N-CSRS 1 d474557dncsrs.htm BLACKROCK MUNIYIELD QUALITY FUND, INC. BLACKROCK MUNIYIELD QUALITY FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-06660

 

Name of Fund:   BlackRock MuniYield Quality Fund, Inc. (MQY)

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Quality Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 01/31/2023


Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


 

LOGO

  JANUARY 31, 2023

 

  

2023 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)

 

 

 

 

 

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee

 


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of January 31, 2023
     
     6-Month    12-Month

 

U.S. large cap equities
(S&P 500® Index)

 

  (0.44)%   (8.22)%

 

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

 

  3.25   (3.38)

 

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

 

  9.52   (2.83)

 

Emerging market equities
(MSCI Emerging Markets Index)

 

  4.92   (12.12)

 

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

 

  1.58   1.79

 

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

 

  (5.60)   (11.62)

 

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

 

  (2.37)   (8.36)

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

 

  0.73   (3.25)

 

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

 

  1.46   (5.22)

 

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

 

 

 

 

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Table of Contents

 

 

      Page

The Markets in Review

   2

Semi-Annual Report:

  

Municipal Market Overview

   4

The Benefits and Risks of Leveraging

   5

Derivative Financial Instruments

   5

Fund Summary

   6

Financial Statements:

  

Schedules of Investments

   16

Statements of Assets and Liabilities

   69

Statements of Operations

   71

Statements of Changes in Net Assets

   73

Statements of Cash Flows

   76

Financial Highlights

   79

Notes to Financial Statements

   86

Additional Information

   98

Glossary of Terms Used in this Report

   101

 

 

  3


Municipal Market Overview For the Reporting Period Ended January 31, 2023

 

Municipal Market Conditions

Municipal bonds posted negative total returns during the period alongside rising interest rates spurred by surging inflation and aggressive Fed policy tightening. The market experienced a drawdown on par with some of the worst on record as the U.S. central bank delivered 425bps of rate hikes at the fastest pace in history. However, growing expectations for a pause in policy tightening later in the period offered a reprieve. Strong credit fundamentals, bolstered by robust revenue growth and elevated fund balances, drove positive excess returns versus comparable U.S. Treasuries. Shorter-duration (i.e., less sensitive to interest rates) and higher-rated bonds outperformed.

 

 

During the 12 months ended January 31, 2023, municipal bond funds experienced net outflows totaling $141 billion (based on data from the Investment Company Institute), marking the largest outflow cycle on record. As a result, elevated bid-wanted activity weighed on the market as investors raised cash to meet redemptions. At the same time, the market absorbed $347 billion in issuance, below the $453 billion issued during the prior 12-months. New issue oversubscriptions waned as sentiment turned less constructive.

 

 

Bloomberg Municipal Bond Index

 

    Total Returns as of January 31, 2023  

 

      6 months: 0.73%

 

    12 months: (3.25)%

A Closer Look at Yields

 

LOGO

 

 

    

 

From January 31, 2022, to January 31, 2023, yields on AAA-rated 30-year municipal bonds increased by 125 basis points (“bps”) from 1.95% to 3.20%, while ten-year rates increased by 64 bps from 1.55% to 2.19% and five-year rates increased by 83 bps from 1.22% to 2.05% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 2 bps. However, the curve remained relatively steep compared to the deeply inverted U.S. Treasury curve, which flattened by 150 bps.

 

The selloff experienced in early 2022 helped restore value to the asset class before outperformance in the latter half of the year stretched valuations across the curve. Municipal-to-Treasury ratios now sit below their 5-year averages, most notably in the front end of the curve.

Financial Conditions of Municipal Issuers

Buoyed by successive federal aid injections, vaccine distribution, and the re-opening of the economy, states and many local governments experienced revenue growth above forecasts in 2021 and 2022. While revenue collections, particularly sales and personal income tax receipts, continue to be robust in an environment of higher inflation, growth may subside as inflation declines or the economy slows. In the meantime, prevailing higher wages, energy costs, and interest rates in the post-Covid recovery will pressure state and local government costs. However, overall credit fundamentals are expected to remain sturdy. At this point, tax receipts could come under pressure although states with significant oil and gas production would benefit should prices remain elevated or rise. While municipal utilities typically benefit from autonomous rate-setting that allows them to adjust for rising fuel costs, rising commodity prices over a prolonged period could test affordability and the political will to raise rates to balance operations. State housing authority bonds, flagship universities, and strong national and regional health systems may also be pressured but are better poised to absorb the impact of the economic shock. Critical providers (safety net hospitals, mass transit systems, airports) with limited resources may still experience fiscal strain from the economic fallout from rising inflation, but aid and the re-opening of the economy will continue to support operating results through 2023. Work-from-home policies remain headwinds for mass transit farebox revenue and commercial real estate values. BlackRock anticipates that a small subset of the market, mainly non-rated stand-alone projects, will remain susceptible to credit deterioration.

The opinions expressed are those of BlackRock as of January 31, 2023 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

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

 

 

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The Benefits and Risks of Leveraging

 

The 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.

 

 

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

 

5


Fund Summary  as of January 31, 2023    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, 2023 ($10.15)(a)

  5.14%    

Tax Equivalent Yield(b)

  8.68%    

Current Monthly Distribution per Common Share(c)

  $0.0435    

Current Annualized Distribution per Common Share(c)

  $0.5220    

Leverage as of January 31, 2023(d)

  38%    

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

Represents VRDP 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

 

     01/31/23      07/31/22      Change      High      Low  

Closing Market Price

  $ 10.15      $ 12.10        (16.12 )%     $ 12.30      $ 8.71  

Net Asset Value

    10.68        11.17        (4.39      11.31        9.25  

Performance

Returns for the period ended January 31, 2023 were as follows:

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

    (1.47 )%       (11.22 )%       2.17      3.86

Fund at Market Price(a)(b)

    (13.55      (14.14      2.89        3.13  

Customized Reference Benchmark(c)

    0.34        (4.09      2.50        N/A  

Bloomberg Municipal Bond Index(d)

    0.73        (3.25      2.07        2.38  

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

 
  (b) 

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

 
  (c) 

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 slightly positive returns during the six-month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed. Long-term municipal issues underperformed the broader tax-exempt market due to their longer duration (interest rate sensitivity.)

 

 

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Fund Summary  as of January 31, 2023 (continued)    BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Portfolio income was a large contributor to the Trust’s total return at a time of negative price performance. The Trust’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Positions in short duration bonds, including pre-refunded issues, contributed to results. Holdings in intermediate-maturity debt also outperformed as demand in that part of the yield curve helped support prices.

On the other hand, positions in longer-dated securities (those with maturities of 25 years and above) hurt performance due to their longer duration. Holdings in bonds with coupons below 5%, which were also hurt by their longer duration, further weighed on results. The Trust’s use of leverage, which magnified the impact of falling prices, was an additional negative. At the sector level, allocations to education and healthcare were the most notable detractors.

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)   01/31/23  

County/City/Special District/School District

    16.4

Health

    14.7  

Transportation

    13.7  

Corporate

    13.5  

Education

    12.6  

Tobacco

    8.8  

State

    8.0  

Utilities

    6.7  

Housing

    5.2  

Other*

 

   

 

0.4

 

 

 

CALL/MATURITY SCHEDULE

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

2023

    8.6

2024

    7.1  

2025

    4.5  

2026

    9.6  

2027

 

   

 

11.0

 

 

 

CREDIT QUALITY ALLOCATION

 

   
Credit Rating(a)(d)   01/31/23  

AAA/Aaa

    3.0

AA/Aa

    15.3  

A

    26.6  

BBB/Baa

    11.4  

BB/Ba

    9.7  

B

    2.9  

N/R(e)

 

   

 

31.1

 

 

 

 

 

(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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.4% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

F U N D    S U M M A R Y

  7


Fund Summary  as of January 31, 2023 

 

   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, 2023 ($11.38)(a)

  4.80%    

Tax Equivalent Yield(b)

  8.11%    

Current Monthly Distribution per Common Share(c)

  $0.0455    

Current Annualized Distribution per Common Share(c)

  $0.5460    

Leverage as of January 31, 2023(d)

  31%    

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0405 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (d) 

Represents 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

 

     01/31/23      07/31/22      Change      High      Low  

Closing Market Price

  $ 11.38      $ 12.55        (9.32 )%     $ 13.18      $ 9.54  

Net Asset Value

    11.75        12.53        (6.23      12.66        10.54  

Performance

Returns for the period ended January 31, 2023 were as follows:

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

    (2.23 )%       (12.06 )%       1.43      3.33

Fund at Market Price(a)(b)

    (5.46      (14.17      0.85        2.91  

High Yield Customized Reference Benchmark(c)

    (0.33      (5.68      3.19        N/A  

Bloomberg Municipal High Yield Bond Index(d)

    (0.84      (6.63      3.73        3.82  

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

 
  (b) 

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

 
  (c) 

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.

 

 

8  

2 0 2 3    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, 2023 (continued)    BlackRock MuniAssets Fund, Inc. (MUA)

 

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

Municipal bonds posted slightly positive returns during the six-month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) The Fund’s cash position, while limited, also helped results. Cash now offers some income benefit with the Fed having moved short-term interest rates significantly higher. Holdings in tobacco and pre-refunded bonds generated modest gains in the period, further helping Fund performance.

Higher-quality, short-duration bonds generally performed the best during the period. (Duration is a measure of interest rate sensitivity). On the other hand, holdings in the utilities and education sectors detracted, as did positions in non-rated bonds and those with maturities of 25 years and above. Lower-coupon bonds (those with coupons below 5%) also detracted, largely as a result of their underperformance in the first half of the period.

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)   01/31/23  

 

State

 

 

 

 

15.3

 

Education

    15.0  

Transportation

    12.7  

County/City/Special District/School District

    11.8  

Health

    10.0  

Corporate

    9.5  

Housing

    8.5  

Tobacco

    8.4  

Utilities

    7.8  

Other*

 

   

 

1.0

 

 

 

CALL/MATURITY SCHEDULE

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

2023

    17.4

2024

    6.0  

2025

    4.7  

2026

    6.7  

2027

 

   

 

6.6

 

 

 

CREDIT QUALITY ALLOCATION

   
Credit Rating(a)(d)   01/31/23  

 

AAA/Aaa

 

 

 

 

0.7

 

AA/Aa

    13.5  

A

    14.3  

BBB/Baa

    9.7  

BB/Ba

    9.8  

B

    3.2  

CCC/Caa

    0.2  

N/R(e)

 

   

 

48.6

 

 

 

 

 

(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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.3% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

F U N D    S U M M A R Y

  9


Fund Summary  as of January 31, 2023     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, 2023 ($12.01)(a)

  3.40%    

Tax Equivalent Yield(b)

  5.74%    

Current Monthly Distribution per Common Share(c)

  $0.0340    

Current Annualized Distribution per Common Share(c)

  $0.4080    

Leverage as of January 31, 2023(d)

  40%    

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

Represents VRDP 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

 

     01/31/23      07/31/22      Change      High      Low  

Closing Market Price

  $ 12.01      $ 12.44        (3.46 )%     $ 12.80      $ 10.37  

Net Asset Value

    13.43        13.64        (1.54      13.74        11.69  

Performance

Returns for the period ended January 31, 2023 were as follows:

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

    0.76      (7.10 )%       1.81      2.99

Fund at Market Price(a)(b)

    (1.20      (12.36      2.01        1.65  

National Customized Reference Benchmark(c)

    0.57        (3.59      2.24        N/A  

Bloomberg Municipal Bond Index(d)

    0.73        (3.25      2.07        2.38  

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

 
  (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.

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

Municipal bonds posted slightly positive returns during the six-month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

 

 

10  

2 0 2 3    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, 2023 (continued)    BlackRock Municipal Income Fund, Inc. (MUI)

 

Portfolio income was a large contributor to the Fund’s total return at a time of negative price performance. The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Positions in short duration bonds, including pre-refunded issues, contributed to performance. (Duration is a measure of interest rate sensitivity.) Holdings in intermediate-maturity debt also outperformed as demand in that part of the yield curve helped support prices.

On the other hand, positions in longer-dated securities (those with maturities of 25 years and above) hurt performance due to their longer duration. Holdings in bonds with coupons below 5%, which were also hurt by their longer duration, further weighed on results. The Fund’s use of leverage, which magnified the impact of falling prices, was an additional negative.

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)   01/31/23  

Transportation

    33.0

State

    14.2  

Health

    12.6  

County/City/Special District/School District

    9.9  

Utilities

    9.8  

Corporate

    7.8  

Education

    6.8  

Tobacco

    3.4  

Housing

    2.4  

Other*

    0.1  

CALL/MATURITY SCHEDULE

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

2023

    10.7

2024

    6.3  

2025

    4.3  

2026

    7.2  

2027

    10.7  

CREDIT QUALITY ALLOCATION

   
Credit Rating(a)(d)   01/31/23  

AAA/Aaa

    7.7

AA/Aa

    37.7  

A

    34.7  

BBB/Baa

    8.6  

BB/Ba

    3.0  

B

    0.1  

N/R(e)

    8.2  
 

 

(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, 2023, 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.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

F U N D    S U M M A R Y

  11


Fund Summary  as of January 31, 2023     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, 2023 ($11.19)(a)

  4.34%    

Tax Equivalent Yield(b)

  7.33%    

Current Monthly Distribution per Common Share(c)

  $0.0405    

Current Annualized Distribution per Common Share(c)

  $0.4860    

Leverage as of January 31, 2023(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 monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0365 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (d) 

Represents 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

 

     01/31/23      07/31/22      Change      High      Low  

Closing Market Price

  $ 11.19      $ 11.72        (4.52 )%     $ 11.92      $ 9.53  

Net Asset Value

    12.35        12.73        (2.99      12.83        10.70  

Performance

Returns for the period ended January 31, 2023 were as follows:

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

    (0.48 )%       (10.09 )%       1.55      3.07

Fund at Market Price(a)(b)

    (2.06      (11.76      0.68        1.56  

National Customized Reference Benchmark(c)

    0.57        (3.59      2.24        N/A  

Bloomberg Municipal Bond Index(d)

    0.73        (3.25      2.07        2.38  

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

 
  (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.

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

Municipal bonds posted slightly positive returns during the six-month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

 

 

12  

2 0 2 3    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, 2023 (continued)    BlackRock MuniYield Fund, Inc. (MYD)

 

The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Holdings in higher-quality issues, especially in the state general obligation sector, also helped results. Bonds with short calls and high coupons contributed modestly, as well. (A bond is called when an issuer redeems it prior to its maturity date.)

Positions in issues with maturities of 25 years and above detracted due to their longer duration. (Duration is a measure of interest rate sensitivity). Within this category, bonds with low coupons—especially in the housing sector—detracted the most despite their generally higher quality. Holdings in the longer-duration utilities, local tax-backed, healthcare and transportation sectors also detracted.

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)   01/31/23  

Transportation

    21.2

Health

    16.1  

State

    14.7  

Utilities

    10.0  

County/City/Special District/School District

    9.6  

Corporate

    9.0  

Housing

    7.4  

Education

    6.2  

Tobacco

    5.5  

Other*

    0.3  

CALL/MATURITY SCHEDULE

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

2023

    9.7

2024

    7.7  

2025

    8.6  

2026

    2.9  

2027

    5.9  

CREDIT QUALITY ALLOCATION

   
Credit Rating(a)(d)   01/31/23  

AAA/Aaa

    3.3

AA/Aa

    41.9  

A

    30.2  

BBB/Baa

    9.4  

BB/Ba

    3.4  

B

    1.8  

N/R(e)

    10.0  
 

 

(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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.5% of the Fund’s total investments.

 
*

Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

 

 

 

F U N D    S U M M A R Y

  13


Fund Summary  as of January 31, 2023    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, 2023 ($12.28)(a)

  4.59%    

Tax Equivalent Yield(b)

  7.75%    

Current Monthly Distribution per Common Share(c)

  $0.0470    

Current Annualized Distribution per Common Share(c)

  $0.5640    

Leverage as of January 31, 2023(d)

  36%    

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0435 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (d) 

Represents 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

 

     01/31/23      07/31/22      Change      High      Low  

Closing Market Price

  $ 12.28      $ 13.12        (6.40 )%     $  13.37      $  10.62  

Net Asset Value

    13.48        13.89        (2.95      14.02        11.79  

Performance

Returns for the period ended January 31, 2023 were as follows:

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

    (0.43 )%       (9.03 )%       2.04      3.26

Fund at Market Price(a)(b)

    (3.97      (13.35      1.80        2.03  

National Customized Reference Benchmark(c)

    0.57        (3.59      2.24        N/A  

Bloomberg Municipal Bond Index(d)

    0.73        (3.25      2.07        2.38  

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

 
  (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.

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

Municipal bonds posted slightly positive returns during the six-month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

 

 

14  

2 0 2 3    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, 2023 (continued)    BlackRock MuniYield Quality Fund, Inc. (MQY)

 

Portfolio income was a large contributor to the Fund’s total return at a time of negative price performance. Positions in the 10-year part of the yield curve performed well thanks to the combination of low supply and elevated demand from retail investors. At the sector level, tax-backed and utility issues delivered positive returns. The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment, with all of the contribution occurring in the first half of the period. (Prices and yields move in opposite directions.)

The Fund’s holdings in lower-quality bonds detracted from performance, as did its positions in longer-dated securities. Lower-coupon bonds, while recovering in the latter half of the period, also detracted from performance. The majority of this position was held in the housing sector.

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)   01/31/23  

Transportation

    28.1

County/City/Special District/School District

    15.9  

Health

    12.4  

State

    11.1  

Utilities

    8.3  

Education

    8.1  

Housing

    7.2  

Corporate

    5.8  

Tobacco

    3.1  

CALL/MATURITY SCHEDULE

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

2023

    8.9

2024

    9.4  

2025

    8.1  

2026

    9.0  

2027

    11.1  

CREDIT QUALITY ALLOCATION

   
Credit Rating(a)(d)   01/31/23  

AAA/Aaa

    4.9

AA/Aa

    38.6  

A

    34.3  

BBB/Baa

    8.8  

BB/Ba

    2.8  

B

    0.5  

CCC/Caa

    0.1  

N/R(e)

    10.0  
 

 

(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, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments.

 

 

 

F U N D    S U M M A R Y

  15


Schedule of Investments (unaudited) 

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Alabama — 3.8%

 

County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42

  $        1,655         $     1,767,737  

Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)

    1,040       1,195,857  

Southeast Energy Authority A Cooperative District, RB(a)

   

Series A, 4.00%, 11/01/51

    1,300       1,306,250  

Series A-1, 5.50%, 01/01/53

    470       513,784  

Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)

    645       592,798  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

    160       144,083  
   

 

 

 
      5,520,509  
Arizona — 5.1%            

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.13%, 07/01/37

    360       361,250  

Series A, 5.38%, 07/01/50

    925       925,251  

Series A, 5.50%, 07/01/52

    855       864,733  

Series G, 5.00%, 07/01/47

    135       129,628  

Industrial Development Authority of the City of Phoenix Arizona, RB

   

Series A, 5.00%, 07/01/33

    870       870,211  

Series A, 5.00%, 07/01/46(b)

    1,255       1,202,816  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35(b)

    125       125,522  

Industrial Development Authority of the County of Pima, Refunding RB(b)
4.00%, 06/15/51

    540       415,251  

5.00%, 07/01/56

    235       217,390  

4.00%, 06/15/57

    415       307,787  

Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47(b)

    835       717,587  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38

    375       378,257  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

    725       769,655  
   

 

 

 
      7,285,338  
Arkansas(b) — 2.8%            

Arkansas Development Finance Authority, RB

   

Series A, AMT, 4.50%, 09/01/49

    825       743,375  

Series A, AMT, 4.75%, 09/01/49

    3,570       3,344,697  
   

 

 

 
      4,088,072  
California — 7.8%            

California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47

    140       135,081  

California Municipal Finance Authority, RB, S/F Housing

   

Series A, 5.25%, 08/15/39

    70       70,938  

Series A, 5.25%, 08/15/49

    175       176,990  

California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b)

    850       906,477  

California State Public Works Board, RB, Series I, 5.00%, 11/01/38

    355       362,683  

City of Los Angeles Department of Airports, RB, AMT, 5.25%, 05/15/47

    1,100       1,196,153  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)

    460       323,975  
Security   Par
(000)
    Value  

California (continued)

   

CSCDA Community Improvement Authority, RB, M/F Housing(b)
4.00%, 12/01/56

  $ 665         $        493,044  

Series A, 3.00%, 09/01/56

    725       500,114  

Series B, 4.00%, 07/01/58

    200       139,205  

Mezzanine Lien, 4.00%, 03/01/57

    330       248,271  

Series B, Mezzanine Lien, 4.00%, 12/01/59

    835       603,367  

Series A, Senior Lien, 4.00%, 12/01/58

           1,100       854,506  

Series B, Sub Lien, 4.00%, 12/01/59

    285       199,959  

Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%,
07/01/61(b)(c)

    830       303,795  

Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52

    595       605,076  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

    935       930,922  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(d)

    1,265       843,205  

San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38(d)

    3,725       2,125,485  

Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(e)

    165       168,988  
   

 

 

 
      11,188,234  
Colorado — 5.8%            

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

    275       246,707  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

   

Series A, AMT, 4.13%, 11/15/53

    320       299,190  

Series A, AMT, 5.50%, 11/15/53

    340       376,697  

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45

    790       911,927  

Colorado Health Facilities Authority, RB
5.25%, 11/01/39

    145       158,785  

5.50%, 11/01/47

    90       98,275  

5.25%, 11/01/52

    220       235,682  

Series A, 5.00%, 05/15/35

    140       129,737  

Series A, 5.00%, 05/15/44

    180       158,052  

Series A, 5.00%, 05/15/49

    120       102,074  

Series A, 5.00%, 05/15/58

    250       204,532  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49

    1,815       1,661,645  

Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49

    500       445,018  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

    1,550       1,561,180  

Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31

    500       460,875  

Loretto Heights Community Authority, RB, 4.88%, 12/01/51

    500       394,698  

Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)

    510       429,295  

Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51

    500       423,174  
   

 

 

 
      8,297,543  
Connecticut(b) — 0.9%            

Connecticut State Health & Educational Facilities Authority, RB

   

Series A, 5.00%, 01/01/45

    160       154,532  
 

 

 

16  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Connecticut (continued)

   

Connecticut State Health & Educational Facilities Authority, RB (continued)

   

Series A, 5.00%, 01/01/55

  $ 210         $ 195,774  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30

              860       901,251  
   

 

 

 
          1,251,557  
Delaware — 0.3%            

Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%,
05/01/39(b)(f)

    449       399,013  
   

 

 

 
District of Columbia — 1.3%            

District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e)

    260       263,473  

District of Columbia, TA, 5.13%, 06/01/41

    750       751,538  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49

    870       819,844  
   

 

 

 
      1,834,855  
Florida — 11.5%            

Avenir Community Development District, SAB, 5.63%, 05/01/54

    225       221,497  

Brevard County Health Facilities Authority, Refunding RB(b)
4.00%, 11/15/23

    100       100,046  

4.00%, 11/15/29

    100       98,018  

4.00%, 11/15/33

    625       598,084  

Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52

    145       146,335  

Capital Region Community Development District, Refunding SAB

   

Series A-1, 5.13%, 05/01/39

    210       211,571  

Series A-2, 4.60%, 05/01/31

    515       517,328  

Capital Trust Agency, Inc., RB 5.00%, 01/01/55(b)

    1,290       998,669  

Series A, 5.75%, 06/01/54(b)

    450       397,327  

Series B, 0.00%, 01/01/60(d)

    3,000       178,713  

Capital Trust Agency, Inc., RB, CAB(b)(d)
0.00%, 07/01/61

    25,215       1,413,149  

Subordinate, 0.00%, 01/01/61

    5,815       321,958  

Charlotte County Industrial Development Authority, RB(b)

   

AMT, 5.00%, 10/01/34

    120       120,283  

AMT, 5.00%, 10/01/49

    560       526,956  

City of Tampa Florida, RB, Series A, 5.00%, 11/15/46

    2,000       2,058,108  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(g)

    350       373,833  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)

   

Series A-2, 0.00%, 10/01/46

    775       207,037  

Series A-2, 0.00%, 10/01/47

    745       193,440  

Series A-2, 0.00%, 10/01/48

    525       128,271  

Series A-2, 0.00%, 10/01/49

    435       102,212  

Florida Development Finance Corp., RB(b)
5.25%, 06/01/55

    525       472,953  

5.00%, 06/15/56

    550       486,275  

6.50%, 06/30/57

    250       251,792  

Series B, 4.50%, 12/15/56

    705       562,363  

Series C, 5.75%, 12/15/56

    250       220,307  

Lakes of Sarasota Community Development District, SAB

   

Series A-1, 2.75%, 05/01/26

    100       97,028  
Security   Par
(000)
    Value  

Florida (continued)

   

Lakes of Sarasota Community Development District, SAB (continued)

   

Series A-1, 3.90%, 05/01/41

  $ 285         $ 239,009  

Series B-1, 3.00%, 05/01/26

    100       97,036  

Series B-1, 4.13%, 05/01/41

    200       167,770  

Series B-1, 4.30%, 05/01/51

    100       83,703  

Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/26

    100       99,541  

5.13%, 05/01/46

    340       325,311  

Series 1B, 4.75%, 05/01/29

    270       272,173  

Series 1B, 5.30%, 05/01/39

    310       313,820  

Series 1B, 5.45%, 05/01/48

    550       551,877  

Palm Beach County Health Facilities Authority, RB

   

Series A, 5.00%, 11/01/47

    110       112,138  

Series A, 5.00%, 11/01/52

    150       152,360  

Poitras East Community Development District, SA, 5.00%, 05/01/43(g)

    245       243,902  

Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53

    535       439,488  

Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(c)

    310       278,418  

Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(h)(i)

    340       3  

Trout Creek Community Development District, SAB
5.00%, 05/01/28

    160       161,746  

5.50%, 05/01/49

    570       567,853  

Village Community Development District No. 14, SAB
5.38%, 05/01/42

    415       414,104  

5.50%, 05/01/53

    310       307,097  

West Villages Improvement District, SAB
4.75%, 05/01/39

    220       208,986  

5.00%, 05/01/50

    450       415,638  
   

 

 

 
        16,455,526  
Georgia — 6.3%            

Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)

    355       302,242  

Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48

    1,025       1,001,057  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    110       102,554  

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(e)

    240       254,932  

Main Street Natural Gas, Inc., RB

   

Series A, 5.00%, 05/15/49

           1,770       1,815,241  

Series A, 5.00%, 06/01/53(a)(g)

    1,230       1,306,291  

Series B, 5.00%, 12/01/52(a)

    1,190       1,259,622  

Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49

    865       811,449  

4.00%, 01/01/59

    1,640       1,457,648  

Series A, 5.00%, 07/01/52

    460       477,052  

Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49

    320       301,436  
   

 

 

 
      9,089,524  
Illinois — 8.2%            

Chicago Board of Education, GO

   

Series C, 5.25%, 12/01/35

    795       805,853  

Series D, 5.00%, 12/01/46

    1,035       1,028,380  

Series H, 5.00%, 12/01/36

    935       950,727  

Chicago Board of Education, Refunding GO

   

Series C, 5.00%, 12/01/25

    350       358,812  
 

 

 

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

  17


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Illinois (continued)

   

Chicago Board of Education, Refunding GO (continued)

   

Series C, 5.00%, 12/01/27

  $           415         $ 432,469  

Series C, 5.00%, 12/01/34

    940       967,524  

Chicago O’Hare International Airport, RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55

    645       703,046  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49

    640       601,105  

City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38

    595       631,885  

Cook County Community College District No. 508, GO, 5.50%, 12/01/38

    350       357,116  

Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41

    1,500       1,563,993  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52

    890       995,178  

Metropolitan Pier & Exposition Authority, RB

   

Series A, 5.50%, 06/15/53

    200       203,961  

Series A, 5.00%, 06/15/57

    555       557,758  

Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50

    410       365,433  

Series B, 5.00%, 06/15/52

    225       226,263  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d)

    500       98,803  

State of Illinois, GO, 5.00%, 05/01/27

    500       510,659  

University of Illinois, RB, Series A, 5.00%, 04/01/44

    475       480,052  
   

 

 

 
          11,839,017  
Indiana — 2.6%            

City of Valparaiso Indiana, RB

   

AMT, 6.75%, 01/01/34

    365       373,193  

AMT, 7.00%, 01/01/44

    885       902,618  

City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(h)(i)

    810       720,900  

Indiana Finance Authority, RB

   

Series A, AMT, 5.00%, 07/01/23(e)

    160       160,962  

Series A, AMT, 6.75%, 05/01/39

    515       600,622  

Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)

    595       512,208  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

    445       445,892  
   

 

 

 
      3,716,395  
Iowa — 0.4%            

Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39

    195       174,800  

Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d)

    3,225       403,783  
   

 

 

 
      578,583  
Kentucky — 1.6%            

Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)

    1,690       1,704,869  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(c)

    565       648,592  
   

 

 

 
      2,353,461  
Louisiana — 1.4%            

Lafayette Parish School Board Sale Tax Revenue, RB(g)
4.00%, 04/01/48

    130       127,900  

4.00%, 04/01/53

    85       82,814  
Security   Par
(000)
    Value  

Louisiana (continued)

   

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)

  $           445         $ 412,127  

Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b)

    105       108,226  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.25%, 05/15/33

    360       366,862  

Series A, 5.25%, 05/15/35

    945       951,521  
   

 

 

 
            2,049,450  
Maine — 0.2%            

Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)

    380       263,296  
   

 

 

 
Maryland — 2.1%            

City of Baltimore Maryland, RB, 4.88%, 06/01/42

    120       118,835  

County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)

    925       904,715  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47

    380       391,474  

Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)

    1,480       1,564,925  
   

 

 

 
      2,979,949  
Massachusetts — 2.5%            

Massachusetts Development Finance Agency, RB

   

Series A, 6.50%, 11/15/23(b)(e)

    1,000       1,030,950  

Series A, 5.00%, 01/01/47

    860       872,483  

Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/50

    150       116,500  

Massachusetts Housing Finance Agency, Refunding RB

   

Series A, AMT, 4.45%, 12/01/42

    385       376,391  

Series A, AMT, 4.50%, 12/01/47

    1,275       1,256,889  
   

 

 

 
      3,653,213  
Michigan — 2.4%            

City of Detroit Michigan, GO
5.00%, 04/01/34

    140       144,302  

5.00%, 04/01/35

    140       144,023  

5.00%, 04/01/36

    95       97,529  

5.00%, 04/01/37

    155       158,787  

5.00%, 04/01/38

    70       71,568  

Michigan Finance Authority, RB, 4.00%, 02/15/50

    2,000       1,896,038  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56

    460       303,419  

Michigan Strategic Fund, RB
5.00%, 11/15/42

    165       160,553  

AMT, 5.00%, 12/31/43

    500       506,901  
   

 

 

 
      3,483,120  
Minnesota — 0.9%            

Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58

    655       681,312  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53

    520       577,464  
   

 

 

 
      1,258,776  
Missouri — 1.1%            

Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43

    115       115,766  

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB

   

Series A, 4.38%, 11/15/35

    330       268,120  
 

 

 

18  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Missouri (continued)

   

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB (continued)

   

Series A, 4.75%, 11/15/47

  $ 365         $ 283,086  

Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54

              850       876,672  
   

 

 

 
          1,543,644  
New Hampshire — 1.0%            

New Hampshire Business Finance Authority, RB

   

Series A, 4.13%, 08/15/40

    260       232,633  

Series A, 4.25%, 08/15/46

    290       250,366  

Series A, 4.50%, 08/15/55

    600       517,955  

New Hampshire Business Finance Authority, Refunding RB(a)(b)

   

Series A, 3.63%, 07/01/43

    130       108,394  

Series B, AMT, 3.75%, 07/01/45

    375       301,494  
   

 

 

 
      1,410,842  
New Jersey — 11.4%            

Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39

    475       487,351  

5.25%, 11/01/44

    1,160       1,176,517  

New Jersey Economic Development Authority, RB
5.00%, 06/15/43(b)(g)

    70       161,696  

5.00%, 06/15/43(b)

    125       131,062  

AMT, 5.13%, 09/15/23

    385       386,184  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(e)

    1,225       1,375,466  

New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31

    785       743,131  

New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50

    1,340       1,215,529  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, Class C, AMT, 3.63%, 12/01/49

    645       543,254  

New Jersey Transportation Trust Fund Authority, RB

   

Series AA, 5.00%, 06/15/45

    585       596,341  

Series S, 5.25%, 06/15/43

    2,535       2,693,187  

New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46

    1,300       1,434,568  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/35

    730       776,354  

Series A, 5.25%, 06/01/46

    1,700       1,770,948  

Sub-Series B, 5.00%, 06/01/46

    2,825       2,857,688  
   

 

 

 
      16,349,276  
New York — 14.8%            

City of New York New York, GO

   

Series A-1, 4.00%, 09/01/46

    390       386,172  

Series B, 5.25%, 10/01/39

    245       288,647  

Series B, 5.25%, 10/01/40

    190       222,899  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

    910       910,030  

Metropolitan Transportation Authority, RB

   

Series B, 5.25%, 11/15/38

    1,125       1,145,115  

Series B, 5.25%, 11/15/39

    400       405,851  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45

    985       983,514  
Security   Par
(000)
    Value  

New York (continued)

   

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

   

Sub-Series B-1, 4.00%, 11/01/45

  $        5,000         $     5,036,485  

Series A-1, Subordinate, 4.00%, 08/01/48

    555       551,606  

New York Counties Tobacco Trust IV, Refunding RB

   

Series A, 6.25%, 06/01/41(b)

    900       900,194  

Series A, 5.00%, 06/01/42

    1,505       1,440,547  

New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51

    1,000       961,926  

New York Liberty Development Corp., Refunding RB

   

Class 2, 5.15%, 11/15/34(b)

    160       160,389  

Class 2, 5.38%, 11/15/40(b)

    395       395,137  

Series 1, 5.00%, 11/15/44(b)

