Name of Fund: | BlackRock MuniAssets Fund, Inc. (MUA) |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Item 1 – | Report to Stockholders |
JANUARY 31, 2024 |
2024 Semi-Annual Report (Unaudited) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Returns as of January 31, 2024 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities (S&P 500 ® | 6.43% | 20.82% | ||||||
U.S. small cap equities (Russell 2000 ® | (2.02) | 2.40 | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | 3.15 | 10.01 | ||||||
Emerging market equities (MSCI Emerging Markets Index) | (6.00) | (2.94) | ||||||
3-month Treasury bills(ICE BofA 3-Month U.S. Treasury Bill Index) | 2.73 | 5.13 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | 1.74 | (0.38) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | 3.15 | 2.10 | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 2.70 | 2.90 | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 6.18 | 9.28 | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 | T H I S PA G E I S N O T PA R T O F YO U R FU N D RE P O R T |
Page | ||||
2 | ||||
Semi-Annual Report: | ||||
4 | ||||
5 | ||||
5 | ||||
6 | ||||
Financial Statements: | ||||
18 | ||||
72 | ||||
74 | ||||
76 | ||||
79 | ||||
81 | ||||
92 | ||||
103 | ||||
106 |
3 |
During the 12-months ended January 31, 2024, municipal bond funds experienced net outflows totaling $20 billion (based on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the same time, the market contended with just $368 billion in issuance, a small increase from the $347 billion issued during the prior 12-month period, as issuers shied away from rising rates and volatility. | Bloomberg Municipal Bond Index Total Returns as of January 31, 2024 6 months: 2.70% 12 months: 2.90% | |||
A Closer Look at Yields | From January 31, 2023, to January 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.20% to 3.52%, ten-year yields increased by 19 bps from 2.19% to 2.38%, five-year yields increased by 31 bps from 2.05% to 2.36%, and two-year yields increased by 47 bps from 2.17% to 2.64% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 15 bps to a slope of 88 bps. Still, the curve remained relatively steep compared to the inverted U.S. Treasury curve. Outperformance throughout the period pushed relative valuations to extremely rich levels. Municipal-to-Treasury ratios ended well through their 5-year averages across the curve, with intermediate maturities approaching all-time lows. |
4 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
T H E BE N E F I T S A N D RI S K S O F LE V E R A G I N G / DE R I V A T I V E FI N A N C I A L IN S T R U M E N T S | 5 |
Fund Summary as of January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) |
Symbol on New York Stock Exchange | BTA | |
Initial Offering Date | February 28, 2006 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.34) (a) | 5.05% | |
Tax Equivalent Yield (b) | 8.53% | |
Current Monthly Distribution per Common Share (c) | $0.043500 | |
Current Annualized Distribution per Common Share (c) | $0.522000 | |
Leverage as of January 31, 2024 (d) | 37% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 10.34 | $ | 9.71 | 6.49 | % | $ | 10.58 | $ | 8.65 | ||||||||||
Net Asset Value | 10.43 | 10.36 | 0.68 | 10.59 | 9.03 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 3.43 | % | 3.14 | % | 2.24 | % | 4.60 | % | ||||||||
Fund at Market Price (a)(b) | 9.40 | 7.48 | 3.02 | 5.35 | ||||||||||||
Customized Reference Benchmark (c) | 2.42 | 2.07 | 2.24 | N/A | ||||||||||||
Bloomberg Municipal Bond Index (d) | 2.70 | 2.90 | 2.00 | 2.78 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (75%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (25%). The Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
6 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock Long-Term Municipal Advantage Trust (BTA) |
Sector (a)(b) | Percentage of Total Investments | |||
Corporate | 15.6 | % | ||
Transportation | 14.1 | |||
Health | 13.9 | |||
County/City/Special District/School District | 13.1 | |||
Education | 12.5 | |||
State | 11.3 | |||
Utilities | 7.6 | |||
Tobacco | 6.7 | |||
Housing | 5.2 |
Calendar Year Ended December 31, (a)(c) | Percentage | |||
2024 | 12.8 | % | ||
2025 | 2.8 | |||
2026 | 9.1 | |||
2027 | 9.9 | |||
2028 | 13.8 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 3.3 | % | ||
AA/Aa | 19.7 | |||
A | 26.9 | |||
BBB/Baa | 10.3 | |||
BB/Ba | 9.4 | |||
B | 2.6 | |||
N/R (e) | 27.8 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments. |
F U N D SU M M A R Y | 7 |
Fund Summary as of January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) |
Symbol on New York Stock Exchange | MUA | |
Initial Offering Date | June 25, 1993 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.91) (a) | 6.10% | |
Tax Equivalent Yield (b) | 10.30% | |
Current Monthly Distribution per Common Share (c) | $0.055500 | |
Current Annualized Distribution per Common Share (c) | $0.666000 | |
Leverage as of January 31, 2024 (d) | 29% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 10.91 | $ | 10.24 | 6.54 | % | $ | 11.30 | $ | 8.72 | ||||||||||
Net Asset Value | 11.42 | 11.28 | 1.24 | 11.59 | 10.04 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 4.05 | % | 2.32 | % | 1.27 | % | 3.83 | % | ||||||||
Fund at Market Price (a)(b) | 9.50 | 0.93 | 0.39 | 4.06 | ||||||||||||
High Yield Customized Reference Benchmark (c) | 3.17 | 3.91 | 2.91 | N/A | ||||||||||||
Bloomberg Municipal High Yield Bond Index (d) | 3.42 | 4.08 | 3.26 | 4.61 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The High Yield Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Rated Baa Index (20%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (60%) and the Bloomberg Municipal Investment Grade ex BBB Index (20%). The High Yield Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. |
8 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock MuniAssets Fund, Inc. (MUA) |
Sector (a)(b) | Percentage of Total Investments | |||
State | 20.5 | % | ||
Corporate | 16.2 | |||
Education | 13.6 | |||
Transportation | 12.3 | |||
Health | 10.2 | |||
County/City/Special District/School District | 10.0 | |||
Tobacco | 7.0 | |||
Housing | 6.3 | |||
Utilities | 3.5 | |||
Diversified Consumer Services | 0.4 |
Calendar Year Ended December 31, (a)(c) | Percentage % | |||
2024 | 21.4 | % | ||
2025 | 2.2 | |||
2026 | 7.2 | |||
2027 | 6.2 | |||
2028 | 10.8 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 0.3 | % | ||
AA/Aa | 14.6 | |||
A | 13.7 | |||
BBB/Baa | 8.1 | |||
BB/Ba | 12.9 | |||
B | 3.3 | |||
N/R (e) | 47.1 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments. |
F U N D SU M M A R Y | 9 |
Fund Summary as of January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) |
Symbol on New York Stock Exchange | MUI | |
Initial Offering Date | August 1, 2003 | |
Yield on Closing Market Price as of January 31, 2024 ($ 11.65) (a) | 5.67% | |
Tax Equivalent Yield (b) | 9.58% | |
Current Monthly Distribution per Common Share (c) | $0.055000 | |
Current Annualized Distribution per Common Share (c) | $0.660000 | |
Leverage as of January 31, 2024 (d) | 39% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 11.65 | $ | 11.47 | 1.57 | % | $ | 11.81 | $ | 9.75 | ||||||||||
Net Asset Value | 13.37 | 13.23 | 1.06 | 13.55 | 11.67 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 3.32 | % | 3.61 | % | 1.84 | % | 3.62 | % | ||||||||
Fund at Market Price (a)(b) | 3.84 | 0.95 | 1.82 | 2.85 | ||||||||||||
National Customized Reference Benchmark (c) | 2.77 | 3.02 | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index (d) | 2.70 | 2.90 | 2.00 | 2.78 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
10 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock Municipal Income Fund, Inc. (MUI) |
Sector (a)(b) | Percentage of Total Investments | |||
Transportation | 31.5 | % | ||
County/City/Special District/School District | 12.3 | |||
Corporate | 12.1 | |||
State | 11.3 | |||
Health | 11.1 | |||
Utilities | 10.7 | |||
Education | 6.0 | |||
Tobacco | 3.3 | |||
Housing | 1.7 |
Calendar Year Ended December 31, (a)(c) | Percentage % | |||
2024 | 8.8 | % | ||
2025 | 2.0 | |||
2026 | 5.0 | |||
2027 | 8.9 | |||
2028 | 9.8 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 7.9 | % | ||
AA/Aa | 41.6 | |||
A | 31.8 | |||
BBB/Baa | 7.3 | |||
BB/Ba | 2.8 | |||
B | — | (e) | ||
N/R (f) | 8.6 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | Rounds to less than 0.1% of total investments. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D SU M M A R Y | 11 |
Fund Summary as of January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) |
Symbol on New York Stock Exchange | MYD | |
Initial Offering Date | November 29, 1991 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.70) (a) | 5.89% | |
Tax Equivalent Yield (b) | 9.95% | |
Current Monthly Distribution per Common Share (c) | $0.052500 | |
Current Annualized Distribution per Common Share (c) | $0.630000 | |
Leverage as of January 31, 2024 (d) | 35% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ 10.70 | $ 10.50 | 1.90 | % | $ 10.85 | $ 8.82 | ||||||||||||||
Net Asset Value | 12.27 | 12.14 | 1.07 | 12.43 | 10.62 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 3.60 | % | 4.02 | % | 1.87 | % | 4.12 | % | ||||||||
Fund at Market Price (a)(b) | 4.45 | 0.11 | 0.23 | 3.04 | ||||||||||||
National Customized Reference Benchmark (c) | 2.77 | 3.02 | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index (d) | 2.70 | 2.90 | 2.00 | 2.78 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
12 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Fund, Inc. (MYD) |
Sector (a)(b) | Percentage of Total Investments | |||
Transportation | 24.7 | % | ||
State | 15.9 | |||
Utilities | 13.5 | |||
Corporate | 13.3 | |||
County/City/Special District/School District | 11.7 | |||
Health | 10.6 | |||
Education | 4.7 | |||
Tobacco | 3.2 | |||
Housing | 2.4 |
Calendar Year Ended December 31, (a)(c) | Percentage | |||
2024 | 10.3 | % | ||
2025 | 1.2 | |||
2026 | 2.6 | |||
2027 | 8.8 | |||
2028 | 11.6 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 5.9 | % | ||
AA/Aa | 42.9 | |||
A | 30.5 | |||
BBB/Baa | 8.2 | |||
BB/Ba | 3.3 | |||
B | 1.4 | |||
N/R (e) | 7.8 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D SU M M A R Y | 13 |
Fund Summary as of January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) |
Symbol on New York Stock Exchange | MQY | |
Initial Offering Date | June 26, 1992 | |
Yield on Closing Market Price as of January 31, 2024 ($ 12.16) (a) | 5.72% | |
Tax Equivalent Yield (b) | 9.66% | |
Current Monthly Distribution per Common Share (c) | $0.058000 | |
Current Annualized Distribution per Common Share (c) | $0.696000 | |
Leverage as of January 31, 2024 (d) | 35% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 12.16 | $ | 11.86 | 2.53 | % | $ | 12.47 | $ | 9.86 | ||||||||||
Net Asset Value | 13.33 | 13.22 | 0.83 | 13.51 | 11.67 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 3.44 | % | 3.77 | % | 2.23 | % | 4.09 | % | ||||||||
Fund at Market Price (a)(b) | 5.18 | 3.91 | 2.40 | 3.54 | ||||||||||||
National Customized Reference Benchmark (c) | 2.77 | 3.02 | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index (d) | 2.70 | 2.90 | 2.00 | 2.78 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
14 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Quality Fund, Inc. (MQY) |
Sector (a)(b) | Percentage of Total Investments | |||
Transportation | 27.2 | % | ||
County/City/Special District/School District | 17.8 | |||
Health | 11.5 | |||
Corporate | 10.3 | |||
State | 10.0 | |||
Utilities | 9.7 | |||
Education | 8.0 | |||
Housing | 3.2 | |||
Tobacco | 2.3 |
Calendar Year Ended December 31, (a)(c) | Percentage % | |||
2024 | 9.9 | % | ||
2025 | 3.4 | |||
2026 | 7.3 | |||
2027 | 9.5 | |||
2028 | 8.7 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 5.2 | % | ||
AA/Aa | 39.5 | |||
A | 36.6 | |||
BBB/Baa | 7.2 | |||
BB/Ba | 2.4 | |||
B | 0.5 | |||
N/R (e) | 8.6 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D SU M M A R Y | 15 |
Fund Summary as of January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Symbol on New York Stock Exchange | MYI | |
Initial Offering Date | March 27, 1992 | |
Yield on Closing Market Price as of January 31, 2024 ($ 11.28) (a) | 5.90% | |
Tax Equivalent Yield (b) | 9.97% | |
Current Monthly Distribution per Common Share (c) | $0.055500 | |
Current Annualized Distribution per Common Share (c) | $0.666000 | |
Leverage as of January 31, 2024 (d) | 37% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/24 | 07/31/23 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 11.28 | $ | 11.13 | 1.35 | % | $ | 11.64 | $ | 9.34 | ||||||||||
Net Asset Value | 12.68 | 12.51 | 1.36 | 12.87 | 11.07 |
Average Annual Total Returns | ||||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV (a)(b) | 3.97 | % | 4.12 | % | 2.74 | % | 4.18 | % | ||||||||
Fund at Market Price (a)(b) | 3.96 | 2.68 | 2.53 | 3.56 | ||||||||||||
National Customized Reference Benchmark (c) | 2.77 | 3.02 | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index (d) | 2.70 | 2.90 | 2.00 | 2.78 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |
(b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |
16 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Sector (a)(b) | Percentage of Total Investments | |||
Transportation | 25.3 | % | ||
County/City/Special District/School District | 20.8 | |||
State | 16.5 | |||
Utilities | 10.9 | |||
Education | 8.5 | |||
Health | 7.3 | |||
Corporate | 5.7 | |||
Housing | 3.2 | |||
Tobacco | 1.8 |
Calendar Year Ended December 31, (a)(c) | Percentage | |||
2024 | 6.2 | % | ||
2025 | 3.2 | |||
2026 | 5.0 | |||
2027 | 8.5 | |||
2028 | 11.9 |
Credit Rating (a)(d) | Percentage of Total Investments | |||
AAA/Aaa | 9.2 | % | ||
AA/Aa | 53.6 | |||
A | 21.0 | |||
BBB/Baa | 6.0 | |||
BB/Ba | 1.6 | |||
B | 0.2 | |||
N/R (e) | 8.4 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.0% of the Fund’s total investments. |
F U N D SU M M A R Y | 17 |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 2.4% | ||||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 | $ | 320 | $ | 346,721 | ||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50 (a) | 1,040 | 1,123,487 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) Series A, 4.00%, 11/01/51 | 1,300 | 1,296,923 | ||||||
Series A-1, 5.50%, 01/01/53 | 470 | 505,556 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44 (b) | 160 | 154,528 | ||||||
3,427,215 | ||||||||
Arizona — 4.9% | ||||||||
Arizona Industrial Development Authority, Refunding RB (b) Series A, 5.13%, 07/01/37 | 360 | 360,508 | ||||||
Series A, 5.38%, 07/01/50 | 925 | 901,403 | ||||||
Series A, 5.50%, 07/01/52 | 855 | 814,157 | ||||||
Series G, 5.00%, 07/01/47 | 135 | 126,521 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) | 1,255 | 1,205,482 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) 4.00%, 06/15/51 | 955 | 733,387 | ||||||
5.00%, 07/01/56 | 230 | 202,553 | ||||||
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47 (b) | 935 | 827,316 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 | 375 | 379,500 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 725 | 791,632 | ||||||
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 (b) | 510 | 510,820 | ||||||
6,853,279 | ||||||||
Arkansas (b) — 3.7% | ||||||||
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49 | 1,050 | 1,018,889 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 3,570 | 3,517,842 | ||||||
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48 | 600 | 629,014 | ||||||
5,165,745 | ||||||||
California — 8.6% | ||||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 | 140 | 136,171 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) | 205 | 202,467 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 70 | 70,243 | ||||||
Series A, 5.25%, 08/15/49 | 175 | 175,743 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series B, AMT, 5.00%, 05/15/46 | 2,700 | 2,748,214 | ||||||
AMT, Sustainability Bonds, 5.25%, 05/15/47 | 1,100 | 1,180,154 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56 (b) | 460 | 295,394 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) Series A, 3.00%, 09/01/56 | 725 | 463,362 | ||||||
Mezzanine Lien, 4.00%, 03/01/57 | 330 | 226,860 | ||||||
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 835 | 476,665 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 | 1,000 | 746,867 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) (continued) | ||||||||
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | $ | 285 | $ | 185,403 | ||||
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 200 | 129,035 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66 (c) | 425 | 48,914 | ||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61 (b)(d) | 830 | 334,682 | ||||||
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 | 595 | 608,529 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 935 | 927,603 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31 (b)(c) | 1,265 | 881,624 | ||||||
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38 (c) | 3,725 | 2,266,673 | ||||||
12,104,603 | ||||||||
Colorado — 4.3% | ||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) | 275 | 249,729 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB Series A, AMT, 4.13%, 11/15/53 | 320 | 298,587 | ||||||
Series D, AMT, 5.75%, 11/15/45 | 790 | 892,971 | ||||||
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 | 145 | 157,131 | ||||||
5.50%, 11/01/47 | 90 | 97,719 | ||||||
5.25%, 11/01/52 | 220 | 234,331 | ||||||
Series A, 5.00%, 05/15/35 | 140 | 112,565 | ||||||
Series A, 5.00%, 05/15/44 | 180 | 123,207 | ||||||
Series A, 5.00%, 05/15/49 | 290 | 167,914 | ||||||
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 | 500 | 462,659 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 | 1,550 | 1,556,349 | ||||||
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31 | 500 | 460,014 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 500 | 398,613 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45 (b) | 510 | 342,312 | ||||||
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 | 500 | 426,989 | ||||||
5,981,090 | ||||||||
Connecticut — 0.1% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/55 (b) | 160 | 119,430 | ||||||
Delaware — 0.3% | ||||||||
Affordable Housing Opportunities Trust, RB, Series AH- 01, Class B, 6.88%, 05/01/39 (b)(e) | 447 | 422,491 | ||||||
District of Columbia — 1.0% | ||||||||
District of Columbia, TA, 5.13%, 06/01/41 | 590 | 591,166 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | 870 | 801,027 | ||||||
1,392,193 |
18 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida — 12.6% | ||||||||
Brevard County Health Facilities Authority, Refunding RB (b) 4.00%, 11/15/29 | $ | 100 | $ | 94,602 | ||||
4.00%, 11/15/33 | 625 | 576,646 | ||||||
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 | 145 | 142,179 | ||||||
Capital Region Community Development District, Refunding SAB | ||||||||
Series A-1, 5.13%, 05/01/39 | 210 | 209,654 | ||||||
Series A-2, 4.60%, 05/01/31 | 510 | 509,970 | ||||||
Capital Trust Agency, Inc., RB 5.00%, 01/01/55 (b) | 1,290 | 981,433 | ||||||
Series A, 5.75%, 06/01/54 (b) | 450 | 374,651 | ||||||
Series B, 0.00%, 01/01/60 (c) | 3,000 | 186,218 | ||||||
Capital Trust Agency, Inc., RB, CAB (b)(c) 0.00%, 07/01/61 | 16,370 | 1,076,320 | ||||||
Subordinate, 0.00%, 01/01/61 | 5,685 | 367,069 | ||||||
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/49 (b) | 120 | 113,836 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 | 970 | 1,112,030 | ||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 2,000 | 2,034,461 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 | 350 | 371,754 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) Series A-2, 0.00%, 10/01/47 | 745 | 213,953 | ||||||
Series A-2, 0.00%, 10/01/48 | 525 | 141,766 | ||||||
Series A-2, 0.00%, 10/01/49 | 435 | 110,808 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 | 2,325 | 2,065,253 | ||||||
Florida Development Finance Corp., RB (b) 5.25%, 06/01/55 | 525 | 404,686 | ||||||
5.00%, 06/15/56 | 550 | 428,270 | ||||||
6.50%, 06/30/57 | 250 | 239,887 | ||||||
Series B, 4.50%, 12/15/56 | 705 | 524,276 | ||||||
Series C, 5.75%, 12/15/56 | 250 | 206,675 | ||||||
Lakes of Sarasota Community Development District, SAB Series A-1, 2.75%, 05/01/26 | 100 | 97,923 | ||||||
Series A-1, 3.90%, 05/01/41 | 285 | 242,560 | ||||||
Series B-1, 4.13%, 05/01/41 | 200 | 172,977 | ||||||
Series B-1, 4.30%, 05/01/51 | 100 | 80,394 | ||||||
Lakewood Ranch Stewardship District, SAB 5.13%, 05/01/46 | 315 | 304,236 | ||||||
6.30%, 05/01/54 | 117 | 123,135 | ||||||
Series 1B, 4.75%, 05/01/29 | 270 | 271,581 | ||||||
Series 1B, 5.30%, 05/01/39 | 310 | 312,231 | ||||||
Series 1B, 5.45%, 05/01/48 | 550 | 546,388 | ||||||
Poitras East Community Development District, SAB, 5.00%, 05/01/43 | 245 | 235,718 | ||||||
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 | 535 | 413,713 | ||||||
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40 (d) | 310 | 296,443 | ||||||
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40 (f)(g) | 340 | 3 | ||||||
Trout Creek Community Development District, SAB 5.00%, 05/01/28 | 160 | 161,436 | ||||||
5.50%, 05/01/49 | 570 | 556,346 | ||||||
Village Community Development District No. 14, SAB 5.38%, 05/01/42 | 410 | 412,288 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Village Community Development District No. 14, SAB (continued) | ||||||||
5.50%, 05/01/53 | $ | 305 | $ | 307,762 | ||||
West Villages Improvement District, SAB 4.75%, 05/01/39 | 220 | 207,341 | ||||||
5.00%, 05/01/50 | 450 | 403,591 | ||||||
17,632,463 | ||||||||
Georgia — 6.5% | ||||||||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51 (b) | 355 | 284,162 | ||||||
Development Authority of Cobb County, RB, 6.38%, 06/15/58 (b) | 100 | 98,295 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) | 110 | 99,709 | ||||||
Main Street Natural Gas, Inc., RB (a) Series A, 5.00%, 06/01/53 | 3,500 | 3,702,230 | ||||||
Series B, 5.00%, 12/01/52 | 1,230 | 1,291,254 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53 (a) | 1,605 | 1,682,633 | ||||||
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/59 | 1,640 | 1,503,062 | ||||||
Series A, 5.00%, 07/01/52 | 460 | 474,059 | ||||||
9,135,404 | ||||||||
Illinois — 8.0% | ||||||||
Chicago Board of Education, GO Series C, 5.25%, 12/01/35 | 795 | 798,706 | ||||||
Series D, 5.00%, 12/01/46 | 1,035 | 1,035,801 | ||||||
Series H, 5.00%, 12/01/36 | 935 | 956,469 | ||||||
Chicago Board of Education, Refunding GO Series C, 5.00%, 12/01/27 | 415 | 430,006 | ||||||
Series C, 5.00%, 12/01/34 | 940 | 961,227 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 | 640 | 577,957 | ||||||
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38 | 595 | 621,865 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 | 350 | 351,317 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 4.00%, 07/15/47 | 1,815 | 1,753,484 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 | 845 | 910,309 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 | 500 | 488,330 | ||||||
Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57 | 555 | 566,161 | ||||||
Series A, 5.50%, 06/15/53 | 200 | 204,144 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50 | 410 | 378,169 | ||||||
Series B, 5.00%, 06/15/52 | 225 | 227,479 | ||||||
State of Illinois, GO, 5.00%, 05/01/27 | 500 | 501,902 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 475 | 475,433 | ||||||
11,238,759 | ||||||||
Indiana — 1.7% | ||||||||
City of Valparaiso Indiana, RB AMT, 6.75%, 01/01/34 | 365 | 365,585 | ||||||
AMT, 7.00%, 01/01/44 | 885 | 886,175 |
S C H E D U L E O F IN V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Indiana (continued) | ||||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29 (b)(f)(g) | $ | 810 | $ | 550,800 | ||||
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39 | 515 | 560,585 | ||||||
2,363,145 | ||||||||
Iowa — 1.3% | ||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (h) | 1,815 | 1,685,173 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 | 110 | 107,525 | ||||||
1,792,698 | ||||||||
Kentucky — 1.7% | ||||||||
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50 (a) | 1,690 | 1,691,684 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (d) | 565 | 663,040 | ||||||
2,354,724 | ||||||||
Louisiana — 1.0% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB 4.00%, 04/01/48 | 130 | 129,883 | ||||||
4.00%, 04/01/53 | 85 | 84,582 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54 (b) | 445 | 337,355 | ||||||
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62 (b) | 105 | 103,633 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 770 | 770,728 | ||||||
1,426,181 | ||||||||
Maine — 0.2% | ||||||||
Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51 (b) | 380 | 251,645 | ||||||
Maryland — 1.5% | ||||||||
City of Baltimore Maryland, RB, 4.88%, 06/01/42 | 120 | 119,182 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 | 380 | 390,923 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55 (b) | 1,480 | 1,561,105 | ||||||
2,071,210 | ||||||||
Massachusetts — 1.5% | ||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 860 | 865,428 | ||||||
Massachusetts Housing Finance Agency, Refunding RB Series A, AMT, 4.45%, 12/01/42 | 310 | 298,060 | ||||||
Series A, AMT, 4.50%, 12/01/47 | 1,030 | 1,003,533 | ||||||
2,167,021 | ||||||||
Michigan — 1.8% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/50 | 2,000 | 1,890,916 | ||||||
Michigan Strategic Fund, RB 5.00%, 11/15/42 | 165 | 149,484 | ||||||
AMT, 5.00%, 12/31/43 | 500 | 504,239 | ||||||
2,544,639 |
Security | Par (000) | Value | ||||||
Minnesota — 0.8% | ||||||||
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 | $ | 655 | $ | 667,719 | ||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | 505 | 541,353 | ||||||
1,209,072 | ||||||||
Missouri — 0.8% | ||||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35 | 330 | 270,624 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 850 | 863,122 | ||||||
1,133,746 | ||||||||
New Hampshire — 0.9% | ||||||||
New Hampshire Business Finance Authority, RB Series A, 4.13%, 08/15/40 | 260 | 223,288 | ||||||
Series A, 4.25%, 08/15/46 | 290 | 236,775 | ||||||
Series A, 4.50%, 08/15/55 | 600 | 484,868 | ||||||
New Hampshire Business Finance Authority, Refunding RB (a)(b) Series A, 3.63%, 07/01/43 | 130 | 101,377 | ||||||
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 | 375 | 294,123 | ||||||
1,340,431 | ||||||||
New Jersey — 11.1% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39 | 475 | 479,058 | ||||||
5.25%, 11/01/44 | 1,160 | 1,166,492 | ||||||
New Jersey Economic Development Authority, RB 5.00%, 12/15/28 (i) | 70 | 77,963 | ||||||
5.00%, 06/15/43 | 125 | 132,303 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (i) | 1,225 | 1,320,588 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 | 785 | 728,069 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 | 1,340 | 1,199,553 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 | 645 | 506,333 | ||||||
New Jersey Transportation Trust Fund Authority, RB Series AA, 5.00%, 06/15/45 | 585 | 594,001 | ||||||
Series S, 5.25%, 06/15/43 | 2,535 | 2,721,173 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 | 1,300 | 1,433,190 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 730 | 770,934 | ||||||
Series A, 5.25%, 06/01/46 | 1,700 | 1,753,703 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,635 | 2,661,954 | ||||||
15,545,314 | ||||||||
New York — 14.6% | ||||||||
City of New York, GO Series A-1, 4.00%, 09/01/46 | 390 | 397,273 | ||||||
Series B, 5.25%, 10/01/39 | 245 | 283,648 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 910 | 887,125 | ||||||
Metropolitan Transportation Authority, RB Series B, 5.25%, 11/15/38 | 1,125 | 1,131,606 | ||||||
Series B, 5.25%, 11/15/39 | 400 | 400,905 |
20 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | $ | 985 | $ | 1,016,352 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB Sub-Series B-1, 4.00%, 11/01/45 | 4,000 | 3,983,882 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48 | 555 | 553,021 | ||||||
New York Counties Tobacco Trust IV, Refunding RB Series A, 6.25%, 06/01/41 (b) | 900 | 900,313 | ||||||
Series A, 5.00%, 06/01/42 | 1,505 | 1,466,890 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51 | 1,000 | 904,933 | ||||||
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44 (b) | 1,415 | 1,413,231 | ||||||
Class 2, 5.38%, 11/15/40 (b) | 395 | 395,494 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 | 505 | 377,426 | ||||||
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 | 565 | 544,161 | ||||||
New York Transportation Development Corp., ARB AMT, 5.63%, 04/01/40 | 260 | 281,528 | ||||||
AMT, 5.00%, 12/01/40 | 555 | 584,170 | ||||||
New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 | 560 | 584,627 | ||||||
AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 | 1,750 | 1,805,551 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 730 | 741,463 | ||||||
Westchester County Local Development Corp., Refunding RB (b) 5.00%, 07/01/41 | 340 | 296,226 | ||||||
5.00%, 07/01/56 | 380 | 302,883 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 | 1,170 | 1,169,826 | ||||||
20,422,534 | ||||||||
North Carolina — 0.4% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, | ||||||||
GNMA), 6.00%, 07/01/53 | 550 | 589,528 | ||||||
North Dakota — 0.4% | ||||||||
City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/53 | 525 | 552,355 | ||||||
Ohio — 2.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 1,025 | 965,509 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 | 800 | 754,342 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50 (b) | 180 | 152,268 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,220 | 1,206,810 | ||||||
3,078,929 | ||||||||
Oklahoma — 3.5% | ||||||||
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51 (b) | 2,205 | 2,326,998 | ||||||
Series B, 5.00%, 08/15/38 | 750 | 730,692 | ||||||
Series B, 5.50%, 08/15/52 | 765 | 764,086 |
Security | Par (000) | Value | ||||||
Oklahoma (continued) | ||||||||
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41 (b) | $ | 155 | $ | 144,557 | ||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 | 925 | 894,582 | ||||||
4,860,915 | ||||||||
Oregon — 0.2% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) | 625 | 326,082 | ||||||
Pennsylvania — 8.7% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) | 1,280 | 1,291,224 | ||||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 | 200 | 156,244 | ||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB Series B, (AGM), 4.50%, 09/01/48 | 800 | 826,341 | ||||||
Series B, (AGM), 5.50%, 09/01/53 | 1,605 | 1,796,009 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 | 1,240 | 1,142,005 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 | 95 | 96,400 | ||||||
Pennsylvania Economic Development Financing Authority, RB 5.00%, 06/30/42 | 465 | 465,438 | ||||||
AMT, 5.75%, 06/30/48 | 335 | 369,353 | ||||||
AMT, 5.25%, 06/30/53 | 560 | 601,494 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 720 | 712,370 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 805 | 802,111 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.38%, 10/01/46 | 960 | 1,020,014 | ||||||
Pennsylvania Turnpike Commission, RB Series A, 5.50%, 12/01/42 | 1,685 | 1,767,944 | ||||||
Series A, 5.00%, 12/01/44 | 520 | 526,075 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 | 355 | 371,636 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 | 220 | 244,297 | ||||||
12,188,955 | ||||||||
Puerto Rico — 8.1% | ||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57 (c) | 9,585 | 790,704 | ||||||
Commonwealth of Puerto Rico, GO 1.00%, 11/01/51 (a) | 4,759 | 2,688,763 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 | 784 | 868,521 | ||||||
Commonwealth of Puerto Rico, RB, 1.00%, 11/01/51 (a) | 3,171 | 586,581 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB Series A-2, Convertible, Restructured, 4.33%, 07/01/40 | 72 | 71,079 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 1,529 | 1,498,068 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 2,376 | 2,375,969 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 1,038 | 1,014,645 |
S C H E D U L E O F IN V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) | ||||||||
Series A-2, Restructured, 4.33%, 07/01/40 | $ | 851 | $ | 844,830 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) | 1,914 | 588,384 | ||||||
11,327,544 | ||||||||
Rhode Island — 2.3% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 2,450 | 2,388,598 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 395 | 372,743 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40 | 420 | 421,803 | ||||||
3,183,144 | ||||||||
South Carolina — 4.0% | ||||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) | 1,130 | 1,210,349 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62 (b) | 225 | 205,174 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 | 1,110 | 1,138,140 | ||||||
South Carolina Public Service Authority, RB Series A, 5.50%, 12/01/54 | 1,840 | 1,845,290 | ||||||
Series E, 5.00%, 12/01/48 | 420 | 420,145 | ||||||
Series E, 5.50%, 12/01/53 | 750 | 750,453 | ||||||
5,569,551 | ||||||||
Tennessee — 1.7% | ||||||||
Metropolitan Government Nashville & Davidson County | ||||||||
Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 | 290 | 252,135 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43 (b)(c) | 450 | 164,188 | ||||||
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 | 585 | 648,635 | ||||||
Metropolitan Nashville Airport Authority, ARB Series B, AMT, 5.25%, 07/01/35 | 230 | 255,333 | ||||||
Series B, AMT, 5.50%, 07/01/36 | 190 | 213,371 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) | 750 | 804,080 | ||||||
2,337,742 | ||||||||
Texas — 12.7% | ||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45 (b) | 335 | 221,368 | ||||||
Arlington Higher Education Finance Corp., RB 7.50%, 04/01/62 (b) | 230 | 223,817 | ||||||
7.88%, 11/01/62 (b) | 195 | 197,896 | ||||||
Series A, 5.75%, 08/15/62 | 500 | 427,297 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 | 180 | 157,324 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 325 | 301,951 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series B-1, AMT, 5.00%, 07/15/30 | 240 | 240,270 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB AMT, 5.00%, 07/15/27 | 125 | 124,908 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
City of Houston Texas Airport System Revenue, Refunding ARB (continued) | ||||||||
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 | $ | 340 | $ | 365,797 | ||||
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 | 800 | 802,000 | ||||||
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 | 500 | 484,511 | ||||||
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 | 810 | 802,838 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 160 | 160,081 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/34 (c) | 3,000 | 1,861,265 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(i) | 5,200 | 2,852,469 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31 (b) | 430 | 424,104 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 | 600 | 541,477 | ||||||
Newark Higher Education Finance Corp., RB (b) Series A, 5.50%, 08/15/35 | 135 | 138,281 | ||||||
Series A, 5.75%, 08/15/45 | 275 | 278,889 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 890 | 892,428 | ||||||
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36 (b) | 710 | 524,173 | ||||||
Port Beaumont Navigation District, Refunding RB (b) Series A, AMT, 3.63%, 01/01/35 | 425 | 349,900 | ||||||
Series A, AMT, 4.00%, 01/01/50 | 815 | 590,750 | ||||||
San Antonio Education Facilities Corp., RB Series A, 5.00%, 10/01/41 | 85 | 69,543 | ||||||
