXPENSES |
||||||||
| Investment advisory |
3,576,161 | 3,299,048 | ||||||
| Accounting services |
85,045 | 81,471 | ||||||
| Professional |
52,587 | 33,605 | ||||||
| Directors and Officer |
45,744 | 53,494 | ||||||
| Transfer agent |
34,892 | 29,945 | ||||||
| Registration |
11,994 | 11,874 | ||||||
| Custodian |
8,665 | 6,397 | ||||||
| Printing and postage |
8,173 | 5,543 | ||||||
| Reorganization |
— | 58,228 | ||||||
| Miscellaneous |
36,329 | 36,532 | ||||||
|
|
|
|
|
|||||
| Total expenses excluding interest expense, fees and amortization of offering costs |
3,859,590 | 3,616,137 | ||||||
| Interest expense, fees and amortization of offering costs(a) |
10,951,910 | 10,995,260 | ||||||
|
|
|
|
|
|||||
| Total expenses |
14,811,500 | 14,611,397 | ||||||
| Less: |
||||||||
| Fees waived and/or reimbursed by the Manager |
(18,387 | ) | (11,871 | ) | ||||
|
|
|
|
|
|||||
| Total expenses after fees waived and/or reimbursed |
14,793,113 | 14,599,526 | ||||||
|
|
|
|
|
|||||
| Net investment income |
17,881,949 | 14,926,734 | ||||||
|
|
|
|
|
|||||
| REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
| Net realized gain (loss) from: |
||||||||
| Investments — unaffiliated |
(24,018,873 | ) | (11,880,590 | ) | ||||
| Investments — affiliated |
4,054 | 1,578 | ||||||
| Futures contracts |
(2,253,277 | ) | — | |||||
| Payment by affiliate |
6,492 | — | ||||||
|
|
|
|
|
|||||
| (26,261,604 | ) | (11,879,012 | ) | |||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments — unaffiliated |
34,896,856 | 24,076,632 | ||||||
| Investments — affiliated |
2,308 | 591 | ||||||
| Futures contracts |
132,259 | — | ||||||
|
|
|
|
|
|||||
| 35,031,423 | 24,077,223 | |||||||
|
|
|
|
|
|||||
| Net realized and unrealized gain |
8,769,819 | 12,198,211 | ||||||
|
|
|
|
|
|||||
| NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 26,651,768 | $ | 27,124,945 | ||||
|
|
|
|
|
|||||
(a) Related to TOB Trusts and/or VRDP Shares.
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
75 |
Statements of Changes in Net Assets
| BTA | MUA | ||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 |
Year Ended | Six Months Ended 01/31/24 |
|
Year Ended | ||||||||||||||||||||||
| (unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | ||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|||||||||||||||||||||||||||
| OPERATIONS |
|||||||||||||||||||||||||||
| Net investment income |
$ | 2,701,965 | $ | 6,196,804 | $ | 9,101,406 | $ | 19,154,015 | |||||||||||||||||||
| Net realized loss |
(2,217,622 | ) | (6,220,202 | ) | (3,749,794 | ) | (35,435,819 | ) | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) |
3,943,190 | (3,345,748 | ) | 10,217,149 | (4,876,064 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
4,427,533 | (3,369,146 | ) | 15,568,761 | (21,157,868 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
|||||||||||||||||||||||||||
| From net investment income |
(3,518,429 | )(b) | (7,268,272 | ) | (10,590,780 | )(b) | (25,968,802 | ) | |||||||||||||||||||
| Return of capital |
— | (209,790 | ) | — | (1,169,737 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Decrease in net assets resulting from distributions to Common Shareholders |
(3,518,429 | ) | (7,478,062 | ) | (10,590,780 | ) | (27,138,539 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
|||||||||||||||||||||||||||
| Net proceeds from the issuance of common shares |
— | — | — | 2,613,331 | |||||||||||||||||||||||
| Reinvestment of common distributions |
— | 21,507 | — | 164,753 | |||||||||||||||||||||||
| Redemption of shares resulting from share repurchase program (including transaction costs) |
— | — | (1,967,553 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| Net increase (decrease) in net assets derived from capital share transactions |
— | 21,507 | (1,967,553 | ) | 2,778,084 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|||||||||||||||||||||||||||
| Total increase (decrease) in net assets applicable to Common Shareholders |
909,104 | (10,825,701 | ) | 3,010,428 | (45,518,323 | ) | |||||||||||||||||||||
| Beginning of period |
139,287,761 | 150,113,462 | 436,198,987 | 481,717,310 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| End of period |
$ | 140,196,865 | $ | 139,287,761 | $ | 439,209,415 | $ | 436,198,987 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
| (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.
| 76 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
| MUI | MYD | |||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 |
Year Ended | |
Six Months Ended 01/31/24 |
Year Ended | |||||||||||||||||||||||||
| (unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | |||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||
| Net investment income |
$ | 15,719,190 | $ | 33,844,144 | $ | 10,479,368 | $ | 21,558,465 | ||||||||||||||||||||||
| Net realized loss |
(22,907,523 | ) | (64,092,887 | ) | (18,082,603 | ) | (52,231,134 | ) | ||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) |
32,527,193 | 32,869,472 | 23,176,980 | 25,113,042 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
25,338,860 | 2,620,729 | 15,573,745 | (5,559,627 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||
| From net investment income |
(17,796,662 | )(b) | (33,052,457 | ) | (11,548,765 | )(b) | (19,721,917 | ) | ||||||||||||||||||||||
| Return of capital |
— | (1,302,207 | ) | — | (3,240,481 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Decrease in net assets resulting from distributions to Common Shareholders |
(17,796,662 | ) | (34,354,664 | ) | (11,548,765 | ) | (22,962,398 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||
| Redemption of shares resulting from share repurchase program (including transaction costs) |
(9,262,292 | ) | (11,621,508 | ) | (6,452,972 | ) | (5,377,139 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||||
| Total decrease in net assets applicable to Common Shareholders |
(1,720,094 | ) | (43,355,443 | ) | (2,427,992 | ) | (33,899,164 | ) | ||||||||||||||||||||||
| Beginning of period |
963,900,671 | 1,007,256,114 | 563,469,840 | 597,369,004 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| End of period |
$ | 962,180,577 | $ | 963,900,671 | $ | 561,041,848 | $ | 563,469,840 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
77 |
Statements of Changes in Net Assets (continued)
| MQY | MYI | |||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 |
Year Ended | |
Six Months Ended 01/31/24 |
Year Ended | |||||||||||||||||||||||||
| (unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | |||||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||
| Net investment income |
$ | 17,881,949 | $ | 39,270,737 | $ | 14,926,734 | $ | 31,942,555 | ||||||||||||||||||||||
| Net realized loss |
(26,261,604 | ) | (60,013,625 | ) | (11,879,012 | ) | (52,345,163 | ) | ||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) |
35,031,423 | 12,038,614 | 24,077,223 | 17,845,170 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
26,651,768 | (8,704,274 | ) | 27,124,945 | (2,557,438 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||
| From net investment income |
(20,933,294 | )(b) | (37,256,010 | ) | (18,258,659 | )(b) | (34,274,769 | ) | ||||||||||||||||||||||
| Return of capital |
— | (4,119,807 | ) | — | (328,022 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Decrease in net assets resulting from distributions to Common Shareholders |
(20,933,294 | ) | (41,375,817 | ) | (18,258,659 | ) | (34,602,791 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||
| Redemption of shares resulting from share repurchase program (including transaction costs) |
(8,490,029 | ) | (7,063,733 | ) | (10,490,104 | ) | (7,043,454 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||||||||
| Total decrease in net assets applicable to Common Shareholders |
(2,771,555 | ) | (57,143,824 | ) | (1,623,818 | ) | (44,203,683 | ) | ||||||||||||||||||||||
| Beginning of period |
960,316,832 | 1,017,460,656 | 844,603,863 | 888,807,546 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| End of period |
$ | 957,545,277 | $ | 960,316,832 | $ | 842,980,045 | $ | 844,603,863 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
| (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.
