Name of Fund: |
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 ® Index) |
6.43% | 20.82% | ||||||
U.S. small cap equities (Russell 2000 ® Index) |
(2.02) | 2.40 | ||||||
International equities (MSCI Europe, Australasia, Far East Index) |
3.15 | 10.01 | ||||||
Emerging market equities (MSCI Emerging Markets Index) |
(6.00) | (2.94) | ||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.73 | 5.13 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
1.74 | (0.38) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
3.15 | 2.10 | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
2.70 | 2.90 | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
6.18 | 9.28 | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Financial Statements: |
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3 |
Municipal Market Overview For the Reporting Period Ended January 31, 2024 |
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 $347 billion issued during the prior 12-month period, as issuers shied away from rising rates and volatility. |
Bloomberg Municipal Bond Index Total Returns as of January 31, 2024 6 months: 2.70% 12 months: 2.90% |
4 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
The Benefits and Risks of Leveraging |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
Fund Summary as of January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Symbol on New York Stock Exchange |
BKN | |
Initial Offering Date |
February 28, 1993 | |
Yield on Closing Market Price as of January 31, 2024 ($ 11.71) (a) |
5.84% | |
Tax Equivalent Yield (b) |
9.86% | |
Current Monthly Distribution per Common Share (c) |
$0.057000 | |
Current Annualized Distribution per Common Share (c) |
$0.684000 | |
Leverage as of January 31, 2024 (d) |
31% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 11.71 | $ | 11.75 | (0.34 | )% | $ | 12.05 | $ | 9.60 | ||||||||||
Net Asset Value |
13.14 | 13.21 | (0.53 | ) | 13.34 | 11.54 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
1.93 | % | 2.21 | % | 1.89 | % | 4.50 | % | ||||||||
Fund at Market Price (a)(b) |
2.12 | (0.72 | ) | 1.35 | 3.05 | |||||||||||
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. |
6 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Sector (a)(b) |
Percentage of Total Investments |
|||
County/City/Special District/School District |
24.3 | % | ||
Transportation |
23.8 | |||
Corporate |
13.4 | |||
Utilities |
11.2 | |||
Health |
7.5 | |||
Education |
7.2 | |||
State |
6.6 | |||
Housing |
3.2 | |||
Tobacco |
2.8 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
4.9 | % | ||
AA/Aa |
41.0 | |||
A |
31.7 | |||
BBB/Baa |
7.2 | |||
BB/Ba |
3.5 | |||
B |
1.5 | |||
N/R (e) |
10.2 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
7.3 | % | ||
2025 |
1.3 | |||
2026 |
4.3 | |||
2027 |
11.4 | |||
2028 |
5.9 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D S U M M A R Y |
7 |
Fund Summary as of January 31, 2024 |
BlackRock Municipal Income Trust (BFK) |
Symbol on New York Stock Exchange |
BFK | |
Initial Offering Date |
July 31, 2001 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.11) (a) |
5.93% | |
Tax Equivalent Yield (b) |
10.02% | |
Current Monthly Distribution per Common Share (c) |
$0.050000 | |
Current Annualized Distribution per Common Share (c) |
$0.600000 | |
Leverage as of January 31, 2024 (d) |
34% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | $ | % | $ | |
$ | |
|||||||||||||
Net Asset Value |
( |
) |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
1.43 | % | 1.97 | % | 1.19 | % | 3.77 | % | ||||||||
Fund at Market Price (a)(b) |
2.31 | (0.56 | ) | (0.12 | ) | 2.67 | ||||||||||
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. |
8 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock Municipal Income Trust (BFK) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
22.9 | % | ||
County/City/Special District/School District |
21.8 | |||
Corporate |
13.1 | |||
State |
12.9 | |||
Utilities |
11.0 | |||
Tobacco |
7.8 | |||
Health |
6.8 | |||
Education |
2.5 | |||
Housing |
1.2 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
10.6 | % | ||
AA/Aa |
40.0 | |||
A |
30.6 | |||
BBB/Baa |
7.0 | |||
BB/Ba |
3.0 | |||
B |
1.0 | |||
N/R (e) |
7.8 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
10.0 | % | ||
2025 |
3.6 | |||
2026 |
7.3 | |||
2027 |
9.2 | |||
2028 |
16.8 |
(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 1.1% of the Fund’s total investments. |
F U N D S U M M A R Y |
9 |
Fund Summary as of January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) |
Symbol on New York Stock Exchange |
BLE | |
Initial Offering Date |
July 30, 2002 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.66) (a) |
5.85% | |
Tax Equivalent Yield (b) |
9.88% | |
Current Monthly Distribution per Common Share (c) |
$0.052000 | |
Current Annualized Distribution per Common Share (c) |
$0.624000 | |
Leverage as of January 31, 2024 (d) |
30% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
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 VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 10.66 | $ | 10.45 | 2.01 | % | $ | 10.89 | $ | 8.81 | ||||||||||
Net Asset Value |
12.20 | 12.09 | 0.91 | 12.37 | 10.63 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
3.32 | % | 3.77 | % | 1.56 | % | 3.95 | % | ||||||||
Fund at Market Price (a)(b) |
4.45 | 1.32 | (0.58 | ) | 2.81 | |||||||||||
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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock Municipal Income Trust II (BLE) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
21.3 | % | ||
County/City/Special District/School District |
16.7 | |||
Corporate |
12.5 | |||
Health |
12.0 | |||
Utilities |
10.8 | |||
State |
9.5 | |||
Housing |
8.3 | |||
Education |
5.2 | |||
Tobacco |
3.7 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
8.7 | % | ||
AA/Aa |
34.0 | |||
A |
29.0 | |||
BBB/Baa |
12.6 | |||
BB/Ba |
2.6 | |||
B |
0.9 | |||
N/R (e) |
12.2 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
10.5 | % | ||
2025 |
0.6 | |||
2026 |
2.5 | |||
2027 |
4.9 | |||
2028 |
12.5 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D S U M M A R Y |
11 |
Fund Summary as of January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) |
Symbol on New York Stock Exchange |
MHD | |
Initial Offering Date |
May 2, 1997 | |
Yield on Closing Market Price as of January 31, 2024 ($ 11.91) (a) |
5.29% | |
Tax Equivalent Yield (b) |
8.94% | |
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) |
31% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 11.91 | $ | 11.84 | 0.59 | % | $ | 12.01 | $ | 9.96 | ||||||||||
Net Asset Value |
13.67 | 13.62 | 0.37 | 13.87 | 11.98 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
2.58 | % | 2.93 | % | 1.27 | % | 3.75 | % | ||||||||
Fund at Market Price (a)(b) |
2.81 | 0.02 | (0.35 | ) | 2.77 | |||||||||||
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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock MuniHoldings Fund, Inc. (MHD) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
26.0 | % | ||
County/City/Special District/School District |
15.3 | |||
Corporate |
13.6 | |||
Utilities |
11.3 | |||
Health |
11.1 | |||
State |
11.0 | |||
Education |
7.4 | |||
Housing |
2.3 | |||
Tobacco |
2.0 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
5.1 | % | ||
AA/Aa |
43.1 | |||
A |
28.4 | |||
BBB/Baa |
8.3 | |||
BB/Ba |
2.8 | |||
B |
1.1 | |||
N/R (e) |
11.2 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
8.3 | % | ||
2025 |
1.4 | |||
2026 |
2.3 | |||
2027 |
7.3 | |||
2028 |
11.0 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D S U M M A R Y |
13 |
Fund Summary as of January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) |
Symbol on New York Stock Exchange |
MVF | |
Initial Offering Date |
September 29, 1988 | |
Yield on Closing Market Price as of January 31, 2024 ($ 6.97) (a) |
5.16% | |
Tax Equivalent Yield (b) |
8.72% | |
Current Monthly Distribution per Common Share (c) |
$0.030000 | |
Current Annualized Distribution per Common Share (c) |
$0.360000 | |
Leverage as of January 31, 2024 (d) |
31% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 6.97 | $ | 6.83 | 2.05 | % | $ | 7.12 | $ | 5.85 | ||||||||||
Net Asset Value |
8.04 | 7.90 | 1.77 | 8.17 | 7.08 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
3.98 | % | 3.82 | % | 1.86 | % | 3.53 | % | ||||||||
Fund at Market Price (a)(b) |
4.26 | 1.46 | (0.26 | ) | 2.14 | |||||||||||
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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock MuniVest Fund, Inc. (MVF) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
24.9 | % | ||
State |
15.4 | |||
Health |
15.0 | |||
Corporate |
11.7 | |||
County/City/Special District/School District |
11.1 | |||
Education |
8.7 | |||
Utilities |
4.7 | |||
Housing |
4.6 | |||
Tobacco |
3.9 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
3.6 | % | ||
AA/Aa |
47.8 | |||
A |
21.1 | |||
BBB/Baa |
8.4 | |||
BB/Ba |
4.1 | |||
B |
2.0 | |||
N/R (e) |
13.0 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
11.0 | % | ||
2025 |
6.9 | |||
2026 |
2.0 | |||
2027 |
14.9 | |||
2028 |
9.3 |
(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 1.1% of the Fund’s total investments. |
F U N D S U M M A R Y |
15 |
Fund Summary as of January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) |
Symbol on New York Stock Exchange |
MVT | |
Initial Offering Date |
March 29, 1993 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.73) (a) |
5.65% | |
Tax Equivalent Yield (b) |
9.54% | |
Current Monthly Distribution per Common Share (c) |
$0.050500 | |
Current Annualized Distribution per Common Share (c) |
$0.606000 | |
Leverage as of January 31, 2024 (d) |
30% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
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 VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 10.73 | $ | 10.66 | 0.66 | % | $ | 10.91 | $ | 9.02 | ||||||||||
Net Asset Value |
12.47 | 12.36 | 0.89 | 12.63 | 10.88 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
3.14 | % | 3.70 | % | 1.66 | % | 3.74 | % | ||||||||
Fund at Market Price (a)(b) |
2.90 | 0.10 | (1.23 | ) | 2.26 | |||||||||||
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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock MuniVest Fund II, Inc. (MVT) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
24.1 | % | ||
Health |
13.8 | |||
County/City/Special District/School District |
13.3 | |||
Corporate |
13.1 | |||
Utilities |
12.6 | |||
State |
10.0 | |||
Housing |
5.3 | |||
Tobacco |
4.2 | |||
Education |
3.6 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
6.9 | % | ||
AA/Aa |
35.3 | |||
A |
31.0 | |||
BBB/Baa |
8.3 | |||
BB/Ba |
2.8 | |||
B |
2.1 | |||
N/R (e) |
13.6 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
8.5 | % | ||
2025 |
1.6 | |||
2026 |
1.1 | |||
2027 |
7.0 | |||
2028 |
10.9 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D S U M M A R Y |
17 |
Fund Summary as of January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Symbol on New York Stock Exchange |
MQT | |
Initial Offering Date |
August 28, 1992 | |
Yield on Closing Market Price as of January 31, 2024 ($ 10.28) (a) |
5.72% | |
Tax Equivalent Yield (b) |
9.66% | |
Current Monthly Distribution per Common Share (c) |
$0.049000 | |
Current Annualized Distribution per Common Share (c) |
$0.588000 | |
Leverage as of January 31, 2024 (d) |
33% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
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 VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the 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 |
$ | 10.28 | $ | 10.17 | 1.08 | % | $ | 10.60 | $ | 8.60 | ||||||||||
Net Asset Value |
11.75 | 11.71 | 0.34 | 11.90 | 10.33 |
Average Annual Total Returns | ||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||
Fund at NAV (a)(b) |
2.79 | % | 3.03 | % | 2.12 | % | 4.04 | % | ||||||||
Fund at Market Price (a)(b) |
3.55 | (0.80 | ) | 1.64 | 3.40 | |||||||||||
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. |
18 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2024 (continued) |
BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Sector (a)(b) |
Percentage of Total Investments |
|||
Transportation |
30.7 | % | ||
County/City/Special District/School District |
16.4 | |||
Corporate |
12.5 | |||
Health |
11.5 | |||
Utilities |
9.8 | |||
State |
9.2 | |||
Education |
5.7 | |||
Housing |
2.5 | |||
Tobacco |
1.7 |
Credit Rating (a)(d) |
Percentage of Total Investments |
|||
AAA/Aaa |
4.4 | % | ||
AA/Aa |
42.1 | |||
A |
30.8 | |||
BBB/Baa |
5.5 | |||
BB/Ba |
1.9 | |||
B |
0.2 | |||
N/R (e) |
15.1 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2024 |
5.7 | % | ||
2025 |
3.8 | |||
2026 |
7.6 | |||
2027 |
8.2 | |||
2028 |
8.8 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |
F U N D S U M M A R Y |
19 |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 2.9% |
||||||||
Black Belt Energy Gas District, RB(a) |
||||||||
4.00%, 10/01/52 |
$ | 1,195 | $ | 1,193,190 | ||||
Series A, 5.25%, 01/01/54 |
760 | 818,416 | ||||||
Series F, 5.50%, 11/01/53 |
735 | 782,015 | ||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
1,505 | 1,650,905 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
1,265 | 1,335,745 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |
670 | 720,685 | ||||||
6,500,956 | ||||||||
Arizona — 3.8% |
||||||||
Arizona Industrial Development Authority, Refunding RB (b) |
||||||||
Series A, 5.50%, 07/01/52 |
215 | 204,730 | ||||||
Series G, 5.00%, 07/01/47 |
430 | 402,992 | ||||||
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44 |
910 | 951,727 | ||||||
Maricopa County Industrial Development Authority, RB, Series 2019F, 4.00%, 01/01/45 |
750 | 744,609 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
1,095 | 1,172,125 | ||||||
5.00%, 12/01/37 |
4,585 | 5,006,389 | ||||||
8,482,572 | ||||||||
Arkansas — 1.1% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 (b) |
1,450 | 1,407,036 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
380 | 389,010 | ||||||
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39 |
755 | 755,517 | ||||||
2,551,563 | ||||||||
California — 11.4% |
||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
335 | 330,861 | ||||||
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34 (c) |
1,500 | 1,509,396 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 10/01/56 |
105 | 85,800 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
445 | 286,817 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
195 | 145,639 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
200 | 139,334 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 |
260 | 188,152 | ||||||
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 (c) |
2,475 | 2,873,504 | ||||||
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (d) |
12,000 | 6,623,676 | ||||||
Palomar Community College District, GO |
||||||||
Series B, Convertible, 6.20%, 08/01/39 (c) |
4,000 | 4,704,361 | ||||||
Series B, Election 2006, 0.00%, 08/01/30 (d) |
2,270 | 1,932,949 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
1,205 | 1,195,467 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27 (c)(e) |
$ | 4,200 | $ | 4,704,962 | ||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56 |
685 | 711,406 | ||||||
San Diego Unified School District, GO, Series C, 0.00%, 07/01/45 (d) |
1,000 | 417,500 | ||||||
25,849,824 | ||||||||
Colorado — 0.7% |
||||||||
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |
1,550 | 1,682,946 | ||||||
Connecticut — 0.1% |
||||||||
Connecticut State Health & Educational Facilities Authority, RB |
||||||||
5.25%, 07/15/48 |
130 | 140,724 | ||||||
4.25%, 07/15/53 |
175 | 170,743 | ||||||
311,467 | ||||||||
District of Columbia — 1.2% |
||||||||
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |
1,110 | 1,244,208 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
455 | 489,439 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGM-CR), 0.00%, 10/01/40 (d) |
1,800 | 889,831 | ||||||
2,623,478 | ||||||||
Florida — 12.7% |
||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |
2,725 | 2,899,641 | ||||||
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49 (b) |
100 | 91,695 | ||||||
City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47 |
1,305 | 1,366,945 | ||||||
City of Tampa Florida, RB, CAB (d) |
||||||||
Series A, 0.00%, 09/01/49 |
465 | 133,224 | ||||||
Series A, 0.00%, 09/01/53 |
270 | 62,330 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49 |
615 | 543,565 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |
475 | 493,422 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |
1,350 | 1,329,069 | ||||||
County of Miami-Dade Florida, RB (d) |
||||||||
0.00%, 10/01/32 |
5,000 | 3,742,552 | ||||||
0.00%, 10/01/33 |
15,375 | 11,050,255 | ||||||
County of Miami-Dade Seaport Department, Refunding RB |
||||||||
Series A, AMT, 5.00%, 10/01/41 |
325 | 345,020 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
695 | 643,641 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (d) |
||||||||
Series A-2, 0.00%, 10/01/46 |
420 | 128,188 | ||||||
Series A-2, 0.00%, 10/01/47 |
680 | 195,286 | ||||||
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
165 | 186,094 | ||||||
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b) |
300 | 287,864 |
20 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47 |
$ | 1,130 | $ | 1,148,657 | ||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |
1,840 | 1,870,789 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
190 | 199,112 | ||||||
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |
1,590 | 1,697,185 | ||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |
195 | 193,257 | ||||||
28,607,791 | ||||||||
Georgia — 2.6% |
||||||||
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |
480 | 506,646 | ||||||
Development Authority for Fulton County, RB |
||||||||
4.00%, 07/01/49 |
145 | 137,047 | ||||||
5.00%, 06/15/56 |
2,295 | 2,494,963 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
175 | 158,628 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
780 | 733,443 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/49 |
205 | 222,980 | ||||||
Series A, 5.00%, 06/01/53 (a) |
565 | 597,646 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
Class A, 5.50%, 07/01/63 |
310 | 325,531 | ||||||
Series A, 5.00%, 01/01/59 |
770 | 781,688 | ||||||
5,958,572 | ||||||||
Hawaii — 0.8% |
||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |
785 | 814,522 | ||||||
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 |
1,395 | 964,196 | ||||||
1,778,718 | ||||||||
Illinois — 6.5% |
||||||||
Chicago Board of Education, GO |
||||||||
Series C, 5.25%, 12/01/35 |
1,235 | 1,240,757 | ||||||
Series D, 5.00%, 12/01/46 |
1,635 | 1,636,259 | ||||||
Series H, 5.00%, 12/01/36 |
375 | 383,611 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/34 |
370 | 378,355 | ||||||
Series D, 5.00%, 12/01/26 |
675 | 691,670 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29 |
2,400 | 2,401,087 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |
620 | 633,677 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |
695 | 761,837 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |
470 | 511,492 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45 |
945 | 951,809 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |
100 | 97,461 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |
820 | 800,861 | ||||||
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |
590 | 601,865 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
State of Illinois, GO |
||||||||
5.00%, 02/01/39 |
$ | 1,000 | $ | 1,002,122 | ||||
5.50%, 05/01/39 |
1,610 | 1,783,593 | ||||||
Series C, 5.00%, 12/01/48 |
740 | 788,694 | ||||||
14,665,150 | ||||||||
Indiana — 0.7% |
||||||||
Indianapolis Local Public Improvement Bond Bank, RB 5.25%, 02/01/48 |
220 | 247,235 | ||||||
(BAM), 5.00%, 03/01/53 |
1,255 | 1,317,749 | ||||||
1,564,984 | ||||||||
Kentucky — 2.2% |
||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) |
135 | 127,385 | ||||||
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 |
2,000 | 2,085,758 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB (c) |
||||||||
Series C, Convertible, 6.45%, 07/01/34 |
1,000 | 1,203,282 | ||||||
Series C, Convertible, 6.60%, 07/01/39 |
1,395 | 1,643,265 | ||||||
5,059,690 | ||||||||
Louisiana — 1.1% |
||||||||
Louisiana Public Facilities Authority, RB |
||||||||
5.25%, 10/01/48 |
425 | 450,671 | ||||||
5.25%, 10/01/53 |
915 | 970,513 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
995 | 1,066,594 | ||||||
2,487,778 | ||||||||
Maryland — 0.5% |
||||||||
Anne Arundel County Consolidated Special Taxing District, ST |
||||||||
5.13%, 07/01/36 |
260 | 260,623 | ||||||
5.25%, 07/01/44 |
260 | 260,399 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
705 | 718,881 | ||||||
1,239,903 | ||||||||
Massachusetts — 1.8% |
||||||||
Massachusetts Development Finance Agency, RB |
||||||||
Series A, 5.25%, 01/01/42 |
900 | 915,528 | ||||||
Series A, 5.00%, 01/01/47 |
1,010 | 1,016,375 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
4.00%, 07/01/39 |
1,375 | 1,254,610 | ||||||
5.00%, 04/15/40 |
600 | 602,558 | ||||||
Series A, 4.00%, 06/01/29 (e) |
235 | 252,695 | ||||||
4,041,766 | ||||||||
Michigan — 3.7% |
||||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/50 |
1,040 | 983,276 | ||||||
4.00%, 02/15/44 |
420 | 404,954 | ||||||
Series A, 4.00%, 11/15/50 |
295 | 273,255 | ||||||
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46 |
900 | 853,765 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing |
||||||||
Series B, 2.95%, 12/01/39 |
375 | 323,805 | ||||||
Series D, Sustainability Bonds, 5.10%, 12/01/37 |
1,560 | 1,700,347 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,705 | 1,719,454 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Michigan (continued) |
||||||||
State of Michigan Trunk Line Revenue, RB |
||||||||
4.00%, 11/15/46 |
$ | 1,400 | $ | 1,423,183 | ||||
5.00%, 11/15/46 |
655 | 731,172 | ||||||
8,413,211 | ||||||||
Minnesota — 2.7% |
||||||||
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 |
700 | 644,872 | ||||||
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |
1,760 | 1,680,153 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b) |
305 | 292,097 | ||||||
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 |
460 | 473,542 | ||||||
Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54 (f) |
2,350 | 2,579,706 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |
390 | 404,668 | ||||||
6,075,038 | ||||||||
Missouri — 0.3% |
||||||||
Kansas City Industrial Development Authority, ARB, Series B, AMT, 5.00%, 03/01/39 |
575 | 602,931 | ||||||
Nebraska — 0.3% |
||||||||
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 |
600 | 609,690 | ||||||
Nevada — 0.7% |
||||||||
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36 |
1,500 | 1,507,676 | ||||||
State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37 |
125 | 126,064 | ||||||
1,633,740 | ||||||||
New Hampshire (b) — 0.3% |
||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
505 | 428,710 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
220 | 201,262 | ||||||
629,972 | ||||||||
New Jersey — 5.2% |
||||||||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |
165 | 179,151 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (g)(h) |
1,510 | 18,649 | ||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
990 | 997,645 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
Series DDD, 5.00%, 06/15/27 (e) |
160 | 172,277 | ||||||
AMT, (AGM), 5.13%, 07/01/42 |
300 | 300,187 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 |
765 | 762,740 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.00%, 06/15/38 |
290 | 292,171 | ||||||
Series AA, 4.00%, 06/15/40 |
820 | 832,306 | ||||||
Series AA, 5.00%, 06/15/45 |
1,990 | 2,055,497 | ||||||
Series AA, 5.00%, 06/15/46 |
600 | 608,665 | ||||||
Series AA, 4.00%, 06/15/50 |
1,440 | 1,378,353 |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
Series BB, 4.00%, 06/15/50 |
$ | 1,200 | $ | 1,149,085 | ||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (d) |
1,600 | 1,037,591 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/15/36 |
240 | 260,577 | ||||||
Series A, 5.00%, 06/15/37 |
480 | 554,499 | ||||||
Series A, 5.25%, 06/15/42 |
190 | 216,333 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
630 | 627,842 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |
205 | 198,501 | ||||||
11,642,069 | ||||||||
New York — 10.3% |
||||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
1,825 | 1,779,123 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series B, 5.00%, 11/15/29 |
765 | 810,496 | ||||||
Series C-1, 5.00%, 11/15/56 |
320 | 325,770 | ||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