Series A, 5.00%, 10/01/51 | 115 | 86,621 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 | 310 | 331,255 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 | 1,300 | 1,385,228 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB AMT, Senior Lien, 5.00%, 12/31/55 | 1,025 | 1,002,964 | ||||||
AMT, Senior Lien, 5.50%, 12/31/58 | 800 | 861,407 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43 (c) | 2,205 | 878,915 | ||||||
Texas Water Development Board, RB, 4.45%, 10/15/36 | 170 | 188,459 | ||||||
17,768,186 | ||||||||
Utah — 0.6% | ||||||||
County of Utah Utah, RB, Series B, 4.00%, 05/15/47 | 750 | 721,407 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52 (b) | 225 | 166,337 | ||||||
887,744 | ||||||||
Vermont — 0.2% | ||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 | 320 | 314,692 | ||||||
Virginia — 2.6% | ||||||||
Ballston Quarter Community Development Authority, TA (f)(g) Series A, 5.00%, 03/01/26 | 180 | 175,142 | ||||||
Series A, 5.13%, 03/01/31 | 490 | 420,046 |
22 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Virginia (continued) | ||||||||
Hampton Roads Transportation Accountability | ||||||||
Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 | $ | 245 | $ | 236,624 | ||||
James City County Economic Development Authority, RB 5.25%, 12/01/27 | 125 | 124,247 | ||||||
Series A, 6.88%, 12/01/58 | 175 | 187,853 | ||||||
Norfolk Redevelopment & Housing Authority, RB Series A, 5.00%, 01/01/34 | 235 | 217,195 | ||||||
Series A, 5.00%, 01/01/49 | 455 | 371,360 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 1,025 | 966,045 | ||||||
Virginia Beach Development Authority, RB 5.38%, 09/01/29 | 155 | 154,471 | ||||||
7.00%, 09/01/53 | 240 | 256,525 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42 | 500 | 521,722 | ||||||
3,631,230 | ||||||||
Washington — 0.8% | ||||||||
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40 | 350 | 351,838 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 | 485 | 502,916 | ||||||
Washington State Housing Finance Commission, Refunding RB Series A, 5.00%, 07/01/43 | 125 | 127,052 | ||||||
Series A, 5.00%, 07/01/48 | 115 | 115,265 | ||||||
1,097,071 | ||||||||
West Virginia — 1.3% | ||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 | 1,895 | 1,839,152 | ||||||
Wisconsin — 5.1% | ||||||||
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 | 750 | 512,434 | ||||||
Public Finance Authority, RB 5.00%, 06/15/41 (b) | 165 | 151,970 | ||||||
7.75%, 07/01/43 (b) | 1,190 | 1,214,479 | ||||||
5.00%, 06/15/55 (b) | 440 | 377,108 | ||||||
5.00%, 01/01/56 (b) | 710 | 618,289 | ||||||
Class A, 5.00%, 06/15/56 (b) | 230 | 187,784 | ||||||
Series A, 6.25%, 10/01/31 (b)(f)(g) | 290 | 40,600 | ||||||
Series A, 7.00%, 10/01/47 (b)(f)(g) | 290 | 40,600 | ||||||
Series A, 5.00%, 10/15/50 (b) | 530 | 449,837 | ||||||
Series A, 4.75%, 06/15/56 (b) | 730 | 519,398 | ||||||
Series A-1, 4.50%, 01/01/35 (b) | 590 | 528,692 | ||||||
Series A-1, 5.50%, 12/01/48 (b)(f)(g) | 10 | 2,109 | ||||||
Series B, 0.00%, 01/01/35 (b)(c) | 980 | 460,474 | ||||||
Series B, 0.00%, 01/01/60 (b)(c) | 16,025 | 994,529 | ||||||
AMT, 4.00%, 09/30/51 | 475 | 387,898 | ||||||
AMT, 4.00%, 03/31/56 | 455 | 358,627 | ||||||
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61 (b)(c) | 6,580 | 290,227 | ||||||
7,135,055 | ||||||||
Wyoming — 0.3% | ||||||||
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 | 500 | 471,264 | ||||||
Total Municipal Bonds — 146.4% (Cost: $208,649,362) | 205,254,171 | |||||||
Security | Par (000) | Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (j) | ||||||||
Alabama — 4.7% | ||||||||
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53 (a) | $ | 6,194 | $ | 6,596,745 | ||||
Iowa — 0.6% | ||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 | 905 | 905,000 | ||||||
New York — 2.7% | ||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 2,181 | 2,146,985 | ||||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 | 1,720 | 1,577,645 | ||||||
3,724,630 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts —8.0% (Cost: $11,052,102) | 11,226,375 | |||||||
Total Long-Term Investments — 154.4% (Cost: $219,701,464) | 216,480,546 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.3% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (k)(l) | 3,270,530 | 3,270,858 | ||||||
Total Short-Term Securities — 2.3% (Cost: $3,270,530) | 3,270,858 | |||||||
Total Investments — 156.7% (Cost: $222,971,994) | 219,751,404 | |||||||
Other Assets Less Liabilities — 1.8% | 2,385,880 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)% | (6,264,187 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.0)% | (75,676,232 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 140,196,865 | ||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Zero-coupon bond. |
(d) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(e ) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g ) | Non-income producing security. |
(h) | When-issued security. |
(i) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7-day yield as of period end. |
S C H E D U L E O F IN V E S T M E N T S | 23 |
Schedule of Investments (unaudited)(continued) January 31, 2024 | BlackRock Long-Term Municipal Advantage Trust (BTA) |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 12,588,591 | $ | — | $ | (9,318,269) (a) | $ | 1,926 | $ | (1,390 | ) | $ | 3,270,858 | 3,270,530 | $ | 93,235 | $ | — | ||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 204,831,680 | $ | 422,491 | $ | 205,254,171 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 11,226,375 | — | 11,226,375 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 3,270,858 | — | — | 3,270,858 | ||||||||||||
$ | 3,270,858 | $ | 216,058,055 | $ | 422,491 | $ | 219,751,404 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (6,218,595 | ) | $ | — | $ | (6,218,595 | ) | ||||||
VRDP Shares at Liquidation Value | — | (76,000,000 | ) | — | (76,000,000 | ) | ||||||||||
$ | — | $ | (82,218,595 | ) | $ | — | $ | (82,218,595 | ) | |||||||
24 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds | ||||||||
Diversified Consumer Services — 0.5% | ||||||||
Grand Canyon University, 5.13%, 10/01/28 | $ | 2,445 | $ | 2,223,067 | ||||
Total Corporate Bonds — 0.5% (Cost: $2,445,000) | 2,223,067 | |||||||
Municipal Bonds | ||||||||
Alabama — 5.2% | ||||||||
Black Belt Energy Gas District, RB (a) Series A, 5.25%, 01/01/54 | 3,085 | 3,322,121 | ||||||
Series F, 5.50%, 11/01/53 | 615 | 654,339 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a) | 5,240 | 5,246,759 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 | 5,645 | 6,116,383 | ||||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50 (a) | 2,140 | 2,311,790 | ||||||
MidCity Improvement District, SAB 4.25%, 11/01/32 | 160 | 145,344 | ||||||
4.50%, 11/01/42 | 255 | 212,876 | ||||||
4.75%, 11/01/49 | 270 | 221,723 | ||||||
Southeast Alabama Gas Supply District, Refunding RB, Series A, 5.00%, 08/01/54 (a) | 4,000 | 4,256,795 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44 (b) | 335 | 323,544 | ||||||
22,811,674 | ||||||||
Arizona — 4.3% | ||||||||
Arizona Industrial Development Authority, RB (b) 7.10%, 01/01/55 | 1,690 | 1,720,214 | ||||||
Series A, 5.00%, 12/15/39 | 250 | 237,910 | ||||||
Series B, 5.13%, 07/01/47 | 665 | 624,465 | ||||||
Arizona Industrial Development Authority, Refunding RB (b) Series A, 5.13%, 07/01/37 | 960 | 961,354 | ||||||
Series A, 5.50%, 07/01/52 | 1,775 | 1,690,209 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 505 | 394,214 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB (b) Series A, 6.50%, 07/01/34 | 570 | 574,347 | ||||||
Series A, 6.75%, 07/01/44 | 1,000 | 1,005,933 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB (b) 5.00%, 07/01/35 | 320 | 321,393 | ||||||
5.00%, 07/01/45 | 255 | 245,894 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) 4.00%, 06/15/51 | 1,555 | 1,194,154 | ||||||
5.00%, 07/01/56 | 470 | 413,912 | ||||||
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48 (b) | 875 | 842,962 | ||||||
Maricopa County Industrial Development Authority, RB 5.25%, 10/01/40 (b) | 465 | 470,841 | ||||||
5.50%, 10/01/51 (b) | 465 | 465,268 | ||||||
Series A, 3.00%, 09/01/51 | 5,155 | 3,805,104 | ||||||
AMT, 4.00%, 10/15/47 (b) | 2,495 | 2,207,651 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 1,650 | 1,801,645 | ||||||
18,977,470 |
Security | Par (000) | Value | ||||||
Arkansas — 5.2% | ||||||||
Arkansas Development Finance Authority, RB AMT, 7.38%, 07/01/48 (b) | $ | 2,800 | $ | 3,014,741 | ||||
Arkansas Development Finance Authority, RB (continued) | ||||||||
Series A, AMT, 4.50%, 09/01/49 (b) | 9,435 | 9,155,441 | ||||||
Series A, AMT, 4.75%, 09/01/49 (b) | 6,850 | 6,749,922 | ||||||
AMT, Sustainability Bonds, 5.45%, 09/01/52 | 2,325 | 2,356,652 | ||||||
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48 (b) | 1,300 | 1,362,863 | ||||||
22,639,619 | ||||||||
California — 4.8% | ||||||||
California Municipal Finance Authority, RB (b) 5.50%, 08/01/34 | 250 | 250,621 | ||||||
6.00%, 08/01/44 | 665 | 666,127 | ||||||
6.13%, 08/01/49 | 580 | 581,035 | ||||||
California School Finance Authority, RB, Series A, 6.40%, 07/01/48 | 1,570 | 1,572,487 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/38 (b) | 580 | 591,823 | ||||||
California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 | 1,650 | 1,651,022 | ||||||
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56 (b) | 3,300 | 2,285,111 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56 (b) | 790 | 507,307 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49 (b) | 485 | 383,670 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) 3.13%, 08/01/56 | 120 | 82,942 | ||||||
Series A, 3.00%, 09/01/56 | 1,570 | 1,003,418 | ||||||
Mezzanine Lien, 4.00%, 03/01/57 | 700 | 481,217 | ||||||
Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 | 2,060 | 1,442,641 | ||||||
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 6,035 | 3,445,116 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 | 655 | 422,168 | ||||||
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | 4,000 | 2,602,148 | ||||||
Sustainability Bonds, 3.13%, 07/01/56 | 990 | 653,827 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 | 385 | 268,218 | ||||||
Sustainability Bonds, 4.00%, 07/01/58 | 380 | 259,102 | ||||||
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 435 | 280,651 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66 (c) | 3,315 | 381,530 | ||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61 (b)(d) | 1,705 | 687,510 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43 (b)(c) | 1,500 | 482,731 | ||||||
20,982,422 | ||||||||
Colorado — 3.3% | ||||||||
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 | 910 | 805,437 | ||||||
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51 (b) | 665 | 518,203 | ||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) | 575 | 522,161 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB Series A, AMT, 4.13%, 11/15/47 | 1,870 | 1,804,453 | ||||||
Series A, AMT, 4.13%, 11/15/53 | 1,025 | 956,411 |
S C H E D U L E O F IN V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, RB 5.50%, 11/01/47 | $ | 265 | $ | 287,730 | ||||
5.25%, 11/01/52 | 555 | 591,154 | ||||||
Series A, 5.00%, 05/15/35 | 355 | 285,432 | ||||||
Series A, 5.00%, 05/15/44 | 385 | 263,525 | ||||||
Series A, 5.00%, 05/15/49 | 750 | 434,260 | ||||||
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55 | 1,735 | 1,231,847 | ||||||
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 | 935 | 869,340 | ||||||
Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36 | 721 | 648,022 | ||||||
Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50 (b) | 545 | 492,123 | ||||||
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50 | 520 | 387,777 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 790 | 629,809 | ||||||
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 | 500 | 497,133 | ||||||
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 | 1,211 | 1,136,266 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 | 759 | 721,347 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45 (b) | 1,065 | 714,828 | ||||||
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 | 790 | 674,643 | ||||||
14,471,901 | ||||||||
Connecticut (b) — 0.6% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/55 | 325 | 242,592 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45 | 1,355 | 1,355,441 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45 | 950 | 950,711 | ||||||
2,548,744 | ||||||||
Delaware — 0.9% | ||||||||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39 (b)(e) | 1,212 | 1,144,644 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 | 2,870 | 2,779,540 | ||||||
3,924,184 | ||||||||
District of Columbia — 0.9% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46 (c) | 15,400 | 3,783,424 | ||||||
Florida — 14.3% | ||||||||
Babcock Ranch Community Independent Special District, SAB Series 2022, 5.00%, 05/01/42 | 510 | 489,734 | ||||||
Series 2022, 5.00%, 05/01/53 | 385 | 347,461 | ||||||
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 | 1,240 | 1,212,240 | ||||||
Brevard County Health Facilities Authority, Refunding RB (b) 4.00%, 11/15/24 | 440 | 435,458 | ||||||
4.00%, 11/15/25 | 460 | 450,631 | ||||||
4.00%, 11/15/27 | 495 | 479,421 | ||||||
4.00%, 11/15/29 | 435 | 411,519 | ||||||
4.00%, 11/15/32 | 450 | 418,619 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Brevard County Health Facilities Authority, Refunding RB (b) (continued)4.00%, 11/15/35 | $ | 675 | $ | 605,749 | ||||
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 | 400 | 392,218 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 | 1,490 | 1,487,544 | ||||||
Capital Trust Agency, Inc., RB (b) 5.00%, 01/01/55 | 2,640 | 2,008,515 | ||||||
Series A, 5.75%, 06/01/54 | 940 | 782,604 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61 (b)(c) | 34,550 | 2,271,646 | ||||||
Charlotte County Industrial Development Authority, RB (b) AMT, 5.00%, 10/01/49 | 1,415 | 1,342,317 | ||||||
AMT, 4.00%, 10/01/51 | 425 | 339,068 | ||||||
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44 (b)(f)(g) | 630 | 9,765 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 | 5,000 | 5,145,961 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) Series A-2, 0.00%, 10/01/49 | 730 | 185,953 | ||||||
Series A-2, 0.00%, 10/01/51 | 875 | 206,442 | ||||||
Series A-2, 0.00%, 10/01/52 | 1,200 | 260,014 | ||||||
Series A-2, 0.00%, 10/01/54 | 2,875 | 558,977 | ||||||
Darby Community Development District, SAB, Series A-2, 5.88%, 05/01/35 (h) | 1,685 | 1,684,079 | ||||||
Florida Development Finance Corp., RB (b) 5.00%, 06/15/56 | 1,150 | 895,474 | ||||||
6.50%, 06/30/57 | 500 | 479,773 | ||||||
Series A, 5.75%, 06/15/29 | 690 | 691,492 | ||||||
Series A, 6.00%, 06/15/34 | 835 | 837,285 | ||||||
Series A, 6.13%, 06/15/44 | 3,180 | 3,181,851 | ||||||
Series A, 5.13%, 06/15/55 | 3,645 | 3,071,867 | ||||||
Series B, 4.50%, 12/15/56 | 3,985 | 2,963,464 | ||||||
Series C, 5.75%, 12/15/56 | 1,325 | 1,095,377 | ||||||
AMT, 5.00%, 05/01/29 | 2,155 | 2,077,346 | ||||||
Series B, AMT, 7.38%, 01/01/49 | 2,677 | 2,708,986 | ||||||
Lakewood Ranch Stewardship District, SAB 4.95%, 05/01/29 (b) | 345 | 349,134 | ||||||
5.50%, 05/01/39 (b) | 315 | 320,131 | ||||||
3.00%, 05/01/41 | 275 | 206,124 | ||||||
5.13%, 05/01/46 | 675 | 651,935 | ||||||
5.65%, 05/01/48 (b) | 520 | 523,495 | ||||||
Series 1B, 4.75%, 05/01/29 | 565 | 568,308 | ||||||
Series 1B, 5.30%, 05/01/39 | 645 | 649,641 | ||||||
Series 1B, 5.45%, 05/01/48 | 1,150 | 1,142,447 | ||||||
Laurel Road Community Development District, SAB Series A-1, 2.60%, 05/01/26 | 80 | 78,198 | ||||||
Series A-1, 3.00%, 05/01/31 | 100 | 91,967 | ||||||
Series A-1, 3.25%, 05/01/41 | 190 | 147,777 | ||||||
Series A-1, 4.00%, 05/01/52 | 300 | 232,332 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 | 915 | 908,054 | ||||||
Midtown Miami Community Development District, Refunding SAB Series A, 5.00%, 05/01/37 | 845 | 839,232 | ||||||
Series B, 5.00%, 05/01/37 | 495 | 491,241 | ||||||
North Powerline Road Community Development District, SAB, 5.63%, 05/01/52 (b) | 925 | 907,125 |
26 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
North River Ranch Community Development District, SAB Series A-1, 4.00%, 05/01/40 | $ | 310 | $ | 261,228 | ||||
Series A-1, 4.25%, 05/01/51 | 530 | 413,979 | ||||||
Series A-2, 4.20%, 05/01/35 | 230 | 201,370 | ||||||
Poitras East Community Development District, SAB, 5.00%, 05/01/43 | 690 | 663,858 | ||||||
Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32 | 1,000 | 896,416 | ||||||
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 | 1,145 | 885,423 | ||||||
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 | 985 | 745,195 | ||||||
South Broward Hospital District, RB (BAM-TCRS), 3.00%, 05/01/51 | 720 | 556,395 | ||||||
Series A, 3.00%, 05/01/51 | 6,355 | 4,651,894 | ||||||
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40 (d) | 805 | 769,796 | ||||||
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40 (f)(g) | 875 | 9 | ||||||
Trout Creek Community Development District, SAB 5.38%, 05/01/38 | 430 | 432,667 | ||||||
5.50%, 05/01/49 | 1,105 | 1,078,531 | ||||||
Village Community Development District No. 14, SAB 5.38%, 05/01/42 | 1,110 | 1,116,195 | ||||||
5.50%, 05/01/53 | 820 | 827,426 | ||||||
West Villages Improvement District, SAB 4.75%, 05/01/39 | 455 | 428,819 | ||||||
5.00%, 05/01/50 | 940 | 843,057 | ||||||
Windward at Lakewood Ranch Community Development District, SAB 4.00%, 05/01/42 | 220 | 187,551 | ||||||
4.25%, 05/01/52 | 250 | 202,426 | ||||||
62,798,226 | ||||||||
Georgia — 1.0% | ||||||||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51 (b) | 765 | 612,348 | ||||||
Development Authority of Cobb County, RB, 6.38%, 06/15/58 (b) | 265 | 260,483 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) | 290 | 262,869 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 | 855 | 803,966 | ||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/38 | 340 | 359,500 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 (a) | 1,195 | 1,274,061 | ||||||
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 | 915 | 942,965 | ||||||
4,516,192 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55 (b) | 580 | 614,098 | ||||||
Illinois — 7.1% | ||||||||
Chicago Board of Education, GO Series A, 5.00%, 12/01/42 | 1,650 | 1,650,615 | ||||||
Series C, 5.25%, 12/01/35 | 1,655 | 1,662,715 | ||||||
Series D, 5.00%, 12/01/46 | 2,155 | 2,156,659 | ||||||
Chicago Board of Education, Refunding GO Series B, 4.00%, 12/01/35 | 745 | 730,299 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Refunding GO (continued) Series B, 4.00%, 12/01/41 | $ | 1,665 | $ | 1,551,324 | ||||
Series D, 5.00%, 12/01/31 | 1,000 | 1,035,481 | ||||||
City of Chicago Illinois, Refunding GO Series A, 6.00%, 01/01/38 | 1,260 | 1,316,890 | ||||||
Series B, 4.00%, 01/01/37 | 1,709 | 1,687,304 | ||||||
Illinois Finance Authority, RB (b) Class A, 5.00%, 07/01/51 | 2,000 | 1,440,359 | ||||||
Class A, 5.00%, 07/01/56 | 2,000 | 1,387,671 | ||||||
Illinois Finance Authority, Refunding RB 6.60%, 07/01/24 | 230 | 231,857 | ||||||
6.00%, 02/01/34 | 365 | 365,051 | ||||||
6.13%, 02/01/45 | 860 | 860,073 | ||||||
Series C, 4.00%, 02/15/41 | 1,430 | 1,398,088 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 | 1,795 | 1,753,104 | ||||||
Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57 | 1,020 | 1,040,512 | ||||||
Series A, 5.50%, 06/15/53 | 2,370 | 2,419,106 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 2,920 | 2,693,299 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c) | 14,000 | 3,075,231 | ||||||
State of Illinois, GO 5.50%, 05/01/30 | 530 | 587,368 | ||||||
5.50%, 05/01/39 | 1,055 | 1,168,752 | ||||||
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 | 1,174 | 1,165,204 | ||||||
31,376,962 | ||||||||
Indiana — 1.2% | ||||||||
City of Valparaiso Indiana, RB AMT, 6.75%, 01/01/34 | 825 | 826,321 | ||||||
AMT, 7.00%, 01/01/44 | 2,000 | 2,002,657 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29 (b)(f)(g) | 1,715 | 1,166,200 | ||||||
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39 | 1,060 | 1,153,825 | ||||||
5,149,003 | ||||||||
Kansas (b) — 0.2% | ||||||||
City of Shawnee Kansas, RB 5.00%, 08/01/41 | 230 | 217,714 | ||||||
5.00%, 08/01/56 | 850 | 737,880 | ||||||
955,594 | ||||||||
Kentucky (b) — 0.5% | ||||||||
City of Henderson Kentucky, RB AMT, 4.45%, 01/01/42 | 2,000 | 1,909,480 | ||||||
Series A, AMT, 4.70%, 01/01/52 | 230 | 217,026 | ||||||
2,126,506 | ||||||||
Louisiana — 1.8% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54 (b) | 930 | 705,034 | ||||||
Louisiana Public Facilities Authority, RB (b) Series A, 6.50%, 06/01/62 | 280 | 276,356 | ||||||
AMT, 6.50%, 10/01/53 (a) | 835 | 844,860 | ||||||
Parish of St. James Louisiana, RB, Series 2, 6.35%, 07/01/40 (b) | 1,580 | 1,712,246 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 4,540 | 4,544,294 | ||||||
8,082,790 |
S C H E D U L E O F IN V E S T M E N T S | 27 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Maine — 0.2% | ||||||||
Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51 (b) | $ | 1,185 | $ | 784,737 | ||||
Maryland — 1.2% | ||||||||
City of Baltimore Maryland, RB, 4.88%, 06/01/42 | 325 | 322,784 | ||||||
Maryland Economic Development Corp., RB 5.00%, 07/01/56 | 360 | 363,353 | ||||||
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 | 1,555 | 1,585,616 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55 (b) | 3,010 | 3,174,950 | ||||||
5,446,703 | ||||||||
Michigan — 1.0% | ||||||||
Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44 | 415 | 369,276 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 2,405 | 2,309,895 | ||||||
Michigan Strategic Fund, RB 5.00%, 11/15/42 | 345 | 312,558 | ||||||
AMT, 5.00%, 12/31/43 | 1,200 | 1,210,173 | ||||||
4,201,902 | ||||||||
Minnesota — 0.3% | ||||||||
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55 | 1,660 | 1,535,342 | ||||||
Missouri — 0.1% | ||||||||
Industrial Development Authority of the City of St. | ||||||||
Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35 | 685 | 561,749 | ||||||
Montana — 1.1% | ||||||||
City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31 (a) | 5,000 | 4,941,003 | ||||||
Nevada — 0.3% | ||||||||
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40 | 670 | 695,559 | ||||||
5.00%, 07/01/45 | 460 | 470,954 | ||||||
1,166,513 | ||||||||
New Hampshire — 0.7% | ||||||||
New Hampshire Business Finance Authority, RB Series A, 4.13%, 08/15/40 | 530 | 455,164 | ||||||
Series A, 4.25%, 08/15/46 | 595 | 485,797 | ||||||
Series A, 4.50%, 08/15/55 | 1,235 | 998,020 | ||||||
New Hampshire Business Finance Authority, Refunding RB (b) Series B, 4.63%, 11/01/42 | 1,015 | 861,665 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 485 | 443,690 | ||||||
3,244,336 | ||||||||
New Jersey — 7.3% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39 | 1,065 | 1,074,098 | ||||||
5.25%, 11/01/44 | 770 | 774,310 | ||||||
Middlesex County Improvement Authority, RB Series B, 6.13%, 01/01/25 | 990 | 12,226 | ||||||
Series B, 6.25%, 01/01/37 (f)(g) | 2,145 | 26,491 | ||||||
New Jersey Economic Development Authority, RB 6.00%, 10/01/43 | 1,530 | 1,531,952 | ||||||
Class A, 5.25%, 11/01/47 | 2,650 | 2,921,666 | ||||||
Series A, 5.00%, 07/01/37 | 260 | 257,803 | ||||||
Series A, 5.25%, 11/01/54 (b) | 1,675 | 1,443,116 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, RB (continued) Series B, 5.00%, 06/15/43 | $ | 2,245 | $ | 2,376,166 | ||||
AMT, 5.38%, 01/01/43 | 2,155 | 2,156,907 | ||||||
Series B, AMT, 6.50%, 04/01/31 | 1,660 | 1,676,723 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49 (b) | 500 | 500,591 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 2,655 | 2,575,200 | ||||||
New Jersey Transportation Trust Fund Authority, RB Series AA, 5.25%, 06/15/41 | 1,140 | 1,161,470 | ||||||
Series S, 5.25%, 06/15/43 | 2,345 | 2,517,219 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (c) | 8,950 | 5,804,026 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46 | 5,120 | 5,172,373 | ||||||
31,982,337 | ||||||||
New York — 14.6% | ||||||||
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51 (f)(g) | 1,500 | 850,230 | ||||||
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 | 745 | 707,624 | ||||||
City of New York, GO, Series A-1, 4.00%, 09/01/46 | 1,195 | 1,217,286 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 2,890 | 2,817,352 | ||||||
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 185 | 147,431 | ||||||
Metropolitan Transportation Authority, Refunding RB Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 740 | 763,554 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 565 | 588,665 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 840 | 885,111 | ||||||
New York City Housing Development Corp., RB, M/F Housing Series C-1A, 4.15%, 11/01/39 | 1,895 | 1,895,089 | ||||||
Series C-1A, 4.20%, 11/01/44 | 3,475 | 3,462,704 | ||||||
Series C-1A, 4.30%, 11/01/47 | 2,845 | 2,696,180 | ||||||
New York Counties Tobacco Trust IV, Refunding RB Series A, 6.25%, 06/01/41 (b) | 4,900 | 4,901,701 | ||||||
Series A, 5.00%, 06/01/42 | 3,155 | 3,075,108 | ||||||
New York Counties Tobacco Trust VI, Refunding RB Series A-2B, 5.00%, 06/01/45 | 215 | 199,453 | ||||||
Series A-2B, 5.00%, 06/01/51 | 4,340 | 3,927,411 | ||||||
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44 (b) | 6,205 | 6,197,244 | ||||||
Class 2, 5.38%, 11/15/40 (b) | 1,080 | 1,081,350 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2,250 | 1,681,600 | ||||||
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 | 1,435 | 1,382,072 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48 | 1,505 | 1,484,410 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 | 2,020 | 1,992,871 | ||||||
New York State Urban Development Corp., Refunding RB 3.00%, 03/15/48 | 9,655 | 7,681,350 | ||||||
4.00%, 03/15/49 | 2,330 | 2,284,049 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 | 745 | 806,686 | ||||||
New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 | 1,175 | 1,226,673 |
28 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., RB (continued) AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 | $ | 4,870 | $ | 5,024,591 | ||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 1,490 | 1,513,397 | ||||||
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239, Sustainability Bonds, (SONYMA), 2.70%, 10/01/47 . | 3,370 | 2,513,449 | ||||||
Westchester County Local Development Corp., Refunding RB (b) 5.00%, 07/01/41 | 730 | 636,015 | ||||||
5.00%, 07/01/56 | 810 | 645,619 | ||||||
64,286,275 | ||||||||
North Dakota — 0.4% | ||||||||
City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48 | 1,765 | 1,868,383 | ||||||
Ohio — 1.8% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 3,370 | 3,174,405 | ||||||
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 | 875 | 807,532 | ||||||
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30 | 240 | 228,694 | ||||||
5.25%, 05/01/40 | 240 | 217,577 | ||||||
5.50%, 05/01/50 | 1,130 | 979,437 | ||||||
Hickory Chase Community Authority, Refunding RB, | ||||||||
5.00%, 12/01/40 (b) | 365 | 336,032 | ||||||
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51 (b) | 1,125 | 806,220 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 4.50%, 01/15/48 (b) | 1,300 | 1,224,173 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50 (b) | 375 | 317,226 | ||||||
8,091,296 | ||||||||
Oklahoma — 2.4% | ||||||||
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51 (b) | 4,615 | 4,870,338 | ||||||
Series B, 5.00%, 08/15/38 | 2,990 | 2,913,026 | ||||||
Series B, 5.50%, 08/15/52 | 1,570 | 1,568,124 | ||||||
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41 (b) | 325 | 303,104 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 750 | 756,486 | ||||||
10,411,078 | ||||||||
Oregon — 0.6% | ||||||||
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/24 (i) | 1,765 | 1,793,540 | ||||||
Oregon State Facilities Authority, RB (b) Series A, 5.00%, 06/15/29 | 115 | 114,454 | ||||||
Series A, 5.00%, 06/15/39 | 565 | 537,183 | ||||||
2,445,177 | ||||||||
Pennsylvania — 4.9% | ||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 | 5,240 | 4,923,275 | ||||||
Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24 | 3,400 | 3,398,546 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) | $ | 3,560 | $ | 3,591,221 | ||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 | 200 | 156,244 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,430 | 1,431,685 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 2,710 | 2,681,280 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 | 5,000 | 4,694,349 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 | 580 | 644,057 | ||||||
21,520,657 | ||||||||
Puerto Rico — 14.6% | ||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57 (c) | 44,330 | 3,656,955 | ||||||
Commonwealth of Puerto Rico, GO 0.00%, 11/01/51 (a) | 9,238 | 3,903,286 | ||||||
1.00%, 11/01/51 (a) | 13,336 | 7,534,966 | ||||||
Series A-1, 0.00%, 11/01/43 (a) | 4,676 | 2,594,951 | ||||||
Series A-1, Restructured, 5.63%, 07/01/29 | 3,644 | 3,937,559 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 | 2,813 | 3,115,952 | ||||||
Series A-1, Restructured, 4.00%, 07/01/33 | 625 | 605,150 | ||||||
Series A-1, Restructured, 4.00%, 07/01/35 | 4,100 | 3,911,515 | ||||||
Series A-1, Restructured, 4.00%, 07/01/37 | 1,452 | 1,358,055 | ||||||
Series A-1, Restructured, 4.00%, 07/01/41 | 656 | 594,671 | ||||||
Series A-1, Restructured, 4.00%, 07/01/46 | 682 | 603,361 | ||||||
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33 (c) | 1,765 | 1,120,413 | ||||||
Commonwealth of Puerto Rico, RB (a) 0.00%, 11/01/51 | 244 | 86,590 | ||||||
1.00%, 11/01/51 | 8,747 | 1,618,211 | ||||||
Puerto Rico Electric Power Authority, RB (f)(g) Series A, 5.00%, 07/01/29 | 660 | 165,000 | ||||||
Series A, 7.00%, 07/01/33 | 3,295 | 823,750 | ||||||
Series A, 6.75%, 07/01/36 | 1,335 | 333,750 | ||||||
Series A, 5.00%, 07/01/42 | 910 | 227,500 | ||||||
Series A, 7.00%, 07/01/43 | 375 | 93,750 | ||||||
Series A-1, 10.00%, 07/01/19 | 75 | 18,774 | ||||||
Series A-2, 10.00%, 07/01/19 | 379 | 94,715 | ||||||
Series A-3, 10.00%, 07/01/19 | 323 | 80,753 | ||||||
Series B-3, 10.00%, 07/01/19 | 323 | 80,753 | ||||||
Series C-1, 5.40%, 01/01/18 | 887 | 221,863 | ||||||
Series C-2, 5.40%, 07/01/18 | 888 | 221,899 | ||||||
Series C-3, 5.40%, 01/01/20 | 90 | 22,430 | ||||||
Series C-4, 5.40%, 07/01/20 | 90 | 22,430 | ||||||
Series CCC, 5.25%, 07/01/26 | 260 | 65,000 | ||||||
Series CCC, 5.25%, 07/01/28 | 145 | 36,250 | ||||||
Series D-1, 7.50%, 01/01/20 | 761 | 190,193 | ||||||
Series D-4, 7.50%, 07/01/20 | 404 | 100,970 | ||||||
Series TT, 5.00%, 07/01/18 | 295 | 73,750 | ||||||
Series TT, 5.00%, 07/01/25 | 100 | 25,000 | ||||||
Series TT, 5.00%, 07/01/26 | 225 | 56,250 | ||||||
Series WW, 5.50%, 07/01/17 | 200 | 50,000 | ||||||
Series WW, 5.50%, 07/01/18 | 1,175 | 293,750 | ||||||
Series WW, 5.50%, 07/01/19 | 145 | 36,250 | ||||||
Series WW, 5.50%, 07/01/20 | 1,595 | 398,750 | ||||||
Series WW, 5.38%, 07/01/22 | 1,310 | 327,500 | ||||||
Series WW, 5.25%, 07/01/33 | 120 | 30,000 | ||||||
Series WW, 5.50%, 07/01/38 | 205 | 51,250 | ||||||
Series XX, 5.25%, 07/01/27 | 110 | 27,500 |
S C H E D U L E O F IN V E S T M E N T S | 29 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Electric Power Authority, RB (f)(g) (continued) | ||||||||
Series XX, 5.25%, 07/01/35 | $ | 645 | $ | 161,250 | ||||
Series XX, 5.75%, 07/01/36 | 860 | 215,000 | ||||||
Series XX, 5.25%, 07/01/40 | 1,020 | 255,000 | ||||||
Puerto Rico Electric Power Authority, Refunding RB (f)(g) | ||||||||
Series AAA, 5.25%, 07/01/22 | 2,545 | 636,250 | ||||||
Series AAA, 5.25%, 07/01/29 | 95 | 23,750 | ||||||
Series UU, 1.00%, 07/01/17 (a) | 60 | 15,000 | ||||||
Series UU, 1.00%, 07/01/18 (a) | 55 | 13,750 | ||||||
Series UU, 4.45%, 07/01/31 (a) | 580 | 145,000 | ||||||
Series UU, 1.00%, 07/01/49 (a) | 495 | 123,750 | ||||||
Series ZZ, 5.25%, 07/01/19 | 455 | 113,750 | ||||||
Series ZZ, 5.25%, 07/01/24 | 345 | 86,250 | ||||||
Series ZZ, 5.00%, 07/01/27 | 145 | 36,250 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40 (f)(g) | 1,085 | 271,250 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 2,453 | 2,403,376 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 5,234 | 5,233,933 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 21 | 19,744 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 2,080 | 2,033,200 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 6,129 | 6,084,565 | ||||||
Series B-1, Restructured, 4.55%, 07/01/40 | 2,402 | 2,413,658 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (c) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 200 | 162,255 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 1,023 | 698,886 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 12,021 | 3,695,383 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 883 | 272,656 | ||||||
63,925,321 | ||||||||
Rhode Island — 0.6% | ||||||||
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35 (f)(g) | 4,190 | 1,476,975 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40 | 980 | 984,208 | ||||||
2,461,183 | ||||||||
South Carolina — 0.9% | ||||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) | 3,110 | 3,331,137 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62 (b) | 605 | 551,691 | ||||||
3,882,828 | ||||||||
Tennessee — 2.0% | ||||||||
Memphis-Shelby County Airport Authority, ARB, | ||||||||
Series A, AMT, 5.00%, 07/01/45 | 3,000 | 3,137,491 | ||||||
Metropolitan Government Nashville & Davidson | ||||||||
County Industrial Development Board, SAB, CAB, | ||||||||
0.00%, 06/01/43 (b)(c) | 3,270 | 1,193,098 | ||||||
Metropolitan Government Nashville & Davidson | ||||||||
County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 | 1,610 | 1,785,133 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) | 2,520 | 2,701,708 | ||||||
8,817,430 | ||||||||
Texas — 11.3% | ||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45 (b) | 715 | 472,471 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Arlington Higher Education Finance Corp., RB | ||||||||
5.00%, 06/15/51 | $ | 715 | $ | 586,838 | ||||
7.88%, 11/01/62 (b) | 565 | 573,391 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 | 370 | 323,389 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 675 | 627,129 | ||||||
Central Texas Regional Mobility Authority, Refunding RB (c) | ||||||||
0.00%, 01/01/28 | 1,000 | 887,347 | ||||||
0.00%, 01/01/29 | 2,000 | 1,719,491 | ||||||
0.00%, 01/01/30 | 1,170 | 973,490 | ||||||
0.00%, 01/01/33 | 3,690 | 2,769,021 | ||||||
0.00%, 01/01/34 | 4,000 | 2,880,116 | ||||||
City of Houston Texas Airport System Revenue, ARB AMT, 4.00%, 07/15/41 | 3,350 | 3,009,212 | ||||||
Series A, AMT, 6.63%, 07/15/38 | 2,890 | 2,893,754 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 250 | 249,817 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
AMT, 5.00%, 07/01/29 | 5,730 | 5,722,837 | ||||||
Series C, AMT, 5.00%, 07/15/27 | 1,615 | 1,619,038 | ||||||
City of San Marcos Texas, SAB (b) | ||||||||
4.00%, 09/01/32 | 100 | 95,596 | ||||||
4.50%, 09/01/51 | 480 | 417,878 | ||||||
City of Sinton Texas, SAB (b) | ||||||||
5.13%, 09/01/42 | 858 | 843,540 | ||||||
5.25%, 09/01/51 | 1,195 | 1,126,582 | ||||||
Mission Economic Development Corp., Refunding RB, | ||||||||
AMT, Senior Lien, 4.63%, 10/01/31 (b) | 785 | 774,236 | ||||||
New Hope Cultural Education Facilities Finance Corp., | ||||||||
Refunding RB, Series A, 6.75%, 10/01/52 | 1,650 | 1,489,062 | ||||||
New Hope Higher Education Finance Corp., RB, | ||||||||
Series A, 5.75%, 06/15/51 (b) | 1,650 | 1,467,634 | ||||||
Newark Higher Education Finance Corp., RB (b) | ||||||||
Series A, 5.50%, 08/15/35 | 290 | 297,047 | ||||||
Series A, 5.75%, 08/15/45 | 580 | 588,202 | ||||||
Port Beaumont Navigation District, RB (b) | ||||||||
AMT, 2.75%, 01/01/36 | 920 | 679,210 | ||||||
AMT, 3.00%, 01/01/50 | 2,910 | 1,733,803 | ||||||
Port Beaumont Navigation District, Refunding RB (b) | ||||||||
Series A, AMT, 3.63%, 01/01/35 | 2,535 | 2,087,049 | ||||||