| 78 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Cash Flows (unaudited)
Six Months Ended January 31, 2024
| BTA | MUA | MUI | MYD | |||||||||||||
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 4,427,533 | $ | 15,568,761 | $ | 25,338,860 | $ | 15,573,745 | ||||||||
| 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 |
28,458,030 | 42,486,678 | 466,819,009 | 231,113,189 | ||||||||||||
| Purchases of long-term investments |
(30,927,755 | ) | (69,437,132 | ) | (443,581,602 | ) | (265,174,067 | ) | ||||||||
| Net proceeds from sales of short-term securities |
9,318,269 | 40,411,039 | 15,791,821 | 19,920,496 | ||||||||||||
| Amortization of premium and accretion of discount on investments and other fees |
(300,216 | ) | (1,522,636 | ) | 1,506,565 | (451,692 | ) | |||||||||
| Net realized loss on investments |
2,217,622 | 3,749,794 | 20,637,807 | 16,302,325 | ||||||||||||
| Net unrealized appreciation on investments |
(3,943,190 | ) | (10,217,149 | ) | (32,389,427 | ) | (24,062,402 | ) | ||||||||
| (Increase) Decrease in Assets |
||||||||||||||||
| Receivables |
||||||||||||||||
| Dividends — affiliated |
19,236 | 74,077 | (11,959 | ) | 40,438 | |||||||||||
| Interest — unaffiliated |
40,610 | (81,593 | ) | 358,282 | (1,079,799 | ) | ||||||||||
| Prepaid expenses |
32,249 | (29,638 | ) | 7,103 | 2,537 | |||||||||||
| Increase (Decrease) in Liabilities |
||||||||||||||||
| Payables |
||||||||||||||||
| Accounting services fees |
(4,640 | ) | (14,372 | ) | (26,020 | ) | (17,955 | ) | ||||||||
| Custodian fees |
(958 | ) | (1,557 | ) | (3,136 | ) | (2,358 | ) | ||||||||
| Interest expense and fees |
(56,468 | ) | (46,079 | ) | (227,423 | ) | 278,861 | |||||||||
| Investment advisory fees |
799 | (316 | ) | (19,839 | ) | 12,172 | ||||||||||
| Directors’ and Officer’s fees |
(2,763 | ) | (895 | ) | (68,174 | ) | (39,595 | ) | ||||||||
| Other accrued expenses |
(1,149 | ) | 1,972 | 33,986 | 4,265 | |||||||||||
| Professional fees |
(32,633 | ) | (11,916 | ) | (53,952 | ) | (43,196 | ) | ||||||||
| Proxy fees |
— | — | (163,243 | ) | — | |||||||||||
| Transfer agent fees |
(3,404 | ) | (2,679 | ) | (11,085 | ) | (992 | ) | ||||||||
| Variation margin on futures contracts |
— | — | (75,594 | ) | 189,245 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by (used for) operating activities |
9,241,172 | 20,926,359 | 53,861,979 | (7,434,783 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||||||
| Cash dividends paid to Common Shareholders |
(2,941,628 | ) | (8,539,869 | ) | (13,980,663 | ) | (9,241,052 | ) | ||||||||
| Payments for offering costs |
— | (437 | ) | — | — | |||||||||||
| Repayments of TOB Trust Certificates |
(6,833,059 | ) | (6,396,731 | ) | (38,941,072 | ) | (8,865,463 | ) | ||||||||
| Net payments on Common Shares redeemed |
— | (1,967,553 | ) | (9,524,721 | ) | (6,599,514 | ) | |||||||||
| Proceeds from TOB Trust Certificates |
2,295,000 | — | 7,800,000 | 40,682,911 | ||||||||||||
| Decrease in bank overdraft |
— | (29,231 | ) | (106,966 | ) | (70,513 | ) | |||||||||
| Amortization of deferred offering costs |
8,080 | 2,756 | 8,443 | 8,072 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by (used for) for financing activities |
(7,471,607 | ) | (16,931,065 | ) | (54,744,979 | ) | 15,914,441 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| CASH |
||||||||||||||||
| Net increase (decrease) in restricted and unrestricted cash |
1,769,565 | 3,995,294 | (883,000 | ) | 8,479,658 | |||||||||||
| Restricted and unrestricted cash at beginning of period |
— | — | 883,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Restricted and unrestricted cash at end of period |
$ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 8,479,658 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION |
||||||||||||||||
| Cash paid during the period for interest expense |
$ | 1,903,489 | $ | 4,200,252 | $ | 13,990,402 | $ | 5,952,890 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||||||
| Cash |
$ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 7,926,658 | ||||||||
| Cash pledged |
||||||||||||||||
| Futures contracts |
— | — | — | 553,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 8,479,658 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| F I N A N C I A L S T A T E M E N T S |
79 |
Statements of Cash Flows (unaudited) (continued)
Six Months Ended January 31, 2024
| MQY | MYI | |||||||
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||
| Net increase in net assets resulting from operations |
$ | 26,651,768 | $ | 27,124,945 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
||||||||
| Proceeds from sales of long-term investments |
393,999,834 | 273,599,462 | ||||||
| Purchases of long-term investments |
(388,284,131 | ) | (229,820,969 | ) | ||||
| Net proceeds from sales (purchases) of short-term securities |
(6,711,075 | ) | 3,623,262 | |||||
| Amortization of premium and accretion of discount on investments and other fees |
(1,283,581 | ) | (782,605 | ) | ||||
| Net realized loss on investments |
23,996,173 | 11,870,051 | ||||||
| Net unrealized appreciation on investments |
(34,899,164 | ) | (24,077,223 | ) | ||||
| (Increase) Decrease in Assets |
||||||||
| Receivables |
||||||||
| Dividends — affiliated |
(18,907 | ) | 11,198 | |||||
| Interest — unaffiliated |
(432,759 | ) | 326,860 | |||||
| Prepaid expenses |
49,673 | (3,926 | ) | |||||
| Increase (Decrease) in Liabilities |
||||||||
| Payables |
||||||||
| Accounting services fees |
(25,084 | ) | (23,820 | ) | ||||
| Custodian fees |
(3,015 | ) | (2,638 | ) | ||||
| Interest expense and fees |
7,997 | (213,965 | ) | |||||
| Investment advisory fees |
(82 | ) | (16,887 | ) | ||||
| Directors’ and Officer’s fees |
(24,242 | ) | (57,221 | ) | ||||
| Other accrued expenses |
(1,647 | ) | (2,389 | ) | ||||
| Professional fees |
(32,739 | ) | (48,827 | ) | ||||
| Transfer agent fees |
(1,930 | ) | (3,734 | ) | ||||
| Variation margin on futures contracts |
(73,716 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
12,913,373 | 61,501,574 | ||||||
|
|
|
|
|
|||||
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||
| Cash dividends paid to Common Shareholders |
(16,949,873 | ) | (14,723,391 | ) | ||||
| Repayments of TOB Trust Certificates |
(16,839,457 | ) | (35,811,123 | ) | ||||
| Net payments on Common Shares redeemed |
(8,848,824 | ) | (10,811,026 | ) | ||||
| Proceeds from TOB Trust Certificates |
28,995,610 | — | ||||||
| Decrease in bank overdraft |
(161,469 | ) | (170,887 | ) | ||||
| Amortization of deferred offering costs |
29,640 | 14,853 | ||||||
|
|
|
|
|
|||||
| Net cash used for financing activities |
(13,774,373 | ) | (61,501,574 | ) | ||||
|
|
|
|
|
|||||
| CASH |
||||||||
| Net decrease in restricted and unrestricted cash |
(861,000 | ) | — | |||||
| Restricted and unrestricted cash at beginning of period |
861,000 | — | ||||||
|
|
|
|
|
|||||
| Restricted and unrestricted cash at end of period |
$ | — | $ | — | ||||
|
|
|
|
|
|||||
| SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION |
||||||||
| Cash paid during the period for interest expense |
$ | 10,914,273 | $ | 11,194,372 | ||||
|
|
|
|
|
|||||
See notes to financial statements.