1,700 | 1,754,111 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
550 | 573,036 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
810 | 853,500 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
685 | 698,512 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/44 |
215 | 238,653 | ||||||
New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48 |
1,915 | 2,132,531 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |
1,400 | 1,400,486 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51 |
1,000 | 808,298 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
1,785 | 1,299,287 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
920 | 687,588 | ||||||
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
205 | 197,439 | ||||||
New York Transportation Development Corp., ARB |
||||||||
AMT, 5.00%, 12/01/36 |
400 | 430,847 | ||||||
AMT, 5.63%, 04/01/40 |
420 | 454,776 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
945 | 986,558 | ||||||
Port Authority of New York & New Jersey, ARB |
||||||||
AMT, 5.00%, 11/01/49 |
1,330 | 1,378,057 | ||||||
Series 221, AMT, 4.00%, 07/15/55 |
1,395 | 1,279,543 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 |
220 | 229,122 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 |
2,105 | 2,116,483 |
22 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |
$ | 1,645 | $ | 1,763,037 | ||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
1,160 | 1,169,196 | ||||||
23,366,449 | ||||||||
North Carolina — 0.7% |
||||||||
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48 |
1,220 | 1,310,226 | ||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
145 | 162,527 | ||||||
1,472,753 | ||||||||
Ohio — 1.3% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
3,145 | 2,962,464 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |
20 | 20,042 | ||||||
2,982,506 | ||||||||
Oklahoma — 0.2% |
||||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
60 | 59,895 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
315 | 308,570 | ||||||
368,465 | ||||||||
Pennsylvania — 6.1% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 |
875 | 900,706 | ||||||
Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31 (d)(i) |
500 | 392,635 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
5.00%, 06/30/42 |
1,585 | 1,586,493 | ||||||
AMT, 5.50%, 06/30/41 |
810 | 892,591 | ||||||
AMT, 5.75%, 06/30/48 |
700 | 771,783 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
810 | 801,416 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |
155 | 117,433 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
370 | 381,274 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51 |
3,030 | 2,934,193 | ||||||
Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/39 |
850 | 863,944 | ||||||
State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34 |
3,825 | 4,072,016 | ||||||
13,714,484 | ||||||||
Puerto Rico — 4.3% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
1,593 | 1,560,774 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
5,324 | 5,323,931 |
Security |
Par (000) |
Value |
||||||
Puerto Rico (continued) |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) |
||||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
$ | 1,459 | $ | 1,426,172 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (d) |
4,770 | 1,466,349 | ||||||
9,777,226 | ||||||||
Rhode Island — 1.3% |
||||||||
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32 |
1,845 | 1,891,402 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
1,205 | 1,137,102 | ||||||
3,028,504 | ||||||||
South Carolina — 2.4% |
||||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |
520 | 556,975 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |
755 | 659,941 | ||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |
2,110 | 1,907,273 | ||||||
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 |
2,500 | 2,286,144 | ||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |
100 | 103,371 | ||||||
5,513,704 | ||||||||
Tennessee — 2.2% |
||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |
135 | 146,964 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |
885 | 917,940 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |
180 | 194,751 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
5.00%, 10/01/45 |
1,000 | 1,006,917 | ||||||
5.25%, 10/01/58 |
725 | 741,632 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 |
910 | 935,797 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |
950 | 1,018,501 | ||||||
4,962,502 | ||||||||
Texas — 14.6% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
380 | 369,785 | ||||||
7.88%, 11/01/62 |
330 | 334,901 | ||||||
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42 |
2,030 | 2,038,210 | ||||||
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47 |
795 | 856,597 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
100 | 100,426 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
Sub-Series A, AMT, 4.00%, 07/01/40 |
475 | 463,863 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/48 |
400 | 370,646 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 |
$ | 2,175 | $ | 2,087,191 | ||||
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 (d) |
5,000 | 2,246,988 | ||||||
Humble Independent School District, GO, (PSF), 5.00%, 02/15/47 |
4,500 | 4,919,942 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (d)(e) |
550 | 324,803 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (d)(e) |
16,780 | 8,742,254 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
825 | 827,251 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |
435 | 473,225 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |
1,410 | 1,409,953 | ||||||
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
405 | 405,034 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 4.00%, 07/01/53 |
465 | 417,166 | ||||||
Series A, 5.00%, 07/01/53 |
575 | 597,233 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |
320 | 295,545 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
1,315 | 1,401,211 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
2,480 | 2,508,798 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (d) |
||||||||
0.00%, 08/01/35 |
420 | 263,469 | ||||||
0.00%, 08/01/36 |
235 | 139,314 | ||||||
0.00%, 08/01/37 |
305 | 170,295 | ||||||
0.00%, 08/01/38 |
315 | 166,048 | ||||||
0.00%, 08/01/44 |
950 | 356,914 | ||||||
0.00%, 08/01/45 |
1,800 | 638,556 | ||||||
32,925,618 | ||||||||
Utah — 0.6% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/51 |
425 | 441,265 | ||||||
Utah Charter School Finance Authority, Refunding RB |
||||||||
5.25%, 06/15/37 (b) |
205 | 181,798 | ||||||
(UT CSCE), 4.00%, 04/15/42 |
600 | 577,580 | ||||||
5.38%, 06/15/48 (b) |
260 | 209,350 | ||||||
1,409,993 | ||||||||
Vermont — 0.1% |
||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32 |
290 | 290,752 | ||||||
Virginia — 0.9% |
||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (g)(h) |
735 | 589,101 |
Security |
Par (000) |
Value |
||||||
Virginia (continued) |
||||||||
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |
$ | 460 | $ | 370,522 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
1,030 | 970,757 | ||||||
1,930,380 | ||||||||
Washington — 1.1% |
||||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
625 | 641,220 | ||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |
1,815 | 1,885,668 | ||||||
2,526,888 | ||||||||
Wisconsin — 1.0% |
||||||||
Public Finance Authority, RB |
||||||||
Class A, 6.00%, 06/15/52 |
125 | 112,789 | ||||||
Class A, 6.13%, 06/15/57 |
140 | 127,146 | ||||||
Series A, 5.00%, 06/01/36 (b) |
100 | 98,439 | ||||||
Series A, 5.00%, 10/15/50 (b) |
875 | 742,655 | ||||||
Series A, 5.00%, 06/01/51 (b) |
320 | 285,702 | ||||||
Series A, 5.00%, 06/01/61 (b) |
405 | 351,734 | ||||||
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35 |
435 | 387,756 | ||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32 |
110 | 95,073 | ||||||
2,201,294 | ||||||||
Total Municipal Bonds — 110.4% (Cost: $237,339,392) |
249,485,327 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
||||||||
Alabama — 6.8% |
||||||||
Black Belt Energy Gas District, RB |
||||||||
Series C, 5.50%, 10/01/54 |
3,300 | 3,656,667 | ||||||
Series C-1, 5.25%, 02/01/53 (a) |
6,771 | 7,210,915 | ||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
4,091 | 4,547,776 | ||||||
15,415,358 | ||||||||
Arizona — 1.8% |
||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |
3,610 | 4,016,288 | ||||||
Colorado — 1.5% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
3,200 | 3,482,830 | ||||||
District of Columbia — 2.6% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
2,102 | 2,107,834 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |
3,560 | 3,681,171 | ||||||
5,789,005 | ||||||||
Georgia — 1.2% |
||||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 |
2,481 | 2,645,123 | ||||||
24 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Illinois — 2.9% |
||||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
$ | 4,302 | $ | 4,698,963 | ||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 |
1,711 | 1,826,274 | ||||||
6,525,237 | ||||||||
Massachusetts — 2.2% |
||||||||
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52 |
2,440 | 2,673,824 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |
2,151 | 2,230,169 | ||||||
4,903,993 | ||||||||
Michigan — 0.9% |
||||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
2,148 | 2,094,663 | ||||||
New York — 2.2% |
||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
1,506 | 1,483,647 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |
1,590 | 1,574,100 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |
1,740 | 1,866,580 | ||||||
4,924,327 | ||||||||
Oregon — 0.9% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
1,830 | 2,027,407 | ||||||
South Carolina — 1.9% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
3,981 | 4,295,274 | ||||||
Tennessee — 1.8% |
||||||||
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a) |
3,891 | 4,134,433 | ||||||
Texas — 5.0% |
||||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
1,280 | 1,377,119 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |
1,410 | 1,600,443 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
3,120 | 3,433,980 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
2,251 | 2,404,934 | ||||||
Texas Water Development Board, RB, 4.80%, 10/15/52 |
2,470 | 2,618,289 | ||||||
11,434,765 | ||||||||
Virginia — 1.2% |
||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
2,840 | 2,741,062 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% (Cost: $71,328,055) |
74,429,765 | |||||||
Total Long-Term Investments — 143.3% (Cost: $308,667,447) |
323,915,092 | |||||||
Security |
Shares |
Value |
||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.9% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (k)(l) |
4,287,496 | $ | 4,287,925 | |||||
Total Short-Term Securities — 1.9% (Cost: $4,287,925) |
4,287,925 | |||||||
Total Investments — 145.2% (Cost: $312,955,372) |
328,203,017 | |||||||
Other Assets Less Liabilities — 0.3% |
777,840 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.5)% |
(35,114,221 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)% |
(67,800,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 226,066,636 | ||||||
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) |
Zero-coupon bond. |
(e) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) |
When-issued security. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
Non-income producing security. |
(i) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(j) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) |
Affiliate of the Fund. |
(l) |
Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Investment Quality Municipal Trust, Inc. (BKN) | |
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 |
$ | 755,448 | $ | 3,532,621 | (a) |
$ | — | $ | (117 | ) | $ | (27 | ) | $ | 4,287,925 | 4,287,496 | $ | 175,109 | $ | — | ||||||||||||||||
(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 |
$ | — | $ | — | $ | — | $ | — | $ | (543,434 | ) | $ | — | $ | (543,434 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 32,220 | $ | — | $ | 32,220 | ||||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 9,338,617 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 249,485,327 | $ | — | $ | 249,485,327 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 74,429,765 | — | 74,429,765 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
4,287,925 | — | — | 4,287,925 | ||||||||||||
$ | 4,287,925 | $ | 323,915,092 | $ | — | $ | 328,203,017 | |||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (34,892,828 | ) | $ | — | $ | (34,892,828 | ) | ||||||
VMTP Shares at Liquidation Value |
— | (67,800,000 | ) | — | (67,800,000 | ) | ||||||||||
$ | — | $ | (102,692,828 | ) | $ | — | $ | (102,692,828 | ) | |||||||
26 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 5.3% |
||||||||
Alabama Corrections Institution Finance Authority, RB, 5.25%, 07/01/47 |
$ | 870 | $ | 959,013 | ||||
Black Belt Energy Gas District, RB (a) |
||||||||
Series B, 5.25%, 12/01/53 |
5,455 | 5,888,836 | ||||||
Series C, 5.50%, 10/01/54 |
10,000 | 11,080,814 | ||||||
Series F, 5.50%, 11/01/53 |
795 | 845,853 | ||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a) |
5,940 | 6,602,844 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |
1,345 | 1,446,749 | ||||||
26,824,109 | ||||||||
Arizona — 4.7% |
||||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
3,335 | 3,799,762 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |
3,400 | 3,265,847 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
8,000 | 8,563,473 | ||||||
5.00%, 12/01/37 |
7,460 | 8,145,619 | ||||||
23,774,701 | ||||||||
Arkansas — 1.1% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.75%, 09/01/49 (b) |
4,665 | 4,596,845 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
855 | 875,272 | ||||||
5,472,117 | ||||||||
California — 5.5% |
||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
750 | 740,733 | ||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |
2,970 | 2,975,346 | ||||||
City of Long Beach California Harbor Revenue, ARB, Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43 |
2,000 | 2,067,963 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46 |
2,325 | 2,473,773 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,155 | 744,434 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
585 | 436,917 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
330 | 229,901 | ||||||
Riverside County Transportation Commission, RB, CAB (c) |
||||||||
Series B, Senior Lien, 0.00%, 06/01/41 |
5,000 | 2,386,383 | ||||||
Series B, Senior Lien, 0.00%, 06/01/42 |
6,000 | 2,704,287 | ||||||
Series B, Senior Lien, 0.00%, 06/01/43 |
5,000 | 2,132,693 | ||||||
San Marcos Unified School District, GO, CAB (c) |
||||||||
Series B, Election 2010, 0.00%, 08/01/34 |
3,500 | 2,627,318 | ||||||
Series B, Election 2010, 0.00%, 08/01/36 |
4,000 | 2,725,403 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
5,550 | 5,714,993 | ||||||
27,960,144 |
Security |
Par (000) |
Value |
||||||
Colorado — 3.2% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 12/01/43 |
$ | 10,000 | $ | 10,414,969 | ||||
Series D, AMT, 5.75%, 11/15/45 |
835 | 943,836 | ||||||
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45 |
5,000 | 5,023,550 | ||||||
16,382,355 | ||||||||
Delaware — 0.6% |
||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |
2,935 | 2,943,595 | ||||||
District of Columbia — 5.7% |
||||||||
District of Columbia Income Tax Revenue, RB |
||||||||
Series A, 5.00%, 07/01/47 |
2,050 | 2,233,083 | ||||||
Series C, 4.00%, 05/01/45 |
2,480 | 2,468,906 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
22,365 | 23,089,845 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
1,000 | 1,075,690 | ||||||
28,867,524 | ||||||||
Florida — 1.5% |
||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38 |
4,760 | 4,830,105 | ||||||
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 |
210 | 203,376 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
415 | 434,903 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e) |
3,159 | 2,116,314 | ||||||
7,584,698 | ||||||||
Georgia — 1.9% |
||||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a) |
9,000 | 9,520,020 | ||||||
Illinois — 4.2% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
1,065 | 1,065,397 | ||||||
Series C, 5.25%, 12/01/35 |
2,905 | 2,918,542 | ||||||
Series D, 5.00%, 12/01/46 |
3,805 | 3,807,931 | ||||||
Series H, 5.00%, 12/01/36 |
920 | 941,125 | ||||||
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |
915 | 936,733 | ||||||
Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/47 |
5,205 | 5,280,571 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |
1,525 | 1,530,738 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/44 |
2,000 | 2,013,275 | ||||||
State of Illinois, GO, 5.00%, 02/01/39 |
2,990 | 2,996,345 | ||||||
21,490,657 | ||||||||
Indiana — 2.2% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
1,525 | 1,527,443 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Indiana (continued) |
||||||||
City of Valparaiso Indiana, RB (continued) |
||||||||
AMT, 7.00%, 01/01/44 |
$ | 3,680 | $ | 3,684,888 | ||||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/42 |
5,570 | 5,710,186 | ||||||
10,922,517 | ||||||||
Iowa — 0.7% |
||||||||
University of Iowa Facilities Corp., RB |
||||||||
5.00%, 06/01/47 |
1,890 | 2,105,009 | ||||||
5.00%, 06/01/48 |
1,190 | 1,320,662 | ||||||
3,425,671 | ||||||||
Kentucky — 2.5% |
||||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a) |
9,000 | 8,973,811 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (f) |
2,325 | 2,728,440 | ||||||
Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42 |
875 | 1,009,336 | ||||||
12,711,587 | ||||||||
Louisiana — 0.2% |
||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
805 | 805,761 | ||||||
Massachusetts — 1.2% |
||||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 |
1,815 | 1,890,811 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
4,245 | 4,452,066 | ||||||
6,342,877 | ||||||||
Michigan — 6.4% |
||||||||
Lansing Community College, GO, 5.00%, 05/01/44 |
5,070 | 5,380,626 | ||||||
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44 |
5,000 | 5,040,153 | ||||||
Michigan Finance Authority, Refunding RB, Series MI1, 5.00%, 12/01/48 |
2,000 | 2,088,301 | ||||||
Michigan State Building Authority, Refunding RB |
||||||||
Series I, 5.00%, 10/15/45 |
6,300 | 6,424,328 | ||||||
Series I, 5.00%, 10/15/46 |
1,000 | 1,030,896 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
10,000 | 10,198,662 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
2,120 | 2,137,972 | ||||||
32,300,938 | ||||||||
Minnesota — 0.6% |
||||||||
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 |
2,940 | 2,997,091 | ||||||
New Hampshire (b) — 0.8% |
||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
3,055 | 2,593,485 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,585 | 1,449,998 | ||||||
4,043,483 | ||||||||
New Jersey — 10.4% |
||||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e) |
3,680 | 45,448 | ||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
2,035 | 2,050,714 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
Class A, 5.25%, 11/01/47 |
3,415 | 3,765,090 | ||||||
Series EEE, 5.00%, 06/15/48 |
11,690 | 12,198,715 |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
New Jersey Economic Development Authority, RB (continued) |
||||||||
AMT, 5.38%, 01/01/43 |
$ | 2,285 | $ | 2,287,022 | ||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 |
5,975 | 6,062,418 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44 |
475 | 477,370 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,485 | 2,514,987 | ||||||
New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46 |
2,800 | 2,934,865 | ||||||
South Jersey Port Corp., ARB |
||||||||
Series A, 5.00%, 01/01/49 |
2,000 | 2,073,829 | ||||||
Series B, AMT, 5.00%, 01/01/42 |
4,000 | 4,113,304 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
3,075 | 3,132,535 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
10,900 | 11,011,498 | ||||||
52,667,795 | ||||||||
New York — 11.5% |
||||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
3,210 | 3,312,173 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
1,545 | 1,627,972 | ||||||
New York City Municipal Water Finance Authority, RB |
||||||||
Series GG, 5.00%, 06/15/48 |
3,000 | 3,239,425 | ||||||
Series GG, 5.00%, 06/15/50 |
8,000 | 8,607,666 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series D-1, 5.25%, 11/01/48 |
5,000 | 5,624,562 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48 |
2,000 | 1,992,868 | ||||||
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 |
810 | 811,544 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |
3,200 | 3,201,111 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51 |
6,395 | 5,787,049 | ||||||
New York Liberty Development Corp., Refunding RB (b) |
||||||||
Class 1, 5.00%, 11/15/44 |
6,230 | 6,222,212 | ||||||
Class 2, 5.38%, 11/15/40 |
1,655 | 1,657,068 | ||||||
New York State Dormitory Authority, RB |
||||||||
Series A, 5.00%, 03/15/44 |
1,610 | 1,694,094 | ||||||
Series B, 5.00%, 02/15/35 |
7,500 | 7,680,828 | ||||||
New York State Dormitory Authority, Refunding RB, Series E, 4.00%, 03/15/44 |
1,520 | 1,522,251 | ||||||
New York Transportation Development Corp., ARB |
||||||||
AMT, 5.63%, 04/01/40 |
915 | 990,762 | ||||||
Series A, AMT, 5.00%, 07/01/46 |
1,165 | 1,165,392 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
2,125 | 2,218,452 | ||||||
Port Authority of New York & New Jersey, Refunding RB, 4.00%, 09/01/39 |
1,110 | 1,132,872 | ||||||
58,488,301 | ||||||||
Ohio — 1.7% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
4,880 | 4,596,765 | ||||||
Miami University/Oxford Ohio, Refunding RB, Series A, 4.00%, 09/01/45 |
2,670 | 2,676,787 | ||||||
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44 |
1,390 | 1,454,604 | ||||||
8,728,156 |
28 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oklahoma — 0.3% |
||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
$ | 1,735 | $ | 1,732,928 | ||||
Pennsylvania — 2.1% |
||||||||
Allegheny County Hospital Development Authority, Refunding RB, Series A, 5.00%, 04/01/47 |
5,000 | 5,101,197 | ||||||
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45 |
4,725 | 4,825,165 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48 |
715 | 731,903 | ||||||
10,658,265 | ||||||||
Puerto Rico — 5.2% |
||||||||
Commonwealth of Puerto Rico, GO |
||||||||
Series A-1, Restructured, 5.63%, 07/01/29 |
2,810 | 3,036,454 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 |
2,536 | 2,809,148 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
4,044 | 3,962,190 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,387 | 10,386,866 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,325 | 3,250,187 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
10,165 | 3,124,829 | ||||||
26,569,674 | ||||||||
Tennessee — 5.3% |
||||||||
City of Memphis Tennessee Electric System Revenue, RB, Series A, 4.00%, 12/01/45 |
1,500 | 1,507,916 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |
2,545 | 2,661,638 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB |
||||||||
5.25%, 05/01/48 |
2,500 | 2,704,869 | ||||||
Series A, 5.00%, 07/01/46 |
6,590 | 6,632,027 | ||||||
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48 |
2,900 | 3,212,291 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53 (a) |
7,260 | 7,532,870 | ||||||
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54 |
2,200 | 2,449,832 | ||||||
26,701,443 | ||||||||
Texas — 16.1% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
845 | 822,285 | ||||||
7.88%, 11/01/62 |
720 | 730,693 | ||||||
Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48 |
6,000 | 5,991,813 | ||||||
City of Austin Texas Airport System Revenue, ARB |
||||||||
Series B, AMT, 5.00%, 11/15/44 |
3,630 | 3,783,268 | ||||||
Series B, AMT, 5.00%, 11/15/48 |
2,850 | 2,941,508 | ||||||
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46 |
3,550 | 3,726,995 | ||||||
Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47 |
1,625 | 1,751,468 | ||||||
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/49 (g) |
8,500 | 9,321,397 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |
470 | 470,075 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
$ | 4,900 | $ | 4,902,491 | ||||
Harris County Municipal Utility District No. 534, GO |
||||||||
(AGM), 5.00%, 09/01/47 |
1,750 | 1,840,845 | ||||||
(BAM), 5.00%, 09/01/47 |
1,100 | 1,157,103 | ||||||
Harris County-Houston Sports Authority, Refunding RB (c) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24 (h) |
6,000 | 2,726,102 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 |