    1,415       1,411,451  

Series A, 2.88%, 11/15/46

    950       720,682  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

    565       551,649  

New York Transportation Development Corp., RB

   

AMT, 5.00%, 10/01/35

    560       583,843  

AMT, 5.00%, 12/01/40

    555       576,495  

Series A, AMT, 5.00%, 07/01/46

    1,000       997,215  

New York Transportation Development Corp., Refunding RB, AMT, 5.38%, 08/01/36

    730       736,020  

Westchester County Local Development Corp., Refunding RB
5.00%, 07/01/41

    340       288,376  

5.00%, 07/01/46

    415       339,014  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

    1,295       1,300,131  
   

 

 

 
      21,293,388  
North Carolina — 0.4%            

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53

    560       620,892  
   

 

 

 
Ohio — 3.8%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55

    2,385       2,275,099  

Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
4.50%, 12/01/55

    95       82,524  

Class A, 4.00%, 12/01/55

    120       107,797  

County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50

    800       763,346  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    300       274,941  

Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)

    185       154,096  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

    805       585,793  

State of Ohio, RB, AMT, 5.00%, 06/30/53

    1,220       1,225,730  
   

 

 

 
      5,469,326  
Oklahoma — 4.2%            

Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b)

    2,205       2,354,409  

Series B, 5.00%, 08/15/38

    1,450       1,377,667  

Series B, 5.25%, 08/15/48

    270       247,745  

Series B, 5.50%, 08/15/52

    1,035       966,036  
 

 

 

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

  19


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Oklahoma (continued)

   

Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)

  $ 155         $ 128,383  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45

              925       930,034  
   

 

 

 
            6,004,274  
Oregon — 0.4%            

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)

    625       323,503  

Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52

    235       225,380  
   

 

 

 
      548,883  
Pennsylvania — 5.3%            

Bucks County Industrial Development Authority, RB
4.00%, 07/01/46

    100       80,975  

4.00%, 07/01/51

    100       78,340  

County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49

    640       605,624  

Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51

    1,240       1,143,859  

Pennsylvania Economic Development Financing Authority, RB

   

AMT, 5.00%, 12/31/38

    465       469,588  

AMT, 5.75%, 06/30/48

    335       371,008  

AMT, 5.25%, 06/30/53

    560       587,170  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

    720       722,607  

Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44

    805       789,325  

Pennsylvania Turnpike Commission, RB

   

Series A, 5.50%, 12/01/42

    1,685       1,789,858  

Series A, 5.00%, 12/01/44

    520       531,828  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

    355       382,285  
   

 

 

 
      7,552,467  
Puerto Rico — 6.7%            

Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d)

    9,585       716,392  

Commonwealth of Puerto Rico, GO
5.07%, 11/01/51(a)

    2,806       1,234,426  

Series A1, Restructured, 5.75%, 07/01/31

    784       850,324  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B, Restructured, 0.00%, 07/01/32(d)

    892       561,912  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

   

Series A-2, Convertiable, Restructured, 4.33%, 07/01/40

    72       68,848  

Series A-1, Restructured, 4.75%, 07/01/53

    1,529       1,456,373  

Series A-1, Restructured, 5.00%, 07/01/58

    2,376       2,340,954  

Series A-2, Restructured, 4.78%, 07/01/58

    1,038       988,056  

Series A-2, Restructured, 4.33%, 07/01/40

    851       813,796  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    1,914       531,495  
   

 

 

 
      9,562,576  
Rhode Island — 2.7%            

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

    395       388,831  
Security   Par
(000)
    Value  
Rhode Island (continued)            

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/40

  $ 420         $ 423,695  

Series B, 4.50%, 06/01/45

           1,630             1,633,201  

Series B, 5.00%, 06/01/50

    1,360       1,367,347  
   

 

 

 
      3,813,074  
South Carolina — 3.4%            

South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)

    225       223,971  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43

    1,110       1,145,242  

South Carolina Public Service Authority, RB

   

Series A, 5.50%, 12/01/54

    1,840       1,871,854  

Series E, 5.00%, 12/01/48

    420       422,122  

Series E, 5.50%, 12/01/53

    750       762,926  

South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

    430       440,868  
   

 

 

 
      4,866,983  
Tennessee — 1.2%            

Mercer County Improvement Authority, RB

   

Series B, AMT, 5.25%, 07/01/35

    230       257,021  

Series B, AMT, 5.50%, 07/01/36

    190       214,572  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49

    290       231,551  

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(d)

    450       152,253  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    750       812,728  
   

 

 

 
      1,668,125  
Texas — 9.9%            

Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)

    335       238,497  

Arlington Higher Education Finance Corp., RB
7.50%, 04/01/62(b)

    230       245,951  

7.88%, 11/01/62(b)

    195       203,016  

Series A, 5.75%, 08/15/62

    500       467,058  

Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41

    180       171,992  

Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39

    325       286,888  

Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40

    285       224,119  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

    125       128,591  

City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27

    800       821,149  

Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34(d)

    3,000       1,724,520  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A,
0.00%, 09/15/27(d)(e)

    5,200       2,797,688  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)

    430       426,491  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52

    600       590,594  

Newark Higher Education Finance Corp., RB(b)

   

Series A, 5.50%, 08/15/35

    135       139,353  

Series A, 5.75%, 08/15/45

    275       281,443  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

    1,890       1,898,732  
 

 

 

20  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Texas (continued)

   

Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36(b)

  $ 710         $ 517,484  

Port Beaumont Navigation District, Refunding RB(b)

   

Series A, AMT, 3.63%, 01/01/35

    325       269,458  

Series A, AMT, 4.00%, 01/01/50

    390       290,672  

San Antonio Education Facilities Corp., RB

   

Series A, 5.00%, 10/01/41

    85       78,316  

Series A, 5.00%, 10/01/51

    115       98,801  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

    310       335,506  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55

    1,025       1,026,919  

Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43(d)

           2,205       782,682  

Texas Water Development Board, RB, 4.45%, 10/15/36

    170       188,823  
   

 

 

 
        14,234,743  
Utah — 0.1%            

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)

    225       201,033  
   

 

 

 
Vermont — 0.3%            

Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36

    400       402,649  
   

 

 

 
Virginia — 2.1%            

Ballston Quarter Community Development Authority, TA

   

Series A, 5.00%, 03/01/26

    190       183,134  

Series A, 5.13%, 03/01/31

    510       433,844  

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55

    245       244,911  

Norfolk Redevelopment & Housing Authority, RB

   

Series A, 5.00%, 01/01/34

    235       226,227  

Series A, 5.00%, 01/01/49

    455       390,390  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

    1,025       996,228  

Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42

    500       530,361  
   

 

 

 
      3,005,095  
Washington — 0.4%            

Port of Seattle Washington, RB, Series C, AMT, 5.00%, 04/01/40

    350       357,109  

Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58

    425       263,618  
   

 

 

 
      620,727  
Wisconsin — 5.2%            

Public Finance Authority, RB 5.00%, 06/15/41(b)

    165       156,169  

5.00%, 01/01/42(b)

    290       280,263  

5.00%, 06/15/55(b)

    440       385,036  

5.00%, 01/01/56(b)

    710       631,056  

Class A, 5.00%, 06/15/56(b)

    230       191,052  

Series A, 6.25%, 10/01/31(b)(h)(i)

    290       244,120  

Series A, 5.00%, 11/15/41

    95       96,398  

Series A, 7.00%, 10/01/47(b)

    290       239,330  

Series A, 5.00%, 10/15/50(b)

    530       489,525  

Series A, 4.75%, 06/15/56(b)

    735       551,910  

Series A-1, 4.50%, 01/01/35(b)

    600       539,391  

Series A-1, 5.50%, 12/01/48(b)(h)(i)

    9       2,109  

Series B, 0.00%, 01/01/35(b)(d)

    1,030       455,290  
Security   Par
(000)
    Value  

Wisconsin (continued)

   

Public Finance Authority, RB (continued)

   

Series B, 0.00%, 01/01/60(b)(d)

  $      16,025         $ 954,465  

AMT, 4.00%, 09/30/51

    475       398,760  

AMT, 4.25%, 07/01/54

    750       561,724  

AMT, 4.00%, 03/31/56

    455       372,437  

Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(d)

    6,655       414,673  

Public Finance Authority, Refunding RB(b)
4.00%, 04/01/52

    255       196,234  

5.25%, 05/15/52

    165       148,084  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46

    230       191,369  
   

 

 

 
      7,499,395  
   

 

 

 

Total Municipal Bonds — 142.3%
(Cost: $209,510,334)

      204,252,823  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

Alabama — 1.2%

   

Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a)

    1,604       1,720,672  
   

 

 

 
California — 2.3%            

City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46

    2,700       2,774,930  

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47

    495       520,799  
   

 

 

 
      3,295,729  
Florida — 1.5%            

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(k)

    2,321       2,197,320  
   

 

 

 
Georgia — 1.7%            

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a)

    2,230       2,360,467  
   

 

 

 
Iowa — 1.2%            

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46

    1,810       1,741,301  
   

 

 

 
Nebraska — 3.5%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

    4,771       5,037,390  
   

 

 

 
New York — 2.7%            

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

    2,340       2,325,173  

Port Authority of New York & New Jersey, Refunding ARB, Series 221, AMT, 4.00%, 07/15/55

    1,720       1,605,899  
   

 

 

 
      3,931,072  
Rhode Island — 1.7%            

Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47

    2,450       2,407,227  
   

 

 

 
 

 

 

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

  21


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

West Virginia — 1.3%

   

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(k)

  $ 1,891         $ 1,780,639  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.1%
(Cost: $24,901,249)

      24,471,817  
   

 

 

 

Total Long-Term Investments — 159.4%
(Cost: $234,411,583)

 

    228,724,640  
   

 

 

 
     Shares         

Short-Term Securities

   

Money Market Funds — 2.0%

   

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m)

    2,932,953       2,933,540  
   

 

 

 

Total Short-Term Securities — 2.0%
(Cost: $2,933,128)

      2,933,540  
   

 

 

 

Total Investments — 161.4%
(Cost: $237,344,711)

      231,658,180  

Other Assets Less Liabilities — 0.1%

      92,751  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.8)%

 

    (12,605,223

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.7)%

 

    (75,657,943
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 143,487,765  
   

 

 

 

 

(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) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

Zero-coupon bond.

 

(e) 

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.

(f) 

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

(g) 

When-issued security.

(h)

Issuer filed for bankruptcy and/or is in default.

(i) 

Non-income producing security.

(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)

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between June 1, 2026 to February 15, 2028, is $2,193,553. See Note 4 of the Notes to Financial Statements for details.

(l)

Affiliate of the Fund.

(m) 

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/23
     Shares
Held at
01/31/23
     Income      Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 505,057      $ 2,425,944 (a)    $      $ 2,279      $ 260      $  2,933,540        2,932,953      $  33,645      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 

 

 

22  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T     T O    H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

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

     67          03/22/23        $ 7,692         $ (126,855

U.S. Long Bond

     110          03/22/23          14,365          (463,010

5-Year U.S. Treasury Note

     57          03/31/23          6,239          (87,252
                 

 

 

 
                   $ (677,117
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $      $      $     677,117      $      $   677,117  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $      $      $   2,483,337      $      $   2,483,337  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ 189,346      $      $ 189,346  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — short

   $ 31,440,774  

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

   $             —        $  203,853,810        $         399,013        $  204,252,823  

Municipal Bonds Transferred to Tender Option Bond Trusts

              24,471,817                   24,471,817  

 

 

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

  23


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

Fair Value Hierarchy as of Period End (continued)

      Level 1        Level 2        Level 3        Total  

Short-Term Securities

                 

Money Market Funds

   $ 2,933,540        $        $        $ 2,933,540  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     2,933,540        $  228,325,627        $             399,013        $  231,658,180  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Interest Rate Contracts

   $ (677,117      $        $        $ (677,117
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

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

   $        $ (12,516,504    $                      —      $ (12,516,504

VRDP Shares at Liquidation Value

              (76,000,000             (76,000,000
  

 

 

      

 

 

    

 

 

    

 

 

 
   $                   —        $     (88,516,504    $      $   (88,516,504
  

 

 

      

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

24  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T     T O    H A R E H O L D E R  S


Schedule of Investments (unaudited) 

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds

 

Education — 0.5%

   

Grand Canyon University, 5.13%, 10/01/28

  $        2,445         $ 2,314,413  
   

 

 

 

Total Corporate Bonds — 0.5%
(Cost: $2,445,000)

          2,314,413  
   

 

 

 

Municipal Bonds

   

Alabama — 2.1%

   

Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a)

    615       659,348  

County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42

    3,745       4,000,106  

Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)

    2,140       2,460,705  

MidCity Improvement District, SAB
4.25%, 11/01/32

    160       150,637  

4.50%, 11/01/42

    255       223,036  

4.75%, 11/01/49

    270       232,977  

Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)

    1,740       1,599,175  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

    335       301,674  
   

 

 

 
      9,627,658  
Alaska — 0.2%            

Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50

    1,000       907,728  
   

 

 

 
Arizona — 3.9%            

Arizona Industrial Development Authority, RB
7.10%, 01/01/55(b)

    1,705       1,756,602  

Class B, 4.00%, 07/01/61

    890       730,916  

Series A, 5.00%, 12/15/39(b)

    250       247,392  

Series A, 4.00%, 07/01/51

    445       381,369  

Series A, 4.00%, 07/01/61

    910       767,849  

Series B, 5.13%, 07/01/47(b)

    665       648,143  

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.13%, 07/01/37

    960       963,334  

Series A, 5.50%, 07/01/52

    1,775       1,795,205  

Glendale Industrial Development Authority, RB
5.00%, 05/15/41

    100       96,581  

5.00%, 05/15/56

    405       371,995  

Industrial Development Authority of the City of Phoenix Arizona, RB(b)

   

Series A, 6.50%, 07/01/34

    570       586,425  

Series A, 6.75%, 07/01/44

    1,000       1,043,672  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b)
5.00%, 07/01/35

    625       627,692  

5.00%, 07/01/45

    255       245,701  

Series A, 5.00%, 07/01/35

    260       261,085  

Industrial Development Authority of the County of Pima, Refunding RB(b)
4.00%, 06/15/51

    665       511,374  

5.00%, 07/01/56

    475       439,406  

4.00%, 06/15/57

    890       660,073  

La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)

    875       844,908  
Security   Par
(000)
    Value  

Arizona (continued)

   

Maricopa County Industrial Development Authority, RB(b)
5.25%, 10/01/40

  $ 465         $ 479,215  

5.50%, 10/01/51

    465       477,268  

AMT, 4.00%, 10/15/47

           2,295       1,972,291  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

    1,650       1,751,628  
   

 

 

 
           17,660,124  
Arkansas(b) — 2.6%            

Arkansas Development Finance Authority, RB

   

Series A, AMT, 4.50%, 09/01/49

    2,815       2,536,484  

Series A, AMT, 4.75%, 09/01/49

    9,850       9,228,366  
   

 

 

 
      11,764,850  
California — 8.4%            

California Community Housing Agency, RB, M/F Housing(b)

   

Series A, 5.00%, 04/01/49

    240       215,469  

Series A-2, 4.00%, 08/01/47

    1,550       1,283,823  

California Municipal Finance Authority, RB

   

Series A, 5.50%, 08/01/34(b)

    275       277,158  

Series A, 6.00%, 08/01/44(b)

    665       670,106  

Series A, 3.00%, 02/01/46

    315       250,100  

Series A, 6.13%, 08/01/49(b)

    580       584,291  

California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b)

    1,780       1,898,268  

California School Finance Authority, RB
6.65%, 07/01/33

    435       440,258  

6.90%, 07/01/43

    975       987,953  

Series A, 6.40%, 07/01/48

    1,570       1,587,644  

California Statewide Communities Development Authority, RB, 5.25%, 12/01/38(b)

    580       598,748  

California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43

    1,650       1,651,180  

CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)

    3,300       2,713,669  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)

    890       626,822  

CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)

    485       403,636  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
2.80%, 03/01/47

    440       338,600  

3.13%, 07/01/56

    990       712,655  

3.13%, 08/01/56

    120       87,701  

4.00%, 12/01/56

    1,260       934,189  

3.25%, 05/01/57

    505       372,819  

4.00%, 07/01/58

    380       284,137  

Series A, 3.00%, 09/01/56

    1,570       1,083,005  

Series B, 4.00%, 07/01/58

    435       302,771  

Mezzanine Lien, 4.00%, 03/01/57

    700       526,634  

Mezzanine Lien, 4.00%, 06/01/57

    2,630       1,996,044  

Series B, Mezzanine Lien, 4.00%, 12/01/59

    6,035       4,360,861  

Senior Lien, 3.13%, 06/01/57

    655       459,568  

Series B, Sub Lien, 4.00%, 12/01/59

    4,000       2,806,444  

Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(c)

    1,705       624,061  

Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(d)

    2,885       2,914,966  

San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56

    5,000       4,618,315  
 

 

 

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

  25


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

California (continued)

   

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(e)

   

Series D, 0.00%, 08/01/26

  $        1,250         $ 1,064,892  

Series D, 0.00%, 08/01/43

    1,500       546,870  
   

 

 

 
        38,223,657  
Colorado — 3.7%            

9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48

    910       815,413  

Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38

    1,240       1,217,970  

Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)

    665       527,413  

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

    575       515,841  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

   

Series A, AMT, 4.13%, 11/15/47

    1,870       1,809,648  

Series A, AMT, 4.13%, 11/15/53

    1,025       958,344  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

    265       289,365  

5.25%, 11/01/52

    555       594,563  

Series A, 5.00%, 05/15/35

    355       328,975  

Series A, 5.00%, 05/15/44

    385       338,055  

Series A, 5.00%, 05/15/49

    260       221,160  

Series A, 5.00%, 05/15/58

    540       441,790  

Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55

    1,735       1,250,413  

Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50

    935       925,995  

Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36

    769       660,928  

Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50(b)

    545       504,413  

Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50

    520       383,367  

Loretto Heights Community Authority, RB, 4.88%, 12/01/51

    790       623,622  

North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48

    500       481,062  

Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49

    1,211       1,128,253  

Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48

    760       739,038  

Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)

    1,065       896,470  

Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47

    410       390,735  

Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51

    790       668,614  
   

 

 

 
      16,711,447  
Connecticut — 1.3%            

Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.00%, 11/15/38

    1,300       1,145,143  

Connecticut State Health & Educational Facilities Authority, RB(b)

   

Series A, 5.00%, 01/01/45

    325       313,893  

Series A, 5.00%, 01/01/55

    435       405,532  
Security   Par
(000)
    Value  

Connecticut (continued)

   

Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b)

  $ 1,375         $ 1,378,326  

Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45(b)

    957       958,488  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b)

    1,835       1,923,019  
   

 

 

 
            6,124,401  
Delaware — 0.9%            

Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%,
05/01/39(b)(f)

    1,217       1,082,254  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

           2,870       2,802,693  
   

 

 

 
      3,884,947  
District of Columbia — 0.8%            

District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46(e)

    15,400       3,614,934  
   

 

 

 
Florida — 15.6%            

Avenir Community Development District, SAB, 5.63%, 05/01/54

    655       644,802  

Babcock Ranch Community Independent Special District, SAB

   

Series 2022, 5.00%, 05/01/42

    510       489,653  

Series 2022, 5.00%, 05/01/53

    385       352,010  

Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43

    1,290       1,289,798  

Brevard County Health Facilities Authority, Refunding RB(b)
4.00%, 11/15/23

    125       125,057  

4.00%, 11/15/24

    440       440,102  

4.00%, 11/15/25

    460       459,432  

4.00%, 11/15/27

    495       490,975  

4.00%, 11/15/29

    435       426,377  

4.00%, 11/15/32

    450       433,654  

4.00%, 11/15/35

    675       636,485  

Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52

    400       403,683  

Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39

    1,495       1,506,184  

Capital Trust Agency, Inc., RB(b)
5.00%, 01/01/55

    2,640       2,043,788  

Series A, 5.75%, 06/01/54

    940       829,971  

Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(e)

    53,225       2,982,942  

Charlotte County Industrial Development Authority, RB(b)

   

AMT, 5.00%, 10/01/34

    245       245,578  

AMT, 5.00%, 10/01/49

    1,170       1,100,961  

AMT, 4.00%, 10/01/51

    850       655,415  

Collier County Industrial Development Authority, Refunding RB, Series A,
8.13%, 05/15/44(b)(g)(h)

    630       369,684  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49

    5,000       5,191,850  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e)

   

Series A-2, 0.00%, 10/01/50

    730       157,010  

Series A-2, 0.00%, 10/01/51

    875       172,768  

Series A-2, 0.00%, 10/01/52

    875       172,346  
 

 

 

26  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Florida (continued)

   

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) (continued)

   

Series A-2, 0.00%, 10/01/53

  $        2,325         $ 407,449  

Series A-2, 0.00%, 10/01/54

    875              154,060  

Florida Development Finance Corp., RB(b)
5.00%, 06/15/56

    1,150       1,016,756  

6.50%, 06/30/57

    500       503,585  

Series A, 5.75%, 06/15/29

    690       694,462  

Series A, 6.00%, 06/15/34

    835       840,929  

Series A, 6.13%, 06/15/44

    3,180       3,186,681  

Series A, 5.13%, 06/15/55

    3,645       3,139,839  

Series B, 4.50%, 12/15/56

    3,985       3,178,747  

Series C, 5.75%, 12/15/56

    1,325       1,167,627  

AMT, 5.00%, 05/01/29

    2,155       2,027,118  

Greeneway Improvement District, SAB, 5.13%, 05/01/43(b)

    1,280       1,242,674  

Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26

    120       119,449  

4.95%, 05/01/29(b)

    345       352,378  

5.50%, 05/01/39(b)

    315       324,624  

3.00%, 05/01/41

    275       208,432  

5.13%, 05/01/46

    735       703,245  

5.65%, 05/01/48(b)

    520       531,535  

Series 1B, 4.75%, 05/01/29

    565       569,548  

Series 1B, 5.30%, 05/01/39

    645       652,948  

Series 1B, 5.45%, 05/01/48

    1,150       1,153,924  

Laurel Road Community Development District, SAB

   

Series A-1, 2.60%, 05/01/26

    100       97,278  

Series A-1, 3.00%, 05/01/31

    100       91,313  

Series A-1, 3.25%, 05/01/41

    190       149,629  

Series A-1, 4.00%, 05/01/52

    300       240,473  

Series A-2, 3.13%, 05/01/31

    445       394,565  

Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51

    8,125       5,883,743  

Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48

    915       917,816  

Midtown Miami Community Development District, Refunding SAB

   

Series A, 5.00%, 05/01/37

    845       845,034  

Series B, 5.00%, 05/01/37

    495       495,020  

North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(b)

    1,305       1,277,604  

North River Ranch Community Development District, SAB

   

Series A-1, 4.00%, 05/01/40

    310       266,861  

Series A-1, 4.25%, 05/01/51

    530       427,376  

Series A-2, 4.20%, 05/01/35

    370       327,961  

Series A-3, 4.75%, 05/01/40

    600       520,948  

Poitras East Community Development District, SA, 5.00%, 05/01/43(i)

    690       686,908  

Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32

    1,000       879,453  

Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53

    1,145       940,585  

Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54

    985       857,907  

South Broward Hospital District, RB, Series A, 3.00%, 05/01/51

    7,355       5,660,386  
Security   Par
(000)
    Value  

Florida (continued)

   

Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40(c)

  $           805         $ 722,990  

Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(g)(h)

    875       9  

Trout Creek Community Development District, SAB
5.38%, 05/01/38

    430       433,784  

5.50%, 05/01/49

    1,105       1,100,838  

Village Community Development District No. 14, SAB
5.38%, 05/01/42

    1,120           1,117,583  

5.50%, 05/01/53

    830       822,229  

West Villages Improvement District, SAB
4.75%, 05/01/39

    455       432,221  

5.00%, 05/01/50

    940       868,221  

Windward at Lakewood Ranch Community Development District, SAB
4.00%, 05/01/42

    255       221,194  

4.25%, 05/01/52

    310       259,882  
   

 

 

 
      70,736,346  
Georgia — 1.2%            

Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)

    765       651,309  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    290       270,370  

Main Street Natural Gas, Inc., RB

   

Series A, 5.00%, 05/15/35

    560       599,413  

Series A, 5.00%, 05/15/36

    560       594,321  

Series A, 5.00%, 05/15/37

    615       647,292  

Series A, 5.00%, 05/15/38

    340       356,021  

Series A, 5.00%, 05/15/49

    1,130       1,158,883  

Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52

    915       948,918  
   

 

 

 
      5,226,527  
Idaho — 0.1%            

Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55(b)

    580       621,096  
   

 

 

 
Illinois — 7.6%            

Chicago Board of Education, GO

   

Series A, 5.00%, 12/01/42

    1,650       1,649,929  

Series C, 5.25%, 12/01/35

    1,655       1,677,592  

Series D, 5.00%, 12/01/46

    2,155       2,141,185  

Series H, 5.00%, 12/01/46

    720       720,967  

Chicago Board of Education, Refunding GO

   

Series B, 4.00%, 12/01/35

    745       707,541  

Series B, 4.00%, 12/01/41

    1,665       1,499,073  

Series C, 5.00%, 12/01/25

    725       743,253  

Series D, 5.00%, 12/01/31

    1,000       1,042,331  

Series G, 5.00%, 12/01/44

    2,150       2,156,461  

City of Chicago Illinois, Refunding GO

   

Series A, 6.00%, 01/01/38

    1,260       1,338,109  

Series B, 4.00%, 01/01/37

    1,709       1,624,950  

Illinois Finance Authority, RB(b)

   

Class A, 5.00%, 07/01/51

    2,000       1,509,986  

Class A, 5.00%, 07/01/56

    2,000       1,474,218  

Illinois Finance Authority, Refunding RB 6.60%, 07/01/24

    340       334,433  

6.00%, 02/01/34

    365       370,186  

6.13%, 02/01/45

    860       870,022  
 

 

 

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

  27


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Illinois (continued)

   

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

  $ 1,795         $ 1,778,608  

Metropolitan Pier & Exposition Authority, RB

   

Series A, 5.50%, 06/15/53

    2,370       2,416,935  

Series A, 5.00%, 06/15/57

    1,020       1,025,069  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

    2,920           2,602,599  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(e)

         14,000       2,766,470  

Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33

    725       846,213  

State of Illinois, GO
5.50%, 05/01/30

    530       591,144  

5.50%, 05/01/39

    1,055       1,148,971  

Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34

    1,277       1,276,611  
   

 

 

 
      34,312,856  
Indiana — 2.7%            

City of Valparaiso Indiana, RB

   

AMT, 6.75%, 01/01/34

    825       843,518  

AMT, 7.00%, 01/01/44

    2,000       2,039,814  

City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(g)(h)

    1,715       1,526,350  

City of Whiting Indiana, RB, AMT, 3.00%, 11/01/51

    5,000       3,677,375  

Indiana Finance Authority, RB

   

Series A, AMT, 5.00%, 07/01/23(d)

    2,025       2,039,954  

Series A, AMT, 6.75%, 05/01/39

    1,060       1,236,232  

Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)

    1,230       1,058,850  
   

 

 

 
      12,422,093  
Iowa — 0.2%            

Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(e)

    8,820       1,104,299  
   

 

 

 
Kansas — 0.3%            

City of Manhattan Kansas, RB, Series A, 4.00%, 06/01/52

    480       347,248  

City of Shawnee Kansas, RB(b)
5.00%, 08/01/41

    230       230,455  

5.00%, 08/01/56

    850       797,746  
   

 

 

 
      1,375,449  

Kentucky — 0.9%

   

City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b)

    230       219,719  

Kentucky Public Transportation Infrastructure Authority, RB, Series A, 5.75%, 07/01/23(d)

    4,000       4,035,016  
   

 

 

 
      4,254,735  
Louisiana — 2.3%            

Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b)

    2,320       2,177,591  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)

    930       861,298  

Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b)

    280       288,603  
Security   Par
(000)
    Value  

Louisiana (continued)

   

Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b)

  $ 1,580         $ 1,715,194  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

           5,570       5,608,439  
   

 

 

 
        10,651,125  
Maine — 0.2%            

Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)

    1,045       724,064  
   

 

 

 
Maryland — 2.1%            

City of Baltimore Maryland, RB, 4.88%, 06/01/42

    325       321,844  

County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)

    1,900       1,858,333  

Maryland Economic Development Corp., RB
5.00%, 07/01/56

    360       363,680  

Class B, AMT, 5.25%, 06/30/55

    1,555       1,604,121  

Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)

    3,010       3,182,719  

Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, (FHA), 2.85%, 01/01/51

    2,645       1,973,514  
   

 

 

 
      9,304,211  
Massachusetts — 0.2%            

Massachusetts Development Finance Agency, RB, 4.00%, 06/01/56

    430       364,435  

Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/50

    325       252,417  

Series B, 4.00%, 06/01/50

    580       507,156  
   

 

 

 
      1,124,008  
Michigan — 1.2%            

Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44

    415       403,847  

City of Detroit Michigan, GO
5.00%, 04/01/34

    285       293,757  

5.00%, 04/01/35

    285       293,189  

5.00%, 04/01/36

    200       205,325  

5.00%, 04/01/37

    320       327,819  

5.00%, 04/01/38

    145       148,249  

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49

    2,405       2,336,597  

Michigan Strategic Fund, RB
5.00%, 11/15/42

    345       335,701  

AMT, 5.00%, 12/31/43

    1,200       1,216,563  
   

 

 

 
      5,561,047  
Minnesota — 0.6%            

City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55

    1,480       1,484,860  

Minnesota Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 3.00%, 07/01/43

    1,230       1,024,247  
   

 

 

 
      2,509,107  
 

 

 

28  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Missouri — 0.3%

   

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB

   

Series A, 4.38%, 11/15/35

  $           685         $ 556,553  

Series A, 4.75%, 11/15/47

    760       589,438  
   

 

 

 
          1,145,991  
Nevada — 0.3%            

Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40

    670       684,290  

5.00%, 07/01/45

    460       463,134  
   

 

 

 
      1,147,424  
New Hampshire — 0.8%            

New Hampshire Business Finance Authority, RB

   

Series A, 4.13%, 08/15/40

    530       474,214  

Series A, 4.25%, 08/15/46

    595       513,683  

Series A, 4.50%, 08/15/55

    1,235       1,066,125  

New Hampshire Business Finance Authority, Refunding RB(b)

   

Series B, 4.63%, 11/01/42

    1,015       965,123  

Series C, AMT, 4.88%, 11/01/42

    485       449,982  
   

 

 

 
      3,469,127  
New Jersey — 7.6%            

Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39

    1,065       1,092,693  

5.25%, 11/01/44

    770       780,964  

New Jersey Economic Development Authority, RB
6.00%, 10/01/43

    1,530       1,556,682  

Class A, 5.25%, 11/01/47

    2,650       2,878,510  

Series A, 5.00%, 07/01/32

    165       165,967  

Series A, 5.00%, 07/01/37

    260       260,289  

Series A, 5.25%, 11/01/54(b)

    1,675       1,476,824  

Series B, 5.00%, 06/15/43

    2,245       2,353,878  

AMT, 5.38%, 01/01/43

    2,155       2,174,718  

Series B, AMT, 6.50%, 04/01/31

    1,805       1,871,457  

New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(b)

    500       502,813  

New Jersey Health Care Facilities Financing Authority, RB
3.00%, 07/01/51

    2,655       2,096,441  

4.00%, 07/01/51

    2,095       2,046,825  

New Jersey Transportation Trust Fund Authority, RB

   

Series AA, 5.25%, 06/15/41

    1,140       1,178,915  

Series BB, 4.00%, 06/15/46

    1,000       964,713  

Series S, 5.25%, 06/15/43

    2,345       2,491,330  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(e)

    8,950       5,191,197  

Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46

    5,495       5,558,583  
   

 

 

 
      34,642,799  
New Mexico — 0.2%            

Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40(b)

    1,000       855,072  
   

 

 

 
New York — 17.3%            

Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51

    1,500       1,053,073  
Security   Par
(000)
    Value  

New York (continued)

   

Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32

  $ 745         $ 707,373  

City of New York New York, GO, Series A-1, 4.00%, 09/01/46

    1,195       1,183,270  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

           2,890           2,890,095  

Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

    185       147,889  

Metropolitan Transportation Authority, Refunding RB

   

Series C-1, 4.75%, 11/15/45

    1,740       1,737,374  

Series C-1, 5.00%, 11/15/50

    565       573,229  

Series C-1, 5.25%, 11/15/55

    840       866,004  

New York City Industrial Development Agency, Refunding RB

   

Series A, (AGM), 3.00%, 01/01/36

    100       91,188  

Series A, (AGM), 3.00%, 01/01/40

    375       319,054  

New York City Municipal Water Finance Authority, Refunding RB
5.00%, 06/15/23(d)

    6,670       6,731,171  

Series CC, 5.00%, 06/15/47

    7,520       7,569,015  

New York Counties Tobacco Trust IV, Refunding RB

   

Series A, 6.25%, 06/01/41(b)

    5,000       5,001,080  

Series A, 5.00%, 06/01/42

    3,155       3,019,884  

New York Counties Tobacco Trust VI, Refunding RB

   

Series A-2-B, 5.00%, 06/01/45

    2,655       2,572,761  

Series A-2-B, 5.00%, 06/01/51

    1,900       1,827,659  

New York Liberty Development Corp., Refunding RB

   

Class 2, 5.15%, 11/15/34(b)

    455       456,105  

Class 2, 5.38%, 11/15/40(b)

    1,080       1,080,376  

Series 1, 5.00%, 11/15/44(b)

    6,205       6,189,438  

Series A, 2.88%, 11/15/46

    3,975       3,015,487  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

    1,435       1,401,090  

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47

    6,955       6,825,533  

New York State Housing Finance Agency, RB, M/F Housing

   