Series A, AMT, 4.00%, 01/01/50 | 4,795 | 3,475,640 | ||||||
Tarrant County Cultural Education Facilities Finance | ||||||||
Corp., Refunding RB, 5.00%, 10/01/49 | 865 | 776,571 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, | ||||||||
Refunding RB, 5.00%, 12/15/32 | 860 | 916,382 | ||||||
Texas Private Activity Bond Surface Transportation | ||||||||
Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 | 3,155 | 3,397,175 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (c) | ||||||||
0.00%, 08/01/46 | 1,420 | 476,129 | ||||||
0.00%, 08/01/47 | 2,120 | 672,390 | ||||||
0.00%, 08/01/48 | 2,235 | 666,362 | ||||||
0.00%, 08/01/49 | 2,100 | 588,124 | ||||||
0.00%, 08/01/50 | 3,015 | 794,167 | ||||||
0.00%, 08/01/51 | 1,770 | 437,521 | ||||||
0.00%, 08/01/52 | 1,770 | 408,610 | ||||||
0.00%, 08/01/53 | 160 | 34,865 | ||||||
49,551,116 |
30 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utah — 0.2% | ||||||||
County of Utah, RB, Series A, 3.00%, 05/15/50 | $ | 1,000 | $ | 760,876 | ||||
Utah Charter School Finance Authority, RB, Series A, | ||||||||
5.00%, 06/15/52 (b) | 470 | 347,460 | ||||||
1,108,336 | ||||||||
Vermont — 0.7% | ||||||||
East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44 (b) | 4,000 | 3,147,969 | ||||||
Virginia — 2.7% | ||||||||
Hampton Roads Transportation Accountability | ||||||||
Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 | 2,435 | 2,351,751 | ||||||
James City County Economic Development Authority, RB | ||||||||
5.25%, 12/01/27 | 435 | 432,379 | ||||||
Series A, 6.88%, 12/01/58 | 605 | 649,434 | ||||||
Lower Magnolia Green Community Development | ||||||||
Authority, SAB (b) | ||||||||
5.00%, 03/01/35 | 465 | 466,198 | ||||||
5.00%, 03/01/45 | 475 | 467,156 | ||||||
Norfolk Redevelopment & Housing Authority, RB | ||||||||
Series A, 4.00%, 01/01/29 | 300 | 276,441 | ||||||
Series A, 5.00%, 01/01/34 | 485 | 448,254 | ||||||
Series A, 5.00%, 01/01/49 | 955 | 779,449 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, | ||||||||
Series B-1, 5.00%, 06/01/47 | 2,370 | 2,233,685 | ||||||
Virginia Beach Development Authority, RB | ||||||||
5.38%, 09/01/29 | 425 | 423,548 | ||||||
7.00%, 09/01/53 | 600 | 641,312 | ||||||
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 | 2,000 | 2,003,002 | ||||||
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48 | 840 | 765,864 | ||||||
11,938,473 | ||||||||
Washington — 0.5% | ||||||||
Washington State Housing Finance Commission, RB, | ||||||||
Series A, 5.00%, 07/01/50 (b) | 450 | 395,787 | ||||||
Washington State Housing Finance Commission, | ||||||||
Refunding RB | ||||||||
5.75%, 01/01/35 (b) | 315 | 266,707 | ||||||
6.00%, 01/01/45 (b) | 850 | 667,870 | ||||||
Series A, 5.00%, 07/01/43 | 340 | 345,583 | ||||||
Series A, 5.00%, 07/01/48 | 320 | 320,737 | ||||||
1,996,684 | ||||||||
Wisconsin — 6.4% | ||||||||
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 | 1,595 | 1,089,776 | ||||||
Public Finance Authority, RB | ||||||||
5.00%, 06/15/39 | 175 | 169,609 | ||||||
5.00%, 06/15/41 (b) | 345 | 317,756 | ||||||
7.75%, 07/01/43 (b) | 3,270 | 3,337,266 | ||||||
5.00%, 06/15/49 | 530 | 474,184 | ||||||
5.63%, 06/15/49 (b) | 2,480 | 2,149,370 | ||||||
5.00%, 06/15/53 | 355 | 311,996 | ||||||
5.00%, 06/15/55 (b) | 895 | 767,072 | ||||||
5.00%, 01/01/56 (b) | 1,470 | 1,280,119 | ||||||
Class A, 5.00%, 06/15/56 (b) | 495 | 404,143 | ||||||
Series A, 6.25%, 10/01/31 (b)(f)(g) | 605 | 84,700 | ||||||
Series A, 6.85%, 11/01/46 (b)(f)(g) | 900 | 450,000 | ||||||
Series A, 7.00%, 11/01/46 (b)(f)(g) | 570 | 285,000 | ||||||
Series A, 7.00%, 10/01/47 (b)(f)(g) | 605 | 84,700 | ||||||
Series A, 5.63%, 06/15/49 (b) | 2,890 | 2,684,783 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, RB (continued) | ||||||||
Series A, 5.25%, 12/01/51 (b) | $ | 1,470 | $ | 1,125,820 | ||||
Series A, 5.00%, 06/15/55 (b) | 4,030 | 3,057,512 | ||||||
Series A, 4.75%, 06/15/56 (b) | 2,990 | 2,127,400 | ||||||
Series A-1, 4.50%, 01/01/35 (b) | 1,195 | 1,070,825 | ||||||
Series B, 0.00%, 01/01/35 (b)(c) | 1,580 | 742,397 | ||||||
Series B, 0.00%, 01/01/60 (b)(c) | 35,940 | 2,230,476 | ||||||
AMT, 4.00%, 09/30/51 | 1,025 | 837,044 | ||||||
AMT, 4.00%, 03/31/56 | 980 | 772,427 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
4.00%, 12/01/46 | 1,145 | 1,106,597 | ||||||
4.00%, 01/01/47 | 1,610 | 1,017,665 | ||||||
27,978,637 | ||||||||
Wyoming — 0.3% | ||||||||
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 | 1,345 | 1,267,701 | ||||||
Total Municipal Bonds — 128.5% (Cost: $600,627,405) | 564,321,975 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (j) | ||||||||
New York — 2.0% | ||||||||
New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45 | 9,000 | 8,557,986 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0% (Cost: $9,000,299) | 8,557,986 | |||||||
Total Long-Term Investments — 131.0% (Cost: $612,072,704) | 575,103,028 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 7.6% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (k)(l) | 33,454,075 | 33,457,421 | ||||||
Total Short-Term Securities — 7.6% (Cost: $33,449,258) | 33,457,421 | |||||||
Total Investments — 138.6% (Cost: $645,521,962) | 608,560,449 | |||||||
Other Assets Less Liabilities — 2.2% | 10,125,198 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.0)% | (4,538,956) | |||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (39.8)% | (174,937,276) | |||||||
Net Assets Applicable to Common Shares — 100.0% | $439,209,415 | |||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Zero-coupon bond. |
(d) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
S C H E D U L E O F IN V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) |
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | When-issued security. |
(i) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class . | $ | 73,862,164 | $ | — | $ | (40,411,039 | ) (a) | $ | 4,812 | $ | 1,484 | $ | 33,457,421 | 33,454,075 | $ | 890,431 | $ | — | ||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Corporate Bonds | $ | — | $ | 2,223,067 | $ | — | $ | 2,223,067 | ||||||||
Municipal Bonds | — | 563,177,331 | 1,144,644 | 564,321,975 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 8,557,986 | — | 8,557,986 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 33,457,421 | — | — | 33,457,421 | ||||||||||||
Unfunded Commitments (a) | — | — | 4,516,898 | 4,516,898 | ||||||||||||
$ | 33,457,421 | $ | 573,958,384 | $ | 5,661,542 | $ | 613,077,347 | |||||||||
(a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (4,500,000 | ) | $ | — | $ | (4,500,000 | ) | ||||||
VRDP Shares at Liquidation Value | — | (175,000,000 | ) | — | (175,000,000 | ) | ||||||||||
$ | — | $ | (179,500,000 | ) | $ | — | $ | (179,500,000 | ) | |||||||
32 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniAssets Fund, Inc. (MUA) |
Municipal Bonds | Unfunded Commitments | Total | ||||||||||
Assets | ||||||||||||
Opening balance, as of July 31, 2023 | $ | 1,084,754 | $ | — | $ | 1,084,754 | ||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Accrued discounts/premiums | — | — | — | |||||||||
Net realized gain (loss) | — | — | — | |||||||||
Net change in unrealized appreciation (depreciation) (a)(b) | 62,902 | 4,516,898 | 4,579,800 | |||||||||
Purchases | — | — | ||||||||||
Sales | (3,012 | ) | — | (3,012 | ) | |||||||
Closing balance, as of January 31, 2024 | $ | 1,144,644 | $ | 4,516,898 | $ | 5,661,542 | ||||||
Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2024 (b) | $ | 62,902 | $ | 4,516,898 | $ | 4,579,800 | ||||||
(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
S C H E D U L E O F IN V E S T M E N T S | 33 |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 8.3% | ||||||||
Black Belt Energy Gas District, RB (a) | ||||||||
4.00%, 10/01/52 | $ | 2,425 | $ | 2,421,327 | ||||
Series A, 5.25%, 01/01/54 | 3,365 | 3,623,643 | ||||||
Series C, 5.50%, 10/01/54 | 7,625 | 8,449,120 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a) | 11,455 | 11,469,777 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 | 1,750 | 1,896,133 | ||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 | 11,700 | 12,834,282 | ||||||
Energy Southeast A Cooperative District, RB, | ||||||||
Series B-1, 5.75%, 04/01/54 (a) | 10,455 | 11,621,673 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) | ||||||||
Series A, 4.00%, 11/01/51 | 8,540 | 8,519,787 | ||||||
Series A-1, 5.50%, 01/01/53 | 3,315 | 3,565,780 | ||||||
Series B, 5.00%, 01/01/54 | 6,190 | 6,558,738 | ||||||
Series B-1, 5.00%, 05/01/53 | 8,800 | 9,147,118 | ||||||
80,107,378 | ||||||||
Arizona — 2.4% | ||||||||
Arizona Industrial Development Authority, RB | ||||||||
4.38%, 07/01/39 (b) | 1,015 | 903,829 | ||||||
Series A, 3.55%, 07/15/29 | 1,010 | 983,749 | ||||||
Series A, 5.00%, 07/01/49 (b) | 965 | 874,531 | ||||||
Series A, 5.00%, 07/01/54 (b) | 745 | 663,182 | ||||||
Series B, 4.25%, 07/01/27 (b) | 265 | 261,469 | ||||||
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/36 | 4,000 | 4,297,619 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24 (b) | 165 | 165,374 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29 (b) | 300 | 300,517 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b) | 950 | 868,563 | ||||||
Maricopa County Industrial Development Authority, RB 6.38%, 07/01/58 (b) | 1,050 | 1,066,253 | ||||||
Series 2019F, 4.00%, 01/01/45 | 3,130 | 3,107,503 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38 | 3,000 | 3,121,237 | ||||||
Phoenix-Mesa Gateway Airport Authority, ARB | ||||||||
AMT, 5.00%, 07/01/27 | 700 | 700,842 | ||||||
AMT, 5.00%, 07/01/32 | 1,925 | 1,927,453 | ||||||
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 | 3,590 | 3,994,037 | ||||||
23,236,158 | ||||||||
Arkansas — 0.7% | ||||||||
Arkansas Development Finance Authority, RB, | ||||||||
Series A, AMT, 4.50%, 09/01/49 (b) | 2,245 | 2,178,481 | ||||||
City of Springdale Arkansas Sales & Use Tax | ||||||||
Revenue, RB, Series B, (BAM), 4.13%, 08/01/47 | 4,345 | 4,312,988 | ||||||
6,491,469 | ||||||||
California — 11.8% | ||||||||
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.50%, 10/01/54 (a) | 2,615 | 2,877,755 | ||||||
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 (b) | 215 | 151,217 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) | $ | 1,450 | $ | 1,432,083 | ||||
California Municipal Finance Authority, RB | ||||||||
Series A, 4.00%, 10/01/29 (b) | 410 | 398,225 | ||||||
Series A, AMT, 4.00%, 07/15/29 | 5,640 | 5,610,702 | ||||||
California School Finance Authority, RB, 5.00%, 08/01/42 (b) | 875 | 892,379 | ||||||
City of Campbell California, GO, Election 2018, 4.00%, 09/01/50 | 3,025 | 3,055,756 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series A, AMT, 5.00%, 05/15/45 | 6,415 | 6,954,560 | ||||||
Series C, AMT, 5.00%, 05/15/45 | 5,000 | 5,272,612 | ||||||
City of Los Angeles Department of Airports, Refunding ARB Series A, AMT, 5.00%, 05/15/36 | 5,650 | 6,340,625 | ||||||
AMT, Subordinate, 5.00%, 11/15/31 (c) | 530 | 602,411 | ||||||
AMT, Subordinate, 5.00%, 05/15/37 | 9,470 | 10,616,350 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) 4.00%, 10/01/56 | 600 | 490,287 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 | 1,005 | 647,755 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 | 3,880 | 2,897,844 | ||||||
Sustainability Bonds, 5.00%, 09/01/37 | 170 | 174,321 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 | 300 | 209,001 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 | 1,855 | 1,342,395 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28 (c) | 10,285 | 11,409,735 | ||||||
Los Angeles Department of Water & Power, RB, | ||||||||
5.00%, 07/01/51 | 5,000 | 5,496,005 | ||||||
Manteca Financing Authority, RB, Series A, (AGC- ICC), 5.75%, 12/01/36 | 3,285 | 3,293,758 | ||||||
Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52 | 6,000 | 6,568,147 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 5,755 | 5,709,472 | ||||||
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 | 1,870 | 1,839,263 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.25%, 05/01/33 | 6,370 | 6,372,437 | ||||||
Series A, AMT, 5.00%, 05/01/47 | 7,855 | 7,998,312 | ||||||
Series E, AMT, 5.00%, 05/01/40 | 3,335 | 3,508,646 | ||||||
State of California, GO, 5.50%, 04/01/28 | 15 | 15,033 | ||||||
State of California, Refunding GO, 4.00%, 03/01/36 | 10,775 | 11,473,731 | ||||||
113,650,817 | ||||||||
Colorado — 1.5% | ||||||||
City & County of Denver Colorado Airport System Revenue, ARB | ||||||||
Series A, AMT, 5.50%, 11/15/28 | 2,700 | 2,701,656 | ||||||
Series A, AMT, 5.50%, 11/15/30 | 1,040 | 1,040,646 | ||||||
Series A, AMT, 5.50%, 11/15/31 | 1,250 | 1,250,862 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 11/15/47 | 885 | 933,698 | ||||||
Series A, AMT, 4.13%, 11/15/53 | 2,185 | 2,038,789 | ||||||
Series D, AMT, 5.75%, 11/15/45 | 1,315 | 1,486,401 | ||||||
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 | 1,000 | 1,083,663 |
34 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, RB (continued) | ||||||||
5.50%, 11/01/47 | $ | 620 | $ | 673,178 | ||||
5.25%, 11/01/52 | 1,555 | 1,656,298 | ||||||
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,189 | 1,162,884 | ||||||
Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34 | 500 | 515,398 | ||||||
14,543,473 | ||||||||
Connecticut — 1.2% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series C-2, AMT, 2.20%, | ||||||||
11/15/34 | 1,190 | 1,041,295 | ||||||
Connecticut State Health & Educational Facilities Authority, RB | ||||||||
5.25%, 07/15/48 | 2,860 | 3,095,933 | ||||||
4.25%, 07/15/53 | 765 | 746,391 | ||||||
Series A, 5.00%, 01/01/30 (b) | 130 | 123,972 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB 5.00%, 12/01/45 | 5,000 | 5,089,681 | ||||||
Series G-1, 5.00%, 07/01/27 (b) | 100 | 101,038 | ||||||
Series G-1, 5.00%, 07/01/28 (b) | 100 | 101,010 | ||||||
Series G-1, 5.00%, 07/01/29 (b) | 100 | 100,815 | ||||||
Series G-1, 5.00%, 07/01/30 (b) | 100 | 100,500 | ||||||
Series G-1, 5.00%, 07/01/32 (b) | 150 | 150,105 | ||||||
Series G-1, 5.00%, 07/01/34 (b) | 125 | 124,705 | ||||||
State of Connecticut, GO | ||||||||
Series C, 4.00%, 06/15/39 | 300 | 310,880 | ||||||
Series C, 4.00%, 06/15/41 | 300 | 306,853 | ||||||
11,393,178 | ||||||||
Delaware — 0.4% | ||||||||
County of Kent Delaware, RB | ||||||||
Series A, 5.00%, 07/01/29 | 880 | 890,572 | ||||||
Series A, 5.00%, 07/01/30 | 1,030 | 1,040,060 | ||||||
Series A, 5.00%, 07/01/31 | 750 | 755,982 | ||||||
Series A, 5.00%, 07/01/32 | 375 | 377,610 | ||||||
Series A, 5.00%, 07/01/33 | 1,190 | 1,197,507 | ||||||
4,261,731 | ||||||||
District of Columbia — 0.7% | ||||||||
District of Columbia, RB, Series A, AMT, Sustainability Bonds, 5.50%, 02/28/37 | 880 | 1,015,191 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.00%, 07/15/48 | 5,000 | 5,471,843 | ||||||
6,487,034 | ||||||||
Florida — 8.7% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 | 2,035 | 2,165,420 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 4.63%, 05/01/28 | 500 | 501,422 | ||||||
Capital Trust Agency, Inc., RB (b) 5.00%, 01/01/55 | 945 | 718,957 | ||||||
Series A, 4.00%, 06/15/29 | 500 | 474,084 | ||||||
Series A, 5.00%, 06/01/45 | 850 | 735,106 | ||||||
Series A, 5.50%, 06/01/57 | 305 | 268,113 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41 | 10,000 | 10,026,200 | ||||||
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29 (b) | 785 | 783,636 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB | ||||||||
Series A, 5.50%, 09/01/48 | $ | 5,310 | $ | 6,165,286 | ||||
Series B, 5.50%, 09/01/48 | 4,645 | 5,393,172 | ||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 | 20,000 | 22,227,895 | ||||||
County of Miami-Dade Florida Transit System, RB, Series A, 4.00%, 07/01/46 | 3,000 | 2,996,223 | ||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||
Series A, AMT, 5.00%, 10/01/47 | 3,415 | 3,575,458 | ||||||
Series B-1, AMT, Subordinate, 4.00%, 10/01/46 | 5,500 | 5,195,958 | ||||||
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 | 715 | 806,407 | ||||||
Escambia County Health Facilities Authority, Refunding RB | ||||||||
5.00%, 08/15/33 | 1,400 | 1,480,569 | ||||||
5.00%, 08/15/34 | 1,240 | 1,306,783 | ||||||
Esplanade Lake Club Community Development District, SAB | ||||||||
Series A-1, 3.63%, 11/01/30 | 370 | 350,363 | ||||||
Series A-1, 4.00%, 11/01/40 | 1,080 | 936,479 | ||||||
Series A-1, 4.13%, 11/01/50 | 385 | 308,266 | ||||||
Series A-2, 3.63%, 11/01/30 | 130 | 123,102 | ||||||
Series A-2, 4.00%, 11/01/40 | 185 | 160,415 | ||||||
Series A-2, 4.13%, 11/01/50 | 140 | 112,097 | ||||||
Florida Development Finance Corp., RB (b) 6.50%, 06/30/57 | 1,270 | 1,218,625 | ||||||
AMT, 5.00%, 05/01/29 | 3,080 | 2,969,015 | ||||||
Florida Development Finance Corp., Refunding RB (b) 5.00%, 06/01/31 | 450 | 425,873 | ||||||
Series C, 5.00%, 09/15/50 | 475 | 408,235 | ||||||
Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29 | 960 | 923,231 | ||||||
Harbor Bay Community Development District, SAB, Series A-1, 3.30%, 05/01 /29 | 590 | 567,431 | ||||||
Hills of Minneola Community Development District, SAB, 3.50%, 05/01/31 (b) | 1,100 | 1,024,345 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
3.60%, 05/01/24 | 85 | 84,815 | ||||||
4.30%, 05/01/27 (b) | 425 | 423,764 | ||||||
3.80%, 05/01/29 | 515 | 503,119 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 | 65 | 65,071 | ||||||
Midtown Miami Community Development District, Refunding SAB, Series A, 4.25%, 05/01/24 | 240 | 239,859 | ||||||
Orange County Health Facilities Authority, RB, 5.00%, 10/01/47 | 1,945 | 2,029,721 | ||||||
Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30 | 350 | 334,608 | ||||||
Seminole Improvement District, RB | ||||||||
5.00%, 10/01/32 | 265 | 263,517 | ||||||
5.30%, 10/01/37 | 300 | 300,199 | ||||||
Southern Groves Community Development District No. 5, Refunding SAB, 3.25%, 05/01/29 | 290 | 278,476 | ||||||
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10 (d)(e) | 142 | 68,422 | ||||||
Talavera Community Development District, SAB 3.50%, 05/01/25 | 190 | 188,678 |
S C H E D U L E O F IN V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Talavera Community Development District, SAB (continued) 3.85%, 05/01/30 | $ | 540 | $ | 520,449 | ||||
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29 | 180 | 176,111 | ||||||
Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 | 910 | 893,426 | ||||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 | 2,000 | 2,018,113 | ||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) | 840 | 832,492 | ||||||
83,569,006 | ||||||||
Georgia — 4.0% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) | 740 | 670,768 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/49 | 860 | 935,431 | ||||||
Series A, 5.00%, 06/01/53 (a) | 8,890 | 9,403,664 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 (a) | 13,405 | 14,291,874 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
Series A, 5.00%, 01/01/49 | 8,285 | 8,460,925 | ||||||
Series A, 5.00%, 07/01/52 | 3,160 | 3,256,578 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 5.00%, 01/01/56 | 1,250 | 1,276,528 | ||||||
38,295,768 | ||||||||
Hawaii — 0.9% | ||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 | 5,000 | 5,188,039 | ||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.25%, 08/01/25 | 1,350 | 1,351,036 | ||||||
AMT, 5.25%, 08/01/26 | 2,500 | 2,501,943 | ||||||
9,041,018 | ||||||||
Idaho — 0.7% | ||||||||
Idaho Health Facilities Authority, RB, Series A, 5.00%, 12/01/47 | 5,000 | 5,181,532 | ||||||
Idaho Housing & Finance Association, Refunding RB | ||||||||
(GTD), 4.00%, 05/01/42 | 1,160 | 1,107,413 | ||||||
(GTD), 4.00%, 05/01/52 | 905 | 798,209 | ||||||
7,087,154 | ||||||||
Illinois — 15.5% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 2,825 | 2,974,030 | ||||||
Series A, 5.00%, 12/01/40 | 720 | 739,368 | ||||||
Series A, 5.00%, 12/01/47 | 1,915 | 1,957,890 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 5.00%, 12/01/30 | 495 | 521,245 | ||||||
Series C, 5.00%, 12/01/26 | 4,730 | 4,851,504 | ||||||
Series D, 5.00%, 12/01/26 | 4,185 | 4,288,351 | ||||||
Chicago Midway International Airport, Refunding ARB | ||||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/32 | 5,000 | 5,009,989 | ||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 6,685 | 6,688,851 | ||||||
Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48 | 1,015 | 1,124,372 | ||||||
Chicago Midway International Airport, Refunding RB | ||||||||
Series A, AMT, 2nd Lien, 5.50%, 01/01/30 | 6,500 | 6,501,190 | ||||||
Series A, AMT, 2nd Lien, 5.50%, 01/01/32 | 7,775 | 7,776,423 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago O’Hare International Airport, ARB AMT, Senior Lien, (AGM), 5.50%, 01/01/53 | $ | 4,360 | $ | 4,670,514 | ||||
Series D, Senior Lien, 5.25%, 01/01/42 | 2,630 | 2,759,409 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series B, 5.00%, 01/01/32 | 3,745 | 3,820,956 | ||||||
Series A, Senior Lien, 4.00%, 01/01/37 | 3,820 | 3,949,584 | ||||||
Series B, Senior Lien, 5.00%, 01/01/37 | 3,460 | 3,659,228 | ||||||
Series E, Senior Lien, (AGM), 4.00%, 01/01/40 | 5,000 | 5,038,067 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB | ||||||||
Series A, 2nd Lien, 5.00%, 12/01/57 | 1,000 | 1,022,060 | ||||||
Series A, Senior Lien, 4.00%, 12/01/49 | 5,190 | 4,686,875 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB | ||||||||
Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 | 2,755 | 3,019,945 | ||||||
Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 | 1,190 | 1,299,705 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 | 1,975 | 2,149,353 | ||||||
Cook County Community College District No. 508, GO, 5.13%, 12/01/38 | 1,000 | 1,002,935 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/28 | 810 | 823,066 | ||||||
Series A, 5.00%, 02/15/29 | 400 | 408,012 | ||||||
Series A, 5.00%, 02/15/30 | 500 | 509,870 | ||||||
Series A, 5.00%, 02/15/31 | 500 | 509,817 | ||||||
Series A, 5.00%, 02/15/32 | 500 | 509,591 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 4.00%, 07/15/47 | 5,000 | 4,830,534 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37 | 1,455 | 1,517,958 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/34 | 4,140 | 4,152,373 | ||||||
Series A, 5.00%, 01/01/40 | 5,000 | 5,121,576 | ||||||
Series A, 5.00%, 01/01/45 | 2,500 | 2,708,844 | ||||||
Series A, 4.00%, 01/01/46 | 9,770 | 9,541,962 | ||||||
Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31 | 4,220 | 4,408,994 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB | ||||||||
5.00%, 12/15/28 | 1,200 | 1,264,596 | ||||||
4.00%, 06/15/50 | 2,725 | 2,513,438 | ||||||
State of Illinois, GO | ||||||||
5.00%, 04/01/31 | 1,000 | 1,002,664 | ||||||
5.00%, 05/01/31 | 5,010 | 5,030,417 | ||||||
5.00%, 11/01/34 | 5,000 | 5,227,971 | ||||||
5.50%, 05/01/39 | 3,500 | 3,877,377 | ||||||
5.75%, 05/01/45 | 2,000 | 2,240,442 | ||||||
Series A, 5.50%, 03/01/42 | 6,000 | 6,696,626 | ||||||
Series A, 5.50%, 03/01/47 | 5,500 | 6,087,060 | ||||||
Series D, 5.00%, 11/01/28 | 350 | 373,470 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 120 | 128,068 | ||||||
148,996,570 | ||||||||
Indiana — 0.9% | ||||||||
Indiana Finance Authority, RB | ||||||||
Series A, 5.00%, 06/01/41 | 550 | 460,402 | ||||||
Series A, 5.00%, 06/01/51 | 405 | 313,446 | ||||||
Series A, 5.00%, 06/01/56 | 360 | 272,050 |
36 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Indiana (continued) | ||||||||
Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26 | $ | 1,270 | $ | 1,257,362 | ||||
Indianapolis Local Public Improvement Bond Bank, RB | ||||||||
5.25%, 02/01/48 | 975 | 1,095,700 | ||||||
(BAM), 5.00%, 03/01/53 | 5,365 | 5,633,246 | ||||||
9,032,206 | ||||||||
Iowa — 0.8% | ||||||||
Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35 | 7,500 | 7,500,658 | ||||||
Kansas — 0.2% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 2,000 | 1,826,854 | ||||||
Kentucky — 1.7% | ||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) | 285 | 268,923 | ||||||
County of Boyle Kentucky, Refunding RB, Series A, 4.25%, 06/01/46 | 810 | 800,920 | ||||||
Kentucky Public Energy Authority, RB (a) | ||||||||
Series A-1, 4.00%, 08/01/52 | 2,440 | 2,432,900 | ||||||
Series C, 4.00%, 02/01/50 | 2,500 | 2,502,490 | ||||||
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54 (a) | 9,170 | 9,951,284 | ||||||
15,956,517 | ||||||||
Louisiana — 1.4% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB | ||||||||
4.00%, 04/01/48 | 940 | 939,154 | ||||||
4.00%, 04/01/53 | 595 | 592,074 | ||||||
Louisiana Public Facilities Authority, RB | ||||||||
5.25%, 10/01/48 | 2,030 | 2,152,614 | ||||||
5.25%, 10/01/53 | 3,965 | 4,205,557 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 | 4,405 | 4,721,957 | ||||||
New Orleans Aviation Board, ARB, Series A, 5.00%, 01/01/33 | 1,000 | 1,017,722 | ||||||
13,629,078 | ||||||||
Maryland — 2.9% | ||||||||
City of Baltimore Maryland, RB, 5.00%, 06/01/51 | 820 | 810,622 | ||||||
City of Baltimore Maryland, Refunding TA (b) | ||||||||
Series A, Senior Lien, 2.95%, 06/01/27 | 175 | 166,122 | ||||||
Series A, Senior Lien, 3.05%, 06/01/28 | 190 | 178,020 | ||||||
Series A, Senior Lien, 3.15%, 06/01/29 | 200 | 185,098 | ||||||
City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29 (b) | 285 | 266,753 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 | 9,730 | 10,009,702 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, 6.25%, 07/01/63 (b) | 1,655 | 1,634,846 | ||||||
Maryland State Transportation Authority, RB, 4.00%, 07/01/50 | 15,000 | 14,900,032 | ||||||
28,151,195 | ||||||||
Massachusetts — 3.4% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, Sustainability Bonds, 4.00%, 06/01/50 | 8,000 | 8,011,361 | ||||||
Commonwealth of Massachusetts, GO | ||||||||
Series D, 4.00%, 02/01/46 | 5,000 | 5,011,338 | ||||||
Series E, 5.00%, 11/01/45 | 2,500 | 2,717,750 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | $ | 4,610 | $ | 4,639,099 | ||||
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/30 | 3,125 | 3,228,961 | ||||||
Series A, 5.00%, 01/01/31 | 1,730 | 1,748,785 | ||||||
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 | 1,000 | 1,013,632 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 | 215 | 222,918 | ||||||
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/42 | 6,200 | 6,200,307 | ||||||
32,794,151 | ||||||||
Michigan — 3.6% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 | 10 | 10,029 | ||||||
City of Detroit Michigan, GO | ||||||||
5.00%, 04/01/26 | 265 | 272,593 | ||||||
5.00%, 04/01/27 | 210 | 218,282 | ||||||
5.00%, 04/01/28 | 235 | 246,392 | ||||||
5.00%, 04/01/29 | 235 | 245,600 | ||||||
5.00%, 04/01/30 | 180 | 187,719 | ||||||
5.00%, 04/01/31 | 265 | 275,769 | ||||||
5.00%, 04/01/32 | 225 | 233,936 | ||||||
5.00%, 04/01/33 | 295 | 306,726 | ||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 | 1,825 | 1,783,383 | ||||||
Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 | 3,760 | 4,036,660 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/47 | 4,500 | 4,309,374 | ||||||
4.00%, 02/15/50 | 9,705 | 9,175,668 | ||||||
Michigan Finance Authority, Refunding RB, Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31 | 4,000 | 4,034,677 | ||||||
Michigan Strategic Fund, RB | ||||||||
AMT, 5.00%, 06/30/33 | 2,415 | 2,521,229 | ||||||
AMT, 5.00%, 12/31/33 | 2,000 | 2,111,666 | ||||||
Michigan Strategic Fund, Refunding RB | ||||||||
5.00%, 11/15/29 | 440 | 444,980 | ||||||
5.00%, 11/15/34 | 490 | 491,272 | ||||||
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 | 2,925 | 3,265,159 | ||||||
34,171,114 | ||||||||
Minnesota — 1.2% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 02/15/33 | 1,000 | 1,052,408 | ||||||
Series A, 5.00%, 02/15/34 | 1,185 | 1,243,891 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29 (b) | 200 | 197,541 | ||||||
Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54 (f) | 6,050 | 6,641,371 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 | 2,420 | 2,511,015 | ||||||
11,646,226 | ||||||||
Mississippi — 1.3% | ||||||||
Mississippi Development Bank, RB (AGM), 6.75%, 12/01/31 | 3,775 | 3,783,513 |
S C H E D U L E O F IN V E S T M E N T S | 37 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Mississippi (continued) | ||||||||
Mississippi Development Bank, RB (continued) | ||||||||
(AGM), 6.75%, 12/01/33 | $ | 2,350 | $ | 2,355,201 | ||||
(AGM), 6.88%, 12/01/40 | 6,405 | 6,418,766 | ||||||
12,557,480 | ||||||||
Missouri — 1.4% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 | 9,340 | 8,732,304 | ||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 | 290 | 253,975 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 2,840 | 2,883,843 | ||||||
St Louis County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 09/01/27 | 290 | 290,730 | ||||||
5.00%, 09/01/32 | 1,015 | 1,004,129 | ||||||
13,164,981 | ||||||||
Nebraska — 1.0% | ||||||||
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 | 800 | 824,158 | ||||||
Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 | 8,045 | 9,062,782 | ||||||
9,886,940 | ||||||||
Nevada — 0.7% | ||||||||
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33 | 5,000 | 5,042,944 | ||||||
Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 | 1,890 | 1,902,706 | ||||||
6,945,650 | ||||||||
New Hampshire — 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27 (b) | 795 | 764,364 | ||||||
New Jersey — 12.2% | ||||||||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/47 | 940 | 1,030,952 | ||||||
New Jersey Economic Development Authority, RB 5.00%, 11/01/44 | 10,500 | 11,152,554 | ||||||
AMT, 5.50%, 01/01/26 | 1,500 | 1,500,963 | ||||||
AMT, 5.50%, 01/01/27 | 1,000 | 1,000,659 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 2,425 | 2,426,480 | ||||||
AMT, 5.38%, 01/01/43 | 7,000 | 7,006,196 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (c) | 1,750 | 1,886,675 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 6,110 | 5,926,356 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 5.00%, 12/01/27 | 1,000 | 1,066,604 | ||||||
Series B, AMT, 5.00%, 12/01/28 | 1,000 | 1,066,296 | ||||||
Series B, AMT, 4.00%, 12/01/41 | 4,820 | 4,805,760 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB | ||||||||
Series BB, AMT, 3.65%, 04/01/28 | 3,840 | 3,765,003 | ||||||
Series BB, AMT, 3.70%, 10/01/28 | 2,975 | 2,920,440 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, 5.00%, 06/15/30 | 2,000 | 2,096,620 | ||||||
Series AA, 5.25%, 06/15/32 | 2,250 | 2,318,847 | ||||||
Series AA, 5.00%, 06/15/35 | 3,000 | 3,280,630 | ||||||
Series AA, 4.00%, 06/15/39 | 4,000 | 4,072,164 | ||||||
Series AA, 5.00%, 06/15/45 | 6,000 | 6,419,298 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB (continued) | ||||||||
Series BB, 5.00%, 06/15/46 | $ | 6,725 | $ | 7,337,094 | ||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/15/33 | 2,285 | 2,495,928 | ||||||
Series A, 5.00%, 06/15/37 | 2,115 | 2,443,262 | ||||||
Series A, 5.25%, 06/15/42 | 850 | 967,805 | ||||||
Series AA, 4.25%, 06/15/44 | 2,000 | 2,034,924 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 | 9,105 | 10,037,842 | ||||||
Newark Housing Authority, RB, M/F Housing, | ||||||||
Series A, 5.00%, 12/01/25 | 1,345 | 1,346,770 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 | 985 | 953,775 | ||||||
South Jersey Port Corp., ARB | ||||||||
Series B, AMT, 5.00%, 01/01/29 | 250 | 259,176 | ||||||
Series B, AMT, 5.00%, 01/01/30 | 200 | 207,211 | ||||||
Series B, AMT, 5.00%, 01/01/31 | 350 | 363,709 | ||||||
Series B, AMT, 5.00%, 01/01/32 | 425 | 441,486 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/34 | 12,000 | 12,720,246 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 12,065 | 12,188,415 | ||||||
117,540,140 | ||||||||
New Mexico — 0.4% | ||||||||
Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33 | 2,510 | 2,547,113 | ||||||
City of Santa Fe New Mexico, RB | ||||||||
Series A, 5.00%, 05/15/34 | 170 | 157,601 | ||||||
Series A, 5.00%, 05/15/44 | 820 | 694,411 | ||||||
3,399,125 | ||||||||
New York — 24.2% | ||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB | ||||||||
Series A, 4.50%, 06/01/27 | 1,400 | 1,410,594 | ||||||
Series A, 5.00%, 06/01/35 | 415 | 425,442 | ||||||
Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31 (b) | 385 | 383,144 | ||||||
Build NYC Resource Corp., Refunding RB, 5.00%, | ||||||||
08/01/35 | 665 | 690,557 | ||||||
City of New York, GO | ||||||||
Series A, 5.00%, 08/01/46 | 3,035 | 3,383,330 | ||||||
Series A-1, 4.00%, 09/01/46 | 2,630 | 2,679,049 | ||||||
Series B, 5.25%, 10/01/39 | 1,750 | 2,026,060 | ||||||
Series B, 5.25%, 10/01/40 | 1,340 | 1,544,104 | ||||||
Series F-1, 4.00%, 03/01/47 | 2,645 | 2,669,795 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB, | ||||||||
Series A, (AGM), 4.00%, 02/15/47 | 25,165 | 24,527,596 | ||||||
Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36 | 940 | 853,344 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/38 | 3,145 | 3,163,467 | ||||||
Sub-Series A-1, 5.00%, 11/15/40 | 2,355 | 2,391,236 | ||||||
Metropolitan Transportation Authority, Refunding RB, | ||||||||
Series A, 4.00%, 11/15/51 | 2,250 | 2,267,175 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 | 4,365 | 4,367,384 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 | 2,925 | 2,982,697 | ||||||
New York City Municipal Water Finance Authority, RB, Series GG, 5.00%, 06/15/50 | 1,685 | 1,812,990 |
38 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series DD, 4.13%, 06/15/46 | $ | 5,000 | $ | 5,133,287 | ||||
Series DD, 4.13%, 06/15/47 | 2,500 | 2,539,826 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
Series S-1, Subordinate, (SAW), 4.00%, 07/15/45 | 4,210 | 4,152,998 | ||||||
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45 | 6,625 | 7,074,050 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series E-1, 4.00%, 02/01/49 | 2,915 | 2,905,978 | ||||||
Sub-Series B-1, 5.00%, 08/01/38 | 3,000 | 3,115,273 | ||||||
Sub-Series E-1, 5.00%, 02/01/35 | 6,795 | 7,131,534 | ||||||
Subordinate, 4.00%, 05/01/43 | 19,900 | 19,957,319 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48 | 3,795 | 3,781,467 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 | 2,690 | 2,953,706 | ||||||
New York Convention Center Development Corp., RB, CAB, Class B, Sub Lien, 0.00%, 11/15/40 (g) | 7,650 | 3,485,891 | ||||||
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44 (b) | 1,730 | 1,727,837 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 | 6,385 | 4,772,007 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 | 3,970 | 2,889,730 | ||||||
New York Power Authority, Refunding RB, Series A, | ||||||||
Sustainability Bonds, 4.00%, 11/15/55 | 9,515 | 9,164,052 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/01/32 | 3,060 | 3,124,795 | ||||||
Series A, 4.00%, 03/15/46 | 10,000 | 10,034,763 | ||||||
Series E, 4.00%, 03/15/42 | 10,000 | 10,184,863 | ||||||
New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/50 | 5,000 | 5,002,872 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 | 8,885 | 8,765,672 | ||||||
New York Transportation Development Corp., ARB | ||||||||
AMT, 5.63%, 04/01/40 | 1,810 | 1,959,868 | ||||||
AMT, 5.00%, 12/01/40 | 1,865 | 1,963,021 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 4.00%, 10/01/30 | 2,775 | 2,768,437 | ||||||
AMT, 5.00%, 10/01/35 | 1,870 | 1,952,238 | ||||||
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44 | 3,325 | 3,576,380 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
AMT, 5.00%, 01/15/47 | 6,520 | 6,942,592 | ||||||
Series 223, AMT, 4.00%, 07/15/40 | 1,475 | 1,449,336 | ||||||
Series 223, AMT, 4.00%, 07/15/41 | 1,850 | 1,824,665 | ||||||
Series 232, AMT, 4.63%, 08/01/52 | 1,290 | 1,298,476 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 | 12,245 | 12,311,796 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 | 4,860 | 5,208,730 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/47 | 3,915 | 4,282,904 | ||||||
Series B, 5.00%, 11/15/37 | 4,400 | 4,683,553 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority, Refunding RB (continued) | ||||||||