| 80 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
| BTA | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from to 07/31/22 |
Year Ended 04/30/22 |
Year Ended 04/30/21 |
Year Ended 04/30/20 |
Year Ended 04/30/19 |
||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 10.36 | $ | 11.17 | $ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | $ | 12.28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net investment income(a) |
0.20 | 0.46 | 0.15 | 0.65 | 0.67 | 0.60 | 0.62 | |||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.13 | (0.71 | ) | 0.08 | (2.21 | ) | 2.05 | (1.26 | ) | 0.20 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net increase (decrease) from investment operations |
0.33 | (0.25 | ) | 0.23 | (1.56 | ) | 2.72 | (0.66 | ) | 0.82 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||
| From net investment income |
(0.26 | )(c) | (0.54 | ) | (0.16 | ) | (0.65 | ) | (0.61 | ) | (0.61 | ) | (0.63 | ) | ||||||||||||||||||
| Return of capital |
— | (0.02 | ) | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total distributions to Common Shareholders |
(0.26 | ) | (0.56 | ) | (0.16 | ) | (0.65 | ) | (0.61 | ) | (0.61 | ) | (0.63 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net asset value, end of period |
$ | 10.43 | $ | 10.36 | $ | 11.17 | $ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Market price, end of period |
$ | 10.34 | $ | 9.71 | $ | 12.10 | $ | 10.43 | $ | 13.20 | $ | 10.92 | $ | 11.88 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Return Applicable to Common Shareholders(d) |
||||||||||||||||||||||||||||||||
| Based on net asset value |
3.43 | %(e) | (1.84 | )% | 2.11 | %(e) | (12.33 | )% | 24.80 | % | (5.70 | )% | 7.34 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Based on market price |
9.40 | %(e) | (15.07 | )% | 17.71 | %(e) | (16.93 | )% | 26.94 | % | (3.49 | )% | 12.12 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(f) |
||||||||||||||||||||||||||||||||
| Total expenses |
3.97 | %(g) | 3.50 | % | 2.31 | %(g)(h) | 1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
3.96 | %(g) | 3.49 | % | 2.31 | %(g)(h) | 1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |
1.20 | %(g) | 1.17 | % | 1.16 | %(g)(h) | 1.15 | % | 1.14 | % | 1.13 | % | 1.13 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net investment income to Common Shareholders |
4.02 | %(g) | 4.47 | % | 5.49 | %(g) | 4.95 | % | 5.32 | % | 4.71 | % | 5.11 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 140,197 | $ | 139,288 | $ | 150,113 | $ | 149,157 | $ | 178,752 | $ | 150,344 | $ | 167,431 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 270,516 | (k) | $ | 260,549 | (k) | $ | 239,633 | (k) | $ | 296,259 | (l) | $ | 335,200 | (l) | $ | 297,821 | (l) | $ | 320,304 | (l) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| TOB Trust Certificates, end of period (000) |
$ | 6,219 | $ | 10,757 | $ | 31,506 | $ | 31,735 | $ | 38,607 | $ | 36,908 | $ | 34,595 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$ | 35,712 | $ | 20,983 | $ | 8,166 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Portfolio turnover rate |
14 | % | 20 | % | 8 | % | 17 | % | 27 | % | 34 | % | 31 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | Based on average Common Shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (e) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.40%, 2.39% and 1.24%, respectively. |
| (i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Year Ended 04/30/21 |
Year Ended 04/30/20 |
Year Ended 04/30/19 |
||||||||||||||||||||||||||
| Expense ratios |
1.19 | % | 1.16 | % | 1.15 | % | 1.14 | % | 1.13 | % | 1.12 | % | 1.12 | % | ||||||||||||||||||
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| (k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| F I N A N C I A L H I G H L I G H T S |
81 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| 82 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| MUA | ||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Year Ended 04/30/21 |
Year Ended 04/30/20 |
Year Ended 04/30/19 |
||||||||||||||||||||||||||
| Net asset value, beginning of period |
$ | 11.28 | $ | 12.53 | $ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | $ | 14.01 | ||||||||||||||||||
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|||||||||||||||||||
| Net investment income(a) |
0.24 | 0.50 | 0.15 | 0.57 | 0.62 | 0.63 | 0.67 | |||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.17 | (1.04 | ) | 0.10 | (2.20 | ) | 1.96 | (1.29 | ) | 0.12 | ||||||||||||||||||||||
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| Net increase (decrease) from investment operations |
0.41 | (0.54 | ) | 0.25 | (1.63 | ) | 2.58 | (0.66 | ) | 0.79 | ||||||||||||||||||||||
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|||||||||||||||||||
| Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||
| From net investment income |
(0.27 | )(c) | (0.50 | ) | (0.14 | ) | (0.58 | ) | (0.64 | ) | (0.63 | ) | (0.66 | ) | ||||||||||||||||||
| From net realized gain |
— | (0.18 | ) | — | (0.14 | ) | — | (0.02 | ) | — | ||||||||||||||||||||||
| Return of capital |
— | (0.03 | ) | — | — | — | — | — | ||||||||||||||||||||||||
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|||||||||||||||||||
| Total distributions to Common Shareholders |
(0.27 | ) | (0.71 | ) | (0.14 | ) | (0.72 | ) | (0.64 | ) | (0.65 | ) | (0.66 | ) | ||||||||||||||||||
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| Net asset value, end of period |
$ | 11.42 | $ | 11.28 | $ | 12.53 | $ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | ||||||||||||||||||
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| Market price, end of period |
$ | 10.91 | $ | 10.24 | $ | 12.55 | $ | 11.90 | $ | 15.26 | $ | 12.48 | $ | 14.98 | ||||||||||||||||||
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|||||||||||||||||||
| Total Return Applicable to Common Shareholders(d) |
||||||||||||||||||||||||||||||||
| Based on net asset value |
4.05 | %(e) | (3.85 | )% | 2.00 | %(e) | (11.63 | )% | 20.41 | % | (5.03 | )% | 5.97 | % | ||||||||||||||||||
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|||||||||||||||||||
| Based on market price |
9.50 | %(e) | (12.86 | )% | 6.63 | %(e) | (18.05 | )% | 27.89 | % | (12.80 | )% | 19.07 | % | ||||||||||||||||||
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|||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(f) |
||||||||||||||||||||||||||||||||
| Total expenses |
2.93 | %(g) | 2.58 | % | 1.67 | %(g)(h) | 0.98 | % | 0.81 | % | 0.98 | % | 1.01 | % | ||||||||||||||||||
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|||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
2.92 | %(g) | 2.57 | % | 1.67 | %(g)(h) | 0.98 | % | 0.80 | % | 0.98 | % | 1.01 | % | ||||||||||||||||||
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|||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |
0.95 | %(g) | 0.89 | % | 0.88 | %(g)(h) | 0.77 | % | 0.71 | % | 0.69 | % | 0.70 | % | ||||||||||||||||||
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|
|||||||||||||||||||
| Net investment income to Common Shareholders |
4.31 | %(g) | 4.33 | % | 4.75 | %(g) | 3.90 | % | 4.39 | % | 4.43 | % | 4.77 | % | ||||||||||||||||||
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|||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 439,209 | $ | 436,199 | $ | 481,717 | $ | 475,526 | $ | 552,373 | $ | 463,431 | $ | 509,645 | ||||||||||||||||||
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| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 175,000 | $ | 175,000 | $ | 175,000 | $ | 175,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
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|||||||||||||||||||
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 344,685 | (k) | $ | 334,645 | (k) | $ | 321,536 | (k) | $ | 371,729 | (l) | $ | — | $ | — | $ | — | ||||||||||||||
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|||||||||||||||||||
| TOB Trust Certificates, end of period (000) |
$ | 4,500 | $ | 10,897 | $ | 42,444 | $ | 41,712 | $ | 68,781 | $ | 69,232 | $ | 71,659 | ||||||||||||||||||
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| Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$ | 137,477 | $ | 57,083 | $ | 16,471 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
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|||||||||||||||||||
| Portfolio turnover rate |
8 | % | 21 | % | 5 | % | 24 | % | 19 | % | 21 | % | 19 | % | ||||||||||||||||||
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|||||||||||||||||||
| (a) | Based on average Common Shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (e) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.69%, 1.69% and 0.90%, respectively. |
| (i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Year Ended 04/30/21 |
Year Ended 04/30/20 |
|||||||||||||||||||||||
| Expense ratios |
0.94 | % | 0.88 | % | 0.87 | % | 0.77 | % | 0.71 | % | — | % | ||||||||||||||||
|
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|||||||||||||||||
| (k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| F I N A N C I A L H I G H L I G H T S |