Series J-1, (SONYMA HUD SECT 8), 2.45%, 11/01/41

    800       604,986  

Series J-1, (SONYMA HUD SECT 8), 2.65%, 11/01/46

    1,065       771,221  

Series J-1, (SONYMA HUD SECT 8), 2.80%, 11/01/51

    2,955       2,109,708  

Series J-1, (SONYMA HUD SECT 8), 2.88%, 11/01/56

    2,000       1,390,436  

New York State Urban Development Corp., Refunding RB, 3.00%, 03/15/48

    9,655       7,730,372  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

    1,175       1,225,027  

New York Transportation Development Corp., Refunding RB, AMT, 5.38%, 08/01/36

    1,490       1,502,288  

State of New York Mortgage Agency, RB, S/F Housing

   

Series 239, (SONYMA), 2.60%, 10/01/44

    3,750       2,779,166  

Series 239, (SONYMA), 2.70%, 10/01/47

    3,370       2,748,171  

Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44

    1,177       1,198,926  
 

 

 

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

  29


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

New York (continued)

   

Westchester County Local Development Corp., Refunding RB(b)
5.00%, 07/01/41

  $ 730         $ 619,161  

5.00%, 07/01/46

    895       731,127  
   

 

 

 
        78,668,737  
Ohio — 3.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55

           6,060       5,780,755  

Cleveland-Cuyahoga County Port Authority, Refunding TA(b)
4.50%, 12/01/55

    210       182,422  

Class A, 4.00%, 12/01/55

    250       224,578  

County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46

    875       842,022  

County of Hardin Ohio, Refunding RB
5.00%, 05/01/30

    240       234,194  

5.25%, 05/01/40

    240       225,682  

5.50%, 05/01/50

    1,130       1,023,591  

Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b)

    1,125       814,232  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    740       678,187  

Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47

    2,500       2,176,320  

Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)

    385       320,687  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

    2,315       1,684,609  
   

 

 

 
      14,187,279  
Oklahoma — 2.5%            

Oklahoma Development Finance Authority, RB
7.25%, 09/01/51(b)

    4,615       4,927,708  

Series B, 5.00%, 08/15/38

    2,990       2,840,844  

Series B, 5.25%, 08/15/48

    555       509,254  

Series B, 5.50%, 08/15/52

    2,135       1,992,740  

Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)

    325       269,191  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37

    750       760,600  
   

 

 

 
      11,300,337  
Oregon — 0.7%            

Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/49

    1,765       1,756,415  

Oregon State Facilities Authority, RB(b)

   

Series A, 5.00%, 06/15/29

    115       117,709  

Series A, 5.00%, 06/15/39

    565       566,595  

Salem Hospital Facility Authority, Refunding RB, 4.00%, 05/15/47

    1,000       808,576  
   

 

 

 
      3,249,295  
Pennsylvania — 2.0%            

Bucks County Industrial Development Authority, RB
4.00%, 07/01/46

    100       80,975  

4.00%, 07/01/51

    100       78,340  
Security   Par
(000)
    Value  

Pennsylvania (continued)

   

Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

  $ 1,550         $ 1,558,903  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

           2,710           2,719,813  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

    5,000       4,834,640  
   

 

 

 
      9,272,671  
Puerto Rico — 16.2%            

Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e)

    44,330       3,313,268  

Commonwealth of Puerto Rico, GO
1.00%, 11/01/43(a)

    4,994       2,205,820  

1.00%, 11/01/51(a)

    9,623       3,175,728  

5.07%, 11/01/51(a)

    7,920       3,484,784  

Series A1, Restructured, 5.38%, 07/01/25

    (j)       2  

Series A1, Restructured, 5.63%, 07/01/27

    (j)       2  

Series A1, Restructured, 5.63%, 07/01/29

    3,644       3,880,698  

Series A1, Restructured, 5.75%, 07/01/31

    2,813       3,050,670  

Series A1, Restructured, 4.00%, 07/01/33

    625       584,020  

Series A1, Restructured, 4.00%, 07/01/35

    562       510,562  

Series A1, Restructured, 4.00%, 07/01/37

    482       426,883  

Series A1, Restructured, 4.00%, 07/01/41

    656       563,339  

Series A1, Restructured, 4.00%, 07/01/46

    682       568,025  

Commonwealth of Puerto Rico, GO, CAB(e)

   

Series A, Restructured, 0.00%, 07/01/24

    (j)       1  

Series A, Restructured, 0.00%, 07/01/33

    805       466,039  

Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a)

    252       81,613  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB

   

Series A, 5.00%, 07/01/33(b)

    1,170       1,205,381  

Series B, 5.00%, 07/01/28(b)

    1,570       1,614,871  

Series B, 5.00%, 07/01/29(b)

    1,150       1,181,671  

Series B, Restructured, 0.00%, 07/01/32(e)

    2,520       1,587,044  

Series A, Senior Lien, 5.00%, 07/01/35(b)

    1,210       1,232,445  

Series A, Senior Lien, 5.00%, 07/01/47(b)

    3,135       3,081,141  

Puerto Rico Electric Power Authority, RB
3rd Series, 5.40%, 01/01/23(a)(g)(h)

    90       68,637  

Series A, 5.00%, 07/01/29(g)(h)

    660       457,208  

Series A, 7.00%, 07/01/33(g)(h)

    3,295       2,520,675  

Series A, 5.00%, 07/01/42(g)(h)

    1,315       910,952  

Series A, 7.00%, 07/01/43(g)(h)

    375       286,875  

Series A-1, 10.00%, 07/01/19

    75       57,448  

Series A-2, 10.00%, 07/01/19(g)(h)

    379       289,826  

Series A-3, 10.00%, 07/01/19(g)(h)

    323       247,103  

Series B-3, 10.00%, 07/01/19(g)(h)

    323       247,103  

Series C-1, 5.40%, 01/01/18(g)(h)

    887       678,902  

Series C-2, 5.40%, 07/01/18(g)(h)

    888       679,012  

Series C-4, 5.40%, 07/01/20(g)(h)

    90       68,637  

Series CCC, 5.25%, 07/01/26(g)(h)

    260       180,112  

Series CCC, 5.25%, 07/01/28(g)(h)

    145       100,447  

Series D-1, 7.50%, 01/01/20(g)(h)

    761       581,991  

Series TT, 5.00%, 07/01/18(g)(h)

    295       204,358  

Series TT, 5.00%, 07/01/25(g)(h)

    100       69,274  

Series TT, 5.00%, 07/01/26(g)(h)

    225       155,866  
 

 

 

30  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

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 (continued)

   

Series WW, 5.50%, 07/01/17(g)(h)

  $ 200         $ 138,548  

Series WW, 5.50%, 07/01/18(g)(h)

    1,175       813,968  

Series WW, 5.50%, 07/01/19(g)(h)

    145       100,447  

Series WW, 5.50%, 07/01/20

    1,595       1,104,919  

Series WW, 5.38%, 07/01/22(g)(h)

    1,310       907,488  

Series WW, 5.25%, 07/01/33(g)(h)

    120       83,129  

Series WW, 5.50%, 07/01/38(g)(h)

    205       142,011  

Series XX, 5.25%, 07/01/27(g)(h)

    110       76,201  

Series XX, 5.25%, 07/01/35(g)(h)

    645       446,817  

Series XX, 5.75%, 07/01/36(g)(h)

    860       595,755  

Series XX, 5.25%, 07/01/40(g)(h)

    1,020       706,594  

Series A, AMT, 6.75%, 07/01/36(g)(h)

           1,335           1,021,275  

Puerto Rico Electric Power Authority, RB, BAB, 6.13%, 07/01/40

    1,085       751,622  

Puerto Rico Electric Power Authority, Refunding RB(g)(h)

   

Series AAA, 5.25%, 07/01/22

    2,545       1,763,021  

Series AAA, 5.25%, 07/01/29

    95       65,810  

Series UU, 0.00%, 07/01/17(a)

    60       45,000  

Series UU, 0.00%, 07/01/18(a)

    55       41,250  

Series UU, 0.00%, 07/01/20(a)

    495       371,250  

Series UU, 3.22%, 07/01/31(a)

    580       435,000  

Series ZZ, 5.00%, 07/01/17

    145       100,447  

Series ZZ, 5.25%, 07/01/19

    455       315,196  

Series ZZ, 5.25%, 07/01/24

    345       238,995  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

   

Series A-1, Restructured, 4.50%, 07/01/34

    745       747,351  

Series A-1, Restructured, 4.75%, 07/01/53

    2,453       2,336,482  

Series A-1, Restructured, 5.00%, 07/01/58

    5,234       5,156,798  

Series A-2, Restructured, 4.54%, 07/01/53

    21       19,320  

Series A-2, Restructured, 4.78%, 07/01/58

    2,080       1,979,919  

Series A-2, Restructured, 4.33%, 07/01/40

    6,129       5,861,052  

Series B-1, Restructured, 4.55%, 07/01/40

    2,402       2,358,125  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e)

   

Series A-1, Restructured, 0.00%, 07/01/29

    1,079       808,570  

Series A-1, Restructured, 0.00%, 07/01/33

    1,023       629,646  

Series A-1, Restructured, 0.00%, 07/01/46

    12,021       3,338,087  

Series B-1, Restructured, 0.00%, 07/01/46

    883       246,654  
   

 

 

 
      73,765,180  
Rhode Island — 2.1%            

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(g)(h)

    4,190       628,500  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/40

    980       988,621  

Series B, 4.50%, 06/01/45

    4,390       4,398,622  

Series B, 5.00%, 06/01/50

    3,330       3,347,989  
   

 

 

 
      9,363,732  
South Carolina — 0.1%            

South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)

    605       602,233  
   

 

 

 
Security   Par
(000)
    Value  

Tennessee — 1.5%

   

Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45

  $ 3,000         $ 3,146,736  

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(e)

    3,270       1,106,372  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

           2,520       2,730,765  
   

 

 

 
          6,983,873  
Texas — 8.8%            

Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)

    715       509,030  

Arlington Higher Education Finance Corp., RB
5.00%, 06/15/51

    715       602,679  

7.88%, 11/01/62(b)

    565       588,225  

Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41

    370       353,538  

Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39

    675       595,845  

Central Texas Regional Mobility Authority, Refunding RB(e)
0.00%, 01/01/28

    1,000       860,905  

0.00%, 01/01/29

    2,000       1,664,972  

0.00%, 01/01/30

    1,170       941,689  

0.00%, 01/01/33

    3,690       2,628,712  

0.00%, 01/01/34

    4,000       2,709,884  

City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38

    2,890       2,892,540  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

    250       257,181  

City of Houston Texas Airport System Revenue, Refunding RB

   

AMT, 5.00%, 07/01/29

    730       732,275  

Series A, AMT, 4.00%, 07/01/46

    3,000       2,858,598  

City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27

    1,615       1,657,694  

City of San Marcos Texas, SAB(b)
4.00%, 09/01/32

    100       94,472  

4.50%, 09/01/51

    480       411,434  

City of Sinton Texas, SAB(b)
5.13%, 09/01/42

    858       800,548  

5.25%, 09/01/51

    1,195       1,092,226  

Hidalgo County Regional Mobility Authority, RB

   

Series A, Senior Lien, 4.00%, 12/01/39

    255       242,467  

Series A, Senior Lien, 4.00%, 12/01/41

    510       478,100  

Hidalgo County Regional Mobility Authority, Refunding RB

   

Series B, Junior Lien, 4.00%, 12/01/37

    820       795,398  

Series B, Junior Lien, 4.00%, 12/01/38

    415       399,002  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)

    785       778,594  

New Hope Cultural Education Facilities Finance Corp., RB(d)

   

Series A, 5.88%, 04/01/23

    1,210       1,216,167  

Series A, 6.00%, 04/01/23

    1,845       1,854,777  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52

    1,650       1,624,135  
 

 

 

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

  31


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Texas (continued)

   

New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)

  $        1,650         $ 1,537,876  

Newark Higher Education Finance Corp., RB(b)

   

Series A, 5.50%, 08/15/35

    290       299,352  

Series A, 5.75%, 08/15/45

    580       593,589  

Port Beaumont Navigation District, RB(b)

   

AMT, 2.75%, 01/01/36

    920       670,543  

AMT, 3.00%, 01/01/50

    2,360       1,446,949  

Port Beaumont Navigation District, Refunding RB(b)

   

Series A, AMT, 3.63%, 01/01/35

    915       758,627  

Series A, AMT, 4.00%, 01/01/50

    1,090       812,391  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49

    865       867,628  

Texas Transportation Commission State Highway 249 System, RB, CAB(e) 0.00%, 08/01/46

    1,420       405,928  

0.00%, 08/01/47

    2,120       567,870  

0.00%, 08/01/48

    2,235       558,687  

0.00%, 08/01/49

    2,100       489,649  

0.00%, 08/01/50

    3,015       657,559  

0.00%, 08/01/51

    1,770       361,245  

0.00%, 08/01/52

    1,770       338,135  

0.00%, 08/01/53

    160       28,665  
   

 

 

 
        40,035,780  
Utah — 0.1%            

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)

    470       419,935  
   

 

 

 
Vermont — 0.8%            

East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b)

    4,000       3,403,484  
   

 

 

 
Virginia — 2.3%            

Albemarle County Economic Development Authority, Refunding RB, 4.00%, 06/01/42

    2,030       1,752,264  

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55

    2,435       2,434,111  

Lower Magnolia Green Community Development Authority, SAB(b)
5.00%, 03/01/35

    495       497,131  

5.00%, 03/01/45

    505       490,822  

Norfolk Redevelopment & Housing Authority, RB

   

Series A, 4.00%, 01/01/29

    300       277,924  

Series A, 5.00%, 01/01/34

    485       466,893  

Series A, 5.00%, 01/01/49

    955       819,391  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

    2,370       2,303,474  

Virginia Housing Development Authority, RB, M/F Housing, Series K, AMT, (FHLMC, FNMA, GNMA), 2.38%, 12/01/41

    1,000       762,042  

Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48

    840       723,908  
   

 

 

 
      10,527,960  
Washington — 0.6%            

Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58

    2,115       1,311,886  
Security   Par
(000)
    Value  

Washington (continued)

   

Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56(b)

  $ 510         $ 460,736  

Washington State Housing Finance Commission, Refunding RB(b)
5.75%, 01/01/35

    315       303,848  

6.00%, 01/01/45

    850       820,073  
   

 

 

 
          2,896,543  
Wisconsin — 6.4%            

Public Finance Authority, RB 5.00%, 06/15/39

    175       179,887  

5.00%, 06/15/41(b)

    345       326,535  

5.00%, 01/01/42(b)

    605       584,687  

5.00%, 06/15/49

    530       534,975  

5.63%, 06/15/49(b)

           2,490       2,231,436  

5.00%, 04/01/50(b)

    115       107,302  

5.00%, 06/15/53

    355       357,633  

5.00%, 06/15/55(b)

    895       783,199  

5.00%, 01/01/56(b)

    1,470       1,306,552  

Class A, 5.00%, 06/15/56(b)

    495       411,178  

Series A, 6.25%, 10/01/31(b)

    605       509,286  

Series A, 5.38%, 06/01/44(b)

    555       491,072  

Series A, 6.85%, 11/01/46(b)(g)(h)

    900       625,500  

Series A, 7.00%, 11/01/46(b)(g)(h)

    570       396,150  

Series A, 7.00%, 10/01/47(b)

    605       499,292  

Series A, 5.63%, 06/15/49(b)

    2,920       2,924,549  

Series A, 5.25%, 12/01/51(b)

    1,470       1,138,236  

Series A, 5.50%, 06/01/54(b)

    680       577,279  

Series A, 5.00%, 06/15/55(b)

    4,030       3,244,597  

Series A, 4.75%, 06/15/56(b)

    3,000       2,252,694  

Series A-1, 4.50%, 01/01/35(b)

    1,225       1,101,257  

Series A-1, 5.50%, 12/01/48(b)(g)(h)

    20       4,385  

Series B, 0.00%, 01/01/35(b)(e)

    1,650       729,348  

Series B, 0.00%, 01/01/60(b)(e)

    35,940       2,140,622  

AMT, 4.00%, 09/30/51

    1,025       860,481  

AMT, 4.25%, 07/01/54

    1,595       1,194,599  

AMT, 4.00%, 03/31/56

    980       802,172  

Public Finance Authority, Refunding RB(b)
4.00%, 04/01/32

    205       198,282  

4.00%, 04/01/42

    225       190,496  

4.00%, 04/01/52

    275       211,625  

5.25%, 05/15/52

    355       318,606  

Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 11/01/46

    470       391,058  

4.00%, 01/01/47

    1,300       1,017,154  

4.00%, 01/01/57

    350       257,280  
   

 

 

 
      28,899,404  
   

 

 

 

Total Municipal Bonds — 132.8%
(Cost: $648,935,963)

        603,283,565  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts

 

Georgia — 1.5%

   

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(k)

    6,508       6,889,138  
   

 

 

 
 

 

 

32  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Illinois — 1.5%

   

Illinois Finance Authority, Refunding RB

   

Series C, 4.00%, 02/15/27

  $ 4         $ 3,759  

Series C, 4.00%, 02/15/41(k)

    1,495       1,497,861  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40(k)

           5,056           5,247,383  
   

 

 

 
      6,749,003  
Massachusetts — 0.5%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45(k)

    2,268       2,276,169  
   

 

 

 
Nebraska — 0.7%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)(k)

    3,088       3,260,750  
   

 

 

 
New York(k) — 3.7%            

New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45

    9,000       8,720,631  

New York City Housing Development Corp., Refunding RB

   

Series C-1, 4.15%, 11/01/39

    1,893       1,857,781  

Series C-1, 4.20%, 11/01/44

    3,470       3,404,859  

Series C-1, 4.30%, 11/01/47

    2,840       2,786,672  
   

 

 

 
      16,769,943  
Pennsylvania — 0.6%            

Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42(k)

    2,503       2,658,972  
   

 

 

 
Wisconsin — 0.3%            

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46(k)

    1,139       1,121,393  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.8%
(Cost: $40,119,672)

      39,725,368  
   

 

 

 

Total Long-Term Investments — 142.1%
(Cost: $691,500,635)

      645,323,346  
   

 

 

 
Security  

    

Shares

    Value  

Short-Term Securities

   

Money Market Funds — 0.6%

   

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m)

    2,590,067          $ 2,590,585  
   

 

 

 

Total Short-Term Securities — 0.6%
(Cost: $2,589,808)

      2,590,585  
   

 

 

 

Total Investments — 142.7%
(Cost: $694,090,443)

      647,913,931  

Other Assets Less Liabilities — 1.2%

      5,822,370  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)%

 

    (24,627,963

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (38.5)%

 

    (174,931,808
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

   $ 454,176,530  
   

 

 

 

 

(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)

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d)

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) 

Zero-coupon bond.

(f)

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

(g)

Issuer filed for bankruptcy and/or is in default.

(h)

Non-income producing security.

(i)

When-issued security.

(j)

Rounds to less than 1,000.

(k)

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.

(l)

Affiliate of the Fund.

(m)

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
     Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/23
     Shares
Held at
01/31/23
     Income      Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 15,028,412      $      $ (12,437,926 )(a)     $ 4,293      $ (4,194    $  2,590,585        2,590,067      $  153,075      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 

 

 

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

  33


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

 

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

     236        03/22/23      $ 27,096       $ (361,464

U.S. Long Bond

     380        03/22/23        49,626        (1,335,696

5-Year U.S. Treasury Note

     167        03/31/23        18,279        (206,421
           

 

 

 
             $ (1,903,581
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Liabilities — Derivative Financial Instruments                                                 

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $      $      $  1,903,581      $      $  1,903,581  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

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

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $      $      $   5,455,232      $      $ 5,455,232  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ (606,995    $      $ (606,995
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — short

   $ 92,476,618  

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

           

Corporate Bonds

   $             —      $ 2,314,413      $      $ 2,314,413  

Municipal Bonds

            602,201,311            1,082,254        603,283,565  

Municipal Bonds Transferred to Tender Option Bond Trusts

            39,725,368               39,725,368  

 

 

34  

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Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniAssets Fund, Inc. (MUA)

 

Fair Value Hierarchy as of Period End (continued)

      Level 1      Level 2      Level 3      Total  

Short-Term Securities

           

Money Market Funds

   $ 2,590,585      $      $      $ 2,590,585  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $     2,590,585      $  644,241,092      $       1,082,254      $  647,913,931  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Interest Rate Contracts

   $ (1,903,581    $      $      $ (1,903,581
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

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

 

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

   $                 —      $ (24,489,313    $                 —      $ (24,489,313

VRDP Shares at Liquidation Value

            (175,000,000             (175,000,000
  

 

 

    

 

 

    

 

 

    

 

 

 
   $      $ (199,489,313    $      $  (199,489,313
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  35


Schedule of Investments (unaudited)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Alabama — 2.3%

   

Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46

  $ 4,200         $ 4,333,630  

Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a)

             2,425                2,422,112  

Southeast Energy Authority A Cooperative District, RB(a)

   

Series A, 4.00%, 11/01/51

    8,540       8,581,060  

Series A-1, 5.50%, 01/01/53

    3,315       3,623,816  

Series B, 4.00%, 12/01/51

    3,565       3,602,058  
   

 

 

 
      22,562,676  
Arizona — 3.6%            

Arizona Industrial Development Authority, RB
4.00%, 07/01/29(b)

    500       492,558  

4.38%, 07/01/39(b)

    1,015       962,370  

Series A, 3.55%, 07/15/29(b)

    1,155       1,110,583  

Series A, 5.00%, 07/01/39(b)

    855       824,117  

Series A, 5.00%, 07/01/49(b)

    965       880,204  

Series A, 4.00%, 02/01/50

    10,000       9,505,350  

Series A, 5.00%, 07/01/54(b)

    745       665,884  

Series B, 4.25%, 07/01/27(b)

    325       323,596  

City of Phoenix Civic Improvement Corp., RB, Series B, AMT, Junior Lien, 5.00%, 07/01/36

    4,000       4,289,336  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24(b) .

    325       327,915  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/25

    300       307,214  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29(b)

    300       304,716  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b)

    825       747,280  

Maricopa County Industrial Development Authority, Refunding RB 4.00%, 07/01/29(b)

    295       289,078  

5.00%, 07/01/39(b)

    360       356,436  

5.00%, 07/01/54(b)

    820       761,337  

Series A, 5.00%, 09/01/32

    1,000       1,096,441  

Series A, 5.00%, 09/01/33

    800       874,254  

Series A, 5.00%, 09/01/34

    1,000       1,086,664  

Series A, 5.00%, 01/01/38

    3,000       3,197,397  

Phoenix-Mesa Gateway Airport Authority, RB

   

AMT, 5.00%, 07/01/27

    700       701,212  

AMT, 5.00%, 07/01/32

    1,925       1,928,484  

Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45

    4,970       5,056,230  
   

 

 

 
      36,088,656  
Arkansas — 0.4%            

Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b)

    2,245       2,022,879  

University of Arkansas, Refunding RB, 5.00%, 03/01/31

    2,315       2,438,987  
   

 

 

 
      4,461,866  
Security   Par
(000)
    Value  

California — 15.5%

   

California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52(a)

  $          2,750         $        2,783,693  

California Community Housing Agency, RB, M/F Housing(b)
3.00%, 08/01/56

    215       152,899  

Series A, 5.00%, 04/01/49

    370       332,182  

Series A-2, 4.00%, 08/01/47

    2,380       1,971,290  

California Municipal Finance Authority, RB

   

Series A, 4.00%, 10/01/29(b)

    420       403,123  

Series A, 3.00%, 02/01/46

    485       385,074  

California School Finance Authority, RB, 5.00%, 08/01/42(b)

    875       898,314  

California State Public Works Board, RB

   

Series I, 5.50%, 11/01/30

    4,500       4,610,516  

Series I, 5.50%, 11/01/33

    2,000       2,049,902  

California State University, Refunding RB, Series A, 5.00%, 11/01/42

    3,500       3,793,479  

City of Campbell California, GO, Election 2018, 4.00%, 09/01/50

    3,025       3,084,538  

City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52

    8,500       8,565,960  

City of Los Angeles Department of Airports, RB, AMT, 5.00%, 05/15/47

    4,000       4,278,008  

City of Los Angeles Department of Airports, Refunding RB

   

AMT, 4.00%, 05/15/39

    355       357,607  

AMT, 4.00%, 05/15/40

    390       391,248  

AMT, 4.00%, 05/15/41

    450       448,899  

Series A, AMT, 5.00%, 05/15/36

    5,650       6,265,279  

AMT, Subordinate, 5.00%, 05/15/37

    9,470       10,424,794  

AMT, Subordinate, 5.00%, 05/15/37(c)

    530       617,027  

AMT, Subordinate, 4.00%, 05/15/41

    6,810       6,614,928  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

    1,110       816,388  

County of Santa Barbara California, COP, Series B, AMT, 5.25%, 12/01/33

    10,330       11,565,075  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
5.00%, 09/01/37

    185       181,195  

4.00%, 10/01/56

    600       515,786  

4.00%, 12/01/56

    300       222,426  

Series A, 4.00%, 06/01/58

    3,585       3,005,603  

Senior Lien, 3.13%, 06/01/57

    1,005       705,138  

Series A, Senior Lien, 4.00%, 12/01/58

    4,050       3,146,137  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28(c)

    10,285       11,808,959  

Los Angeles Department of Water & Power, Refunding RB, Series C, 5.00%, 07/01/52

    5,715       6,385,661  

Manteca Financing Authority, RB, Series A, (AGC-ICC), 5.75%, 12/01/36

    3,285       3,294,898  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

    6,155       6,128,158  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/38

    2,705       2,727,062  
 

 

 

36  

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Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
California (continued)            

Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46

  $ 1,870         $ 1,810,541  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

   

Series A, AMT, 5.25%, 05/01/33

    6,370       6,409,029  

Series A, AMT, 5.00%, 05/01/44

    3,430       3,468,961  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB

   

Series A, AMT, 5.00%, 05/01/47

    7,855       8,104,993  

Series E, AMT, 5.00%, 05/01/40

    3,335       3,572,989  

Santa Cruz County Capital Financing Authority, RB, Series A, 4.00%, 06/01/46

    3,990       3,973,561  

State of California, GO, 5.50%, 04/01/28

    15       15,041  

State of California, Refunding GO

   

4.00%, 03/01/36

    10,775       11,404,616  

4.00%, 09/01/42

    5,000       5,253,300  
   

 

 

 
      152,944,277  
Colorado — 1.4%            

City & County of Denver Colorado Airport System Revenue, RB

   

Series A, AMT, 5.50%, 11/15/28

    2,700       2,753,193  

Series A, AMT, 5.50%, 11/15/30

    1,040       1,060,723  

Series A, AMT, 5.50%, 11/15/31

    1,250       1,275,010  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 4.13%, 11/15/53

    2,185       2,042,909  

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45

    1,315       1,517,955  

Colorado Health Facilities Authority, RB

   

5.25%, 11/01/39

    1,000       1,095,066  

5.50%, 11/01/47

    620       677,005  

5.25%, 11/01/52

    1,555       1,665,847  

Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50

    1,190       1,197,260  

Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34

    500       529,555  

Thompson Crossing Metropolitan District No. 4, Refunding GO, 3.50%, 12/01/29

    515       486,481  
   

 

 

 
      14,301,004  
Connecticut — 2.0%            

Connecticut Housing Finance Authority, Refunding RB, Series C-2, AMT, 2.20%, 11/15/34

    1,190       1,055,699  

Connecticut State Health & Educational Facilities Authority, RB(b)

   

Series A, 5.00%, 01/01/30

    130       132,342  

Series A-1, 5.00%, 10/01/54

    235       201,719  

Connecticut State Health & Educational Facilities Authority, Refunding RB

   

5.00%, 12/01/45

    5,000       5,146,005  

Series G-1, 5.00%, 07/01/27(b)

    100       101,615  

Series G-1, 5.00%, 07/01/28(b)

    100       101,553  

Series G-1, 5.00%, 07/01/29(b)

    100       101,409  

Series G-1, 5.00%, 07/01/30(b)

    100       101,116  

Series G-1, 5.00%, 07/01/32(b)

    150       151,185  

Series G-1, 5.00%, 07/01/34(b)

    125       125,612  

State of Connecticut, GO

   

Series A, 5.00%, 04/15/30

    5,000       5,647,650  
Security   Par
            (000)
                    Value  
Connecticut (continued)            

State of Connecticut, GO (continued)

   

Series A, 5.00%, 04/15/31

  $ 4,000         $ 4,513,372  

Series C, 5.00%, 06/15/38

    700       796,132  

Series C, 4.00%, 06/15/39

    300       306,171  

Series C, 4.00%, 06/15/41

    300       303,553  

Series C, 5.00%, 06/15/42

    635       711,108  
   

 

 

 
      19,496,241  
Delaware — 0.4%            

County of Kent Delaware, RB

   

Series A, 5.00%, 07/01/29

    880       884,330  

Series A, 5.00%, 07/01/30

    1,030       1,032,628  

Series A, 5.00%, 07/01/31

    750       750,780  

Series A, 5.00%, 07/01/32

    375       374,945  

Series A, 5.00%, 07/01/33

    1,190       1,188,022  
   

 

 

 
      4,230,705  
District of Columbia — 0.1%            

District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37

    880       983,809  
   

 

 

 
Florida — 10.2%            

Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52

    2,745       2,906,392  

Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/31

    1,500       1,589,127  

Capital Region Community Development District, Refunding SAB, Series A-1, 4.63%, 05/01/28

    500       504,319  

Capital Trust Agency, Inc., RB

   

5.00%, 01/01/55(b)

    945       731,583  

Series A, 4.00%, 06/15/29(b)

    560       522,518  

Series A, 5.00%, 12/15/29

    400       408,203  

Series A, 5.00%, 06/01/45(b)

    850       758,308  

Series A, 5.50%, 06/01/57(b)

    305       278,626  

Series SE, 3.00%, 07/01/31(b)

    125       112,851  

Series SE, 4.00%, 07/01/41(b)

    285       238,531  

Series SE, 4.00%, 07/01/51(b)

    335       253,190  

Series SE, 4.00%, 07/01/56(b)

    280       205,017  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41

    10,000       10,008,390  

Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29(b)

    895       914,535  

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57

    20,000       22,777,700  

County of Miami-Dade Seaport Department, RB(c)

   

Series B, AMT, 6.00%, 10/01/23

    8,835       8,997,115  

Series B, AMT, 6.25%, 10/01/23

    1,405       1,435,390  

County of Miami-Dade Seaport Department, Refunding RB

   

Series A, AMT, 5.25%, 10/01/52(d)

    2,470       2,638,190  

Series B-1, AMT, Subordinate, 4.00%, 10/01/46

    5,500       5,330,671  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e)

   

Series A-2, 0.00%, 10/01/28

    500       407,046  

Series A-2, 0.00%, 10/01/29

    800       626,069  

Escambia County Health Facilities Authority, Refunding RB

   

5.00%, 08/15/35

    3,100       3,289,807  

Series A, 5.00%, 08/15/31

    1,000       1,092,142  

Esplanade Lake Club Community Development District, SAB

   

Series A-1, 3.63%, 11/01/30

    370       349,187  
 

 

 

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

  37


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
Florida (continued)            

Esplanade Lake Club Community Development District, SAB (continued)

   

Series A-1, 4.00%, 11/01/40

  $ 1,080         $ 946,699  

Series A-1, 4.13%, 11/01/50

    385       316,329  

Series A-2, 3.63%, 11/01/30

    170       160,439  

Series A-2, 4.00%, 11/01/40

    335       293,652  

Series A-2, 4.13%, 11/01/50

    380       312,220  

Florida Development Finance Corp., RB(b)

   

6.50%, 06/30/57

    1,270       1,279,105  

AMT, 5.00%, 05/01/29

    3,080       2,897,227  

Florida Development Finance Corp., Refunding RB

   

5.00%, 06/01/31

    450       433,713  

5.00%, 06/01/35

    225       211,620  

Series C, 5.00%, 09/15/50(b)

    475       405,525  

Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29

    960       917,587  

Harbor Bay Community Development District, SAB, Series A-1, 3.30%, 05/01/29

    590       563,963  

Hills of Minneola Community Development District, SAB, 3.50%, 05/01/31(b)

    1,100       1,024,281  

Hillsborough County Aviation Authority, Refunding RB(c)

   

Series A, AMT, 5.25%, 10/01/23

    3,255       3,308,008  

Sub-Series A, AMT, 5.50%, 10/01/23

    5,360       5,441,590  

Lakewood Ranch Stewardship District, SAB

   

3.60%, 05/01/24

    205       204,133  

4.30%, 05/01/27(b)

    520       520,471  

3.80%, 05/01/29

    595       580,280  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

    85       85,149  

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32

    5,020       5,270,172  

Midtown Miami Community Development District, Refunding SAB, Series A, 4.25%, 05/01/24

    470       470,000  

Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30

    350       333,215  

Palm Beach County Health Facilities Authority, RB

   

Series A, 5.00%, 11/01/47

    715       728,900  

Series A, 5.00%, 11/01/52

    1,020       1,036,046  

Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/29

    1,785       1,835,228  

Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/33

    610       624,095  

Seminole Improvement District, RB

   

5.00%, 10/01/32

    265       264,697  

5.30%, 10/01/37

    300       302,277  

Southern Groves Community Development District No. 5, Refunding SAB, 3.25%, 05/01/29

    290       274,013  

Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(f)(g)

    142       90,783  

Talavera Community Development District, SAB

   

3.50%, 05/01/25

    280       277,676  

3.85%, 05/01/30

    540       520,368  
Security   Par
            (000)
                    Value  
Florida (continued)            

Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29

  $ 180         $ 176,925  

Village Community Development District No. 14, SAB, 5.50%, 05/01/53

    2,020       2,001,087  
   

 

 

 
      100,482,380  
Georgia — 3.1%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    740       689,909  

George L Smith II Congress Center Authority, RB, 4.00%, 01/01/36

    1,750       1,636,029  

Georgia Ports Authority, RB, 4.00%, 07/01/47

    2,500       2,505,830  

Main Street Natural Gas, Inc., RB

   

Series A, 5.00%, 05/15/33

    5,000       5,258,045  

Series A, 5.00%, 05/15/34

    5,250       5,497,128  

Series A, 5.00%, 06/01/53(a)(d)

    8,750       9,292,719  

Municipal Electric Authority of Georgia, RB

   