Series C, 5.25%, 05/15/52 | $ | 1,805 | $ | 1,992,859 | ||||
Utility Debt Securitization Authority, Refunding RB, Restructured, Sustainability Bonds, 5.00%, 12/15/44 | 4,290 | 4,810,850 | ||||||
232,501,589 | ||||||||
North Carolina — 0.8% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47 | 1,855 | 1,892,957 | ||||||
North Carolina Turnpike Authority, RB, (AGM), 5.00%, 01/01/58 | 4,625 | 4,938,964 | ||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 | 620 | 694,944 | ||||||
7,526,865 | ||||||||
Ohio — 2.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, Class 1, 4.00%, 06/01/48 | 2,710 | 2,456,070 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 | 13,510 | 12,725,880 | ||||||
State of Ohio, RB, 4.00%, 01/01/46 | 6,000 | 5,812,161 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28 (c) | 25 | 26,337 | ||||||
21,020,448 | ||||||||
Oklahoma — 0.5% | ||||||||
Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/29 | 1,400 | 1,445,113 | ||||||
Oklahoma Development Finance Authority, RB | ||||||||
Series B, 5.00%, 08/15/29 | 1,200 | 1,197,482 | ||||||
Series B, 5.00%, 08/15/33 | 1,305 | 1,287,599 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 | 1,395 | 1,366,524 | ||||||
5,296,718 | ||||||||
Oregon — 0.9% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 | 7,910 | 8,763,273 | ||||||
Pennsylvania — 4.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/28 (b) | 835 | 851,312 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
5.00%, 07/01/35 | 1,100 | 1,050,885 | ||||||
5.00%, 07/01/36 | 1,250 | 1,190,897 | ||||||
4.00%, 07/01/46 | 245 | 191,399 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
AMT, (AGM), 5.50%, 06/30/42 | 2,000 | 2,216,498 | ||||||
AMT, 5.75%, 06/30/48 | 2,365 | 2,607,523 | ||||||
AMT, 5.25%, 06/30/53 | 3,910 | 4,199,716 | ||||||
Pennsylvania Housing Finance Agency, Refunding | ||||||||
RB, S/F Housing, Series 142-A, Sustainability | ||||||||
Bonds, 5.00%, 10/01/50 | 1,590 | 1,638,449 | ||||||
Pennsylvania Turnpike Commission, RB, Series B, | ||||||||
Subordinate, 4.00%, 12/01/51 | 3,000 | 2,837,368 |
S C H E D U L E O F IN V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Refunding RB 2nd Sub Series, 5.00%, 12/01/30 | $ | 2,620 | $ | 2,847,244 | ||||
Sub-Series B-2, 5.00%, 06/01/32 | 5,000 | 5,378,951 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 | 745 | 779,911 | ||||||
School District of Philadelphia, GO | ||||||||
Series A, (SAW), 5.00%, 09/01/32 | 1,200 | 1,297,969 | ||||||
Series A, (SAW), 5.50%, 09/01/48 | 9,145 | 10,155,000 | ||||||
Series B, Sustainability Bonds, (SAW), 5.00%, 09/01/48 | 2,085 | 2,209,812 | ||||||
39,452,934 | ||||||||
Puerto Rico — 4.8% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
Series A-1, Restructured, 5.75%, 07/01/31 | 2,753 | 3,049,495 | ||||||
Series A-1, Restructured, 4.00%, 07/01/35 | 675 | 643,961 | ||||||
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33 (g) | 5,621 | 3,568,809 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-2, Convertible, Restructured, 4.33%, 07/01/40 | 1,919 | 1,894,448 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 1,069 | 1,047,374 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 8,827 | 8,826,886 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 488 | 477,020 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 12,484 | 12,393,491 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 334 | 325,628 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 726 | 704,758 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (g) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 11,890 | 9,646,056 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 1,464 | 1,000,166 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 7,903 | 2,429,466 | ||||||
46,007,558 | ||||||||
Rhode Island — 0.1% | ||||||||
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 | 1,000 | 1,010,958 | ||||||
South Carolina — 1.1% | ||||||||
Patriots Energy Group Financing Agency, RB, | ||||||||
Series A1, 5.25%, 10/01/54 (a) | 5,210 | 5,580,457 | ||||||
South Carolina Jobs-Economic Development | ||||||||
Authority, Refunding RB | ||||||||
4.00%, 11/15/27 | 415 | 395,152 | ||||||
Series A, 5.00%, 05/01/37 | 4,480 | 4,652,189 | ||||||
South Carolina State Housing Finance & | ||||||||
Development Authority, Refunding RB, S/F | ||||||||
Housing, Series A, 4.95%, 07/01/53 | 310 | 320,451 | ||||||
10,948,249 | ||||||||
Tennessee — 3.6% | ||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 | 660 | 718,491 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 | 3,230 | 3,350,222 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB 5.25%, 05/01/48 | 820 | 887,197 | ||||||
Series A, 5.00%, 07/01/40 | 4,000 | 4,050,164 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB 5.00%, 10/01/34 | 450 | 469,207 |
Security | Par (000) | Value | ||||||
Tennessee (continued) | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB (continued) | ||||||||
5.25%, 10/01/58 | $ | 3,090 | $ | 3,160,885 | ||||
Metropolitan Nashville Airport Authority, ARB | ||||||||
Series B, AMT, 5.00%, 07/01/52 | 3,800 | 3,907,725 | ||||||
Series B, AMT, 5.50%, 07/01/52 | 3,500 | 3,748,809 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) | 5,395 | 5,784,015 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52 (a) | 7,845 | 8,335,862 | ||||||
34,412,577 | ||||||||
Texas — 12.8% | ||||||||
Arlington Higher Education Finance Corp., RB (b) | ||||||||
7.50%, 04/01/62 | 1,630 | 1,586,182 | ||||||
7.88%, 11/01/62 | 1,410 | 1,430,940 | ||||||
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 | 5,130 | 5,346,602 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 | 2,505 | 2,788,084 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 | 405 | 406,725 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 | 700 | 700,909 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB AMT, 5.00%, 07/15/27 | 410 | 409,700 | ||||||
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 | 2,390 | 2,571,338 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 | 400 | 400,260 | ||||||
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 11/15/51 | 1,840 | 1,766,919 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 | 5,940 | 6,742,294 | ||||||
County of Harris Texas, Refunding GO, Series A, 5.00%, 09/15/48 | 6,080 | 6,678,769 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 | 9,400 | 9,226,586 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 | 6,640 | 7,308,214 | ||||||
Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 | 1,885 | 1,853,000 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 | 230 | 253,445 | ||||||
Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/28 | 855 | 854,949 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31 (b) | 1,360 | 1,341,352 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) | 800 | 719,229 | ||||||
North Texas Tollway Authority, Refunding RB | ||||||||
Series A, 4.13%, 01/01/40 | 2,500 | 2,574,090 | ||||||
Series A, 5.00%, 01/01/40 | 3,000 | 3,326,856 | ||||||
Port Authority of Houston of Harris County Texas, ARB 4.00%, 10/01/46 | 1,740 | 1,706,839 | ||||||
1st Lien, 5.00%, 10/01/53 | 1,850 | 2,012,565 | ||||||
San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25 | 2,910 | 2,913,032 | ||||||
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 | 6,720 | 6,720,572 |
40 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
State of Texas, GO, Class A, 5.00%, 04/01/44 | $ | 6,000 | $ | 6,184,245 | ||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
5.00%, 11/15/51 | 7,130 | 7,618,862 | ||||||
Series A, 4.00%, 07/01/53 | 2,410 | 2,162,084 | ||||||
Series A, 5.00%, 07/01/53 | 1,485 | 1,542,419 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/47 | 8,590 | 8,753,044 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 445 | 392,913 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, | ||||||||
Refunding RB | ||||||||
5.00%, 12/15/30 | 1,720 | 1,824,082 | ||||||
5.00%, 12/15/32 | 6,585 | 7,016,713 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV, RB, Series B, 5.50%, 01/01/54 (a) | 5,000 | 5,590,322 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 | 2,000 | 2,023,224 | ||||||
Texas Water Development Board, RB | ||||||||
4.45%, 10/15/36 | 1,155 | 1,280,411 | ||||||
4.00%, 10/15/54 | 7,000 | 6,723,258 | ||||||
122,751,028 | ||||||||
Utah — 0.8% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/34 | 3,500 | 3,666,443 | ||||||
Series A, AMT, 5.25%, 07/01/48 | 950 | 1,016,771 | ||||||
Series A, AMT, 5.00%, 07/01/51 | 1,805 | 1,874,081 | ||||||
Utah Charter School Finance Authority, RB (b) | ||||||||
Series A, 3.63%, 06/15/29 | 345 | 325,616 | ||||||
Series A, 5.00%, 06/15/49 | 320 | 287,984 | ||||||
Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27 (b) | 1,040 | 1,003,591 | ||||||
8,174,486 | ||||||||
Vermont — 0.6% | ||||||||
University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30 | 5,565 | 5,587,295 | ||||||
Virginia — 1.2% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 | 8,400 | 8,107,366 | ||||||
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 | 2,065 | 1,663,320 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52 | 2,065 | 2,137,213 | ||||||
11,907,899 | ||||||||
Washington — 0.9% | ||||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 | 5,755 | 5,979,073 |
Security | Par (000) | Value | ||||||
Washington (continued) | ||||||||
Washington State Housing Finance Commission, | ||||||||
Refunding RB (b) | ||||||||
5.00%, 01/01/27 | $ | 1,560 | $ | 1,521,772 | ||||
5.00%, 01/01/28 | 750 | 725,281 | ||||||
8,226,126 | ||||||||
Wisconsin — 1.7% | ||||||||
Public Finance Authority, RB | ||||||||
5.00%, 06/15/34 | 430 | 436,841 | ||||||
5.00%, 10/15/56 (b) | 385 | 318,163 | ||||||
Class A, 5.00%, 06/15/56 (b) | 1,000 | 773,107 | ||||||
Series A, 4.00%, 03/01/30 (b) | 445 | 425,040 | ||||||
Series A, 5.00%, 10/15/50 (b) | 1,695 | 1,438,629 | ||||||
AMT, 4.00%, 09/30/51 | 1,595 | 1,302,522 | ||||||
AMT, 4.00%, 03/31/56 | 1,520 | 1,198,050 | ||||||
Public Finance Authority, Refunding RB | ||||||||
4.00%, 09/01/29 (b) | 115 | 104,549 | ||||||
5.00%, 09/01/49 (b) | 520 | 420,197 | ||||||
Series B, AMT, 5.25%, 07/01/28 | 3,765 | 3,766,086 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
4.00%, 12/15/49 | 4,235 | 4,007,655 | ||||||
4.00%, 12/01/51 | 2,720 | 2,574,018 | ||||||
16,764,857 | ||||||||
Total Municipal Bonds — 150.3% (Cost: $1,403,129,721) | 1,446,480,293 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) | ||||||||
Alabama — 2.2% | ||||||||
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53 (a) | 20,000 | 21,299,588 | ||||||
Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 7,310 | 7,955,953 | ||||||
Idaho — 0.8% | ||||||||
Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 | 6,880 | 7,781,133 | ||||||
Illinois — 1.4% | ||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46 | 11,860 | 12,934,151 | ||||||
Michigan — 2.7% | ||||||||
Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45 | 15,520 | 15,840,667 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 | 10,000 | 10,198,663 | ||||||
26,039,330 |
S C H E D U L E O F IN V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania — 2.1% | ||||||||
Pennsylvania Turnpike Commission, RB, Series B-1, | ||||||||
5.25%, 06/01/47 | $ | 18,910 | $ | 19,679,301 | ||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.0% (Cost: $92,034,026) | 95,689,456 | |||||||
Total Long-Term Investments — 160.3% (Cost: $1,495,163,747) | 1,542,169,749 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.2% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (i)(j) | 20,999,561 | 21,001,661 | ||||||
Total Short-Term Securities — 2.2% (Cost: $20,999,548) | 21,001,661 | |||||||
Total Investments — 162.5% (Cost: $1,516,163,295) | 1,563,171,410 | |||||||
Other Assets Less Liabilities — 1.2% | 12,204,477 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)% | (51,791,724 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (58.3)% | (561,403,586 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 962,180,577 | ||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Issuer filed for bankruptcy and/or is in default. |
(e) | Non-income producing security. |
(f) | When-issued security. |
(g) | Zero-coupon bond. |
(h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class. | $ | 36,788,624 | $ | — | $ | (15,791,821) (a) | $ | 2,671 | $ | 2,187 | $ | 21,001,661 | 20,999,561 | $ | 546,493 | $ | — | |||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (2,269,716 | ) | $ | — | $ | (2,269,716 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 137,766 | $ | — | $ | 137,766 | ||||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 39,118,672 |
42 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock Municipal Income Fund, Inc. (MUI) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,446,480,293 | $ | — | $ | 1,446,480,293 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 95,689,456 | — | 95,689,456 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 21,001,661 | — | — | 21,001,661 | ||||||||||||
$ | 21,001,661 | $ | 1,542,169,749 | $ | — | $ | 1,563,171,410 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (51,489,875 | ) | $ | — | $ | (51,489,875 | ) | ||||||
VRDP Shares at Liquidation Value | — | (561,700,000 | ) | — | (561,700,000 | ) | ||||||||||
$ | — | $ | (613,189,875 | ) | $ | — | $ | (613,189,875 | ) | |||||||
S C H E D U L E O F IN V E S T M E N T S | 43 |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 5.4% | ||||||||
Black Belt Energy Gas District, RB (a) | ||||||||
Series A, 5.25%, 01/01/54 | $ | 4,665 | $ | 5,023,564 | ||||
Series C, 5.50%, 10/01/54 | 10,500 | 11,634,854 | ||||||
Series F, 5.50%, 11/01/53 | 830 | 883,092 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a) | 7,240 | 7,249,340 | ||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 | 1,100 | 1,206,642 | ||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a) | 1,585 | 1,761,870 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) | ||||||||
Series A-1, 5.50%, 01/01/53 | 1,405 | 1,511,288 | ||||||
Series B, 5.00%, 01/01/54 | 1,230 | 1,303,271 | ||||||
30,573,921 | ||||||||
Arizona — 3.5% | ||||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 | 1,665 | 1,897,033 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 940 | 733,785 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) | 3,575 | 3,433,942 | ||||||
Salt Verde Financial Corp., RB | ||||||||
5.00%, 12/01/32 | 7,365 | 7,883,747 | ||||||
5.00%, 12/01/37 | 5,000 | 5,459,530 | ||||||
19,408,037 | ||||||||
Arkansas — 1.0% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.75%, 09/01/49 (b) | 4,900 | 4,828,411 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 895 | 916,221 | ||||||
5,744,632 | ||||||||
California — 6.3% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 6,490 | 6,512,243 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) | 785 | 775,300 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/15/48 | 3,540 | 3,520,050 | ||||||
Series B, 5.00%, 11/15/46 | 6,025 | 6,206,329 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 305 | 306,058 | ||||||
Series A, 5.25%, 08/15/49 | 770 | 773,269 | ||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) | 1,650 | 1,652,970 | ||||||
California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43 | 3,285 | 3,287,034 | ||||||
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 | 2,815 | 2,811,504 | ||||||
City of Los Angeles Department of Airports, Refunding ARB AMT, 5.00%, 05/15/46 | 2,415 | 2,569,532 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 | 1,335 | 1,251,156 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) 4.00%, 10/01/56 | 235 | 192,029 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 | 1,215 | 783,106 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 | 615 | 459,323 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 | 340 | 236,868 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) (continued) | ||||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 | $ | 735 | $ | 531,892 | ||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56 | 3,145 | 3,266,235 | ||||||
State of California, GO, (AMBAC), 5.00%, 04/01/31 | 10 | 10,019 | ||||||
35,144,917 | ||||||||
Colorado — 1.5% | ||||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47 | 4,265 | 4,163,777 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 | 870 | 983,398 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.50%, 11/01/47 | 355 | 385,449 | ||||||
5.25%, 11/01/52 | 745 | 793,532 | ||||||
Colorado Health Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 08/01/44 | 950 | 986,968 | ||||||
Series A, 4.00%, 11/15/50 | 1,125 | 1,059,002 | ||||||
8,372,126 | ||||||||
Connecticut — 0.1% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53 | 720 | 702,486 | ||||||
Delaware — 0.5% | ||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 | 3,065 | 3,073,976 | ||||||
District of Columbia — 8.7% | ||||||||
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 | 1,850 | 2,073,680 | ||||||
District of Columbia Water & Sewer Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 | 1,875 | 1,943,929 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 | 4,875 | 4,964,424 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 | 3,490 | 3,496,900 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/39 | 795 | 795,763 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31 (c) | 8,350 | 6,522,165 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32 (c) | 15,000 | 11,304,429 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33 (c) | 13,410 | 9,731,982 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 3,780 | 3,480,322 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB 5.00%, 07/15/48 | 1,965 | 2,150,434 | ||||||
Series A, Sustainability Bonds, 4.00%, 07/15/46 | 2,540 | 2,520,903 | ||||||
48,984,931 | ||||||||
Florida — 3.0% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 | 445 | 447,627 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/29 | 1,900 | 1,908,127 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49 | 4,335 | 4,144,781 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 | 980 | 1,040,910 |
44 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48 | $ | 5,000 | $ | 5,376,115 | ||||
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 | 220 | 213,061 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 | 435 | 455,862 | ||||||
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 | 3,105 | 3,169,371 | ||||||
16,755,854 | ||||||||
Georgia — 3.6% | ||||||||
City of Atlanta Georgia Department of Aviation, ARB, Series B-1, Sustainability Bonds, 5.00%, 07/01/53 | 1,485 | 1,628,248 | ||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 | 2,400 | 2,265,522 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 | 1,105 | 1,039,044 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/49 | 2,100 | 2,284,191 | ||||||
Series B, 5.00%, 12/01/52 (a) | 7,800 | 8,188,440 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 (a) | 1,655 | 1,764,495 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 | 3,290 | 2,954,429 | ||||||
20,124,369 | ||||||||
Idaho — 1.8% | ||||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 | 10,000 | 10,015,447 | ||||||
Illinois — 9.6% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | 1,115 | 1,115,416 | ||||||
Series C, 5.25%, 12/01/35 | 3,095 | 3,109,428 | ||||||
Series D, 5.00%, 12/01/46 | 4,040 | 4,043,111 | ||||||
Series H, 5.00%, 12/01/36 | 460 | 470,562 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series D, 5.00%, 12/01/31 | 1,000 | 1,035,481 | ||||||
Series G, 5.00%, 12/01/34 | 455 | 465,807 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 | 3,035 | 3,149,779 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 | 7,435 | 8,120,426 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 | 1,635 | 1,641,152 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50 | 270 | 252,557 | ||||||
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 | 2,860 | 2,796,175 | ||||||
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 | 3,095 | 3,143,406 | ||||||
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 | 1,835 | 1,871,902 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB (c) | ||||||||
Series B, (AGM), 0.00%, 06/15/44 | 10,925 | 4,466,648 | ||||||
Series B, (AGM), 0.00%, 06/15/47 | 27,225 | 9,428,459 | ||||||
State of Illinois, GO 5.00%, 02/01/39 | 3,195 | 3,201,780 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO (continued) | ||||||||
Series C, 5.00%, 12/01/45 | $ | 2,235 | $ | 2,411,174 | ||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28 | 1,000 | 1,084,949 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 2,045 | 2,046,866 | ||||||
53,855,078 | ||||||||
Indiana — 1.0% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 1,635 | 1,637,619 | ||||||
AMT, 7.00%, 01/01/44 | 3,950 | 3,955,247 | ||||||
5,592,866 | ||||||||
Kansas — 0.1% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 530 | 484,116 | ||||||
Kentucky — 1.5% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 | 2,140 | 2,216,112 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 | 2,485 | 2,916,203 | ||||||
Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 | 3,000 | 3,284,217 | ||||||
8,416,532 | ||||||||
Louisiana — 1.9% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53 | 760 | 756,262 | ||||||
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 | 4,100 | 4,348,747 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 | 2,560 | 2,744,202 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 | 1,920 | 1,943,157 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 835 | 835,790 | ||||||
10,628,158 | ||||||||
Maryland — 0.2% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 | 1,250 | 1,164,973 | ||||||
Massachusetts — 3.7% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series B, 5.00%, 06/01/50 | 5,000 | 5,492,685 | ||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 2,740 | 3,012,310 | ||||||
Series C, 5.00%, 10/01/52 | 2,835 | 3,077,447 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A-1, 5.25%, 07/01/29 | 3,250 | 3,725,747 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 3,000 | 3,018,936 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 2,325 | 2,438,411 | ||||||
20,765,536 | ||||||||
Michigan — 5.0% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB | ||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 | 1,125 | 1,232,671 |
S C H E D U L E O F IN V E S T M E N T S | 45 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB (continued) | ||||||||
Series B, 2nd Lien, 5.50%, 07/01/52 | $ | 2,655 | $ | 2,928,392 | ||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,655 | 2,922,035 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB | ||||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,655 | 2,922,035 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 | 2,655 | 2,933,059 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/47 | 820 | 785,264 | ||||||
4.00%, 02/15/50 | 4,730 | 4,472,016 | ||||||
4.00%, 02/15/44 | 1,710 | 1,648,741 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 3,110 | 2,987,016 | ||||||
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 | 540 | 534,001 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2,255 | 2,274,117 | ||||||
State of Michigan Trunk Line Revenue, RB, 5.50%, 11/15/49 | 1,855 | 2,150,697 | ||||||
27,790,044 | ||||||||
Minnesota — 0.9% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,160 | 2,011,765 | ||||||
Series A, 5.25%, 02/15/58 | 3,125 | 3,185,683 | ||||||
5,197,448 | ||||||||
Missouri — 2.4% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB | ||||||||
Series A, 4.00%, 02/15/49 | 5,555 | 5,252,556 | ||||||
Series C, 5.00%, 11/15/42 | 5,470 | 5,667,236 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 2,680 | 2,721,373 | ||||||
13,641,165 | ||||||||
Nebraska — 3.3% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) | 4,300 | 4,498,876 | ||||||
Omaha Public Power District, RB | ||||||||
Series A, 5.25%, 02/01/48 | 5,000 | 5,632,555 | ||||||
Series A, (AGM-CR), 4.00%, 02/01/51 | 8,700 | 8,525,326 | ||||||
18,656,757 | ||||||||
New Hampshire (b) — 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 3,205 | 2,720,825 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,665 | 1,523,184 | ||||||
4,244,009 | ||||||||
New Jersey — 9.3% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 3,490 | 3,519,813 | ||||||
5.25%, 11/01/44 | 3,180 | 3,197,798 | ||||||
New Jersey Economic Development Authority, RB Class A, 5.25%, 11/01/47 | 3,565 | 3,930,468 | ||||||
Series EEE, 5.00%, 06/15/48 | 12,340 | 12,877,002 | ||||||
Series B, AMT, 6.50%, 04/01/31 | 1,845 | 1,863,586 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 3,040 | 3,045,442 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 4.00%, 12/01/41 | $ | 2,570 | $ | 2,562,407 | ||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 | 2,595 | 2,626,315 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series C, (AMBAC), 0.00%, 12/15/35 (c) | 7,395 | 4,797,531 | ||||||
Series S, 5.00%, 06/15/46 | 2,415 | 2,531,321 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 2,435 | 2,480,560 | ||||||
Series A, 5.25%, 06/01/46 | 2,685 | 2,769,818 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 5,670 | 5,727,999 | ||||||
51,930,060 | ||||||||
New York — 20.4% | ||||||||
City of New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 1,640 | 1,670,586 | ||||||
Series C, 5.00%, 08/01/43 | 2,330 | 2,542,712 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 4,070 | 3,967,689 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 3,335 | 3,441,152 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 1,085 | 1,130,444 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1,605 | 1,691,195 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 | 3,335 | 3,336,821 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series BB-1, 4.00%, 06/15/45 | 1,545 | 1,549,251 | ||||||
Series DD, 4.13%, 06/15/46 | 9,330 | 9,578,713 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Subordinate, 4.00%, 05/01/47 | 5,000 | 4,937,620 | ||||||
New York City Transitional Finance Authority, RB, 5.00%, 05/01/46 | 2,480 | 2,777,684 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) | 3,300 | 3,301,146 | ||||||
New York Liberty Development Corp., Refunding RB (b) | ||||||||
Class 1, 5.00%, 11/15/44 | 8,145 | 8,134,819 | ||||||
Class 2, 5.38%, 11/15/40 | 1,760 | 1,762,199 | ||||||
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 | 2,765 | 2,663,017 | ||||||
New York State Dormitory Authority, RB, Series A, | ||||||||
4.00%, 03/15/47 | 1,575 | 1,540,840 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 2,270 | 2,292,185 | ||||||
Series A, 4.00%, 03/15/47 | 7,890 | 7,892,959 | ||||||
Series A, 4.00%, 03/15/48 | 1,395 | 1,375,916 | ||||||
Series A-1, 5.00%, 03/15/45 | 5,610 | 6,206,826 | ||||||
Series D, 4.00%, 02/15/47 | 4,730 | 4,675,037 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 | 1,870 | 1,844,885 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49 | 6,675 | 6,543,360 | ||||||
New York Transportation Development Corp., ARB AMT, 5.63%, 04/01/40 | 965 | 1,044,902 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 1,525 | 1,525,513 | ||||||
New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 | 2,230 | 2,328,069 | ||||||
AMT, Sustainability Bonds, 5.38%, 06/30/60 | 5,590 | 5,842,491 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB Series A, 5.25%, 05/15/52 | 1,625 | 1,809,187 |
46 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB (continued) | ||||||||
Series A, 4.13%, 05/15/53 | $ | 3,275 | $ | 3,292,865 | ||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56 | 2,230 | 2,381,006 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB 5.00%, 11/15/46 | 8,760 | 9,222,644 | ||||||
Sustainability Bonds, 5.25%, 11/15/40 | 1,640 | 1,924,449 | ||||||
114,228,182 | ||||||||
Ohio — 3.1% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 . | 5,015 | 4,723,929 | ||||||
County of Franklin Ohio, RB | ||||||||
Series A, 4.00%, 12/01/44 | 1,060 | 1,041,486 | ||||||
Series A, 5.00%, 12/01/47 | 840 | 870,481 | ||||||
County of Hamilton Ohio, RB | ||||||||
Series A, 5.00%, 08/15/42 | 4,350 | 4,474,910 | ||||||
Series CC, 5.00%, 11/15/49 | 1,130 | 1,264,671 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 | 1,245 | 1,173,944 | ||||||
Series A, 3.75%, 08/15/50 | 2,190 | 1,966,146 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,685 | 1,666,783 | ||||||
17,182,350 | ||||||||
Oklahoma — 1.4% | ||||||||
Oklahoma Turnpike Authority, RB 5.50%, 01/01/53 | 3,140 | 3,505,986 | ||||||
Series A, 4.00%, 01/01/48 | 4,320 | 4,312,479 | ||||||
7,818,465 | ||||||||
Oregon — 0.7% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 | 3,725 | 4,126,826 | ||||||
Pennsylvania — 5.4% | ||||||||
Allegheny County Airport Authority, ARB | ||||||||
Series A, AMT, (AGM), 5.50%, 01/01/48 | 6,750 | 7,377,297 | ||||||
Series A, AMT, (AGM-CR), 4.00%, 01/01/56 | 1,275 | 1,197,933 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
4.00%, 09/01/51 | 1,115 | 1,026,883 | ||||||
5.00%, 09/01/48 | 740 | 757,494 | ||||||
Series A, 4.00%, 09/01/49 | 1,185 | 1,089,203 | ||||||
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 | 1,765 | 1,766,663 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 3,210 | 3,175,981 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 | 3,105 | 3,243,063 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax | ||||||||
Revenue, Refunding RB, Series B, 4.00%, 12/01/53 | 2,290 | 2,150,012 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/44 | 2,305 | 2,331,927 | ||||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 | 1,550 | 1,507,410 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 | 4,515 | 4,444,565 | ||||||
30,068,431 | ||||||||
Puerto Rico — 5.5% | ||||||||
Commonwealth of Puerto Rico, GO Series A-1, Restructured, 5.63%, 07/01/29 | 2,931 | 3,167,548 |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Commonwealth of Puerto Rico, GO (continued) | ||||||||
Series A-1, Restructured, 5.75%, 07/01/31 | $ | 2,646 | $ | 2,930,693 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 3,817 | 3,739,782 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 12,161 | 12,160,843 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 6,236 | 6,095,690 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) | 9,662 | 2,970,201 | ||||||
31,064,757 | ||||||||
Rhode Island — 0.3% | ||||||||
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35 (d)(e) | 4,155 | 1,464,637 | ||||||
South Carolina — 3.1% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB 4.00%, 12/01/44 | 3,835 | 3,662,474 | ||||||
Series A, 5.00%, 05/01/48 | 3,030 | 3,087,649 | ||||||
South Carolina Ports Authority, ARB AMT, 5.00%, 07/01/43 | 4,500 | 4,636,976 | ||||||
Series B, AMT, 4.00%, 07/01/49 | 1,330 | 1,202,215 | ||||||
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50 | 5,000 | 5,039,225 | ||||||
17,628,539 | ||||||||
Tennessee — 3.8% | ||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/54 | 860 | 937,786 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 | 2,665 | 2,787,138 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 1,440 | 1,458,059 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 | 4,030 | 4,122,448 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52 (a) | 4,190 | 4,452,168 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53 (a) | 7,270 | 7,543,246 | ||||||
21,300,845 | ||||||||
Texas — 13.7% | ||||||||
Arlington Higher Education Finance Corp., RB (b) | ||||||||
7.50%, 04/01/62 | 885 | 861,209 | ||||||
7.88%, 11/01/62 | 755 | 766,213 | ||||||
Austin Independent School District, GO, 4.00%, 08/01/48 | 1,500 | 1,497,635 | ||||||
City of Austin Texas Airport System Revenue, ARB | ||||||||
Series A, 5.00%, 11/15/41 | 3,250 | 3,378,225 | ||||||
Series B, AMT, 5.00%, 11/15/44 | 5,755 | 5,997,991 | ||||||
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series A, 5.00%, 10/01/41 | 1,240 | 1,290,854 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series B-1, AMT, 5.00%, 07/15/30 | 3,600 | 3,604,045 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 | 3,580 | 3,851,628 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 | 1,765 | 1,762,794 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.00%, 02/01/47 | 3,415 | 3,529,003 |
S C H E D U L E O F IN V E S T M E N T S | 47 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 | $ | 1,525 | $ | 1,528,125 | ||||
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 | 560 | 568,165 | ||||||
Crowley Independent School District, GO | ||||||||
(PSF), 5.00%, 02/01/48 | 515 | 565,804 | ||||||
(PSF), 4.25%, 02/01/53 | 190 | 193,094 | ||||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 | 1,225 | 1,217,555 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 | 940 | 1,034,597 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33 | 40 | 40,010 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 | 60 | 66,116 | ||||||
Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/49 | 3,255 | 3,354,089 | ||||||
Marshall Independent School District, GO, (PSF), 4.00%, 02/15/45 | 620 | 627,866 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31 (c)(f) | 4,110 | 2,092,801 | ||||||
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43 | 6,205 | 6,433,004 | ||||||
Northwest Independent School District, GO, (PSF), 5.00%, 02/15/48 | 1,190 | 1,299,307 | ||||||
Plano Independent School District, GO, 5.00%, 02/15/42 | 1,540 | 1,719,972 | ||||||
Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48 | 865 | 969,372 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 5,700 | 5,699,812 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 1,280 | 1,148,327 | ||||||
Series A, 5.00%, 07/01/53 | 1,570 | 1,630,706 | ||||||
Series B, 5.00%, 07/01/43 | 4,080 | 4,249,464 | ||||||
Series B, 5.00%, 07/01/48 | 5,505 | 5,664,856 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 | 2,435 | 2,463,276 | ||||||
Texas Water Development Board, RB, 4.00%, 10/15/45 | 2,735 | 2,737,440 | ||||||
Waller Consolidated Independent School District, GO, (BAM), 4.00%, 02/15/48 | 5,000 | 4,923,204 | ||||||
76,766,559 | ||||||||
Utah — 0.3% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 | 1,845 | 1,891,463 | ||||||
Security | Par (000) | Value | ||||||
Virginia — 1.0% | ||||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, Senior Lien, 4.00%, 07/01/50 | $ | 1,115 | $ | 1,101,824 | ||||
Series A, Senior Lien, 4.00%, 07/01/55 | 4,950 | 4,780,767 | ||||||
5,882,591 | ||||||||
Washington — 0.6% | ||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 | 3,120 | 3,194,541 | ||||||
Wisconsin — 0.1% | ||||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 | 700 | 736,876 | ||||||
Total Municipal Bonds — 134.5% (Cost: $727,125,884) | 754,622,500 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) | ||||||||
Alabama — 1.8% | ||||||||
Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54 (a) | 9,350 | 9,948,587 | ||||||
District of Columbia — 1.8% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 | 10,265 | 10,294,086 | ||||||
Florida — 5.0% | ||||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 | 10,000 | 10,851,900 | ||||||
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/50 | 10,000 | 10,912,601 | ||||||
JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.50%, 10/01/54 (h) | 5,703 | 6,497,772 | ||||||
28,262,273 | ||||||||
Nebraska — 2.3% | ||||||||
Omaha Public Power District, RB, Series A, 5.00%, 02/01/46 | 11,970 | 12,946,381 | ||||||
New York — 4.3% | ||||||||
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 | 12,550 | 13,058,417 | ||||||
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/50 | 10,000 | 11,060,145 | ||||||
24,118,562 |
48 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Washington — 2.0% | ||||||||
State of Washington, GO, Series 2024-A, 5.00%, 08/01/48 | $ | 10,000 | $ | 11,048,275 | ||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2% (Cost: $91,664,098) | 96,618,164 | |||||||