10,120 | 4,517,617 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 |
5,000 | 2,861,726 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 |
12,580 | 5,653,422 | ||||||
Little Elm Independent School District, GO, (PSF), 5.00%, 08/15/46 |
3,170 | 3,330,642 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(h) |
15,200 | 7,026,220 | ||||||
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43 |
3,900 | 4,043,306 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54 |
4,970 | 5,411,202 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
2,310 | 2,336,824 | ||||||
Texas Water Development Board, RB, 4.00%, 10/15/44 |
2,500 | 2,512,883 | ||||||
Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48 |
3,525 | 3,925,912 | ||||||
81,785,797 | ||||||||
Utah — 0.3% |
||||||||
County of Utah, RB, Series A, 4.00%, 05/15/43 |
1,500 | 1,494,475 | ||||||
Virginia — 1.0% |
||||||||
Fairfax County Industrial Development Authority, |
||||||||
Refunding RB, 4.00%, 05/15/42 |
4,950 | 4,952,605 | ||||||
Washington — 0.6% |
||||||||
Washington Health Care Facilities Authority, RB, |
||||||||
Series A, 5.00%, 08/15/45 |
3,000 | 3,025,831 | ||||||
Total Municipal Bonds — 102.8% (Cost: $502,986,597) |
521,175,115 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
||||||||
California — 7.1% |
||||||||
City of Los Angeles Department of Airports, ARB |
||||||||
Series B, AMT, 5.00%, 05/15/46 |
8,800 | 8,957,143 | ||||||
Sub-Series A, AMT, 5.00%, 05/15/42 |
11,420 | 11,893,837 | ||||||
San Diego County Regional Airport Authority, ARB, AMT, 5.00%, 07/01/48 |
14,500 | 15,436,773 | ||||||
36,287,753 | ||||||||
Colorado — 2.5% |
||||||||
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45 |
11,625 | 12,827,373 | ||||||
Illinois — 2.6% |
||||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41 |
13,000 | 13,490,639 | ||||||
Indiana — 2.5% |
||||||||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/49 |
11,970 | 12,601,809 | ||||||
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Massachusetts — 2.1% |
||||||||
Commonwealth of Massachusetts, GO, Series D, 5.00%, 09/01/51 |
$ | 10,000 | $ | 10,785,208 | ||||
Michigan — 2.2% |
||||||||
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |
10,000 | 11,162,938 | ||||||
Nevada — 4.1% |
||||||||
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48 |
19,650 | 20,663,858 | ||||||
New Jersey — 2.1% |
||||||||
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48 |
10,000 | 10,578,021 | ||||||
New York — 6.6% |
||||||||
New York City Municipal Water Finance Authority, RB, Series DD1, 5.00%, 06/15/48 |
10,000 | 10,491,438 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.25%, 06/15/46 |
10,000 | 11,397,681 | ||||||
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/47 |
10,535 | 11,389,560 | ||||||
33,278,679 | ||||||||
Oregon — 2.8% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
12,705 | 14,075,520 | ||||||
South Carolina — 3.5% |
||||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 |
16,400 | 17,566,123 | ||||||
Texas — 2.6% |
||||||||
Texas Water Development Board, RB, Series A, 5.25%, 10/15/51 |
11,775 | 13,200,451 | ||||||
Washington — 4.4% |
||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
10,975 | 11,237,205 | ||||||
State of Washington, GO, Series C, 5.00%, 02/01/47 |
10,000 | 10,962,432 | ||||||
22,199,637 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.1% (Cost: $219,330,132) |
228,718,009 | |||||||
Total Long-Term Investments — 147.9% (Cost: $722,316,729) |
749,893,124 | |||||||
Security |
Shares |
Value |
||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.0% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |
5,134,844 | $ | 5,135,357 | |||||
Total Short-Term Securities — 1.0% (Cost: $5,135,317) |
5,135,357 | |||||||
Total Investments — 148.9% (Cost: $727,452,046) |
755,028,481 | |||||||
Other Assets Less Liabilities — 2.7% |
13,437,011 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)% |
(107,267,468 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.4)% |
(154,100,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 507,098,024 | ||||||
(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) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) |
When-issued security. |
(h) |
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. |
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) |
Affiliate of the Fund. |
(k) |
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 |
$ | 24,056,456 | $ | — | $ | (18,922,198 | ) (a) |
$ | 1,070 | $ | 29 | $ | 5,135,357 | 5,134,844 | $ | 353,787 | $ | — | ||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
30 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust (BFK) |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 747,107 | $ | — | $ | 747,107 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (321,145 | ) | $ | — | $ | (321,145 | ) | ||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 18,587,321 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ |
— |
$ |
521,175,115 |
$ |
— |
$ |
521,175,115 |
||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
228,718,009 |
— |
228,718,009 |
||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,135,357 |
— |
— |
5,135,357 |
||||||||||||
$ |
5,135,357 |
$ |
749,893,124 |
$ |
— |
$ |
755,028,481 |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ |
— |
$ |
(106,689,984 |
) |
$ |
— |
$ |
(106,689,984 |
) | ||||||
VMTP Shares at Liquidation Value |
— |
(154,100,000 |
) |
— |
(154,100,000 |
) | ||||||||||
$ |
— |
$ |
(260,789,984 |
) |
$ |
— |
$ |
(260,789,984 |
) | |||||||
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 2.8% |
||||||||
Black Belt Energy Gas District, RB, 4.00%, 10/01/52 (a) |
$ | 2,925 | $ | 2,920,570 | ||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
4,580 | 5,024,018 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
1,170 | 1,235,432 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) |
||||||||
Series A, 4.00%, 11/01/51 |
5,290 | 5,277,479 | ||||||
Series A-1, 5.50%, 01/01/53 |
1,960 | 2,108,274 | ||||||
16,565,773 | ||||||||
Arizona — 2.9% |
||||||||
Arizona Industrial Development Authority, RB (b) |
||||||||
4.38%, 07/01/39 |
225 | 200,356 | ||||||
Series A, 5.00%, 07/01/49 |
210 | 190,313 | ||||||
Series A, 5.00%, 07/01/54 |
165 | 146,879 | ||||||
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50 (b) |
1,185 | 1,154,772 | ||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
1,740 | 1,982,485 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
500 | 390,311 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |
1,825 | 1,752,991 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49 (b) |
350 | 315,896 | ||||||
Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58 (b) |
620 | 629,597 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |
820 | 829,839 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 |
1,250 | 1,096,094 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
5,635 | 6,031,896 | ||||||
5.00%, 12/01/37 |
2,000 | 2,183,812 | ||||||
16,905,241 | ||||||||
Arkansas — 0.7% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 (b) |
1,920 | 1,863,111 | ||||||
Series A, AMT, 4.75%, 09/01/49 (b) |
1,175 | 1,157,833 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
975 | 998,117 | ||||||
4,019,061 | ||||||||
California — 4.8% |
||||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 |
350 | 350,001 | ||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |
2,315 | 2,872,230 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
855 | 844,435 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sustainability Bonds, 5.00%, 08/01/55 |
1,500 | 1,514,934 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |
780 | 700,131 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
205 | 205,711 | ||||||
Series A, 5.25%, 08/15/49 |
510 | 512,165 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |
$ | 2,130 | $ | 2,133,834 | ||||
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51 (b) |
1,700 | 1,696,777 | ||||||
City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.25%, 05/15/47 |
4,265 | 4,575,778 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46 |
1,265 | 1,345,945 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 10/01/56 |
245 | 200,201 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,290 | 831,446 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
655 | 489,198 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
355 | 247,318 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 |
780 | 564,457 | ||||||
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |
2,405 | 2,459,683 | ||||||
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 |
2,255 | 2,217,935 | ||||||
San Marcos Unified School District, GO, CAB (c) |
||||||||
Series B, Election 2010, 0.00%, 08/01/33 |
3,000 | 2,338,736 | ||||||
Series B, Election 2010, 0.00%, 08/01/43 |
2,500 | 1,209,021 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
830 | 838,135 | ||||||
28,148,071 | ||||||||
Colorado — 1.4% |
||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) |
250 | 227,027 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.13%, 11/15/53 |
1,290 | 1,203,679 | ||||||
Series D, AMT, 5.75%, 11/15/45 |
1,315 | 1,486,401 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38 (c) |
1,835 | 972,251 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50 (b) |
320 | 323,486 | ||||||
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 |
595 | 644,779 | ||||||
5.50%, 11/01/47 |
370 | 401,736 | ||||||
5.25%, 11/01/52 |
920 | 979,932 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
495 | 514,262 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,325 | 1,330,427 | ||||||
8,083,980 | ||||||||
District of Columbia — 5.4% |
||||||||
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |
2,590 | 2,903,151 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
11,165 | 11,526,856 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 |
2,525 | 2,571,317 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 |
540 | 541,068 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
5,280 | 5,679,642 |
32 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
District of Columbia (continued) |
||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
$ | 5,985 | $ | 5,510,510 | ||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
||||||||
Series A, Sustainability Bonds, 4.00%, 07/15/46 |
1,310 | 1,300,151 | ||||||
Series A, Sustainability Bonds, 4.13%, 07/15/47 |
1,285 | 1,289,852 | ||||||
31,322,547 | ||||||||
Florida — 4.9% |
||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |
2,460 | 2,617,658 | ||||||
Capital Trust Agency, Inc., RB (b) |
||||||||
Series A, 5.00%, 06/01/45 |
190 | 164,318 | ||||||
Series A, 5.50%, 06/01/57 |
100 | 87,906 | ||||||
Celebration Pointe Community Development District No. 1, SAB |
||||||||
5.00%, 05/01/32 |
200 | 200,518 | ||||||
5.00%, 05/01/48 |
530 | 494,791 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 |
2,920 | 3,390,325 | ||||||
City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45 (c) |
6,275 | 2,272,587 | ||||||
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |
2,230 | 2,328,848 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |
1,455 | 1,545,433 | ||||||
County of Pasco Florida, RB |
||||||||
(AGM), 5.00%, 09/01/48 |
5,330 | 5,730,939 | ||||||
(AGM), 5.75%, 09/01/54 |
955 | 1,077,089 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |
5,675 | 5,040,994 | ||||||
Florida Development Finance Corp., RB |
||||||||
6.50%, 06/30/57 (b) |
750 | 719,660 | ||||||
Series A, 5.00%, 06/15/56 |
115 | 111,373 | ||||||
AMT, 5.00%, 05/01/29 (b) |
180 | 173,514 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |
105 | 90,241 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
5.25%, 05/01/37 |
180 | 180,941 | ||||||
5.38%, 05/01/47 |
185 | 182,664 | ||||||
6.30%, 05/01/54 |
480 | 503,021 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |
15 | 15,016 | ||||||
Osceola Chain Lakes Community Development District, SAB |
||||||||
4.00%, 05/01/40 |
270 | 235,369 | ||||||
4.00%, 05/01/50 |
260 | 204,487 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e) |
1,670 | 1,118,935 | ||||||
28,486,627 | ||||||||
Georgia — 3.5% |
||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
435 | 394,303 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/38 |
325 | 343,640 | ||||||
Series A, 5.00%, 05/15/49 |
7,195 | 7,826,074 | ||||||
Series B, 5.00%, 12/01/52 (a) |
5,000 | 5,249,000 | ||||||
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49 |
1,200 | 1,077,603 |
Security |
Par (000) |
Value |
||||||
Georgia (continued) |
||||||||
Municipal Electric Authority of Georgia, RB (continued) |
||||||||
4.00%, 01/01/59 |
$ | 3,525 | $ | 3,230,668 | ||||
Series A, 5.00%, 07/01/52 |
1,870 | 1,927,152 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 |
520 | 456,967 | ||||||
20,505,407 | ||||||||
Hawaii — 0.2% |
||||||||
State of Hawaii Airports System Revenue, COP |
||||||||
AMT, 5.25%, 08/01/25 |
250 | 250,192 | ||||||
AMT, 5.25%, 08/01/26 |
810 | 810,629 | ||||||
1,060,821 | ||||||||
Idaho — 0.6% |
||||||||
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52 |
1,250 | 1,324,568 | ||||||
Idaho Housing & Finance Association, Refunding RB |
||||||||
(GTD), 4.00%, 05/01/42 |
1,400 | 1,336,533 | ||||||
(GTD), 4.00%, 05/01/52 |
1,095 | 965,789 | ||||||
3,626,890 | ||||||||
Illinois — 11.0% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/34 |
1,035 | 1,089,600 | ||||||
Series A, 5.00%, 12/01/40 |
535 | 549,391 | ||||||
Series A, 5.00%, 12/01/47 |
100 | 102,240 | ||||||
Series C, 5.25%, 12/01/35 |
2,790 | 2,803,006 | ||||||
Series D, 5.00%, 12/01/46 |
3,605 | 3,607,779 | ||||||
Series H, 5.00%, 12/01/36 |
495 | 506,366 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series D, 5.00%, 12/01/27 |
1,600 | 1,657,859 | ||||||
Series D, 5.00%, 12/01/31 |
150 | 155,322 | ||||||
Series G, 5.00%, 12/01/34 |
710 | 726,864 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
1,010 | 1,010,582 | ||||||
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 |
2,565 | 2,758,292 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 |
1,385 | 1,399,088 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 |
2,210 | 1,995,760 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48 |
2,665 | 2,936,325 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 |
5,125 | 5,643,155 | ||||||
Cook County Community College District No. 508, GO |
||||||||
5.50%, 12/01/38 |
2,670 | 2,680,047 | ||||||
5.25%, 12/01/43 |
3,850 | 3,862,361 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37 |
480 | 483,263 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 07/15/47 |
3,920 | 3,787,139 | ||||||
Series C, 4.00%, 02/15/41 |
1,405 | 1,373,646 | ||||||
Series C, 5.00%, 02/15/41 |
1,600 | 1,644,967 | ||||||
Illinois Housing Development Authority, RB, S/F Housing |
||||||||
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
3,495 | 3,765,125 | ||||||
Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |
1,875 | 2,057,879 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Metropolitan Pier & Exposition Authority, RB |
||||||||
5.00%, 06/15/57 |
$ | 2,745 | $ | 2,800,201 | ||||
Series A, 5.50%, 06/15/53 |
280 | 285,802 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c) |
2,165 | 449,113 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
1,680 | 1,549,569 | ||||||
Series B, (AGM), 0.00%, 06/15/44 (c) |
8,680 | 3,548,788 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c) |
3,020 | 663,371 | ||||||
State of Illinois, GO |
||||||||
5.25%, 02/01/31 |
730 | 731,199 | ||||||
5.25%, 02/01/32 |
2,500 | 2,504,170 | ||||||
5.00%, 02/01/39 |
1,640 | 1,643,480 | ||||||
Series B, 5.25%, 05/01/43 |
1,115 | 1,222,127 | ||||||
Series D, 5.00%, 11/01/28 |
505 | 538,864 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |
180 | 192,102 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
1,360 | 1,361,241 | ||||||
64,086,083 | ||||||||
Indiana — 1.0% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
1,090 | 1,091,746 | ||||||
AMT, 7.00%, 01/01/44 |
4,625 | 4,631,143 | ||||||
5,722,889 | ||||||||
Iowa — 0.5% |
||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (f) |
2,735 | 2,539,366 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |
225 | 219,937 | ||||||
2,759,303 | ||||||||
Kansas — 0.1% |
||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
400 | 373,904 | ||||||
Kentucky — 2.4% |
||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
1,115 | 1,154,656 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24 (c) |
5,000 | 4,891,686 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a) |
6,085 | 6,067,294 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (g) |
1,655 | 1,942,180 | ||||||
14,055,816 | ||||||||
Louisiana — 1.1% |
||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 |
555 | 554,500 | ||||||
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 |
1,000 | 1,001,595 | ||||||
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |
2,705 | 2,869,112 |
Security |
Par (000) |
Value |
||||||
Louisiana (continued) |
||||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |
$ | 995 | $ | 1,007,001 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
780 | 780,738 | ||||||
6,212,946 | ||||||||
Maryland — 0.3% |
||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
135 | 129,949 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |
1,550 | 1,594,557 | ||||||
1,724,506 | ||||||||
Massachusetts — 2.0% |
||||||||
Commonwealth of Massachusetts, GO |
||||||||
Series C, 5.00%, 10/01/47 |
1,810 | 1,989,884 | ||||||
Series C, 5.00%, 10/01/52 |
1,875 | 2,035,348 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
4,555 | 4,583,752 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 01/01/41 |
525 | 526,271 | ||||||
5.00%, 01/01/45 |
375 | 375,844 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
645 | 628,426 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
1,220 | 1,279,510 | ||||||
11,419,035 | ||||||||
Michigan — 3.1% |
||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
5 | 5,014 | ||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48 |
3,450 | 3,729,233 | ||||||
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 |
1,110 | 1,152,272 | ||||||
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54 |
5,195 | 5,804,485 | ||||||
Michigan Finance Authority, RB, 4.00%, 02/15/50 |
5,250 | 4,963,654 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 |
555 | 529,720 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,680 | 1,694,242 | ||||||
17,878,620 | ||||||||
Minnesota — 2.2% |
||||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
5,685 | 5,294,855 | ||||||
Series A, 5.25%, 02/15/53 |
615 | 627,656 | ||||||
Series A, 5.25%, 02/15/58 |
3,050 | 3,109,227 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |
1,495 | 1,551,226 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
2,115 | 2,267,251 | ||||||
12,850,215 | ||||||||
Mississippi — 0.2% |
||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |
1,190 | 1,192,558 | ||||||
34 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Missouri — 1.5% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
Series A, 4.00%, 07/01/46 |
$ | 1,830 | $ | 1,798,613 | ||||
Series C, 4.00%, 11/15/49 |
3,455 | 3,305,139 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
3,435 | 3,488,029 | ||||||
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37 |
500 | 485,230 | ||||||
9,077,011 | ||||||||
New Hampshire (b) — 0.6% |
||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
2,350 | 1,994,989 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,260 | 1,152,680 | ||||||
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a) |
270 | 211,768 | ||||||
3,359,437 | ||||||||
New Jersey — 11.5% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
2,390 | 2,410,416 | ||||||
5.25%, 11/01/44 |
2,250 | 2,262,593 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e) |
645 | 7,966 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
5.00%, 12/15/28 (h) |
1,375 | 1,531,408 | ||||||
5.00%, 06/15/43 |
2,335 | 2,471,424 | ||||||
Series EEE, 5.00%, 06/15/48 |
6,405 | 6,683,727 | ||||||
AMT, (AGM), 5.00%, 01/01/31 |
530 | 530,324 | ||||||
AMT, 5.38%, 01/01/43 |
1,500 | 1,501,328 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
1,570 | 1,572,811 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (h) |
775 | 835,474 | ||||||
New Jersey Economic Development Authority, Refunding SAB |
||||||||
6.50%, 04/01/28 |
5,584 | 5,664,572 | ||||||
5.75%, 04/01/31 |
705 | 653,870 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
4,980 | 4,830,320 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
1,810 | 1,620,292 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 |
665 | 522,033 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.00%, 06/15/45 |
415 | 421,386 | ||||||
Series AA, 4.00%, 06/15/50 |
1,730 | 1,655,938 | ||||||
Series BB, 5.00%, 06/15/46 |
3,465 | 3,780,377 | ||||||
Series S, 5.25%, 06/15/43 |
1,145 | 1,229,090 | ||||||
Series S, 5.00%, 06/15/46 |
4,980 | 5,219,866 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
7,330 | 7,696,256 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |
5,385 | 5,936,714 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 |
655 | 642,312 | ||||||
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/46 |
275 | 280,145 |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
Tobacco Settlement Financing Corp., Refunding RB (continued) |
||||||||
Series A, 5.25%, 06/01/46 |
$ | 4,140 | $ | 4,270,781 | ||||
Sub-Series B, 5.00%, 06/01/46 |
2,955 | 2,985,227 | ||||||
67,216,650 | ||||||||
New Mexico — 0.0% |
||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
100 | 84,684 | ||||||
New York — 15.6% |
||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 |
500 | 512,581 | ||||||
City of New York, GO |
||||||||
Series A-1, 4.00%, 09/01/46 |
1,550 | 1,578,907 | ||||||
Series B, 5.25%, 10/01/39 |
1,030 | 1,192,481 | ||||||
Series B, 5.25%, 10/01/40 |
790 | 910,330 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series B, 5.25%, 11/15/39 |
910 | 912,058 | ||||||
Series C, 4.00%, 11/15/33 |
90 | 90,038 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/25 |
100 | 103,253 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/26 |
65 | 68,586 | ||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
6,795 | 7,011,283 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
575 | 599,083 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
1,760 | 1,760,961 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |
1,080 | 1,211,226 | ||||||
New York City Municipal Water Finance Authority, Refunding RB |
||||||||
Series BB-1, 4.00%, 06/15/45 |
810 | 812,229 | ||||||
Series DD, 4.13%, 06/15/46 |
7,250 | 7,443,266 | ||||||
Series DD, 4.13%, 06/15/47 |
3,430 | 3,484,642 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series A-1, Subordinate, 4.00%, 08/01/48 |
2,240 | 2,232,012 | ||||||
Series B-1, Subordinate, 4.00%, 08/01/48 |
2,500 | 2,456,932 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 |
3,260 | 3,579,584 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |
3,200 | 3,201,111 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 1, 5.00%, 11/15/44 (b) |
4,910 | 4,903,862 | ||||||
Class 2, 5.38%, 11/15/40 (b) |
1,175 | 1,176,468 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
2,040 | 1,524,651 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
1,270 | 924,422 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
Series A, 4.00%, 03/15/44 |
1,200 | 1,211,728 | ||||||
Series A, 4.00%, 03/15/47 |
3,830 | 3,791,700 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
4,625 | 4,562,885 | ||||||
New York State Urban Development Corp., Refunding RB |
||||||||
4.00%, 03/15/45 |
6,575 | 6,655,838 | ||||||
4.00%, 03/15/49 |
2,205 | 2,161,515 | ||||||
New York Transportation Development Corp., ARB |
||||||||
AMT, 5.63%, 04/01/40 |
1,050 | 1,136,940 | ||||||
AMT, 5.00%, 12/01/40 |
2,250 | 2,368,256 | ||||||
Series A, AMT, 5.00%, 07/01/46 |
1,600 | 1,600,538 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
1,910 | 1,993,997 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York Transportation Development Corp., RB (continued) |
||||||||
AMT, 4.00%, 10/31/46 |
$ | 425 | $ | 385,050 | ||||
Port Authority of New York & New Jersey, ARB, Series 218, AMT, 4.00%, 11/01/47 |
380 | 364,283 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/41 |
1,150 | 1,134,251 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/15/48 |
6,855 | 6,823,070 | ||||||
Series A, 5.25%, 05/15/52 |
900 | 1,002,011 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 5.00%, 05/15/47 |
6,930 | 7,577,801 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
190 | 189,972 | ||||||
90,649,801 | ||||||||
North Carolina — 0.4% |