5.00%, 01/01/35

    1,225       1,280,957  

Series A, 5.00%, 07/01/52

    3,160       3,277,138  

Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 5.00%, 01/01/35

    925       1,013,286  
   

 

 

 
      30,451,041  
Hawaii — 1.5%            

State of Hawaii Airports System Revenue, COP

   

AMT, 5.25%, 08/01/25

    1,350       1,362,779  

AMT, 5.25%, 08/01/26

    2,500       2,524,510  

State of Hawaii Airports System Revenue, RB

   

Series A, AMT, 5.00%, 07/01/43

    5,000       5,252,475  

Series A, AMT, 5.00%, 07/01/45

    5,985       6,111,541  
   

 

 

 
      15,251,305  
Idaho — 1.9%            

Idaho Health Facilities Authority, RB

   

4.00%, 12/01/43

    10,000       10,018,480  

Series A, 5.00%, 12/01/47

    5,000       5,210,970  

Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51

    2,355       1,688,834  

Idaho Housing & Finance Association, Refunding RB

   

(GTD), 4.00%, 05/01/42

    1,160       1,114,829  

(GTD), 4.00%, 05/01/52

    905       808,837  
   

 

 

 
      18,841,950  
Illinois — 15.5%            

Chicago Board of Education, GO

   

Series A, 5.00%, 12/01/34

    2,825       2,951,215  

Series A, 5.00%, 12/01/40

    720       730,627  

Series A, 5.00%, 12/01/47

    2,750       2,759,642  

Chicago Board of Education, Refunding GO

   

Series A, 5.00%, 12/01/30

    3,065       3,247,144  

Series C, 5.00%, 12/01/26

    4,730       4,889,926  

Series D, 5.00%, 12/01/26

    4,185       4,326,499  

Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(e)

    815       739,996  

Chicago Midway International Airport, Refunding ARB

   

Series A, AMT, 2nd Lien, 5.00%, 01/01/32

    5,000       5,081,300  

Series A, AMT, 2nd Lien, 5.00%, 01/01/41

    8,020       8,064,768  

Chicago Midway International Airport, Refunding RB

   

Series A, AMT, 2nd Lien, 5.50%, 01/01/30

    6,500       6,512,239  

Series A, AMT, 2nd Lien, 5.50%, 01/01/32

    7,775       7,789,819  
 

 

 

38  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
Illinois (continued)            

Chicago O’Hare International Airport, RB

   

Class A, AMT, Senior Lien, 5.50%, 01/01/55

  $ 4,360         $ 4,752,369  

Series D, Senior Lien, 5.25%, 01/01/42

    2,630       2,805,169  

Chicago O’Hare International Airport, Refunding RB

   

Series B, 5.00%, 01/01/32

    3,745       3,916,176  

Series A, Senior Lien, 4.00%, 01/01/37

    3,820       3,905,553  

Series B, Senior Lien, 5.00%, 01/01/37

    3,460       3,743,973  

Series E, Senior Lien, (AGM), 4.00%, 01/01/40

    5,000       5,078,645  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB

   

Series A, 2nd Lien, 5.00%, 12/01/57

    1,000       1,052,838  

Series A, Senior Lien, 4.00%, 12/01/49

    6,190       5,813,815  

Cook County Community College District No. 508, GO, 5.13%, 12/01/38

    1,000       1,017,280  

Illinois Finance Authority, RB
4.00%, 07/01/40

    4,870       5,023,761  

Series A, 5.00%, 02/15/28

    810       840,102  

Series A, 5.00%, 02/15/29

    400       414,724  

Series A, 5.00%, 02/15/30

    500       518,150  

Series A, 5.00%, 02/15/31

    500       518,152  

Series A, 5.00%, 02/15/32

    500       517,776  

Illinois Finance Authority, Refunding RB

   

5.00%, 03/01/30

    550       593,749  

5.00%, 03/01/32

    920       990,304  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37

    1,455       1,516,686  

Illinois State Toll Highway Authority, RB

   

Series A, 5.00%, 01/01/34

    4,140       4,150,714  

Series A, 5.00%, 01/01/40

    5,000       5,189,445  

Series A, 4.00%, 01/01/46

    9,770       9,680,780  

Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31

    4,220       4,550,460  

Metropolitan Pier & Exposition Authority, Refunding RB

   

5.00%, 12/15/28

    1,200       1,280,840  

4.00%, 06/15/50

    2,725       2,428,795  

State of Illinois, GO
5.25%, 07/01/29

    5,000       5,048,730  

5.00%, 04/01/31

    1,000       1,023,084  

5.00%, 05/01/31

    5,010       5,133,096  

5.00%, 11/01/34

    5,000       5,224,505  

5.50%, 05/01/39

    3,500       3,811,752  

5.75%, 05/01/45

    2,000       2,186,184  

Series A, 5.50%, 03/01/42

    6,000       6,586,176  

Series A, 5.50%, 03/01/47

    5,500       5,971,735  

Series D, 5.00%, 11/01/28

    350       377,225  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

    120       129,299  
   

 

 

 
      152,885,217  
Indiana — 0.2%            

Indiana Finance Authority, RB

   

Series A, 5.00%, 06/01/41

    550       517,954  

Series A, 5.00%, 06/01/51

    405       360,171  

Series A, 5.00%, 06/01/56

    360       314,894  

Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26

    1,270       1,260,283  
   

 

 

 
      2,453,302  
Security   Par
            (000)
                    Value  
Iowa — 0.8%            

Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35

  $ 7,500         $ 7,537,943  

Iowa Student Loan Liquidity Corp, Refunding RB, Series A, AMT, 5.00%, 12/01/26

    775       823,782  
   

 

 

 
      8,361,725  
Kansas — 0.2%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

    2,000       1,910,078  
   

 

 

 
Kentucky — 1.2%            

City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b)

    285       272,260  

Kentucky Public Energy Authority, RB(a)

   

Series A-1, 4.00%, 08/01/52

    8,940       8,930,300  

Series C, 4.00%, 02/01/50

    2,500       2,521,995  
   

 

 

 
      11,724,555  
Louisiana — 0.3%            

Lafayette Parish School Board Sale Tax Revenue, RB(d)

   

4.00%, 04/01/48

    940       924,817  

4.00%, 04/01/53

    595       579,701  

New Orleans Aviation Board, RB, Series A, 5.00%, 01/01/33

    1,000       1,044,798  
   

 

 

 
      2,549,316  
Maine — 0.1%            

Finance Authority of Maine, Refunding RB, Series A-1, AMT, (AGM), 3.00%, 12/01/29

    845       837,288  
   

 

 

 
Maryland — 1.0%            

City of Baltimore Maryland, RB, 5.00%, 06/01/51

    820       795,189  

City of Baltimore Maryland, Refunding TA(b)

   

Series A, Senior Lien, 2.95%, 06/01/27

    175       165,055  

Series A, Senior Lien, 3.05%, 06/01/28

    190       177,190  

Series A, Senior Lien, 3.15%, 06/01/29

    200       184,710  

City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29(b)

    285       266,705  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47

    2,500       2,575,490  

Maryland Economic Development Corp., Refunding RB

   

Series A, 5.00%, 06/01/29

    1,835       2,015,795  

Series A, 5.00%, 06/01/30

    1,015       1,112,872  

Series A, 5.00%, 06/01/31

    1,000       1,094,722  

Series A, 5.00%, 06/01/32

    1,000       1,092,073  
   

 

 

 
      9,479,801  
Massachusetts — 3.7%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, 4.00%, 06/01/50

    8,000       7,916,456  

Commonwealth of Massachusetts, GO, Series D, 4.00%, 02/01/46

    5,000       5,036,645  

Massachusetts Development Finance Agency, Refunding RB

   

5.00%, 07/01/29

    2,700       2,905,875  

5.00%, 07/01/30

    3,125       3,361,425  

5.00%, 07/01/41

    4,710       4,890,492  

Series A, 5.00%, 01/01/31

    1,730       1,791,559  

Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27

    1,000       1,037,444  
 

 

 

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

  39


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
Massachusetts (continued)            

Massachusetts Housing Finance Agency, Refunding RB, Series G, 3.45%, 12/01/30

  $ 3,100         $ 3,123,811  

Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/51

    215       225,581  

Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/42

    6,200       6,228,390  
   

 

 

 
      36,517,678  
Michigan — 3.9%            

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

    10       10,033  

City of Detroit Michigan, GO

   

5.00%, 04/01/26

    265       274,308  

5.00%, 04/01/27

    210       218,767  

5.00%, 04/01/28

    235       245,912  

5.00%, 04/01/29

    235       245,006  

5.00%, 04/01/30

    180       187,017  

5.00%, 04/01/31

    265       274,751  

5.00%, 04/01/32

    225       232,749  

5.00%, 04/01/33

    295       304,756  

Michigan Finance Authority, RB

   

4.00%, 02/15/47

    4,500       4,315,716  

4.00%, 02/15/50

    9,705       9,200,524  

Michigan Finance Authority, Refunding RB

   

Series A, 4.00%, 12/01/40

    10,100       10,037,643  

Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31

    4,000       4,145,420  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.13%, 10/01/36

    4,275       3,426,028  

Michigan Strategic Fund, RB

   

AMT, 5.00%, 06/30/33

    2,415       2,525,209  

AMT, 5.00%, 12/31/33

    2,000       2,086,022  

Michigan Strategic Fund, Refunding RB

   

5.00%, 11/15/29

    440       449,584  

5.00%, 11/15/34

    490       494,962  
   

 

 

 
      38,674,407  
Minnesota — 0.8%            

City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/33

    2,370       2,581,202  

Duluth Economic Development Authority, Refunding RB

   

Series A, 5.00%, 02/15/33

    1,000       1,087,902  

Series A, 5.00%, 02/15/34

    1,185       1,283,580  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29(b)

    200       200,410  

Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47

    2,420       2,593,998  
   

 

 

 
      7,747,092  
Mississippi — 1.3%            

Mississippi Development Bank, RB

   

(AGM), 6.75%, 12/01/31

    3,775       3,891,360  

(AGM), 6.75%, 12/01/33

    2,350       2,421,297  

(AGM), 6.88%, 12/01/40

    6,405       6,590,335  
   

 

 

 
      12,902,992  
Missouri — 0.5%            

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29

    350       301,901  
Security   Par
            (000)
                    Value  
Missouri (continued)            

Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54

  $ 2,840         $ 2,929,117  

St. Louis County Industrial Development Authority, Refunding RB

   

5.00%, 09/01/27

    360       372,471  

5.00%, 09/01/32

    1,015       1,017,052  
   

 

 

 
      4,620,541  
Nebraska — 0.1%            

Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30

    800       849,608  
   

 

 

 
Nevada — 1.6%            

City of Las Vegas Nevada Special Improvement District No. 814, SAB

   

3.50%, 06/01/28

    155       155,572  

3.25%, 06/01/30

    345       330,833  

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33

    5,000       5,188,800  

County of Clark Nevada, GO, 4.00%, 07/01/47

    10,000       9,725,070  
   

 

 

 
      15,400,275  
New Hampshire(b) — 0.2%            

New Hampshire Business Finance Authority, RB, AMT, 2.95%, 04/01/29

    1,000       907,397  

New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27

    795       767,887  
   

 

 

 
      1,675,284  
New Jersey — 15.7%            

Camden County Improvement Authority, RB, 6.00%, 06/15/47

    940       1,007,224  

New Jersey Economic Development Authority, RB

   

5.00%, 11/01/44

    10,500       11,044,393  

AMT, 5.13%, 09/15/23

    1,655       1,660,091  

AMT, 5.50%, 01/01/26

    1,500       1,518,733  

AMT, 5.50%, 01/01/27

    1,000       1,012,606  

AMT, (AGM), 5.00%, 01/01/31

    2,425       2,453,193  

AMT, 5.38%, 01/01/43

    7,000       7,064,050  

New Jersey Economic Development Authority, Refunding ARB

   

AMT, 5.00%, 10/01/26

    2,135       2,200,807  

AMT, 5.00%, 10/01/27

    1,680       1,741,994  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c)

    1,750       1,964,760  

New Jersey Educational Facilities Authority, RB, 5.00%, 06/15/28

    10,000       10,309,120  

New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51

    6,110       4,824,578  

New Jersey Higher Education Student Assistance Authority, Refunding RB

   

Series B, AMT, 5.00%, 12/01/27

    1,000       1,094,777  

Series B, AMT, 5.00%, 12/01/28

    1,000       1,093,863  

Series B, Class B, AMT, 4.00%, 12/01/41

    4,820       4,860,175  

New Jersey Transportation Trust Fund Authority, RB

   

Series A, 5.00%, 06/15/30

    2,000       2,149,468  

Series AA, 5.25%, 06/15/31

    12,000       12,109,068  

Series AA, 5.25%, 06/15/32

    2,250       2,383,011  

Series AA, 5.00%, 06/15/35

    3,000       3,250,980  

Series AA, 4.00%, 06/15/39

    4,000       4,016,060  

Series AA, 5.50%, 06/15/39

    8,175       8,258,916  
 

 

 

40  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB (continued)

   

Series BB, 5.00%, 06/15/44

  $ 5,000         $ 5,238,665  

Series C, 5.25%, 06/15/32

    10,000       10,443,100  

New Jersey Transportation Trust Fund Authority, Refunding RB

   

Series A, 5.00%, 06/15/30

    1,695       1,821,505  

Series A, 5.00%, 12/15/33

    2,285       2,511,763  

New Jersey Turnpike Authority, RB

   

Series A, 4.00%, 01/01/42

    2,000       2,025,648  

Series B, 5.00%, 01/01/46

    9,105       10,047,495  

Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/25

    1,345       1,368,129  

South Jersey Port Corp., RB

   

Series B, AMT, 5.00%, 01/01/29

    250       264,561  

Series B, AMT, 5.00%, 01/01/30

    200       210,923  

Series B, AMT, 5.00%, 01/01/31

    350       368,431  

Series B, AMT, 5.00%, 01/01/32

    425       445,324  

State of New Jersey, GO, 5.00%, 06/01/28

    5,000       5,308,710  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/30

    850       911,823  

Series A, 5.00%, 06/01/33

    220       236,492  

Series A, 5.00%, 06/01/34

    12,000       12,837,048  

Sub-Series B, 5.00%, 06/01/46

    15,000       15,173,565  
   

 

 

 
      155,231,049  
New Mexico — 0.3%            

Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33

    2,510       2,604,491  

City of Santa Fe New Mexico, RB

   

Series A, 5.00%, 05/15/34

    170       166,984  

Series A, 5.00%, 05/15/39

    310       294,254  
   

 

 

 
      3,065,729  
New York — 25.1%            

Buffalo & Erie County Industrial Land Development Corp., Refunding RB

   

Series A, 4.50%, 06/01/27

    1,710       1,748,012  

Series A, 5.00%, 06/01/35

    415       424,975  

Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31(b)

    420       422,606  

Build NYC Resource Corp., Refunding RB, 5.00%, 08/01/35

    665       717,787  

City of New York New York, GO

   

Series A-1, 4.00%, 09/01/46

    2,630       2,604,184  

Series B, 5.25%, 10/01/39

    1,750       2,061,762  

Series B, 5.25%, 10/01/40

    1,340       1,572,026  

Series F-1, 4.00%, 03/01/47

    3,645       3,686,338  

Series I, 5.00%, 03/01/32

    7,000       7,185,185  

Hudson Yards Infrastructure Corp., Refunding RB, Series A, (AGM), 4.00%, 02/15/47

    25,165       24,810,878  

Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36

    940       852,595  

Metropolitan Transportation Authority, RB

   

Series A-1, 5.25%, 11/15/39

    7,005       7,041,020  

Series B, 5.25%, 11/15/38

    3,145       3,201,233  

Series C, 5.00%, 11/15/38

    4,450       4,460,836  

Sub-Series A-1, 5.00%, 11/15/40

    2,355       2,388,764  

Metropolitan Transportation Authority, Refunding RB, Series A, 4.00%, 11/15/51

    2,250       2,190,082  
Security   Par
            (000)
                    Value  
New York (continued)            

Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

  $ 4,365         $ 4,279,887  

New York City Municipal Water Finance Authority, RB

   

Series AA-1, 5.25%, 06/15/52

    1,805       2,045,592  

Series CC-1, 4.00%, 06/15/52

    2,515       2,484,237  

Series CC-1, 5.00%, 06/15/52

    5,400       5,929,567  

New York City Transitional Finance Authority Building Aid Revenue, RB

   

Series S1, Subordinate, (SAW), 4.00%, 07/15/45

    5,000       5,008,420  

Series S-1, Subordinate, (SAW), 5.00%, 07/15/43

    5,200       5,583,204  

Series S-3, Subordinate, (SAW), 5.25%, 07/15/45

    6,625       7,171,629  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

   

Series B-1, 5.00%, 08/01/36

    9,445       10,291,631  

Series E-1, 4.00%, 02/01/49

    2,915       2,851,581  

Subordinate, 4.00%, 05/01/43

    19,900       20,264,608  

Series A-1, Subordinate, 4.00%, 08/01/48

    3,795       3,771,794  

Series F-1, Subordinate, 5.00%, 02/01/47

    2,690       2,982,930  

New York Convention Center Development Corp., RB, CAB, Class B, Sub Lien, 0.00%, 11/15/40(e)

    7,650       3,306,919  

New York Liberty Development Corp., Refunding RB
3.13%, 09/15/50

    1,535       1,269,473  

Series 1, 2.75%, 02/15/44

    3,000       2,253,330  

Series 1, 5.00%, 11/15/44(b)

    1,730       1,725,661  

Series A, 2.88%, 11/15/46

    12,020       9,118,528  

New York Power Authority, RB, (AGM), 4.00%, 11/15/47

    570       567,030  

New York Power Authority, Refunding RB

   

Series A, 4.00%, 11/15/50

    3,000       2,958,261  

Series A, 4.00%, 11/15/55

    10,135       9,895,500  

New York State Dormitory Authority, Refunding RB

   

Series A, 5.00%, 05/01/32

    3,060       3,217,269  

Series A, 5.00%, 07/01/32

    9,000       9,503,649  

Series A, 5.00%, 03/15/36

    5,500       6,029,589  

Series A, 4.00%, 03/15/46

    10,000       9,855,010  

Series A, 4.00%, 03/15/49

    8,685       8,522,964  

New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/50

    5,000       4,894,815  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

    2,500       2,435,700  

New York State Urban Development Corp., Refunding RB, Series A, 3.00%, 03/15/41

    8,515       7,626,988  

New York Transportation Development Corp., RB

   

AMT, 4.00%, 10/01/30

    2,775       2,757,767  

AMT, 5.00%, 10/01/35

    1,870       1,949,617  

AMT, 5.00%, 12/01/40

    1,865       1,937,231  

Port Authority of New York & New Jersey, Refunding ARB

   

Series 223, AMT, 4.00%, 07/15/40

    1,475       1,469,737  

Series 223, AMT, 4.00%, 07/15/41

    1,850       1,833,006  

Port Authority of New York & New Jersey, Refunding RB, Series 232, AMT, 4.63%, 08/01/52

    1,290       1,334,664  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44

    1,770       1,311,766  

Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.25%, 05/15/47

    3,855       4,395,012  
 

 

 

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

  41


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
New York (continued)            

Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/37

  $ 4,400         $ 4,732,895  

Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/44

    4,290       4,911,595  
   

 

 

 
      247,847,339  
North Carolina — 0.2%            

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47

    1,865       1,951,700  
   

 

 

 
Ohio — 3.7%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

   

Series A-2, 4.00%, 06/01/48

    2,710       2,490,617  

Series B-2, 5.00%, 06/01/55

    8,340       7,955,693  

Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29

    1,550       1,441,812  

Ohio Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 2.70%, 09/01/46

    5,800       5,026,558  

Ohio Turnpike & Infrastructure Commission, RB

   

Series A-1, Junior Lien, 5.25%, 02/15/31

    11,145       11,155,844  

Series A-1, Junior Lien, 5.25%, 02/15/32

    2,250       2,252,189  

State of Ohio, RB, 4.00%, 01/01/46

    6,000       6,005,220  

State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28(c)

    25       27,057  
   

 

 

 
      36,354,990  
Oklahoma — 0.5%            

Oklahoma City Public Property Authority, Refunding RB

   

5.00%, 10/01/28

    1,265       1,348,407  

5.00%, 10/01/29

    1,400       1,492,130  

Oklahoma Development Finance Authority, RB

   

Series B, 5.00%, 08/15/29

    1,200       1,195,616  

Series B, 5.00%, 08/15/33

    1,305       1,279,738  
   

 

 

 
      5,315,891  
Oregon — 0.1%            

Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52

    1,550       1,486,551  
   

 

 

 
Pennsylvania — 3.9%            

Allentown Neighborhood Improvement Zone Development Authority, RB(b)

   

5.00%, 05/01/23

    160       160,473  

5.00%, 05/01/28

    835       861,566  

Bucks County Industrial Development Authority, RB
5.00%, 07/01/35

    1,100       1,089,820  

5.00%, 07/01/36

    1,250       1,234,161  

4.00%, 07/01/46

    145       117,413  

4.00%, 07/01/51

    100       78,340  

Commonwealth Financing Authority, RB, 5.00%, 06/01/34

    3,750       4,104,941  

Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/49

    4,145       3,859,886  

Pennsylvania Economic Development Financing Authority, RB

   

Series A-1, 4.00%, 04/15/36

    1,545       1,592,824  

AMT, 5.00%, 12/31/28

    115       120,054  

AMT, 5.75%, 06/30/48

    2,365       2,619,202  

 

Security   Par
            (000)
                    Value  
Pennsylvania (continued)            

Pennsylvania Economic Development Financing Authority, RB (continued)

   

AMT, 5.25%, 06/30/53

  $ 3,910         $ 4,099,701  

Pennsylvania Economic Development Financing Authority, Refunding RB

   

Series A, 4.00%, 02/15/40

    1,480       1,492,201  

Series A, 4.00%, 02/15/52

    950       888,336  

Pennsylvania Turnpike Commission, RB, Series B, Subordinate, 4.00%, 12/01/51

    3,000       2,886,534  

Pennsylvania Turnpike Commission, Refunding RB
2nd Series, 5.00%, 12/01/30

    2,620       2,908,816  

Sub-Series B-2, 5.00%, 06/01/32

    5,000       5,497,305  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

    745       802,260  

School District of Philadelphia, GO

   

Series A, (SAW), 5.00%, 09/01/30

    1,200       1,327,348  

Series A, (SAW), 5.00%, 09/01/31

    1,000       1,105,578  

Series A, (SAW), 5.00%, 09/01/32

    1,200       1,324,568  
   

 

 

 
      38,171,327  
Puerto Rico — 5.1%            

Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31

    2,753       2,985,606  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

   

Series A-2, Convertiable, Restructured, 4.33%, 07/01/40

    1,919       1,834,988  

Series A-1, Restructured, 4.50%, 07/01/34

    4,365       4,378,776  

Series A-1, Restructured, 4.75%, 07/01/53

    1,069       1,018,223  

Series A-1, Restructured, 5.00%, 07/01/58

    8,412       8,287,923  

Series A-2, Restructured, 4.78%, 07/01/58

    488       464,519  

Series A-2, Restructured, 4.33%, 07/01/40

    12,484       11,938,225  

Series B-1, Restructured, 4.75%, 07/01/53

    749       714,082  

Series B-2, Restructured, 4.78%, 07/01/58

    726       690,135  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e)

   

Series A-1, Restructured, 0.00%, 07/01/29

    12,336       9,244,228  

Series A-1, Restructured, 0.00%, 07/01/33

    1,464       901,077  

Series A-1, Restructured, 0.00%, 07/01/46

    7,903       2,194,568  

Series B-1, Restructured, 0.00%, 07/01/27

    2,521       2,090,688  

Series B-1, Restructured, 0.00%, 07/01/29

    4,466       3,347,222  
   

 

 

 
      50,090,260  
Rhode Island — 0.3%            

Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29

    1,000       1,030,813  

Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 09/01/32

    2,000       2,033,236  
   

 

 

 
      3,064,049  
South Carolina — 3.0%            

Charleston County Airport District, RB(c)

   

Series A, AMT, 5.50%, 07/01/23

    7,170       7,236,133  

Series A, AMT, 6.00%, 07/01/23

    5,270       5,328,170  

South Carolina Jobs-Economic Development Authority, Refunding RB

   

4.00%, 11/15/27

    520       502,184  

Series A, 5.00%, 05/01/37

    4,480       4,679,109  

 

 

 

 

42  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
South Carolina (continued)            

South Carolina Public Service Authority, Refunding RB

   

Series A, 5.00%, 12/01/30

  $          5,500         $ 5,897,870  

Series A, 5.00%, 12/01/31

    5,660       6,057,219  
   

 

 

 
      29,700,685  
Tennessee — 2.8%            

Mercer County Improvement Authority, RB

   

Series B, AMT, 5.00%, 07/01/52

    3,800       4,017,489  

Series B, AMT, 5.50%, 07/01/52

    3,500       3,846,661  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

    4,000       4,131,256  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

   

5.00%, 10/01/29

    350       364,959  

5.00%, 10/01/34

    450       471,826  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    5,395       5,846,221  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)(d)

    8,800       9,199,353  
   

 

 

 
      27,877,765  
Texas — 9.7%            

Arlington Higher Education Finance Corp., RB(b)

   

7.50%, 04/01/62

    1,630       1,743,044  

7.88%, 11/01/62

    1,410       1,467,959  

Belton Independent School District, GO, (PSF), 4.00%, 02/15/52

    3,000       2,980,368  

City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44

    5,130       5,348,984  

City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38

    700       700,615  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

    410       421,777  

City of Houston Texas Airport System Revenue, Refunding RB

   

Series A, AMT, 5.00%, 07/01/27

    400       408,827  

Sub-Series A, AMT, 5.00%, 07/01/31

    1,430       1,566,920  

Sub-Series A, AMT, 5.00%, 07/01/32

    1,515       1,652,977  

Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45

    2,720       2,733,818  

Katy Independent School District, GO, (PSF), 4.00%, 02/15/47

    3,215       3,243,832  

Love Field Airport Modernization Corp., RB, AMT, 5.00%, 11/01/28

    1,000       1,000,297  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

    3,735       3,765,687  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)

    1,360       1,348,902  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

    800       732,110  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 08/15/47

    8,590       8,961,492  

North Texas Tollway Authority, Refunding RB

   

Series A, 4.13%, 01/01/40

    2,500       2,537,905  

Series A, 5.00%, 01/01/40

    3,000       3,372,411  

Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46

    1,740       1,708,898  

San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25

    2,910       2,915,168  
Security   Par
            (000)
                    Value  
Texas (continued)            

State of Texas, GO, Class A, 5.00%, 04/01/44

  $ 6,000         $ 6,322,434  

Tarrant County Cultural Education Facilities Finance Corp., RB

   

5.00%, 11/15/51

    2,160       2,337,718  

Series A, 4.00%, 07/01/53

    2,410       2,317,196  

Series A, 5.00%, 07/01/53

    1,485       1,585,356  

Series B, 5.00%, 07/01/33

    8,485       9,306,068  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

    445       423,581  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB

   

5.00%, 12/15/29

    1,265       1,346,095  

5.00%, 12/15/31

    1,950       2,085,554  

Texas Water Development Board, RB

   

4.45%, 10/15/36

    1,155       1,282,889  

5.25%, 10/15/46

    4,780       5,121,063  

4.00%, 10/15/51

    2,000       1,978,382  

4.00%, 10/15/54

    8,000       7,897,056  

Series B, 4.00%, 10/15/43

    5,000       5,061,135  
   

 

 

 
      95,676,518  
Utah — 0.9%            

City of Salt Lake City Utah Airport Revenue, RB, Series A, AMT, 5.00%, 07/01/34

    3,500       3,741,920  

Utah Charter School Finance Authority, RB(b)

   

Series A, 3.63%, 06/15/29

    370       355,527  

Series A, 5.00%, 06/15/49

    320       304,954  

Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27(b)

    1,290       1,279,734  

Utah State University, RB, Series B, (AGM), 4.00%, 12/01/45

    3,000       2,960,607  
   

 

 

 
      8,642,742  
Vermont — 0.6%            

University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30

    5,565       5,711,582  
   

 

 

 
Virginia — 0.2%            

Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52

    2,065       2,188,047  
   

 

 

 
Washington — 0.6%            

City of Bellevue Washington, Refunding GO, 4.00%, 12/01/42

    1,250       1,283,501  

State of Washington, GO, Series C, 5.00%, 02/01/41

    2,500       2,714,418  

Washington State Housing Finance Commission, Refunding RB(b)

   

5.00%, 01/01/27

    1,560       1,605,691  

5.00%, 01/01/28

    750       774,842  
   

 

 

 
      6,378,452  
Wisconsin — 1.6%            

Public Finance Authority, RB

   

5.00%, 04/01/30(b)

    500       510,133  

5.00%, 06/15/34

    430       453,935  

5.00%, 10/15/56(b)

    385       341,773  

Class A, 5.00%, 06/15/56(b)

    1,000       837,054  

Series A, 4.00%, 03/01/30(b)

    445       420,700  

Series A, 5.00%, 07/15/39(b)

    165       162,450  

Series A, 5.00%, 07/15/49(b)

    630       586,763  

Series A, 5.00%, 10/15/50(b)

    1,695       1,565,556  

Series A, 5.00%, 07/15/54(b)

    300       273,700  

AMT, 4.00%, 09/30/51

    1,595       1,338,993  

AMT, 4.00%, 03/31/56

    1,520       1,244,186  
 

 

 

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

  43


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
            (000)
                    Value  
Wisconsin (continued)            

Public Finance Authority, Refunding RB

   

4.00%, 09/01/29(b)

  $ 130         $ 118,686  

5.00%, 09/01/49(b)

    520       428,447  

Series B, AMT, 5.25%, 07/01/28

    4,765       4,769,260  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51

    2,720       2,613,849  
   

 

 

 
      15,665,485  
   

 

 

 

Total Municipal Bonds — 148.1%
(Cost: $1,451,223,705)

      1,463,105,230  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Alabama — 1.2%            

Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a)

    11,280       12,098,635  
   

 

 

 
California — 2.0%            

City of Los Angeles Department of Airports, RB, AMT, 5.00%, 05/15/46

    12,170       12,943,714  

Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52

    6,000       6,650,588  
   

 

 

 
      19,594,302  
Colorado — 0.8%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

    7,310       8,098,849  
   

 

 

 
Georgia — 1.5%            

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a)

    14,235       15,067,827  
   

 

 

 
Illinois — 1.3%            

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46

    11,860       12,897,169  
   

 

 

 
Maryland — 1.5%            

Maryland State Transportation Authority, Refunding RB, 4.00%, 07/01/50

    15,000       14,913,428  
   

 

 

 
Michigan — 2.7%            

Ascension Health, 5.00%, 11/15/47

    10,000       10,336,580  

Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45

    15,520       15,985,119  
   

 

 

 
      26,321,699  
Nebraska — 1.0%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

    9,062       9,567,872  
   

 

 

 
New Jersey — 0.7%            

New Jersey Housing & Mortgage Finance Agency, Refunding RB

   

Series BB, AMT, 3.65%, 04/01/28

    3,840       3,860,232  

Series BB, AMT, 3.70%, 10/01/28

    2,975       2,990,711  
   

 

 

 
      6,850,943  
Security   Par
            (000)
                    Value  
New York — 1.4%            

New York State Dormitory Authority, Refunding RB, Series EE, 4.00%, 03/15/42

  $ 10,000         $ 10,033,780  

Port Authority of New York & New Jersey, Refunding ARB, 178th Series, AMT, 5.00%, 12/01/32

    4,009       4,079,500  
   

 

 

 
      14,113,280  
Pennsylvania — 2.0%            

Pennsylvania Turnpike Commission, RB, Series B-1, 5.25%, 06/01/47

    18,910       19,857,787  
   

 

 

 

Total Municipal Bonds Transferred to Tender
Option Bond Trusts — 16.1%
(Cost: $155,086,684)

 

    159,381,791  
   

 

 

 

Total Long-Term Investments — 164.2%
(Cost: $1,606,310,389)

 

    1,622,487,021  
   

 

 

 
     Shares         

Short-Term Securities

   
Money Market Funds — 2.2%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(i)(j)

    22,079,488       22,083,904  
   

 

 

 
Total Short-Term Securities — 2.2%
    (Cost: $22,080,812)
        22,083,904  
   

 

 

 
Total Investments — 166.4%
    (Cost: $1,628,391,201)
        1,644,570,925  

Liabilities in Excess of Other Assets — (0.7)%

 

    (7,493,931

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.9)%

 

    (87,618,382

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (56.8)%

 

    (561,386,838
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 988,071,774  
   

 

 

 

 

(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) 

When-issued security.

(e) 

Zero-coupon bond.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(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.