83 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| 84 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| MUI | ||||||||||||||||||||||||||||||||||||||||
| |
Six Months Ended |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.23 | $ | 13.64 | $ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | $ | 14.93 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Net investment income(a) |
0.22 | 0.46 | 0.14 | 0.56 | 0.64 | 0.56 | 0.56 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.17 | (0.40 | ) | 0.21 | (2.57 | ) | 1.48 | (0.81 | ) | 0.47 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
0.39 | 0.06 | 0.35 | (2.01 | ) | 2.12 | (0.25 | ) | 1.03 | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||||||||||
| From net investment income |
(0.25 | )(c) | (0.45 | ) | (0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.53 | ) | ||||||||||||||||||||||||||
| From net realized gain |
— | — | — | — | — | — | (0.03 | ) | ||||||||||||||||||||||||||||||||
| Return of capital |
— | (0.02 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Total distributions to Common Shareholders |
(0.25 | ) | (0.47 | ) | (0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.56 | ) | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 13.37 | $ | 13.23 | $ | 13.64 | $ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | ||||||||||||||||||||||||||
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| Market price, end of period |
$ | 11.65 | $ | 11.47 | $ | 12.44 | $ | 12.26 | $ | 15.09 | $ | 13.13 | $ | 13.85 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Total Return Applicable to Common Shareholders(d) |
||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
3.32 | %(e) | 1.05 | % | 2.73 | %(e) | (12.79 | )% | 15.08 | % | (1.41 | )% | 7.68 | % | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Based on market price |
3.84 | %(e) | (3.95 | )% | 2.79 | %(e) | (15.13 | )% | 20.02 | % | (1.56 | )% | 11.13 | % | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(f) |
||||||||||||||||||||||||||||||||||||||||
| Total expenses |
3.99 | %(g) | 3.46 | %(h) | 2.25 | %(g)(i) | 1.67 | %(j) | 1.58 | % | 2.31 | % | 2.63 | % | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
3.98 | %(g) | 3.45 | %(h) | 2.25 | %(g)(i) | 1.67 | %(j) | 1.58 | % | 2.31 | % | 2.63 | % | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(k)(l) |
1.01 | %(g) | 1.03 | %(h) | 1.07 | %(g)(i) | 1.02 | %(j) | 0.98 | % | 0.97 | % | 1.01 | % | ||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
| Net investment income to Common Shareholders |
3.39 | %(g) | 3.54 | % | 4.06 | %(g) | 3.63 | % | 4.05 | % | 3.59 | % | 3.73 | % | ||||||||||||||||||||||||||
|
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|||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 962,181 | $ | 963,901 | $ | 1,007,256 | $ | 993,657 | $ | 617,032 | $ | 559,934 | $ | 589,887 | ||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 561,700 | $ | 561,700 | $ | 561,700 | $ | 561,700 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 256,914 | (m) | $ | 249,597 | (m) | $ | 237,229 | (m) | $ | 276,902 | (n) | $ | — | $ | — | $ | — | ||||||||||||||||||||||
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|||||||||||||||||||||||||||
| VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | — | $ | — | $ | — | $ | — | $ | 287,100 | $ | 287,100 | $ | 287,100 | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | — | $ | — | $ | — | $ | — | $ | 314,919 | (n) | $ | 295,031 | (n) | $ | 305,464 | (n) | |||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| TOB Trust Certificates, end of period (000) |
$ | 51,490 | $ | 82,631 | $ | 172,298 | $ | 180,858 | $ | 93,069 | $ | 92,014 | $ | 93,421 | ||||||||||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||||||||||||
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(o) |
$ | 30,590 | $ | 19,459 | $ | 10,104 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
| Portfolio turnover rate |
29 | % | 47 | % | 14 | % | 25 | % | 13 | % | 20 | % | 24 | % | ||||||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||||||||||
| (a) | Based on average Common Shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (e) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs, would have been 3.43%, 3.42% and 1.00%, respectively. |
| (i) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.27%, 2.27% and 1.08%, respectively. |
| (j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.62%, 1.61% and 0.96%, respectively. |
| F I N A N C I A L H I G H L I G H T S |
85 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (k) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (l) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||||||||||
| Expense ratios |
1.00 | % | 1.02 | % | 1.06 | % | 1.02 | % | 0.98 | % | — | % | — | % | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| (m) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (n) | Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP/VMTP Shares, and by multiplying the results by 100,000. |
| (o) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| 86 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| MYD | ||||||||||||||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.14 | $ | 12.73 | $ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | $ | 14.38 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Net investment income(a) |
0.23 | 0.46 | 0.14 | 0.64 | 0.69 | 0.66 | 0.73 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.56 | ) | 0.12 | (2.63 | ) | 1.86 | (1.16 | ) | 0.17 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
0.38 | (0.10 | ) | 0.26 | (1.99 | ) | 2.55 | (0.50 | ) | 0.90 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||||||||||
| From net investment income |
(0.25 | )(c) | (0.42 | ) | (0.15 | ) | (0.65 | ) | (0.67 | ) | (0.68 | ) | (0.72 | ) | ||||||||||||||||||||||||||
| Return of capital |
— | (0.07 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Total distributions to Common Shareholders |
(0.25 | ) | (0.49 | ) | (0.15 | ) | (0.65 | ) | (0.67 | ) | (0.68 | ) | (0.72 | ) | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 12.27 | $ | 12.14 | $ | 12.73 | $ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Market price, end of period |
$ | 10.70 | $ | 10.50 | $ | 11.72 | $ | 11.43 | $ | 14.62 | $ | 12.29 | $ | 14.15 | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Total Return Applicable to Common Shareholders(d) |
||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
3.60 | %(e) | (0.08 | )% | 2.21 | %(e) | (13.39 | )% | 19.61 | % | (3.66 | )% | 6.80 | % | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Based on market price |
4.45 | %(e) | (6.13 | )% | 3.90 | %(e) | (18.13 | )% | 24.76 | % | (8.94 | )% | 13.76 | % | ||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(f) |
||||||||||||||||||||||||||||||||||||||||
| Total expenses |
3.16 | %(g) | 2.75 | % | 1.87 | %(g)(h) | 1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | ||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
3.16 | %(g) | 2.75 | % | 1.87 | %(g)(h) | 1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |
0.85 | %(g) | 0.85 | % | 0.89 | %(g)(h) | 0.86 | % | 0.87 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||||||||||
| Net investment income to Common Shareholders |
3.88 | %(g) | 3.86 | % | 4.47 | %(g) | 4.26 | % | 4.66 | % | 4.49 | % | 5.10 | % | ||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 561,042 | $ | 563,470 | $ | 597,369 | $ | 592,131 | $ | 715,876 | $ | 627,798 | $ | 682,832 | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 285,323 | (k) | $ | 310,951 | (k) | $ | 262,525 | (k) | $ | 335,533 | (l) | $ | 384,756 | (l) | $ | 349,719 | (l) | $ | 371,612 | (l) | |||||||||||||||||||
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|||||||||||||||||||||||||||
| TOB Trust Certificates, end of period (000) |
$ | 51,338 | $ | 15,710 | $ | 116,156 | $ | 137,078 | $ | 145,316 | $ | 147,785 | $ | 136,925 | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) . |
$ | 16,820 | $ | 52,852 | $ | 8,305 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||||||||
| Portfolio turnover rate |
29 | % | 46 | % | 4 | % | 14 | % | 14 | % | 19 | % | 17 | % | ||||||||||||||||||||||||||
|
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|||||||||||||||||||||||||||
| (a) | Based on average Common Shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (e) | Not annualized. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Annualized. |
| (h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.89%, 1.89% and 0.91%, respectively |
| (i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||
| Expense ratios |
0.84 | % | 0.84 | % | 0.88 | % | 0.85 | % | 0.86 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| F I N A N C I A L H I G H L I G H T S |
87 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| (l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| 88 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| MQY | ||||||||||||||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||||||||||
| Net asset value, beginning of period |
$ | 13.22 | $ | 13.89 | $ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | $ | 15.22 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Net investment income(a) |