||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |
2,290 | 2,454,582 | ||||||
North Dakota — 0.2% |
||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 |
1,035 | 1,067,208 | ||||||
Ohio — 1.6% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB Series A-2, Class 1, 4.00%, 06/01/48 |
915 | 829,263 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
5,320 | 5,011,227 | ||||||
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |
435 | 450,785 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
590 | 660,315 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |
2,415 | 2,277,169 | ||||||
9,228,759 | ||||||||
Oklahoma — 0.5% |
||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
1,640 | 1,638,041 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
240 | 235,101 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |
1,435 | 1,387,810 | ||||||
3,260,952 | ||||||||
Oregon — 0.1% |
||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |
1,445 | 753,903 | ||||||
Pennsylvania — 3.8% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48 |
535 | 584,719 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48 |
385 | 394,102 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
205 | 208,020 | ||||||
Pennsylvania Economic Development Financing Authority, RB 5.00%, 06/30/42 |
3,680 | 3,683,467 | ||||||
AMT, 5.75%, 06/30/48 |
1,405 | 1,549,078 |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Economic Development Financing Authority, RB (continued) |
||||||||
AMT, 5.25%, 06/30/53 |
$ | 2,330 | $ | 2,502,644 | ||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
480 | 474,913 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
3,695 | 3,681,738 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |
2,990 | 2,807,221 | ||||||
Pennsylvania Turnpike Commission, RB Sub-Series B-1, 5.25%, 06/01/47 |
2,500 | 2,601,705 | ||||||
Series A, Subordinate, 4.00%, 12/01/46 |
2,065 | 2,000,852 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |
1,050 | 1,033,620 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |
440 | 460,619 | ||||||
21,982,698 | ||||||||
Puerto Rico — 4.5% |
||||||||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 |
1,596 | 1,768,208 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
5,908 | 5,788,481 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
11,913 | 11,912,846 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,256 | 3,182,740 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
159 | 154,348 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
12,023 | 3,695,998 | ||||||
26,502,621 | ||||||||
Rhode Island — 0.0% |
||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
250 | 235,913 | ||||||
South Carolina — 1.4% |
||||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |
335 | 292,822 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
Series A, 5.00%, 05/01/43 |
2,430 | 2,491,604 | ||||||
Series A, 5.00%, 05/01/48 |
3,395 | 3,459,593 | ||||||
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/51 |
1,785 | 1,870,180 | ||||||
8,114,199 | ||||||||
Tennessee — 1.0% |
||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 |
445 | 386,897 | ||||||
Metropolitan Nashville Airport Authority, ARB |
||||||||
Series B, AMT, 5.25%, 07/01/35 |
950 | 1,054,638 | ||||||
Series B, AMT, 5.50%, 07/01/36 |
795 | 892,790 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |
3,130 | 3,355,693 | ||||||
5,690,018 | ||||||||
Texas — 14.6% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
965 | 939,059 | ||||||
7.88%, 11/01/62 |
815 | 827,104 |
36 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 |
$ | 1,980 | $ | 2,063,601 | ||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
425 | 426,810 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
5,180 | 5,573,027 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |
595 | 594,256 | ||||||
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 |
470 | 538,052 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |
230 | 230,471 | ||||||
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |
890 | 902,976 | ||||||
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |
3,455 | 3,795,833 | ||||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 |
1,415 | 1,406,400 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
2,975 | 3,274,388 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
670 | 670,341 | ||||||
Harris County-Houston Sports Authority, Refunding RB (c) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24 (h) |
2,300 | 1,109,621 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36 |
13,075 | 6,198,799 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 |
4,750 | 2,134,639 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
200 | 220,387 | ||||||
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |
5,185 | 5,160,931 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(h) |
10,540 | 5,781,736 | ||||||
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |
11,750 | 12,968,583 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |
180 | 161,826 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31 (c)(h) |
640 | 325,886 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
2,610 | 2,617,121 | ||||||
Port Authority of Houston of Harris County Texas, ARB 4.00%, 10/01/46 |
2,110 | 2,069,787 | ||||||
1st Lien, 5.00%, 10/01/48 |
1,470 | 1,615,267 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB 5.00%, 11/15/51 |
1,280 | 1,367,762 | ||||||
Series A, 4.00%, 07/01/53 |
1,435 | 1,287,382 | ||||||
Series A, 5.00%, 07/01/53 |
880 | 914,026 | ||||||
Series B, 5.00%, 07/01/48 |
4,955 | 5,098,884 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
95 | 83,880 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing |
||||||||
Series A, (GNMA), 3.75%, 09/01/49 |
1,240 | 1,145,237 | ||||||
Series C, (GNMA), 5.00%, 09/01/48 |
3,650 | 3,796,000 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
3,110 | 3,146,114 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (c) 0.00%, 08/01/40 |
$ | 500 | $ | 236,094 | ||||
0.00%, 08/01/41 |
2,000 | 892,970 | ||||||
0.00%, 08/01/42 |
2,345 | 988,402 | ||||||
Texas Water Development Board, RB 4.45%, 10/15/36 |
675 | 748,292 | ||||||
4.00%, 10/15/45 |
1,810 | 1,811,615 | ||||||
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |
1,710 | 1,709,449 | ||||||
84,833,008 | ||||||||
Utah — 1.2% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.00%, 07/01/48 |
955 | 979,050 | ||||||
Series A, AMT, 5.25%, 07/01/48 |
5,235 | 5,602,945 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b) |
100 | 95,463 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b) |
135 | 131,483 | ||||||
6,808,941 | ||||||||
Vermont — 0.0% |
||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
200 | 196,682 | ||||||
Virginia — 1.4% |
||||||||
Ballston Quarter Community Development Authority, TA (d)(e) |
||||||||
Series A, 5.00%, 03/01/26 |
290 | 282,174 | ||||||
Series A, 5.13%, 03/01/31 |
755 | 647,213 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
1,010 | 951,908 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47 |
1,825 | 1,897,603 | ||||||
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49 |
4,585 | 4,422,213 | ||||||
8,201,111 | ||||||||
Washington — 0.6% |
||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
1,615 | 1,653,585 | ||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43 (b) |
2,165 | 1,813,050 | ||||||
3,466,635 | ||||||||
West Virginia — 0.7% |
||||||||
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 |
570 | 494,410 | ||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |
3,525 | 3,421,113 | ||||||
3,915,523 | ||||||||
Wisconsin — 1.9% |
||||||||
Public Finance Authority, RB |
||||||||
Series A, 5.00%, 07/01/55 (b) |
120 | 99,689 | ||||||
Series A-1, 4.50%, 01/01/35 (b) |
205 | 183,698 | ||||||
AMT, 4.00%, 09/30/51 |
5,615 | 4,585,366 | ||||||
AMT, 4.00%, 03/31/56 |
1,835 | 1,446,330 | ||||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/49 (b) |
120 | 96,969 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |
3,280 | 3,103,963 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Wisconsin (continued) |
||||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
$ | 720 | $ | 757,929 | ||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 |
660 | 667,727 | ||||||
10,941,671 | ||||||||
Total Municipal Bonds — 114.2% (Cost: $652,366,057) |
665,042,300 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
||||||||
Alabama (a) — 3.5% |
||||||||
Black Belt Energy Gas District, RB |
||||||||
Series B, 5.25%, 12/01/53 |
12,500 | 13,494,125 | ||||||
Series C-1, 5.25%, 02/01/53 |
6,702 | 7,137,333 | ||||||
20,631,458 | ||||||||
California — 1.9% |
||||||||
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.00%, 02/01/54 |
10,000 | 10,732,016 | ||||||
Colorado — 1.4% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
7,685 | 8,364,370 | ||||||
District of Columbia — 0.4% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
2,361 | 2,367,629 | ||||||
Florida — 1.3% |
||||||||
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50 |
6,910 | 7,586,502 | ||||||
Iowa — 0.2% |
||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |
1,370 | 1,370,000 | ||||||
Michigan — 2.3% |
||||||||
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
12,964 | 13,559,978 | ||||||
Nebraska — 0.9% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) |
5,240 | 5,482,582 | ||||||
New York — 5.7% |
||||||||
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |
5,540 | 5,627,794 | ||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
4,810 | 4,736,901 | ||||||
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |
9,510 | 10,796,414 | ||||||
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46 |
8,820 | 9,275,908 | ||||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 |
2,820 | 2,586,604 | ||||||
33,023,621 | ||||||||
Oregon — 2.2% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
11,628 | 12,882,433 | ||||||
Security |
Par (000) |
Value |
||||||
Pennsylvania — 3.5% |
||||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
$ | 11,111 | $ | 12,231,067 | ||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47 |
7,107 | 7,945,685 | ||||||
20,176,752 | ||||||||
South Carolina — 0.9% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
4,842 | 5,224,475 | ||||||
Wisconsin — 1.0% |
||||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43 |
2,658 | 5,786,869 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 25.2% (Cost: $142,339,621) |
147,188,685 | |||||||
Total Long-Term Investments — 139.4% (Cost: $794,705,678) |
812,230,985 | |||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.8% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |
10,122,667 | 10,123,679 | ||||||
Total Short-Term Securities — 1.8% (Cost: $10,121,826) |
10,123,679 | |||||||
Total Investments — 141.2% (Cost: $804,827,504) |
822,354,664 | |||||||
Other Assets Less Liabilities — 2.0% |
11,775,033 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)% |
(77,523,843 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)% |
(174,100,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 582,505,854 | ||||||
(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) |
When-issued security. |
(g) |
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. |
(h) |
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. |
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) |
Affiliate of the Fund. |
(k) |
Annualized 7-day yield as of period end. |
38 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) |
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 |
$ | 37,886,667 | $ | — | $ | (27,763,789 | ) (a) |
$ | 2,337 | $ | (1,536 | ) | $ | 10,123,679 | 10,122,667 | $ | 570,839 | $ | — | |||||||||||||||||
(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 |
$ | — | $ | — | $ | — | $ | — | $ | 2,460,561 | $ | — | $ | 2,460,561 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (592,079 | ) | $ | — | $ | (592,079 | ) | ||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | — | (a) | |
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ |
— |
$ |
665,042,300 |
$ |
— |
$ |
665,042,300 |
||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
147,188,685 |
— |
147,188,685 |
||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
10,123,679 |
— |
— |
10,123,679 |
||||||||||||
$ |
10,123,679 |
$ |
812,230,985 |
$ |
— |
$ |
822,354,664 |
|||||||||
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock Municipal Income Trust II (BLE) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ |
— |
$ |
(77,008,589 |
) |
$ |
— |
$ |
(77,008,589 |
) | ||||||
VMTP Shares at Liquidation Value |
— |
(174,100,000 |
) |
— |
(174,100,000 |
) | ||||||||||
$ |
— |
$ |
(251,108,589 |
) |
$ |
— |
$ |
(251,108,589 |
) | |||||||
40 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 4.2% |
||||||||
Black Belt Energy Gas District, RB (a) |
||||||||
Series A, 5.25%, 01/01/54 |
$ | 2,450 | $ | 2,638,313 | ||||
Series F, 5.50%, 11/01/53 |
1,115 | 1,186,322 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a) |
9,590 | 9,602,371 | ||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
4,715 | 5,172,106 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) |
||||||||
Series A-1, 5.50%, 01/01/53 |
1,890 | 2,032,979 | ||||||
Series B, 5.00%, 01/01/54 |
4,595 | 4,868,724 | ||||||
Series B-1, 5.00%, 05/01/53 |
4,510 | 4,687,898 | ||||||
30,188,713 | ||||||||
Arizona — 2.8% |
||||||||
Arizona Industrial Development Authority, RB |
||||||||
4.38%, 07/01/39 (b) |
575 | 512,021 | ||||||
Series A, (BAM), 4.00%, 06/01/44 |
425 | 408,787 | ||||||
Series A, 5.00%, 07/01/49 (b) |
550 | 498,437 | ||||||
Series A, 5.00%, 07/01/54 (b) |
425 | 378,325 | ||||||
Arizona Industrial Development Authority, Refunding RB (b) |
||||||||
Series A, 5.50%, 07/01/52 |
130 | 123,790 | ||||||
Series G, 5.00%, 07/01/47 |
435 | 407,678 | ||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
2,425 | 2,762,946 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
640 | 499,598 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |
2,120 | 2,036,352 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34 (b) |
400 | 400,083 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b) |
300 | 274,283 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |
775 | 784,299 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 |
1,400 | 1,227,626 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
3,500 | 3,746,519 | ||||||
5.00%, 12/01/37 |
5,235 | 5,716,128 | ||||||
19,776,872 | ||||||||
Arkansas — 1.5% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 (b) |
380 | 368,741 | ||||||
Series A, AMT, 4.75%, 09/01/49 (b) |
4,235 | 4,173,127 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
1,170 | 1,197,741 | ||||||
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39 |
505 | 505,346 | ||||||
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40 |
840 | 828,268 | ||||||
City of Springdale Arkansas Sales & Use Tax Revenue, RB, Series B, (BAM), 4.13%, 08/01/47 |
3,085 | 3,062,271 | ||||||
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42 |
465 | 469,210 | ||||||
10,604,704 | ||||||||
California — 6.5% |
||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 |
3,170 | 3,180,864 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
$ | 1,025 | $ | 1,012,335 | ||||
California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 08/15/48 |
3,675 | 3,654,289 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43 |
800 | 813,456 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
185 | 185,642 | ||||||
Series A, 5.25%, 08/15/49 |
460 | 461,953 | ||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |
1,755 | 1,758,159 | ||||||
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/42 |
1,000 | 964,358 | ||||||
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34 (a) |
1,000 | 1,006,264 | ||||||
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 |
3,700 | 3,695,404 | ||||||
City of Los Angeles Department of Airports, Refunding ARB |
||||||||
AMT, 5.00%, 05/15/46 |
830 | 883,110 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 |
1,755 | 1,644,778 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 10/01/56 |
305 | 249,229 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,595 | 1,028,028 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
845 | 631,103 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
440 | 306,535 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 |
970 | 701,953 | ||||||
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 (a) |
1,650 | 1,915,670 | ||||||
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (c) |
8,000 | 4,415,784 | ||||||
Palomar Community College District, GO |
||||||||
Series B, Convertible, 6.20%, 08/01/39 (a) |
2,605 | 3,063,715 | ||||||
Series B, Election 2006, 0.00%, 08/01/30 (c) |
1,500 | 1,277,279 | ||||||
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27 (a)(d) |
2,800 | 3,136,642 | ||||||
San Diego County Regional Airport Authority, ARB |
||||||||
Series B, AMT, 5.00%, 07/01/47 |
1,515 | 1,558,987 | ||||||
Series B, AMT, Subordinate, 5.00%, 07/01/56 |
2,150 | 2,232,879 | ||||||
San Diego Unified School District, GO (c)(e) |
||||||||
Class A, 0.00%, 07/01/29 |
5,315 | 4,506,955 | ||||||
Series A, 0.00%, 07/01/29 |
685 | 580,859 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.25%, 05/01/33 |
850 | 850,325 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
920 | 929,017 | ||||||
46,645,572 | ||||||||
Colorado — 3.0% |
||||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47 |
5,650 | 5,515,906 | ||||||
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 |
340 | 340,211 | ||||||
Series A, AMT, 5.50%, 11/15/31 |
405 | 405,279 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Colorado (continued) |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 |
$ | 1,160 | $ | 1,311,198 | ||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB (c) |
||||||||
Series A-2, 0.00%, 08/01/37 |
1,490 | 823,933 | ||||||
Series A-2, 0.00%, 08/01/38 |
915 | 484,801 | ||||||
Colorado Educational & Cultural Facilities Authority, RB |
||||||||
5.50%, 07/01/40 |
2,510 | 2,513,978 | ||||||
5.00%, 03/01/50 (b) |
360 | 363,922 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
5.50%, 11/01/47 |
480 | 521,171 | ||||||
5.25%, 11/01/52 |
1,000 | 1,065,143 | ||||||
Colorado Health Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 08/01/44 |
2,420 | 2,514,173 | ||||||
Series A, 4.00%, 11/15/46 |
1,610 | 1,556,139 | ||||||
Series A, 4.00%, 08/01/49 |
1,950 | 1,811,766 | ||||||
Series A, 4.00%, 11/15/50 |
1,480 | 1,393,175 | ||||||
21,621,408 | ||||||||
Connecticut — 0.1% |
||||||||
Connecticut State Health & Educational Facilities Authority, RB |
||||||||
5.25%, 07/15/48 |
390 | 422,173 | ||||||
4.25%, 07/15/53 |
525 | 512,229 | ||||||
934,402 | ||||||||
Delaware — 0.5% |
||||||||
County of Kent Delaware, RB |
||||||||
5.00%, 07/01/53 |
775 | 732,383 | ||||||
Series A, 5.00%, 07/01/40 |
330 | 330,430 | ||||||
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |
2,180 | 2,183,165 | ||||||
3,245,978 | ||||||||
District of Columbia — 3.9% |
||||||||
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |
3,490 | 3,911,968 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 |
1,695 | 1,726,092 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 |
1,195 | 1,197,363 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.00%, 10/01/39 |
1,060 | 1,061,018 | ||||||
Series A, AMT, 5.25%, 10/01/48 |
1,395 | 1,500,587 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
||||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c) |
10,170 | 7,067,168 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c) |
13,485 | 8,905,808 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 |
2,000 | 1,841,440 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.00%, 07/15/46 |
875 | 868,421 | ||||||
28,079,865 | ||||||||
Florida — 4.8% |
||||||||
Broward County Florida Water & Sewer Utility |
||||||||
Revenue, RB, Series A, 4.00%, 10/01/45 |
585 | 588,453 | ||||||
Capital Trust Agency, Inc., RB (b) |
||||||||
5.00%, 01/01/55 |
305 | 232,044 | ||||||
Series A, 5.00%, 06/01/45 |
480 | 415,119 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Capital Trust Agency, Inc., RB (b) (continued) |
||||||||
Series A, 5.50%, 06/01/57 |
$ | 170 | $ | 149,440 | ||||
City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47 |
4,115 | 4,310,327 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 |
1,290 | 1,320,259 | ||||||
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 . |
1,930 | 1,830,322 | ||||||
City of Tampa Florida, RB, CAB (c) |
||||||||
Series A, 0.00%, 09/01/49 |
285 | 81,653 | ||||||
Series A, 0.00%, 09/01/53 |
160 | 36,936 | ||||||
County of Broward Florida Airport System Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 10/01/45 |
2,845 | 2,859,528 | ||||||
Series A, AMT, 5.00%, 10/01/49 |
1,000 | 1,015,286 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |
3,525 | 3,661,711 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28 |
2,650 | 2,674,922 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
2,180 | 2,018,903 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |
||||||||
Series A-2, 0.00%, 10/01/46 |
885 | 270,110 | ||||||
Series A-2, 0.00%, 10/01/47 |
1,040 | 298,672 | ||||||
Series A-2, 0.00%, 10/01/49 |
355 | 90,429 | ||||||
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
500 | 563,921 | ||||||
Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50 (b) |
430 | 318,880 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |
1,765 | 1,567,816 | ||||||
Esplanade Lake Club Community Development District, SAB, Series A-1, 4.13%, 11/01/50 |
615 | 492,425 | ||||||
Florida Development Finance Corp., RB |
||||||||
6.50%, 06/30/57 (b) |
925 | 887,581 | ||||||
Series A, 5.00%, 06/15/56 |
75 | 72,634 | ||||||
AMT, 5.00%, 05/01/29 (b) |
270 | 260,271 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |
270 | 232,049 | ||||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |
1,730 | 1,758,948 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
575 | 602,577 | ||||||
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%, 10/01/53 |
1,075 | 1,147,468 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49 |
1,185 | 1,091,773 | ||||||
Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43 |
220 | 185,360 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (f)(g) |
800 | 536,091 | ||||||
Trout Creek Community Development District, SAB |
||||||||
4.00%, 05/01/40 |
630 | 542,348 | ||||||
4.00%, 05/01/51 |
1,050 | 799,929 |
42 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |
$ | 600 | $ | 594,637 | ||||
Westside Community Development District, SAB, 4.00%, 05/01/50 |
815 | 641,644 | ||||||
34,170,488 | ||||||||
Georgia — 3.9% |
||||||||
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |
1,520 | 1,604,379 | ||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |
3,165 | 2,987,658 | ||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 |
2,615 | 2,495,934 | ||||||
Development Authority for Fulton County, RB, 5.00%, 06/15/56 |
7,240 | 7,870,821 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
535 | 484,947 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
1,460 | 1,372,855 | ||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a) |
7,815 | 8,266,551 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
4.00%, 01/01/49 |
1,135 | 1,019,233 | ||||||
4.00%, 01/01/59 |
1,335 | 1,223,530 | ||||||
Series A, 5.00%, 01/01/59 |
480 | 487,286 | ||||||
27,813,194 | ||||||||
Hawaii — 0.1% |
||||||||
State of Hawaii Airports System Revenue, COP |
||||||||
AMT, 5.25%, 08/01/25 |
425 | 425,326 | ||||||
AMT, 5.25%, 08/01/26 |
460 | 460,358 | ||||||
885,684 | ||||||||
Idaho — 0.3% |
||||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |
2,000 | 2,003,089 | ||||||
Illinois — 8.8% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/34 |
1,760 | 1,852,847 | ||||||
Series A, 5.00%, 12/01/40 |
1,410 | 1,447,929 | ||||||
Series A, 5.00%, 12/01/42 |
1,480 | 1,480,552 | ||||||
Series C, 5.25%, 12/01/35 |
2,655 | 2,667,377 | ||||||
Series D, 5.00%, 12/01/46 |
3,480 | 3,482,682 | ||||||
Series H, 5.00%, 12/01/36 |
585 | 598,432 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/27 |
500 | 518,081 | ||||||
Series C, 5.00%, 12/01/34 |
475 | 485,727 | ||||||
Series G, 5.00%, 12/01/34 |
315 | 322,482 | ||||||
Chicago Midway International Airport, Refunding ARB |
||||||||
Series B, 5.00%, 01/01/46 |
1,670 | 1,702,514 | ||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
1,620 | 1,620,933 | ||||||
Chicago O’Hare International Airport, Refunding ARB |
||||||||
Series A, AMT, Senior Lien, 4.38%, 01/01/53 |
1,390 | 1,327,886 | ||||||
Series B, Senior Lien, 5.00%, 01/01/53 |
1,040 | 1,079,331 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
885 | 966,587 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |
1,445 | 1,572,565 | ||||||
Cook County Community College District No. 508, GO |
||||||||
5.50%, 12/01/38 |
3,075 | 3,086,571 | ||||||
5.25%, 12/01/43 |
2,935 | 2,944,424 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/37 |
$ | 820 | $ | 825,575 | ||||
Series A, 5.00%, 02/15/50 |
130 | 121,601 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 4.00%, 07/15/47 |
1,485 | 1,434,669 | ||||||
Series C, 4.00%, 02/15/41 |
1,945 | 1,901,595 | ||||||
Series C, 5.00%, 02/15/41 |
555 | 570,598 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/40 |
5,625 | 5,761,773 | ||||||
Series B, 5.00%, 01/01/40 |
2,250 | 2,315,200 | ||||||
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |
2,370 | 2,417,660 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB (c) |
||||||||
Series B, (AGM), 0.00%, 06/15/44 |
3,765 | 1,539,307 | ||||||
Series B, (AGM), 0.00%, 06/15/47 |
22,775 | 7,887,352 | ||||||
State of Illinois, GO |
||||||||
5.25%, 02/01/31 |
1,485 | 1,487,439 | ||||||
5.25%, 02/01/32 |
2,365 | 2,368,944 | ||||||
5.00%, 02/01/39 |
1,910 | 1,914,053 | ||||||
5.50%, 05/01/39 |
795 | 880,719 | ||||||
Series B, 5.25%, 05/01/41 |
1,770 | 1,949,809 | ||||||
Series D, 5.00%, 11/01/28 |
900 | 960,351 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |
90 | 96,051 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
1,225 | 1,226,117 | ||||||
62,815,733 | ||||||||
Indiana — 1.2% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
975 | 976,562 | ||||||
AMT, 7.00%, 01/01/44 |
2,355 | 2,358,128 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB |
||||||||
5.25%, 02/01/48 |
665 | 747,323 | ||||||
(BAM), 5.00%, 03/01/53 |
3,950 | 4,147,497 | ||||||
8,229,510 | ||||||||
Iowa — 0.2% |
||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (h) |
1,450 | 1,346,282 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |
175 | 171,062 | ||||||
1,517,344 | ||||||||
Kansas — 0.1% |
||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
705 | 643,966 | ||||||
Kentucky — 1.4% |
||||||||
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 |
2,500 | 2,607,198 | ||||||
Fayette County School District Finance Corp., RB |
||||||||
(NGFGC), 5.00%, 06/01/44 |
860 | 933,058 | ||||||
(BAM-TCRS), 5.00%, 06/01/46 |
760 | 818,650 | ||||||
(BAM-TCRS), 5.00%, 06/01/47 |
1,155 | 1,240,506 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
735 | 761,141 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) Convertible, 6.75%, 07/01/43 |
1,770 | 2,077,135 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Kentucky (continued) |
||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) (continued) |
||||||||
Series C, Convertible, 6.45%, 07/01/34 |
$ | 500 | $ | 601,641 | ||||
Series C, Convertible, 6.60%, 07/01/39 |
830 | 977,713 | ||||||
10,017,042 | ||||||||
Louisiana — 1.7% |
||||||||
Lafayette Parish School Board Sale Tax Revenue, |
||||||||
RB, 4.00%, 04/01/53 |
995 | 990,107 | ||||||
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 |
1,330 | 1,410,333 | ||||||
5.25%, 10/01/53 |
2,810 | 2,980,483 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47 |
1,635 | 1,663,786 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
2,990 | 3,205,142 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
495 | 495,468 | ||||||
12,247,712 | ||||||||
Maryland — 0.8% |
||||||||
Anne Arundel County Consolidated Special Taxing District, ST |
||||||||
5.13%, 07/01/36 |
170 | 170,407 | ||||||
5.25%, 07/01/44 |
170 | 170,261 | ||||||
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 |
1,430 | 1,477,636 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB |
||||||||
Series B, 4.00%, 04/15/50 |
1,645 | 1,533,105 | ||||||
Series C, 5.00%, 05/15/45 |
2,125 | 2,156,021 | ||||||
5,507,430 | ||||||||
Massachusetts — 2.7% |
||||||||
Commonwealth of Massachusetts, GO |
||||||||
Series C, 5.00%, 10/01/47 |
1,195 | 1,313,763 | ||||||
Series C, 5.00%, 10/01/52 |
1,240 | 1,346,044 | ||||||
Massachusetts Development Finance Agency, RB |
||||||||
5.00%, 01/01/48 |
1,115 | 1,124,077 | ||||||
5.00%, 10/01/48 |
830 | 800,578 | ||||||
Series A, 5.25%, 01/01/42 |
1,110 | 1,129,151 | ||||||
Series A, 5.00%, 01/01/47 |
5,005 | 5,036,592 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
4.00%, 07/01/39 |
1,140 | 1,040,185 | ||||||
5.00%, 04/15/40 |
400 | 401,706 | ||||||
Series A, 5.00%, 10/01/35 |
500 | 505,620 | ||||||
Series A, 5.00%, 10/01/43 |
750 | 751,242 | ||||||
Series P, 5.45%, 05/15/59 |
2,010 | 2,239,765 | ||||||
Massachusetts Educational Financing Authority, RB, Series B, AMT, 2.63%, 07/01/36 |
25 | 24,797 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34 |
30 | 30,908 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43 |
160 | 144,215 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
3,100 | 3,251,214 | ||||||
19,139,857 |
Security |
Par (000) |
Value |
||||||
Michigan — 5.9% |
||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
$ | 5 | $ | 5,014 | ||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 |
1,360 | 1,328,987 | ||||||
Eastern Michigan University, RB, Series A, 4.00%, 03/01/28 (d) |
45 | 47,525 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB |
||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 |
1,490 | 1,632,605 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 |
3,525 | 3,887,979 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
3,525 | 3,879,538 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB |
||||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
3,525 | 3,879,538 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 |
3,525 | 3,894,175 | ||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/47 |
4,815 | 4,611,030 | ||||||
4.00%, 02/15/50 |
3,140 | 2,968,738 | ||||||
4.00%, 02/15/44 |
3,785 | 3,649,406 | ||||||
Michigan Finance Authority, Refunding RB |
||||||||
4.00%, 11/15/46 |
570 | 540,718 | ||||||
Series A, 4.00%, 12/01/49 |
4,100 | 3,937,866 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 |
710 | 677,660 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
215 | 225,904 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 3.80%, 10/01/38 |
1,690 | 1,635,848 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,795 | 1,810,217 | ||||||
State of Michigan Trunk Line Revenue, RB |
||||||||
4.00%, 11/15/46 |
905 | 919,986 | ||||||
5.00%, 11/15/46 |
1,980 | 2,210,262 | ||||||
41,742,996 | ||||||||
Minnesota — 1.1% |
||||||||
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 |
425 | 391,529 | ||||||
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |
1,080 | 1,031,003 | ||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
3,800 | 3,539,217 | ||||||
Series A, 5.25%, 02/15/53 |
415 | 423,540 | ||||||
Series A, 5.25%, 02/15/58 |
1,605 | 1,636,167 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 |
575 | 503,307 | ||||||
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 |
290 | 298,537 | ||||||
7,823,300 | ||||||||
Mississippi — 0.5% |
||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |
3,595 | 3,602,727 | ||||||
44 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Missouri — 0.8% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 02/15/49 |
$ | 1,910 | $ | 1,806,010 | ||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
3,530 | 3,584,495 | ||||||
5,390,505 | ||||||||
Montana — 0.0% |
||||||||
Montana Board of Housing, RB, S/F Housing |
||||||||
Series B-2, 3.50%, 12/01/42 |
60 | 60,333 | ||||||
Series B-2, 3.60%, 12/01/47 |
100 | 88,300 | ||||||
148,633 | ||||||||
Nebraska — 0.1% |
||||||||
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 |
400 | 406,460 | ||||||
Nevada — 0.7% |
||||||||
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 |
650 | 659,236 | ||||||
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36 |
1,000 | 1,005,117 | ||||||
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |
2,690 | 2,612,981 | ||||||
Tahoe-Douglas Visitors Authority, RB |
||||||||
5.00%, 07/01/40 |
595 | 617,698 | ||||||
5.00%, 07/01/45 |
420 | 430,002 | ||||||
5,325,034 | ||||||||
New Hampshire — 0.5% |
||||||||
New Hampshire Business Finance Authority, Refunding RB (b) |
||||||||
Series B, 4.63%, 11/01/42 |
2,095 | 1,778,511 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,140 | 1,042,901 | ||||||
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a) |
395 | 309,809 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52 |
800 | 699,049 | ||||||
3,830,270 | ||||||||
New Jersey — 7.7% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
1,265 | 1,275,806 | ||||||
5.25%, 11/01/44 |
1,885 | 1,895,550 | ||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
660 | 665,096 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
5.00%, 12/15/28 (d) |
60 | 66,825 | ||||||
5.00%, 06/15/36 |
460 | 508,456 | ||||||
5.00%, 06/15/43 |
100 | 105,843 | ||||||
Class A, 5.25%, 11/01/47 |
4,795 | 5,286,562 | ||||||
Series A, 5.00%, 06/15/47 |
2,500 | 2,592,223 | ||||||
Series B, 4.50%, 06/15/40 |
1,270 | 1,323,472 | ||||||
Series EEE, 5.00%, 06/15/48 |
4,275 | 4,461,036 | ||||||
Series LLL, 5.00%, 06/15/34 |
365 | 406,431 | ||||||
Series UU, 5.00%, 06/15/24 (d) |
80 | 80,547 | ||||||
Series UU, 5.00%, 06/15/40 |
345 | 347,162 | ||||||
AMT, (AGM), 5.00%, 01/01/31 |
790 | 790,482 | ||||||
AMT, (AGM), 5.13%, 07/01/42 |
200 | 200,125 | ||||||
AMT, 5.38%, 01/01/43 |
3,000 | 3,002,655 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
1,060 | 1,061,898 | ||||||
New Jersey Economic Development Authority, Refunding SAB |
||||||||
6.50%, 04/01/28 |
3,735 | 3,789,011 |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
New Jersey Economic Development Authority, Refunding SAB (continued) |
||||||||
5.75%, 04/01/31 |
$ | 2,675 | $ | 2,480,998 | ||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
3,390 | 3,379,985 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
3,425 | 3,466,331 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
1,100 | 1,051,554 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
5.00%, 06/15/48 |
4,075 | 4,374,576 | ||||||
Series AA, 4.13%, 06/15/39 |
1,040 | 1,055,651 | ||||||
Series AA, 5.00%, 06/15/45 |
900 | 913,848 | ||||||
Series AA, 5.00%, 06/15/46 |
400 | 405,777 | ||||||
Series S, 5.25%, 06/15/43 |
2,810 | 3,016,369 | ||||||
Series S, 5.00%, 06/15/46 |
2,070 | 2,169,703 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (c) |
1,000 | 648,494 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 06/15/37 |
1,440 | 1,663,498 | ||||||
Series A, 5.25%, 06/15/42 |
575 | 654,692 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |
645 | 624,553 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
650 | 662,162 | ||||||
Series A, 5.25%, 06/01/46 |
715 | 737,587 | ||||||
55,164,958 | ||||||||
New Mexico — 0.0% |
||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
200 | 169,369 | ||||||
New York — 11.9% |
||||||||
City of New York, GO |
||||||||
Series A, 5.00%, 08/01/46 |
2,265 | 2,524,956 | ||||||
Series A, 5.00%, 08/01/48 |
4,750 | 5,265,498 | ||||||
Series A-1, 4.00%, 09/01/46 |
2,175 | 2,215,563 | ||||||
Series C, 5.00%, 08/01/43 |
805 | 878,490 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
3,585 | 3,494,881 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 5.00%, 11/15/56 |
2,670 | 2,718,142 | ||||||
Series C-1, 5.25%, 11/15/56 |
10 | 10,253 | ||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
1,950 | 2,012,068 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
370 | 385,497 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
1,040 | 1,095,852 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
2,165 | 2,207,706 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45 |
855 | 857,352 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 |
1,015 | 1,015,066 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51 |
6,500 | 6,562,161 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 5.00%, 06/01/38 |
1,385 | 1,375,407 | ||||||
Series A, 6.25%, 06/01/41 (b) |
3,000 | 3,001,042 | ||||||
New York Counties Tobacco Trust VI, Refunding RB |
||||||||
Series A-2B, 5.00%, 06/01/45 |
255 | 236,560 | ||||||
Series A-2B, 5.00%, 06/01/51 |
245 | 221,709 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 1, 5.00%, 11/15/44 (b) |
$ | 3,920 | $ | 3,915,100 | ||||
Class 2, 5.38%, 11/15/40 (b) |
1,450 | 1,451,812 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
4,565 | 3,322,825 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
2,825 | 2,111,342 | ||||||
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/58 |
1,305 | 1,428,789 | ||||||
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
1,160 | 1,117,215 | ||||||
New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47 |
545 | 533,180 | ||||||
New York State Urban Development Corp., RB |
||||||||
Series A, 4.00%, 03/15/45 |
3,000 | 3,002,382 | ||||||
Series A, 4.00%, 03/15/49 |
1,600 | 1,578,511 | ||||||
New York State Urban Development Corp., Refunding RB |
||||||||
4.00%, 03/15/49 |
1,850 | 1,813,516 | ||||||
Series A, 4.00%, 03/15/44 |
7,275 | 7,287,153 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |
1,265 | 1,369,742 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
1,910 | 1,993,997 | ||||||
AMT, Sustainability Bonds, 6.00%, 06/30/54 |
3,880 | 4,267,258 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
Series 198, 5.25%, 11/15/56 |
715 | 740,267 | ||||||
AMT, 5.00%, 01/15/47 |
4,860 | 5,175,000 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 |
6,415 | 6,449,993 | ||||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |
535 | 539,471 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
290 | 289,957 | ||||||
84,465,713 | ||||||||
North Carolina — 0.6% |
||||||||
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48 |
3,755 | 4,032,704 | ||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
460 | 515,604 | ||||||
4,548,308 | ||||||||
Ohio — 2.0% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 4.00%, 06/01/48 |
610 | 552,842 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
9,165 | 8,633,063 | ||||||
County of Franklin Ohio, RB |
||||||||
Series A, 4.00%, 12/01/44 |
365 | 358,625 | ||||||
Series A, 5.00%, 12/01/47 |
290 | 300,523 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
550 | 615,548 | ||||||
County of Hamilton Ohio, Refunding RB |
||||||||
4.00%, 08/15/50 |
1,085 | 1,023,076 | ||||||
Series A, 3.75%, 08/15/50 |
755 | 677,826 |
Security |
Par (000) |
Value |
||||||
Ohio (continued) |
||||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |
$ | 50 | $ | 50,105 | ||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |
2,250 | 2,107,843 | ||||||
14,319,451 | ||||||||
Oklahoma — 0.4% |
||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
1,080 | 1,078,710 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
640 | 638,886 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
950 | 930,607 | ||||||
2,648,203 | ||||||||
Oregon — 0.1% |
||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |
510 | 266,083 | ||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43 |
110 | 101,031 | ||||||
367,114 | ||||||||
Pennsylvania — 5.5% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
1,670 | 1,569,059 | ||||||
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38 |
3,650 | 3,745,505 | ||||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
780 | 781,325 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
4.00%, 09/01/51 |
1,430 | 1,316,989 | ||||||
5.00%, 09/01/48 |
980 | 1,003,168 | ||||||
Series A, 4.00%, 09/01/49 |
1,380 | 1,268,439 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
605 | 613,914 | ||||||
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |
2,595 | 2,625,087 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
5.00%, 06/30/42 |
390 | 390,367 | ||||||
Series A-1, 4.00%, 04/15/50 |
470 | 437,411 | ||||||
AMT, 5.50%, 06/30/40 |
2,000 | 2,193,962 | ||||||
AMT, 5.75%, 06/30/48 |
3,150 | 3,473,022 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
1,905 | 1,884,811 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |
100 | 75,763 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
1,130 | 1,164,432 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB |
||||||||
Series A, 4.00%, 12/01/51 |
9,445 | 9,146,355 | ||||||
Series B, 4.00%, 12/01/53 |
1,435 | 1,347,278 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.00%, 12/01/44 |
1,380 | 1,396,121 | ||||||
Sub-Series B-1, 5.25%, 06/01/47 |
1,170 | 1,217,598 |
46 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Turnpike Commission, RB (continued) |
||||||||
Series A, Subordinate, 4.00%, 12/01/50 |
$ | 1,075 | $ | 1,021,407 | ||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 |
535 | 520,300 | ||||||
Series B, Subordinate, 4.00%, 12/01/51 |
610 | 576,932 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |
1,555 | 1,530,742 | ||||||
39,299,987 | ||||||||
Puerto Rico — 5.2% |
||||||||
Commonwealth of Puerto Rico, GO |
||||||||
Series A-1, Restructured, 5.63%, 07/01/29 |
3,910 | 4,225,901 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 |
3,524 | 3,903,054 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
9,243 | 9,056,013 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
11,123 | 11,122,857 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
2,097 | 2,049,817 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
412 | 399,945 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
19,562 | 6,013,567 | ||||||
36,771,154 | ||||||||
Rhode Island — 0.6% |
||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
1,975 | 1,925,502 | ||||||
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32 |
1,155 | 1,184,048 | ||||||
Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Series 3-B, 4.13%, 10/01/49 |
295 | 269,608 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
735 | 693,586 | ||||||
4,072,744 | ||||||||
South Carolina — 1.5% |
||||||||
County of Berkeley South Carolina, SAB |
||||||||
4.25%, 11/01/40 |
315 | 281,231 | ||||||
4.38%, 11/01/49 |
470 | 389,411 | ||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |
1,575 | 1,686,990 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |
845 | 738,610 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
4.00%, 12/01/44 |
2,015 | 1,924,351 | ||||||
Series A, 5.00%, 05/01/43 |
1,680 | 1,722,591 | ||||||
Series A, 4.25%, 05/01/48 |
1,445 | 1,369,253 | ||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |
1,745 | 1,577,342 | ||||||
South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48 |
440 | 440,152 | ||||||
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36 |
175 | 180,948 | ||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |
210 | 217,080 | ||||||
10,527,959 | ||||||||
South Dakota — 0.1% |
||||||||
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26 (d) |
740 | 766,810 | ||||||
Security |
Par (000) |
Value |
||||||
Tennessee — 2.7% |
||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |
$ | 430 | $ | 468,107 | ||||
Memphis-Shelby County Airport Authority, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/45 |
3,515 | 3,676,094 | ||||||
Series A, AMT, 5.00%, 07/01/49 |
11,275 | 11,694,662 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |
555 | 600,481 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
5.25%, 10/01/58 |
2,280 | 2,332,303 | ||||||
Series A, 4.00%, 10/01/49 |
230 | 199,969 | ||||||
18,971,616 | ||||||||
Texas — 8.2% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
1,165 | 1,133,683 | ||||||
7.88%, 11/01/62 |
1,005 | 1,019,926 | ||||||
City of Austin Texas Airport System Revenue, ARB |
||||||||
AMT, 5.25%, 11/15/47 |
2,500 | 2,693,701 | ||||||
Series B, AMT, 5.00%, 11/15/44 |
1,290 | 1,344,467 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
275 | 276,171 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
Sub-Series A, AMT, 4.00%, 07/01/40 |
1,525 | 1,489,246 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/46 |
1,390 | 1,312,670 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/48 |
3,420 | 3,169,023 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |
5,000 | 4,907,758 | ||||||
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53 |
470 | 451,052 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 |
655 | 628,556 | ||||||
Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |
1,340 | 1,317,252 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41 (c) |
10,690 | 3,760,934 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
155 | 170,800 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (c)(d) |
370 | 218,504 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) |
14,680 | 7,417,970 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |
455 | 409,061 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31 (c)(d) |
2,415 | 1,229,712 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
2,835 | 2,842,734 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |
1,375 | 1,495,825 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |
5,150 | 5,149,830 | ||||||
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
1,275 | 1,275,108 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 4.00%, 07/01/53 |
6,695 | 6,006,286 | ||||||
Series A, 5.00%, 07/01/53 |
2,080 | 2,160,425 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
$ | 255 | $ | 225,152 | ||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |
850 | 785,042 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
2,080 | 2,104,153 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (c) |
||||||||
0.00%, 08/01/35 |
270 | 169,373 | ||||||
0.00%, 08/01/36 |
145 | 85,960 | ||||||
0.00%, 08/01/37 |
195 | 108,877 | ||||||
0.00%, 08/01/38 |
200 | 105,427 | ||||||
0.00%, 08/01/39 |
1,000 | 499,120 | ||||||
0.00%, 08/01/43 |
795 | 316,888 | ||||||
0.00%, 08/01/44 |
605 | 227,298 | ||||||
0.00%, 08/01/45 |
1,135 | 402,645 | ||||||
Texas Water Development Board, RB, 4.00%, 10/15/45 |
1,195 | 1,196,066 | ||||||
58,106,695 | ||||||||
Utah — 0.6% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/48 |
1,565 | 1,604,412 | ||||||
Series A, AMT, 5.00%, 07/01/51 |
1,340 | 1,391,284 | ||||||
Utah Charter School Finance Authority, RB |
||||||||
(UT CSCE), 5.00%, 10/15/48 |
360 | 367,479 | ||||||
Series A, 5.00%, 06/15/39 (b) |
200 | 190,927 | ||||||
Utah Charter School Finance Authority, Refunding RB |
||||||||
5.00%, 06/15/40 (b) |
150 | 146,092 | ||||||
(UT CSCE), 4.00%, 04/15/42 |
400 | 385,053 | ||||||
5.00%, 06/15/55 (b) |
385 | 352,365 | ||||||
4,437,612 | ||||||||
Vermont — 0.0% |
||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30 |
285 | 285,868 | ||||||
Virginia — 1.3% |
||||||||
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (f)(g) |
465 | 372,697 | ||||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 |
4,870 | 4,872,563 | ||||||
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |
1,385 | 1,115,592 | ||||||
Virginia Beach Development Authority, Refunding RB |
||||||||
5.00%, 09/01/40 |
520 | 476,920 | ||||||
4.00%, 09/01/48 |
375 | 274,698 | ||||||
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 |
2,330 | 2,336,281 | ||||||
9,448,751 | ||||||||
Washington — 1.9% |
||||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
1,470 | 1,505,121 | ||||||
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
2,565 | 2,631,567 | ||||||
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |
5,645 | 5,864,790 |
Security |
Par (000) |
Value |
||||||
Washington (continued) |
||||||||
Washington State Convention Center Public Facilities District, RB, Class B, Sustainability Bonds, 3.00%, 07/01/58 |
$ | 3,715 | $ | 2,596,595 | ||||
Washington State Housing Finance Commission, Refunding RB (b) |
||||||||
5.00%, 01/01/38 |
600 | 526,414 | ||||||
5.00%, 01/01/43 |
900 | 753,693 | ||||||
13,878,180 | ||||||||
West Virginia — 0.6% |
||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |
1,510 | 1,465,498 | ||||||
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 |
2,910 | 2,708,792 | ||||||
4,174,290 | ||||||||
Wisconsin — 0.7% |
||||||||
Public Finance Authority, RB |
||||||||
Class A, 6.00%, 06/15/52 |
385 | 347,389 | ||||||
Class A, 6.13%, 06/15/57 |
435 | 395,060 | ||||||
Series A, 5.00%, 10/15/40 (b) |
425 | 387,467 | ||||||
Series A, 5.00%, 10/15/50 (b) |
540 | 458,324 | ||||||
Series A, 5.00%, 07/01/55 (b) |
300 | 249,222 | ||||||
Series A, 5.00%, 10/15/55 (b) |
560 | 465,151 | ||||||
Series A-1, 4.50%, 01/01/35 (b) |
220 | 197,139 | ||||||
Public Finance Authority, Refunding RB |
||||||||
5.00%, 09/01/49 (b) |
305 | 246,462 | ||||||
AMT, 4.00%, 08/01/35 |
280 | 249,590 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 |
2,005 | 2,130,142 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.45%, 05/01/57 |
90 | 89,096 | ||||||
5,215,042 | ||||||||
Total Municipal Bonds — 109.7% (Cost: $760,189,292) |
781,998,312 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
||||||||
Alabama — 5.7% |
||||||||
Black Belt Energy Gas District, RB |
||||||||
Series C, 5.50%, 10/01/54 |
10,400 | 11,524,044 | ||||||
Series C-1, 5.25%, 02/01/53 |