 

 

 

44  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/23
     Shares
Held at
01/31/23
     Income     

Capital Gain

Distributions

from

Underlying

Funds

 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 5,321,995      $ 16,754,665 (a)    $      $ 4,152      $ 3,092      $ 22,083,904        22,079,488      $ 68,531      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

     424        03/22/23      $     48,681       $ (802,785

U.S. Long Bond

     577        03/22/23        75,353        (2,428,696

5-Year U.S. Treasury Note

     486        03/31/23        53,194        (743,938
           

 

 

 
             $ (3,975,419
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Commodity
Contracts
    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  
Liabilities — Derivative Financial Instruments                                                 

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $      $      $ 3,975,419      $      $ 3,975,419  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

  $             —     $             —     $             —     $             —     $ 14,296,442     $             —     $ 14,296,442  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:              

Futures contracts

  $     $     $     $     $ 746,813     $     $ 746,813  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — short

   $ 181,551,070  

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

 

 

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

  45


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock Municipal Income Fund, Inc. (MUI)

 

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

   $        $ 1,463,105,230        $        $ 1,463,105,230  

Municipal Bonds Transferred to Tender Option Bond Trusts

              159,381,791                   159,381,791  

Short-Term Securities

                 

Money Market Funds

     22,083,904                            22,083,904  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     22,083,904        $   1,622,487,021        $             —        $   1,644,570,925  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

 

Liabilities

 

Interest Rate Contracts

   $ (3,975,419      $        $        $ (3,975,419
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

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

   $             —        $ (87,180,947      $             —        $ (87,180,947

VRDP Shares at Liquidation Value

              (561,700,000                 (561,700,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (648,880,947      $        $ (648,880,947
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

46  

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Schedule of Investments (unaudited)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Alabama — 2.6%

   

Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a)

  $      830     $ 889,851  

County of Jefferson Alabama Sewer Revenue, Refunding RB

   

Series A, Senior Lien, (AGM), 5.00%, 10/01/44

    1,665       1,721,407  

Series A, Senior Lien, (AGM), 5.25%, 10/01/48

    3,175       3,274,638  

Series D, Sub Lien, 6.00%, 10/01/42

    7,410       7,914,762  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

    1,405       1,535,885  
   

 

 

 
           15,336,543  
Arizona — 4.0%            

Glendale Industrial Development Authority, RB

   

5.00%, 05/15/41

    190       183,503  

5.00%, 05/15/56

    750       688,879  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

    3,575       3,426,348  

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44

    5,905       5,809,646  

Salt Verde Financial Corp., RB

   

5.00%, 12/01/32

    7,365       7,988,462  

5.00%, 12/01/37

    5,000       5,307,965  
   

 

 

 
      23,404,803  
Arkansas — 0.8%            

Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b)

    4,900       4,590,761  
   

 

 

 
California — 6.2%            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42

    6,490       6,587,447  

California Educational Facilities Authority, RB,
Series U-7, 5.00%, 06/01/46

    2,010       2,450,855  

California Health Facilities Financing Authority, Refunding RB

   

Series A, 5.00%, 07/01/23(c)

    2,560       2,585,147  

Series A, 4.00%, 08/15/48

    4,805       4,786,385  

California Municipal Finance Authority, RB, S/F Housing

   

Series A, 5.25%, 08/15/39

    305       309,085  

Series A, 5.25%, 08/15/49

    770       778,755  

California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b)

    1,650       1,650,975  

California State Public Works Board, RB, Series I, 5.00%, 11/01/38

    1,605       1,639,735  

California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43

    3,285       3,287,349  

City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42

    2,815       2,804,452  

City of Los Angeles Department of Airports, Refunding RB

   

AMT, Subordinate, 5.00%, 11/15/31

    10       11,642  

AMT, Subordinate, 5.00%, 05/15/46

    2,415       2,576,262  

Series D, AMT, Subordinate, 4.00%, 05/15/51

    1,335       1,211,515  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

    500       367,743  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

   

4.00%, 10/01/56

    235       202,016  
Security   Par
(000)
    Value  
California (continued)            

CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued)

   

4.00%, 12/01/56

  $ 340     $ 252,083  

Series A, 4.00%, 06/01/58

    1,410       1,182,120  

Senior Lien, 3.13%, 06/01/57

    1,215       852,480  

Series A, Senior Lien, 4.00%, 12/01/58

    715       555,429  

San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56

    1,215       1,122,251  

State of California, GO, (AMBAC), 5.00%, 04/01/31

    10       10,024  

Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c)

    740       757,886  
   

 

 

 
           35,981,636  
Colorado — 3.1%            

Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43

    2,635       2,965,645  

Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47

    4,265       4,096,622  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

    3,580       3,966,400  

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45

    870       1,004,274  

Colorado Health Facilities Authority, RB

   

5.50%, 11/01/47

    355       387,640  

5.25%, 11/01/52

    745       798,107  

Colorado Health Facilities Authority, Refunding RB

   

Series A, 4.00%, 08/01/44

    3,735       3,484,456  

Series A, 4.00%, 11/15/50

    1,125       1,092,510  
   

 

 

 
      17,795,654  
Connecticut — 0.2%            

Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.50%, 11/15/51

    955       950,178  
   

 

 

 
Delaware — 1.6%            

Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44

    3,065       3,079,139  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

    3,720       3,632,759  

Delaware Transportation Authority, RB, 5.00%, 06/01/55

    2,430       2,497,595  
   

 

 

 
      9,209,493  
District of Columbia — 7.3%            

District of Columbia, Refunding RB
5.00%, 04/01/35

    910       977,025  

Catholic Health Services, 5.00%, 10/01/48

    4,875       5,021,889  

District of Columbia, TA, 5.13%, 06/01/41

    4,440       4,449,106  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39

    795       795,833  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

   

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31(d)

    8,350       6,119,281  

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32(d)

    15,000       10,670,865  
 

 

 

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

  47


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
District of Columbia (continued)            

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB (continued)

   

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33(d)

  $     13,410     $ 9,197,450  

Class B, Subordinate, (AGM), 4.00%, 10/01/53

    1,625       1,579,325  

Series B, Subordinate, 4.00%, 10/01/49

    3,780       3,562,079  
   

 

 

 
           42,372,853  
Florida — 3.8%            

Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44

    4,825       4,896,130  

Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45

    445       452,607  

Capital Projects Finance Authority, RB

   

Series A-1, 5.00%, 10/01/32

    405       428,005  

Series A-1, 5.00%, 10/01/33

    455       478,465  

Series A-1, 5.00%, 10/01/34

    455       475,246  

Series A-1, 5.00%, 10/01/35

    150       155,386  

Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45

    2,790       2,838,103  

County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/52

    5,000       5,490,530  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(e)

    980       1,046,731  

Florida Development Finance Corp., RB

   

Series A, 5.00%, 06/15/40

    455       459,243  

Series A, 5.00%, 06/15/50

    1,510       1,483,199  

Series A, 5.00%, 06/15/55

    905       883,956  

Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52

    2,655       2,645,952  
   

 

 

 
      21,733,553  
Georgia — 5.3%            

Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52

    2,400       2,301,859  

Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48

    6,660       6,504,429  

Georgia Housing & Finance Authority, RB, S/F Housing

   

3.60%, 12/01/44

    3,030       2,659,901  

Series A, 4.00%, 06/01/49

    1,245       1,299,942  

Series B, 2.50%, 06/01/50

    1,485       996,849  

Georgia Ports Authority, RB, 4.00%, 07/01/52

    1,450       1,436,727  

Main Street Natural Gas, Inc., RB

   

Series A, 5.00%, 05/15/35

    1,040       1,113,195  

Series A, 5.00%, 05/15/36

    1,040       1,103,738  

Series A, 5.00%, 05/15/37

    1,145       1,205,121  

Series A, 5.00%, 05/15/38

    630       659,686  

Series A, 5.00%, 05/15/49

    2,100       2,153,676  

Series A, 5.00%, 06/01/53(e)

    4,470       4,747,252  

Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49

    3,290       2,884,491  

Municipal Electric Authority of Georgia, Refunding RB

   

Sub-Series A, 4.00%, 01/01/49

    1,285       1,210,453  

Series A, Subordinate, 4.00%, 01/01/51

    465       432,067  
   

 

 

 
      30,709,386  
Security   Par
(000)
    Value  
Idaho — 1.7%            

Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32

  $     10,000     $ 10,017,990  
   

 

 

 
Illinois — 9.6%            

Chicago Board of Education, GO

   

Series A, 5.00%, 12/01/42

    1,115       1,114,952  

Series C, 5.25%, 12/01/35

    3,095       3,137,250  

Series D, 5.00%, 12/01/46

    4,040       4,014,102  

Series H, 5.00%, 12/01/36

    460       467,737  

Chicago Board of Education, Refunding GO

   

Series C, 5.00%, 12/01/25

    1,365       1,399,367  

Series D, 5.00%, 12/01/25

    1,735       1,778,682  

Series D, 5.00%, 12/01/31

    1,000       1,042,331  

Series G, 5.00%, 12/01/34

    455       468,710  

Chicago O’Hare International Airport, Refunding RB

   

Series A, Senior Lien, 4.00%, 01/01/36

    460       475,714  

Series A, Senior Lien, 4.00%, 01/01/38

    1,500       1,496,734  

Series B, Senior Lien, 5.00%, 01/01/53

    3,035       3,188,131  

Cook County Community College District No. 508, GO, 5.50%, 12/01/38

    1,635       1,668,241  

Illinois Finance Authority, RB

   

Series A, 5.00%, 02/15/47

    500       499,298  

Series A, 5.00%, 02/15/50

    270       262,264  

Illinois State Toll Highway Authority, RB,
Series C, 5.00%, 01/01/37

    5,815       6,117,345  

Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57

    1,835       1,844,120  

Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50

    570       508,041  

Series B, (AGM), 0.00%, 06/15/44(d)

    10,925       4,146,693  

Series B, (AGM), 0.00%, 06/15/47(d)

    27,225       8,823,541  

State of Illinois, GO

   

5.50%, 07/01/38

    4,000       4,042,056  

5.00%, 02/01/39

    3,195       3,219,263  

Series A, 5.00%, 04/01/38

    2,510       2,517,967  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28

    1,000       1,088,560  

University of Illinois, RB, Series A, 5.00%, 04/01/44

    2,045       2,066,751  
   

 

 

 
      55,387,850  
Indiana — 2.4%            

City of Valparaiso Indiana, RB

   

AMT, 6.75%, 01/01/34

    1,635       1,671,699  

AMT, 7.00%, 01/01/44

    3,950       4,028,633  

Indiana Finance Authority, RB(c)

   

Series A, AMT, 5.00%, 07/01/23

    3,925       3,953,985  

Series A, AMT, 5.25%, 07/01/23

    840       847,174  

Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52

    590       579,716  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

    2,580       2,585,173  
   

 

 

 
           13,666,380  
Kansas — 0.1%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

    530       506,171  
   

 

 

 
 

 

 

48  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Kentucky — 1.0%            

Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45

  $     2,625     $ 2,737,316  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(f)

    2,485       2,852,658  
   

 

 

 
      5,589,974  
Louisiana — 0.3%            

Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53(e)

    760       740,459  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

    1,025       1,032,073  
   

 

 

 
      1,772,532  
Maryland — 0.8%            

Maryland Health & Higher Educational Facilities Authority, RB

   

Series 2017, 5.00%, 12/01/46

    880       920,485  

Series B, 4.00%, 04/15/50

    1,250       1,188,652  

Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47

    3,650       2,517,212  
   

 

 

 
      4,626,349  
Massachusetts — 2.9%            

Commonwealth of Massachusetts, GO

   

Series C, 5.00%, 10/01/47

    2,740       3,084,709  

Series C, 5.00%, 10/01/52

    2,835       3,150,527  

Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A-1, 5.25%, 07/01/29

    3,250       3,840,723  

Massachusetts Housing Finance Agency, RB, M/F Housing

   

Series C-1, 3.15%, 12/01/49

    1,165       903,137  

Series C-1, 3.25%, 12/01/54

    4,280       3,192,987  

Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46

    2,325       2,472,526  
   

 

 

 
           16,644,609  
Michigan — 4.8%            

Great Lakes Water Authority Sewage Disposal System Revenue, RB

   

Series B, 2nd Lien, 5.25%, 07/01/47

    1,125       1,231,781  

Series B, 2nd Lien, 5.50%, 07/01/52

    2,655       2,926,622  

Series A, Senior Lien, 5.25%, 07/01/52

    2,655       2,875,572  

Great Lakes Water Authority Water Supply System Revenue, RB

   

Series A, Senior Lien, 5.25%, 07/01/52

    2,655       2,871,045  

Series B, Senior Lien, 5.50%, 07/01/52

    2,655       2,930,140  

Michigan Finance Authority, RB

   

4.00%, 02/15/50

    4,730       4,484,130  

4.00%, 02/15/44

    1,710       1,670,289  

Michigan Finance Authority, Refunding RB,
Series A, 4.00%, 12/01/49

    3,110       3,021,545  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56

    1,995       1,315,914  

Michigan State University, Refunding RB,
Series B, 5.00%, 02/15/48

    2,105       2,278,961  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

    2,255       2,286,124  
   

 

 

 
      27,892,123  
Minnesota — 2.1%            

Duluth Economic Development Authority, Refunding RB

   

Series A, 4.25%, 02/15/48

        2,160       2,132,015  
Security   Par
(000)
    Value  
Minnesota (continued)            

Duluth Economic Development Authority, Refunding RB (continued)

   

Series A, 5.25%, 02/15/53    

  $     1,190     $ 1,240,213  

Series A, 5.25%, 02/15/58

    3,125       3,250,531  

Minnesota Housing Finance Agency, RB, S/F Housing

   

Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42

    705       582,331  

Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52(e)

    3,630       3,621,876  

Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52(e)

    1,290       1,262,998  
   

 

 

 
      12,089,964  
Missouri — 3.0%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

    2,445       2,367,868  

Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.50%, 05/01/43

    510       513,394  

Series A, 4.00%, 07/01/46

    1,250       1,228,130  

Series C, 5.00%, 11/15/42

    5,470       5,749,353  

Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54

    2,680       2,764,096  

Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52(e)

    4,700       4,688,372  
   

 

 

 
           17,311,213  
Nebraska — 1.5%            

Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51

    8,700       8,558,555  
   

 

 

 
New Hampshire(b) — 0.8%            

New Hampshire Business Finance Authority, Refunding RB

   

Series B, 4.63%, 11/01/42

    3,205       3,047,506  

Series C, AMT, 4.88%, 11/01/42

    1,665       1,544,786  
   

 

 

 
      4,592,292  
New Jersey — 11.0%            

Casino Reinvestment Development Authority, Inc., Refunding RB

   

5.25%, 11/01/39

    3,490       3,580,750  

5.25%, 11/01/44

    3,180       3,225,280  

Hudson County Improvement Authority, RB, 4.00%, 10/01/46

    1,640       1,623,898  

New Jersey Economic Development Authority, RB

   

4.00%, 11/01/38

    1,075       1,078,816  

4.00%, 11/01/39

    860       860,011  

Class A, 5.25%, 11/01/47

    3,565       3,872,410  

Series EEE, 5.00%, 06/15/48

    12,340       12,845,200  

Series B, AMT, 6.50%, 04/01/31

    2,005       2,078,820  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

    3,040       3,053,160  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

    2,710       2,647,684  

New Jersey Higher Education Student Assistance Authority, Refunding RB

   

Series B, Class B, AMT, 4.00%, 12/01/41

    2,570       2,591,421  

Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52

    2,595       2,682,973  

New Jersey Transportation Trust Fund Authority, RB Series C, (AMBAC), 0.00%, 12/15/35(d)

    7,395       4,289,263  
 

 

 

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

  49


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB (continued)

   

Series S, 5.00%, 06/15/46

  $     2,415     $ 2,520,374  

New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45

    5,425       5,577,036  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.25%, 06/01/46

    5,120       5,333,678  

Sub-Series B, 5.00%, 06/01/46

    5,625       5,690,087  
   

 

 

 
           63,550,861  
New Mexico — 0.7%            

New Mexico Mortgage Finance Authority, RB, S/F Housing

   

Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53

    2,240       2,207,970  

Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53

    1,590       1,664,651  
   

 

 

 
      3,872,621  
New York — 16.1%            

City of New York New York, GO

   

Series A-1, 4.00%, 09/01/46

    1,640       1,623,902  

Series C, 5.00%, 08/01/43

    2,330       2,593,178  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

    4,070       4,070,134  

Metropolitan Transportation Authority, RB

   

Series B, 5.25%, 11/15/38

    4,960       5,048,685  

Series B, 5.25%, 11/15/39

    1,765       1,790,817  

Metropolitan Transportation Authority, Refunding RB

   

Series C-1, 4.75%, 11/15/45

    3,335       3,329,967  

Series C-1, 5.00%, 11/15/50

    1,085       1,100,803  

Series C-1, 5.25%, 11/15/55

    1,605       1,654,686  

Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

    3,335       3,269,971  

New York City Housing Development Corp., RB, M/F Housing

   

Series A, 3.00%, 11/01/55

    2,220       1,604,039  

Series F-1, (FHA), 2.40%, 11/01/46

    5,310       3,666,401  

Series F-1, (FHA), 2.50%, 11/01/51

    2,685       1,783,734  

New York City Industrial Development Agency, Refunding RB

   

Series A, (AGM), 3.00%, 01/01/36

    180       164,139  

Series A, (AGM), 3.00%, 01/01/40

    685       582,806  

New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45

    1,545       1,538,513  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51

    840       831,571  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

    3,400       3,400,734  

New York Liberty Development Corp., Refunding RB

   

Class 2, 5.15%, 11/15/34(b)

    705       706,712  

Class 2, 5.38%, 11/15/40(b)

    1,760       1,760,612  

Series 1, 5.00%, 11/15/44(b)

    8,145       8,124,572  

Series A, 2.88%, 11/15/46

    7,060       5,355,808  

New York Power Authority, Refunding RB,
Series A, 4.00%, 11/15/55

    2,765       2,699,660  

New York State Dormitory Authority, Refunding RB

   

Series A, 4.00%, 03/15/44

    2,270       2,252,083  

Series A, 4.00%, 03/15/47

    7,890       7,735,119  

Series D, 4.00%, 02/15/47

    6,450       6,329,933  
Security   Par
(000)
    Value  
New York (continued)            

New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48

  $     3,750     $ 4,037,813  

New York State Urban Development Corp., Refunding RB, Series E, 4.00%, 03/15/46

    6,135       6,087,245  

New York Transportation Development Corp., RB

   

AMT, 5.00%, 10/01/35

    2,230       2,324,944  

Series A, AMT, 5.00%, 07/01/46

    1,525       1,520,753  

Triborough Bridge & Tunnel Authority, RB

   

Series A, 5.00%, 11/15/49

    1,790       1,922,439  

Series A, 4.00%, 11/15/54

    2,065       2,013,189  

Series A, 5.00%, 11/15/54

    1,725       1,847,006  

Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44

    411       418,534  
   

 

 

 
           93,190,502  
North Carolina — 1.6%            

North Carolina Capital Facilities Finance Agency,

   

Refunding RB, Series B, 5.00%, 10/01/25

    5,290       5,654,365  

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52

    1,315       1,325,273  

North Carolina Medical Care Commission, RB

   

Series A, 4.00%, 10/01/40

    240       210,983  

Series A, 5.00%, 10/01/40

    360       363,595  

Series A, 4.00%, 10/01/45

    220       187,470  

Series A, 5.00%, 10/01/45

    640       642,698  

Series A, 4.00%, 10/01/50

    270       223,382  

Series A, 5.00%, 10/01/50

    720       720,804  
   

 

 

 
      9,328,570  
North Dakota — 0.2%            

North Dakota Housing Finance Agency, RB,
Series B, 3.00%, 07/01/52

    1,290       1,261,927  
   

 

 

 
Ohio — 3.7%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

   

Series A-2, 4.00%, 06/01/48

    3,375       3,101,784  

Series B-2, 5.00%, 06/01/55

    5,355       5,108,241  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44

    4,160       4,069,254  

County of Franklin Ohio, RB

   

Series 2017, 5.00%, 12/01/46

    840       869,997  

Series A, 4.00%, 12/01/44

    1,060       1,045,955  

Series CC, 5.00%, 11/15/49

    1,130       1,260,991  

County of Hamilton Ohio, Refunding RB

   

4.00%, 08/15/50

    1,245       1,187,956  

Series A, 3.75%, 08/15/50

    2,190       1,984,863  

County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46

    665       653,146  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    545       499,476  

State of Ohio, RB, AMT, 5.00%, 06/30/53

    1,685       1,692,914  
   

 

 

 
      21,474,577  
Oklahoma — 1.9%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/57

    2,460       2,267,175  

Oklahoma Turnpike Authority, RB

   

Series A, 4.00%, 01/01/48

    4,320       4,355,320  

Series C, 4.00%, 01/01/42

    4,115       4,218,472  
   

 

 

 
      10,840,967  
 

 

 

50  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oregon — 0.2%            

State of Oregon, GO, 3.00%, 12/01/51

  $     1,005     $ 1,031,591  
   

 

 

 
Pennsylvania — 3.5%            

Montgomery County Higher Education and Health Authority, Refunding RB

   

Class B, 4.00%, 05/01/52

    920       845,135  

Series A, 5.00%, 09/01/43

    1,870       1,946,032  

Series A, 5.00%, 09/01/48

    740       764,148  

Series A, 4.00%, 09/01/49

    1,185       1,103,988  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

    1,765       1,773,781  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

    3,210       3,221,623  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 2022, 4.25%, 10/01/52

    2,365       2,442,702  

Pennsylvania Turnpike Commission, RB

   

Series A, 5.00%, 12/01/44

    2,305       2,357,432  

Series A, Subordinate, (BAM), 4.00%, 12/01/50

    1,550       1,519,195  

Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51

    4,515       4,446,539  
   

 

 

 
           20,420,575  
Puerto Rico — 5.2%            

Commonwealth of Puerto Rico, GO

   

Series A1, Restructured, 5.63%, 07/01/29

    2,931       3,121,807  

Series A1, Restructured, 5.75%, 07/01/31

    2,646       2,869,292  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

   

Series A-1, Restructured, 4.75%, 07/01/53

    3,817       3,635,693  

Series A-1, Restructured, 5.00%, 07/01/58

    12,161       11,981,625  

Series A-2, Restructured, 4.78%, 07/01/58

    6,236       5,935,949  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    9,662       2,683,021  
   

 

 

 
      30,227,387  
Rhode Island — 3.5%            

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(g)(h)

    4,155       623,250  

Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 76-A, 3.00%, 10/01/51

    2,475       2,401,955  

Tobacco Settlement Financing Corp., Refunding RB

   

Series B, 4.50%, 06/01/45

    7,130       7,144,003  

Series B, 5.00%, 06/01/50

    9,875       9,928,345  
   

 

 

 
      20,097,553  
South Carolina — 4.3%            

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/48

    3,030       3,117,049  

South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49

    1,330       1,269,483  

South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54

    8,090       8,230,054  

South Carolina Public Service Authority, Refunding RB

   

Series A, 5.00%, 12/01/50

    5,000       5,040,910  

Series E, 5.25%, 12/01/55

    4,550       4,664,997  
Security   Par
(000)
    Value  
South Carolina (continued)            

South Carolina State Housing Finance & Development Authority, RB, S/F Housing

   

Series A, 3.00%, 01/01/52

  $       850     $ 832,985  

Series A, AMT, 4.00%, 01/01/52

    1,780       1,816,561  
   

 

 

 
      24,972,039  
Tennessee — 2.6%            

Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44

    330       305,442  

Memphis-Shelby County Airport Authority, RB,
Series A, AMT, 5.00%, 07/01/45

    2,665       2,795,351  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

    1,440       1,487,252  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58

    2,025       2,040,252  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(e)

    7,325       7,657,416  

Tennessee Housing Development Agency, RB, S/F Housing, Series 1, 3.75%, 07/01/52(e)

    990       997,652  
   

 

 

 
           15,283,365  
Texas — 8.2%            

Arlington Higher Education Finance Corp., RB

   

7.50%, 04/01/62

    885       946,376  

7.88%, 11/01/62(b)

    755       786,035  

City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44

    3,755       3,915,290  

City of Houston Texas Airport System Revenue, RB, Series B-1, AMT, 5.00%, 07/15/30

    3,600       3,653,849  

City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29

    1,765       1,770,500  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48

    2,440       2,591,714  

Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43

    1,525       1,548,088  

Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33

    460       460,237  

North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d)

    4,110       2,053,196  

San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42

    5,700       5,640,526  

San Antonio Water System, Refunding RB,
Series A, Junior Lien, 5.00%, 05/15/48

    2,695       2,886,722  

Tarrant County Cultural Education Facilities Finance Corp., RB

   

Series A, 4.00%, 07/01/53

    1,280       1,230,710  

Series A, 5.00%, 07/01/53

    1,570       1,676,101  

Series B, 5.00%, 07/01/48

    9,585       10,005,130  

Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57

    2,435       2,468,359  

Texas Water Development Board, RB

   

4.00%, 10/15/45

    2,735       2,746,873  

Series A, 4.00%, 10/15/49

    3,180       3,183,180  
   

 

 

 
      47,562,886  
 

 

 

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

  51


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Utah — 1.0%            

City of Salt Lake City Utah Airport Revenue, RB

   

Series A, AMT, 5.00%, 07/01/47

  $     1,920     $ 1,979,850  

Series A, AMT, 5.00%, 07/01/48

    1,845       1,909,258  

County of Utah, RB, Series A, 3.00%, 05/15/50

    2,065       1,657,683  
   

 

 

 
      5,546,791  
Virginia — 2.0%            

Hampton Roads Transportation Accountability Commission, RB

   

Series A, 4.00%, 07/01/52

    5,495       5,417,553  

Series A, Senior Lien, 4.00%, 07/01/50

    1,115       1,088,827  

Series A, Senior Lien, 4.00%, 07/01/55

    4,950       4,948,193  
   

 

 

 
      11,454,573  
Washington — 1.2%            

Port of Seattle Washington, RB

   

Series A, AMT, 5.00%, 05/01/43

    3,120       3,242,588  

Series C, AMT, 5.00%, 04/01/40

    1,565       1,596,788  

Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47

    1,330       1,469,874  

Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44

    715       674,491  
   

 

 

 
      6,983,741  
Wisconsin — 1.2%            

Public Finance Authority, RB(b)

   

Series A, 5.00%, 07/15/39

    190       187,063  

Series A, 5.00%, 07/15/49

    720       670,586  

Series A, 5.00%, 07/15/54

    345       314,755  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/15/49

    6,205       5,940,748  
   

 

 

 
      7,113,152  
Wyoming — 0.6%            

Wyoming Community Development Authority, RB, S/F Housing

   

Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52

    1,825       1,814,159  

Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50

    1,610       1,578,541  
   

 

 

 
      3,392,700  
   

 

 

 

Total Municipal Bonds — 134.6%
(Cost: $779,228,736)

         778,347,240  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

California — 1.2%            

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47

    6,494       6,833,509  
   

 

 

 
Colorado — 2.2%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(j)

    4,775       5,044,253  

County of Adams Colorado, Refunding COP, 4.00%, 12/01/45

    7,820       7,769,268  
   

 

 

 
      12,813,521  
District of Columbia — 1.8%            

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

    10,265       10,268,434  
   

 

 

 
Security   Par
(000)
    Value  
Georgia — 1.6%            

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52

  $     8,998     $ 9,524,154  
   

 

 

 
Illinois — 0.5%            

Illinois Finance Authority, Refunding RB

   

Series C, 4.00%, 02/15/27

    6       5,802  

Series C, 4.00%, 02/15/41

    2,994       2,999,830  
   

 

 

 
      3,005,632  
Massachusetts — 0.7%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45

    4,333       4,349,145  
   

 

 

 
Nebraska — 0.8%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53

    4,303       4,542,890  
   

 

 

 
New York — 3.4%            

New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46

    13,980       13,954,731  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

    5,400       5,608,564  
   

 

 

 
           19,563,295  
Pennsylvania — 0.9%            

Pennsylvania Turnpike Commission, RB,
Series A, 5.50%, 12/01/42

    4,877       5,180,872  
   

 

 

 
Texas — 0.9%            

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23

    5,060       5,060,000  
   

 

 

 
Virginia — 2.3%            

Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42

    3,692       3,705,146  

Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49

    10,088       9,558,707  
   

 

 

 
      13,263,853  
Wisconsin — 1.0%            

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46

    5,950       5,858,769  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3%
(Cost: $101,958,447)

      100,264,074  
   

 

 

 

Total Long-Term Investments — 151.9%
(Cost: $881,187,183)

      878,611,314  
   

 

 

 
 

 

 

52  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 3.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(k)(l)

    17,665,817     $ 17,669,350  
   

 

 

 

Total Short-Term Securities — 3.0%
(Cost: $17,664,433)

      17,669,350  
   

 

 

 

Total Investments — 154.9%
(Cost: $898,851,616)

      896,280,664  

Liabilities in Excess of Other Assets — (1.0)%

 

    (5,735,704

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)%

 

    (60,971,841

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.4)%

 

    (251,110,021
 

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 578,463,098  
   

 

 

 

 

(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) 

Zero-coupon bond.

(e) 

When-issued security.

(f) 

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.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Non-income producing security.

(i) 

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.

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $3,313,957. 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/23
    

Shares

Held at

01/31/23

     Income      Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 12,963,148      $ 4,707,405 (a)    $      $ (4,048    $ 2,845      $ 17,669,350        17,665,817      $ 122,987      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

     314        03/22/23      $     36,051       $ (505,925

U.S. Long Bond

     540        03/22/23        70,521        (1,982,186

5-Year U.S. Treasury Note

     226        03/31/23        24,736        (283,784
           

 

 

 
             $ (2,771,895
           

 

 

 

 

 

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

  53


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

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
Contracts
     Other
Contracts
     Total  
Liabilities — Derivative Financial Instruments                                                 

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $         —      $         —      $         —      $         —      $   2,771,895      $      $ 2,771,895  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

  $         —     $         —     $         —     $             —     $   7,200,769     $     $ 7,200,769  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:              

Futures contracts

  $     $     $     $     $ (631,141   $     $ (631,141
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

   

Futures contracts:

  

Average notional value of contracts — short

   $ 129,242,094  

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

   $        $ 778,347,240        $             —        $ 778,347,240  

Municipal Bonds Transferred to Tender Option Bond Trusts

              100,264,074                   100,264,074  

Short-Term Securities

                 

Money Market Funds

     17,669,350                            17,669,350  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   17,669,350        $   878,611,314        $        $   896,280,664  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

 

Liabilities

 

Interest Rate Contracts

   $ (2,771,895      $        $        $ (2,771,895
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

 

 

54  

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Schedule of Investments (unaudited) (continued)

January 31, 2023

  

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

   $             —        $ (60,534,975      $             —        $ (60,534,975

VRDP Shares at Liquidation Value

              (251,400,000                 (251,400,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (311,934,975      $        $ (311,934,975
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  55


Schedule of Investments (unaudited)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

 

Alabama — 1.9%

 

Black Belt Energy Gas District, RB(a)

   

4.00%, 10/01/52

  $          4,950     $ 4,944,104  

Series C-1, 5.25%, 02/01/53

    4,705       5,046,461  

Series F, 5.50%, 11/01/53

    2,920       3,130,561  

Homewood Educational Building Authority, Refunding RB

   

Series A, 5.00%, 12/01/34

    1,145       1,237,223  

Series A, 5.00%, 12/01/47

    1,010       1,047,041  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

    2,665       2,913,263  
   

 

 

 
             18,318,653  

Arizona — 8.4%

   

Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 12/01/42

    2,785       2,832,977  

Arizona Industrial Development Authority, RB
4.38%, 07/01/39(b)

    875       829,629  

5.00%, 07/01/54(b)

    615       592,716  

7.10%, 01/01/55(b)

    250       257,566  

Series A, 5.00%, 07/01/39(b)

    1,280       1,233,766  

Series A, (BAM), 5.00%, 06/01/49

    2,500       2,660,952  

Series A, 5.00%, 07/01/49(b)

    1,445       1,318,026  

Series A, 5.00%, 07/15/49(b)

    1,000       960,414  

Series A, 5.00%, 12/15/49(b)

    250       235,704  

Series A, 5.00%, 07/01/54(b)

    1,110       992,122  

Arizona Industrial Development Authority, Refunding RB

   

Series A, 5.13%, 07/01/37(b)

    500       501,737  

Series A, 5.38%, 07/01/50(b)

    1,645       1,645,446  

Series A, 5.50%, 07/01/52(b)

    600       606,830  

Series G, 5.00%, 07/01/47(b)

    2,360       2,266,081  

Series S, (SD CRED PROG), 5.00%, 07/01/37

    750       774,958  

City of Buckeye Arizona Excise Tax Revenue, RB, (NPFGC), 5.00%, 07/01/43

    4,000       4,191,632  

City of Goodyear Arizona Water & Sewer Revenue, RB, 2nd Series, Subordinate, (AGM), 4.00%, 07/01/45

    250       250,885  

City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B, (AGM), 5.00%, 07/01/40

    3,500       3,662,680  

City of Phoenix Civic Improvement Corp., RB

   

Series B, (BHAC-CR FGIC), 5.50%, 07/01/41

    100       126,129  

Series B, AMT, 5.00%, 07/01/44

    4,515       4,695,523  

Series B, AMT, Junior Lien, 5.00%, 07/01/49

    5,960       6,130,045  

Series A, Junior Lien, 4.00%, 07/01/39

    1,300       1,329,659  

City of Phoenix Civic Improvement Corp., Refunding RB

   

AMT, Senior Lien, 5.00%, 07/01/32

    700       705,933  

Series D, Junior Lien, 4.00%, 07/01/40

    1,000       1,001,850  

Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c)

    500       505,938  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

    825       757,767  

Industrial Development Authority of the City of Phoenix Arizona, RB
6.63%, 07/01/23(c)

    500       507,491  

Series A, 5.00%, 07/01/44

    2,000       2,007,316  

Series A, 6.75%, 07/01/44(b)

    440       459,216  
Security   Par
(000)
    Value  
Arizona (continued)            

Industrial Development Authority of the City of Phoenix Arizona, RB (continued)

   

Series A, 5.00%, 07/01/46(b)

  $ 1,570     $ 1,504,718  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB
5.00%, 07/01/45(b)

                500       481,768  

5.00%, 07/01/46

    500       502,333  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b)

    1,150       1,086,638  

Industrial Development Authority of the County of Pima, Refunding RB
5.00%, 06/15/49(b)

    1,985       1,822,659  

5.00%, 06/15/52(b)

    530       480,071  

Series A, 4.00%, 09/01/29

    1,000       1,000,368  

Kyrene Elementary School District No. 28, GO

   

Series B, 5.50%, 07/01/29

    480       484,989  

Series B, 5.50%, 07/01/30

    400       404,157  

Maricopa County Industrial Development Authority, RB

   

5.00%, 07/01/47

    1,000       1,005,990  

4.00%, 07/01/50

    1,500       1,434,811  

Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/39(b)

    545       539,604  

5.00%, 07/01/47(b)

    1,000       946,362  

5.00%, 07/01/54(b)

    1,500       1,392,690  

Series A, 5.00%, 09/01/37

    1,525       1,621,659  

Series A, 4.13%, 09/01/38

    550       554,777  

Series A, 4.13%, 09/01/42

    750       752,403  

Series A, 5.00%, 09/01/42

    1,000       1,050,041  

Maricopa County Unified School District No. 11-Peoria, GO, (AGM), 5.00%, 07/01/35