0.25 | 0.54 | 0.16 | 0.72 | 0.75 | 0.67 | 0.69 | |||||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.15 | (0.64 | ) | 0.17 | (2.79 | ) | 1.80 | (0.91 | ) | 0.47 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Net increase (decrease) from investment operations |
0.40 | (0.10 | ) | 0.33 | (2.07 | ) | 2.55 | (0.24 | ) | 1.16 | ||||||||||||||||||||||||||||||
|
|
|
|
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|
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|
|
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|
|
|
|
|||||||||||||||||||||||||||
| Distributions to Common Shareholders(b) |
||||||||||||||||||||||||||||||||||||||||
| From net investment income |
(0.29 | )(c) | (0.51 | ) | (0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.69 | ) | ||||||||||||||||||||||||||
| From net realized gain |
— | — | — | — | — | — | (0.02 | ) | ||||||||||||||||||||||||||||||||
| Return of capital |
— | (0.06 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Total distributions to Common Shareholders |
(0.29 | ) | (0.57 | ) | (0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.71 | ) | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Net asset value, end of period |
$ | 13.33 | $ | 13.22 | $ | 13.89 | $ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | ||||||||||||||||||||||||||
|
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|
|
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|
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|
|||||||||||||||||||||||||||
| Market price, end of period |
$ | 12.16 | $ | 11.86 | $ | 13.12 | $ | 12.80 | $ | 15.92 | $ | 13.88 | $ | 13.99 | ||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||
| Total Return Applicable to Common Shareholders(d) |
||||||||||||||||||||||||||||||||||||||||
| Based on net asset value |
|
3.44 |
%(e)(f) |
(0.11 | )% | 2.44 | %(f) | (12.93 | )% | 17.56 | % | (1.44 | )% | 8.42 | % | |||||||||||||||||||||||||
|
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|
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|
|
|||||||||||||||||||||||||||
| Based on market price |
5.18 | %(f) | (5.12 | )% | 3.86 | %(f) | (15.58 | )% | 20.35 | % | 3.60 | % | 6.53 | % | ||||||||||||||||||||||||||
|
|
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|
|
|
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|
|
|||||||||||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(g) |
||||||||||||||||||||||||||||||||||||||||
| Total expenses |
3.21 | %(h) | 2.85 | % | 1.90 | %(h)(i) | 1.33 | % | 1.48 | %(j) | 2.20 | % | 2.48 | % | ||||||||||||||||||||||||||
|
|
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|
|
|
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|
|
|
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|
|
|
|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
3.21 | %(h) | 2.85 | % | 1.90 | %(h)(i) | 1.33 | % | 1.47 | %(j) | 2.20 | % | 2.48 | % | ||||||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(k)(l) |
0.83 | %(h) | 0.86 | % | 0.89 | %(h)(i) | 0.85 | % | 0.95 | %(j) | 0.90 | % | 0.93 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Net investment income to Common Shareholders |
3.88 | %(h) | 4.11 | % | 4.84 | %(h) | 4.45 | % | 4.64 | % | 4.15 | % | 4.55 | % | ||||||||||||||||||||||||||
|
|
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|
|||||||||||||||||||||||||||
| Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 957,545 | $ | 960,317 | $ | 1,017,461 | $ | 1,006,613 | $ | 1,212,632 | $ | 454,276 | $ | 481,212 | ||||||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 176,600 | $ | 176,600 | ||||||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 284,956 | (m) | $ | 289,952 | (m) | $ | 253,932 | (m) | $ | 323,543 | (n) | $ | 369,294 | (n) | $ | 357,235 | (n) | $ | 372,487 | (n) | |||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||||||||||||
| TOB Trust Certificates, end of period (000) |
$ | 67,414 | $ | 55,257 | $ | 210,679 | $ | 230,928 | $ | 268,075 | $ | 129,475 | $ | 134,198 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(o) |
$ | 21,883 | $ | 26,527 | $ | 7,966 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Portfolio turnover rate |
28 | % | 37 | % | 8 | % | 17 | % | 8 | % | 18 | % | 21 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (f) | Not annualized. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Annualized. |
| (i) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.92%, 1.92% and 0.92%, respectively. |
| (j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.42%, 1.41% and 0.90%, respectively. |
| (k) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (l) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| F I N A N C I A L H I G H L I G H T S |
89 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Period from 05/01/22 to 07/31/22 |
|
|
Year Ended 04/30/22 |
|
|
Year Ended 04/30/21 |
|
|
Year Ended 04/30/20 |
|
|
Year Ended 04/30/19 |
| ||||||||||||
| Expense ratios |
0.83 | % | 0.86 | % | 0.89 | % | 0.85 | % | 0.94 | % | 0.90 | % | 0.93 | % | ||||||||||||||||||
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| (m) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (n) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (o) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| 90 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| MYI | |||||||||||||||||||||||||||||||||||
| |
Six Months Ended 01/31/24 (unaudited) |
|
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Year Ended 07/31/23 |
|
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Year Ended 07/31/22 |
|
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Year Ended 07/31/21 |
|
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Year Ended 07/31/20 |
|
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Year Ended 07/31/19 |
| ||||||||||||||||||
| Net asset value, beginning of period |
$ | 12.51 | $ | 13.04 | $ | 15.64 | $ | 15.03 | $ | 14.81 | $ | 13.98 | |||||||||||||||||||||||
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| Net investment income(a) |
0.22 | 0.47 | 0.60 | 0.64 | 0.58 | 0.58 | |||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.22 | (0.49 | ) | (2.58 | ) | 0.57 | 0.17 | 0.85 | |||||||||||||||||||||||||||
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| Net increase (decrease) from investment operations |
0.44 | (0.02 | ) | (1.98 | ) | 1.21 | 0.75 | 1.43 | |||||||||||||||||||||||||||
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| Distributions to Common Shareholders(b) |
|||||||||||||||||||||||||||||||||||
| From net investment income |
(0.27 | )(c) | (0.51 | ) | (0.62 | ) | (0.60 | ) | (0.53 | ) | (0.60 | ) | |||||||||||||||||||||||
| Return of capital |
— | (0.00 | )(d) | — | — | — | — | ||||||||||||||||||||||||||||
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||||||||||||||||||||||||
| Total distributions to Common Shareholders |
(0.27 | ) | (0.51 | ) | (0.62 | ) | (0.60 | ) | (0.53 | ) | (0.60 | ) | |||||||||||||||||||||||
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| Net asset value, end of period |
$ | 12.68 | $ | 12.51 | $ | 13.04 | $ | 15.64 | $ | 15.03 | $ | 14.81 | |||||||||||||||||||||||
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|
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| Market price, end of period |
$ | 11.28 | $ | 11.13 | $ | 12.24 | $ | 15.12 | $ | 13.55 | $ | 13.44 | |||||||||||||||||||||||
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||||||||||||||||||||||||
| Total Return Applicable to Common Shareholders(e) |
|||||||||||||||||||||||||||||||||||
| Based on net asset value |
3.97 | %(f) | 0.48 | % | (12.66 | )% | 8.55 | % | 5.61 | % | 11.11 | % | |||||||||||||||||||||||
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|
||||||||||||||||||||||||
| Based on market price |
3.96 | %(f) | (4.76 | )% | (15.20 | )% | 16.40 | % | 4.92 | % | 13.13 | % | |||||||||||||||||||||||
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|
||||||||||||||||||||||||
| Ratios to Average Net Assets Applicable to Common Shareholders(g) |
|||||||||||||||||||||||||||||||||||
| Total expenses |
3.60 | %(h) | 3.15 | % | 1.55 | % | 1.37 | % | 1.95 | % | 2.40 | % | |||||||||||||||||||||||
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|
||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed |
3.59 | %(h) | 3.15 | % | 1.55 | % | 1.37 | % | 1.95 | % | 2.40 | % | |||||||||||||||||||||||
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|
||||||||||||||||||||||||
| Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |
0.89 | %(h) | 0.89 | % | 1.14 | % | 1.15 | % | 1.12 | % | 1.03 | % | |||||||||||||||||||||||
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|
||||||||||||||||||||||||
| Net investment income to Common Shareholders |
3.67 | %(h) | 3.80 | % | 4.18 | % | 4.22 | % | 3.93 | % | 4.16 | % | |||||||||||||||||||||||
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||||||||||||||||||||||||
| Supplemental Data |
|||||||||||||||||||||||||||||||||||
| Net assets applicable to Common Shareholders, end of period (000) |
$ | 842,980 | $ | 844,604 | $ | 888,808 | $ | 1,066,013 | $ | 1,024,515 | $ | 1,009,375 | |||||||||||||||||||||||