14,173 | 15,093,920 | ||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
12,454 | 13,843,475 | ||||||
40,461,439 | ||||||||
Arizona — 1.8% |
||||||||
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |
11,390 | 12,671,889 | ||||||
Colorado — 1.5% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
10,090 | 10,981,798 | ||||||
48 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
District of Columbia — 1.8% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
$ | 1,300 | $ | 1,303,684 | ||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |
11,190 | 11,570,872 | ||||||
12,874,556 | ||||||||
Florida — 1.5% |
||||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |
9,064 | 10,390,775 | ||||||
Georgia — 1.4% |
||||||||
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53 |
9,240 | 9,810,570 | ||||||
Iowa — 0.1% |
||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |
725 | 725,000 | ||||||
Massachusetts — 1.2% |
||||||||
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52 |
7,710 | 8,448,847 | ||||||
Michigan — 0.3% |
||||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
2,338 | 2,279,772 | ||||||
New York — 3.7% |
||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
2,710 | 2,668,940 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |
10,990 | 12,325,351 | ||||||
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |
10,070 | 11,432,165 | ||||||
26,426,456 | ||||||||
Oklahoma — 1.3% |
||||||||
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |
8,123 | 9,070,510 | ||||||
Oregon — 0.9% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
5,620 | 6,226,245 | ||||||
Pennsylvania — 1.3% |
||||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
8,294 | 9,153,431 | ||||||
South Carolina — 1.9% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
12,603 | 13,598,105 | ||||||
Tennessee — 1.7% |
||||||||
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 |
11,643 | 12,371,414 | ||||||
Texas — 4.9% |
||||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
6,450 | 6,939,386 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |
4,400 | 4,994,292 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
$ | 9,840 | $ | 10,830,245 | ||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
4,041 | 4,318,193 | ||||||
Texas Water Development Board, RB, 4.80%, 10/15/52 |
7,790 | 8,257,679 | ||||||
35,339,795 | ||||||||
Wisconsin — 0.4% |
||||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43 |
3,020 | 2,922,465 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.4% (Cost: $213,074,613) |
223,753,067 | |||||||
Total Long-Term Investments — 141.1% (Cost: $973,263,905) |
1,005,751,379 | |||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 2.3% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |
16,324,782 | 16,326,415 | ||||||
Total Short-Term Securities — 2.3% (Cost: $16,326,415) |
16,326,415 | |||||||
Total Investments — 143.4% (Cost: $989,590,320) |
1,022,077,794 | |||||||
Other Assets Less Liabilities — 1.2% |
8,699,474 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.6)% |
(103,835,478 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)% |
(214,000,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 712,941,790 | ||||||
(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) |
Issuer filed for bankruptcy and/or is in default. |
(g) |
Non-income producing security. |
(h) |
When-issued security. |
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) |
Affiliate of the Fund. |
(k) |
Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniHoldings Fund, Inc. (MHD) |
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. |
$ | 38,863,368 | $ | — | $ | (22,537,486 | ) (a) |
$ | 3,103 | $ | (2,570 | ) | $ | 16,326,415 | 16,324,782 | $ | 567,805 | $ | — | |||||||||||||||||
(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 |
$ | — | $ | — | $ | — | $ | — | $ | (1,772,521 | ) | $ | — | $ | (1,772,521 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 99,877 | $ | — | $ | 99,877 | ||||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 27,853,992 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 781,998,312 | $ | — | $ | 781,998,312 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 223,753,067 | — | 223,753,067 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
16,326,415 | — | — | 16,326,415 | ||||||||||||
$ | 16,326,415 | $ | 1,005,751,379 | $ | — | $ | 1,022,077,794 | |||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (103,207,179 | ) | $ | — | $ | (103,207,179 | ) | ||||||
VMTP Shares at Liquidation Value |
— | (214,000,000 | ) | — | (214,000,000 | ) | ||||||||||
$ | — | $ | (317,207,179 | ) | $ | — | $ | (317,207,179 | ) | |||||||
50 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 3.8% |
||||||||
Black Belt Energy Gas District, RB (a) |
||||||||
Series A, 5.25%, 01/01/54 |
$ | 4,765 | $ | 5,131,250 | ||||
Series F, 5.50%, 11/01/53 |
1,590 | 1,691,705 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
5.00%, 10/01/26 |
290 | 304,024 | ||||||
5.25%, 10/01/49 |
1,060 | 1,148,515 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53 (a) |
9,645 | 9,811,748 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44 (b) |
1,610 | 1,554,942 | ||||||
19,642,184 | ||||||||
Arizona — 2.1% |
||||||||
Arizona Health Facilities Authority, RB, 4.80%, 01/01/46 (a) |
1,685 | 1,672,763 | ||||||
Arizona Industrial Development Authority, RB, Series A, (BAM), 4.00%, 06/01/44 |
1,435 | 1,380,256 | ||||||
Arizona Industrial Development Authority, Refunding RB (b) |
||||||||
Series A, 5.38%, 07/01/50 |
2,500 | 2,436,225 | ||||||
Series G, 5.00%, 07/01/47 |
715 | 670,092 | ||||||
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37 (a) |
895 | 899,932 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
1,030 | 804,041 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45 (b) |
700 | 675,003 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
1,805 | 1,970,890 | ||||||
10,509,202 | ||||||||
Arkansas — 0.8% |
||||||||
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b) |
3,550 | 3,498,135 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
810 | 829,205 | ||||||
4,327,340 | ||||||||
California — 4.8% |
||||||||
Bay Area Toll Authority, Refunding RB, Series C, 5.00%, 04/01/56 |
2,000 | 1,966,661 | ||||||
California Community Choice Financing Authority, RB |
||||||||
Sustainability Bonds, 5.23%, 02/01/54 (a) |
3,045 | 3,041,384 | ||||||
Series B-2, Sustainability Bonds, 5.00%, 02/01/52 |
3,500 | 3,109,966 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
715 | 706,165 | ||||||
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51 |
5,395 | 4,190,142 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43 |
2,800 | 2,847,096 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 10/01/56 |
205 | 167,515 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
1,080 | 696,095 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
535 | 399,574 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
315 | 219,451 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 |
665 | 481,236 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46 (c) |
$ | 10,000 | $ | 3,784,702 | ||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, 4.00%, 07/01/51 |
2,880 | 2,736,333 | ||||||
24,346,320 | ||||||||
Colorado — 2.2% |
||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) |
1,025 | 930,809 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48 |
3,300 | 3,412,932 | ||||||
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |
395 | 428,880 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
3,840 | 3,989,431 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
2,000 | 2,008,191 | ||||||
E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39 (a) |
510 | 508,584 | ||||||
11,278,827 | ||||||||
Connecticut — 0.7% |
||||||||
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42 |
3,275 | 3,741,033 | ||||||
Delaware — 0.5% |
||||||||
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |
2,670 | 2,673,877 | ||||||
District of Columbia — 1.6% |
||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |
910 | 978,878 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53 |
6,630 | 7,301,856 | ||||||
8,280,734 | ||||||||
Florida — 8.5% |
||||||||
Celebration Pointe Community Development District No. 1, SAB |
||||||||
5.00%, 05/01/32 |
790 | 792,044 | ||||||
5.00%, 05/01/48 |
2,160 | 2,016,506 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |
3,370 | 3,863,444 | ||||||
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51 |
3,300 | 3,109,926 | ||||||
County of Miami-Dade Seaport Department, Refunding RB |
||||||||
Series A-2, (AGM), 4.00%, 10/01/49 |
3,300 | 3,216,975 | ||||||
Series A, AMT, 5.00%, 10/01/38 |
1,800 | 1,920,634 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
6,400 | 5,927,054 | ||||||
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b) |
645 | 618,908 | ||||||
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52 |
5,000 | 4,646,233 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
4.63%, 05/01/27 |
205 | 205,541 | ||||||
5.25%, 05/01/37 |
470 | 472,457 | ||||||
5.38%, 05/01/47 |
770 | 760,279 | ||||||
6.30%, 05/01/54 |
410 | 429,663 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45 |
$ | 4,625 | $ | 4,636,518 | ||||
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |
8,900 | 8,914,853 | ||||||
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 |
300 | 272,376 | ||||||
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48 |
605 | 541,528 | ||||||
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51 |
1,000 | 788,504 | ||||||
43,133,443 | ||||||||
Georgia — 2.5% |
||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
375 | 339,916 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/49 |
1,855 | 2,017,702 | ||||||
Series A, 5.00%, 06/01/53 (a) |
4,130 | 4,368,632 | ||||||
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53 (a) |
5,565 | 5,834,176 | ||||||
12,560,426 | ||||||||
Illinois — 7.9% |
||||||||
Chicago Board of Education, GO |
||||||||
Series C, 5.25%, 12/01/35 |
2,785 | 2,797,983 | ||||||
Series D, 5.00%, 12/01/46 |
3,570 | 3,572,750 | ||||||
Series H, 5.00%, 12/01/36 |
865 | 884,862 | ||||||
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |
865 | 885,546 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39 |
1,000 | 1,017,397 | ||||||
Cook County Community College District No. 508, GO, 5.25%, 12/01/31 |
5,000 | 5,016,054 | ||||||
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |
1,500 | 1,466,526 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42 |
985 | 1,017,106 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/40 |
8,710 | 8,921,786 | ||||||
Series A, 5.00%, 01/01/45 |
1,000 | 1,083,537 | ||||||
Series A, 4.00%, 01/01/46 |
1,500 | 1,464,989 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c) |
8,755 | 1,816,160 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54 (c) |
12,215 | 2,813,120 | ||||||
State of Illinois, GO, Series D, 5.00%, 11/01/27 |
6,965 | 7,440,405 | ||||||
40,198,221 | ||||||||
Indiana — 0.4% |
||||||||
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |
2,250 | 2,253,604 | ||||||
Kansas — 0.3% |
||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
1,530 | 1,430,182 | ||||||
Maryland — 3.8% |
||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
545 | 524,610 |
Security |
Par (000) |
Value |
||||||
Maryland (continued) |
||||||||
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 |
$ | 4,935 | $ | 5,099,394 | ||||
Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49 |
2,155 | 2,141,938 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40 |
1,500 | 1,540,726 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40 |
6,350 | 6,399,717 | ||||||
Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47 |
3,630 | 3,786,896 | ||||||
19,493,281 | ||||||||
Massachusetts — 1.6% |
||||||||
Commonwealth of Massachusetts, GO |
||||||||
Series B, 3.00%, 04/01/49 |
2,680 | 2,068,438 | ||||||
Series D, 4.00%, 02/01/43 |
3,135 | 3,137,010 | ||||||
Massachusetts Development Finance Agency, RB |
||||||||
Series A, 5.25%, 01/01/42 |
1,895 | 1,927,695 | ||||||
Series A, 5.00%, 01/01/47 |
845 | 850,334 | ||||||
7,983,477 | ||||||||
Michigan — 1.5% |
||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/44 |
5,000 | 4,820,880 | ||||||
Michigan Finance Authority, Refunding RB, 4.00%, 09/01/46 |
1,200 | 1,103,435 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,775 | 1,790,048 | ||||||
7,714,363 | ||||||||
Minnesota — 1.3% |
||||||||
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45 |
1,500 | 1,281,381 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b) |
695 | 665,598 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 |
1,940 | 1,698,114 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42 |
2,945 | 3,146,045 | ||||||
6,791,138 | ||||||||
Mississippi — 1.6% |
||||||||
Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41 |
3,000 | 2,961,400 | ||||||
State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38 |
5,535 | 5,234,313 | ||||||
8,195,713 | ||||||||
Missouri — 1.8% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
10,000 | 9,349,362 | ||||||
Montana — 0.1% |
||||||||
Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47 |
310 | 273,729 | ||||||
Nevada — 3.0% |
||||||||
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 |
2,250 | 2,281,971 |
52 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Nevada (continued) |
||||||||
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43 |
$ | 5,230 | $ | 5,159,599 | ||||
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |
7,875 | 7,649,526 | ||||||
15,091,096 | ||||||||
New Jersey — 8.1% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 |
1,400 | 1,407,836 | ||||||
New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30 |
1,530 | 1,537,198 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
Series UU, 5.00%, 06/15/40 |
2,755 | 2,772,265 | ||||||
AMT, 5.13%, 01/01/34 |
1,050 | 1,050,713 | ||||||
AMT, 5.38%, 01/01/43 |
10,000 | 10,008,851 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
2,500 | 2,424,859 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
2,305 | 2,298,190 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,615 | 2,646,556 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
3,755 | 3,589,622 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Class BB, 4.00%, 06/15/50 |
1,000 | 954,721 | ||||||
Series AA, 5.25%, 06/15/41 |
780 | 794,690 | ||||||
Series AA, 5.00%, 06/15/44 |
4,450 | 4,486,906 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38 (c) |
7,260 | 4,005,108 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
3,000 | 3,056,132 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
515 | 520,268 | ||||||
41,553,915 | ||||||||
New York — 11.3% |
||||||||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35 (b) |
2,145 | 2,161,771 | ||||||
City of New York, GO |
||||||||
Series C, 4.00%, 08/01/37 |
4,000 | 4,151,280 | ||||||
Series F-1, 4.00%, 08/01/41 |
3,355 | 3,449,310 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
4,435 | 4,323,514 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 5.00%, 06/01/38 |
3,595 | 3,570,100 | ||||||
Series A, 6.25%, 06/01/41 (b) |
3,200 | 3,201,111 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 2, 5.38%, 11/15/40 (b) |
1,145 | 1,146,431 | ||||||
Series 1, 4.00%, 02/15/43 |
4,250 | 4,224,289 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
415 | 310,162 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
4.00%, 03/15/49 |
5,000 | 4,941,364 | ||||||
Series A, 4.00%, 03/15/41 |
3,750 | 3,829,352 | ||||||
New York State Thruway Authority, RB, Series 2, Sustainability Bonds, 4.13%, 03/15/56 |
3,325 | 3,331,364 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |
905 | 979,934 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
1,975 | 2,061,855 | ||||||
AMT, 4.00%, 04/30/53 |
1,175 | 978,316 |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York Transportation Development Corp., RB (continued) |
||||||||
AMT, Sustainability Bonds, 5.38%, 06/30/60 |
$ | 9,950 | $ | 10,399,425 | ||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |
1,785 | 1,799,918 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
2,740 | 2,761,721 | ||||||
57,621,217 | ||||||||
North Carolina — 2.0% |
||||||||
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.26%, 12/01/41 (a) |
9,935 | 9,987,291 | ||||||
North Dakota — 0.4% |
||||||||
City of Grand Forks North Dakota, RB |
||||||||
Series A, (AGM), 5.00%, 12/01/53 |
1,125 | 1,183,618 | ||||||
Series B, (AGM), 5.00%, 12/01/48 |
640 | 677,488 | ||||||
1,861,106 | ||||||||
Ohio — 3.1% |
||||||||
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40 |
950 | 825,795 | ||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
5,870 | 5,529,305 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
525 | 587,569 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.78%, 12/01/42 |
4,665 | 4,584,722 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |
4,420 | 4,140,741 | ||||||
15,668,132 | ||||||||
Oklahoma — 2.4% |
||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
1,625 | 1,623,059 | ||||||
Oklahoma Turnpike Authority, RB |
||||||||
5.50%, 01/01/53 |
4,070 | 4,544,383 | ||||||
Series A, 4.00%, 01/01/48 |
6,000 | 5,989,554 | ||||||
12,156,996 | ||||||||
Oregon — 0.4% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42 |
2,000 | 2,038,337 | ||||||
Pennsylvania — 15.2% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53 |
1,330 | 1,442,970 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) |
4,270 | 4,307,448 | ||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB |
||||||||
Series B, (AGM), 4.50%, 09/01/48 |
2,785 | 2,876,700 | ||||||
Series B, (AGM), 5.50%, 09/01/53 |
5,565 | 6,227,286 | ||||||
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38 |
7,250 | 7,439,702 | ||||||
Geisinger Authority, Refunding RB |
||||||||
4.00%, 02/15/47 |
5,670 | 5,505,240 | ||||||
Series A, 4.00%, 04/01/50 |
5,000 | 4,782,540 |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40 |
$ | 2,360 | $ | 2,344,894 | ||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
1,000 | 1,001,698 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 |
4,000 | 3,683,886 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
1,095 | 1,111,133 | ||||||
Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40 |
4,170 | 3,733,145 | ||||||
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |
1,855 | 1,876,507 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
5.00%, 06/30/42 |
2,565 | 2,567,416 | ||||||
AMT, 5.50%, 06/30/43 |
985 | 1,086,646 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing |
||||||||
Series 125B, AMT, 3.65%, 10/01/42 |
7,000 | 6,232,164 | ||||||
Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
8,050 | 8,553,242 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A-1, 5.00%, 12/01/41 |
440 | 455,369 | ||||||
Sub-Series B-1, 5.25%, 06/01/47 |
5,680 | 5,911,075 | ||||||
Series A, Subordinate, 5.00%, 12/01/37 |
940 | 1,024,021 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |
2,440 | 2,554,340 | ||||||
Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41 |
2,315 | 1,898,119 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 |
710 | 788,414 | ||||||
77,403,955 | ||||||||
Puerto Rico — 4.7% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
3,376 | 3,307,703 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,292 | 10,291,867 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,133 | 3,062,507 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
4,240 | 4,209,260 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
10,130 | 3,114,070 | ||||||
23,985,407 | ||||||||
South Carolina — 1.3% |
||||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |
3,905 | 4,182,665 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |
2,190 | 2,245,520 | ||||||
6,428,185 | ||||||||
Tennessee — 0.4% |
||||||||
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 |
2,010 | 2,228,644 | ||||||
Texas — 9.0% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
790 | 768,763 | ||||||
7.88%, 11/01/62 |
685 | 695,173 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52 |
$ | 1,500 | $ | 1,470,467 | ||||
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/52 |
1,550 | 1,612,438 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |
2,135 | 2,132,331 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42 |
5,000 | 5,028,414 | ||||||
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 |
1,600 | 1,550,434 | ||||||
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |
2,795 | 2,770,287 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
1,695 | 1,695,862 | ||||||
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53 |
1,575 | 1,511,505 | ||||||
North Texas Tollway Authority, Refunding RB |
||||||||
Series A, 5.00%, 01/01/38 |
5,000 | 5,079,195 | ||||||
Series A, 5.00%, 01/01/43 |
4,210 | 4,415,319 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
3,070 | 3,280,492 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |
||||||||
5.00%, 11/15/40 |
3,250 | 2,961,134 | ||||||
5.00%, 10/01/49 |
3,500 | 3,142,194 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
5,740 | 6,116,314 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 |
1,315 | 1,415,938 | ||||||
45,646,260 | ||||||||
Utah — 1.0% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
Series A, AMT, 5.25%, 07/01/48 |
1,150 | 1,230,829 | ||||||
Series A, AMT, 5.50%, 07/01/53 |
1,325 | 1,445,957 | ||||||
County of Utah Utah, RB, Series B, 4.00%, 05/15/47 |
2,650 | 2,548,971 | ||||||
5,225,757 | ||||||||
Virginia — 1.9% |
||||||||
Ballston Quarter Community Development Authority, TA (d)(e) |
||||||||
Series A, 5.38%, 03/01/36 |
405 | 324,607 | ||||||
Series A, 5.50%, 03/01/46 |
1,415 | 998,100 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
3,665 | 3,454,200 | ||||||
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 |
4,975 | 4,988,411 | ||||||
9,765,318 | ||||||||
Washington — 2.9% |
||||||||
Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, Sustainability Bonds, 4.75%, 11/01/45 |
6,000 | 5,876,158 | ||||||
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40 |
1,825 | 1,782,210 | ||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
1,295 | 1,325,939 | ||||||
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
1,450 | 1,487,631 | ||||||
Washington Health Care Facilities Authority, Refunding RB 4.00%, 09/01/50 |
2,000 | 1,843,997 |
54 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Washington (continued) |
||||||||
Washington Health Care Facilities Authority, Refunding RB (continued) |
||||||||
Series A, 5.00%, 08/01/44 |
$ | 1,750 | $ | 1,814,646 | ||||
Washington State Housing Finance Commission, Refunding RB |
||||||||
Series A, 5.00%, 07/01/43 |
425 | 431,978 | ||||||
Series A, 5.00%, 07/01/48 |
400 | 400,922 | ||||||
14,963,481 | ||||||||
West Virginia — 0.9% |
||||||||
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51 |
5,000 | 4,804,151 | ||||||
Wisconsin — 0.5% |
||||||||
Public Finance Authority, RB (b) |
||||||||
Series A, 5.00%, 06/01/36 |
200 | 196,879 | ||||||
Series A, 5.00%, 06/01/51 |
680 | 607,117 | ||||||
Series A, 5.00%, 06/01/61 |
870 | 755,578 | ||||||
Public Finance Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/42 |
1,000 | 1,000,448 | ||||||
2,560,022 | ||||||||
Wyoming — 0.4% |
||||||||
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
1,690 | 1,592,873 | ||||||
Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43 |
500 | 492,081 | ||||||
2,084,954 | ||||||||
Total Municipal Bonds — 116.7% (Cost: $588,932,137) |
595,250,680 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
||||||||
Massachusetts — 4.3% |
||||||||
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51 |
19,995 | 21,866,985 | ||||||
New York — 8.8% |
||||||||
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/63 |
6,627 | 7,299,178 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |
10,000 | 9,883,800 | ||||||
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 |
10,000 | 10,317,434 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 4.50%, 05/15/63 |
16,736 | 17,023,684 | ||||||
44,524,096 | ||||||||
Oregon — 0.1% |
||||||||
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30 |
600 | 600,009 | ||||||
Security |
Par (000) |
Value |
||||||
Pennsylvania — 2.2% |
||||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
$ | 10,005 | $ | 11,042,179 | ||||
South Carolina — 4.2% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
19,995 | 21,573,806 | ||||||
Texas — 6.4% |
||||||||
Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27 |
16,860 | 17,808,496 | ||||||
North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58 |
15,945 | 14,987,132 | ||||||
32,795,628 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 26.0% (Cost: $128,410,300) |