    1,250       1,327,437  

McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39

    500       530,275  

Phoenix-Mesa Gateway Airport Authority, RB, AMT, 5.00%, 07/01/38

    3,600       3,606,527  

Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26

    200       203,718  

Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/41

    2,000       2,114,252  

Salt Verde Financial Corp., RB
5.50%, 12/01/29

    2,000       2,202,368  

5.00%, 12/01/32

    155       168,121  

5.00%, 12/01/37

    6,610       7,017,130  

Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39

    1,400       1,444,682  

Town of Queen Creek Arizona Excise Tax Revenue, RB, Series A, 5.00%, 08/01/42

    750       814,813  

University of Arizona, Refunding RB, 5.00%, 06/01/39

    2,050       2,184,597  
   

 

 

 
             82,720,946  
Arkansas(b) — 0.4%            

Arkansas Development Finance Authority, RB

   

Series A, AMT, 4.50%, 09/01/49

    2,135       1,923,763  

Series A, AMT, 4.75%, 09/01/49

    2,450       2,295,381  
   

 

 

 
      4,219,144  
California — 14.5%            

ABC Unified School District, GO, Series C, (NPFGC-IBC FGIC), 0.00%, 08/01/34(d)

    1,215       867,144  
 

 

 

56  

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Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)            

Alvord Unified School District, Refunding GO, Series B, Election 2007, (AGM), 0.00%, 08/01/41(d)

  $          1,175     $             538,235  

Anaheim Public Financing Authority, RB, Series A, (AGM), 6.00%, 09/01/24

    2,430       2,516,071  

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42

    2,000       2,030,030  

California Community Housing Agency, RB, M/F Housing(b)
3.00%, 08/01/56

    440       312,909  

Series A, 5.00%, 04/01/49

    320       287,292  

Series A-2, 4.00%, 08/01/47

    2,050       1,697,960  

California Health Facilities Financing Authority, Refunding RB,
Sub-Series A-2, 5.00%, 11/01/47

    1,770       2,059,402  

California Housing Finance Agency, RB, M/F Housing
Class A, 3.25%, 08/20/36(e)

    3,050       2,826,872  

Series 2021-1, Class A, 3.50%, 11/20/35

    1,236       1,188,963  

California State Public Works Board, RB

   

Series F, 5.25%, 09/01/33

    835       849,792  

Series I, 5.50%, 11/01/31

    1,000       1,024,733  

California Statewide Communities Development Authority, Refunding RB(b)

   

Series A, 5.00%, 06/01/36

    1,360       1,362,214  

Series A, 5.00%, 06/01/46

    1,680       1,621,682  

Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34

    5,000       5,210,795  

City of Los Angeles Department of Airports, Refunding RB, Series D, AMT, Subordinate, 4.00%, 05/15/51

    8,175       7,418,829  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

    1,660       1,220,905  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
5.00%, 09/01/37

    375       367,287  

4.00%, 10/01/56

    590       507,189  

4.00%, 12/01/56

    575       426,316  

Series A, 4.00%, 06/01/58

    3,700       3,102,017  

Senior Lien, 3.13%, 06/01/57

    2,065       1,448,866  

Series A, Senior Lien, 4.00%, 12/01/58

    4,840       3,759,828  

Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(d)

    5,000       4,029,540  

Grossmont-Cuyamaca Community College District, GO, Series C, Election 2002, (AGC), 0.00%, 08/01/30(d)

    10,030       8,139,355  

Hartnell Community College District, GO, Series D, 7.00%, 08/01/34

    4,125       4,967,317  

Kern Community College District, GO, Series C, 5.50%, 11/01/23(c)

    1,620       1,655,778  

Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42

    3,555       3,914,656  

Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertiable, Election 2008, 6.25%, 08/01/28(f)

    4,445       4,399,870  

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41

    2,050       2,126,764  

Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/36(d)

    8,750       5,401,314  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

    5,405       5,381,429  
Security   Par
(000)
    Value  
California (continued)            

Regents of the University of California Medical Center Pooled Revenue, Refunding RB

   

Series J, 5.25%, 05/15/23(c)

  $          2,905     $          2,926,997  

Series J, 5.25%, 05/15/38

    825       831,729  

Rio Hondo Community College District, GO(d)

   

Series C, Election 2004, 0.00%, 08/01/37

    4,005       2,408,523  

Series C, Election 2004, 0.00%, 08/01/38

    5,000       2,861,455  

San Bernardino Community College District, GO, Series B, 6.38%, 08/01/34

    10,000       10,595,900  

San Diego Community College District, GO, CAB(d)

   

Election 2006, 0.00%, 08/01/31

    2,145       1,336,734  

Election 2006, 0.00%, 08/01/32

    2,680       1,568,467  

San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(d)

    3,800       2,180,554  

San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(c)(d)

    7,295       3,714,693  

San Diego Unified School District, Refunding GO, CAB(d)

   

Series R-1, 0.00%, 07/01/30

    5,000       4,124,575  

Series R-1, 0.00%, 07/01/31

    3,005       2,396,313  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

   

Series A, AMT, 5.50%, 05/01/28

    1,065       1,070,825  

Series A, AMT, 5.25%, 05/01/33

    830       835,085  

San Mateo County Community College District, GO,

   

Series C, (NPFGC), 0.00%, 09/01/30(d)

    12,740       10,470,726  

State of California, GO, 5.50%, 04/01/28

    5       5,014  

Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(d)

    5,500       3,437,049  

Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40

    625       650,929  

Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36(d)

    15,000       9,387,735  
   

 

 

 
      143,464,657  
Colorado — 2.0%            

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

    345       309,505  

City & County of Denver Colorado Airport System Revenue, RB

   

Series A, AMT, 5.50%, 11/15/28

    1,000       1,019,701  

Series A, AMT, 5.50%, 11/15/30

    330       336,576  

Series A, AMT, 5.50%, 11/15/31

    400       408,003  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

    2,955       3,273,942  

City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37(d).

    1,760       969,487  

City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48

    3,035       2,977,274  

Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46

    2,555       2,505,484  

Colorado Health Facilities Authority, Refunding RB

   

Series A, 4.00%, 08/01/44

    1,060       988,895  

Series A, 3.25%, 08/01/49

    1,610       1,246,512  

Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45

    5,420       5,461,908  
   

 

 

 
      19,497,287  
 

 

 

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

  57


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Connecticut — 0.0%            

Connecticut Housing Finance Authority, RB, S/F Housing, Series A-1, 3.80%, 11/15/39

  $             260     $             256,794  

Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(b)

    205       175,968  
   

 

 

 
      432,762  
Delaware — 0.2%            

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

    1,605       1,655,524  
   

 

 

 
District of Columbia — 0.7%            

District of Columbia, RB

   

Series B-1, (NPFGC-IBC FGIC), 5.00%, 02/01/31

    435       435,789  

Series C, 4.00%, 05/01/45

    3,280       3,313,092  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49

    2,875       2,709,253  
   

 

 

 
      6,458,134  
Florida — 10.7%            

Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39

    3,775       3,878,941  

Capital Trust Agency, Inc., RB(b)
5.00%, 01/01/55

    825       638,684  

Series A, 5.00%, 06/01/55

    1,285       1,088,162  

Series A, 5.50%, 06/01/57

    460       420,222  

City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47

    4,215       4,361,041  

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57

    5,055       5,757,064  

City of Tampa Florida, RB, CAB(d)

   

Series A, 0.00%, 09/01/49

    1,725       473,663  

Series A, 0.00%, 09/01/53

    1,840       423,783  

County of Broward Florida Airport System Revenue, RB

   

Series A, AMT, 4.00%, 10/01/49

    3,315       3,083,053  

Series A, AMT, 5.00%, 10/01/49

    300       316,570  

County of Broward Florida Port Facilities Revenue, RB, AMT, 5.25%, 09/01/47

    3,650       3,940,635  

County of Miami-Dade Florida Aviation Revenue, Refunding RB
5.00%, 10/01/41

    3,800       3,968,655  

AMT, 5.00%, 10/01/34

    450       459,013  

County of Miami-Dade Seaport Department, RB(c)

   

Series A, 5.38%, 10/01/23

    1,170       1,190,350  

Series B, AMT, 6.00%, 10/01/23

    3,765       3,833,215  

Series B, AMT, 6.25%, 10/01/23

    1,500       1,532,445  

County of Miami-Dade Seaport Department, Refunding RB

   

Series A, AMT, 5.00%, 10/01/42(e)

    1,315       1,398,037  

Series A, AMT, 5.25%, 10/01/52(e)

    1,040       1,110,817  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

    2,885       2,785,413  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)

   

Series A-2, 0.00%, 10/01/38

    1,000       443,234  

Series A-2, 0.00%, 10/01/41

    1,900       699,926  

Series A-2, 0.00%, 10/01/42

    2,210       764,519  

Series A-2, 0.00%, 10/01/43

    2,010       651,712  

Series A-2, 0.00%, 10/01/44

    2,055       643,813  

Series A-2, 0.00%, 10/01/45

    2,725       773,998  

Florida Development Finance Corp., RB(b)
6.50%, 06/30/57

    1,230       1,238,818  
Security   Par
(000)
    Value  
Florida (continued)            

Florida Development Finance Corp., RB(b) (continued)

   

AMT, 5.00%, 05/01/29

  $ 1,275     $ 1,199,339  

Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b)

                710                   638,746  

Greater Orlando Aviation Authority, RB

   

Series A, AMT, 5.00%, 10/01/40

    3,890       4,022,945  

Series A, AMT, 4.00%, 10/01/52

    3,260       3,118,718  

Sub-Series A, AMT, 5.00%, 10/01/47

    16,620       17,307,885  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c)

    1,995       2,025,368  

Lakewood Ranch Stewardship District, SAB
5.25%, 05/01/37

    240       243,233  

3.85%, 05/01/39

    450       389,880  

5.38%, 05/01/47

    260       261,252  

4.00%, 05/01/49

    675       542,227  

Lakewood Ranch Stewardship District, SAB, S/F Housing
4.00%, 05/01/40

    365       320,453  

4.00%, 05/01/50

    605       487,164  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

    25       25,044  

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40

    6,595       6,769,767  

Orange County Health Facilities Authority, RB, 4.00%, 10/01/52

    6,605       6,255,774  

Orange County Health Facilities Authority, Refunding RB
5.00%, 08/01/41

    1,325       1,378,792  

5.00%, 08/01/47

    3,845       3,998,715  

Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47

    335       338,029  

Palm Beach County Health Facilities Authority, RB

   

Series B, 4.00%, 11/15/41

    160       141,170  

Series B, 5.00%, 11/15/42

    300       303,968  

Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42

    4,140       4,390,520  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(c)

    2,820       2,842,856  

Seminole Improvement District, RB
5.00%, 10/01/32

    255       254,708  

5.30%, 10/01/37

    290       292,201  

Storey Creek Community Development District, SAB
4.00%, 12/15/39

    415       368,772  

4.13%, 12/15/49

    350       290,999  

Village Community Development District No. 14, SAB, 5.50%, 05/01/53

    1,955       1,936,695  
   

 

 

 
      106,021,003  
Georgia — 3.4%            

Development Authority for Fulton County, RB, 4.00%, 07/01/49

    1,855       1,767,639  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    715       666,601  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

    2,875       2,741,134  

George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54

    430       356,179  
 

 

 

58  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Georgia (continued)            

Georgia Housing & Finance Authority, RB, S/F Housing

   

3.70%, 06/01/49(e)

  $       1,420     $          1,328,181  

3.60%, 12/01/44

    1,615       1,417,736  

Georgia Ports Authority, RB, 4.00%, 07/01/52

    1,345       1,332,688  

Main Street Natural Gas, Inc., RB

   

Series A, 5.00%, 05/15/37

    1,475       1,552,448  

Series A, 5.00%, 05/15/38

    910       952,880  

Series A, 5.00%, 05/15/43

    1,620       1,646,859  

Series A, 5.00%, 05/15/49

    1,230       1,261,439  

Series A, 5.00%, 06/01/53(a)(e)

    7,360       7,816,504  

Municipal Electric Authority of Georgia, RB
5.00%, 01/01/56

    1,370       1,396,892  

Class A, 5.50%, 07/01/63

    1,275       1,327,696  

Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25

    7,475       8,049,185  

Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(c)

    330       339,278  
   

 

 

 
      33,953,339  
Hawaii — 0.5%            

State of Hawaii Airports System Revenue, COP

   

AMT, 5.25%, 08/01/25

    485       489,591  

AMT, 5.25%, 08/01/26

    525       530,147  

State of Hawaii Airports System Revenue, RB, Series A, AMT, 5.00%, 07/01/48

    3,890       4,012,177  
   

 

 

 
      5,031,915  
Illinois — 11.4%            

Chicago Board of Education, GO

   

Series A, 5.00%, 12/01/34

    3,665       3,828,745  

Series A, 5.00%, 12/01/40

    4,090       4,150,368  

Series A, 5.00%, 12/01/47

    1,265       1,269,435  

Series C, 5.25%, 12/01/35

    970       983,241  

Series D, 5.00%, 12/01/46

    1,230       1,222,137  

Series H, 5.00%, 12/01/36

    295       299,962  

Chicago Board of Education, Refunding GO

   

Series A, 5.00%, 12/01/30

    2,225       2,357,225  

Series C, 5.00%, 12/01/25

    415       425,448  

Series D, 5.00%, 12/01/25

    530       543,344  

Series G, 5.00%, 12/01/34

    290       298,738  

Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d)

    590       535,703  

Chicago Midway International Airport, Refunding ARB

   

Series A, AMT, 2nd Lien, 5.00%, 01/01/34

    1,475       1,486,816  

Series A, AMT, 2nd Lien, 5.00%, 01/01/41

    2,070       2,081,555  

Chicago Midway International Airport, Refunding RB, Series B, 5.00%, 01/01/46

    7,060       7,225,070  

Chicago O’Hare International Airport, RB, Series D, Senior Lien, 5.25%, 01/01/42

    6,885       7,343,569  

Chicago O’Hare International Airport, Refunding RB

   

Series B, AMT, 5.00%, 01/01/31

    2,500       2,504,265  

Series A, AMT, Senior Lien, 5.00%, 01/01/48

    1,950       2,020,083  

Series A, AMT, Senior Lien, 4.38%, 01/01/53

    2,780       2,815,570  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49

    1,610       1,643,644  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57

    2,575       2,711,058  

Cook County Community College District No. 508, GO
5.50%, 12/01/38

    1,000       1,020,331  
Security   Par
(000)
    Value  
Illinois (continued)            

Cook County Community College District No. 508, GO (continued)

   

5.25%, 12/01/43

  $ 1,500     $ 1,527,466  

Illinois Finance Authority, Refunding RB

   

Series A, 5.00%, 11/15/45

             2,945                2,983,462  

Series B, 4.00%, 08/15/41

    1,100       1,094,877  

Series C, 4.13%, 08/15/37

    2,430       2,366,572  

Series C, 5.00%, 08/15/44

    820       825,309  

Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38

    320       327,329  

Illinois State Toll Highway Authority, RB

   

Series B, 5.00%, 01/01/40

    2,460       2,607,354  

Series C, 5.00%, 01/01/38

    3,245       3,412,468  

Metropolitan Pier & Exposition Authority, RB

   

Series A, (NPFGC), 0.00%, 12/15/26(d)

    5,000       4,319,790  

Series A, (NPFGC), 0.00%, 12/15/33(d)

    9,950       6,456,963  

Series A, 5.00%, 06/15/57

    3,005       3,019,935  

Metropolitan Pier & Exposition Authority, RB, CAB(d)

   

(BAM-TCRS), 0.00%, 12/15/56

    2,965       599,713  

Series A, (NPFGC), 0.00%, 06/15/30

    14,205       10,729,818  

Series A, (NPFGC), 0.00%, 06/15/30(g)

    800       642,963  

Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50

    1,690       1,506,299  

Series B, (AGM), 0.00%, 06/15/44(d)

    8,075       3,064,947  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(d)

    4,140       927,087  

Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33

    3,200       3,863,811  

State of Illinois, GO
5.25%, 02/01/30

    2,010       2,055,689  

5.25%, 02/01/32

    2,330       2,382,017  

5.50%, 07/01/33

    2,920       2,951,989  

5.25%, 02/01/34

    1,610       1,646,210  

5.50%, 07/01/38

    2,700       2,728,388  

5.50%, 05/01/39

    2,785       3,033,066  

Series D, 5.00%, 11/01/27

    440       474,518  
   

 

 

 
      112,314,347  
Indiana — 0.5%            

City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34

    1,350       1,380,302  

Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23(c)

    3,285       3,307,872  
   

 

 

 
      4,688,174  
Iowa — 0.2%            

Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39

    345       309,262  

Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d)

    10,850       1,358,464  
   

 

 

 
      1,667,726  
Kansas — 0.0%            

City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43

    550       535,841  
   

 

 

 
 

 

 

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

  59


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Kentucky — 0.3%            

City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b)

  $             555     $             530,191  

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

    2,000       1,997,830  
   

 

 

 
      2,528,021  
Louisiana — 1.7%            

Jefferson Sales Tax District, RB

   

Series B, (AGM), 5.00%, 12/01/34

    330       364,198  

Series B, (AGM), 5.00%, 12/01/35

    440       482,773  

Series B, (AGM), 5.00%, 12/01/36

    395       430,003  

Series B, (AGM), 5.00%, 12/01/37

    495       531,105  

Lake Charles Harbor & Terminal District, RB, Series B, AMT, (AGM), 5.50%, 01/01/29

    1,500       1,534,300  

Louisiana Public Facilities Authority, Refunding RB
5.00%, 05/15/42

    4,600       4,788,007  

5.00%, 05/15/47

    1,895       1,947,450  

New Orleans Aviation Board, RB

   

Series B, AMT, 5.00%, 01/01/45

    4,620       4,674,959  

Series B, AMT, 5.00%, 01/01/48

    1,990       2,021,878  
   

 

 

 
      16,774,673  
Maine — 0.0%            

Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44

    465       389,482  
   

 

 

 
Maryland — 3.9%            

Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32

    500       505,141  

Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44

    250       251,072  

City of Baltimore Maryland, RB

   

Series A, 5.00%, 01/01/24(c)

    1,000       1,023,051  

Series A, 5.00%, 07/01/41

    100       106,549  

Series A, 5.00%, 07/01/46

    3,040       3,192,882  

Series A, 4.00%, 07/01/49

    3,380       3,272,881  

Series C, 5.00%, 01/01/24(c)

    1,000       1,022,549  

City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46

    750       664,645  

Series A, 4.50%, 09/01/33

    185       185,180  

Series A, 5.00%, 09/01/38

    250       254,126  

City of Baltimore Maryland, Refunding TA(b)

   

Series A, Senior Lien, 3.50%, 06/01/39

    650       554,325  

Series A, Senior Lien, 3.63%, 06/01/46

    1,095       883,165  

City of Baltimore Maryland, TA(b)

   

Series B, 3.70%, 06/01/39

    200       175,050  

Series B, 3.88%, 06/01/46

    300       252,179  

County of Anne Arundel Maryland, Refunding RB, 3.25%, 09/01/28

    360       360,152  

County of Baltimore Maryland, Refunding RB, 4.00%, 01/01/50

    500       467,496  

County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b)

    235       229,846  

County of Howard Maryland, TA
6.10%, 02/15/44

    250       252,802  

Series A, 4.50%, 02/15/47(b)

    500       461,399  

County of Prince George’s Maryland, TA, 5.25%, 07/01/48(b)

    300       296,050  

Howard County Housing Commission, RB, M/F Housing

   

5.00%, 12/01/42

    500       524,207  

4.00%, 06/01/46

    500       481,724  
Security   Par
(000)
    Value  
Maryland (continued)            

Howard County Housing Commission, RB, M/F Housing (continued)

   

Series A, 5.00%, 06/01/44

  $ 550     $ 557,263  

Maryland Community Development Administration, RB, M/F Housing,
Series D, 3.70%, 07/01/35

                500                   495,647  

Maryland Community Development Administration, Refunding RB, Series D, 3.25%, 09/01/50

    425       420,741  

Maryland Economic Development Corp., RB
5.00%, 07/01/56

    390       393,987  

AMT, 5.00%, 06/01/49

    250       250,747  

Class B, AMT, 5.25%, 06/30/55

    2,920       3,012,240  

Maryland Economic Development Corp., Refunding RB
5.00%, 07/01/37

    500       500,097  

(AGM), 5.00%, 06/01/43

    1,350       1,396,105  

Series A, 5.00%, 06/01/35

    100       107,201  

Maryland Health & Higher Educational Facilities Authority, RB
4.00%, 07/01/48

    300       293,824  

Series 2017, 5.00%, 12/01/46

    250       261,502  

Series A, 5.00%, 05/15/42

    2,330       2,425,376  

Series B, 4.00%, 04/15/45

    250       243,125  

Maryland Health & Higher Educational Facilities Authority, Refunding RB
4.00%, 07/01/24(c)

    100       102,219  

5.00%, 07/01/24(c)

    700       725,205  

5.00%, 06/01/29

    500       500,263  

5.00%, 07/01/34

    510       557,675  

5.00%, 07/01/35

    200       208,571  

5.00%, 07/01/40

    1,000       1,019,306  

4.00%, 07/01/41

    500       499,593  

5.00%, 08/15/42

    1,000       1,018,081  

4.13%, 07/01/47

    500       493,522  

Series A, 5.00%, 01/01/28

    100       103,968  

Series A, 5.00%, 01/01/45

    500       505,451  

Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/42

    1,500       1,609,497  

Maryland State Transportation Authority Passenger Facility Charge Revenue, RB, AMT, 4.00%, 06/01/29

    1,925       1,925,862  

Montgomery County Housing Opportunities Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39

    2,830       2,673,320  

Washington Suburban Sanitary Commission, RB, Second Series, (GTD), 4.00%, 06/01/41

    875       888,958  
   

 

 

 
      38,605,817  
Massachusetts — 4.3%            

Commonwealth of Massachusetts, GO

   

Series A, 5.00%, 03/01/46

    4,495       4,612,180  

Series C, 5.00%, 07/01/45

    1,000       1,046,500  

Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB,
Series A, 5.25%, 07/01/29

    730       862,685  

Massachusetts Development Finance Agency, RB
5.00%, 10/01/46

    500       504,408  

5.00%, 07/01/47

    580       585,536  

5.00%, 10/01/48

    200       185,742  

Series A, 5.25%, 01/01/42

    500       516,788  

Series A, (AMBAC), 5.75%, 01/01/42

    650       817,472  

Series A, 5.00%, 01/01/47

    5,945       6,031,292  
 

 

 

60  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Massachusetts (continued)            

Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/37

  $             150     $             152,103  

4.00%, 07/01/39

    2,545       2,443,200  

5.00%, 04/15/40

    1,000       1,005,968  

4.13%, 10/01/42(b)

    550       497,045  

4.00%, 12/01/42

    485       438,509  

5.00%, 12/01/42

    525       536,916  

5.00%, 09/01/43

    500       509,795  

4.00%, 07/01/44

    250       252,267  

5.00%, 07/01/47

    7,685       7,914,743  

Series A, 4.00%, 06/01/29(c)

    420       466,203  

Series A, 5.00%, 06/01/29(c)

    250       292,131  

Series A-2, 4.00%, 07/01/41

    100       100,649  

Series E, 4.00%, 07/01/38

    500       477,501  

Series P, 5.45%, 05/15/59

    1,500       1,699,686  

Massachusetts Educational Financing Authority, RB

   

AMT, 5.00%, 01/01/27

    1,000       1,037,444  

Series B, AMT, 2.63%, 07/01/36

    30       29,154  

AMT, Subordinate, 3.75%, 07/01/47

    2,135       1,749,624  

Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33

    80       78,582  

Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27

    1,000       1,128,046  

Massachusetts Housing Finance Agency, RB, M/F Housing

   

Series A, 3.80%, 12/01/43

    500       458,347  

Series A, 3.85%, 06/01/46

    130       115,864  

Series A-1, (FHA), 3.10%, 06/01/60

    1,245       867,375  

Series D-1, 2.55%, 12/01/50

    295       212,276  

Massachusetts Housing Finance Agency, RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44

    465       424,530  

Massachusetts Housing Finance Agency, Refunding RB

   

Series A, AMT, 4.45%, 12/01/42

    1,125       1,099,845  

Series A, AMT, 4.50%, 12/01/47

    300       295,739  

Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/43

    1,780       1,787,763  

Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39

    825       1,050,247  
   

 

 

 
      42,284,155  
Michigan — 5.6%            

Eastern Michigan University, RB

   

Series A, (AGM), 4.00%, 03/01/44

    1,455       1,457,425  

Series A, 4.00%, 03/01/47

    1,455       1,334,522  

Michigan Finance Authority, RB
4.00%, 02/15/47

    5,510       5,284,354  

4.00%, 02/15/50

    6,975       6,612,433  

Series A, 4.00%, 11/15/50

    5,680       5,395,671  

Michigan Finance Authority, Refunding RB
4.00%, 11/15/46

    3,420       3,283,221  

Series A, 4.00%, 12/01/40

    7,000       6,956,782  

Michigan State Building Authority, Refunding RB, 4.00%, 04/15/54

    3,765       3,671,315  

Michigan State Housing Development Authority, RB, M/F Housing

   

Series A, 4.05%, 10/01/48

    1,855       1,743,147  
Security   Par
(000)
    Value  
Michigan (continued)            

Michigan State Housing Development Authority, RB, M/F Housing (continued)

   

Series A-1, 3.35%, 10/01/49

  $          3,465     $          2,776,473  

Series A, AMT, 2.45%, 10/01/46

    2,275       1,567,966  

Series A, AMT, 4.15%, 10/01/53

    1,885       1,723,493  

Series A, AMT, 2.70%, 10/01/56

    8,210       5,415,365  

Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39

    675       589,336  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

    6,310       6,397,091  

Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(c)

    900       917,057  
   

 

 

 
      55,125,651  
Minnesota — 0.2%            

Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47

    1,615       1,731,118  
   

 

 

 
Missouri — 0.6%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 11/15/42

    1,015       997,861  

Kansas City Industrial Development Authority, RB, Series B, AMT, 5.00%, 03/01/39

    2,505       2,680,685  

Missouri Housing Development Commission, RB, S/F Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46

    2,610       1,995,554  
   

 

 

 
      5,674,100  
Montana — 0.0%            

City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37

    170       161,540  
   

 

 

 
Nevada — 1.0%            

County of Clark Nevada, GO, Series A, 5.00%, 06/01/38

    7,265       7,888,838  

Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49

    2,000       1,892,566  
   

 

 

 
      9,781,404  
New Hampshire — 0.4%            

New Hampshire Business Finance Authority, Refunding RB(a)(b)

   

Series A, 3.63%, 07/01/43

    265       220,956  

Series B, AMT, 3.75%, 07/01/45

    1,075       864,283  

New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, (FHA), 4.00%, 07/01/52

    3,200       2,978,656  
   

 

 

 
      4,063,895  
New Jersey — 9.4%            

Camden County Improvement Authority, RB, 6.00%, 06/15/62

    655       689,313  

Hudson County Improvement Authority, RB, 5.00%, 05/01/46

    1,930       2,010,707  

New Jersey Economic Development Authority, RB

   

Series WW, 5.25%, 06/15/25(c)

    40       42,754  

Series WW, 5.25%, 06/15/33

    370       391,920  

Series WW, 5.00%, 06/15/34

    485       511,053  

Series WW, 5.00%, 06/15/36

    2,205       2,310,456  

Series WW, 5.25%, 06/15/40

    715       743,159  

AMT, (AGM), 5.00%, 01/01/31

    900       910,463  

AMT, 5.13%, 01/01/34

    1,620       1,633,652  

AMT, 5.38%, 01/01/43

    2,115       2,134,352  

New Jersey Economic Development Authority, Refunding RB
Series BBB, 5.50%, 12/15/26(c)

    5,360       6,017,779  
 

 

 

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

  61


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New Jersey (continued)            

New Jersey Economic Development Authority, Refunding RB (continued)

   

Sub-Series A, 4.00%, 07/01/32

  $          1,510     $          1,537,727  

New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50

    2,135       1,936,682  

New Jersey Higher Education Student Assistance Authority, Refunding RB

   

Series B, AMT, 3.25%, 12/01/39

    4,755       4,539,132  

Series B, Class B, AMT, 4.00%, 12/01/41

    3,180       3,206,505  

Sub-Series C, Class C, AMT, 3.63%, 12/01/49

    1,725       1,452,890  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33

    2,195       2,195,748  

New Jersey Transportation Trust Fund Authority, RB

   

Series A, (NPFGC), 5.75%, 06/15/25

    2,000       2,140,010  

Series A, 0.00%, 12/15/29(d)

    7,530       5,996,749  

Series AA, 5.25%, 06/15/33

    3,525       3,556,510  

Series AA, 5.00%, 06/15/38

    4,325       4,391,609  

Series AA, 4.13%, 06/15/39

    1,210       1,219,693  

Series AA, 5.50%, 06/15/39

    7,190       7,263,805  

Series AA, 4.00%, 06/15/40

    1,060       1,055,233  

Series AA, 5.00%, 06/15/50

    2,650       2,785,275  

Series BB, 4.00%, 06/15/50

    4,900       4,644,362  

Series D, 5.00%, 06/15/32

    1,610       1,675,474  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36

    180       192,747  

New Jersey Turnpike Authority, RB

   

Series A, 4.00%, 01/01/42

    1,740       1,762,314  

Series A, 4.00%, 01/01/48

    3,310       3,279,949  

New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 01/01/37

    5,505       5,627,448  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/34

    2,180       2,332,064  

Series A, 5.00%, 06/01/35

    3,220       3,424,464  

Sub-Series B, 5.00%, 06/01/46

    8,970       9,073,792  
   

 

 

 
      92,685,790  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB

   

Series A, 5.00%, 05/15/44

    200       180,627  

Series A, 5.00%, 05/15/49

    270       233,749  
   

 

 

 
      414,376  
New York — 9.3%            

City of New York New York, GO

   

Series A-1, 5.00%, 08/01/47

    930       1,029,891  

Series B, 5.25%, 10/01/41

    1,955       2,288,161  

Metropolitan Transportation Authority, Refunding RB

   

Series B, 5.00%, 11/15/29

    540       572,911  

Series C-1, 5.00%, 11/15/56

    6,550       6,625,168  

New York City Housing Development Corp., RB, M/F Housing

   

Series I-1, (FHA), 2.55%, 11/01/45

    2,385       1,741,820  

Series I-1, (FHA), 2.70%, 11/01/55

    1,050       705,140  

New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47

    7,060       7,106,017  

New York City Transitional Finance Authority Building Aid Revenue, RB

   

Series S-1, Subordinate, (SAW), 4.00%, 07/15/42

    2,910       2,910,457  
Security   Par
(000)
    Value  
New York (continued)            

New York City Transitional Finance Authority Building Aid Revenue, RB (continued)

   

Series S-3, Subordinate, (SAW), 4.00%, 07/15/46

  $ 2,680     $ 2,666,774  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

   

Series A-3, 5.00%, 08/01/40

             7,285                7,869,497  

Subordinate, 3.00%, 05/01/46

    1,495       1,238,346  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

    1,100       1,100,238  

New York Liberty Development Corp., Refunding RB

   

Series 1, 5.00%, 11/15/44(b)

    2,630       2,623,404  

Series A, 2.88%, 11/15/46

    14,350       10,886,097  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

    2,795       2,728,951  

New York State Housing Finance Agency, RB, Series B, (SONYMA), 3.88%, 11/01/48

    400       358,625  

New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50

    510       490,579  

New York State Urban Development Corp., Refunding RB

   

4.00%, 03/15/41

    3,300       3,327,971  

4.00%, 03/15/46

    5,960       5,768,481  

New York Transportation Development Corp., RB

   

AMT, 5.00%, 10/01/35

    3,460       3,607,313  

AMT, 5.00%, 12/01/36

    1,650       1,769,653  

Series A, AMT, 5.25%, 01/01/50

    6,045       6,065,251  

Port Authority of New York & New Jersey, RB
221st Series, AMT, 4.00%, 07/15/40

    1,000       992,142  

Series 221, AMT, 4.00%, 07/15/55

    5,155       4,813,028  

Port Authority of New York & New Jersey, Refunding RB

   

186th Series, AMT, 5.00%, 10/15/36

    570       590,137  

Series 197, AMT, 5.00%, 11/15/35

    905       963,896  

Series 207, AMT, 4.00%, 09/15/43

    1,090       1,069,885  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44

    3,040       2,252,978  

Triborough Bridge & Tunnel Authority, RB

   

Series A, 5.00%, 11/15/49

    665       714,202  

Series D-2, Senior Lien, 5.25%, 05/15/47

    6,030       6,874,688  
   

 

 

 
      91,751,701  
North Carolina — 0.1%            

City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51

    790       759,096  

North Carolina Medical Care Commission, RB, 4.00%, 11/01/52

    445       428,589  
   

 

 

 
      1,187,685  
Ohio — 2.9%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55

    11,660       11,122,707  

Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43

    6,920       6,980,488  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    260       238,282  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

    350       366,113  
 

 

 

62  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Ohio (continued)            

Ohio Turnpike & Infrastructure Commission, RB

   

Series A-1, Junior Lien, 5.25%, 02/15/31

  $          1,000     $          1,000,973  

Series A-1, Junior Lien, 5.25%, 02/15/32

    950       950,924  

Series A-1, Junior Lien, 5.25%, 02/15/33

    1,325       1,326,289  

Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A-2, Junior Lien, 0.00%, 02/15/37(d)

    10,040       6,111,469  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

    1,055       973,266  
   

 

 

 
      29,070,511  
Oklahoma — 0.3%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

    760       709,360  

Oklahoma Turnpike Authority, RB,
Series A, 4.00%, 01/01/48

    1,640       1,653,408  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37

    450       456,360  
   

 

 

 
      2,819,128  
Oregon — 0.3%            

Clackamas Community College
District, GO

   