Total Long-Term Investments — 151.7% (Cost: $818,789,982) | 851,240,664 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (i)(j) | 5,291,628 | 5,292,158 | ||||||
Total Short-Term Securities — 1.0% (Cost: $5,291,985) | 5,292,158 | |||||||
Total Investments — 152.7% (Cost: $824,081,967) | 856,532,822 | |||||||
Other Assets Less Liabilities — 1.3% | 7,412,681 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.2)% | (51,775,361 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.8)% | (251,128,294 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ 561,041,848 | |||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Zero-coupon bond. |
(d) | Issuer filed for bankruptcy and/or is in default. |
(e) | Non-income producing security. |
(f) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(h) | When-issued security. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 25,211,856 | $ | — | $ | (19,920,496 | ) (a) | $ | 48 | $ | 750 | $ | 5,292,158 | 5,291,628 | $ | 159,628 | $ | — | ||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 87 | 03/19/24 | $ | 9,775 | $ | (308,647 | ) | |||||||||
U.S. Long Bond | 65 | 03/19/24 | 7,971 | (439,353 | ) | |||||||||||
5-Year U.S. Treasury Note | 64 | 03/28/24 | 6,941 | (137,422 | ) | |||||||||||
$ | (885,422 | ) | ||||||||||||||
S C H E D U L E O F IN V E S T M E N T S | 49 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) |
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) | $ | — | $ | — | $ | — | $ | — | $ | 885,422 | $ | — | $ | 885,422 | ||||||||||||||
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (1,780,278 | ) | $ | — | $ | (1,780,278 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (885,422 | ) | $ | — | $ | (885,422 | ) | ||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 35,856,824 | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 754,622,500 | $ | — | $ | 754,622,500 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 96,618,164 | — | 96,618,164 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 5,292,158 | — | — | 5,292,158 | ||||||||||||
$ | 5,292,158 | $ | 851,240,664 | $ | — | $ | 856,532,822 | |||||||||
Derivative Financial Instruments (a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (885,422 | ) | $ | — | $ | — | $ | (885,422 | ) | ||||||
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
50 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Fund, Inc. (MYD) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (51,338,092) | $ | — | $ | (51,338,092) | ||||||||
VRDP Shares at Liquidation Value | — | (251,400,000 | ) | — | (251,400,000 | ) | ||||||||||
$ | — | $ | (302,738,092) | $ | — | $ | (302,738,092) | |||||||||
S C H E D U L E O F IN V E S T M E N T S | 51 |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Municipal Bonds | ||||||||||||
Alabama — 5.9% | ||||||||||||
Black Belt Energy Gas District, RB (a) | ||||||||||||
4.00%, 10/01/52 | $ | 4,950 | $ | 4,942,503 | ||||||||
Series A, 5.25%, 01/01/54 | 3,065 | 3,300,584 | ||||||||||
Series C, 5.50%, 10/01/54 | 7,575 | 8,393,716 | ||||||||||
Series F, 5.50%, 11/01/53 | 2,920 | 3,106,779 | ||||||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 | 6,495 | 7,124,672 | ||||||||||
Energy Southeast A Cooperative District, RB (a) Series A-1, 5.50%, 11/01/53 | 4,900 | 5,328,652 | ||||||||||
Series B-1, 5.75%, 04/01/54 | 10,625 | 11,810,644 | ||||||||||
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 | 1,010 | 1,020,406 | ||||||||||
Southeast Energy Authority A Cooperative District, RB (a) | ||||||||||||
Series A-1, 5.50%, 01/01/53 | 2,665 | 2,866,607 | ||||||||||
Series B-1, 5.00%, 05/01/53 | 8,445 | 8,778,115 | ||||||||||
56,672,678 | ||||||||||||
Arizona — 6.7% | ||||||||||||
Arizona Industrial Development Authority, RB | ||||||||||||
4.38%, 07/01/39 (b) | 875 | 779,163 | ||||||||||
5.00%, 07/01/54 (b) | 615 | 540,213 | ||||||||||
7.10%, 01/01/55 (b) | 250 | 254,470 | ||||||||||
Series A, (BAM), 5.00%, 06/01/49 | 2,500 | 2,596,568 | ||||||||||
Series A, 5.00%, 07/01/49 (b) | 1,445 | 1,309,531 | ||||||||||
Series A, 5.00%, 07/15/49 | 1,000 | 952,388 | ||||||||||
Series A, 5.00%, 12/15/49 (b) | 250 | 225,377 | ||||||||||
Series A, 5.00%, 07/01/54 (b) | 1,110 | 988,096 | ||||||||||
Arizona Industrial Development Authority, Refunding RB | ||||||||||||
Series A, 5.13%, 07/01/37 (b) | 500 | 500,705 | ||||||||||
Series A, 5.38%, 07/01/50 (b) | 1,645 | 1,603,036 | ||||||||||
Series A, 5.50%, 07/01/52 (b) | 600 | 571,338 | ||||||||||
Series G, 5.00%, 07/01/47 (b) | 2,360 | 2,211,771 | ||||||||||
Series S, 5.00%, 07/01/37 | 750 | 776,840 | ||||||||||
City of Buckeye Arizona Excise Tax Revenue, RB, (NGFGC), 5.00%, 07/01/43 | 4,000 | 4,087,796 | ||||||||||
City of Phoenix Civic Improvement Corp., ARB | ||||||||||||
Series B, AMT, Junior Lien, 5.00%, 07/01/44 | 4,515 | 4,722,027 | ||||||||||
AMT, Senior Lien, 5.00%, 07/01/43 | 4,000 | 4,157,292 | ||||||||||
Glendale Industrial Development Authority, RB, | ||||||||||||
5.00%, 05/15/56 | 825 | 644,013 | ||||||||||
Industrial Development Authority of the City of Phoenix Arizona, RB | ||||||||||||
Series A, 5.00%, 07/01/44 | 2,000 | 2,002,500 | ||||||||||
Series A, 6.75%, 07/01/44 (b) | 440 | 442,611 | ||||||||||
Series A, 5.00%, 07/01/46 (b) | 1,570 | 1,508,053 | ||||||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB | ||||||||||||
5.00%, 07/01/45 (b) | 500 | 482,145 | ||||||||||
5.00%, 07/01/46 | 500 | 484,357 | ||||||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49 (b) | 1,150 | 1,037,943 | ||||||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) | ||||||||||||
5.00%, 06/15/49 | 1,985 | 1,814,839 | ||||||||||
5.00%, 06/15/52 | 530 | 477,725 |
Security | Par (000) | Value | ||||||||||
Arizona (continued) | ||||||||||||
Maricopa County Industrial Development Authority, RB | ||||||||||||
5.00%, 07/01/47 | $ | 1,000 | $ | 979,977 | ||||||||
4.00%, 07/01/50 | 1,500 | 1,446,606 | ||||||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||||||
5.00%, 07/01/47 (b) | 1,000 | 919,659 | ||||||||||
5.00%, 07/01/54 (b) | 440 | 412,027 | ||||||||||
Series A, 5.00%, 09/01/37 | 1,525 | 1,611,878 | ||||||||||
Series A, 4.13%, 09/01/38 | 550 | 556,599 | ||||||||||
Series A, 4.13%, 09/01/42 | 750 | 752,890 | ||||||||||
Series A, 5.00%, 09/01/42 | 1,000 | 1,044,409 | ||||||||||
McAllister Academic Village LLC, Refunding RB, | ||||||||||||
5.00%, 07/01/39 | 500 | 517,169 | ||||||||||
Phoenix-Mesa Gateway Airport Authority, ARB, | ||||||||||||
5.00%, 07/01/38 | 3,600 | 3,604,845 | ||||||||||
Pinal County Industrial Development Authority, RB, | ||||||||||||
6.25%, 06/01/26 | 155 | 158,264 | ||||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 | 4,560 | 5,073,206 | ||||||||||
Salt Verde Financial Corp., RB | ||||||||||||
5.50%, 12/01/29 | 2,000 | 2,161,291 | ||||||||||
5.00%, 12/01/32 | 155 | 165,917 | ||||||||||
5.00%, 12/01/37 | 5,610 | 6,125,593 | ||||||||||
State of Arizona Distribution Revenue, RB, Series B, (BHAC-CR FGIC), 5.50%, 07/01/41 | 100 | 128,887 | ||||||||||
Student & Academic Services LLC, RB, (BAM), | ||||||||||||
5.00%, 06/01/39 | 1,400 | 1,404,347 | ||||||||||
University of Arizona, Refunding RB, 5.00%, 06/01/39. | 2,050 | 2,121,417 | ||||||||||
64,355,778 | ||||||||||||
Arkansas — 0.6% | ||||||||||||
Arkansas Development Finance Authority, RB | ||||||||||||
Series A, AMT, 4.50%, 09/01/49 (b) | 2,135 | 2,071,740 | ||||||||||
Series A, AMT, 4.75%, 09/01/49 (b) | 2,450 | 2,414,205 | ||||||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 1,550 | 1,586,751 | ||||||||||
6,072,696 | ||||||||||||
California — 11.1% | ||||||||||||
Alvord Unified School District, Refunding GO, | ||||||||||||
Series B, Election 2007, (AGM), 0.00%, 08/01/41 (c) | 1,175 | 567,881 | ||||||||||
Anaheim Public Financing Authority, RB, Series A, (AGM), 6.00%, 09/01/24 | 1,265 | 1,286,334 | ||||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 1,625 | 1,630,569 | ||||||||||
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.50%, 10/01/54 (a) | 2,385 | 2,624,645 | ||||||||||
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 (b) | 440 | 309,468 | ||||||||||
California Enterprise Development Authority, RB, | ||||||||||||
8.00%, 11/15/62 (b) | 1,355 | 1,338,257 | ||||||||||
Carlsbad Unified School District, GO, Series B, | ||||||||||||
6.00%, 05/01/34 | 5,000 | 5,031,319 | ||||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) | ||||||||||||
4.00%, 10/01/56 | 590 | 482,116 | ||||||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 . | 2,065 | 1,330,958 | ||||||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 | 4,610 | 3,443,057 | ||||||||||
Sustainability Bonds, 5.00%, 09/01/37 | 345 | 353,769 | ||||||||||
Sustainability Bonds, 4.00%, 12/01/56 | 575 | 400,585 |
52 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
California (continued) | ||||||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) (continued) | ||||||||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 | $ | 1,920 | $ | 1,389,433 | ||||||||
Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31 (c) | 5,000 | 4,143,061 | ||||||||||
Grossmont-Cuyamaca Community College District, GO, Series C, Election 2002, (AGC), 0.00%, 08/01/30 (c) | 10,030 | 8,288,964 | ||||||||||
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 | 4,125 | 4,789,174 | ||||||||||
Mount San Antonio Community College District, | ||||||||||||
Refunding GO, CAB, Series A, Convertible, | ||||||||||||
Election 2013, 6.25%, 08/01/43 | 4,445 | 4,394,924 | ||||||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 | 2,050 | 2,112,442 | ||||||||||
Poway Unified School District, Refunding GO, | ||||||||||||
Series B, 0.00%, 08/01/36 (c) | 8,750 | 5,703,896 | ||||||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 5,015 | 4,975,326 | ||||||||||
Rio Hondo Community College District, GO (c) | ||||||||||||
Series C, Election 2004, 0.00%, 08/01/37 | 4,005 | 2,557,089 | ||||||||||
Series C, Election 2004, 0.00%, 08/01/38 | 5,000 | 3,018,160 | ||||||||||
San Bernardino Community College District, GO, Series B, 6.38%, 08/01/34 | 10,000 | 10,174,095 | ||||||||||
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38 (c) | 3,800 | 2,270,542 | ||||||||||
San Diego Unified School District, Refunding GO, CAB (c) | ||||||||||||
Series R-1, 0.00%, 07/01/30 | 5,000 | 4,184,761 | ||||||||||
Series R-1, 0.00%, 07/01/31 | 3,005 | 2,408,621 | ||||||||||
San Francisco City & County Airport Comm-San | ||||||||||||
Francisco International Airport, Refunding ARB | ||||||||||||
Series A, AMT, 5.50%, 05/01/28 | 1,065 | 1,065,423 | ||||||||||
Series A, AMT, 5.25%, 05/01/33 | 830 | 830,318 | ||||||||||
San Mateo County Community College District, GO, Series C, (NPFGC), 0.00%, 09/01/30 (c) | 12,740 | 10,482,100 | ||||||||||
State of California, GO, 5.50%, 04/01/28 | 5 | 5,011 | ||||||||||
Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36 (c) | 5,500 | 3,589,638 | ||||||||||
Washington Township Health Care District, GO, | ||||||||||||
Series B, Election 2004, 5.50%, 08/01/40 | 625 | 631,125 | ||||||||||
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36 (c) | 15,000 | 10,721,190 | ||||||||||
106,534,251 | ||||||||||||
Colorado — 1.7% | ||||||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) | 345 | 313,297 | ||||||||||
City & County of Denver Colorado Airport System Revenue, ARB | ||||||||||||
Series A, AMT, 5.50%, 11/15/28 | 1,000 | 1,000,613 | ||||||||||
Series A, AMT, 5.50%, 11/15/30 | 330 | 330,205 | ||||||||||
Series A, AMT, 5.50%, 11/15/31 | 400 | 400,276 | ||||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47 | 875 | 923,147 | ||||||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37 (c) | 1,760 | 973,236 | ||||||||||
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 | 1,805 | 1,724,920 | ||||||||||
Colorado Health Facilities Authority, RB 5.50%, 11/01/47 | 2,400 | 2,605,852 |
Security | Par (000) | Value | ||||||||||
Colorado (continued) | ||||||||||||
Colorado Health Facilities Authority, RB (continued) | ||||||||||||
Series A, 4.00%, 11/15/46 | $ | 2,555 | $ | 2,438,824 | ||||||||
Colorado Health Facilities Authority, Refunding RB, | ||||||||||||
Series A, 4.00%, 08/01/44 | 1,060 | 1,013,926 | ||||||||||
State of Colorado, COP, Series S, 4.00%, 03/15/40 | 4,400 | 4,507,342 | ||||||||||
16,231,638 | ||||||||||||
Connecticut — 0.2% | ||||||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39 | 260 | 249,526 | ||||||||||
Connecticut State Health & Educational Facilities Authority, RB | ||||||||||||
5.25%, 07/15/48 | 525 | 568,309 | ||||||||||
4.25%, 07/15/53 | 705 | 687,851 | ||||||||||
1,505,686 | ||||||||||||
Delaware — 0.2% | ||||||||||||
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 | 1,605 | 1,607,330 | ||||||||||
District of Columbia — 0.3% | ||||||||||||
District of Columbia, RB, Series B-1, (NPFGC-IBC FGIC), 5.00%, 02/01/31 | 435 | 435,773 | ||||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, | ||||||||||||
Subordinate, 4.00%, 10/01/49 | 2,875 | 2,647,071 | ||||||||||
3,082,844 | ||||||||||||
Florida — 10.5% | ||||||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 | 3,775 | 3,786,449 | ||||||||||
Capital Trust Agency, Inc., RB (b) | ||||||||||||
5.00%, 01/01/55 | 825 | 627,661 | ||||||||||
Series A, 5.00%, 06/01/55 | 1,285 | 1,048,750 | ||||||||||
Series A, 5.50%, 06/01/57 | 460 | 404,367 | ||||||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB | ||||||||||||
Series A, 5.50%, 09/01/48 | 5,275 | 6,124,648 | ||||||||||
Series B, 5.50%, 09/01/48 | 4,615 | 5,358,340 | ||||||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 | 4,215 | 4,313,868 | ||||||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 | 5,055 | 5,618,100 | ||||||||||
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 | 1,920 | 1,820,838 | ||||||||||
City of Tampa Florida, RB, CAB (c) | ||||||||||||
Series A, 0.00%, 09/01/49 | 1,725 | 494,217 | ||||||||||
Series A, 0.00%, 09/01/53 | 975 | 225,081 | ||||||||||
County of Broward Florida Airport System Revenue, ARB | ||||||||||||
Series A, AMT, 4.00%, 10/01/49 | 2,650 | 2,342,191 | ||||||||||
Series A, AMT, 5.00%, 10/01/49 | 300 | 304,586 | ||||||||||
County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47 | 3,650 | 3,845,915 | ||||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 | 1,745 | 1,812,677 | ||||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB | ||||||||||||
5.00%, 10/01/41 | 3,800 | 3,886,528 | ||||||||||
AMT, 5.00%, 10/01/34 | 450 | 454,281 | ||||||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||||||
Series A, AMT, 5.00%, 10/01/41 | 1,315 | 1,396,006 |
S C H E D U L E O F IN V E S T M E N T S | 53 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Florida (continued) | ||||||||||||
County of Miami-Dade Seaport Department, | ||||||||||||
Refunding RB (continued) | ||||||||||||
Series A, AMT, 5.00%, 10/01/47 | $ | 8,600 | $ | 9,004,081 | ||||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 | 2,885 | 2,671,805 | ||||||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) | ||||||||||||
Series A-2, 0.00%, 10/01/46 | 1,840 | 561,584 | ||||||||||
Series A-2, 0.00%, 10/01/47 | 2,970 | 852,939 | ||||||||||
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 | 660 | 744,376 | ||||||||||
Florida Development Finance Corp., RB (b) | ||||||||||||
6.50%, 06/30/57 | 1,230 | 1,180,243 | ||||||||||
AMT, 5.00%, 05/01/29 | 1,275 | 1,229,056 | ||||||||||
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40 (b) | 710 | 653,722 | ||||||||||
Greater Orlando Aviation Authority, ARB | ||||||||||||
Series A, AMT, 5.00%, 10/01/40 | 3,890 | 3,999,207 | ||||||||||
Series A, AMT, 4.00%, 10/01/52 | 6,600 | 5,917,291 | ||||||||||
Sub-Series A, AMT, 5.00%, 10/01/47 | 7,865 | 7,994,858 | ||||||||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 | 5,765 | 5,861,466 | ||||||||||
Lakewood Ranch Stewardship District, SAB | ||||||||||||
5.25%, 05/01/37 | 240 | 241,255 | ||||||||||
3.85%, 05/01/39 | 420 | 363,188 | ||||||||||
5.38%, 05/01/47 | 260 | 256,718 | ||||||||||
4.00%, 05/01/49 | 665 | 527,625 | ||||||||||
6.30%, 05/01/54 | 765 | 801,689 | ||||||||||
Lakewood Ranch Stewardship District, SAB, S/F Housing | ||||||||||||
4.00%, 05/01/40 | 365 | 314,217 | ||||||||||
4.00%, 05/01/50 | 605 | 465,009 | ||||||||||
Lee County Housing Finance Authority, RB, S/F | ||||||||||||
Housing, Series A-2, (FHLMC, FNMA, GNMA), | ||||||||||||
6.00%, 09/01/40 | 20 | 20,022 | ||||||||||
Orange County Health Facilities Authority, RB | ||||||||||||
5.00%, 10/01/47 | 1,930 | 2,014,068 | ||||||||||
5.00%, 10/01/53 | 6,605 | 7,050,255 | ||||||||||
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 | 335 | 321,134 | ||||||||||
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 | 160 | 145,267 | ||||||||||
Seminole Improvement District, RB | ||||||||||||
5.00%, 10/01/32 | 255 | 253,573 | ||||||||||
5.30%, 10/01/37 | 290 | 290,192 | ||||||||||
Storey Creek Community Development District, SAB | ||||||||||||
4.00%, 12/15/39 | 415 | 363,189 | ||||||||||
4.13%, 12/15/49 | 350 | 282,104 | ||||||||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 | 1,935 | 1,952,524 | ||||||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) | 790 | 782,939 | ||||||||||
100,980,099 | ||||||||||||
Georgia — 3.2% | ||||||||||||
Development Authority for Fulton County, RB, 4.00%, 07/01/49 | 1,855 | 1,753,257 | ||||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) | 715 | 648,107 | ||||||||||
Gainesville & Hall County Hospital Authority, RB, | ||||||||||||
Series A, 4.00%, 02/15/51 | 2,875 | 2,703,395 |
Security | Par (000) | Value | ||||||||||
Georgia (continued) | ||||||||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a) | $ | 7,480 | $ | 7,912,194 | ||||||||
Municipal Electric Authority of Georgia, RB | ||||||||||||
(AGM), 5.00%, 07/01/52 | 1,770 | 1,854,393 | ||||||||||
Class A, 5.50%, 07/01/63 | 1,275 | 1,338,877 | ||||||||||
Series A, 5.00%, 01/01/49 | 4,385 | 4,478,112 | ||||||||||
Series A, 5.00%, 01/01/59 | 1,870 | 1,898,386 | ||||||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 | 7,475 | 7,710,584 | ||||||||||
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24 (d) | 330 | 331,001 | ||||||||||
30,628,306 | ||||||||||||
Hawaii — 0.5% | ||||||||||||
State of Hawaii Airports System Revenue, ARB, | ||||||||||||
Series A, AMT, 5.00%, 07/01/43 | 3,310 | 3,434,482 | ||||||||||
State of Hawaii Airports System Revenue, COP | ||||||||||||
AMT, 5.25%, 08/01/25 | 485 | 485,372 | ||||||||||
AMT, 5.25%, 08/01/26 | 525 | 525,408 | ||||||||||
4,445,262 | ||||||||||||
Illinois — 11.8% | ||||||||||||
Chicago Board of Education, GO | ||||||||||||
Series A, 5.00%, 12/01/34 | 3,665 | 3,858,344 | ||||||||||
Series A, 5.00%, 12/01/40 | 4,090 | 4,200,020 | ||||||||||
Series C, 5.25%, 12/01/35 | 970 | 974,522 | ||||||||||
Series D, 5.00%, 12/01/46 | 1,230 | 1,230,952 | ||||||||||
Series H, 5.00%, 12/01/36 | 295 | 301,774 | ||||||||||
Chicago Board of Education, Refunding GO | ||||||||||||
Series A, 5.00%, 12/01/30 | 355 | 373,822 | ||||||||||
Series G, 5.00%, 12/01/34 | 290 | 296,888 | ||||||||||
Chicago Midway International Airport, Refunding ARB | ||||||||||||
Series B, 5.00%, 01/01/46 | 7,060 | 7,197,453 | ||||||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 665 | 665,383 | ||||||||||
Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48 | 1,010 | 1,118,834 | ||||||||||
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 | 6,885 | 7,223,777 | ||||||||||
Chicago O’Hare International Airport, Refunding ARB | ||||||||||||
Series A, AMT, Senior Lien, 5.00%, 01/01/48 | 2,750 | 2,787,767 | ||||||||||
Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 2,780 | 2,655,773 | ||||||||||
Chicago O’Hare International Airport, Refunding RB, | ||||||||||||
Series B, AMT, 5.00%, 01/01/31 | 2,500 | 2,503,671 | ||||||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49 | 1,610 | 1,615,038 | ||||||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 2,575 | 2,631,803 | ||||||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 | 1,185 | 1,294,244 | ||||||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 | 1,920 | 2,089,498 | ||||||||||
Cook County Community College District No. 508, GO | ||||||||||||
5.50%, 12/01/38 | 1,000 | 1,003,763 | ||||||||||
5.25%, 12/01/43 | 1,500 | 1,504,816 | ||||||||||
Illinois Finance Authority, RB, 5.00%, 10/01/48 | 1,760 | 1,917,271 | ||||||||||
Illinois Finance Authority, Refunding RB | ||||||||||||
Series A, 5.00%, 11/15/45 | 2,945 | 2,966,218 | ||||||||||
Series C, 4.13%, 08/15/37 | 2,430 | 2,317,583 | ||||||||||
Series C, 4.00%, 02/15/41 | 870 | 850,585 | ||||||||||
Series C, 5.00%, 08/15/44 | 820 | 823,893 |
54 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Illinois (continued) | ||||||||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 | $ | 320 | $ | 311,877 | ||||||||
Illinois State Toll Highway Authority, RB | ||||||||||||
Series A, 5.00%, 01/01/40 | 1,950 | 1,997,415 | ||||||||||
Series B, 5.00%, 01/01/40 | 3,245 | 3,339,031 | ||||||||||
Metropolitan Pier & Exposition Authority, RB | ||||||||||||
5.00%, 06/15/57 | 3,005 | 3,065,430 | ||||||||||
Series A, (NPFGC), 0.00%, 12/15/26 (c) | 5,000 | 4,489,488 | ||||||||||
Series A, (NPFGC), 0.00%, 12/15/33 (c) | 9,950 | 6,964,191 | ||||||||||
Metropolitan Pier & Exposition Authority, RB, CAB (c) (BAM-TCRS), 0.00%, 12/15/56 | 2,965 | 615,067 | ||||||||||
Series A, (NPFGC), 0.00%, 06/15/30 | 14,205 | 11,328,810 | ||||||||||
Series A, (NPFGC), 0.00%, 06/15/30 (e) | 800 | 651,334 | ||||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) | 8,075 | 3,301,436 | ||||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54 (c) | 4,140 | 953,444 | ||||||||||
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 | 3,200 | 3,783,051 | ||||||||||
State of Illinois, GO | ||||||||||||
5.25%, 02/01/30 | 2,010 | 2,013,253 | ||||||||||
5.25%, 02/01/32 | 2,330 | 2,333,886 | ||||||||||
5.25%, 02/01/34 | 1,610 | 1,611,853 | ||||||||||
5.50%, 05/01/39 | 2,785 | 3,085,284 | ||||||||||
Series B, 5.25%, 05/01/41 | 2,345 | 2,583,222 | ||||||||||
Series B, 5.50%, 05/01/47 | 1,930 | 2,115,322 | ||||||||||
Series C, 5.00%, 12/01/48 | 3,135 | 3,341,293 | ||||||||||
Series D, 5.00%, 11/01/27 | 440 | 470,033 | ||||||||||
112,758,412 | ||||||||||||
Indiana — 0.8% | ||||||||||||
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 | 1,350 | 1,352,163 | ||||||||||
Indianapolis Local Public Improvement Bond Bank, RB 5.25%, 02/01/48 | 895 | 1,005,796 | ||||||||||
(BAM), 5.00%, 03/01/53 | 5,325 | 5,591,246 | ||||||||||
7,949,205 | ||||||||||||
Iowa — 0.0% | ||||||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 | 195 | 190,612 | ||||||||||
Kansas — 0.1% | ||||||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 | 550 | 514,118 | ||||||||||
Kentucky — 1.6% | ||||||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) | 555 | 523,692 | ||||||||||
County of Boyle Kentucky, Refunding RB | ||||||||||||
Series A, 4.25%, 06/01/46 | 740 | 731,704 | ||||||||||
Series A, 5.25%, 06/01/49 | 1,305 | 1,399,281 | ||||||||||
Fayette County School District Finance Corp., RB | ||||||||||||
(NGFGC), 5.00%, 06/01/44 | 1,455 | 1,578,604 | ||||||||||
(BAM-TCRS), 5.00%, 06/01/46 | 1,285 | 1,384,165 | ||||||||||
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a) | 8,480 | 9,202,496 | ||||||||||
14,819,942 | ||||||||||||
Louisiana — 3.1% | ||||||||||||
Jefferson Sales Tax District, RB | ||||||||||||
Series B, (AGM), 5.00%, 12/01/34 | 330 | 356,883 | ||||||||||
Series B, (AGM), 5.00%, 12/01/35 | 440 | 473,797 |
Security | Par (000) | Value | ||||||||||
Louisiana (continued) | ||||||||||||
Jefferson Sales Tax District, RB (continued) | ||||||||||||
Series B, (AGM), 5.00%, 12/01/36 | $ | 395 | $ | 421,307 | ||||||||
Series B, (AGM), 5.00%, 12/01/37 | 495 | 524,715 | ||||||||||
Lake Charles Harbor & Terminal District, ARB, | ||||||||||||
Series B, AMT, (AGM), 5.50%, 01/01/29 | 1,500 | 1,502,393 | ||||||||||
Louisiana Public Facilities Authority, RB | ||||||||||||
5.25%, 10/01/48 | 1,905 | 2,020,063 | ||||||||||
5.25%, 10/01/53 | 3,760 | 3,988,119 | ||||||||||
Louisiana Public Facilities Authority, Refunding RB | ||||||||||||
5.00%, 05/15/42 | 4,600 | 4,739,682 | ||||||||||
5.00%, 05/15/47 | 1,895 | 1,928,364 | ||||||||||
Louisiana Stadium & Exposition District, Refunding | ||||||||||||
RB, Series A, 5.00%, 07/01/48 | 4,020 | 4,309,255 | ||||||||||
New Orleans Aviation Board, ARB | ||||||||||||
Series B, AMT, 5.00%, 01/01/45 | 4,620 | 4,643,350 | ||||||||||
Series B, AMT, 5.00%, 01/01/48 | 4,780 | 4,837,651 | ||||||||||
29,745,579 | ||||||||||||
Maine — 0.3% | ||||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Series B, (AGM), 4.75%, 07/01/53 | 3,000 | 3,116,775 | ||||||||||
Maryland — 2.5% | ||||||||||||
Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32 | 495 | 495,855 | ||||||||||
Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44 | 250 | 250,383 | ||||||||||
City of Baltimore Maryland, Refunding RB | ||||||||||||
Series A, 4.50%, 09/01/33 | 185 | 178,079 | ||||||||||
Series A, 5.00%, 09/01/38 | 250 | 250,099 | ||||||||||
Convertible, 5.00%, 09/01/46 | 750 | 706,418 | ||||||||||
City of Baltimore Maryland, Refunding TA (b) | ||||||||||||
Series A, Senior Lien, 3.50%, 06/01/39 | 650 | 553,939 | ||||||||||
Series A, Senior Lien, 3.63%, 06/01/46 | 1,095 | 891,227 | ||||||||||
City of Baltimore Maryland, TA (b) | ||||||||||||
Series B, 3.70%, 06/01/39 | 200 | 174,725 | ||||||||||
Series B, 3.88%, 06/01/46 | 300 | 254,173 | ||||||||||
County of Howard Maryland, TA, 6.10%, 02/15/44 | 250 | 250,080 | ||||||||||
County of Prince George’s Maryland, TA, 5.25%, 07/01/48 (b) | 300 | 296,885 | ||||||||||
Howard County Housing Commission, RB, M/F Housing | ||||||||||||
5.00%, 12/01/42 | 500 | 516,656 | ||||||||||
4.00%, 06/01/46 | 500 | 465,812 | ||||||||||
Series A, 5.00%, 06/01/44 | 550 | 551,412 | ||||||||||
Maryland Community Development Administration, | ||||||||||||
RB, M/F Housing, Series D, 3.70%, 07/01/35 | 500 | 500,015 | ||||||||||
Maryland Economic Development Corp., RB | ||||||||||||
5.00%, 07/01/56 | 390 | 393,632 | ||||||||||
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 | 2,920 | 2,977,492 | ||||||||||
Maryland Economic Development Corp., Refunding RB | ||||||||||||
5.00%, 07/01/37 | 500 | 499,960 | ||||||||||
(AGM), 5.00%, 06/01/43 | 1,350 | 1,383,495 | ||||||||||
Series A, 5.00%, 06/01/35 | 100 | 106,981 | ||||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||||||
4.00%, 07/01/48 | 300 | 287,664 | ||||||||||
Series C, 5.00%, 05/15/45 | 2,875 | 2,916,970 | ||||||||||
Maryland Health & Higher Educational Facilities | ||||||||||||
Authority, Refunding RB | ||||||||||||
4.00%, 07/01/24 (d) | 100 | 100,379 | ||||||||||
5.00%, 07/01/24 (d) | 700 | 705,499 |
S C H E D U L E O F IN V E S T M E N T S | 55 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Health & Higher Educational Facilities | ||||||||
Authority, Refunding RB (continued) | ||||||||
5.00%, 06/01/29 | $ | 500 | $ | 500,315 | ||||
5.00%, 07/01/34 | 510 | 540,692 | ||||||
5.00%, 07/01/35 | 200 | 206,274 | ||||||
5.00%, 07/01/40 | 1,000 | 1,007,829 | ||||||
4.00%, 07/01/41 | 500 | 500,748 | ||||||
5.00%, 08/15/42 | 1,000 | 1,006,401 | ||||||
4.13%, 07/01/47 | 500 | 485,133 | ||||||
Maryland State Transportation Authority Passenger Facility Charge Revenue, ARB, AMT, 4.00%, 06/01/29 | 1,925 | 1,925,386 | ||||||
Montgomery County Housing Opportunities Commission, Refunding RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39 | 2,830 | 2,510,432 | ||||||
24,391,040 | ||||||||
Massachusetts — 3.1% | ||||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.25%, 07/01/29 | 730 | 832,874 | ||||||
Massachusetts Development Finance Agency, RB | ||||||||
5.00%, 10/01/46 | 500 | 507,037 | ||||||
5.00%, 07/01/47 | 580 | 580,498 | ||||||
5.00%, 10/01/48 | 200 | 192,910 | ||||||
Series A, 5.25%, 01/01/42 | 500 | 508,627 | ||||||
Series A, (AMBAC), 5.75%, 01/01/42 | 650 | 810,060 | ||||||
Series A, 5.00%, 01/01/47 | 5,945 | 5,982,525 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
4.00%, 07/01/39 | 2,545 | 2,322,168 | ||||||
5.00%, 04/15/40 | 1,000 | 1,004,264 | ||||||
4.13%, 10/01/42 (b) | 550 | 470,488 | ||||||
4.00%, 12/01/42 | 485 | 437,544 | ||||||
4.00%, 07/01/44 | 250 | 250,176 | ||||||
5.00%, 07/01/47 | 7,685 | 7,873,787 | ||||||
Series A, 4.00%, 06/01/29 (d) | 420 | 451,625 | ||||||
Series E, 4.00%, 07/01/38 | 500 | 502,039 | ||||||
Series P, 5.45%, 05/15/59 | 1,500 | 1,671,466 | ||||||
Massachusetts Educational Financing Authority, RB AMT, 5.00%, 01/01/27 | 1,000 | 1,013,632 | ||||||
Series B, AMT, 2.63%, 07/01/36 | 30 | 29,757 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33 | 80 | 76,776 | ||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27 | 1,000 | 1,078,995 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43 | 500 | 450,670 | ||||||
Massachusetts Housing Finance Agency, Refunding RB | ||||||||
Series A, AMT, 4.45%, 12/01/42 | 910 | 874,949 | ||||||
Series A, AMT, 4.50%, 12/01/47 | 245 | 238,705 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44 | 465 | 367,984 | ||||||
Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39 | 825 | 1,039,242 | ||||||
29,568,798 |
Security | Par (000) | Value | ||||||
Michigan — 5.2% | ||||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 | $ | 5,035 | $ | 4,920,183 | ||||
Eastern Michigan University, RB | ||||||||
Series A, 4.00%, 03/01/28 (d) | 60 | 63,368 | ||||||
Series A, (AGM), 4.00%, 03/01/44 | 1,395 | 1,357,962 | ||||||
Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 | 3,740 | 4,015,188 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/50 | 5,000 | 4,727,289 | ||||||
4.00%, 02/15/44 | 1,695 | 1,634,278 | ||||||
Series A, 4.00%, 11/15/50 | 5,680 | 5,261,309 | ||||||
Michigan Finance Authority, Refunding RB 4.00%, 11/15/46 | 3,420 | 3,244,308 | ||||||
Series A, 4.00%, 12/01/40 | 7,000 | 7,006,189 | ||||||
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 | 1,965 | 1,943,172 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 4.05%, 10/01/48 | 1,855 | 1,720,259 | ||||||
Series A, 2.55%, 10/01/51 | 2,360 | 1,594,524 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 | 675 | 582,849 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 6,310 | 6,363,493 | ||||||
State of Michigan Trunk Line Revenue, RB | ||||||||
4.00%, 11/15/46 | 2,485 | 2,526,150 | ||||||
5.00%, 11/15/46 | 2,665 | 2,974,923 | ||||||
49,935,444 | ||||||||
Minnesota — 0.6% | ||||||||
Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54 (f) | 4,050 | 4,445,876 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 | 1,615 | 1,675,740 | ||||||
6,121,616 | ||||||||
Missouri — 0.9% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 | 5,660 | 5,291,739 | ||||||
Kansas City Industrial Development Authority, ARB AMT, 5.00%, 03/01/46 | 530 | 541,462 | ||||||
Series B, AMT, 5.00%, 03/01/39 | 2,505 | 2,626,682 | ||||||
8,459,883 | ||||||||
Nebraska — 1.7% | ||||||||
Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37 | 4,260 | 4,718,631 | ||||||
Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 | 7,985 | 8,995,191 | ||||||
Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42 | 2,860 | 2,899,823 | ||||||
16,613,645 | ||||||||
Nevada — 1.2% | ||||||||
County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40 | 7,285 | 7,438,175 | ||||||
Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49 | 1,000 | 924,273 | ||||||
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 | 2,910 | 2,826,682 | ||||||
11,189,130 |
56 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Hampshire — 0.4% | ||||||||
New Hampshire Business Finance Authority, Refunding RB (a)(b) | ||||||||
Series A, 3.63%, 07/01/43 | $ | 160 | $ | 124,772 | ||||
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 | 1,075 | 843,151 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52 | 3,200 | 2,796,196 | ||||||
3,764,119 | ||||||||
New Jersey — 7.6% | ||||||||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 | 655 | 711,175 | ||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 1,930 | 1,981,838 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series WW, 5.00%, 06/15/25 (d) | 485 | 498,675 | ||||||
Series WW, 5.25%, 06/15/25 (d) | 1,125 | 1,160,656 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 900 | 900,550 | ||||||
AMT, 5.13%, 01/01/34 | 1,620 | 1,621,100 | ||||||
AMT, 5.38%, 01/01/43 | 2,115 | 2,116,872 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
Series BBB, 5.50%, 12/15/26 (d) | 5,360 | 5,778,615 | ||||||
Sub-Series A, 4.00%, 07/01/32 | 1,510 | 1,512,004 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 | 2,135 | 1,911,228 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 | 3,180 | 3,170,605 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, (NPFGC), 5.75%, 06/15/25 | 2,000 | 2,069,568 | ||||||
Series A, 0.00%, 12/15/29 (c) | 7,530 | 6,209,605 | ||||||
Series AA, 5.00%, 06/15/38 | 4,325 | 4,357,380 | ||||||
Series AA, 4.13%, 06/15/39 | 1,210 | 1,228,209 | ||||||
Series AA, 4.00%, 06/15/40 | 1,060 | 1,075,907 | ||||||
Series AA, 5.00%, 06/15/45 | 2,710 | 2,899,383 | ||||||
Series AA, 4.00%, 06/15/50 | 2,000 | 1,914,380 | ||||||
Series BB, 5.00%, 06/15/46 | 6,200 | 6,764,310 | ||||||
Series BB, 4.00%, 06/15/50 | 4,900 | 4,692,099 | ||||||
Series D, 5.00%, 06/15/32 | 1,610 | 1,637,202 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/15/36 | 180 | 195,432 | ||||||
Series A, 5.00%, 06/15/37 | 1,940 | 2,241,101 | ||||||
Series A, 5.25%, 06/15/42 | 775 | 882,411 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 2,650 | 2,640,921 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 | 925 | 895,677 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 3,220 | 3,400,560 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 8,360 | 8,445,516 | ||||||
72,912,979 | ||||||||
New Mexico — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 415 | 351,440 | ||||||
New York — 13.0% | ||||||||
City of New York, GO | ||||||||
Series A-1, 5.00%, 08/01/47 | 930 | 1,012,116 | ||||||
Series B, 5.25%, 10/01/41 | 1,955 | 2,246,895 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48 | $ | 4,090 | $ | 3,822,059 | ||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series B, 5.00%, 11/15/29 | 540 | 572,115 | ||||||
Series C-1, 5.00%, 11/15/56 | 6,550 | 6,668,101 | ||||||
New York City Municipal Water Finance Authority, RB | ||||||||
Series AA-1, 5.25%, 06/15/52 | 5,600 | 6,280,433 | ||||||
Series GG, 5.00%, 06/15/50 | 1,680 | 1,807,610 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 | 2,910 | 2,910,191 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/43 | 7,695 | 8,667,127 | ||||||
New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48 | 8,085 | 9,003,399 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) | 1,100 | 1,100,382 | ||||||
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44 (b) | 2,630 | 2,626,712 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 | 7,485 | 5,448,269 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 | 3,725 | 2,783,982 | ||||||
New York Power Authority, Refunding RB | ||||||||
Series A, Sustainability Bonds, 4.00%, 11/15/55 | 2,185 | 2,104,409 | ||||||
Series A, Sustainability Bonds, 4.00%, 11/15/60 | 1,570 | 1,483,657 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series B, Sustainability Bonds, (SONYMA), 3.88%, 11/01/48 | 400 | 354,519 | ||||||
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/46 | 2,630 | 2,632,447 | ||||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 | 510 | 482,201 | ||||||
New York State Urban Development Corp., RB, | ||||||||
Series A, 5.00%, 03/15/46 | 6,000 | 6,647,192 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46 | 5,960 | 5,908,649 | ||||||
New York Transportation Development Corp., ARB | ||||||||
AMT, 5.00%, 12/01/36 | 1,650 | 1,777,243 | ||||||
AMT, 5.63%, 04/01/40 | 1,700 | 1,840,760 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 3,460 | 3,612,161 | ||||||
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44 | 3,295 | 3,544,112 | ||||||
Port Authority of New York & New Jersey, ARB | ||||||||
AMT, 5.00%, 11/01/49 | 5,600 | 5,802,344 | ||||||
Series 221, AMT, 4.00%, 07/15/55 | 5,155 | 4,728,349 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 | 905 | 942,524 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB | ||||||||