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| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | |||||||||||||||||||||||
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| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 272,331 | (k) | $ | 260,885 | (k) | $ | 248,593 | (k) | $ | 399,106 | (l) | $ | 387,462 | (l) | $ | 383,214 | (l) | |||||||||||||||||
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| TOB Trust Certificates, end of period (000) |
$ | 132,763 | $ | 168,574 | $ | 241,747 | $ | 239,177 | $ | 233,968 | $ | 246,471 | |||||||||||||||||||||||
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||||||||||||||||||||||||
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$ | 10,032 | $ | 8,123 | $ | 6,150 | N/A | N/A | N/A | ||||||||||||||||||||||||||
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| Portfolio turnover rate |
18 | % | 49 | % | 15 | % | 5 | % | 18 | % | 23 | % | |||||||||||||||||||||||
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| (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) | Amount is less than $0.005 per share. |
| (e) | 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. |
| (f) | Not annualized. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Annualized. |
| (i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| |
Six Months Ended 01/31/24 (unaudited) |
|
|
Year Ended 07/31/23 |
|
|
Year Ended 07/31/22 |
|
|
Year Ended 07/31/21 |
|
|
Year Ended 07/31/20 |
|
|
Year Ended 07/31/19 |
| |||||||||||
| Expense ratios |
0.89 | % | 0.89 | % | 0.86 | % | 0.85 | % | 0.86 | % | 1.03 | % | ||||||||||||||||
|
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|||||||||||||||||
| (k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
| (m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
| F I N A N C I A L H I G H L I G H T S |
91 |
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 “Funds”, or individually as a “Fund”:
| Fund Name | Herein Referred To As | Organized | Diversification Classification |
|||||||||
| BlackRock Long-Term Municipal Advantage Trust |
BTA | Delaware | Diversified | |||||||||
| BlackRock MuniAssets Fund, Inc. |
MUA | Maryland | Diversified | |||||||||
| BlackRock Municipal Income Fund, Inc. |
MUI | Maryland | Diversified | |||||||||
| BlackRock MuniYield Fund, Inc. |
MYD | Maryland | Diversified | |||||||||
| BlackRock MuniYield Quality Fund, Inc. |
MQY | Maryland | Diversified | |||||||||
| BlackRock MuniYield Quality Fund III, Inc. |
MYI | Maryland | Diversified | |||||||||
The Boards of Directors and Board of Trustees of the Funds are collectively referred to throughout this report as the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
On October 30, 2023, the Board of Directors of MYI and the Board of Directors/Trustees of each of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), BlackRock MuniYield Pennsylvania Quality Fund (MPA), BlackRock Virginia Municipal Bond Trust (BHV) and BlackRock Investment Quality Municipal Trust, Inc. (BKN) (collectively, the “Target Funds”) announced the withdrawal of merger proposals that were previously approved by the Boards pursuant to which each of the Target Funds would have been merged into MYI, with MYI continuing as the surviving Fund. While the Board of Directors believe that the mergers would have benefited shareholders for the reasons discussed in the proxy statement, it was determined that the proxy solicitation process and associated costs would be more burdensome and expensive as a result of opposition from an activist shareholder, making the mergers no longer in the best interests of each Fund’s shareholders.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Distributions to Preferred Shareholders are accrued and determined as described in Note 10.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
| 92 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| • | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
| • | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
| • | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
| Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
| Market approach |
(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; | |
| (ii) recapitalizations and other transactions across the capital structure; and | ||
| (iii) market multiples of comparable issuers. | ||
| Income approach |
(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; | |
| (ii) quoted prices for similar investments or assets in active markets; and | ||
| (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | ||
| Cost approach |
(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; | |
| (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | ||
| (iii) relevant news and other public sources; and | ||
| (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. | ||
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as
deemed appropriate
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
93 |
Notes to Financial Statements (unaudited) (continued)
under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. | SECURITIES AND OTHER INVESTMENTS |
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded commitments:
| Fund Name | Investment Name |
Par | Commitment Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| MUA |
Bond Forward | $ | 20,907,575 | $ | 20,907,575 | $ | 25,424,473 | $ | 4,516,898 | |||||||||||
|
|
|
|||||||||||||||||||
| $ | 4,516,898 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Municipal BondsTransferred toTOBTrusts: The Funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third-party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds 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.
| 94 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.
While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. MUA, MYD, MQY and MYI management believes that a fund’s restrictions on borrowings do not apply to the Funds’ TOB Trust transactions. Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.
Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:
|
|
||||||||||||||||
| Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||||||||||
|
|
||||||||||||||||
| BTA |
$ | 134,237 | $ | 14,506 | $ | 6,945 | $ | 155,688 | ||||||||
| MUA |
106,933 | 13,379 | 3,815 | 124,127 | ||||||||||||
| MUI |
1,119,241 | 115,346 | 36,865 | 1,271,452 | ||||||||||||
| MYD |
554,596 | 66,575 | 20,339 | 641,510 | ||||||||||||
| MQY |
966,003 | 108,511 | 34,994 | 1,109,508 | ||||||||||||
| MYI |
2,658,893 | 287,470 | 78,151 | 3,024,514 | ||||||||||||
|
|
||||||||||||||||
For the six months ended January 31, 2024, the following table is a summary of each Fund’s TOB Trusts:
| Fund Name |
|
Underlying Municipal Bonds Transferred to TOB Trusts |
(a) |
|
Liability for TOB Trust Certificates |
(b) |
|
Range of Interest Rates on TOB Trust Certificates at Period End |
|
|
Average TOB Trust Certificates Outstanding |
|
|
Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
| |||||
| BTA |
$ | 11,226,375 | $ | 6,218,595 | 4.58% — 4.85 | % | $ | 7,398,416 | 4.19 | % | ||||||||||
| MUA |
8,557,986 | 4,500,000 | 4.58 — 4.58 | 5,907,803 | 4.18 | |||||||||||||||
| MUI |
95,689,456 | 51,489,875 | 4.58 — 4.85 | 61,264,506 | 4.13 | |||||||||||||||
| MYD |
96,618,164 | 51,338,092 | 4.58 — 4.58 | 32,681,387 | 3.90 | |||||||||||||||
| MQY |
139,485,924 | 67,413,610 | 4.58 — 4.69 | 55,054,907 | 4.01 | |||||||||||||||
| MYI |
277,417,212 | 132,763,095 | 4.55 — 4.70 | 146,901,106 | 4.10 |
| (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 Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
| (b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024. |
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
95 |
Notes to Financial Statements (unaudited) (continued)
Futures contracts are exchange-traded agreements between the Funds 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 Funds 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 Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
| 6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ 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 Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund, except BTA and MUI, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
|
|
||||||||||||||||
| MUA | MYD | MQY | MYI | |||||||||||||
|
|
||||||||||||||||
| Investment advisory fees |
0.55 | % | 0.50 | % | 0.50 | % | 0.50% | |||||||||
|
|
||||||||||||||||
For such services, BTA pays the Manager a monthly fee of 1.00% at an annual rate equal to a percentage of the average weekly value of the Fund’s net assets.
For such services, MUI pays the Manager a monthly fee of 0.55% of (i) the average daily value of MUI’s net assets and (ii) the proceeds of any outstanding debt securities and borrowings used for leverage.
For purposes of calculating these fees, with respect to each Fund other than BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV.
For purposes of calculating this fee, with respect to BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).
Distribution Fees: MUA has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of MUA’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of MUA’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended January 31, 2024 amounted to $0.
Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived were as follows:
|
|
||||
| Fund Name | Fees Waived and/or Reimbursed by the Manager |
|||
|
|
||||
| BTA |
$ | 2,659 | ||
| MUA |
25,640 | |||
| MUI |
16,081 | |||
| MYD |
4,500 | |||
| MQY |
18,387 | |||
| MYI |
11,871 | |||
|
|
||||
The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended January 31, 2024, there were no fees waived by the Manager pursuant to this arrangement.
Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
| 96 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: During the period ended January 31, 2024, MQY received a reimbursement of $6,492, from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.
| 7. | PURCHASES AND SALES |
For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:
|
|
||||||||
| Fund Name | Purchases | Sales | ||||||
|
|
||||||||
| BTA |
$ | 32,674,332 | $ | 29,332,148 | ||||
| MUA |
71,540,236 | 42,138,066 | ||||||
| MUI |
436,064,051 | 475,354,094 | ||||||
| MYD |
266,214,675 | 231,113,189 | ||||||
| MQY |
383,581,113 | 397,076,719 | ||||||
| MYI |
226,956,266 | 275,826,348 | ||||||
|
|
||||||||
| 8. | INCOME TAX INFORMATION |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| Fund Name | Non-Expiring Capital Loss Carryforwards(a) | |||
| BTA |
$ | (9,842,900 | ) | |
| MUA |
(37,435,486 | ) | ||
| MUI |
(92,753,418 | ) | ||
| MYD |
(62,042,247 | ) | ||
| MQY |
(90,538,839 | ) | ||
| MYI |
(64,501,068 | ) | ||
|
|
||||
| (a) | Amounts available to offset future realized capital gains. |
As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
|
||||||||||||||||
| Fund Name | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
| BTA |
$ | 216,586,475 | $ | 6,406,625 | $ | (9,460,291 | ) | $ | (3,053,666 | ) | ||||||
| MUA |
640,405,201 | 17,405,030 | (53,749,782 | ) | (36,344,752 | ) | ||||||||||
| MUI |
1,465,143,506 | 56,620,779 | (10,082,750 | ) | 46,538,029 | |||||||||||
| MYD |
772,781,603 | 40,257,641 | (8,729,936 | ) | 31,527,705 | |||||||||||
| MQY |
1,350,777,695 | 66,519,391 | (14,043,352 | ) | 52,476,039 | |||||||||||
| MYI |
1,132,554,376 | 65,129,070 | (9,269,720 | ) | 55,859,350 | |||||||||||
|
|
||||||||||||||||
| 9. | PRINCIPAL RISKS |
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
97 |
Notes to Financial Statements (unaudited) (continued)
A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.
As short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.
The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.
Illiquidity Risk: Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
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 Funds 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 Fund 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 Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
| 98 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
| 10. | CAPITAL SHARE TRANSACTIONS |
Each Fund, except for BTA, is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BTA is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for each Fund’s Common Shares is $0.10, except for BTA, which is $0.001. The par value for MYI Preferred Shares outstanding is $0.10. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
|
|
||||||||
| Fund Name | Six Months Ended 01/31/24 |
Year Ended 07/31/23 |
||||||
|
|
||||||||
| BTA |
— | 2,033 | ||||||
| MUA |
— | 13,454 | ||||||
|
|
||||||||
For the six months ended January 31, 2024, shares issued and outstanding remained constant for BTA.
The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts. For the six months ended January 31, 2024 and year ended July 31, 2023, BTA did not repurchase any shares. For the year ended July 31, 2023, MUA did not repurchase any shares.
The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:
|
|
||||||||
| MUA | ||||||||
| Shares | Amounts | |||||||
|
|
||||||||
| Six Months Ended January 31, 2024 |
217,660 | $ | 1,967,553 | |||||
|
|
||||||||
|
|
||||||||
| MUI | ||||||||
| Shares | Amounts | |||||||
|
|
||||||||
| Six Months Ended January 31, 2024 |
875,847 | $ | 9,262,292 | |||||
| Year Ended July 31, 2023 |
1,002,979 | 11,621,508 | ||||||
|
|
||||||||
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
99 |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||
| MYD | ||||||||
| Shares | Amounts | |||||||
|
|
||||||||
| Six Months Ended January 31, 2024 |
676,815 | $ | 6,452,972 | |||||
| Year Ended July 31, 2023 |
509,369 | 5,377,139 | ||||||
|
|
||||||||
|
|
||||||||
| MQY | ||||||||
| Shares | Amounts | |||||||
|
|
||||||||
| Six Months Ended January 31, 2024 |
799,712 | $ | 8,490,029 | |||||
| Year Ended July 31, 2023 |
609,349 | 7,063,733 | ||||||
|
|
||||||||
|
|
||||||||
| MYI | ||||||||
| Shares | Amounts | |||||||
|
|
||||||||
| Six Months Ended January 31, 2024 |
1,038,509 | $ | 10,490,104 | |||||
| Year Ended July 31, 2023 |
644,921 | 7,043,454 | ||||||
|
|
||||||||
MUA has filed a prospectus with the SEC allowing it to issue an additional 5,500,000 Common Shares through a Shelf Offering. Under the Shelf Offering, MUA, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,767,963 Common Shares remain available for issuance under the Shelf Offering. For the period ended January 31, 2024, Common Shares issued and outstanding under the Shelf Offering remained constant. See Additional Information - Shelf Offering Program for additional information.
Initial costs incurred by MUA in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
Preferred Shares
A Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.
Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
VRDP Shares
The Funds (for purposes of this section, each a “VRDP Fund”) have issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:
|
|
||||||||||||||||
| Fund Name | Issue Date |
Shares Issued |
Aggregate Principal |
Maturity Date |
||||||||||||
|
|
||||||||||||||||
| BTA |
10/29/15 | 760 | $ | 76,000,000 | 11/01/45 | |||||||||||
| MUA |
12/15/21 | 1,750 | 175,000,000 | 12/15/51 | ||||||||||||
| MUI |
04/07/22 | 2,871 | 287,100,000 | 04/07/52 | ||||||||||||
| 04/11/22 | 2,746 | 274,600,000 | 04/07/52 | |||||||||||||
| MYD |
06/30/11 | 2,514 | 251,400,000 | 07/01/41 | ||||||||||||
| MQY |
09/15/11 | 1,766 | 176,600,000 | 10/01/41 | ||||||||||||
| 04/19/21 | 2,737 | 273,700,000 | 10/01/41 | |||||||||||||
| MYI |
05/19/11 | 3,564 | 356,400,000 | 06/01/41 | ||||||||||||
|
|
||||||||||||||||
Redemption Terms: A VRDP Fund 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 Fund is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, a VRDP Fund 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 Fund. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.
| 100 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:
|
|
||||||||||||||||||||||||
| BTA | MUA | MUI | MYD | MQY | MYI | |||||||||||||||||||
|
|
||||||||||||||||||||||||
| Expiration date |
11/30/24 | 04/30/24 | 11/30/24 | 11/30/24 | 07/04/24 | 07/07/24 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
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 Fund is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.
Remarketing: A VRDP Fund 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 Fund may incur nominal or no remarketing fees.
Ratings: As of period end, the VRDP Shares were assigned the following ratings:
|
|
||||||||
| Fund Name | Moody’s Investors Service, Inc. Long-Term Ratings |
Fitch Ratings, Inc. Long-Term Ratings |
||||||
|
|
||||||||
| BTA |
Aa2 | A | ||||||
| MUA |
Aa2 | N/A | ||||||
| MUI |
Aa1 | AA | ||||||
| MYD |
Aa1 | AA | ||||||
| MQY |
Aa1 | AA | ||||||
| MYI |
Aa1 | AA | ||||||
|
|
||||||||
Special Rate Period: A VRDP Fund has commenced 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. As of period end, the following VRDP Funds have commenced/are set to commence a special rate period:
|
|
||||||||
| Fund Name | Commencement Date |
Expiration Date as of Period Ended 01/31/24 |
||||||
|
|
||||||||
| BTA |
10/29/15 | 11/15/24 | ||||||
| MUA |
12/15/21 | 04/15/24 | ||||||
| MUI |
04/07/22 | 11/15/24 | ||||||
| MYD |
04/17/14 | 11/15/24 | ||||||
| MQY |
10/22/15 | 06/19/24 | ||||||
| MYI |
06/22/22 | 06/19/24 | ||||||
|
|
||||||||
Prior to the expiration date, the VRDP Fund 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 Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund 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 Fund 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 Fund 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.