Series A, 5.00%, 06/15/39

    605       654,099  

Series A, 5.00%, 06/15/40

    440       474,221  

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)

    2,355       1,218,960  

Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52

    1,090       1,045,381  
   

 

 

 
      3,392,661  
Pennsylvania — 9.9%            

Allegheny County Airport Authority, RB

   

Series A, AMT, 5.00%, 01/01/51

    3,600       3,722,396  

Series A, AMT, 5.00%, 01/01/56

    3,925       4,046,757  

Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(c)

    1,500       1,512,165  

Bucks County Industrial Development Authority, RB
4.00%, 07/01/46

    225       182,193  

4.00%, 07/01/51

    200       156,680  

Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39

    2,495       2,514,521  

Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57

    4,930       5,138,820  

Pennsylvania Economic Development Financing Authority, RB

   

AMT, 5.00%, 12/31/34

    10,710       10,953,695  

AMT, 5.00%, 12/31/38

    13,195       13,325,195  

AMT, 5.50%, 06/30/41

    3,290       3,618,405  

AMT, 5.00%, 06/30/42

    2,455       2,467,214  

AMT, 5.75%, 06/30/48

    2,855       3,161,870  

Pennsylvania Economic Development Financing Authority, Refunding RB

   

Series A, 4.00%, 11/15/42

    2,245       2,215,743  

AMT, 5.50%, 11/01/44

    1,000       1,003,621  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

    575       441,669  

Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44

    1,000       980,528  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45

    6,850       6,950,311  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49

    3,635       2,939,148  
Security   Par
(000)
    Value  
Pennsylvania (continued)            

Pennsylvania Housing Finance Agency, Refunding RB, Series 119, AMT, 3.50%, 10/01/36

  $          1,180     $          1,154,817  

Pennsylvania Turnpike Commission, RB

   

Series A, 5.00%, 12/01/38

    1,480       1,548,573  

Series A-1, 5.00%, 12/01/41

    3,510       3,669,838  

Series B, 5.00%, 12/01/40

    1,375       1,437,711  

Series C, 5.50%, 12/01/23(c)

    1,315       1,345,252  

Series C, 5.00%, 12/01/39

    4,775       4,927,146  

Series B, Subordinate, 4.00%, 12/01/51

    665       639,848  

Sub-Series A-1, Subordinate, 5.00%, 12/01/41

    5,155       5,313,527  

Pennsylvania Turnpike Commission, Refunding RB
3rd Series, 4.00%, 12/01/38

    4,915       4,950,201  

Series A-1, 5.00%, 12/01/40

    1,805       1,883,119  

Philadelphia Authority for Industrial Development, RB, Class A, 4.00%, 07/01/44(c)

    2,900       2,957,785  

Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

    2,130       2,211,021  
   

 

 

 
      97,369,769  
Puerto Rico — 4.8%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

   

Series A-1, Restructured, 4.75%, 07/01/53

    2,864       2,727,960  

Series A-1, Restructured, 5.00%, 07/01/58

    17,311       17,055,663  

Series A-2, Restructured, 4.54%, 07/01/53

    500       460,000  

Series A-2, Restructured, 4.78%, 07/01/58

    1,528       1,454,479  

Series A-2, Restructured, 4.33%, 07/01/40

    19,762       18,898,045  

Series B-1, Restructured, 4.75%, 07/01/53

    1,377       1,312,805  

Series B-2, Restructured, 4.78%, 07/01/58

    1,335       1,269,050  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    16,341       4,537,699  
   

 

 

 
      47,715,701  
Rhode Island — 1.9%            

Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 75-A, 2.35%, 10/01/44

    3,925       2,846,854  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37(e)

    820       807,194  

Rhode Island Turnpike & Bridge Authority, RB, Series A, 3.00%, 10/01/38

    375       334,228  

Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40

    1,105       1,159,201  

Tobacco Settlement Financing Corp., Refunding RB

   

Series A, 5.00%, 06/01/35

    525       532,385  

Series B, 4.50%, 06/01/45

    10,575       10,595,769  

Series B, 5.00%, 06/01/50

    2,630       2,644,207  
   

 

 

 
      18,919,838  
South Carolina — 6.2%            

Charleston County Airport District, RB(c)

   

Series A, AMT, 5.50%, 07/01/23

    5,225       5,273,455  

Series A, AMT, 6.00%, 07/01/23

    1,955       1,976,579  

County of Berkeley South Carolina, SAB
4.25%, 11/01/40

    485       418,231  

4.38%, 11/01/49

    715       576,067  

County of Charleston South Carolina, RB, 5.25%, 12/01/23(c)

    2,505       2,555,987  

South Carolina Jobs-Economic Development Authority, RB
5.00%, 11/01/43

    3,090       3,247,843  

5.00%, 01/01/55(b)

    2,290       2,014,735  
 

 

 

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

  63


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
South Carolina (continued)            

South Carolina Jobs-Economic Development Authority, RB (continued) 7.50%, 08/15/62(b)

  $          1,455     $          1,448,345  

South Carolina Jobs-Economic Development Authority, Refunding RB

   

Series A, 5.00%, 05/01/38

    5,885       6,118,782  

Series A, 4.25%, 05/01/48

    1,685       1,624,222  

South Carolina Ports Authority, RB

   

AMT, 5.00%, 07/01/48

    530       550,413  

AMT, 5.00%, 07/01/55

    2,790       2,879,132  

Series B, AMT, 4.00%, 07/01/49

    2,690       2,567,602  

South Carolina Public Service Authority, RB

   

Series A, 5.50%, 12/01/54

    16,210       16,490,627  

Series A, 4.00%, 12/01/55

    1,950       1,802,752  

Series E, 5.50%, 12/01/53

    1,730       1,759,817  

South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38

    4,930       5,023,591  

South Carolina State Housing Finance & Development Authority, RB, S/F Housing

   

Series A, 2.25%, 07/01/46

    4,755       3,513,051  

Series B, 4.35%, 07/01/47

    1,690       1,693,022  
   

 

 

 
      61,534,253  
Tennessee — 3.9%            

Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40

    3,550       3,472,063  

Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/52

    3,795       4,012,203  

Tennergy Corp., RB(a)

   

Series A, 4.00%, 12/01/51

    4,650       4,662,378  

Series A, 5.50%, 10/01/53

    3,805       4,123,239  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)

    12,955       13,909,136  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)(e)

    7,530       7,871,719  
   

 

 

 
      38,050,738  
Texas — 8.3%            

Arlington Higher Education Finance Corp., RB(b)
7.50%, 04/01/62

    1,545       1,652,149  

7.88%, 11/01/62

    1,335       1,389,877  

Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40

    385       302,757  

Central Texas Turnpike System, RB

   

Series C, 5.00%, 08/15/37

    3,290       3,405,252  

Series C, 5.00%, 08/15/42

    2,325       2,359,924  

City of Austin Texas Airport System Revenue, RB, AMT, 5.00%, 11/15/44

    1,000       1,012,403  

City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38

    1,330       1,331,169  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

    765       786,975  

City of Houston Texas Airport System Revenue, Refunding RB

   

Series A, AMT, 5.00%, 07/01/27

    740       756,330  

Series A, AMT, 4.00%, 07/01/46

    2,780       2,648,967  

City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48

    11,670       10,860,475  
Security   Par
(000)
    Value  
Texas (continued)            

County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43

  $          2,910     $          3,110,703  

Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33

    2,300       2,344,671  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d)

    8,085       3,989,907  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

    5,000       2,841,255  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

    1,210       1,107,317  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

    3,620       3,636,724  

Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46

    1,575       1,546,847  

San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42

    4,435       4,388,725  

San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48

    1,355       1,451,395  

Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51

    4,305       4,659,202  

Series A, 4.00%, 07/01/53

    1,895       1,822,027  

Series A, 5.00%, 07/01/53

    2,325       2,482,124  

Series B, 5.00%, 07/01/36

    2,390       2,555,718  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39

    1,850       1,889,444  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

    690       656,788  

Texas Department of Housing & Community Affairs, RB, S/F Housing

   

Series A, (GNMA), 4.25%, 09/01/43

    735       736,627  

Series A, (GNMA), 3.63%, 09/01/44

    2,025       1,871,278  

Series A, (GNMA), 3.75%, 09/01/49

    1,365       1,320,169  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

    5,395       5,788,630  

Texas Private Activity Bond Surface Transportation Corp., RB

   

AMT, 5.00%, 06/30/58

    1,795       1,815,152  

AMT, Senior Lien, 5.00%, 12/31/45

    3,020       3,041,243  

Texas Transportation Commission State Highway 249 System, RB, CAB(d)
0.00%, 08/01/35

    310       179,855  

0.00%, 08/01/36

    170       92,399  

0.00%, 08/01/37

    225       114,583  

0.00%, 08/01/38

    810       388,357  

0.00%, 08/01/41

    1,950       786,310  

0.00%, 08/01/44

    1,010       334,006  

0.00%, 08/01/45

    1,775       546,047  
   

 

 

 
      82,003,781  
Utah — 0.6%            

City of Salt Lake City Utah Airport Revenue, RB

   

Series A, AMT, 5.00%, 07/01/47

    2,935       3,026,490  

Series A, AMT, 5.00%, 07/01/48

    1,055       1,091,744  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(b)

    485       462,195  
 

 

 

64  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Utah (continued)            

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(b)

  $             935     $             846,720  

Utah Housing Corp., RB, S/F Housing, Series D2, Class III, (FHA), 4.00%, 01/01/36

    455       453,890  
   

 

 

 
      5,881,039  
Virginia — 0.8%            

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

    4,920       4,781,896  

Virginia Housing Development Authority, RB, M/F Housing, Series C, 3.70%, 08/01/48

    3,045       2,670,057  
   

 

 

 
      7,451,953  
Washington — 2.0%            

King County Housing Authority, Refunding RB, 3.00%, 06/01/40

    490       415,189  

Port of Seattle Washington, RB

   

Series C, AMT, 5.00%, 04/01/40

    2,395       2,443,647  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

    2,655       2,757,287  

Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44

    1,140       1,110,921  

Washington Health Care Facilities Authority, RB, 4.00%, 10/01/45

    1,670       1,570,091  

Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38

    8,075       8,353,482  

Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35

    3,094       2,909,082  
   

 

 

 
      19,559,699  
Wisconsin — 2.0%            

Public Finance Authority, RB
5.00%, 10/15/41(b)

    570       552,326  

5.00%, 10/15/56(b)

    225       199,737  

Class A, 6.00%, 06/15/52

    505       495,759  

Class A, 6.13%, 06/15/57

    570       561,302  

Series A, 5.00%, 07/15/39(b)

    250       246,136  

Series A, 5.00%, 07/01/40(b)

    450       433,155  

Series A, 5.00%, 10/15/40(b)

    1,130       1,090,917  

Series A, 5.00%, 07/15/49(b)

    955       889,457  

Series A, 5.00%, 07/15/54(b)

    455       415,112  

Series A, 5.00%, 10/15/55(b)

    1,545       1,409,737  

Series A-1, 4.50%, 01/01/35(b)

    605       543,886  

Public Finance Authority, Refunding RB(b)
5.00%, 09/01/49

    335       276,019  

5.25%, 05/15/52

    1,015       910,944  

5.00%, 09/01/54

    455       365,666  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing

   

Series A, 1.80%, 03/01/31

    400       357,422  

Series A, 1.85%, 09/01/31

    320       283,006  

Series A, 1.90%, 03/01/32

    600       533,720  

Series A, 1.95%, 09/01/32

    450       398,367  

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing

   

Series A, (HUD SECT 8), 2.05%, 11/01/36

    1,165       918,508  

Series A, (HUD SECT 8), 2.45%, 11/01/46

    1,210       837,541  
Security   Par
(000)
    Value  
Wisconsin (continued)            

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing (continued)

   

Series A, 4.15%, 11/01/48

  $          5,080     $          4,939,320  

Series A, 4.45%, 05/01/57

    3,395       3,304,045  
   

 

 

 
      19,962,082  
   

 

 

 

Total Municipal Bonds — 135.5%
(Cost: $1,332,037,583)

      1,337,870,013  
   

 

 

 
Municipal Bonds Transferred to Tender Option Bond
    Trusts(h)
 
Arizona — 0.9%  

City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43

    4,000       4,139,890  

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41

    5,085       5,099,216  
   

 

 

 
      9,239,106  
California — 0.2%            

Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47

    1,980       2,083,194  
   

 

 

 
Colorado — 0.6%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB,
Series A, AMT, 5.25%, 12/01/48(i)

    5,517       5,828,465  
   

 

 

 
District of Columbia — 0.3%            

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

    3,052       3,053,204  
   

 

 

 
Florida — 1.8%            

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57

    7,850       8,940,251  

City of Tampa Florida, RB, Series A, 4.00%, 11/15/46

    1,920       1,891,001  

County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31

    6,300       7,443,658  
   

 

 

 
      18,274,910  
Georgia — 0.5%            

Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49

    5,503       5,147,035  
   

 

 

 
Illinois — 2.3%            

City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33

    2,850       2,855,050  

Illinois Finance Authority, Refunding RB

   

Series A, 5.00%, 08/15/51

    7,124       7,619,091  

Series C, 4.00%, 02/15/27(c)

    2       2,292  

Series C, 4.00%, 02/15/41

    912       913,695  

Illinois State Toll Highway Authority, RB

   

Series A, 5.00%, 01/01/38

    5,014       5,025,848  

Series A, 5.00%, 01/01/40

    6,451       6,695,474  
   

 

 

 
      23,111,450  
Kansas — 1.3%            

Wyandotte County Unified School District No.500 Kansas City, GO, Series A, 5.50%, 09/01/47(c)

    11,167       12,423,312  
   

 

 

 
 

 

 

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

  65


Schedule of Investments (unaudited) (continued)

January 31, 2023

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Louisiana — 0.4%            

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25(c)

  $          3,600     $          3,737,114  
   

 

 

 
Maryland — 0.9%            

City of Baltimore Maryland, RB

   

Series A, 5.00%, 07/01/41

    6,653       7,088,862  

Series A, 5.00%, 07/01/46

    1,269       1,333,212  
   

 

 

 
      8,422,074  
Michigan — 1.0%            

Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44

    4,671       4,773,394  

Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45

    2,050       2,132,201  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

    2,748       2,582,396  
   

 

 

 
      9,487,991  
Nevada — 0.3%            

County of Clark Nevada, GO, Series A, 5.00%, 05/01/48

    2,739       2,890,437  
   

 

 

 
New York — 4.4%            

Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44

    8,220       8,296,253  

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

    6,314       6,275,309  

New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35

    3,945       4,101,019  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47

    6,600       6,464,304  

Port Authority of New York & New Jersey, Refunding RB, 5.25%, 10/15/57

    5,090       5,384,189  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51

    7,270       7,821,197  

Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52

    5,520       5,415,655  
   

 

 

 
      43,757,926  
Ohio(i) — 0.6%            

Northeast Ohio Regional Sewer District, Refunding RB

   

4.00%, 11/15/24(c)

    3,319       3,411,712  

4.00%, 11/15/24

    2,006       2,061,623  
   

 

 

 
      5,473,335  
Pennsylvania — 0.8%            

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(i)

    6,042       6,281,138  

Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42

    1,514       1,608,321  
   

 

 

 
      7,889,459  
Texas — 1.0%            

County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43

    2,703       2,701,107  

Houston Community College System, GO, 4.00%, 02/15/23(c)

    3,480       3,481,627  

Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43

    2,985       3,016,394  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38

    879       886,247  
   

 

 

 
      10,085,375  
Security   Par
(000)
    Value  
Virginia — 1.2%            

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

  $ 11,880     $ 11,754,256  
   

 

 

 
Wisconsin — 0.2%            

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.30%, 11/01/53

    1,605       1,524,399  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.7%
(Cost: $180,492,275)

      184,183,042  
   

 

 

 

Total Long-Term Investments — 154.2%
(Cost: $1,512,529,858)

      1,522,053,055  
   

 

 

 
     Shares         
Short-Term Securities  
Money Market Funds — 2.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(j)(k)

    25,427,432       25,432,517  
   

 

 

 

Total Short-Term Securities — 2.6%
(Cost: $25,425,865)

      25,432,517  
   

 

 

 

Total Investments — 156.8%
(Cost: $1,537,955,723)

      1,547,485,572  

Liabilities in Excess of Other Assets — (0.7)%

 

    (6,380,900

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)%

 

    (103,871,831

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.6)%

 

    (450,209,049
 

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $   987,023,792  
   

 

 

 

 

(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) 

Zero-coupon bond.

(e) 

When-issued security.

(f) 

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.

(g) 

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

(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) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2023 to June 1, 2026, is $11,636,989. See Note 4 of the Notes to Financial Statements for details.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

 

 

66  

2 0 2 3    B L A C  K R O C K    E M I - A N N  U A L    E P O R T    T O     H A R E H O L D E R  S


Schedule of Investments (unaudited) (continued)

January 31, 2023

 

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22
     Purchases
at Cost
    Proceeds
from Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
01/31/23
     Shares
Held at
01/31/23
     Income      Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 1,416,913      $ 24,014,882 (a)    $      $ (5,930    $ 6,652      $ 25,432,517        25,427,432      $ 107,721      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

     311        03/22/23      $ 35,707       $ (555,838

U.S. Long Bond

     457        03/22/23        59,681        (1,784,980

5-Year U.S. Treasury Note

     283        03/31/23        30,975        (401,953
           

 

 

 
             $ (2,742,771
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  
Liabilities — Derivative Financial Instruments                                                 

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $      $      $ 2,742,771      $      $ 2,742,771  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $      $      $ 7,930,619      $      $ 7,930,619  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                     

Futures contracts

   $      $      $      $      $ 3,408,081      $      $ 3,408,081  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — short

   $ 126,638,235  

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

 

 

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

  67


Schedule of Investments (unaudited) (continued)

January 31, 2023

 

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

 

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

   $        $ 1,337,870,013        $        $ 1,337,870,013  

Municipal Bonds Transferred to Tender Option Bond Trusts

              184,183,042                   184,183,042  

Short-Term Securities

                 

Money Market Funds

     25,432,517                            25,432,517  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     25,432,517        $   1,522,053,055        $             —        $   1,547,485,572  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

 

Liabilities

 

Interest Rate Contracts

   $ (2,742,771      $        $        $ (2,742,771
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

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

 

Loan for TOB Trust Certificates

   $                 —        $ (3,700,960      $                 —        $ (3,700,960

TOB Trust Certificates

              (99,568,749                 (99,568,749

VRDP Shares at Liquidation Value

              (450,300,000                 (450,300,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (553,569,709      $        $ (553,569,709
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

68  

2 0 2 3  B L A C K R O C K  S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D  E R S


 

Statements of Assets and Liabilities (unaudited)

January 31, 2023

 

    BTA          MUA          MUI          MYD  

 

 

ASSETS

                

Investments, at value — unaffiliated(a)

  $ 228,724,640          $ 645,323,346          $ 1,622,487,021          $ 878,611,314  

Investments, at value — affiliated(b)

    2,933,540          2,590,585          22,083,904          17,669,350  

Cash

    78,237          259,381          172,744          78,729  

Cash pledged for futures contracts

    674,000          2,297,000          3,921,000          3,206,000  

Receivables:

                

Investments sold

    60,927          187,840          22,982          110,798  

Dividends — affiliated

    4,978          12,856          20,241          26,721  

Interest — unaffiliated

    2,391,257          6,323,895          16,009,877          8,457,151  

Due from broker

                      17,871           

Deferred offering costs

             61,500                    

Prepaid expenses

    27,400          120,388          192,319          12,330  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

    234,894,979          657,176,791          1,664,927,959          908,172,393  
 

 

 

      

 

 

      

 

 

      

 

 

 

ACCRUED LIABILITIES

                

Payables:

                

Investments purchased

    2,192,286          683,880          22,538,073          14,131,454  

Accounting services fees

    12,230          44,984          80,268          56,239  

Capital shares redeemed

                      349,280           

Custodian fees

    2,124          3,493          8,140          3,730  

Income dividend distributions — Common Shares

    584,635          1,759,194          2,511,613          1,900,248  

Interest expense and fees

    88,719          138,650          437,435          436,866  

Investment advisory fees

    119,506          301,977          757,627          373,119  

Offering costs

             58,570                    

Directors’ and Officer’s fees

    25,765          4,081          601,782          337,913  

Other accrued expenses

    10,441          22,542          26,227          16,752  

Professional fees

    39,109          28,149          63,879          77,411  

Transfer agent fees

    8,937          29,026          15,010          29,675  

Variation margin on futures contracts

    149,015          504,594          899,066          700,892  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total accrued liabilities

    3,232,767          3,579,140          28,288,400          18,064,299  
 

 

 

      

 

 

      

 

 

      

 

 

 

OTHER LIABILITIES

                

TOB Trust Certificates

    12,516,504          24,489,313          87,180,947          60,534,975  

VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

    75,657,943          174,931,808          561,386,838          251,110,021  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total other liabilities

    88,174,447          199,421,121          648,567,785          311,644,996  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

    91,407,214          203,000,261          676,856,185          329,709,295  
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 143,487,765        $ 454,176,530        $ 988,071,774        $ 578,463,098  
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

                

Paid-in capital(f)(g)(h)

  $  156,422,945        $  517,271,323        $  1,052,745,335        $  625,618,269  

Accumulated loss

    (12,935,180        (63,094,793        (64,673,561        (47,155,171
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 143,487,765        $ 454,176,530        $ 988,071,774        $ 578,463,098  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value per Common Share

  $ 10.68        $ 11.75        $ 13.43        $ 12.35  
 

 

 

      

 

 

      

 

 

      

 

 

 

(a) Investments, at cost — unaffiliated

  $ 234,411,583        $ 691,500,635        $ 1,606,310,389        $ 881,187,183  

(b) Investments, at cost — affiliated

  $ 2,933,128        $ 2,589,808        $ 22,080,812        $ 17,664,433  

(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          38,663,595          73,579,059          46,840,551  

(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.

 

 

I N A N C I A  L  S T A T E M E N T S

  69


 

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2023

 

    MQY  

 

 

ASSETS

 

Investments, at value — unaffiliated(a)

  $ 1,522,053,055  

Investments, at value — affiliated(b)

    25,432,517  

Cash pledged for futures contracts

    2,923,000  

Receivables:

 

Investments sold

    39,202  

Dividends — affiliated

    37,277  

Interest — unaffiliated

    13,756,098  

Prepaid expenses

    972,773  
 

 

 

 

Total assets

    1,565,213,922  
 

 

 

 

ACCRUED LIABILITIES

 

Bank overdraft

    780,796  

Payables:

 

Investments purchased

    18,106,197  

Accounting services fees

    80,039  

Custodian fees

    7,129  

Income dividend distributions — Common Shares

    3,442,406  

Interest expense and fees

    602,122  

Investment advisory fees

    646,050  

Directors’ and Officer’s fees

    281,149  

Other accrued expenses

    18,531  

Professional fees

    44,772  

Transfer agent fees

    46,261  

Variation margin on futures contracts

    655,920  
 

 

 

 

Total accrued liabilities

    24,711,372  
 

 

 

 

OTHER LIABILITIES

 

TOB Trust Certificates

    99,568,749  

Loan for TOB Trust Certificates

    3,700,960  

VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

    450,209,049  
 

 

 

 

Total other liabilities

    553,478,758  
 

 

 

 

Total liabilities

    578,190,130  
 

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 987,023,792  
 

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

 

Paid-in capital(f)(g)(h)

  $ 1,045,072,593  

Accumulated loss

    (58,048,801
 

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

  $ 987,023,792  
 

 

 

 

Net asset value per Common Share

  $ 13.48  
 

 

 

 

(a) Investments, at cost — unaffiliated

  $ 1,512,529,858  

(b) Investments, at cost — affiliated

  $ 25,425,865  

(c)  Preferred Shares outstanding

    4,503  

(d) Preferred Shares authorized

    14,503  

(e) Par value per Preferred Share

  $ 0.10  

(f)  Common Shares outstanding

    73,242,678  

(g) Common Shares authorized

    199,985,497  

(h) Par value per Common Share

  $ 0.10  

See notes to financial statements.

 

 

70  

2 0 2 3  B L A C K R O C S E M I - A N N U A L  R E P O R T S H A R E H O L D E R S


 

Statements of Operations (unaudited) 

Six Months Ended January 31, 2023

 

    BTA          MUA          MUI          MYD  

 

 

INVESTMENT INCOME

                

Dividends — affiliated

  $ 33,645          $ 153,075        $ 68,531        $ 122,987  

Interest — unaffiliated

    5,581,025          15,330,899            32,867,616            18,339,789  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total investment income

    5,614,670          15,483,974          32,936,147          18,462,776  
 

 

 

      

 

 

      

 

 

      

 

 

 

EXPENSES

                

Investment advisory

    694,654          1,811,549          4,513,376          2,232,738  

Professional

    33,712          64,447          53,090          42,910  

Accounting services

    14,642          50,465          94,350          63,228  

Transfer agent

    11,960          24,468          30,655          29,380  

Directors and Officer

    5,610          12,388          77,662          29,048  

Printing and postage

    4,752          9,681          5,498          8,107  

Registration

    4,144          10,248          20,199          7,867  

Liquidity fees

    3,902          8,985          28,840          12,908  

Remarketing fees on Preferred Shares

    3,831          8,822          28,316          12,673  

Custodian

    2,923          5,092          14,215          5,574  

Miscellaneous

    32,356          22,539          80,379          34,249  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses excluding interest expense, fees and amortization of offering costs

    812,486          2,028,684          4,946,580          2,478,682  

Interest expense, fees and amortization of offering costs(a)

    1,465,828          3,539,915          10,297,069          5,014,122  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses

    2,278,314          5,568,599          15,243,649          7,492,804  

Less:

                

Fees waived and/or reimbursed by the Manager

    (1,714        (8,163        (3,593        (6,594
 

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived and/or reimbursed

    2,276,600          5,560,436          15,240,056          7,486,210  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

    3,338,070          9,923,538          17,696,091          10,976,566  
 

 

 

      

 

 

      

 

 

      

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments — unaffiliated

    (5,955,024        (17,857,567        (58,894,642        (35,040,368

Investments — affiliated

    2,279          4,293          4,152          (4,048

Futures contracts

    2,483,337          5,455,232          14,296,442          7,200,769  
 

 

 

      

 

 

      

 

 

      

 

 

 
    (3,469,408        (12,398,042        (44,594,048        (27,843,647
 

 

 

      

 

 

      

 

 

      

 

 

 

Net change in unrealized appreciation (depreciation) on:

                

Investments — unaffiliated

    (2,735,222        (9,683,204        29,842,950          12,010,038  

Investments — affiliated

    260          (4,194        3,092          2,845  

Futures contracts

    189,346          (606,995        746,813          (631,141
 

 

 

      

 

 

      

 

 

      

 

 

 
    (2,545,616        (10,294,393        30,592,855          11,381,742  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net realized and unrealized loss

    (6,015,024        (22,692,435        (14,001,193        (16,461,905
 

 

 

      

 

 

      

 

 

      

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

  $  (2,676,954      $  (12,768,897      $ 3,694,898        $ (5,485,339
 

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Related to TOB Trusts and/or VRDP Shares.

See notes to financial statements.

 

 

I N A N C I A  L  S T A T E M E N T S

  71


 

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2023

 

    MQY  

 

 

INVESTMENT INCOME

 

Dividends — affiliated

  $ 107,721  

Interest — unaffiliated

    33,895,422  
 

 

 

 

Total investment income

    34,003,143  
 

 

 

 

EXPENSES

 

Investment advisory

    3,908,017  

Accounting services

    90,139  

Professional

    83,564  

Registration

    40,627  

Transfer agent

    37,982  

Directors and Officer

    37,507  

Custodian

    10,740  

Printing and postage

    5,911  

Miscellaneous

    11,264  
 

 

 

 

Total expenses excluding interest expense, fees and amortization of offering costs

    4,225,751  

Interest expense, fees and amortization of offering costs(a)

    8,845,071  
 

 

 

 

Total expenses

    13,070,822  

Less:

 

Fees waived and/or reimbursed by the Manager

    (5,661
 

 

 

 

Total expenses after fees waived and/or reimbursed

    13,065,161  
 

 

 

 

Net investment income

    20,937,982  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated

    (38,891,313

Investments — affiliated

    (5,930

Futures contracts

    7,930,619  
 

 

 

 
    (30,966,624
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments — unaffiliated

    (1,778,374

Investments — affiliated

    6,652  

Futures contracts

    3,408,081  
 

 

 

 
    1,636,359  
 

 

 

 

Net realized and unrealized loss

    (29,330,265
 

 

 

 

NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS

  $ (8,392,283
 

 

 

 

 

(a) 

Related to TOB Trusts and/or VRDP Shares.

See notes to financial statements.

 

 

72  

2 0 2 3  B L A C K R O C S E M I - A N N U A L  R E P O R T S H A R E H O L D E R S


 

Statements of Changes in Net Assets

 

    BTA           MUA  
   

Six Months Ended

01/31/23

(unaudited)

         

Period from

05/01/22

to 07/31/22

         

Year Ended

04/30/22

         

Six Months Ended

01/31/23

(unaudited)

         

Period from

05/01/22

to 07/31/22

         

Year Ended

04/30/22

 

 

 
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS                        

OPERATIONS

                       

Net investment income

          $ 3,338,070             $ 2,016,252             $ 8,733,495             $ 9,923,538             $ 5,574,960             $ 21,674,239  

Net realized gain (loss)

      (3,469,408       850,948         805,867         (12,398,042       3,766,936         3,896,638  

Net change in unrealized appreciation (depreciation)

      (2,545,616       271,828         (30,583,646       (10,294,393       155,267         (88,707,665
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

      (2,676,954       3,139,028         (21,044,284       (12,768,897       9,497,163         (63,136,788
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)                        

Decrease in net assets resulting from distributions to Common Shareholders

      (3,970,250       (2,196,989       (8,677,591       (17,549,967       (5,232,689       (27,559,514
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

                       

Net proceeds from the issuance of common shares

                              2,613,331         1,844,863         12,810,577  

Reinvestment of common distributions

      21,507         14,277         127,234         164,753         81,818         1,039,293  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase in net assets derived from capital share transactions

      21,507         14,277         127,234         2,778,084         1,926,681         13,849,870  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS                        

Total increase (decrease) in net assets applicable to Common Shareholders

      (6,625,697       956,316         (29,594,641       (27,540,780       6,191,155         (76,846,432

Beginning of period

      150,113,462         149,157,146         178,751,787         481,717,310         475,526,155         552,372,587  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 143,487,765       $ 150,113,462       $ 149,157,146       $ 454,176,530       $ 481,717,310       $ 475,526,155  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

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

See notes to financial statements.

 

 

I N A N C I A  L  S T A T E M E N T S

  73


 

Statements of Changes in Net Assets (continued)

 

          MUI           MYD  
    Six Months Ended
01/31/23
(unaudited)
         

Period from

05/01/22

to 07/31/22

          Year Ended
04/30/22
         

Six Months Ended

01/31/23

(unaudited)

         

Period from

05/01/22

to 07/31/22

         

Year Ended

04/30/22

 

 

 
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS                                                            

OPERATIONS

                       

Net investment income

    $ 17,696,091       $ 10,029,152       $ 22,730,839       $ 10,976,566       $ 6,531,002       $ 29,819,545  

Net realized gain (loss)

      (44,594,048       (14,312,908       (5,232,138       (27,843,647       3,151,565         1,406,427  

Net change in unrealized appreciation (depreciation)

      30,592,855         29,849,550         (113,330,106       11,381,742         2,804,901         (124,406,956
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

      3,694,898         25,565,794         (95,831,405       (5,485,339       12,487,468         (93,180,984
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)                        

Decrease in net assets resulting from distributions to Common Shareholders

      (19,398,443       (11,967,097       (24,815,980       (12,550,127       (7,249,093       (30,564,427
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

                       

Net proceeds from the issuance of common shares due to reorganization

                      497,273,284                          

Redemption of shares resulting from share repurchase program (including transaction costs)

      (3,480,795                       (870,440                

Redemption of common shares due to reorgnization

                      (138                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets derived from capital share transactions

      (3,480,795               497,273,146         (870,440                
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS                        

Total increase (decrease) in net assets applicable to Common Shareholders

      (19,184,340       13,598,697         376,625,761         (18,905,906       5,238,375         (123,745,411

Beginning of period

      1,007,256,114         993,657,417         617,031,656         597,369,004         592,130,629         715,876,040  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 988,071,774       $ 1,007,256,114       $ 993,657,417       $ 578,463,098       $ 597,369,004       $ 592,130,629  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

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

See notes to financial statements.

 

 

74  

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Statements of Changes in Net Assets (continued)

 

    MQY  
    Six Months Ended
01/31/23
(unaudited)
        

Period from

05/01/22

to 07/31/22

         Year Ended
04/30/22
 

 

 
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS
           

OPERATIONS

           

Net investment income

  $ 20,937,982        $ 12,080,054        $ 52,517,330  

Net realized gain (loss)

    (30,966,624        2,376,324          (6,019,147

Net change in unrealized appreciation (depreciation)

    1,636,359          9,208,730          (198,334,347
 

 

 

      

 

 

      

 

 

 

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

    (8,392,283        23,665,108          (151,836,164
 

 

 

      

 

 

      

 

 

 

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

           

Decrease in net assets resulting from distributions to Common Shareholders

    (22,044,581        (12,817,468        (55,356,148
 

 

 

      

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

           

Reinvestment of common distributions

                      1,173,646  
 

 

 

      

 

 

      

 

 

 

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

           

Total increase (decrease) in net assets applicable to Common Shareholders

    (30,436,864        10,847,640          (206,018,666

Beginning of period

    1,017,460,656          1,006,613,016          1,212,631,682  
 

 

 

      

 

 

      

 

 

 

End of period

  $ 987,023,792        $  1,017,460,656        $  1,006,613,016  
 

 

 

      

 

 

      

 

 

 

 

(a) 

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

See notes to financial statements.