Series A, 4.13%, 05/15/53 | 11,585 | 11,648,195 | ||||||
Series A, 4.50%, 05/15/63 | 3,500 | 3,560,025 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/15/47 | 6,120 | 6,695,115 | ||||||
Series C, 5.00%, 05/15/47 | 5,000 | 5,467,389 | ||||||
124,180,682 |
S C H E D U L E O F IN V E S T M E N T S | 57 |
Schedule of Investments (unaudited)(continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
North Carolina — 0.9% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.00%, 07/01/46 | $ | 1,615 | $ | 1,696,158 | ||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 | 6,510 | 7,296,910 | ||||||
8,993,068 | ||||||||
Ohio — 2.9% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 16,875 | 15,895,575 | ||||||
County of Franklin Ohio, RB, 5.00%, 11/01/48 | 1,650 | 1,813,135 | ||||||
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/24 (d) | 2,170 | 2,186,836 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 | 350 | 350,732 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A-2, Junior Lien, 0.00%, 02/15/37 (c) | 10,040 | 6,308,743 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 | 1,055 | 988,344 | ||||||
27,543,365 | ||||||||
Oklahoma — 0.4% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 560 | 559,331 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 1,640 | 1,637,145 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 | 1,280 | 1,253,871 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 450 | 453,891 | ||||||
3,904,238 | ||||||||
Oregon — 0.2% | ||||||||
Clackamas Community College District, GO | ||||||||
Series A, 5.00%, 06/15/39 | 605 | 641,506 | ||||||
Series A, 5.00%, 06/15/40 | 440 | 465,718 | ||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) | 2,355 | 1,228,679 | ||||||
2,335,903 | ||||||||
Pennsylvania — 8.2% | ||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 | 3,600 | 3,705,760 | ||||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 | 425 | 332,018 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
5.00%, 12/31/38 | 8,670 | 8,790,902 | ||||||
5.00%, 06/30/42 | 6,910 | 6,916,510 | ||||||
AMT, 5.50%, 06/30/41 | 3,290 | 3,625,464 | ||||||
AMT, 5.75%, 06/30/48 | 2,855 | 3,147,771 | ||||||
AMT, 5.25%, 06/30/53 | 4,695 | 5,042,881 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 1,000 | 989,402 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 | 575 | 435,638 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 1,000 | 996,411 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 | $ | 6,850 | $ | 6,868,757 | ||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 | 1,500 | 1,545,707 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/38 | 1,480 | 1,504,218 | ||||||
Series A-1, 5.00%, 12/01/41 | 4,835 | 5,003,884 | ||||||
Series A-1, 5.00%, 12/01/47 | 3,380 | 3,525,678 | ||||||
Series C, 5.00%, 12/01/39 | 4,775 | 4,853,333 | ||||||
Series A, Subordinate, 5.00%, 12/01/44 | 4,700 | 4,963,999 | ||||||
Series B, Subordinate, 4.00%, 12/01/51 | 665 | 628,950 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 | 1,805 | 1,826,320 | ||||||
Philadelphia Authority for Industrial Development, RB, Class A, 4.00%, 07/01/24 (d) | 2,900 | 2,910,993 | ||||||
School District of Philadelphia, GO | ||||||||
Series A, (SAW), 5.50%, 09/01/48 | 8,015 | 8,900,199 | ||||||
Series B, Sustainability Bonds, (SAW), 5.00%, 09/01/48 | 2,070 | 2,193,914 | ||||||
78,708,709 | ||||||||
Puerto Rico — 5.2% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax | ||||||||
Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 4,709 | 4,613,737 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 15,881 | 15,880,795 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 500 | 470,100 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 1,528 | 1,493,620 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 19,762 | 19,618,726 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 962 | 937,887 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 1,335 | 1,295,939 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) | 16,341 | 5,023,397 | ||||||
49,334,201 | ||||||||
Rhode Island — 0.2% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 820 | 773,796 | ||||||
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 | 695 | 718,664 | ||||||
1,492,460 | ||||||||
South Carolina — 4.5% | ||||||||
County of Berkeley South Carolina, SAB | ||||||||
4.25%, 11/01/40 | 485 | 433,006 | ||||||
4.38%, 11/01/49 | 715 | 592,402 | ||||||
Patriots Energy Group Financing Agency, RB, | ||||||||
Series A1, 5.25%, 10/01/54 (a) | 6,040 | 6,469,475 | ||||||
South Carolina Jobs-Economic Development | ||||||||
Authority, RB | ||||||||
5.00%, 11/01/43 | 3,090 | 3,204,215 | ||||||
5.00%, 01/01/55 (b) | 2,290 | 2,001,676 | ||||||
7.50%, 08/15/62 (b) | 1,455 | 1,326,794 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 4.25%, 05/01/48 | 1,685 | 1,596,673 | ||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 | 2,690 | 2,431,548 | ||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 5.50%, 12/01/54 | 16,210 | 16,256,601 |
58 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Public Service Authority, RB (continued) | ||||||||
Series A, 4.00%, 12/01/55 | $ | 1,950 | $ | 1,783,192 | ||||
Series E, 5.50%, 12/01/53 | 1,730 | 1,731,044 | ||||||
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 | 4,930 | 4,931,725 | ||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 | 280 | 289,439 | ||||||
43,047,790 | ||||||||
Tennessee — 3.5% | ||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 | 615 | 669,503 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 | 3,655 | 3,791,041 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 | 745 | 806,051 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 | 3,070 | 3,140,426 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 | 3,795 | 3,902,583 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) | 3,805 | 4,079,365 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52 (a) | 15,950 | 16,947,992 | ||||||
33,336,961 | ||||||||
Texas — 11.4% | ||||||||
Arlington Higher Education Finance Corp., RB (b) | ||||||||
7.50%, 04/01/62 | 1,545 | 1,503,467 | ||||||
7.88%, 11/01/62 | 1,335 | 1,354,826 | ||||||
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49 | 4,305 | 5,225,419 | ||||||
Celina Independent School District, GO, (PSF), 5.00%, 02/15/47 | 4,530 | 5,000,690 | ||||||
Central Texas Turnpike System, RB | ||||||||
Series C, 5.00%, 08/15/37 | 3,290 | 3,305,140 | ||||||
Series C, 5.00%, 08/15/42 | 2,325 | 2,334,403 | ||||||
City of Austin Texas Airport System Revenue, ARB | ||||||||
AMT, 5.00%, 11/15/44 | 1,000 | 1,004,721 | ||||||
AMT, 5.25%, 11/15/47 | 3,300 | 3,555,685 | ||||||
City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48 | 1,790 | 1,772,238 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 | 2,495 | 2,776,955 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 | 370 | 371,576 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 | 1,330 | 1,331,728 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB | ||||||||
AMT, 5.00%, 07/15/27 | 765 | 764,441 | ||||||
Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 | 5,205 | 5,599,924 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
Series A, AMT, 5.00%, 07/01/27 | 740 | 740,481 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/46 | 2,780 | 2,625,340 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
City of Houston Texas Airport System Revenue, Refunding RB (continued) Sub-Series A, AMT, 4.00%, 07/01/48 | $ | 11,670 | $ | 10,813,594 | ||||
County of Harris Texas Toll Road Revenue, Refunding RB, 1st Lien, 4.00%, 08/15/45 | 1,575 | 1,554,048 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 | 6,595 | 6,473,333 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 | 6,570 | 7,231,169 | ||||||
Dickinson Independent School District, GO, (PSF), 4.13%, 02/15/48 | 1,285 | 1,293,787 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 | 6,820 | 6,544,663 | ||||||
Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 | 1,775 | 1,744,867 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 | 205 | 225,897 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (c) (d) | 8,085 | 4,081,535 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) | 5,000 | 2,896,825 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) | 1,210 | 1,087,834 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 3,175 | 3,183,662 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 | 1,840 | 2,001,686 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 4,435 | 4,434,853 | ||||||
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 | 1,705 | 1,705,145 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 1,895 | 1,700,062 | ||||||
Series A, 5.00%, 07/01/53 | 2,325 | 2,414,898 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 690 | 609,235 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 | 1,355 | 1,251,449 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 | 5,395 | 5,748,696 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (c) | ||||||||
0.00%, 08/01/35 | 310 | 194,465 | ||||||
0.00%, 08/01/36 | 170 | 100,780 | ||||||
0.00%, 08/01/37 | 225 | 125,627 | ||||||
0.00%, 08/01/38 | 810 | 426,981 | ||||||
0.00%, 08/01/41 | 1,950 | 870,646 | ||||||
0.00%, 08/01/44 | 695 | 261,111 | ||||||
0.00%, 08/01/45 | 1,775 | 629,687 | ||||||
108,873,569 | ||||||||
Utah — 2.1% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 11,685 | 11,928,335 | ||||||
Series A, AMT, 5.25%, 07/01/48 | 865 | 925,797 | ||||||
Series A, AMT, 5.00%, 07/01/51 | 5,330 | 5,533,990 |
S C H E D U L E O F IN V E S T M E N T S | 59 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Utah (continued) | ||||||||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49 (b) | $ | 485 | $ | 436,476 | ||||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55 (b) | 935 | 855,744 | ||||||||||
19,680,342 | ||||||||||||
Virginia — 0.6% | ||||||||||||
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 | 1,825 | 1,470,004 | ||||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 4,920 | 4,637,017 | ||||||||||
6,107,021 | ||||||||||||
Washington — 0.4% | ||||||||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 | 2,655 | 2,723,903 | ||||||||||
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 | 1,140 | 1,048,438 | ||||||||||
3,772,341 | ||||||||||||
Wisconsin — 1.3% | ||||||||||||
Public Finance Authority, RB | ||||||||||||
5.00%, 10/15/41 (b) | 570 | 512,267 | ||||||||||
5.00%, 10/15/56 (b) | 225 | 185,939 | ||||||||||
Class A, 6.00%, 06/15/52 | 505 | 455,666 | ||||||||||
Class A, 6.13%, 06/15/57 | 570 | 517,666 | ||||||||||
Series A, 5.00%, 07/01/40 (b) | 450 | 409,874 | ||||||||||
Series A, 5.00%, 10/15/40 (b) | 1,130 | 1,030,205 | ||||||||||
Series A, 5.00%, 10/15/55 (b) | 1,545 | 1,283,317 | ||||||||||
Series A-1, 4.50%, 01/01/35 (b) | 595 | 533,172 | ||||||||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/49 (b) | 825 | 666,659 | ||||||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32 | 450 | 388,935 | ||||||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing Series A, 4.15%, 11/01/48 | 4,300 | 4,087,281 | ||||||||||
Series A, 4.45%, 05/01/57 | 2,225 | 2,202,644 | ||||||||||
12,273,625 | ||||||||||||
Total Municipal Bonds — 136.6% | ||||||||||||
(Cost: $1,262,474,511) | 1,308,103,580 | |||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) | ||||||||||||
Alabama — 1.1% | ||||||||||||
Black Belt Energy Gas District, RB, Series C-1, | ||||||||||||
5.25%, 02/01/53 (a) | 9,340 | 9,946,908 | ||||||||||
District of Columbia — 0.3% | ||||||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 | 3,052 | 3,060,830 | ||||||||||
Security | Par (000) | Value | ||||||||||
Florida — 1.7% | ||||||||||||
City of Tampa Florida Water & Wastewater System | ||||||||||||
Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 (a) | $ | 7,850 | $ | 8,724,449 | ||||||||
County of Seminole Florida Sales Tax Revenue, | ||||||||||||
Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 | 6,300 | 7,240,968 | ||||||||||
15,965,417 | ||||||||||||
Georgia — 1.1% | ||||||||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 | 10,154 | 10,825,804 | ||||||||||
Idaho — 0.8% | ||||||||||||
Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 | 6,820 | 7,713,274 | ||||||||||
Illinois — 1.3% | ||||||||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 (a) | 7,124 | 7,604,135 | ||||||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38 | 5,014 | 5,029,027 | ||||||||||
12,633,162 | ||||||||||||
Massachusetts — 1.0% | ||||||||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 | 9,084 | 9,418,573 | ||||||||||
Michigan — 0.3% | ||||||||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 | 2,748 | 2,679,220 | ||||||||||
New York — 3.2% | ||||||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 5,885 | 5,795,270 | ||||||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 | 6,600 | 6,534,000 | ||||||||||
Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57 | 5,090 | 5,297,349 | ||||||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 (a) | 7,270 | 7,798,872 | ||||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 | 5,520 | 5,535,659 | ||||||||||
30,961,150 | ||||||||||||
Oregon — 0.9% | ||||||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 | 7,450 | 8,253,652 | ||||||||||
Texas — 1.7% | ||||||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 | 5,890 | 6,685,541 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 | 9,243 | 9,876,262 | ||||||||||
16,561,803 |
60 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Virginia — 1.2% | ||||||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 | $ | 11,880 | $ | 11,466,131 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.6% (Cost: $132,896,545) | 139,485,924 | |||||||||||
Total Long-Term Investments — 151.2% (Cost: $1,395,371,056) | 1,447,589,504 | |||||||||||
Shares | ||||||||||||
Short-Term Securities | ||||||||||||
Money Market Funds — 2.4% | ||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (h)(i) | 23,075,533 | 23,077,841 | ||||||||||
Total Short-Term Securities — 2.4% (Cost: $23,075,533) | 23,077,841 | |||||||||||
Total Investments — 153.6% (Cost: $1,418,446,589) | 1,470,667,345 | |||||||||||
Other Assets Less Liabilities — 0.5% | 5,078,377 | |||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and | ||||||||||||
Fees Payable — (7.1)% | (67,928,949 | ) | ||||||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.0)% | (450,271,496 | ) | ||||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 957,545,277 | ||||||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Zero-coupon bond. |
(d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) | When-issued security. |
(g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(h) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 16,360,404 | $ | 6,711,075 | (a) | $ | — | $ | 4,054 | $ | 2,308 | $ | 23,077,841 | 23,075,533 | $ | 637,642 | $ | — | ||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Currency | Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $— | $ | — | $ | — | $ | (2,253,277 | ) | $ | — | $ | (2,253,277 | ) | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 132,259 | $ | — | $ | 132,259 | ||||||||||||||
Futures contracts: | Value | |||
Average notional value of contracts — short | $ | 36,537,399 |
S C H E D U L E O F IN V E S T M E N T S | 61 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund, Inc. (MQY) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,308,103,580 | $ | — | $ | 1,308,103,580 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 139,485,924 | — | 139,485,924 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 23,077,841 | — | — | 23,077,841 | ||||||||||||
$ | 23,077,841 | $ | 1,447,589,504 | $ | — | $ | 1,470,667,345 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (67,413,610 | ) | $ | — | $ | (67,413,610 | ) | ||||||
VRDP Shares at Liquidation Value | — | (450,300,000 | ) | — | (450,300,000 | ) | ||||||||||
$ | — | $ | (517,713,610 | ) | $ | — | $ | (517,713,610 | ) | |||||||
62 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 3.8% | ||||||||
Corporate (a) — 1.7% | ||||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 | $ | 3,960 | $ | 4,401,896 | ||||
Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54 | 9,000 | 9,536,130 | ||||||
13,938,026 | ||||||||
County/City/Special District/School District — 0.9% | ||||||||
Huntsville Public Building Authority, RB, 5.00%, 02/01/47 | 7,000 | 7,622,215 | ||||||
Education — 0.3% | ||||||||
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 | 2,785 | 2,813,694 | ||||||
Utilities — 0.9% | ||||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 | 6,955 | 7,629,268 | ||||||
Total Municipal Bonds in Alabama | 32,003,203 | |||||||
Arizona — 2.2% | ||||||||
Education (b) — 1.1% | ||||||||
Arizona Industrial Development Authority, RB | ||||||||
4.38%, 07/01/39 | 810 | 721,282 | ||||||
5.00%, 07/01/54 | 945 | 830,083 | ||||||
Series A, 5.00%, 07/01/49 | 1,675 | 1,517,969 | ||||||
Series A, 5.00%, 07/01/54 | 1,290 | 1,148,328 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52 | 1,620 | 1,460,215 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54 | 855 | 800,643 | ||||||
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 | 2,500 | 2,504,022 | ||||||
8,982,542 | ||||||||
Health — 0.1% | ||||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 09/01/42 | 435 | 454,318 | ||||||
Transportation — 1.0% | ||||||||
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 | 8,500 | 8,834,246 | ||||||
Total Municipal Bonds in Arizona | 18,271,106 | |||||||
Arkansas — 0.6% | ||||||||
Corporate — 0.6% | ||||||||
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49 (b) | 4,100 | 3,978,517 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 1,430 | 1,463,905 | ||||||
Total Municipal Bonds in Arkansas | 5,442,422 | |||||||
California — 10.4% | ||||||||
Corporate (a) — 1.0% | ||||||||
California Community Choice Financing Authority, RB | ||||||||
Sustainability Bonds, 5.00%, 07/01/53 | 2,900 | 3,048,973 | ||||||
Sustainability Bonds, 5.50%, 10/01/54 | 5,000 | 5,502,400 | ||||||
8,551,373 | ||||||||
County/City/Special District/School District — 6.6% | ||||||||
Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31 (c) | 5,110 | 4,234,208 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34 (c) | $ | 5,000 | $ | 3,714,718 | ||||
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43 (a) | 3,975 | 3,930,219 | ||||||
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (c) | 7,620 | 4,206,034 | ||||||
Poway Unified School District, Refunding GO (c) | ||||||||
0.00%, 08/01/35 | 7,820 | 5,296,493 | ||||||
Series B, 0.00%, 08/01/36 | 10,000 | 6,518,739 | ||||||
Rio Hondo Community College District, GO (c) | ||||||||
Series C, Election 2004, 0.00%, 08/01/37 | 8,000 | 5,107,793 | ||||||
Series C, Election 2004, 0.00%, 08/01/38 | 12,940 | 7,810,999 | ||||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31 (c) | 3,485 | 2,793,359 | ||||||
Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48 | 7,660 | 7,640,747 | ||||||
Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36 (c) | 6,545 | 4,271,670 | ||||||
55,524,979 | ||||||||
Education — 0.1% | ||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) | 1,250 | 1,234,554 | ||||||
Housing (b) — 0.7% | ||||||||
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 | 380 | 267,268 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing | ||||||||
4.00%, 10/01/56 | 470 | 384,058 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 | 1,780 | 1,147,267 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 | 2,555 | 1,908,245 | ||||||
Sustainability Bonds, 5.00%, 09/01/37 | 300 | 307,625 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 | 495 | 344,852 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 | 1,535 | 1,110,823 | ||||||
5,470,138 | ||||||||
State — 0.0% | ||||||||
State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 | 10 | 10,023 | ||||||
Transportation — 2.0% | ||||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.50%, 05/15/47 | 2,000 | 2,213,787 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44 | 14,215 | 14,833,159 | ||||||
17,046,946 | ||||||||
Total Municipal Bonds in California | 87,838,013 | |||||||
Colorado — 3.4% | ||||||||
County/City/Special District/School District — 0.3% | ||||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 | 1,605 | 1,611,574 | ||||||
STC Metropolitan District No. 2, Refunding GO, Series A, 5.00%, 12/01/38 | 1,285 | 1,186,692 | ||||||
2,798,266 |
S C H E D U L E O F IN V E S T M E N T S | 63 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education — 0.3% | ||||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50 (b) | $ | 2,530 | $ | 2,557,564 | ||||
Health — 0.7% | ||||||||
Colorado Health Facilities Authority, RB | ||||||||
5.00%, 11/01/42 | 2,500 | 2,631,619 | ||||||
5.25%, 11/01/52 | 2,750 | 2,929,144 | ||||||
5,560,763 | ||||||||
Transportation — 0.7% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/37 | 5,000 | 5,852,581 | ||||||
Utilities — 1.4% | ||||||||
City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 4.00%, 11/15/46 | 11,820 | 11,873,688 | ||||||
Total Municipal Bonds in Colorado | 28,642,862 | |||||||
Connecticut — 0.4% | ||||||||
Housing — 0.4% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sustainability Bonds, 6.25%, 05/15/54 . | 2,800 | 3,100,915 | ||||||
District of Columbia — 0.4% | ||||||||
Transportation — 0.4% | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 | 1,400 | 1,505,965 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.13%, 07/15/47 | 1,890 | 1,897,137 | ||||||
Total Municipal Bonds in District of Columbia 3,403,102 | ||||||||
Florida — 13.8% | ||||||||
Corporate — 0.2% | ||||||||
Florida Development Finance Corp., RB, AMT, 5.00%, 05/01/29 (b) | 1,500 | 1,445,949 | ||||||
County/City/Special District/School District — 1.8% | ||||||||
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/47 | 3,930 | 4,141,609 | ||||||
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/48 | 1,750 | 1,917,848 | ||||||
Palm Beach County School District, COP, Series B, 5.25%, 08/01/40 | 8,000 | 9,083,730 | ||||||
Seminole Improvement District, RB | ||||||||
5.00%, 10/01/32 | 230 | 228,713 | ||||||
5.30%, 10/01/37 | 260 | 260,172 | ||||||
15,632,072 | ||||||||
Education — 1.6% | ||||||||
Capital Trust Agency, Inc., RB (b) | ||||||||
5.00%, 01/01/55 | 1,640 | 1,247,714 | ||||||
Series A, 5.00%, 06/01/55 | 1,475 | 1,203,818 | ||||||
Series A, 5.50%, 06/01/57 | 500 | 439,529 | ||||||
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b) | 1,085 | 1,041,108 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) | 820 | 704,743 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 | $ | 4,000 | $ | 4,061,713 | ||||
Town of Davie Florida, Refunding RB, 5.00%, 04/01/37 | 4,630 | 4,834,776 | ||||||
13,533,401 | ||||||||
Health — 2.5% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 | 4,535 | 4,548,754 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 | 3,655 | 3,718,832 | ||||||
City of Tampa Florida, RB, CAB (c) | ||||||||
Series A, 0.00%, 09/01/40 | 3,290 | 1,587,718 | ||||||
Series A, 0.00%, 09/01/42 | 1,150 | 495,742 | ||||||
Series A, 0.00%, 09/01/45 | 2,000 | 724,331 | ||||||
County of Pasco Florida, RB | ||||||||
(AGM), 5.00%, 09/01/48 | 7,790 | 8,375,987 | ||||||
(AGM), 5.75%, 09/01/54 | 1,400 | 1,578,979 | ||||||
21,030,343 | ||||||||
State — 1.1% | ||||||||
Kindred Community Development District II, SAB, 5.88%, 05/01/54 | 500 | 508,855 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 | 715 | 749,291 | ||||||
LT Ranch Community Development District, SAB | ||||||||
4.00%, 05/01/40 | 1,415 | 1,233,516 | ||||||
4.00%, 05/01/50 | 2,000 | 1,572,981 | ||||||
Parker Road Community Development District, Refunding SAB, 3.88%, 05/01/40 | 900 | 721,135 | ||||||
Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 | 790 | 775,612 | ||||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 | 1,715 | 1,730,531 | ||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) | 730 | 723,475 | ||||||
Westside Community Development District, Refunding SAB (b) | ||||||||
4.10%, 05/01/37 | 640 | 580,561 | ||||||
4.13%, 05/01/38 | 630 | 568,094 | ||||||
9,164,051 | ||||||||
Transportation — 2.1% | ||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB | ||||||||
AMT, 5.00%, 10/01/34 | 530 | 535,042 | ||||||
Series B, AMT, 5.00%, 10/01/40 | 2,865 | 2,958,864 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series B-2, AMT, Subordinate, 4.00%, 10/01/50 . | 3,500 | 3,243,333 | ||||||
Greater Orlando Aviation Authority, ARB | ||||||||
Series A, AMT, 5.00%, 10/01/34 | 5,060 | 5,444,651 | ||||||
Series A, AMT, 5.00%, 10/01/49 | 2,670 | 2,776,002 | ||||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/47 | 2,500 | 2,629,470 | ||||||
17,587,362 | ||||||||
Utilities — 4.5% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 | 5,000 | 4,994,882 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 | 4,315 | 5,010,019 | ||||||
City of Lakeland Florida Department of Electric Utilities, Refunding RB, 4.25%, 10/01/48 | 5,000 | 5,015,772 |
64 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series A, 4.00%, 10/01/44 | $ | 8,500 | $ | 8,514,622 | ||||
East Central Regional Wastewater Treatment Facilities Operation Board, Refunding RB, 5.00%, 10/01/44 | 13,925 | 14,508,988 | ||||||
38,044,283 | ||||||||
Total Municipal Bonds in Florida | 116,437,461 | |||||||
Georgia — 1.8% | ||||||||
Corporate — 1.7% | ||||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/43 | 1,105 | 1,135,490 | ||||||
Series A, 5.00%, 06/01/53 (a) | 4,195 | 4,437,387 | ||||||
Series B, 5.00%, 07/01/53 (a) | 2,915 | 3,085,382 | ||||||
Series C, 5.00%, 09/01/53 (a) | 2,445 | 2,595,979 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 (a) | 3,000 | 3,198,480 | ||||||
14,452,718 | ||||||||
Education — 0.1% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) | 630 | 571,059 | ||||||
Total Municipal Bonds in Georgia | 15,023,777 | |||||||
Hawaii — 0.7% | ||||||||
Corporate — 0.2% | ||||||||
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 | 2,650 | 1,831,626 | ||||||
Transportation — 0.5% | ||||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.00%, 08/01/27 | 2,000 | 2,000,917 | ||||||
AMT, 5.00%, 08/01/28 | 1,775 | 1,776,186 | ||||||
3,777,103 | ||||||||
Total Municipal Bonds in Hawaii | 5,608,729 | |||||||
Illinois — 11.9% | ||||||||
County/City/Special District/School District — 2.0% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 3,955 | 4,163,642 | ||||||
Series A, 5.00%, 12/01/40 | 1,270 | 1,304,163 | ||||||
Series A, 5.00%, 12/01/41 | 1,000 | 1,030,442 | ||||||
Series A, 5.00%, 12/01/47 | 1,115 | 1,139,973 | ||||||
Chicago Board of Education, Refunding GO, Series B, 5.00%, 12/01/36 | 1,300 | 1,350,082 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, (AGM-CR), 5.00%, 12/01/46 | 4,565 | 4,662,412 | ||||||
Cook County Community College District No. 508, GO, 5.13%, 12/01/38 | 3,250 | 3,259,538 | ||||||
16,910,252 | ||||||||
Education — 0.9% | ||||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 10/01/40 | 7,630 | 7,746,730 | ||||||
Health — 0.3% | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
4.00%, 08/15/41 | 1,750 | 1,757,028 | ||||||
Series C, 5.00%, 08/15/44 | 985 | 989,676 | ||||||
2,746,704 |
Security | Par (000) | Value | ||||||
Housing — 0.4% | ||||||||
Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 | $ | 2,795 | $ | 3,067,612 | ||||
State — 7.0% | ||||||||
Metropolitan Pier & Exposition Authority, RB (c) | ||||||||
Series A, (NPFGC), 0.00%, 12/15/33 | 20,000 | 13,998,373 | ||||||
Series A, (NPFGC), 0.00%, 12/15/34 | 41,880 | 28,086,794 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) | 9,430 | 3,855,423 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/33 | 5,860 | 5,869,915 | ||||||
5.25%, 02/01/34 | 5,360 | 5,366,170 | ||||||
Series B, 5.25%, 05/01/43 | 1,640 | 1,797,568 | ||||||
58,974,243 | ||||||||
Transportation — 1.3% | ||||||||
Chicago O’Hare International Airport, ARB | ||||||||
Class A, AMT, Senior Lien, 5.00%, 01/01/48 | 1,935 | 2,012,747 | ||||||
Series D, Senior Lien, 5.25%, 01/01/42 | 8,285 | 8,692,664 | ||||||
10,705,411 | ||||||||
Total Municipal Bonds in Illinois | 100,150,952 | |||||||
Indiana — 0.4% | ||||||||
County/City/Special District/School District — 0.2% | ||||||||
Avon Community School Building Corp., RB, (NGFGC), 5.50%, 01/15/43 | 1,500 | 1,731,735 | ||||||
Utilities — 0.2% | ||||||||
Indiana Finance Authority, RB, 1st Lien, Sustainability Bonds, 4.00%, 10/01/51 | 2,025 | 1,927,486 | ||||||
Total Municipal Bonds in Indiana | 3,659,221 | |||||||
Kentucky — 2.6% | ||||||||
Corporate — 1.5% | ||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) | 475 | 448,205 | ||||||
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54 (a) | 11,055 | 11,996,886 | ||||||
12,445,091 | ||||||||
Transportation — 1.1% | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.60%, 07/01/39 (a) . | 8,225 | 9,688,783 | ||||||
Total Municipal Bonds in Kentucky | 22,133,874 | |||||||
Louisiana — 0.7% | ||||||||
County/City/Special District/School District — 0.2% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 | 1,200 | 1,198,920 | ||||||
Education — 0.5% | ||||||||
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 | 4,010 | 4,253,287 | ||||||
Total Municipal Bonds in Louisiana | 5,452,207 | |||||||
Maryland — 0.3% | ||||||||
Health — 0.3% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 | 2,815 | 2,623,520 | ||||||
S C H E D U L E O F IN V E S T M E N T S | 65 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Massachusetts — 3.9% | ||||||||
Education — 1.2% | ||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | $ | 9,720 | $ | 9,781,354 | ||||
Housing — 0.1% | ||||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 | 1,080 | 1,038,401 | ||||||
State — 2.6% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series A, 5.25%, 01/01/44 | 10,000 | 10,848,183 | ||||||
Series C, 5.25%, 10/01/47 | 10,000 | 11,273,934 | ||||||
22,122,117 | ||||||||
Total Municipal Bonds in Massachusetts | 32,941,872 | |||||||
Michigan — 6.6% | ||||||||
Education — 1.3% | ||||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 | 10,000 | 10,576,775 | ||||||
Health — 0.2% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/47 | 1,855 | 1,776,420 | ||||||
Housing — 1.7% | ||||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 | 8,405 | 8,791,275 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series D, Sustainability Bonds, 5.50%, 06/01/53 | 5,055 | 5,286,217 | ||||||
14,077,492 | ||||||||
State — 2.4% | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/46 | 5,980 | 5,923,097 | ||||||
Michigan Strategic Fund, RB | ||||||||
AMT, (AGM), 4.25%, 12/31/38 | 2,000 | 2,001,880 | ||||||
AMT, 5.00%, 12/31/43 | 9,940 | 10,024,266 | ||||||
State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46 | 2,500 | 2,541,398 | ||||||
20,490,641 | ||||||||
Utilities — 1.0% | ||||||||
Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 | 1,600 | 1,717,727 | ||||||
Lansing Board of Water & Light, Refunding RB | ||||||||
Series A, 5.00%, 07/01/44 | 2,335 | 2,494,913 | ||||||
Series A, 5.00%, 07/01/48 | 4,000 | 4,238,767 | ||||||
8,451,407 | ||||||||
Total Municipal Bonds in Michigan | 55,372,735 | |||||||
Minnesota — 0.4% | ||||||||
Housing — 0.4% | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | 3,325 | 3,564,354 | ||||||
Nevada — 0.3% | ||||||||
State — 0.3% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 814, SAB | ||||||||
4.00%, 06/01/39 | 375 | 331,951 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
City of Las Vegas Nevada Special Improvement District No. 814, SAB (continued) | ||||||||
4.00%, 06/01/44 | $ | 995 | $ | 828,245 | ||||
Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 | 1,610 | 1,620,824 | ||||||
Total Municipal Bonds in Nevada | 2,781,020 | |||||||
New Jersey — 8.6% | ||||||||
County/City/Special District/School District — 0.3% | ||||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 2,320 | 2,382,313 | ||||||
Education (d) — 0.6% | ||||||||
New Jersey Economic Development Authority, RB | ||||||||
Series WW, 5.00%, 06/15/25 | 3,205 | 3,295,379 | ||||||
Series WW, 5.25%, 06/15/25 | 1,470 | 1,516,601 | ||||||
4,811,980 | ||||||||
State — 0.2% | ||||||||
New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28 | 1,685 | 1,886,113 | ||||||
Tobacco — 0.9% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 4,490 | 4,574,011 | ||||||
Series A, 5.25%, 06/01/46 | 545 | 562,216 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,495 | 2,520,522 | ||||||
7,656,749 | ||||||||
Transportation — 6.5% | ||||||||
New Jersey Economic Development Authority, RB | ||||||||
AMT, 5.13%, 01/01/34 | 1,930 | 1,931,311 | ||||||
AMT, 5.38%, 01/01/43 | 4,920 | 4,924,354 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, (NPFGC), 5.75%, 06/15/25 | 4,000 | 4,139,136 | ||||||
Series AA, 5.00%, 06/15/38 | 3,990 | 4,019,872 | ||||||
Series BB, 5.00%, 06/15/46 | 5,825 | 6,355,178 | ||||||
Series C, (AGC-ICC AMBAC), 0.00%, 12/15/25 (c) | 8,550 | 8,043,875 | ||||||
Series D, 5.00%, 06/15/32 | 1,825 | 1,855,835 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (c) | 10,000 | 6,484,945 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 | 10,945 | 11,491,886 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 | 5,265 | 5,804,419 | ||||||
55,050,811 | ||||||||
Utilities — 0.1% | ||||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 | 1,055 | 1,034,563 | ||||||
Total Municipal Bonds in New Jersey | 72,822,529 | |||||||
New Mexico — 0.0% | ||||||||
Health — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 425 | 359,908 | ||||||
66 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York — 11.0% | ||||||||
Corporate — 0.6% | ||||||||
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 | $ | 1,555 | $ | 1,683,754 | ||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 3,275 | 3,419,025 | ||||||
5,102,779 | ||||||||
County/City/Special District/School District — 6.2% | ||||||||
City of New York, GO | ||||||||
Series B, 5.25%, 10/01/42 | 2,500 | 2,859,935 | ||||||
Series C, 5.00%, 08/01/43 | 2,585 | 2,820,992 | ||||||
Series D-1, 5.25%, 05/01/42 | 1,155 | 1,316,882 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series A-1, 5.00%, 08/01/38 | 2,500 | 2,678,794 | ||||||
Series E-1, 4.00%, 02/01/42 | 3,325 | 3,366,433 | ||||||
Series E-1, 4.00%, 02/01/46 | 1,930 | 1,899,171 | ||||||
Series C-1, Subordinate, 4.00%, 02/01/42 | 8,000 | 8,167,315 | ||||||
Series C-1, Subordinate, 4.00%, 02/01/43 | 8,355 | 8,491,699 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/38 | 1,700 | 1,773,448 | ||||||
New York Liberty Development Corp., Refunding RB Class 1, 5.00%, 11/15/44 (b) | 3,055 | 3,051,181 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 | 7,430 | 5,408,235 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.00%, 05/15/48 | 10,090 | 10,043,001 | ||||||
51,877,086 | ||||||||
State — 0.5% | ||||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/42 | 1,160 | 1,182,771 | ||||||
Series E, 4.00%, 03/15/46 | 1,825 | 1,828,800 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52 | 1,325 | 1,475,184 | ||||||
4,486,755 | ||||||||
Transportation — 2.6% | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series A-1, Sustainability Bonds, 5.25%, 11/15/57 | 3,050 | 3,140,413 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | 2,360 | 2,360,275 | ||||||
Port Authority of New York & New Jersey, ARB, AMT, 4.00%, 09/01/43 | 3,000 | 2,885,636 | ||||||
Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39 | 2,500 | 2,683,544 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47 | 10,000 | 10,939,730 | ||||||
22,009,598 | ||||||||
Utilities — 1.1% | ||||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series DD, 4.13%, 06/15/46 | 3,825 | 3,926,964 | ||||||
Series DD, 4.13%, 06/15/47 | 5,035 | 5,115,211 | ||||||
9,042,175 | ||||||||
Total Municipal Bonds in New York | 92,518,393 |