132,402,703 | |||||||
Total Long-Term Investments — 142.7% (Cost: $717,342,437) |
727,653,383 | |||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 2.1% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |
10,693,984 | 10,695,053 | ||||||
Total Short-Term Securities — 2.1% (Cost: $10,695,053) |
10,695,053 | |||||||
Total Investments — 144.8% (Cost: $728,037,490) |
738,348,436 | |||||||
Other Assets Less Liabilities — 0.6% |
2,818,917 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)% |
(77,749,839 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.1)% |
(153,600,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 509,817,514 | ||||||
(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) |
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. |
(g) |
Affiliate of the Fund. |
(h) |
Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund, Inc. (MVF) |
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. |
$ | 91,513,818 | $ | — | $ | (80,822,662 | ) (a) |
$ | 12,013 | $ | (8,116 | ) | $ | 10,695,053 | 10,693,984 | $ | 758,814 | $ | — | |||||||||||||||||
(a) |
Represents net amount purchased (sold). |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ |
— |
$ |
595,250,680 |
$ |
— |
$ |
595,250,680 |
||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
132,402,703 |
— |
132,402,703 |
||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
10,695,053 |
— |
— |
10,695,053 |
||||||||||||
$ |
10,695,053 |
$ |
727,653,383 |
$ |
— |
$ |
738,348,436 |
|||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ |
— |
$ |
(77,373,088 |
) |
$ |
— |
$ |
(77,373,088 |
) | ||||||
VMTP Shares at Liquidation Value |
— |
(153,600,000 |
) |
— |
(153,600,000 |
) | ||||||||||
$ |
— |
$ |
(230,973,088 |
) |
$ |
— |
$ |
(230,973,088 |
) | |||||||
56 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 1.3% |
||||||||
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53 (a) |
$ | 405 | $ | 430,907 | ||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
2,035 | 2,232,288 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |
685 | 736,820 | ||||||
3,400,015 | ||||||||
Arizona — 2.1% |
||||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
760 | 865,913 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
450 | 351,280 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |
1,685 | 1,618,515 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 |
2,675 | 2,627,346 | ||||||
5,463,054 | ||||||||
Arkansas — 1.0% |
||||||||
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b) |
2,305 | 2,271,324 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
435 | 445,314 | ||||||
2,716,638 | ||||||||
California — 4.2% |
||||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |
920 | 1,141,448 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |
1,475 | 1,323,966 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
145 | 145,503 | ||||||
Series A, 5.25%, 08/15/49 |
370 | 371,571 | ||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |
1,495 | 1,497,691 | ||||||
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 |
1,345 | 1,343,329 | ||||||
City of Los Angeles Department of Airports, Refunding ARB |
||||||||
AMT, 5.00%, 05/15/46 |
1,155 | 1,228,907 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 |
635 | 595,119 | ||||||
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42 (c) |
2,000 | 989,447 | ||||||
Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48 |
2,340 | 2,334,119 | ||||||
10,971,100 | ||||||||
Colorado — 0.8% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 |
425 | 480,396 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
5.50%, 11/01/47 |
175 | 190,010 | ||||||
5.25%, 11/01/52 |
360 | 383,452 |
Security |
Par (000) |
Value |
||||||
Colorado (continued) |
||||||||
Colorado Health Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 08/01/44 |
$ | 450 | $ | 467,511 | ||||
Series A, 4.00%, 11/15/50 |
540 | 508,321 | ||||||
2,029,690 | ||||||||
Delaware — 1.2% |
||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |
1,500 | 1,504,393 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 |
1,770 | 1,714,211 | ||||||
3,218,604 | ||||||||
District of Columbia — 8.6% |
||||||||
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |
1,110 | 1,244,208 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 |
2,315 | 2,357,465 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.00%, 10/01/39 |
380 | 380,365 | ||||||
Series A, AMT, 5.25%, 10/01/48 |
2,355 | 2,533,249 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
||||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33 (c) |
6,590 | 4,782,532 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c) |
4,830 | 3,356,384 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c) |
6,515 | 4,302,658 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 |
1,790 | 1,648,089 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
||||||||
Series A, Sustainability Bonds, 4.00%, 07/15/46 |
1,205 | 1,195,940 | ||||||
Series A, Sustainability Bonds, 4.13%, 07/15/47 |
575 | 577,171 | ||||||
22,378,061 | ||||||||
Florida — 6.9% |
||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |
210 | 211,239 | ||||||
Celebration Pointe Community Development District No. 1, SAB |
||||||||
5.00%, 05/01/32 |
415 | 416,074 | ||||||
5.00%, 05/01/48 |
1,120 | 1,045,596 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 |
1,280 | 1,486,170 | ||||||
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |
995 | 1,039,105 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |
480 | 509,833 | ||||||
County of Pasco Florida, RB |
||||||||
(AGM), 5.00%, 09/01/48 |
2,380 | 2,559,031 | ||||||
(AGM), 5.75%, 09/01/54 |
425 | 479,333 | ||||||
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 |
105 | 101,688 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
212 | 222,691 | ||||||
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |
1,495 | 1,595,781 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Palm Beach County Health Facilities Authority, RB, 5.00%, 11/15/45 |
$ | 3,150 | $ | 3,184,172 | ||||
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 |
5,000 | 5,103,657 | ||||||
17,954,370 | ||||||||
Georgia — 2.6% |
||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |
1,145 | 1,080,843 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
530 | 498,365 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/38 |
295 | 311,920 | ||||||
Series A, 5.00%, 05/15/49 |
985 | 1,071,394 | ||||||
Series A, 5.00%, 06/01/53 (a) |
2,185 | 2,311,249 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 |
1,560 | 1,400,884 | ||||||
6,674,655 | ||||||||
Illinois — 9.6% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
540 | 540,201 | ||||||
Series C, 5.25%, 12/01/35 |
1,465 | 1,471,830 | ||||||
Series D, 5.00%, 12/01/46 |
1,915 | 1,916,478 | ||||||
Series H, 5.00%, 12/01/36 |
450 | 460,333 | ||||||
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |
450 | 460,689 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 |
615 | 621,256 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, 5.00%, 01/01/47 |
2,500 | 2,592,358 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 |
1,655 | 1,822,326 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |
805 | 808,029 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50 |
130 | 121,601 | ||||||
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |
2,940 | 2,874,390 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |
830 | 910,954 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |
4,400 | 4,297,301 | ||||||
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |
870 | 887,496 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) |
5,175 | 2,115,781 | ||||||
State of Illinois, GO |
||||||||
5.00%, 02/01/39 |
1,540 | 1,543,268 | ||||||
Series B, 5.25%, 05/01/43 |
500 | 548,039 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
985 | 985,898 | ||||||
24,978,228 | ||||||||
Indiana — 1.0% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
790 | 791,265 | ||||||
AMT, 7.00%, 01/01/44 |
1,905 | 1,907,531 | ||||||
2,698,796 |
Security |
Par (000) |
Value |
||||||
Kansas — 0.1% |
||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
$ | 260 | $ | 237,491 | ||||
Kentucky — 0.9% |
||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |
1,010 | 1,045,922 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (d) |
1,200 | 1,408,227 | ||||||
2,454,149 | ||||||||
Louisiana — 1.0% |
||||||||
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |
1,200 | 1,272,804 | ||||||
Louisiana Public Facilities Authority, Refunding RB, Class A, 4.00%, 12/15/27 (e) |
60 | 63,165 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |
915 | 926,035 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
410 | 410,388 | ||||||
2,672,392 | ||||||||
Maryland — 0.2% |
||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |
595 | 554,527 | ||||||
Massachusetts — 2.2% |
||||||||
Commonwealth of Massachusetts, GO |
||||||||
Series C, 5.00%, 10/01/47 |
1,285 | 1,412,707 | ||||||
Series C, 5.00%, 10/01/52 |
1,335 | 1,449,168 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
1,150 | 1,157,259 | ||||||
Massachusetts Development Finance Agency, Refunding RB (b) |
||||||||
4.00%, 10/01/32 |
215 | 203,252 | ||||||
4.13%, 10/01/42 |
470 | 402,054 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
1,110 | 1,164,144 | ||||||
5,788,584 | ||||||||
Michigan — 6.3% |
||||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48 |
1,550 | 1,675,452 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB |
||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 |
545 | 597,161 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 |
1,290 | 1,422,835 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
1,290 | 1,419,746 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB |
||||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
1,290 | 1,419,746 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 |
1,290 | 1,425,102 | ||||||
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54 |
2,305 | 2,575,426 | ||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/47 |
395 | 378,267 | ||||||
4.00%, 02/15/50 |
2,235 | 2,113,098 | ||||||
4.00%, 02/15/44 |
810 | 780,982 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
1,480 | 1,421,474 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
1,070 | 1,079,071 | ||||||
16,308,360 |
58 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Minnesota — 1.5% |
||||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
$ | 1,995 | $ | 1,858,089 | ||||
Series A, 5.25%, 02/15/53 |
565 | 576,627 | ||||||
Series A, 5.25%, 02/15/58 |
1,480 | 1,508,740 | ||||||
3,943,456 | ||||||||
Missouri — 2.5% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
Series A, 4.00%, 02/15/49 |
2,630 | 2,486,809 | ||||||
Series C, 5.00%, 11/15/42 |
2,570 | 2,662,669 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
1,280 | 1,299,760 | ||||||
6,449,238 | ||||||||
New Hampshire (b) — 0.8% |
||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
1,545 | 1,311,599 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
805 | 736,434 | ||||||
2,048,033 | ||||||||
New Jersey — 11.6% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
1,675 | 1,689,309 | ||||||
5.25%, 11/01/44 |
1,525 | 1,533,535 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
Class A, 5.25%, 11/01/47 |
1,740 | 1,918,377 | ||||||
Series EEE, 5.00%, 06/15/48 |
5,845 | 6,099,358 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
1,425 | 1,427,551 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
2,240 | 2,077,546 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
1,230 | 1,226,366 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
1,245 | 1,260,024 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series BB, 5.00%, 06/15/46 |
1,485 | 1,620,162 | ||||||
Series S, 5.00%, 06/15/46 |
1,225 | 1,284,003 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
3,225 | 3,386,143 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 |
290 | 284,382 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/46 |
255 | 259,771 | ||||||
Series A, 5.25%, 06/01/46 |
270 | 278,529 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
5,660 | 5,717,897 | ||||||
30,062,953 | ||||||||
New York — 16.2% |
||||||||
City of New York, GO, Series A-1, 4.00%, 09/01/46 |
800 | 814,920 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
1,960 | 1,910,730 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
1,585 | 1,635,450 | ||||||
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
515 | 536,570 | ||||||
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
760 | 800,815 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Sustainability Bonds, 4.80%, 02/01/53 |
5,000 | 5,055,199 | ||||||
New York City Municipal Water Finance Authority, Refunding RB Series BB-1, 4.00%, 06/15/45 |
740 | 742,036 |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York City Municipal Water Finance Authority, Refunding RB (continued) |
||||||||
Series DD, 4.13%, 06/15/46 |
$ | 4,410 | $ | 4,527,559 | ||||
Series DD, 4.13%, 06/15/47 |
4,535 | 4,607,245 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 5.00%, 06/01/38 |
1,875 | 1,862,013 | ||||||
Series A, 6.25%, 06/01/41 (b) |
1,800 | 1,800,625 | ||||||
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50 |
315 | 243,240 | ||||||
Class 1, 5.00%, 11/15/44 (b) |
2,260 | 2,257,175 | ||||||
Class 2, 5.38%, 11/15/40 (b) |
850 | 851,062 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
2,370 | 1,725,103 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
Series A, 4.00%, 03/15/44 |
1,080 | 1,090,555 | ||||||
Series A, 4.00%, 03/15/47 |
3,855 | 3,856,446 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
860 | 848,450 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49 |
990 | 970,476 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |
470 | 508,916 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
1,050 | 1,096,176 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/15/48 |
3,055 | 3,040,770 | ||||||
Series A, 5.25%, 05/15/52 |
400 | 445,338 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56 |
825 | 880,865 | ||||||
42,107,734 | ||||||||
Ohio — 1.7% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 4.00%, 06/01/48 |
830 | 752,228 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
2,295 | 2,161,798 | ||||||
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |
400 | 414,515 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |
530 | 593,164 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |
590 | 556,327 | ||||||
4,478,032 | ||||||||
Pennsylvania — 2.5% |
||||||||
Allegheny County Airport Authority, ARB |
||||||||
Series A, AMT, (AGM), 5.50%, 01/01/48 |
235 | 256,839 | ||||||
Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
605 | 568,432 | ||||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
1,070 | 1,071,817 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
4.00%, 09/01/51 |
510 | 469,695 | ||||||
5.00%, 09/01/48 |
345 | 353,156 | ||||||
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 |
850 | 850,801 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
1,035 | 1,024,031 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |
$ | 1,090 | $ | 1,023,368 | ||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |
950 | 935,180 | ||||||
6,553,319 | ||||||||
Puerto Rico — 5.7% |
||||||||
Commonwealth of Puerto Rico, GO |
||||||||
Series A-1, Restructured, 5.63%, 07/01/29 |
1,435 | 1,550,597 | ||||||
Series A-1, Restructured, 5.75%, 07/01/31 |
1,295 | 1,434,385 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
1,843 | 1,805,716 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
5,562 | 5,561,928 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
2,941 | 2,874,827 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
5,051 | 1,552,731 | ||||||
14,780,184 | ||||||||
South Carolina — 2.0% |
||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
4.00%, 12/01/44 |
1,820 | 1,738,123 | ||||||
5.00%, 11/15/47 |
1,350 | 1,359,076 | ||||||
Series A, 5.00%, 05/01/48 |
1,505 | 1,533,634 | ||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |
650 | 587,549 | ||||||
5,218,382 | ||||||||
Tennessee — 1.2% |
||||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |
1,275 | 1,333,434 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |
1,640 | 1,758,255 | ||||||
3,091,689 | ||||||||
Texas — 15.1% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
435 | 423,305 | ||||||
7.88%, 11/01/62 |
370 | 375,495 | ||||||
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 |
1,795 | 1,870,790 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
190 | 190,809 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |
4,065 | 4,373,427 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |
775 | 774,031 | ||||||
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 |
210 | 240,406 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/46 |
4,500 | 5,084,525 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |
745 | 746,527 | ||||||
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |
390 | 395,686 | ||||||
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |
1,545 | 1,697,413 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
1,335 | 1,469,347 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |
670 | 670,107 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |
$ | 140 | $ | 140,071 | ||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |
90 | 99,174 | ||||||
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |
2,315 | 2,304,254 | ||||||
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |
5,250 | 5,794,473 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48 |
645 | 708,740 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 4.00%, 07/01/53 |
620 | 556,221 | ||||||
Series A, 5.00%, 07/01/53 |
760 | 789,386 | ||||||
Series B, 5.00%, 07/01/48 |
4,545 | 4,676,979 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 |
1,000 | 897,770 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series C, (GNMA), 5.00%, 09/01/48 |
1,620 | 1,684,800 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |
1,140 | 1,153,238 | ||||||
Texas Water Development Board, RB, 4.00%, 10/15/45 |
1,285 | 1,286,146 | ||||||
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |
750 | 749,758 | ||||||
39,152,878 | ||||||||
Utah — 2.1% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/46 |
1,950 | 2,041,863 | ||||||
Series A, AMT, 5.00%, 07/01/48 |
875 | 897,035 | ||||||
Series A, AMT, 5.25%, 07/01/48 |
2,330 | 2,493,766 | ||||||
5,432,664 | ||||||||
Washington — 0.6% |
||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
1,465 | 1,500,001 | ||||||
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 |
320 | 336,858 | ||||||
Total Municipal Bonds — 113.6% (Cost: $286,639,166) |
295,654,135 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
||||||||
Alabama — 8.3% |
||||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
10,000 | 11,115,900 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54 |
10,000 | 10,640,200 | ||||||
21,756,100 | ||||||||
Florida — 1.3% |
||||||||
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50 |
3,090 | 3,392,518 | ||||||
Michigan — 1.0% |
||||||||
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
2,551 | 2,668,051 | ||||||
60 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York — 4.4% |
||||||||
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |
$ | 2,460 | $ | 2,498,984 | ||||
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |
4,240 | 4,813,543 | ||||||
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46 |
3,940 | 4,143,659 | ||||||
11,456,186 | ||||||||
Oregon — 3.1% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
7,232 | 8,012,042 | ||||||
Pennsylvania — 3.5% |
||||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
4,964 | 5,463,540 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47 |
3,178 | 3,553,766 | ||||||
9,017,306 | ||||||||
South Carolina — 2.7% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
6,463 | 6,973,163 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.3% (Cost: $60,786,256) |
63,275,366 | |||||||
Total Long-Term Investments — 137.9% (Cost: $347,425,422) |
358,929,501 | |||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.0% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |
2,566,712 | 2,566,968 | ||||||
Total Short-Term Securities — 1.0% (Cost: $2,566,352) |
2,566,968 | |||||||
Total Investments — 138.9% (Cost: $349,991,774) |
361,496,469 | |||||||
Other Assets Less Liabilities — 3.2% |
8,229,673 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.2)% |
(31,793,925 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)% |
(77,700,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 260,232,217 | ||||||
(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) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) |
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. |
(g) |
Affiliate of the Fund. |
(h) |
Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) |
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 |
$ | 17,478,788 | $ | — | $ | (14,911,680 | ) (a) |
$ | (12 | ) | $ | (128 | ) | $ | 2,566,968 | 2,566,712 | $ | 281,007 | $ | — | ||||||||||||||||
(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 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
2,263,558 |
$ |
— |
$ |
2,263,558 |
||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
(499,448 |
) |
$ |
— |
$ |
(499,448 |
) | ||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | — | (a) | |
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 295,654,135 | $ | — | $ | 295,654,135 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 63,275,366 | — | 63,275,366 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,566,968 | — | — | 2,566,968 | ||||||||||||
$ | 2,566,968 | $ | 358,929,501 | $ | — | $ | 361,496,469 | |||||||||
62 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniVest Fund II, Inc. (MVT) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ |
— |
$ |
(31,622,503 |
) |
$ |
— |
$ |
(31,622,503 |
) | ||||||
VMTP Shares at Liquidation Value |
— |
(77,700,000 |
) |
— |
(77,700,000 |
) | ||||||||||
$ |
— |
$ |
(109,322,503 |
) |
$ |
— |
$ |
(109,322,503 |
) | |||||||
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (unaudited) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 4.1% |
||||||||
Black Belt Energy Gas District, RB (a) |
||||||||
4.00%, 10/01/52 |
$ | 1,355 | $ | 1,352,948 | ||||
Series A, 5.25%, 01/01/54 |
835 | 899,180 | ||||||
Series F, 5.50%, 11/01/53 |
810 | 861,812 | ||||||
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |
1,740 | 1,908,688 | ||||||
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a) |
1,815 | 2,017,536 | ||||||
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 |
655 | 661,749 | ||||||
Southeast Energy Authority A Cooperative District, RB (a) |
||||||||
Series A-1, 5.50%, 01/01/53 |
740 | 795,981 | ||||||
Series B-1, 5.00%, 05/01/53 |
2,055 | 2,136,060 | ||||||
10,633,954 | ||||||||
Arizona — 3.4% |
||||||||
Arizona Industrial Development Authority, RB (b) |
||||||||
5.00%, 07/01/54 |
545 | 478,725 | ||||||
Series A, 5.00%, 07/01/49 |
545 | 493,906 | ||||||
Series A, 5.00%, 07/01/54 |
420 | 373,874 | ||||||
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44 |
1,745 | 1,825,014 | ||||||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
910 | 1,036,817 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
305 | 238,090 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/39 (b) |
500 | 477,320 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b) |
1,025 | 937,133 | ||||||
Maricopa County Industrial Development Authority, Refunding RB |
||||||||
5.00%, 07/01/54 (b) |
290 | 271,563 | ||||||
Series A, 5.00%, 09/01/37 |
575 | 607,757 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
1,120 | 1,222,935 | ||||||
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 (b) |
745 | 746,199 | ||||||
8,709,333 | ||||||||
Arkansas — 0.6% |
||||||||
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49 (b) |
1,275 | 1,237,222 | ||||||
AMT, Sustainability Bonds, 5.70%, 05/01/53 |
420 | 429,958 | ||||||
1,667,180 | ||||||||
California — 5.4% |
||||||||
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 (b) |
120 | 84,400 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |
370 | 365,428 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 10/01/56 |
155 | 126,658 | ||||||
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |
525 | 338,379 | ||||||
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |
755 | 563,885 | ||||||
Sustainability Bonds, 5.00%, 09/01/37 |
100 | 102,542 | ||||||
Sustainability Bonds, 4.00%, 12/01/56 |
200 | 139,334 | ||||||
Series A, Sustainability Bonds, 4.00%, 06/01/58 |
490 | 354,595 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43 |