 

 

I N A N C I A  L  S T A T E M E N T S

  75


 

Statements of Cash Flows (unaudited) 

Six Months Ended January 31, 2023

 

    BTA     MUA     MUI     MYD  

 

 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

       

Net increase (decrease) in net assets resulting from operations

  $ (2,676,954   $   (12,768,897   $ 3,694,898     $ (5,485,339

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:

       

Proceeds from sales of long-term investments

    56,060,046       79,101,328       613,168,634       247,757,180  

Purchases of long-term investments

    (38,818,071     (78,300,030     (528,691,015     (203,930,212

Net proceeds from sales (purchases) of short-term securities

    (2,425,944     12,437,926       (16,754,665     (4,707,405

Amortization of premium and accretion of discount on investments and other fees

    (215,345     (631,402     4,485,044       1,084,314  

Net realized loss on investments

    5,952,745       17,853,274       58,890,490       35,044,416  

Net unrealized (appreciation) depreciation on investments

    2,734,962       9,687,398       (29,846,042     (12,012,883
(Increase) Decrease in Assets                        

Receivables

       

Dividends — affiliated

    (2,544     (1,763     (17,878     (16,607

From the Manager

                5,262        

Interest — unaffiliated

    180,948       (218,337     261,000       526,956  

Variation margin on futures contracts

    444                    

Prepaid expenses

    21,837       (7,693     59,781       16,283  

Deferred offering costs

          2,069              

Increase (Decrease) in Liabilities

       

Payables

       

Accounting services fees

    (7,126     (29,321     (70,127     (38,755

Custodian fees

    (1,167     (2,210     (2,953     (3,490

Interest expense and fees

    37,508       80,702       146,485       240,902  

Investment advisory fees

    (123,813     (272,205     (818,902     (355,360

Directors’ and Officer’s fees

    1,113       (468     2,113       (15,472

Other accrued expenses

    386       2,630       (1,782     (2,056

Professional fees

    (34,655     (78,843     (53,871     (37,455

Transfer agent fees

    (2,782     (12,079     (23,176     (9,294

Variation margin on futures contracts

    138,432       440,851       855,449       612,945  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

    20,820,020       27,282,930       105,288,745       58,668,668  
 

 

 

   

 

 

   

 

 

   

 

 

 

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

       

Cash dividends paid to Common Shareholders

    (4,096,471     (17,375,036     (20,875,863     (13,066,243

Payments for offering costs

          (4,372            

Repayments of TOB Trust Certificates

    (21,173,788     (17,955,674     (151,542,360     (55,620,677

Net payments on Common Shares redeemed

                (3,131,515     (870,440

Proceeds from TOB Trust Certificates

    4,568,960       6,395,446       70,954,333       8,864,066  

Decrease in bank overdraft

    (2,564           (8,163      

Amortization of deferred offering costs

    8,080       2,756       8,438       8,072  

Proceeds from issuance of Common Shares

          2,613,331              
 

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used for financing activities

    (20,695,783     (26,323,549     (104,595,130     (60,685,222
 

 

 

   

 

 

   

 

 

   

 

 

 

CASH

       

Net increase (decrease) in restricted and unrestricted cash

    124,237       959,381       693,615       (2,016,554

Restricted and unrestricted cash at beginning of period

    628,000       1,597,000       3,418,000       5,301,283  
 

 

 

   

 

 

   

 

 

   

 

 

 

Restricted and unrestricted cash at end of period

  $ 752,237     $ 2,556,381     $ 4,111,615     $ 3,284,729  
 

 

 

   

 

 

   

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

       

Cash paid during the period for interest expense

  $ 1,420,240     $ 3,456,457     $ 10,142,146     $ 4,765,148  
 

 

 

   

 

 

   

 

 

   

 

 

 

NON-CASH FINANCING ACTIVITIES

       

Reinvestment of common distributions

  $ 21,507     $ 164,753     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

 

76  

2 0 2 3  B L A C K R O C S E M I - A N N U A L  R E P O R T S H A R E H O L D E R S


 

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2023

 

    BTA      MUA      MUI      MYD  

 

 

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

          

Cash

  $ 78,237      $ 259,381      $ 172,744      $ 78,729  

Cash pledged

          

Futures contracts

    674,000        2,297,000        3,921,000        3,206,000  

Due from broker

                  17,871         
 

 

 

    

 

 

    

 

 

    

 

 

 
  $     752,237      $   2,556,381      $     4,111,615      $     3,284,729  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

I N A N C I A  L  S T A T E M E N T S

  77


 

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2023

 

    MQY  

 

 

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

 

Net decrease in net assets resulting from operations

  $ (8,392,283

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:

 

Proceeds from sales of long-term investments

    416,797,878  

Purchases of long-term investments

    (297,053,316

Net purchases of short-term securities

    (24,014,882

Amortization of premium and accretion of discount on investments and other fees

    25,488  

Net realized loss on investments

    38,897,243  

Net unrealized depreciation on investments

    1,771,722  

(Increase) Decrease in Assets

 

Receivables

 

Dividends — affiliated

    (33,416

Interest — unaffiliated

    594,109  

Prepaid expenses

    11,857  

Increase (Decrease) in Liabilities

 

Payables

 

Accounting services fees

    (53,630

Custodian fees

    (6,001

Interest expense and fees

    262,057  

Investment advisory fees

    (679,707

Directors’ and Officer’s fees

    (2,640

Other accrued expenses

    (7,590

Professional fees

    (20,756

Transfer agent fees

    (14,714

Variation margin on futures contracts

    520,616  
 

 

 

 

Net cash provided by operating activities

    128,602,035  
 

 

 

 

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

 

Cash dividends paid to Common Shareholders

    (22,703,765

Repayments of TOB Trust Certificates

    (130,839,525

Proceeds from TOB Trust Certificates

    19,729,439  

Proceeds from Loan for TOB Trust Certificates

    3,700,960  

Increase in bank overdraft

    780,796  

Amortization of deferred offering costs

    31,060  
 

 

 

 

Net cash used for financing activities

    (129,301,035
 

 

 

 

CASH

 

Net decrease in restricted and unrestricted cash

    (699,000

Restricted and unrestricted cash at beginning of period

    3,622,000  
 

 

 

 

Restricted and unrestricted cash at end of period

  $ 2,923,000  
 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

 

Cash paid during the period for interest expense

  $ 8,551,954  
 

 

 

 

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

 

Cash pledged

 

Futures contracts

    2,923,000  
 

 

 

 
  $ 2,923,000  
 

 

 

 

See notes to financial statements.

 

 

78  

2 0 2 3  B L A C K R O C S E M I - A N N U A L  R E P O R T S H A R E H O L D E R S


Financial Highlights 

(For a share outstanding throughout each period)

 

    BTA  
   

Six Months Ended

01/31/23

(unaudited)

   

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
    Year Ended
04/30/18
 
                 
Net asset value, beginning of period              $ 11.17     $ 11.10     $ 13.31     $ 11.20     $ 12.47     $ 12.28     $ 12.27  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.25       0.15       0.65       0.67       0.60       0.62       0.65  

Net realized and unrealized gain (loss)

      (0.44     0.08       (2.21     2.05       (1.26     0.20       0.01  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (0.19     0.23       (1.56     2.72       (0.66     0.82       0.66  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Common Shareholders from net investment income(b)

      (0.30     (0.16     (0.65     (0.61     (0.61     (0.63     (0.65
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net asset value, end of period     $ 10.68     $ 11.17     $ 11.10     $ 13.31     $ 11.20     $ 12.47     $ 12.28  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Market price, end of period     $ 10.15     $ 12.10     $ 10.43     $ 13.20     $ 10.92     $ 11.88     $ 11.20  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(c)                

Based on net asset value

      (1.47 )%(d)      2.11 %(d)       (12.33 )%      24.80     (5.70 )%      7.34     5.76
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

      (13.55 )%(d)      17.71 %(d)      (16.93 )%      26.94     (3.49 )%      12.12     1.50
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders(e)                

Total expenses

      3.28 %(f)       2.31 %(f)(g)      1.72     1.73     2.54     2.67     2.33
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      3.28 %(f)       2.31 %(f)(g)      1.72     1.73     2.54     2.67     2.33
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i)

      1.17 %(f)       1.16 %(f)(g)      1.15     1.14     1.13     1.13     1.14
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

      4.81 %(f)       5.49 %(f)       4.95     5.32     4.71     5.11     5.21
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

               

Net assets applicable to Common Shareholders, end of period (000)

    $ 143,488     $ 150,113     $ 149,157     $ 178,752     $ 150,344     $ 167,431     $ 164,787  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

    $ 262,101 (j)    $ 239,633 (j)    $ 296,259 (k)    $ 335,200 (k)    $ 297,821 (k)    $ 320,304 (k)    $ 316,825 (k) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOB Trust Certificates, end of period (000)

    $ 12,517     $ 31,506     $ 31,735     $ 38,607     $ 36,908     $ 34,595     $ 36,025  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

    $ 18,508     $ 8,166       N/A       N/A       N/A       N/A       N/A  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      16     8     17     27     34     31     44
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average Common Shares outstanding.

(b) 

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

(c) 

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

(d) 

Not annualized.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Annualized.

(g) 

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.

(h) 

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.

(i) 

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

01/31/23

(unaudited)

           

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

    Year Ended
04/30/18
 

Expense ratios

                1.16        1.15        1.14     1.13     1.12     1.12     1.47
    

 

 

      

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(j) 

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.

(k) 

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.

(l) 

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.

 

 

I N A N C I A  L  H I G H L I G H T S

  79


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    MUA  
    Six Months Ended
01/31/23
(unaudited)
   

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
    Year Ended
04/30/18
 
                 
Net asset value, beginning of period     $ 12.53     $ 12.42     $ 14.77     $ 12.83     $ 14.14     $ 14.01     $ 14.07  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.26       0.15       0.57       0.62       0.63       0.67       0.68  

Net realized and unrealized gain (loss)

      (0.58     0.10       (2.20     1.96       (1.29     0.12       (0.06
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (0.32     0.25       (1.63     2.58       (0.66     0.79       0.62  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Distributions to Common Shareholders(b)                

From net investment income

                (0.30     (0.14     (0.58     (0.64     (0.63     (0.66     (0.68

From net realized gain

      (0.16           (0.14           (0.02            
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions to Common Shareholders

      (0.46     (0.14     (0.72     (0.64     (0.65     (0.66     (0.68
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net asset value, end of period     $ 11.75     $ 12.53     $ 12.42     $ 14.77     $ 12.83     $ 14.14     $ 14.01  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Market price, end of period     $ 11.38     $ 12.55     $ 11.90     $ 15.26     $ 12.48     $ 14.98     $ 13.21  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(c)                

Based on net asset value

      (2.23 )%(d)      2.00 %(d)       (11.63 )%      20.41     (5.03 )%      5.97     4.47
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

      (5.46 )%(d)      6.63 %(d)       (18.05 )%      27.89     (12.80 )%      19.07     (6.48 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders(e)                

Total expenses

      2.48 %(f)       1.67 %(f)(g)      0.98     0.81     0.98     1.01     0.93
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      2.48 %(f)       1.67 %(f)(g)      0.98     0.80     0.98     1.01     0.93
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)

      0.90 %(f)(i)      0.88 %(f)(g)      0.77     0.71     0.69     0.70     0.69
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

      4.43 %(f)       4.75 %(f)       3.90     4.39     4.43     4.77     4.83
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Supplemental Data                

Net assets applicable to Common Shareholders, end of period (000)

    $ 454,177     $ 481,717     $ 475,526     $ 552,373     $ 463,431     $ 509,645     $ 504,470  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

    $ 175,000     $ 175,000     $ 175,000     $     $     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

    $ 327,670 (j)    $ 321,536 (j)    $ 371,729 (k)    $     $     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOB Trust Certificates, end of period (000)

    $ 24,489     $ 42,444     $ 41,712     $ 68,781     $ 69,232     $ 71,659     $ 71,925  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

    $ 26,689     $ 16,471       N/A       N/A       N/A       N/A       N/A  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      11     5     24     19     21     19     15
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average Common Shares outstanding.

(b) 

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

(c) 

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

(d) 

Not annualized.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Annualized.

(g) 

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.

(h) 

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.

(i) 

For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.89%.

(j) 

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.

(k) 

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.

(l) 

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.

 

 

80  

2 0 2 3  B L A C K R O C S E M I - A N N U A L  R E P O R T 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

01/31/23
(unaudited)

   

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
   

Year Ended

04/30/18

 
                 
Net asset value, beginning of period               $ 13.64     $ 13.45     $ 16.11     $ 14.62     $ 15.40     $ 14.93     $ 15.17  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.24       0.14       0.56       0.64       0.56       0.56       0.59  

Net realized and unrealized gain (loss)

      (0.19     0.21       (2.57     1.48       (0.81     0.47       (0.23
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.05       0.35       (2.01     2.12       (0.25     1.03       0.36  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Distributions to Common Shareholders(b)                

From net investment income

      (0.26     (0.16     (0.65     (0.63     (0.53     (0.53     (0.60

From net realized gain

                                    (0.03     (0.00 )(c)  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions to Common Shareholders

      (0.26     (0.16     (0.65     (0.63     (0.53     (0.56     (0.60
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net asset value, end of period     $ 13.43     $ 13.64     $ 13.45     $ 16.11     $ 14.62     $ 15.40     $ 14.93  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Market price, end of period     $ 12.01     $ 12.44     $ 12.26     $ 15.09     $ 13.13     $ 13.85     $ 13.01  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(d)                

Based on net asset value

      0.76 %(e)       2.73 %(e)       (12.79 )%      15.08     (1.41 )%      7.68     2.76
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

      (1.20 )%(e)      2.79 %(e)       (15.13 )%      20.02     (1.56 )%      11.13     (2.69 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

      3.20 %(g)       2.25 %(g)(h)       1.67 %(i)       1.58     2.31     2.63     2.17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      3.20 %(g)       2.25 %(g)(h)       1.67 %(i)       1.58     2.31     2.63     2.17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(j)

      1.04 %(g)(k)      1.07 %(g)(h)       1.02 %(i)       0.98     0.97     1.01     0.97
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

      3.72 %(g)       4.06 %(g)       3.63     4.05     3.59     3.73     3.87
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Supplemental Data                

Net assets applicable to Common Shareholders, end of period (000)

    $ 988,072     $ 1,007,256     $ 993,657     $ 617,032     $ 559,934     $ 589,887     $ 571,769  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

    $ 561,700     $ 561,700     $ 561,700     $     $     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

    $ 252,273 (l)    $ 237,229 (l)     $ 276,902 (m)    $     $     $     $  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

    $     $     $     $ 287,100     $ 287,100     $ 287,100     $ 287,100  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

    $     $     $     $ 314,919 (m)    $ 295,031 (m)    $ 305,464 (m)    $ 299,153 (m) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOB Trust Certificates, end of period (000)

    $ 87,181     $ 172,298     $ 180,858     $ 93,069     $ 92,014     $ 93,421     $ 79,136  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 of TOB Trust Certificates, end of period(n)

    $ 18,773     $ 10,104       N/A       N/A       N/A       N/A       N/A  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      32     14     25     13     20     24     34
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average Common Shares outstanding.

(b) 

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

(c) 

Amount is greater than $(0.005) per share.

(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 2.27%, 2.27% and 1.08%, respectively.

(i) 

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.

(j) 

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.

(k) 

For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.03%.

 

 

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)

 

(l) 

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.

(m) 

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.

(n) 

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 3  B L A C K R O C S E M I - A N N U A L  R E P O R T 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
01/31/23
(unaudited)
   

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
    Year Ended
04/30/18
 
                 
Net asset value, beginning of period              $ 12.73     $ 12.62     $ 15.26     $ 13.38     $ 14.56     $ 14.38     $ 14.71  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.23       0.14       0.64       0.69       0.66       0.73       0.79  

Net realized and unrealized gain (loss)

      (0.34     0.12       (2.63     1.86       (1.16     0.17       (0.30
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (0.11     0.26       (1.99     2.55       (0.50     0.90       0.49  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Common Shareholders from net investment income(b)

      (0.27     (0.15     (0.65     (0.67     (0.68     (0.72     (0.82
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net asset value, end of period     $ 12.35     $ 12.73     $ 12.62     $ 15.26     $ 13.38     $ 14.56     $ 14.38  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Market price, end of period     $ 11.19     $ 11.72     $ 11.43     $ 14.62     $ 12.29     $ 14.15     $ 13.12  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(c)                

Based on net asset value

      (0.48 )%(d)      2.21 %(d)       (13.39 )%      19.61     (3.66 )%      6.80     3.47
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

      (2.06 )%(d)      3.90 %(d)       (18.13 )%      24.76     (8.94 )%      13.76     (5.85 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders(e)                

Total expenses

      2.69 %(f)       1.87 %(f)(g)      1.35     1.36     2.07     2.27     2.00
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      2.68 %(f)       1.87 %(f)(g)      1.35     1.36     2.07     2.27     2.00
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i)

      0.89 %(f)       0.89 %(f)(g)      0.86     0.87     0.85     0.88     0.89
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

      3.93 %(f)       4.47 %(f)       4.26     4.66     4.49     5.10     5.33
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Supplemental Data                

Net assets applicable to Common Shareholders, end of period (000)

    $ 578,463     $ 597,369     $ 592,131     $ 715,876     $ 627,798     $ 682,832     $ 674,077  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

    $ 285,443 (j)    $ 262,525 (j)    $ 335,533 (k)    $ 384,756 (k)    $ 349,719 (k)    $ 371,612 (k)    $ 368,129 (k) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOB Trust Certificates, end of period (000)

    $ 60,535     $ 116,156     $ 137,078     $ 145,316     $ 147,785     $ 136,925     $ 167,150  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

    $ 14,704     $ 8,305       N/A       N/A       N/A       N/A       N/A  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      24     4     14     14     19     17     9
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average Common Shares outstanding.

(b) 

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

(c) 

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

(d) 

Not annualized.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Annualized.

(g) 

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

(h) 

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.

(i) 

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

01/31/23

(unaudited)

           

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

   

Year Ended

04/30/18

 

Expense ratios

                0.88        0.88        0.85     0.86     0.85     0.88     0.88
    

 

 

      

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(j) 

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.

(k) 

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.

(l) 

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.

 

 

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)

 

    MQY  
    Six Months Ended
01/31/23
(unaudited)
   

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
    Year Ended
04/30/18
 
                 
Net asset value, beginning of period               $ 13.89     $ 13.74     $ 16.57     $ 14.79     $ 15.67     $ 15.22     $ 15.56  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.29       0.16       0.72       0.75       0.67       0.69       0.77  

Net realized and unrealized gain (loss)

      (0.40     0.17       (2.79     1.80       (0.91     0.47       (0.29
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      (0.11     0.33       (2.07     2.55       (0.24     1.16       0.48  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Distributions to Common Shareholders(b)                

From net investment income

      (0.30     (0.18     (0.76     (0.77     (0.64     (0.69     (0.82

From net realized gain

                                    (0.02      
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions to Common Shareholders

      (0.30     (0.18     (0.76     (0.77     (0.64     (0.71     (0.82
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net asset value, end of period     $ 13.48     $ 13.89     $ 13.74     $ 16.57     $ 14.79     $ 15.67     $ 15.22  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Market price, end of period     $ 12.28     $ 13.12     $ 12.80     $ 15.92     $ 13.88     $ 13.99     $ 13.83  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Return Applicable to Common Shareholders(c)                

Based on net asset value

      (0.43 )%(d)      2.44 %(d)       (12.93 )%      17.56     (1.44 )%      8.42     3.28
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Based on market price

      (3.97 )%(d)      3.86 %(d)       (15.58 )%      20.35     3.60     6.53     (3.55 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Ratios to Average Net Assets Applicable to Common Shareholders(e)                

Total expenses

      2.74 %(f)       1.90 %(f)(g)       1.33     1.48 %(h)       2.20     2.48     2.05
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      2.74 %(f)       1.90 %(f)(g)       1.33     1.47 %(h)       2.20     2.48     2.05
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j)

      0.88 %(f)       0.89 %(f)(g)       0.85     0.95 %(h)       0.90     0.93     0.91
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income to Common Shareholders

      4.39 %(f)       4.84 %(f)       4.45     4.64     4.15     4.55     4.91
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Supplemental Data                

Net assets applicable to Common Shareholders, end of period (000)

    $ 987,024     $ 1,017,461     $ 1,006,613     $ 1,212,632     $ 454,276     $ 481,212     $ 467,334  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

    $ 450,300     $ 450,300     $ 450,300     $ 450,300     $ 176,600     $ 176,600     $ 176,600  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

    $ 278,301 (k)    $ 253,932 (k)    $ 323,543 (l)     $ 369,294 (l)     $ 357,235 (l)    $ 372,487 (l)    $ 364,628 (l) 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOB Trust Certificates, end of period (000)

    $ 103,270     $ 210,679     $ 230,928     $ 268,075     $ 129,475     $ 134,198     $ 139,144  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Asset coverage per $1,000 of TOB Trust Certificates, end of period(m)

    $ 14,917     $ 7,966       N/A       N/A       N/A       N/A       N/A  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      20     8     17     8     18     21     20
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average Common Shares outstanding.

(b) 

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

(c) 

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

(d) 

Not annualized.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Annualized.

(g) 

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.

(h) 

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.42%, 1.41% 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:

 

 

84  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    

Six Months Ended

01/31/23

(unaudited)

   

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

               0.88     0.89     0.85     0.94     0.90     0.93
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

 

I N A N C I A  L  H I G H L I G H T S

  85


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

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.

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.

Prior Year Reorganization: The Board and shareholders of MUI (the “Acquiring Fund”) and the Board and shareholders of BlackRock MuniHoldings Investment Quality Fund (“MFL”), (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of the Acquiring Fund.

Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on April 8, 2022, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.

Each Preferred Shareholder of the Target Fund received Preferred Shares of the Acquiring Fund in an amount equal to the aggregate liquidation preference of the Target Fund’s Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.

The reorganization was accomplished by a tax-free exchange of Common Shares and Preferred Shares of the Acquiring Fund in the following amounts and at the following conversion ratios:

 

Target Fund   Target
Fund’s
Share
Class
   Shares Prior to
Reorganization
   Conversion
Ratio
   MUI’s
Share
Class
   Shares of    
MUI    

MFL

  Common    37,896,208    0.93874076    Common    35,574,705(a)

MFL

  VRDP    2,746    1    VRDP    2,746   

 

  (a) 

Net of fractional shares redeemed.

 

The Target Fund’s net assets and composition of net assets on April 8, 2022, the valuation date of the reorganization were as follows:

 

     MFL

Net assets applicable to Common Shareholders

  $497,273,284

Paid-in-capital

  513,150,872

Accumulated loss

  (15,877,588)

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets applicable to Common Shareholders of the Acquiring Fund before the reorganization was $535,317,061. The aggregate net assets applicable to Common Shareholders of the Acquiring Fund immediately after the reorganization amounted to $1,032,590,345. The Target Fund’s fair value and cost of financial instruments prior to the reorganization was as follows:

 

Target Fund   Fair Value of
Investments
   Cost of
Investments
   TOB Trust
Certificates
   Preferred
Shares Value

MFL

  $846,552,183    $858,217,170    $88,413,120    $274,600,000

The purpose of these transactions was to combine two funds managed by the Manager with similar investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 11, 2022.

 

 

86  

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Notes to Financial Statements (unaudited) (continued)

 

Assuming the reorganization had been completed on May 1, 2021, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended April 30, 2022, are as follows:

 

 

Net investment income (loss): $42,471,276

 

 

Net realized and change in unrealized gain/loss on investments: $(198,977,307)

 

 

Net decrease in net assets resulting from operations: $(156,506,031)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since April 11, 2022.

Reorganization costs incurred by MUI in connection with the reorganization were expensed by MUI. The Manager reimbursed MUI $42,542, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

 

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.

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 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.

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 under the circumstances. The use of these valuation techniques involve 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).

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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.

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

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

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

  $             210,511    $         41,515    $            18,538    $    270,564

MUA

  369,757    71,957    23,091    464,805

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Fund Name   Interest Expense    Liquidity Fees    Other Expenses    Total

MUI

  $        1,267,948    $        241,052    $            71,725    $  1,580,725

MYD

  878,549    168,707    56,758    1,104,014

MQY

  1,644,885    312,666    102,264    2,059,815

For the six months ended January 31, 2023, 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

  $  24,471,817      $  12,516,504      1.69% — 1.96%    $ 19,904,559        2.70%  

MUA

    39,725,368        24,489,313      1.67    — 1.81         33,503,019        2.75     

MUI

    159,381,791        87,180,947      1.69    — 1.96         119,558,930        2.62     

MYD

    100,264,074        60,534,975      1.67    — 1.81         80,064,361        2.73     

MQY

    184,183,042        99,568,749      1.69    — 1.96         151,152,869        2.70     

 

  (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, 2023, 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, 2023.

 

For the six months ended January 31, 2023, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

 

Fund Name   Loans
Outstanding
at Period End
  

Range of   

Interest Rates   

on Loans at   

Period End   

   Average
Loans
Outstanding
  

Daily Weighted   

Average Rate   

of Interest and   

Other Expenses   

on Loans   

MQY

  $ 3,700,960    0.25 — 0.25%    $ 245,870    0.70%

 

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).

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

For such services, each Fund, except MUI and BTA, 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  

Investment advisory fees

    0.55      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 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, 2023 amounted to $5,284.

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, 2024. 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, 2023, the amounts waived were as follows:

 

Fund Name   Fees Waived and/or Reimbursed
by the Manager

BTA

  $                                           1,714

MUA

  8,163

MUI

  3,593

MYD

  6,594

MQY

  5,661

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. 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, 2023, 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.

 

7.

PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

 

Fund Name   Purchases    Sales

BTA

  $  36,940,862    $  56,116,740

MUA

  68,816,179    79,269,167

MUI

  520,857,796    610,899,532

MYD

  204,937,501    247,862,962

MQY

  306,739,588    414,347,125

 

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

Fund Name   Non-Expiring

BTA

  $   4,492,973

MUA

  3,646,950

MUI

  33,957,408

MYD

  12,564,077

MQY

  36,591,325

As of January 31, 2023, 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

  $    224,755,354    $         5,095,179    $     (11,385,974)    $    (6,290,795)

MUA

  669,352,353    12,953,181    (60,784,497)    (47,831,316)

MUI

  1,541,361,897    42,712,026    (30,659,364)    12,052,662

MYD

  837,876,357    26,253,020    (31,155,583)    (4,902,563)

MQY

  1,434,864,015    51,058,551    (44,449,474)    6,609,077

 

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.

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.

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

  

 

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

Concentration 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.

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

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 recent period of historically low interest rates. The Federal Reserve has recently begun to raise 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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 of each Fund’s Common Shares is $0.10, except for BTA, which is $0.001. 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
01/31/23
   Period from
05/01/22
to 07/31/22
   Year Ended
04/30/22

BTA

  2,033    1,294    9,324

MUA

  13,454    6,820    68,542

MQY

        70,961

For the period ended July 31, 2022, shares issued and outstanding remained constant for MUI.

For the period ended July 31, 2022 and year ended April 30, 2022, shares issued and outstanding remained constant for MYD.

For the year ended April 30, 2022, Common Shares of MUI issued and outstanding increased by 35,574,715 as a result of the reorganization of MFL with and into MUI.

For the year ended April 30, 2022, Common Shares of MUI issued and outstanding decreased by 10 as a result of a redemption of fractional shares from the reorganization of MFL with and into MUI.

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, 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, 2021, subject to certain conditions. 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. 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, 2023, BTA, MUA and MQY did not repurchase any shares. For the period ended July 31, 2022 and year ended April 30, 2022, the Funds 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:

 

     MUI  
     Shares      Amounts  

Six Months Ended January 31, 2023

    291,912      $ 3,480,795  

 

     MYD  
     Shares      Amounts  

Six Months Ended January 31, 2023

    79,144      $ 870,440  

MUA has filed a prospectus with the SEC allowing it to issue an additional 5,500,000 Common Shares through an equity shelf program (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. During the period ended January 31, 2023, MUA issued 209,413 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by MUA in connection with its Shelf Offerings 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,

 

 

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Notes to Financial Statements (unaudited) (continued)

 

(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  

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.

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  

Expiration date

    11/30/24        04/30/24        11/30/24        11/30/24        07/06/23  

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  

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
01/31/23
 

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  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Fund Name   Commencement
Date
     Expiration Date as
of Period Ended
01/31/23
 

MQY

    10/22/15        06/21/23  

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, 2023, the annualized dividend rate for the VRDP Shares were as follows:

 

     BTA     MUA     MUI     MYD     MQY  

Dividend rates

    3.12     3.51     3.10     3.10     3.00

For the six months ended January 31, 2023, VRDP Shares issued and outstanding of each VRDP Fund remained constant.

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

  $ 1,187,184      $ 8,080  

MUA

    3,072,354        2,756  

MUI

    8,707,906        8,438  

MYD

    3,902,036        8,072  

MQY

    6,754,196        31,060  

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

    02/01/23        02/15/23        03/01/23      $ 0.043500  
    03/01/23        03/15/23        04/03/23        0.043500  

MUA

    02/01/23        02/15/23        03/01/23        0.045500  
    03/01/23        03/15/23        04/03/23        0.040500  

MUI

    02/01/23        02/15/23        03/01/23        0.034000  
    03/01/23        03/15/23        04/03/23        0.034000  

MYD

    02/01/23        02/15/23        03/01/23        0.040500  
      03/01/23        03/15/23        04/03/23        0.036500  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Fund Name   Declaration
Date
     Record
Date
     Payable/
Paid Date
     Dividend Per
Common Share
 

MQY

    02/01/23        02/15/23        03/01/23      $ 0.047000  
      03/01/23        03/15/23        04/03/23        0.043500  

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      $ 235,517  

MUA

    VRDP        W-7        559,760  

MUI

    VRDP        W-7        1,740,654  

MYD

    VRDP        W-7        779,064  

MQY

    VRDP        W-7        1,360,893  

 

  (a) 

Dividends declared for period February 1, 2023 to February 28, 2023.

 

 

 

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Additional Information

 

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 a Fund does not seek to implement a specific sustainability strategy unless otherwise disclosed, Fund management will consider ESG characteristics as part of the investment process for actively managed Funds. These considerations will vary depending on a Fund’s 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. Fund management will consider such ESG characteristics it deems relevant or additive, if any, when making investment decisions for a Fund. The ESG characteristics utilized in a Fund’s 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. ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund’s exposure to certain companies or industries and a Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to a Fund’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. 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, 2022. 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.

Effective August 1, 2022, the State of Delaware enacted new control beneficial interest acquisition provisions of the Delaware Statutory Trust Act (the “Delaware CBIA Statute”) that automatically applies to Delaware statutory trusts that are registered as closed-end management investment companies under the Investment Company Act of 1940, such as BTA. In general, the Delaware CBIA Statute limits the right of holders who acquire “control beneficial interests” of a statutory trust to vote those beneficial interests on matters under the Delaware Statutory Trust Act or the governing instrument of BTA unless approved by disinterested shareholders holding two-thirds of the votes entitled to be cast. The Delaware CBIA Statute generally defines “control beneficial interests” to include beneficial interests that, in the absence of the Delaware CBIA Statute, if aggregated with all other beneficial interests of the statutory trust that are either (i) owned by the acquiring person (or an associate) or (ii) in respect of which the acquiring person (or an associate) is entitled to exercise or direct the exercise of voting power, would entitle that person to exercise or direct the exercise of voting power of beneficial interests in the election of trustees, within any of certain specified ranges of voting power starting at 10%. The Delaware CBIA Statute requires acquiring persons to disclose to the statutory trust any control beneficial interest acquisition within 10 days of such acquisition. The Delaware CBIA Statute allows a statutory trust’s governing instrument or board of trustees to provide exemptions from the statute’s limitations to acquisitions of beneficial interests, including as to any series or classes of beneficial interests. After careful consideration of a number of factors including, among other factors, the potential impact to BTA’s use of leverage through preferred shares, the Fund’s Board of Directors approved the adoption of an amendment to the Fund’s Statement of Preferences governing the preferred shares which provides for acquisitions of the Fund’s outstanding preferred shares to be exempt from the limitations of the Delaware CBIA Statute. The foregoing is only a summary of certain aspects of the Delaware CBIA Statute. Shareholders should consult their own legal counsel to determine the application of the Delaware CBIA Statute with respect to their beneficial interests of BTA and any subsequent acquisitions of beneficial interests.

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.

 

 

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Additional Information  (continued)

 

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.

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.

 

 

D D I T I O N A L    N F O R M A T  I O N

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Additional Information  (continued)

 

BlackRock Privacy Principles (continued)

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

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.(a)

New York, NY 10036

Wells Fargo Bank, N.A.(b)

San Francisco, CA 94104

(a) For BTA, MUA, MUI and MYD.

(b) For MQY.

VRDP Remarketing Agent

BofA Securities, Inc.(a)

New York, NY 10036

Wells Fargo Securities, LLC(b)

Charlotte, NC 28202

VRDP Tender and Paying Agent

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

 

 

 

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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.
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
HUD SECT 8   

U.S. Department of Housing and Urban Development Section 8

M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
NPFGC-IBC   

National Public Finance Guarantee Corp. — Insured Bond Certificate

PSF    Permanent School Fund
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAP    Subject to Appropriations
SAW    State Aid Withholding
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA    Tax Allocation

    

 

 

 

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Want to know more?

blackrock.com    |    800-882-0052

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

CEMYMA-01/23-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

 

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Item 13 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) 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

 

 

3


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 MuniYield Quality Fund, Inc.
  By:     

/s/ John M. Perlowski                            

       John M. Perlowski
       Chief Executive Officer (principal executive officer) of
       BlackRock MuniYield Quality Fund, Inc.
  Date: March 23, 2023

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 MuniYield Quality Fund, Inc.
  Date: March 23, 2023
  By:     

/s/ Trent Walker                                    

       Trent Walker
       Chief Financial Officer (principal financial officer) of
       BlackRock MuniYield Quality Fund, Inc.
  Date: March 23, 2023

 

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