Security | Par (000) | Value | ||||||
Ohio — 2.2% | ||||||||
Health — 0.6% | ||||||||
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | $ | 4,500 | $ | 4,663,288 | ||||
Tobacco — 1.6% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 14,450 | 13,611,322 | ||||||
Total Municipal Bonds in Ohio | 18,274,610 | |||||||
Oregon — 0.5% | ||||||||
County/City/Special District/School District — 0.2% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) | 2,800 | 1,460,850 | ||||||
Transportation — 0.3% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 | 2,400 | 2,658,894 | ||||||
Total Municipal Bonds in Oregon | 4,119,744 | |||||||
Pennsylvania — 6.7% | ||||||||
County/City/Special District/School District — 0.2% | ||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.75%, 06/30/48 | 1,645 | 1,813,689 | ||||||
Health — 0.1% | ||||||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 | 405 | 316,394 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 | 450 | 456,630 | ||||||
773,024 | ||||||||
Housing — 1.3% | ||||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 9,575 | 10,539,712 | ||||||
State — 0.6% | ||||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series B, 5.00%, 12/01/43 | 5,000 | 5,242,401 | ||||||
Transportation — 4.5% | ||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48 | 785 | 857,952 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/42 | 6,325 | 6,453,101 | ||||||
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 | 15,560 | 15,574,659 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/38 | 1,775 | 1,804,045 | ||||||
Series A-1, 5.00%, 12/01/41 | 5,550 | 5,743,858 | ||||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
Series A-1, 5.00%, 12/01/40 | 2,165 | 2,190,572 | ||||||
Series B, 5.25%, 12/01/44 | 1,500 | 1,694,756 | ||||||
Series C, 5.00%, 12/01/46 | 1,415 | 1,535,448 | ||||||
Series 2017-3, Subordinate, 5.00%, 12/01/40 | 2,330 | 2,443,857 | ||||||
38,298,248 | ||||||||
Total Municipal Bonds in Pennsylvania | 56,667,074 |
S C H E D U L E O F IN V E S T M E N T S | 67 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Puerto Rico — 4.8% | ||||||||
State — 4.8% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | $ | 1,334 | $ | 1,307,013 | ||||
Series A-1, Restructured, 5.00%, 07/01/58 | 3,202 | 3,201,959 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 214 | 209,185 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,372 | 2,354,803 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 937 | 913,514 | ||||||
Series B-1, Restructured, 5.00%, 07/01/58 | 14,927 | 14,948,643 | ||||||
Series B-2, Restructured, 4.33%, 07/01/40 | 12,433 | 12,291,705 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 1,261 | 1,224,104 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) | 13,259 | 4,075,957 | ||||||
Total Municipal Bonds in Puerto Rico | 40,526,883 | |||||||
South Carolina — 5.6% | ||||||||
Corporate — 0.9% | ||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 (a) | 7,215 | 7,784,697 | ||||||
Education — 0.2% | ||||||||
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62 (b) | 1,290 | 1,176,333 | ||||||
Health — 0.6% | ||||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 11/01/43 | 5,000 | 5,184,814 | ||||||
Transportation — 0.8% | ||||||||
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25 (d) | 6,530 | 6,697,626 | ||||||
Utilities — 3.1% | ||||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 4.00%, 12/01/43 | 3,000 | 2,879,039 | ||||||
Series A, 5.50%, 12/01/54 | 11,450 | 11,482,917 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
5.00%, 12/01/38 | 5,870 | 5,872,054 | ||||||
Series B, 5.00%, 12/01/51 | 5,575 | 5,841,038 | ||||||
26,075,048 | ||||||||
Total Municipal Bonds in South Carolina | 46,918,518 | |||||||
Tennessee — 0.5% | ||||||||
Transportation — 0.5% | ||||||||
Metropolitan Nashville Airport Authority, ARB | ||||||||
Series B, AMT, 5.50%, 07/01/41 | 1,875 | 2,060,642 | ||||||
Series B, AMT, 5.50%, 07/01/42 | 2,000 | 2,189,520 | ||||||
Total Municipal Bonds in Tennessee | 4,250,162 | |||||||
Texas — 12.4% | ||||||||
Corporate — 0.4% | ||||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 | 1,295 | 1,296,682 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 710 | 709,481 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 | 690 | 690,448 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 820 | 724,019 | ||||||
3,420,630 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District — 6.7% | ||||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 | $ | 635 | $ | 637,704 | ||||
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 | 695 | 795,630 | ||||||
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 | 1,320 | 1,339,245 | ||||||
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 | 4,240 | 4,658,272 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 470 | 470,239 | ||||||
Galveston Independent School District, GO, (PSF), 4.00%, 02/01/47 | 8,075 | 8,083,860 | ||||||
Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 | 2,500 | 2,457,560 | ||||||
Hays Consolidated Independent School District, GO, (PSF), 5.00%, 02/15/48 | 8,000 | 8,725,767 | ||||||
Houston Independent School District, Refunding GO, (PSF), 5.00%, 02/15/42 | 10,000 | 10,423,107 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 | 300 | 330,581 | ||||||
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 | 5,000 | 5,016,259 | ||||||
Lake Travis Independent School District, GO, 4.00%, 02/15/48 | 3,100 | 3,016,865 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (c)(d) | 9,685 | 4,889,260 | ||||||
Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48 | 3,000 | 3,361,985 | ||||||
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 | 2,540 | 2,539,181 | ||||||
56,745,515 | ||||||||
Education — 0.9% | ||||||||
Arlington Higher Education Finance Corp., RB (b) | ||||||||
7.50%, 04/01/62 | 1,420 | 1,381,828 | ||||||
7.88%, 11/01/62 | 1,195 | 1,212,747 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) | 1,385 | 1,245,165 | ||||||
Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 | 3,335 | 3,797,152 | ||||||
7,636,892 | ||||||||
Health — 0.2% | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 960 | 861,245 | ||||||
Series A, 5.00%, 07/01/53 | 1,180 | 1,225,626 | ||||||
2,086,871 | ||||||||
Transportation — 1.6% | ||||||||
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/39 | 9,080 | 9,631,697 | ||||||
Port Authority of Houston of Harris County Texas, ARB | ||||||||
4.00%, 10/01/46 | 1,025 | 1,005,465 | ||||||
1st Lien, 5.00%, 10/01/48 | 2,195 | 2,411,913 | ||||||
13,049,075 | ||||||||
Utilities — 2.6% | ||||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB | ||||||||
5.25%, 03/01/49 | 3,410 | 3,795,357 | ||||||
Series A, 4.00%, 03/01/44 | 9,540 | 9,536,642 |
68 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Junior Lien, 5.00%, 02/01/44 | $ | 4,500 | $ | 4,920,452 | ||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) | 5,810 | 3,366,110 | ||||||
21,618,561 | ||||||||
Total Municipal Bonds in Texas | 104,557,544 | |||||||
Utah — 2.5% | ||||||||
Education (b) — 0.1% | ||||||||
Utah Charter School Finance Authority, RB | ||||||||
Series A, 5.00%, 06/15/39 | 190 | 181,380 | ||||||
Series A, 5.00%, 06/15/49 | 380 | 341,981 | ||||||
523,361 | ||||||||
Transportation — 2.4% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/36 | 3,475 | 3,656,011 | ||||||
Series A, AMT, 5.00%, 07/01/42 | 1,000 | 1,025,567 | ||||||
Series A, AMT, 5.00%, 07/01/43 | 3,490 | 3,607,283 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 3,140 | 3,219,075 | ||||||
Series A, AMT, 5.25%, 07/01/48 | 8,430 | 8,825,284 | ||||||
20,333,220 | ||||||||
Total Municipal Bonds in Utah | 20,856,581 | |||||||
Virginia — 0.3% | ||||||||
Tobacco — 0.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 3,030 | 2,855,724 | ||||||
Washington — 0.5% | ||||||||
Transportation — 0.5% | ||||||||
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47 | 4,350 | 4,523,982 | ||||||
Wisconsin — 2.9% | ||||||||
Education — 1.2% | ||||||||
Public Finance Authority, RB | ||||||||
Class A, 4.25%, 06/15/31 (b) | 270 | 242,707 | ||||||
Class A, 5.00%, 06/15/41 (b) | 895 | 753,523 | ||||||
Class A, 5.00%, 06/15/51 (b) | 590 | 463,694 | ||||||
Class A, 6.00%, 06/15/52 | 450 | 406,039 | ||||||
Class A, 6.13%, 06/15/57 | 505 | 458,633 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
4.00%, 12/01/46 | 5,130 | 5,002,699 | ||||||
4.00%, 12/01/51 | 3,000 | 2,838,991 | ||||||
10,166,286 | ||||||||
Health — 0.6% | ||||||||
Public Finance Authority, Refunding RB (b) | ||||||||
5.00%, 09/01/39 | 100 | 88,529 | ||||||
5.00%, 09/01/49 | 845 | 682,821 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/36 | 4,140 | 4,257,588 | ||||||
5,028,938 |
Security | Par (000) | Value | ||||||
Housing — 0.2% | ||||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 | $ | 1,080 | $ | 1,136,894 | ||||
Utilities — 0.9% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 | 7,350 | 7,808,752 | ||||||
Total Municipal Bonds in Wisconsin | 24,140,870 | |||||||
Total Municipal Bonds — 123.1% (Cost: $994,077,671) | 1,037,843,867 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (e) | ||||||||
Alabama — 1.4% | ||||||||
Health — 1.4% | ||||||||
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46 | 11,790 | 12,055,668 | ||||||
Total Municipal Bonds in Alabama | 12,055,668 | |||||||
California — 2.7% | ||||||||
County/City/Special District/School District — 1.3% | ||||||||
Los Angeles Unified School District, GO, Sustainability Bonds, Series QRR, 5.25%, 07/01/47 | 9,750 | 11,224,856 | ||||||
State — 1.4% | ||||||||
State of California, Refunding GO, 5.00%, 04/01/45 | 10,500 | 11,333,695 | ||||||
Total Municipal Bonds in California | 22,558,551 | |||||||
Florida — 3.0% | ||||||||
Health — 1.3% | ||||||||
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 10,500 | 10,680,918 | ||||||
Transportation — 1.7% | ||||||||
Central Florida Expressway Authority, RB, Senior Lien, Series B, 5.00%, 07/01/49 | 14,090 | 14,813,493 | ||||||
Total Municipal Bonds in Florida | 25,494,411 | |||||||
Illinois — 6.8% | ||||||||
County/City/Special District/School District — 1.3% | ||||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Second Lien, Series A, 5.00%, 12/01/46 | 10,000 | 10,715,132 | ||||||
Health — 2.5% | ||||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 07/15/42 | 20,000 | 20,983,255 | ||||||
Transportation — 3.0% | ||||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/38 | 5,833 | 5,850,502 | ||||||
Series A, 5.00%, 01/01/44 | 8,000 | 8,567,070 | ||||||
Series A, 5.00%, 01/01/46 | 10,470 | 11,418,260 | ||||||
25,835,832 | ||||||||
Total Municipal Bonds in Illinois | 57,534,219 | |||||||
S C H E D U L E O F IN V E S T M E N T S | 69 |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nebraska — 1.2% | ||||||||
Utilities — 1.2% | ||||||||
Omaha Public Power District, RB, Series A, 5.00%, 02/01/47 | $ | 8,975 | $ | 9,800,524 | ||||
Total Municipal Bonds in Nebraska | 9,800,524 | |||||||
New Jersey — 1.3% | ||||||||
State — 1.3% | ||||||||
Garden State Preservation Trust, RB, Series A, 5.75%, 11/01/28 | 10,000 | 10,731,876 | ||||||
Total Municipal Bonds in New Jersey | 10,731,876 | |||||||
New York — 8.5% | ||||||||
County/City/Special District/School District — 2.5% | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series D-1, 5.25%, 11/01/43 | 12,040 | 13,768,558 | ||||||
Series D-1, 5.50%, 11/01/45 5,900 6,841,066 | ||||||||
20,609,624 | ||||||||
Education — 1.2% | ||||||||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41 | 9,795 | 10,383,536 | ||||||
State — 3.5% | ||||||||
New York State Urban Development Corp., Refunding RB | ||||||||
5.00%, 03/15/41 | 7,790 | 8,798,615 | ||||||
5.00%, 03/15/43 | 10,000 | 11,197,836 | ||||||
5.00%, 03/15/44 | 8,280 | 9,242,089 | ||||||
29,238,540 | ||||||||
Transportation — 1.3% | ||||||||
Triborough Bridge & Tunnel Authority, RB, Senior Lien, Sustainability Bonds, Series D-2, 5.25%, 05/15/47 | 9,810 | 11,061,351 | ||||||
Total Municipal Bonds in New York | 71,293,051 | |||||||
Ohio — 1.8% | ||||||||
Education — 1.8% | ||||||||
University of Cincinnati, RB, Series A, 5.00%, 06/01/45 . | 15,025 | 15,512,283 | ||||||
Total Municipal Bonds in Ohio | 15,512,283 | |||||||
Texas — 1.2% | ||||||||
Transportation — 1.2% | ||||||||
Dallas Area Rapid Transit, Refunding RB, Senior Lien, Series B, 5.00%, 12/01/47 | 9,480 | 10,259,540 | ||||||
Total Municipal Bonds in Texas | 10,259,540 | |||||||
Washington — 5.0% | ||||||||
County/City/Special District/School District — 1.7% | ||||||||
State of Washington, GO, Series A-3, 5.00%, 08/01/47 | 13,395 | 14,726,255 | ||||||
Security | Par (000) | Value | ||||||
Transportation — 3.3% | ||||||||
Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/43 | $ | 15,500 | $ | 15,870,317 | ||||
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47 | 10,665 | 11,580,517 | ||||||
27,450,834 | ||||||||
Total Municipal Bonds in Washington | 42,177,089 | |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% (Cost: $265,606,410) | 277,417,212 | |||||||
Total Long-Term Investments — 156.0% (Cost: $1,259,684,081) | 1,315,261,079 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (f)(g) | 5,915,151 | 5,915,742 | ||||||
Total Short-Term Securities — 0.7% (Cost: $5,914,882) | 5,915,742 | |||||||
Total Investments — 156.7% (Cost: $1,265,598,963) | 1,321,176,821 | |||||||
Other Assets Less Liabilities — 1.4% | 11,861,700 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.9)% | (133,920,499 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (42.2)% | (356,137,977 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 842,980,045 | ||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Zero-coupon bond. |
(d) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
70 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 | BlackRock MuniYield Quality Fund III, Inc. (MYI) |
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 9,536,835 | $ | — | $ | (3,623,262 | ) (a) | $ | 1,578 | $ | 591 | $ | 5,915,742 | 5,915,151 | $ | 427,443 | $ | — | ||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,037,843,867 | $ | — | $ | 1,037,843,867 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 277,417,212 | — | 277,417,212 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 5,915,742 | — | — | 5,915,742 | ||||||||||||
$ | 5,915,742 | $ | 1,315,261,079 | $ | — | $ | 1,321,176,821 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (132,763,095 | ) | $ | — | $ | (132,763,095 | ) | ||||||
VRDP Shares at Liquidation Value | — | (356,400,000 | ) | — | (356,400,000 | ) | ||||||||||
$ | — | $ | (489,163,095 | ) | $ | — | $ | (489,163,095 | ) | |||||||
S C H E D U L E O F IN V E S T M E N T S | 71 |
BTA | MUA | MUI | MYD | |||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated (a) | $ | 216,480,546 | $ | 575,103,028 | $ | 1,542,169,749 | $ | 851,240,664 | ||||||||
Investments, at value — affiliated (b) | 3,270,858 | 33,457,421 | 21,001,661 | 5,292,158 | ||||||||||||
Cash | 1,769,565 | 3,995,294 | — | 7,926,658 | ||||||||||||
Cash pledged for futures contracts | — | — | — | 553,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 884,033 | 233,933 | 9,014,916 | — | ||||||||||||
TOB Trust | — | — | — | 3,810,184 | ||||||||||||
Dividends — affiliated | 10,289 | 101,169 | 85,515 | 6,196 | ||||||||||||
Interest — unaffiliated | 2,231,365 | 5,793,023 | 14,919,938 | 9,076,480 | ||||||||||||
Unfunded commitments | — | 4,516,898 | — | — | ||||||||||||
Deferred offering costs | — | 61,500 | — | — | ||||||||||||
Prepaid expenses | 13,436 | 150,133 | 179,053 | — | ||||||||||||
Total assets | 224,660,092 | 623,412,399 | 1,587,370,832 | 877,905,340 | ||||||||||||
ACCRUED LIABILITIES | ||||||||||||||||
Bank overdraft | — | — | 15,650 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,746,577 | 2,113,271 | 6,610,769 | 10,579,041 | ||||||||||||
Accounting services fees | 7,709 | 26,433 | 48,734 | 32,233 | ||||||||||||
Custodian fees | 901 | 2,035 | 4,392 | 2,669 | ||||||||||||
Income dividend distributions — Common Shares | 584,635 | 2,133,749 | 3,959,568 | 2,401,009 | ||||||||||||
Interest expense and fees | 45,592 | 38,956 | 301,849 | 437,269 | ||||||||||||
Investment advisory fees | 118,118 | 283,674 | 729,851 | 363,631 | ||||||||||||
Offering costs | — | 51,633 | — | — | ||||||||||||
Directors’ and Officer’s fees | 22,685 | 1,581 | 530,413 | 301,849 | ||||||||||||
Other accrued expenses | 8,056 | 29,774 | 55,872 | 16,847 | ||||||||||||
Professional fees | 25,848 | 61,245 | 38,424 | 48,805 | ||||||||||||
Transfer agent fees | 8,279 | 23,357 | 1,272 | 24,508 | ||||||||||||
Variation margin on futures contracts | — | — | — | 189,245 | ||||||||||||
Total accrued liabilities | 2,568,400 | 4,765,708 | 12,296,794 | 14,397,106 | ||||||||||||
OTHER LIABILITIES | ||||||||||||||||
TOB Trust Certificates | 6,218,595 | 4,500,000 | 51,489,875 | 51,338,092 | ||||||||||||
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) | 75,676,232 | 174,937,276 | 561,403,586 | 251,128,294 | ||||||||||||
Total other liabilities | 81,894,827 | 179,437,276 | 612,893,461 | 302,466,386 | ||||||||||||
Total liabilities | 84,463,227 | 184,202,984 | 625,190,255 | 316,863,492 | ||||||||||||
Commitments and contingent liabilities | ||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 140,196,865 | $ | 439,209,415 | $ | 962,180,577 | $ | 561,041,848 | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF | ||||||||||||||||
Paid-in capital(f)(g)(h) | $ | 156,197,951 | $ | 514,130,562 | $ | 1,034,023,456 | $ | 611,402,261 | ||||||||
Accumulated loss | (16,001,086 | ) | (74,921,147 | ) | (71,842,879 | ) | (50,360,413 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 140,196,865 | $ | 439,209,415 | $ | 962,180,577 | $ | 561,041,848 | ||||||||
Net asset value per Common Share | $ | 10.43 | $ | 11.42 | $ | 13.37 | $ | 12.27 | ||||||||
(a) Investments, at cost — unaffiliated | $ | 219,701,464 | $ | 612,072,704 | $ | 1,495,163,747 | $ | 818,789,982 | ||||||||
(b) Investments, at cost — affiliated | $ | 3,270,530 | $ | 33,449,258 | $ | 20,999,548 | $ | 5,291,985 | ||||||||
(c) Preferred Shares outstanding | 760 | 1,750 | 5,617 | 2,514 | ||||||||||||
(d) Preferred Shares authorized | Unlimited | 1,750 | 18,417 | 16,234 | ||||||||||||
(e) Par value per Preferred Share | $ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
(f) Common Shares outstanding | 13,439,892 | 38,445,935 | 71,992,145 | 45,733,511 | ||||||||||||
(g) Common Shares authorized | Unlimited | 199,998,250 | 199,981,583 | 199,983,766 | ||||||||||||
(h) Par value per Common Share | $ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 |
72 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MQY | MYI | |||||||
ASSETS | ||||||||
Investments, at value — unaffiliated (a) | $ | 1,447,589,504 | $ | 1,315,261,079 | ||||
Investments, at value — affiliated (b) | 23,077,841 | 5,915,742 | ||||||
Receivables: | ||||||||
Investments sold | 3,513,254 | 2,788,151 | ||||||
Dividends — affiliated | 68,899 | 27,253 | ||||||
Interest — unaffiliated | 13,448,660 | 13,590,898 | ||||||
Prepaid expenses | 987,387 | 294,997 | ||||||
Total assets | 1,488,685,545 | 1,337,878,120 | ||||||
ACCRUED LIABILITIES | ||||||||
Bank overdraft | 1,662 | — | ||||||
Payables: | ||||||||
Investments purchased | 7,728,995 | — | ||||||
Accounting services fees | 46,304 | 44,189 | ||||||
Custodian fees | 4,249 | 3,464 | ||||||
Income dividend distributions — Common Shares | 4,166,350 | 3,688,932 | ||||||
Interest expense and fees | 515,339 | 1,157,404 | ||||||
Investment advisory fees | 621,237 | 563,149 | ||||||
Directors’ and Officer’s fees | 265,058 | 436,619 | ||||||
Other accrued expenses | 12,138 | 6,127 | ||||||
Professional fees | 57,519 | 67,588 | ||||||
Transfer agent fees | 36,311 | 29,531 | ||||||
Total accrued liabilities | 13,455,162 | 5,997,003 | ||||||
OTHER LIABILITIES | ||||||||
TOB Trust Certificates | 67,413,610 | 132,763,095 | ||||||
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) | 450,271,496 | 356,137,977 | ||||||
Total other liabilities | 517,685,106 | 488,901,072 | ||||||
Total liabilities | 531,140,268 | 494,898,075 | ||||||
Commitments and contingent liabilities | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 957,545,277 | $ | 842,980,045 | ||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF | ||||||||
Paid-in capital(f)(g)(h) | $ | 1,025,358,015 | $ | 867,393,928 | ||||
Accumulated loss | (67,812,738 | ) | (24,413,883 | ) | ||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 957,545,277 | $ | 842,980,045 | ||||
Net asset value per Common Share | $ | 13.33 | $ | 12.68 | ||||
(a) Investments, at cost — unaffiliated | $ | 1,395,371,056 | $ | 1,259,684,081 | ||||
(b) Investments, at cost — affiliated | $ | 23,075,533 | $ | 5,914,882 | ||||
(c) Preferred Shares outstanding | 4,503 | 3,564 | ||||||
(d) Preferred Shares authorized | 14,503 | 26,364 | ||||||
(e) Par value per Preferred Share | $ | 0.10 | $ | 0.10 | ||||
(f) Common Shares outstanding | 71,833,617 | 66,467,251 | ||||||
(g) Common Shares authorized | 199,985,497 | 199,973,636 | ||||||
(h) Par value per Common Share | $ | 0.10 | $ | 0.10 |
F I N A N C I A L ST A T E M E N T S | 73 |
BTA | MUA | MUI | MYD | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — affiliated | $ | 93,235 | $ | 890,431 | $ | 546,493 | $ | 159,628 | ||||||||
Interest — unaffiliated | 5,271,247 | 14,385,590 | 33,643,920 | 18,845,551 | ||||||||||||
Total investment income | 5,364,482 | 15,276,021 | 34,190,413 | 19,005,179 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 671,947 | 1,662,910 | 4,275,163 | 2,057,616 | ||||||||||||
Professional | 31,136 | 248,706 | 34,566 | 32,130 | ||||||||||||
Accounting services | 14,402 | 48,691 | 90,672 | 58,874 | ||||||||||||
Transfer agent | 13,420 | 26,110 | 41,900 | 24,528 | ||||||||||||
Printing and postage | 9,045 | 10,471 | 10,248 | 7,056 | ||||||||||||
Directors and Officer | 6,355 | 13,584 | 63,282 | 36,795 | ||||||||||||
Registration | 4,230 | 4,972 | 19,689 | 8,175 | ||||||||||||
Liquidity fees | 3,900 | 8,981 | 28,826 | 12,902 | ||||||||||||
Remarketing fees on Preferred Shares | 3,830 | 8,818 | 28,303 | 12,667 | ||||||||||||
Custodian | 1,257 | 3,385 | 8,959 | 4,794 | ||||||||||||
Miscellaneous | 50,553 | 6,698 | 114,274 | 34,951 | ||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs | 810,075 | 2,043,326 | 4,715,882 | 2,290,488 | ||||||||||||
Interest expense, fees and amortization of offering costs (a) | 1,855,101 | 4,156,929 | 13,771,422 | 6,239,823 | ||||||||||||
Total expenses | 2,665,176 | 6,200,255 | 18,487,304 | 8,530,311 | ||||||||||||
Less: | ||||||||||||||||
Fees waived and/or reimbursed by the Manager | (2,659 | ) | (25,640 | ) | (16,081 | ) | (4,500 | ) | ||||||||
Total expenses after fees waived and/or reimbursed | 2,662,517 | 6,174,615 | 18,471,223 | 8,525,811 | ||||||||||||
Net investment income | 2,701,965 | 9,101,406 | 15,719,190 | 10,479,368 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (2,219,548 | ) | (3,754,606 | ) | (20,640,478 | ) | (16,302,373 | ) | ||||||||
Investments — affiliated | 1,926 | 4,812 | 2,671 | 48 | ||||||||||||
Futures contracts | — | — | (2,269,716 | ) | (1,780,278 | ) | ||||||||||
(2,217,622 | ) | (3,749,794 | ) | (22,907,523 | ) | (18,082,603 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 3,944,580 | 5,698,767 | 32,387,240 | 24,061,652 | ||||||||||||
Investments — affiliated | (1,390 | ) | 1,484 | 2,187 | 750 | |||||||||||
Futures contracts | — | — | 137,766 | (885,422 | ) | |||||||||||
Unfunded commitments | — | 4,516,898 | — | — | ||||||||||||
3,943,190 | 10,217,149 | 32,527,193 | 23,176,980 | |||||||||||||
Net realized and unrealized gain | 1,725,568 | 6,467,355 | 9,619,670 | 5,094,377 | ||||||||||||
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS | $ | 4,427,533 | $ | 15,568,761 | $ | 25,338,860 | $ | 15,573,745 | ||||||||
74 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MQY | MYI | |||||||
INVESTMENT INCOME | ||||||||
Dividends — affiliated | $ | 637,642 | $ | 427,443 | ||||
Interest — unaffiliated | 32,037,420 | 29,098,817 | ||||||
Total investment income | 32,675,062 | 29,526,260 | ||||||
EXPENSES | ||||||||
Investment advisory | 3,576,161 | 3,299,048 | ||||||
Accounting services | 85,045 | 81,471 | ||||||
Professional | 52,587 | 33,605 | ||||||
Directors and Officer | 45,744 | 53,494 | ||||||
Transfer agent | 34,892 | 29,945 | ||||||
Registration | 11,994 | 11,874 | ||||||
Custodian | 8,665 | 6,397 | ||||||
Printing and postage | 8,173 | 5,543 | ||||||
Reorganization | — | 58,228 | ||||||
Miscellaneous | 36,329 | 36,532 | ||||||
Total expenses excluding interest expense, fees and amortization of offering costs | 3,859,590 | 3,616,137 | ||||||
Interest expense, fees and amortization of offering costs (a) | 10,951,910 | 10,995,260 | ||||||
Total expenses | 14,811,500 | 14,611,397 | ||||||
Less: | ||||||||
Fees waived and/or reimbursed by the Manager | (18,387 | ) | (11,871 | ) | ||||
Total expenses after fees waived and/or reimbursed | 14,793,113 | 14,599,526 | ||||||
Net investment income | 17,881,949 | 14,926,734 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated | (24,018,873 | ) | (11,880,590 | ) | ||||
Investments — affiliated | 4,054 | 1,578 | ||||||
Futures contracts | (2,253,277 | ) | — | |||||
Payment by affiliate | 6,492 | — | ||||||
(26,261,604 | ) | (11,879,012 | ) | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — unaffiliated | 34,896,856 | 24,076,632 | ||||||
Investments — affiliated | 2,308 | 591 | ||||||
Futures contracts | 132,259 | — | ||||||
35,031,423 | 24,077,223 | |||||||
Net realized and unrealized gain | 8,769,819 | 12,198,211 | ||||||
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS | $ | 26,651,768 | $ | 27,124,945 | ||||
F I N A N C I A L ST A T E M E N T S | 75 |
BTA | MUA | |||||||||||||||||||||||||||
| Six Months Ended 01/31/24 | Year Ended | Six Months Ended 01/31/24 | Year Ended | ||||||||||||||||||||||||
(unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | |||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 2,701,965 | $ | 6,196,804 | $ | 9,101,406 | $ | 19,154,015 | ||||||||||||||||||||
Net realized loss | (2,217,622 | ) | (6,220,202 | ) | (3,749,794 | ) | (35,435,819 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,943,190 | (3,345,748 | ) | 10,217,149 | (4,876,064 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | 4,427,533 | (3,369,146 | ) | 15,568,761 | (21,157,868 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) | ||||||||||||||||||||||||||||
From net investment income | (3,518,429 | ) (b) | (7,268,272 | ) | (10,590,780 | ) (b) | (25,968,802 | ) | ||||||||||||||||||||
Return of capital | — | (209,790 | ) | — | (1,169,737 | ) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (3,518,429 | ) | (7,478,062 | ) | (10,590,780 | ) | (27,138,539 | ) | ||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net proceeds from the issuance of common shares | — | — | — | 2,613,331 | ||||||||||||||||||||||||
Reinvestment of common distributions | — | 21,507 | — | 164,753 | ||||||||||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) | — | — | (1,967,553 | ) | — | |||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | — | 21,507 | (1,967,553 | ) | 2,778,084 | |||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders | 909,104 | (10,825,701 | ) | 3,010,428 | (45,518,323 | ) | ||||||||||||||||||||||
Beginning of period | 139,287,761 | 150,113,462 | 436,198,987 | 481,717,310 | ||||||||||||||||||||||||
End of period | $ | 140,196,865 | $ | 139,287,761 | $ | 439,209,415 | $ | 436,198,987 | ||||||||||||||||||||
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
76 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MUI | MYD | |||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 | Year Ended | | Six Months Ended 01/31/24 | Year Ended | |||||||||||||||||||||||||
(unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||
Net investment income | $ | 15,719,190 | $ | 33,844,144 | $ | 10,479,368 | $ | 21,558,465 | ||||||||||||||||||||||
Net realized loss | (22,907,523 | ) | (64,092,887 | ) | (18,082,603 | ) | (52,231,134 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 32,527,193 | 32,869,472 | 23,176,980 | 25,113,042 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | 25,338,860 | 2,620,729 | 15,573,745 | (5,559,627 | ) | |||||||||||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) | ||||||||||||||||||||||||||||||
From net investment income | (17,796,662 | ) (b) | (33,052,457 | ) | (11,548,765 | ) (b) | (19,721,917 | ) | ||||||||||||||||||||||
Return of capital | — | (1,302,207 | ) | — | (3,240,481 | ) | ||||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (17,796,662 | ) | (34,354,664 | ) | (11,548,765 | ) | (22,962,398 | ) | ||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) | (9,262,292 | ) | (11,621,508 | ) | (6,452,972 | ) | (5,377,139 | ) | ||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||||
Total decrease in net assets applicable to Common Shareholders | (1,720,094 | ) | (43,355,443 | ) | (2,427,992 | ) | (33,899,164 | ) | ||||||||||||||||||||||
Beginning of period | 963,900,671 | 1,007,256,114 | 563,469,840 | 597,369,004 | ||||||||||||||||||||||||||
End of period | $ | 962,180,577 | $ | 963,900,671 | $ | 561,041,848 | $ | 563,469,840 | ||||||||||||||||||||||
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
F I N A N C I A L ST A T E M E N T S | 77 |
MQY | MYI | |||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 | Year Ended | | Six Months Ended 01/31/24 | Year Ended | |||||||||||||||||||||||||
(unaudited | ) | 07/31/23 | (unaudited | ) | 07/31/23 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||
Net investment income | $ | 17,881,949 | $ | 39,270,737 | $ | 14,926,734 | $ | 31,942,555 | ||||||||||||||||||||||
Net realized loss | (26,261,604 | ) | (60,013,625 | ) | (11,879,012 | ) | (52,345,163 | ) | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 35,031,423 | 12,038,614 | 24,077,223 | 17,845,170 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | 26,651,768 | (8,704,274 | ) | 27,124,945 | (2,557,438 | ) | ||||||||||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) | ||||||||||||||||||||||||||||||
From net investment income | (20,933,294 | ) (b) | (37,256,010 | ) | (18,258,659 | ) (b) | (34,274,769 | ) | ||||||||||||||||||||||
Return of capital | — | (4,119,807 | ) | — | (328,022 | ) | ||||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (20,933,294 | ) | (41,375,817 | ) | (18,258,659 | ) | (34,602,791 | ) | ||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) | (8,490,029 | ) | (7,063,733 | ) | (10,490,104 | ) | (7,043,454 | ) | ||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||||||||
Total decrease in net assets applicable to Common Shareholders | (2,771,555 | ) | (57,143,824 | ) | (1,623,818 | ) | (44,203,683 | ) | ||||||||||||||||||||||
Beginning of period | 960,316,832 | 1,017,460,656 | 844,603,863 | 888,807,546 | ||||||||||||||||||||||||||
End of period | $ | 957,545,277 | $ | 960,316,832 | $ | 842,980,045 | $ | 844,603,863 | ||||||||||||||||||||||
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
78 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
BTA | MUA | MUI | MYD | |||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||||||||||||||
Net increase in net assets resulting from operations | $ | 4,427,533 | $ | 15,568,761 | $ | 25,338,860 | $ | 15,573,745 | ||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | ||||||||||||||||
Proceeds from sales of long-term investments | 28,458,030 | 42,486,678 | 466,819,009 | 231,113,189 | ||||||||||||
Purchases of long-term investments | (30,927,755 | ) | (69,437,132 | ) | (443,581,602 | ) | (265,174,067 | ) | ||||||||
Net proceeds from sales of short-term securities | 9,318,269 | 40,411,039 | 15,791,821 | 19,920,496 | ||||||||||||
Amortization of premium and accretion of discount on investments and other fees | (300,216 | ) | (1,522,636 | ) | 1,506,565 | (451,692 | ) | |||||||||
Net realized loss on investments | 2,217,622 | 3,749,794 | 20,637,807 | 16,302,325 | ||||||||||||
Net unrealized appreciation on investments | (3,943,190 | ) | (10,217,149 | ) | (32,389,427 | ) | (24,062,402 | ) | ||||||||
(Increase) Decrease in Assets | ||||||||||||||||
Receivables | ||||||||||||||||
Dividends — affiliated | 19,236 | 74,077 | (11,959 | ) | 40,438 | |||||||||||
Interest — unaffiliated | 40,610 | (81,593 | ) | 358,282 | (1,079,799 | ) | ||||||||||
Prepaid expenses | 32,249 | (29,638 | ) | 7,103 | 2,537 | |||||||||||
Increase (Decrease) in Liabilities | ||||||||||||||||
Payables | ||||||||||||||||
Accounting services fees | (4,640 | ) | (14,372 | ) | (26,020 | ) | (17,955 | ) | ||||||||
Custodian fees | (958 | ) | (1,557 | ) | (3,136 | ) | (2,358 | ) | ||||||||
Interest expense and fees | (56,468 | ) | (46,079 | ) | (227,423 | ) | 278,861 | |||||||||
Investment advisory fees | 799 | (316 | ) | (19,839 | ) | 12,172 | ||||||||||
Directors’ and Officer’s fees | (2,763 | ) | (895 | ) | (68,174 | ) | (39,595 | ) | ||||||||
Other accrued expenses | (1,149 | ) | 1,972 | 33,986 | 4,265 | |||||||||||
Professional fees | (32,633 | ) | (11,916 | ) | (53,952 | ) | (43,196 | ) | ||||||||
Proxy fees | — | — | (163,243 | ) | — | |||||||||||
Transfer agent fees | (3,404 | ) | (2,679 | ) | (11,085 | ) | (992 | ) | ||||||||
Variation margin on futures contracts | — | — | (75,594 | ) | 189,245 | |||||||||||
Net cash provided by (used for) operating activities | 9,241,172 | 20,926,359 | 53,861,979 | (7,434,783 | ) | |||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||||||||||||||
Cash dividends paid to Common Shareholders | (2,941,628 | ) | (8,539,869 | ) | (13,980,663 | ) | (9,241,052 | ) | ||||||||
Payments for offering costs | — | (437 | ) | — | — | |||||||||||
Repayments of TOB Trust Certificates | (6,833,059 | ) | (6,396,731 | ) | (38,941,072 | ) | (8,865,463 | ) | ||||||||
Net payments on Common Shares redeemed | — | (1,967,553 | ) | (9,524,721 | ) | (6,599,514 | ) | |||||||||
Proceeds from TOB Trust Certificates | 2,295,000 | — | 7,800,000 | 40,682,911 | ||||||||||||
Decrease in bank overdraft | — | (29,231 | ) | (106,966 | ) | (70,513 | ) | |||||||||
Amortization of deferred offering costs | 8,080 | 2,756 | 8,443 | 8,072 | ||||||||||||
Net cash provided by (used for) for financing activities | (7,471,607 | ) | (16,931,065 | ) | (54,744,979 | ) | 15,914,441 | |||||||||
CASH | ||||||||||||||||
Net increase (decrease) in restricted and unrestricted cash | 1,769,565 | 3,995,294 | (883,000 | ) | 8,479,658 | |||||||||||
Restricted and unrestricted cash at beginning of period | — | — | 883,000 | — | ||||||||||||
Restricted and unrestricted cash at end of period | $ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 8,479,658 | ||||||||
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION | ||||||||||||||||
Cash paid during the period for interest expense | $ | 1,903,489 | $ | 4,200,252 | $ | 13,990,402 | $ | 5,952,890 | ||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | ||||||||||||||||
Cash | $ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 7,926,658 | ||||||||
Cash pledged | ||||||||||||||||
Futures contracts | — | — | — | 553,000 | ||||||||||||
$ | 1,769,565 | $ | 3,995,294 | $ | — | $ | 8,479,658 | |||||||||
F I N A N C I A L ST A T E M E N T S | 79 |
MQY | MYI | |||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||||||
Net increase in net assets resulting from operations | $ | 26,651,768 | $ | 27,124,945 | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||||||||
Proceeds from sales of long-term investments | 393,999,834 | 273,599,462 | ||||||
Purchases of long-term investments | (388,284,131 | ) | (229,820,969 | ) | ||||
Net proceeds from sales (purchases) of short-term securities | (6,711,075 | ) | 3,623,262 | |||||
Amortization of premium and accretion of discount on investments and other fees | (1,283,581 | ) | (782,605 | ) | ||||
Net realized loss on investments | 23,996,173 | 11,870,051 | ||||||
Net unrealized appreciation on investments | (34,899,164 | ) | (24,077,223 | ) | ||||
(Increase) Decrease in Assets | ||||||||