For the six months ended January 31, 2024, the annualized dividend rate for the VRDP Shares were as follows:
| BTA | MUA | MUI | MYD | MQY | MYI | |||||||||||||||||||
| Dividend rates |
4.43 | % | 4.58 | % | 4.42 | % | 4.42 | % | 4.32 | % | 4.44 | % | ||||||||||||
For the six months ended January 31, 2024, VRDP Shares issued and outstanding of each VRDP Fund remained constant.
| N O T E S T O F I N A N C I A L S T A T E M E N T S |
101 |
Notes to Financial Statements (unaudited) (continued)
Offering Costs: The Funds incurred costs in connection with the issuance of VRDP 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 Shares with the exception of any upfront fees paid by a VRDP Fund 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 Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP 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 Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:
|
|
||||||||
| Fund Name | Dividends Accrued | Deferred Offering Costs Amortization |
||||||
|
|
||||||||
| BTA |
$ | 1,691,333 | $ | 8,080 | ||||
| MUA |
4,029,663 | 2,756 | ||||||
| MUI |
12,490,268 | 8,443 | ||||||
| MYD |
5,590,083 | 8,072 | ||||||
| MQY |
9,788,976 | 29,640 | ||||||
| MYI |
7,955,723 | 14,853 | ||||||
|
|
||||||||
| 11. | SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Funds declared and paid or will pay distributions to Common Shareholders as follows:
|
|
||||||||||||||||
| Fund Name | Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
|
|
||||||||||||||||
| BTA |
11/14/23 | 01/12/24 | 02/01/24 | $ | 0.043500 | |||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.043500 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.043500 | |||||||||||||
| MUA |
11/14/23 | 01/12/24 | 02/01/24 | 0.055500 | ||||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.055500 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.055500 | |||||||||||||
| MUI |
11/14/23 | 01/12/24 | 02/01/24 | 0.055000 | ||||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.055000 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.055000 | |||||||||||||
| MYD |
11/14/23 | 01/12/24 | 02/01/24 | 0.052500 | ||||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.052500 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.052500 | |||||||||||||
| MQY |
11/14/23 | 01/12/24 | 02/01/24 | 0.058000 | ||||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.058000 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.058000 | |||||||||||||
| MYI |
11/14/23 | 01/12/24 | 02/01/24 | 0.055500 | ||||||||||||
| 11/14/23 | 02/15/24 | 03/01/24 | 0.055500 | |||||||||||||
| 03/01/24 | 03/15/24 | 04/01/24 | 0.055500 | |||||||||||||
|
|
||||||||||||||||
The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:
|
|
||||||||||||
| Preferred Shares(a) | ||||||||||||
| Fund Name | Shares | Series | Declared | |||||||||
|
|
||||||||||||
| BTA |
VRDP | W-7 | $ | 258,919 | ||||||||
| MUA |
VRDP | W-7 | 614,221 | |||||||||
| MUI |
VRDP | W-7 | 1,913,617 | |||||||||
| MYD |
VRDP | W-7 | 856,477 | |||||||||
| MQY |
VRDP | W-7 | 1,498,416 | |||||||||
| MYI |
VRDP | W-7 | 1,219,842 | |||||||||
|
|
||||||||||||
| (a) | Dividends declared for period February 1, 2024 to February 29, 2024. |
| 102 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Certification
The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including a return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
The Funds, other than MUA, do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.
MUA’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since July 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for MUA only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for MUA only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including for MUA only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.
| A D D I T I O N A L I N F O R M A T I O N |
103 |
Additional Information (continued)
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, MUA may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, MUA may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above MUA’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow MUA to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
On August 26, 2021, MUA filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of MUA are not offers to sell MUA Common Shares or solicitations of an offer to buy MUA Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of MUA contains important information about the Fund, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of MUA carefully and in its entirety before investing. Copies of the final prospectus for MUA can be obtained from BlackRock at blackrock.com.
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.
Fund and Service Providers
| Investment Adviser | Transfer Agent | |
| BlackRock Advisors, LLC |
Computershare Trust Company, N.A. | |
| Wilmington, DE 19809 |
Canton, MA 02021 | |
| Accounting Agent and Custodian | VRDP Liquidity Provider | |
| State Street Bank and Trust Company |
Bank of America, N.A.(a) | |
| Boston, MA 02114 |
New York, NY 10036 | |
| 104 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Additional Information (continued)
Fund and Service Providers (continued)
| The Toronto-Dominion Bank(b) |
VRDP Tender and Paying Agent | |
| New York, NY 10019 |
The Bank of New York Mellon | |
| New York, NY 10286 | ||
| Wells Fargo Bank, N.A.(c) |
||
| San Francisco, CA 94104 |
Independent Registered Public Accounting Firm | |
| Deloitte & Touche LLP | ||
| VRDP Remarketing Agent | Boston, MA 02116 | |
| BofA Securities, Inc.(a) |
||
| New York, NY 10036 |
Legal Counsel | |
| Willkie Farr & Gallagher LLP | ||
| TD Securities (USA) LLC(b) |
New York, NY 10019 | |
| New York, NY 10019 |
||
| Address of the Funds | ||
| Wells Fargo Securities, LLC(c) |
100 Bellevue Parkway | |
| Charlotte, NC 28202 |
Wilmington, DE 19809 | |
| (a) For BTA, MUA, MUI and MYD. |
||
| (b) For MYI. |
||
| (c) For MQY. |
||
| A D D I T I O N A L I N F O R M A T I O N |
105 |
Glossary of Terms Used in this Report
Portfolio Abbreviation
| AGC | Assured Guaranty Corp. | |
| AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate | |
| AGM | Assured Guaranty Municipal Corp. | |
| AGM-CR | AGM Insured Custodial Receipt | |
| AMBAC | AMBAC Assurance Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAB | Build America Bond | |
| BAM | Build America Mutual Assurance Co. | |
| BAM-TCRS | Build America Mutual Assurance Co. - Transferable Custodial Receipts | |
| BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| CR | Custodian Receipt | |
| FGIC | Financial Guaranty Insurance Co. | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| GNMA | Government National Mortgage Association | |
| GO | General Obligation Bonds | |
| GTD | GTD Guaranteed | |
| M/F | Multi-Family | |
| NPFGC | National Public Finance Guarantee Corp. | |
| NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond Certificate | |
| PSF | Permanent School Fund | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| SAN | State Aid Notes | |
| SAP | Subject to Appropriations | |
| SAW | State Aid Withholding | |
| SONYMA | State of New York Mortgage Agency | |
| ST | Special Tax | |
| TA | Tax Allocation | |
| 106 | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.
CEMYMA-01/24-SAR
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(b) Not Applicable
| Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
| Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
| Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
| Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report |
| Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
| Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – |
(a) Not applicable to this semi-annual report.
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
| Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – 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 to this semi-annual report |
| Item 13 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
| Item 14 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Long-Term Municipal Advantage Trust
| By: |
/s/ John M. Perlowski | |||
| John M. Perlowski | ||||
| Chief Executive Officer (principal executive officer) of | ||||
| BlackRock Long-Term Municipal Advantage Trust |
Date: November 22, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: |
/s/ John M. Perlowski | |||
| John M. Perlowski | ||||
| Chief Executive Officer (principal executive officer) of | ||||
| BlackRock Long-Term Municipal Advantage Trust |
Date: November 22, 2024
| By: |
/s/ Trent Walker | |||
| Trent Walker | ||||
| Chief Financial Officer (principal financial officer) of | ||||
| BlackRock Long-Term Municipal Advantage Trust |
Date: November 22, 2024
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 22, 2024
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Long-Term Municipal Advantage Trust
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 22, 2024
/s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Long-Term Municipal Advantage Trust
Exhibit 99.906CERT
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Long-Term Municipal Advantage Trust (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended January 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: November 22, 2024
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Long-Term Municipal Advantage Trust
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Long-Term Municipal Advantage Trust (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended January 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: November 22, 2024
/s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Long-Term Municipal Advantage Trust
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
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