Receivables | ||||||||
Dividends — affiliated | (18,907 | ) | 11,198 | |||||
Interest — unaffiliated | (432,759 | ) | 326,860 | |||||
Prepaid expenses | 49,673 | (3,926 | ) | |||||
Increase (Decrease) in Liabilities | ||||||||
Payables | ||||||||
Accounting services fees | (25,084 | ) | (23,820 | ) | ||||
Custodian fees | (3,015 | ) | (2,638 | ) | ||||
Interest expense and fees | 7,997 | (213,965 | ) | |||||
Investment advisory fees | (82 | ) | (16,887 | ) | ||||
Directors’ and Officer’s fees | (24,242 | ) | (57,221 | ) | ||||
Other accrued expenses | (1,647 | ) | (2,389 | ) | ||||
Professional fees | (32,739 | ) | (48,827 | ) | ||||
Transfer agent fees | (1,930 | ) | (3,734 | ) | ||||
Variation margin on futures contracts | (73,716 | ) | — | |||||
Net cash provided by operating activities | 12,913,373 | 61,501,574 | ||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||||||
Cash dividends paid to Common Shareholders | (16,949,873 | ) | (14,723,391 | ) | ||||
Repayments of TOB Trust Certificates | (16,839,457 | ) | (35,811,123 | ) | ||||
Net payments on Common Shares redeemed | (8,848,824 | ) | (10,811,026 | ) | ||||
Proceeds from TOB Trust Certificates | 28,995,610 | — | ||||||
Decrease in bank overdraft | (161,469 | ) | (170,887 | ) | ||||
Amortization of deferred offering costs | 29,640 | 14,853 | ||||||
Net cash used for financing activities | (13,774,373 | ) | (61,501,574 | ) | ||||
CASH | ||||||||
Net decrease in restricted and unrestricted cash | (861,000 | ) | — | |||||
Restricted and unrestricted cash at beginning of period | 861,000 | — | ||||||
Restricted and unrestricted cash at end of period | $ | — | $ | — | ||||
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION | ||||||||
Cash paid during the period for interest expense | $ | 10,914,273 | $ | 11,194,372 | ||||
80 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
BTA | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) | Year Ended 07/31/23 | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.36 | $ | 11.17 | $ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | $ | 12.28 | ||||||||||||||||||
Net investment income (a) | 0.20 | 0.46 | 0.15 | 0.65 | 0.67 | 0.60 | 0.62 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.13 | (0.71 | ) | 0.08 | (2.21 | ) | 2.05 | (1.26 | ) | 0.20 | ||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.33 | (0.25 | ) | 0.23 | (1.56 | ) | 2.72 | (0.66 | ) | 0.82 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.26 | ) (c) | (0.54 | ) | (0.16 | ) | (0.65 | ) | (0.61 | ) | (0.61 | ) | (0.63 | ) | ||||||||||||||||||
Return of capital | — | (0.02 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.26 | ) | (0.56 | ) | (0.16 | ) | (0.65 | ) | (0.61 | ) | (0.61 | ) | (0.63 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 10.43 | $ | 10.36 | $ | 11.17 | $ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | ||||||||||||||||||
Market price, end of period | $ | 10.34 | $ | 9.71 | $ | 12.10 | $ | 10.43 | $ | 13.20 | $ | 10.92 | $ | 11.88 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 3.43 | % (e) | (1.84 | )% | 2.11 | % (e) | (12.33 | )% | 24.80 | % | (5.70 | )% | 7.34 | % | ||||||||||||||||||
Based on market price | 9.40 | % (e) | (15.07 | )% | 17.71 | % (e) | (16.93 | )% | 26.94 | % | (3.49 | )% | 12.12 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) | ||||||||||||||||||||||||||||||||
Total expenses | 3.97 | % (g) | 3.50 | % | 2.31 | % (g)(h) | 1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.96 | % (g) | 3.49 | % | 2.31 | % (g)(h) | 1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)(j) | 1.20 | % (g) | 1.17 | % | 1.16 | % (g)(h) | 1.15 | % | 1.14 | % | 1.13 | % | 1.13 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 4.02 | % (g) | 4.47 | % | 5.49 | % (g) | 4.95 | % | 5.32 | % | 4.71 | % | 5.11 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 140,197 | $ | 139,288 | $ | 150,113 | $ | 149,157 | $ | 178,752 | $ | 150,344 | $ | 167,431 | ||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | ||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 270,516 | (k) | $ | 260,549 | (k) | $ | 239,633 | (k) | $ | 296,259 | (l) | $ | 335,200 | (l) | $ | 297,821 | (l) | $ | 320,304 | (l) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 6,219 | $ | 10,757 | $ | 31,506 | $ | 31,735 | $ | 38,607 | $ | 36,908 | $ | 34,595 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) | $ | 35,712 | $ | 20,983 | $ | 8,166 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 20 | % | 8 | % | 17 | % | 27 | % | 34 | % | 31 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.40%, 2.39% and 1.24%, respectively. |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
Six Months Ended 01/31/24 (unaudited) | Year Ended 07/31/23 | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | ||||||||||||||||||||||||||
Expense ratios | 1.19 | % | 1.16 | % | 1.15 | % | 1.14 | % | 1.13 | % | 1.12 | % | 1.12 | % | ||||||||||||||||||
(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
(l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
F I N A N C I A L HI G H L I G H T S | 81 |
(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. |
82 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MUA | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) | Year Ended 07/31/23 | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.28 | $ | 12.53 | $ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | $ | 14.01 | ||||||||||||||||||
Net investment income (a) | 0.24 | 0.50 | 0.15 | 0.57 | 0.62 | 0.63 | 0.67 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.17 | (1.04 | ) | 0.10 | (2.20 | ) | 1.96 | (1.29 | ) | 0.12 | ||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.41 | (0.54 | ) | 0.25 | (1.63 | ) | 2.58 | (0.66 | ) | 0.79 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.27 | ) (c) | (0.50 | ) | (0.14 | ) | (0.58 | ) | (0.64 | ) | (0.63 | ) | (0.66 | ) | ||||||||||||||||||
From net realized gain | — | (0.18 | ) | — | (0.14 | ) | — | (0.02 | ) | — | ||||||||||||||||||||||
Return of capital | — | (0.03 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.27 | ) | (0.71 | ) | (0.14 | ) | (0.72 | ) | (0.64 | ) | (0.65 | ) | (0.66 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 11.42 | $ | 11.28 | $ | 12.53 | $ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | ||||||||||||||||||
Market price, end of period | $ | 10.91 | $ | 10.24 | $ | 12.55 | $ | 11.90 | $ | 15.26 | $ | 12.48 | $ | 14.98 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 4.05 | % (e) | (3.85 | )% | 2.00 | % (e) | (11.63 | )% | 20.41 | % | (5.03 | )% | 5.97 | % | ||||||||||||||||||
Based on market price | 9.50 | % (e) | (12.86 | )% | 6.63 | % (e) | (18.05 | )% | 27.89 | % | (12.80 | )% | 19.07 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) | ||||||||||||||||||||||||||||||||
Total expenses | 2.93 | % (g) | 2.58 | % | 1.67 | % (g)(h) | 0.98 | % | 0.81 | % | 0.98 | % | 1.01 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 2.92 | % (g) | 2.57 | % | 1.67 | % (g)(h) | 0.98 | % | 0.80 | % | 0.98 | % | 1.01 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)(j) | 0.95 | % (g) | 0.89 | % | 0.88 | % (g)(h) | 0.77 | % | 0.71 | % | 0.69 | % | 0.70 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 4.31 | % (g) | 4.33 | % | 4.75 | % (g) | 3.90 | % | 4.39 | % | 4.43 | % | 4.77 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 439,209 | $ | 436,199 | $ | 481,717 | $ | 475,526 | $ | 552,373 | $ | 463,431 | $ | 509,645 | ||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 175,000 | $ | 175,000 | $ | 175,000 | $ | 175,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 344,685 | (k) | $ | 334,645 | (k) | $ | 321,536 | (k) | $ | 371,729 | (l) | $ | — | $ | — | $ | — | ||||||||||||||
TOB Trust Certificates, end of period (000) | $ | 4,500 | $ | 10,897 | $ | 42,444 | $ | 41,712 | $ | 68,781 | $ | 69,232 | $ | 71,659 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) | $ | 137,477 | $ | 57,083 | $ | 16,471 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate | 8 | % | 21 | % | 5 | % | 24 | % | 19 | % | 21 | % | 19 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.69%, 1.69% and 0.90%, respectively. |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
Six Months Ended 01/31/24 (unaudited) | Year Ended 07/31/23 | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | |||||||||||||||||||||||
Expense ratios | 0.94 | % | 0.88 | % | 0.87 | % | 0.77 | % | 0.71 | % | — | % | ||||||||||||||||
(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
F I N A N C I A L HI G H L I G H T S | 83 |
(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. |
84 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MUI | ||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||||||||||
Net asset value, beginning of period | $ | 13.23 | $ | 13.64 | $ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | $ | 14.93 | ||||||||||||||||||||||||||
Net investment income (a) | 0.22 | 0.46 | 0.14 | 0.56 | 0.64 | 0.56 | 0.56 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.17 | (0.40 | ) | 0.21 | (2.57 | ) | 1.48 | (0.81 | ) | 0.47 | ||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.39 | 0.06 | 0.35 | (2.01 | ) | 2.12 | (0.25 | ) | 1.03 | |||||||||||||||||||||||||||||||
Distributions to Common Shareholders (b) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.25 | ) (c) | (0.45 | ) | (0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.53 | ) | ||||||||||||||||||||||||||
From net realized gain | — | — | — | — | — | — | (0.03 | ) | ||||||||||||||||||||||||||||||||
Return of capital | — | (0.02 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.25 | ) | (0.47 | ) | (0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.56 | ) | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 13.37 | $ | 13.23 | $ | 13.64 | $ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | ||||||||||||||||||||||||||
Market price, end of period | $ | 11.65 | $ | 11.47 | $ | 12.44 | $ | 12.26 | $ | 15.09 | $ | 13.13 | $ | 13.85 | ||||||||||||||||||||||||||
Total Return Applicable to Common Shareholders (d) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 3.32 | % (e) | 1.05 | % | 2.73 | % (e) | (12.79 | )% | 15.08 | % | (1.41 | )% | 7.68 | % | ||||||||||||||||||||||||||
Based on market price | 3.84 | % (e) | (3.95 | )% | 2.79 | % (e) | (15.13 | )% | 20.02 | % | (1.56 | )% | 11.13 | % | ||||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 3.99 | % (g) | 3.46 | % (h) | 2.25 | % (g)(i) | 1.67 | % (j) | 1.58 | % | 2.31 | % | 2.63 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.98 | % (g) | 3.45 | % (h) | 2.25 | % (g)(i) | 1.67 | % (j) | 1.58 | % | 2.31 | % | 2.63 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (k)(l) | 1.01 | % (g) | 1.03 | % (h) | 1.07 | % (g)(i) | 1.02 | % (j) | 0.98 | % | 0.97 | % | 1.01 | % | ||||||||||||||||||||||||||
Net investment income to Common Shareholders | 3.39 | % (g) | 3.54 | % | 4.06 | % (g) | 3.63 | % | 4.05 | % | 3.59 | % | 3.73 | % | ||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 962,181 | $ | 963,901 | $ | 1,007,256 | $ | 993,657 | $ | 617,032 | $ | 559,934 | $ | 589,887 | ||||||||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 561,700 | $ | 561,700 | $ | 561,700 | $ | 561,700 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 256,914 | (m) | $ | 249,597 | (m) | $ | 237,229 | (m) | $ | 276,902 | (n) | $ | — | $ | — | $ | — | ||||||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | — | $ | — | $ | — | $ | — | $ | 287,100 | $ | 287,100 | $ | 287,100 | ||||||||||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | — | $ | — | $ | — | $ | — | $ | 314,919 | (n) | $ | 295,031 | (n) | $ | 305,464 | (n) | |||||||||||||||||||||||
TOB Trust Certificates, end of period (000) | $ | 51,490 | $ | 82,631 | $ | 172,298 | $ | 180,858 | $ | 93,069 | $ | 92,014 | $ | 93,421 | ||||||||||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (o) | $ | 30,590 | $ | 19,459 | $ | 10,104 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 29 | % | 47 | % | 14 | % | 25 | % | 13 | % | 20 | % | 24 | % | ||||||||||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs, would have been 3.43%, 3.42% and 1.00%, respectively. |
(i) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.27%, 2.27% and 1.08%, respectively. |
(j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.62%, 1.61% and 0.96%, respectively. |
F I N A N C I A L HI G H L I G H T S | 85 |
(k) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(l) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||||||||||
Expense ratios | 1.00 | % | 1.02 | % | 1.06 | % | 1.02 | % | 0.98 | % | — | % | — | % | ||||||||||||||||||||||||||
(m) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
(n) | Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP/VMTP Shares, and by multiplying the results by 100,000. |
(o) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
86 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MYD | ||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||||||||||
Net asset value, beginning of period | $ | 12.14 | $ | 12.73 | $ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | $ | 14.38 | ||||||||||||||||||||||||||
Net investment income (a) | 0.23 | 0.46 | 0.14 | 0.64 | 0.69 | 0.66 | 0.73 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.15 | (0.56 | ) | 0.12 | (2.63 | ) | 1.86 | (1.16 | ) | 0.17 | ||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.38 | (0.10 | ) | 0.26 | (1.99 | ) | 2.55 | (0.50 | ) | 0.90 | ||||||||||||||||||||||||||||||
Distributions to Common Shareholders (b) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.25 | ) (c) | (0.42 | ) | (0.15 | ) | (0.65 | ) | (0.67 | ) | (0.68 | ) | (0.72 | ) | ||||||||||||||||||||||||||
Return of capital | — | (0.07 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.25 | ) | (0.49 | ) | (0.15 | ) | (0.65 | ) | (0.67 | ) | (0.68 | ) | (0.72 | ) | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.27 | $ | 12.14 | $ | 12.73 | $ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | ||||||||||||||||||||||||||
Market price, end of period | $ | 10.70 | $ | 10.50 | $ | 11.72 | $ | 11.43 | $ | 14.62 | $ | 12.29 | $ | 14.15 | ||||||||||||||||||||||||||
Total Return Applicable to Common Shareholders (d) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 3.60 | % (e) | (0.08 | )% | 2.21 | % (e) | (13.39 | )% | 19.61 | % | (3.66 | )% | 6.80 | % | ||||||||||||||||||||||||||
Based on market price | 4.45 | % (e) | (6.13 | )% | 3.90 | % (e) | (18.13 | )% | 24.76 | % | (8.94 | )% | 13.76 | % | ||||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 3.16 | % (g) | 2.75 | % | 1.87 | % (g)(h) | 1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.16 | % (g) | 2.75 | % | 1.87 | % (g)(h) | 1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)(j) | 0.85 | % (g) | 0.85 | % | 0.89 | % (g)(h) | 0.86 | % | 0.87 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||||||||||
Net investment income to Common Shareholders | 3.88 | % (g) | 3.86 | % | 4.47 | % (g) | 4.26 | % | 4.66 | % | 4.49 | % | 5.10 | % | ||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 561,042 | $ | 563,470 | $ | 597,369 | $ | 592,131 | $ | 715,876 | $ | 627,798 | $ | 682,832 | ||||||||||||||||||||||||||
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 | $ | 285,323 | (k) | $ | 310,951 | (k) | $ | 262,525 | (k) | $ | 335,533 | (l) | $ | 384,756 | (l) | $ | 349,719 | (l) | $ | 371,612 | (l) | |||||||||||||||||||
TOB Trust Certificates, end of period (000) | $ | 51,338 | $ | 15,710 | $ | 116,156 | $ | 137,078 | $ | 145,316 | $ | 147,785 | $ | 136,925 | ||||||||||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) . | $ | 16,820 | $ | 52,852 | $ | 8,305 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 29 | % | 46 | % | 4 | % | 14 | % | 14 | % | 19 | % | 17 | % | ||||||||||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.89%, 1.89% and 0.91%, respectively |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||
Expense ratios | 0.84 | % | 0.84 | % | 0.88 | % | 0.85 | % | 0.86 | % | 0.85 | % | 0.88 | % | ||||||||||||||||||
(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
F I N A N C I A L HI G H L I G H T S | 87 |
(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. |
88 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MQY | ||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||||||||||
Net asset value, beginning of period | $ | 13.22 | $ | 13.89 | $ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | $ | 15.22 | ||||||||||||||||||||||||||
Net investment income (a) | 0.25 | 0.54 | 0.16 | 0.72 | 0.75 | 0.67 | 0.69 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.15 | (0.64 | ) | 0.17 | (2.79 | ) | 1.80 | (0.91 | ) | 0.47 | ||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.40 | (0.10 | ) | 0.33 | (2.07 | ) | 2.55 | (0.24 | ) | 1.16 | ||||||||||||||||||||||||||||||
Distributions to Common Shareholders (b) | ||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.29 | ) (c) | (0.51 | ) | (0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.69 | ) | ||||||||||||||||||||||||||
From net realized gain | — | — | — | — | — | — | (0.02 | ) | ||||||||||||||||||||||||||||||||
Return of capital | — | (0.06 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.29 | ) | (0.57 | ) | (0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.71 | ) | ||||||||||||||||||||||||||
Net asset value, end of period | $ | 13.33 | $ | 13.22 | $ | 13.89 | $ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | ||||||||||||||||||||||||||
Market price, end of period | $ | 12.16 | $ | 11.86 | $ | 13.12 | $ | 12.80 | $ | 15.92 | $ | 13.88 | $ | 13.99 | ||||||||||||||||||||||||||
Total Return Applicable to Common Shareholders (d) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | | 3.44 | % (e)(f) | (0.11 | )% | 2.44 | % (f) | (12.93 | )% | 17.56 | % | (1.44 | )% | 8.42 | % | |||||||||||||||||||||||||
Based on market price | 5.18 | % (f) | (5.12 | )% | 3.86 | % (f) | (15.58 | )% | 20.35 | % | 3.60 | % | 6.53 | % | ||||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (g) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 3.21 | % (h) | 2.85 | % | 1.90 | % (h)(i) | 1.33 | % | 1.48 | % (j) | 2.20 | % | 2.48 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.21 | % (h) | 2.85 | % | 1.90 | % (h)(i) | 1.33 | % | 1.47 | % (j) | 2.20 | % | 2.48 | % | ||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (k)(l) | 0.83 | % (h) | 0.86 | % | 0.89 | % (h)(i) | 0.85 | % | 0.95 | % (j) | 0.90 | % | 0.93 | % | ||||||||||||||||||||||||||
Net investment income to Common Shareholders | 3.88 | % (h) | 4.11 | % | 4.84 | % (h) | 4.45 | % | 4.64 | % | 4.15 | % | 4.55 | % | ||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 957,545 | $ | 960,317 | $ | 1,017,461 | $ | 1,006,613 | $ | 1,212,632 | $ | 454,276 | $ | 481,212 | ||||||||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 176,600 | $ | 176,600 | ||||||||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 284,956 | (m) | $ | 289,952 | (m) | $ | 253,932 | (m) | $ | 323,543 | (n) | $ | 369,294 | (n) | $ | 357,235 | (n) | $ | 372,487 | (n) | |||||||||||||||||||
TOB Trust Certificates, end of period (000) | $ | 67,414 | $ | 55,257 | $ | 210,679 | $ | 230,928 | $ | 268,075 | $ | 129,475 | $ | 134,198 | ||||||||||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (o) | $ | 21,883 | $ | 26,527 | $ | 7,966 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Portfolio turnover rate | 28 | % | 37 | % | 8 | % | 17 | % | 8 | % | 18 | % | 21 | % | ||||||||||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.92%, 1.92% and 0.92%, respectively. |
(j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.42%, 1.41% and 0.90%, respectively. |
(k) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(l) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
F I N A N C I A L HI G H L I G H T S | 89 |
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Period from 05/01/22 to 07/31/22 | | | Year Ended 04/30/22 | | | Year Ended 04/30/21 | | | Year Ended 04/30/20 | | | Year Ended 04/30/19 | | ||||||||||||
Expense ratios | 0.83 | % | 0.86 | % | 0.89 | % | 0.85 | % | 0.94 | % | 0.90 | % | 0.93 | % | ||||||||||||||||||
(m) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
(n) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
(o) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
90 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
MYI | |||||||||||||||||||||||||||||||||||
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Year Ended 07/31/22 | | | Year Ended 07/31/21 | | | Year Ended 07/31/20 | | | Year Ended 07/31/19 | | ||||||||||||||||||
Net asset value, beginning of period | $ | 12.51 | $ | 13.04 | $ | 15.64 | $ | 15.03 | $ | 14.81 | $ | 13.98 | |||||||||||||||||||||||
Net investment income (a) | 0.22 | 0.47 | 0.60 | 0.64 | 0.58 | 0.58 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.22 | (0.49 | ) | (2.58 | ) | 0.57 | 0.17 | 0.85 | |||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.44 | (0.02 | ) | (1.98 | ) | 1.21 | 0.75 | 1.43 | |||||||||||||||||||||||||||
Distributions to Common Shareholders (b) | |||||||||||||||||||||||||||||||||||
From net investment income | (0.27 | ) (c) | (0.51 | ) | (0.62 | ) | (0.60 | ) | (0.53 | ) | (0.60 | ) | |||||||||||||||||||||||
Return of capital | — | (0.00 | ) (d) | — | — | — | — | ||||||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.27 | ) | (0.51 | ) | (0.62 | ) | (0.60 | ) | (0.53 | ) | (0.60 | ) | |||||||||||||||||||||||
Net asset value, end of period | $ | 12.68 | $ | 12.51 | $ | 13.04 | $ | 15.64 | $ | 15.03 | $ | 14.81 | |||||||||||||||||||||||
Market price, end of period | $ | 11.28 | $ | 11.13 | $ | 12.24 | $ | 15.12 | $ | 13.55 | $ | 13.44 | |||||||||||||||||||||||
Total Return Applicable to Common Shareholders (e) | |||||||||||||||||||||||||||||||||||
Based on net asset value | 3.97 | % (f) | 0.48 | % | (12.66 | )% | 8.55 | % | 5.61 | % | 11.11 | % | |||||||||||||||||||||||
Based on market price | 3.96 | % (f) | (4.76 | )% | (15.20 | )% | 16.40 | % | 4.92 | % | 13.13 | % | |||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (g) | |||||||||||||||||||||||||||||||||||
Total expenses | 3.60 | % (h) | 3.15 | % | 1.55 | % | 1.37 | % | 1.95 | % | 2.40 | % | |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.59 | % (h) | 3.15 | % | 1.55 | % | 1.37 | % | 1.95 | % | 2.40 | % | |||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)(j) | 0.89 | % (h) | 0.89 | % | 1.14 | % | 1.15 | % | 1.12 | % | 1.03 | % | |||||||||||||||||||||||
Net investment income to Common Shareholders | 3.67 | % (h) | 3.80 | % | 4.18 | % | 4.22 | % | 3.93 | % | 4.16 | % | |||||||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 842,980 | $ | 844,604 | $ | 888,808 | $ | 1,066,013 | $ | 1,024,515 | $ | 1,009,375 | |||||||||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | $ | 356,400 | |||||||||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 272,331 | (k) | $ | 260,885 | (k) | $ | 248,593 | (k) | $ | 399,106 | (l) | $ | 387,462 | (l) | $ | 383,214 | (l) | |||||||||||||||||
TOB Trust Certificates, end of period (000) | $ | 132,763 | $ | 168,574 | $ | 241,747 | $ | 239,177 | $ | 233,968 | $ | 246,471 | |||||||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) | $ | 10,032 | $ | 8,123 | $ | 6,150 | N/A | N/A | N/A | ||||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 49 | % | 15 | % | 5 | % | 18 | % | 23 | % | |||||||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Amount is less than $0.005 per share. |
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
| Six Months Ended 01/31/24 (unaudited) | | | Year Ended 07/31/23 | | | Year Ended 07/31/22 | | | Year Ended 07/31/21 | | | Year Ended 07/31/20 | | | Year Ended 07/31/19 | | |||||||||||
Expense ratios | 0.89 | % | 0.89 | % | 0.86 | % | 0.85 | % | 0.86 | % | 1.03 | % | ||||||||||||||||
(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. |
F I N A N C I A L HI G H L I G H T S | 91 |
1. | ORGANIZATION |
Fund Name | Herein Referred To As | Organized | Diversification Classification | |||||||||
BlackRock Long-Term Municipal Advantage Trust | BTA | Delaware | Diversified | |||||||||
BlackRock MuniAssets Fund, Inc. | MUA | Maryland | Diversified | |||||||||
BlackRock Municipal Income Fund, Inc. | MUI | Maryland | Diversified | |||||||||
BlackRock MuniYield Fund, Inc. | MYD | Maryland | Diversified | |||||||||
BlackRock MuniYield Quality Fund, Inc. | MQY | Maryland | Diversified | |||||||||
BlackRock MuniYield Quality Fund III, Inc. | MYI | Maryland | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
92 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
• | 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. |
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. |
N O T E S T O FI N A N C I A L ST A T E M E N T S | 93 |
• | 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). |
4. | SECURITIES AND OTHER INVESTMENTS |
Fund Name | Investment Name | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MUA | Bond Forward | $ | 20,907,575 | $ | 20,907,575 | $ | 25,424,473 | $ | 4,516,898 | |||||||||||
$ | 4,516,898 | |||||||||||||||||||
94 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||||||||||
BTA | $ | 134,237 | $ | 14,506 | $ | 6,945 | $ | 155,688 | ||||||||
MUA | 106,933 | 13,379 | 3,815 | 124,127 | ||||||||||||
MUI | 1,119,241 | 115,346 | 36,865 | 1,271,452 | ||||||||||||
MYD | 554,596 | 66,575 | 20,339 | 641,510 | ||||||||||||
MQY | 966,003 | 108,511 | 34,994 | 1,109,508 | ||||||||||||
MYI | 2,658,893 | 287,470 | 78,151 | 3,024,514 | ||||||||||||
Fund Name | Underlying Municipal Bonds Transferred to TOB Trusts | (a) | Liability for TOB Trust Certificates | (b) | Range of Interest Rates on TOB Trust Certificates at Period End | Average TOB Trust Certificates Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts | |||||||||||||
BTA | $ | 11,226,375 | $ | 6,218,595 | 4.58% — 4.85 | % | $ | 7,398,416 | 4.19 | % | ||||||||||
MUA | 8,557,986 | 4,500,000 | 4.58 — 4.58 | 5,907,803 | 4.18 | |||||||||||||||
MUI | 95,689,456 | 51,489,875 | 4.58 — 4.85 | 61,264,506 | 4.13 | |||||||||||||||
MYD | 96,618,164 | 51,338,092 | 4.58 — 4.58 | 32,681,387 | 3.90 | |||||||||||||||
MQY | 139,485,924 | 67,413,610 | 4.58 — 4.69 | 55,054,907 | 4.01 | |||||||||||||||
MYI | 277,417,212 | 132,763,095 | 4.55 — 4.70 | 146,901,106 | 4.10 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
(b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on anon-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024. |
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
N O T E S T O FI N A N C I A L ST A T E M E N T S | 95 |
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
MUA | MYD | MQY | MYI | |||||||||||||
Investment advisory fees | 0.55 | % | 0.50 | % | 0.50 | % | 0.50% | |||||||||
Fund Name | Fees Waived and/or Reimbursed by the Manager | |||
BTA | $ | 2,659 | ||
MUA | 25,640 | |||
MUI | 16,081 | |||
MYD | 4,500 | |||
MQY | 18,387 | |||
MYI | 11,871 | |||
96 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
7. | PURCHASES AND SALES |
Fund Name | Purchases | Sales | ||||||
BTA | $ | 32,674,332 | $ | 29,332,148 | ||||
MUA | 71,540,236 | 42,138,066 | ||||||
MUI | 436,064,051 | 475,354,094 | ||||||
MYD | 266,214,675 | 231,113,189 | ||||||
MQY | 383,581,113 | 397,076,719 | ||||||
MYI | 226,956,266 | 275,826,348 | ||||||
8. | INCOME TAX INFORMATION |
Fund Name | Non-Expiring Capital Loss Carryforwards (a) | |||
BTA | $ | (9,842,900 | ) | |
MUA | (37,435,486 | ) | ||
MUI | (92,753,418 | ) | ||
MYD | (62,042,247 | ) | ||
MQY | (90,538,839 | ) | ||
MYI | (64,501,068 | ) | ||
(a) | Amounts available to offset future realized capital gains. |
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
BTA | $ | 216,586,475 | $ | 6,406,625 | $ | (9,460,291 | ) | $ | (3,053,666 | ) | ||||||
MUA | 640,405,201 | 17,405,030 | (53,749,782 | ) | (36,344,752 | ) | ||||||||||
MUI | 1,465,143,506 | 56,620,779 | (10,082,750 | ) | 46,538,029 | |||||||||||
MYD | 772,781,603 | 40,257,641 | (8,729,936 | ) | 31,527,705 | |||||||||||
MQY | 1,350,777,695 | 66,519,391 | (14,043,352 | ) | 52,476,039 | |||||||||||
MYI | 1,132,554,376 | 65,129,070 | (9,269,720 | ) | 55,859,350 | |||||||||||
9. | PRINCIPAL RISKS |
N O T E S T O FI N A N C I A L ST A T E M E N T S | 97 |
98 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
10. | CAPITAL SHARE TRANSACTIONS |
Fund Name | Six Months Ended 01/31/24 | Year Ended 07/31/23 | ||||||
BTA | — | 2,033 | ||||||
MUA | — | 13,454 | ||||||
MUA | ||||||||
Shares | Amounts | |||||||
Six Months Ended January 31, 2024 | 217,660 | $ | 1,967,553 | |||||
MUI | ||||||||
Shares | Amounts | |||||||
Six Months Ended January 31, 2024 | 875,847 | $ | 9,262,292 | |||||
Year Ended July 31, 2023 | 1,002,979 | 11,621,508 | ||||||
N O T E S T O FI N A N C I A L ST A T E M E N T S | 99 |
MYD | ||||||||
Shares | Amounts | |||||||
Six Months Ended January 31, 2024 | 676,815 | $ | 6,452,972 | |||||
Year Ended July 31, 2023 | 509,369 | 5,377,139 | ||||||
MQY | ||||||||
Shares | Amounts | |||||||
Six Months Ended January 31, 2024 | 799,712 | $ | 8,490,029 | |||||
Year Ended July 31, 2023 | 609,349 | 7,063,733 | ||||||
MYI | ||||||||
Shares | Amounts | |||||||
Six Months Ended January 31, 2024 | 1,038,509 | $ | 10,490,104 | |||||
Year Ended July 31, 2023 | 644,921 | 7,043,454 | ||||||
Fund Name | Issue Date | Shares Issued | Aggregate Principal | Maturity Date | ||||||||||||
BTA | 10/29/15 | 760 | $ | 76,000,000 | 11/01/45 | |||||||||||
MUA | 12/15/21 | 1,750 | 175,000,000 | 12/15/51 | ||||||||||||
MUI | 04/07/22 | 2,871 | 287,100,000 | 04/07/52 | ||||||||||||
04/11/22 | 2,746 | 274,600,000 | 04/07/52 | |||||||||||||
MYD | 06/30/11 | 2,514 | 251,400,000 | 07/01/41 | ||||||||||||
MQY | 09/15/11 | 1,766 | 176,600,000 | 10/01/41 | ||||||||||||
04/19/21 | 2,737 | 273,700,000 | 10/01/41 | |||||||||||||
MYI | 05/19/11 | 3,564 | 356,400,000 | 06/01/41 | ||||||||||||
100 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
BTA | MUA | MUI | MYD | MQY | MYI | |||||||||||||||||||
Expiration date | 11/30/24 | 04/30/24 | 11/30/24 | 11/30/24 | 07/04/24 | 07/07/24 | ||||||||||||||||||
Fund Name | Moody’s Investors Service, Inc. Long-Term Ratings | Fitch Ratings, Inc. Long-Term Ratings | ||||||
BTA | Aa2 | A | ||||||
MUA | Aa2 | N/A | ||||||
MUI | Aa1 | AA | ||||||
MYD | Aa1 | AA | ||||||
MQY | Aa1 | AA | ||||||
MYI | Aa1 | AA | ||||||
Fund Name | Commencement Date | Expiration Date as of Period Ended 01/31/24 | ||||||
BTA | 10/29/15 | 11/15/24 | ||||||
MUA | 12/15/21 | 04/15/24 | ||||||
MUI | 04/07/22 | 11/15/24 | ||||||
MYD | 04/17/14 | 11/15/24 | ||||||
MQY | 10/22/15 | 06/19/24 | ||||||
MYI | 06/22/22 | 06/19/24 | ||||||
BTA | MUA | MUI | MYD | MQY | MYI | |||||||||||||||||||
Dividend rates | 4.43 | % | 4.58 | % | 4.42 | % | 4.42 | % | 4.32 | % | 4.44 | % |
N O T E S T O FI N A N C I A L ST A T E M E N T S | 101 |
Fund Name | Dividends Accrued | Deferred Offering Costs Amortization | ||||||
BTA | $ | 1,691,333 | $ | 8,080 | ||||
MUA | 4,029,663 | 2,756 | ||||||
MUI | 12,490,268 | 8,443 | ||||||
MYD | 5,590,083 | 8,072 | ||||||
MQY | 9,788,976 | 29,640 | ||||||
MYI | 7,955,723 | 14,853 | ||||||
11. | SUBSEQUENT EVENTS |
Fund Name | Declaration Date | Record Date | Payable/ Paid Date | Dividend Per Common Share | ||||||||||||
BTA | 11/14/23 | 01/12/24 | 02/01/24 | $ | 0.043500 | |||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.043500 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.043500 | |||||||||||||
MUA | 11/14/23 | 01/12/24 | 02/01/24 | 0.055500 | ||||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.055500 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.055500 | |||||||||||||
MUI | 11/14/23 | 01/12/24 | 02/01/24 | 0.055000 | ||||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.055000 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.055000 | |||||||||||||
MYD | 11/14/23 | 01/12/24 | 02/01/24 | 0.052500 | ||||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.052500 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.052500 | |||||||||||||
MQY | 11/14/23 | 01/12/24 | 02/01/24 | 0.058000 | ||||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.058000 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.058000 | |||||||||||||
MYI | 11/14/23 | 01/12/24 | 02/01/24 | 0.055500 | ||||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.055500 | |||||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.055500 | |||||||||||||
Preferred Shares (a) | ||||||||||||
Fund Name | Shares | Series | Declared | |||||||||
BTA | VRDP | W-7 | $ | 258,919 | ||||||||
MUA | VRDP | W-7 | 614,221 | |||||||||
MUI | VRDP | W-7 | 1,913,617 | |||||||||
MYD | VRDP | W-7 | 856,477 | |||||||||
MQY | VRDP | W-7 | 1,498,416 | |||||||||
MYI | VRDP | W-7 | 1,219,842 | |||||||||
(a) | Dividends declared for period February 1, 2024 to February 29, 2024. |
102 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
A D D I T I O N A L IN F O R M A T I O N | 103 |
Investment Adviser | Transfer Agent | |
BlackRock Advisors, LLC | Computershare Trust Company, N.A. | |
Wilmington, DE 19809 | Canton, MA 02021 | |
Accounting Agent and Custodian | VRDP Liquidity Provider | |
State Street Bank and Trust Company | Bank of America, N.A. (a) | |
Boston, MA 02114 | New York, NY 10036 |
104 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
The Toronto-Dominion Bank (b) | VRDP Tender and Paying Agent | |
New York, NY 10019 | The Bank of New York Mellon | |
New York, NY 10286 | ||
Wells Fargo Bank, N.A. (c) | ||
San Francisco, CA 94104 | Independent Registered Public Accounting Firm | |
Deloitte & Touche LLP | ||
VRDP Remarketing Agent | Boston, MA 02116 | |
BofA Securities, Inc. (a) | ||
New York, NY 10036 | Legal Counsel | |
Willkie Farr & Gallagher LLP | ||
TD Securities (USA) LLC (b) | New York, NY 10019 | |
New York, NY 10019 | ||
Address of the Funds | ||
Wells Fargo Securities, LLC (c) | 100 Bellevue Parkway | |
Charlotte, NC 28202 | Wilmington, DE 19809 | |
(a) For BTA, MUA, MUI and MYD. | ||
(b) For MYI. | ||
(c) For MQY. |
A D D I T I O N A L IN F O R M A T I O N | 105 |
AGC | Assured Guaranty Corp. | |
AGC-ICC | Assured Guaranty Corp. – Insured Custody Certificate | |
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
BAM-TCRS | Build America Mutual Assurance Co. - Transferable Custodial Receipts | |
BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
FGIC | Financial Guaranty Insurance Co. | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond Certificate | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAN | State Aid Notes | |
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
ST | Special Tax | |
TA | Tax Allocation |
106 | 2 0 2 4 BL A C K RO C K SE M I - AN N U A L RE P O R T T O SH A R E H O L D E R S |
(b) Not Applicable
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – |
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Period | (a) Total Number of Shares Purchased1 | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Plans or Programs1 | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs1 | ||||
August 1-31, 2023 | 0 | $— | 0 | 1,933,180 | ||||
September 1-30, 2023 | 88,775 | $9.2951 | 88,775 | 1,844,405 | ||||
October 1-31, 2023 | 119,557 | $8.8345 | 119,557 | 1,724,848 | ||||
November 1-30, 2023 | 9,328 | $8.8862 | 9,328 | 1,715,520 | ||||
December 1-31, 2023 | 0 | $— | 0 | 1,922,297 | ||||
January 1-31, 2024 | 0 | $— | 0 | 1,922,297 | ||||
Total: | 217,660 | 9.0246 | 217,660 | 1,922,297 |
1 | On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. On November 15, 2023, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2023, the Fund may |
2
repurchase through November 30, 2024, up to 5% of its common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. |
Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 13 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
Item 14 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
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 MuniAssets Fund, Inc.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: March 22, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: March 22, 2024
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: March 22, 2024
4