$ | 5,000 | $ | 4,943,671 | ||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 |
765 | 788,301 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
1,375 | 1,364,122 | ||||||
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38 (c) |
1,400 | 836,515 | ||||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31 (c) |
1,110 | 889,707 | ||||||
Yosemite Community College District, GO (c) |
||||||||
Series D, Election 2004, 0.00%, 08/01/36 |
2,000 | 1,429,492 | ||||||
Series D, Election 2004, 0.00%, 08/01/37 |
2,790 | 1,698,706 | ||||||
14,025,735 | ||||||||
Colorado — 1.7% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47 |
240 | 253,206 | ||||||
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 |
695 | 664,166 | ||||||
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 |
945 | 902,031 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
940 | 899,142 | ||||||
State of Colorado, COP, Series S, 4.00%, 03/15/40 |
1,635 | 1,674,887 | ||||||
4,393,432 | ||||||||
Connecticut — 0.2% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39 |
55 | 52,784 | ||||||
Connecticut State Health & Educational Facilities Authority, RB |
||||||||
5.25%, 07/15/48 |
145 | 156,962 | ||||||
4.25%, 07/15/53 |
190 | 185,378 | ||||||
395,124 | ||||||||
District of Columbia — 0.3% |
||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
875 | 805,630 | ||||||
Florida — 9.2% |
||||||||
Capital Trust Agency, Inc., RB (b) |
||||||||
5.00%, 01/01/55 |
535 | 407,029 | ||||||
Series A, 5.00%, 06/01/55 |
480 | 391,751 | ||||||
Series A, 5.50%, 06/01/57 |
170 | 149,440 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 |
2,340 | 2,394,888 | ||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |
2,210 | 2,456,182 | ||||||
City of Tampa Florida, RB, CAB (c) |
||||||||
Series A, 0.00%, 09/01/49 |
525 | 150,414 | ||||||
Series A, 0.00%, 09/01/53 |
295 | 68,101 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49 |
735 | 649,627 | ||||||
County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47 |
1,000 | 1,053,675 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |
425 | 441,483 |
64 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, 5.00%, 10/01/34 |
$ | 160 | $ | 161,522 | ||||
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |
1,550 | 1,525,968 | ||||||
County of Miami-Dade Seaport Department, Refunding RB |
||||||||
Series A, AMT, 5.00%, 10/01/41 |
360 | 382,177 | ||||||
Series A, AMT, 5.00%, 10/01/47 |
2,360 | 2,470,887 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
790 | 731,621 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |
||||||||
Series A-2, 0.00%, 10/01/46 |
480 | 146,500 | ||||||
Series A-2, 0.00%, 10/01/47 |
775 | 222,568 | ||||||
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
180 | 203,012 | ||||||
Florida Development Finance Corp., RB (b) |
||||||||
6.50%, 06/30/57 |
340 | 326,246 | ||||||
AMT, 5.00%, 05/01/29 |
480 | 462,704 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |
270 | 232,049 | ||||||
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47 |
2,520 | 2,561,608 | ||||||
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |
2,165 | 2,201,227 | ||||||
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |
210 | 220,072 | ||||||
Lakewood Ranch Stewardship District, SAB, S/F Housing |
||||||||
4.00%, 05/01/40 |
235 | 202,304 | ||||||
4.00%, 05/01/50 |
395 | 303,601 | ||||||
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |
1,805 | 1,926,678 | ||||||
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 |
120 | 115,033 | ||||||
Palm Beach County Health Facilities Authority, RB, |
||||||||
Series B, 4.00%, 11/15/41 |
140 | 127,109 | ||||||
Seminole Improvement District, RB, 5.30%, 10/01/37 |
150 | 150,099 | ||||||
Storey Creek Community Development District, SAB, 4.13%, 12/15/49 |
500 | 403,006 | ||||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
540 | 544,890 | ||||||
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |
215 | 213,078 | ||||||
23,996,549 | ||||||||
Georgia — 1.9% |
||||||||
Development Authority for Fulton County, RB, 4.00%, 07/01/49 |
500 | 472,576 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
200 | 181,289 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
875 | 822,772 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/49 |
235 | 255,612 | ||||||
Series A, 5.00%, 06/01/53 (a) |
620 | 655,824 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
Class A, 5.50%, 07/01/63 |
345 | 362,284 | ||||||
Series A, 5.00%, 01/01/49 |
1,190 | 1,215,269 | ||||||
Series A, 5.00%, 01/01/59 |
880 | 893,358 |
Security |
Par (000) |
Value |
||||||
Georgia (continued) |
||||||||
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24 (d) |
$ | 120 | $ | 120,364 | ||||
4,979,348 | ||||||||
Hawaii — 0.9% |
||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |
2,315 | 2,402,062 | ||||||
Illinois — 10.7% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/34 |
1,265 | 1,331,734 | ||||||
Series A, 5.00%, 12/01/40 |
1,195 | 1,227,145 | ||||||
Series A, 5.00%, 12/01/47 |
360 | 368,063 | ||||||
Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30 |
135 | 142,158 | ||||||
Chicago Midway International Airport, Refunding ARB, Series B, 5.00%, 01/01/46 |
1,770 | 1,804,461 | ||||||
Chicago O’Hare International Airport, Refunding ARB |
||||||||
Series A, AMT, Senior Lien, 5.00%, 01/01/48 |
740 | 750,163 | ||||||
Series A, AMT, Senior Lien, 4.38%, 01/01/53 |
830 | 792,911 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |
705 | 720,552 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |
1,550 | 1,699,061 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |
525 | 571,347 | ||||||
Illinois Finance Authority, RB, 5.00%, 10/01/48 |
475 | 517,445 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 5.00%, 11/15/45 |
1,110 | 1,117,997 | ||||||
Series C, 4.13%, 08/15/37 |
665 | 634,236 | ||||||
Series C, 5.00%, 08/15/44 |
305 | 306,448 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |
120 | 116,954 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/40 |
730 | 747,750 | ||||||
Series A, 4.00%, 01/01/46 |
930 | 908,293 | ||||||
Metropolitan Pier & Exposition Authority, RB |
||||||||
5.00%, 06/15/57 |
670 | 683,473 | ||||||
Series A, (NPFGC), 0.00%, 12/15/36 (c) |
10,000 | 6,117,599 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) |
2,980 | 1,218,363 | ||||||
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |
2,000 | 2,364,407 | ||||||
State of Illinois, GO |
||||||||
5.25%, 02/01/32 |
870 | 871,451 | ||||||
5.25%, 02/01/34 |
600 | 600,691 | ||||||
Series B, 5.25%, 05/01/41 |
635 | 699,508 | ||||||
Series B, 5.50%, 05/01/47 |
540 | 591,852 | ||||||
Series C, 5.00%, 12/01/48 (e) |
850 | 905,933 | ||||||
27,809,995 | ||||||||
Indiana — 0.7% |
||||||||
Indianapolis Local Public Improvement Bond Bank, RB |
||||||||
5.25%, 02/01/48 |
245 | 275,330 | ||||||
(BAM), 5.00%, 03/01/53 |
1,445 | 1,517,249 | ||||||
1,792,579 |
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Kentucky — 1.6% |
||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) |
$ | 150 | $ | 141,539 | ||||
County of Boyle Kentucky, Refunding RB |
||||||||
Series A, 4.25%, 06/01/46 |
200 | 197,758 | ||||||
Series A, 5.25%, 06/01/49 |
370 | 396,731 | ||||||
Fayette County School District Finance Corp., RB |
||||||||
(NGFGC), 5.00%, 06/01/44 |
545 | 591,298 | ||||||
(BAM-TCRS), 5.00%, 06/01/46 |
480 | 517,042 | ||||||
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54 (a) |
2,205 | 2,392,866 | ||||||
4,237,234 | ||||||||
Louisiana — 3.3% |
||||||||
Louisiana Public Facilities Authority, RB |
||||||||
5.25%, 10/01/48 |
500 | 530,200 | ||||||
5.25%, 10/01/53 |
1,025 | 1,087,187 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/42 |
2,400 | 2,472,877 | ||||||
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |
1,095 | 1,173,790 | ||||||
New Orleans Aviation Board, ARB |
||||||||
Series B, AMT, 5.00%, 01/01/45 |
2,380 | 2,392,029 | ||||||
Series B, AMT, 5.00%, 01/01/48 |
1,010 | 1,022,182 | ||||||
8,678,265 | ||||||||
Maryland — 0.6% |
||||||||
City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46 (b) |
655 | 533,108 | ||||||
Maryland Economic Development Corp., RB 5.00%, 07/01/56 |
145 | 146,351 | ||||||
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
800 | 815,751 | ||||||
1,495,210 | ||||||||
Massachusetts — 1.2% |
||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
1,855 | 1,866,709 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 |
815 | 835,021 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
335 | 322,096 | ||||||
3,023,826 | ||||||||
Michigan — 5.6% |
||||||||
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 |
880 | 859,933 | ||||||
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44 |
520 | 506,194 | ||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/50 |
1,885 | 1,782,188 | ||||||
Series A, 4.00%, 11/15/50 |
2,550 | 2,362,031 | ||||||
Michigan Finance Authority, Refunding RB |
||||||||
4.00%, 11/15/46 |
1,050 | 996,060 | ||||||
Series A, 4.00%, 12/01/40 |
2,630 | 2,632,325 | ||||||
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 |
535 | 529,057 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
1,300 | 1,365,932 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.55%, 10/01/51 |
645 | 435,792 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 |
450 | 388,566 |
Security |
Par (000) |
Value |
||||||
Michigan (continued) |
||||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
$ | 1,980 | $ | 1,996,785 | ||||
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |
725 | 809,313 | ||||||
14,664,176 | ||||||||
Minnesota — 0.2% |
||||||||
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |
445 | 461,736 | ||||||
Missouri — 0.5% |
||||||||
Kansas City Industrial Development Authority, ARB |
||||||||
AMT, 5.00%, 03/01/46 |
470 | 480,165 | ||||||
Series B, AMT, 5.00%, 03/01/39 |
670 | 702,545 | ||||||
1,182,710 | ||||||||
Nebraska — 0.9% |
||||||||
Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37 |
1,150 | 1,273,809 | ||||||
Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42 |
1,140 | 1,155,873 | ||||||
2,429,682 | ||||||||
Nevada — 1.1% |
||||||||
County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40 |
2,715 | 2,772,086 | ||||||
New Jersey — 5.8% |
||||||||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |
180 | 195,437 | ||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |
730 | 749,607 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
Series WW, 5.00%, 06/15/25 (d) |
180 | 185,076 | ||||||
Series WW, 5.25%, 06/15/25 (d) |
455 | 469,425 | ||||||
AMT, 5.13%, 01/01/34 |
610 | 610,414 | ||||||
AMT, 5.38%, 01/01/43 |
790 | 790,699 | ||||||
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32 |
295 | 295,392 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
800 | 716,151 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 |
875 | 872,415 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
5.00%, 06/15/48 |
1,490 | 1,599,538 | ||||||
Series A, 0.00%, 12/15/29 (c) |
225 | 185,546 | ||||||
Series AA, 5.00%, 06/15/38 |
1,180 | 1,188,834 | ||||||
Series AA, 4.00%, 06/15/40 |
925 | 938,882 | ||||||
Series AA, 5.00%, 06/15/45 |
725 | 775,665 | ||||||
Series AA, 4.00%, 06/15/50 |
560 | 536,026 | ||||||
Series BB, 4.00%, 06/15/50 |
1,400 | 1,340,600 | ||||||
Series D, 5.00%, 06/15/32 |
525 | 533,870 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 06/15/37 |
525 | 606,484 | ||||||
Series A, 5.25%, 06/15/42 |
210 | 239,105 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
720 | 717,533 | ||||||
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |
240 | 232,392 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/35 |
1,220 | 1,288,411 | ||||||
15,067,502 |
66 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New Mexico — 0.1% |
||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
$ | 180 | $ | 152,432 | ||||
New York — 9.7% |
||||||||
City of New York, GO |
||||||||
Series A-1, 5.00%, 08/01/47 |
260 | 282,957 | ||||||
Series B, 5.25%, 10/01/41 |
545 | 626,372 | ||||||
Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
1,115 | 1,041,955 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56 |
1,330 | 1,353,981 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 |
1,105 | 1,105,072 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/43 |
2,105 | 2,370,929 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Class 1, 5.00%, 11/15/44 (b) |
775 | 774,031 | ||||||
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
2,045 | 1,488,538 | ||||||
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
1,015 | 758,588 | ||||||
New York Power Authority, Refunding RB |
||||||||
Series A, Sustainability Bonds, 4.00%, 11/15/55 |
230 | 221,517 | ||||||
Series A, Sustainability Bonds, 4.00%, 11/15/60 |
425 | 401,627 | ||||||
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/46 |
720 | 720,670 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46 |
660 | 654,313 | ||||||
New York Transportation Development Corp., ARB |
||||||||
AMT, 5.00%, 12/01/36 |
450 | 484,703 | ||||||
AMT, 5.63%, 04/01/40 |
470 | 508,916 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
1,050 | 1,096,176 | ||||||
Port Authority of New York & New Jersey, ARB AMT, 5.00%, 11/01/49 |
1,535 | 1,590,464 | ||||||
Series 221, AMT, 4.00%, 07/15/55 |
1,570 | 1,440,060 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 |
250 | 260,366 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
||||||||
Series A, 4.13%, 05/15/53 |
3,150 | 3,167,183 | ||||||
Series A, 4.50%, 05/15/63 |
1,000 | 1,017,150 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |
1,900 | 2,036,335 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47 |
1,705 | 1,865,224 | ||||||
25,267,127 | ||||||||
North Carolina — 0.1% |
||||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
165 | 184,945 | ||||||
Ohio — 1.9% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
4,680 | 4,408,373 |
Security |
Par (000) |
Value |
||||||
Ohio (continued) |
||||||||
County of Franklin Ohio, RB, 5.00%, 11/01/48 |
$ | 450 | $ | 494,491 | ||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |
90 | 90,188 | ||||||
4,993,052 | ||||||||
Oklahoma — 0.3% |
||||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
495 | 494,138 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |
345 | 337,958 | ||||||
832,096 | ||||||||
Oregon — 0.3% |
||||||||
Clackamas Community College District, GO, Series A, 5.00%, 06/15/40 |
390 | 412,795 | ||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |
875 | 456,516 | ||||||
869,311 | ||||||||
Pennsylvania — 7.3% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 |
1,010 | 1,039,672 | ||||||
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
200 | 156,244 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
5.00%, 06/30/42 |
4,450 | 4,454,192 | ||||||
Series B, 4.00%, 03/15/40 |
3,000 | 3,012,460 | ||||||
AMT, 5.50%, 06/30/41 |
900 | 991,768 | ||||||
AMT, 5.75%, 06/30/48 |
780 | 859,986 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |
180 | 136,374 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 |
3,150 | 3,158,626 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
410 | 422,493 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.00%, 12/01/38 |
550 | 559,000 | ||||||
Series A-1, 5.00%, 12/01/41 |
1,005 | 1,040,104 | ||||||
Series C, 5.00%, 12/01/39 |
900 | 914,764 | ||||||
Series A, Subordinate, 5.00%, 12/01/44 |
1,300 | 1,373,021 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 |
680 | 688,032 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 |
265 | 294,267 | ||||||
19,101,003 | ||||||||
Puerto Rico — 5.1% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
6,611 | 6,477,259 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
2,833 | 2,832,963 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
276 | 269,790 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
1,324 | 1,314,401 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
309 | 301,255 |
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (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 B-2, Restructured, 4.78%, 07/01/58 |
$ | 411 | $ | 398,975 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |
5,025 | 1,544,738 | ||||||
13,139,381 | ||||||||
Rhode Island — 0.1% |
||||||||
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
305 | 315,385 | ||||||
South Carolina — 3.1% |
||||||||
County of Berkeley South Carolina, SAB |
||||||||
4.25%, 11/01/40 |
315 | 281,231 | ||||||
4.38%, 11/01/49 |
465 | 385,269 | ||||||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |
1,650 | 1,767,323 | ||||||
South Carolina Jobs-Economic Development Authority, RB |
||||||||
5.00%, 11/01/43 |
2,010 | 2,084,295 | ||||||
5.00%, 01/01/55 (b) |
855 | 747,350 | ||||||
7.50%, 08/15/62 (b) |
405 | 369,314 | ||||||
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 |
550 | 502,952 | ||||||
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |
1,840 | 1,840,644 | ||||||
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |
100 | 103,371 | ||||||
8,081,749 | ||||||||
Tennessee — 1.7% |
||||||||
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |
160 | 174,179 | ||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |
1,000 | 1,037,221 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |
200 | 216,389 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 |
835 | 854,155 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 |
1,020 | 1,048,916 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |
1,040 | 1,114,991 | ||||||
4,445,851 | ||||||||
Texas — 12.3% |
||||||||
Arlington Higher Education Finance Corp., RB (b) |
||||||||
7.50%, 04/01/62 |
420 | 408,710 | ||||||
7.88%, 11/01/62 |
370 | 375,495 | ||||||
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49 |
1,180 | 1,432,287 | ||||||
Central Texas Turnpike System, RB |
||||||||
Series C, 5.00%, 08/15/37 |
1,240 | 1,245,706 | ||||||
Series C, 5.00%, 08/15/42 |
625 | 627,528 | ||||||
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47 |
905 | 975,120 | ||||||
City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48 |
500 | 495,038 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |
$ | 100 | $ | 100,426 | ||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
405 | 405,526 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
230 | 229,832 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
Series A, AMT, 5.00%, 07/01/27 |
225 | 225,146 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/46 |
830 | 783,825 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/48 |
2,510 | 2,325,803 | ||||||
County of Harris Texas Toll Road Revenue, Refunding RB, 1st Lien, 4.00%, 08/15/45 |
425 | 419,346 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |
1,080 | 1,060,076 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
665 | 731,922 | ||||||
Dickinson Independent School District, GO, (PSF), 4.13%, 02/15/48 |
350 | 352,393 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) |
1,850 | 1,071,825 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |
450 | 404,566 | ||||||
North Texas Tollway Authority, RB, Series C, Convertible, 6.75%, 09/01/31 (d) |
10,000 | 12,856,570 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
970 | 972,646 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |
500 | 543,936 | ||||||
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
465 | 465,040 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 4.00%, 07/01/53 |
525 | 470,993 | ||||||
Series A, 5.00%, 07/01/53 |
645 | 669,940 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
260 | 229,567 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing |
||||||||
Series A, (GNMA), 4.25%, 09/01/43 |
215 | 213,413 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 |
365 | 337,106 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
1,500 | 1,598,340 | ||||||
32,028,121 | ||||||||
Utah — 3.2% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/47 |
3,485 | 3,557,574 | ||||||
Series A, AMT, 5.25%, 07/01/48 |
235 | 251,517 | ||||||
Series A, AMT, 5.00%, 07/01/51 |
1,450 | 1,505,494 | ||||||
County of Utah Utah, RB, Series B, 4.00%, 05/15/47 |
2,635 | 2,534,541 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b) |
185 | 176,607 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b) |
335 | 326,273 | ||||||
8,352,006 |
68 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Virginia — 0.5% |
||||||||
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |
$ | 490 | $ | 394,686 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
965 | 909,496 | ||||||
1,304,182 | ||||||||
Washington — 0.4% |
||||||||
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |
720 | 738,686 | ||||||
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 |
430 | 395,463 | ||||||
1,134,149 | ||||||||
Wisconsin — 1.4% |
||||||||
Public Finance Authority, RB |
||||||||
5.00%, 10/15/56 (b) |
215 | 177,675 | ||||||
Class A, 5.00%, 06/15/51 (b) |
555 | 436,187 | ||||||
Class A, 6.00%, 06/15/52 |
140 | 126,323 | ||||||
Class A, 6.13%, 06/15/57 |
160 | 145,310 | ||||||
Series A, 5.00%, 07/01/40 (b) |
300 | 273,249 | ||||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/39 (b) |
295 | 261,161 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing |
||||||||
Series A, 4.15%, 11/01/48 |
1,700 | 1,615,902 | ||||||
Series A, 4.45%, 05/01/57 |
685 | 678,117 | ||||||
3,713,924 | ||||||||
Total Municipal Bonds — 107.4% (Cost: $267,549,520) |
279,538,062 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
||||||||
Alabama — 4.8% |
||||||||
Black Belt Energy Gas District, RB |
||||||||
Series C, 5.50%, 10/01/54 |
3,800 | 4,210,709 | ||||||
Series C-1, 5.25%, 02/01/53 (a) |
7,721 | 8,222,797 | ||||||
12,433,506 | ||||||||
Colorado — 1.5% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
3,680 | 4,005,254 | ||||||
District of Columbia — 0.4% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |
920 | 922,607 | ||||||
Florida — 5.0% |
||||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |
3,341 | 3,830,595 | ||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |
2,150 | 2,389,499 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 |
$ | 4,200 | $ | 4,827,312 | ||||
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |
2,100 | 2,103,505 | ||||||
13,150,911 | ||||||||
Georgia — 1.2% |
||||||||
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53 |
2,970 | 3,153,398 | ||||||
Illinois — 7.6% |
||||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
4,903 | 5,354,633 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 |
1,951 | 2,082,593 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38 |
1,858 | 1,863,345 | ||||||
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26 |
10,000 | 10,492,890 | ||||||
19,793,461 | ||||||||
New York — 6.8% |
||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
1,770 | 1,742,743 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |
4,010 | 4,497,239 | ||||||
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |
3,680 | 4,177,792 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |
1,810 | 1,791,900 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57 |
1,910 | 1,987,807 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |
1,990 | 2,134,767 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 |
1,500 | 1,504,255 | ||||||
17,836,503 | ||||||||
Oklahoma — 1.3% |
||||||||
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |
3,001 | 3,351,174 | ||||||
Oregon — 0.9% |
||||||||
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |
2,020 | 2,237,903 | ||||||
Pennsylvania — 1.3% |
||||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
3,031 | 3,345,585 | ||||||
South Carolina — 1.9% |
||||||||
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
4,591 | 4,953,595 | ||||||
Tennessee — 1.8% |
||||||||
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a) |
4,401 | 4,676,479 | ||||||
S C H E D U L E O F I N V E S T M E N T S |
69 |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas — 2.3% |
||||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
$ | 1,430 | $ | 1,538,500 | ||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |
1,610 | 1,827,457 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
2,541 | 2,714,903 | ||||||
6,080,860 | ||||||||
Virginia — 1.2% |
||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
3,280 | 3,165,733 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0% (Cost: $94,012,690) |
99,106,969 | |||||||
Total Long-Term Investments — 145.4% (Cost: $361,562,210) |
378,645,031 | |||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.7% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |
4,272,776 | 4,273,203 | ||||||
Total Short-Term Securities — 1.7% (Cost: $4,272,776) |
4,273,203 | |||||||
Total Investments — 147.1% (Cost: $365,834,986) |
382,918,234 | |||||||
Other Assets Less Liabilities — 1.8% |
4,623,973 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.7)% |
(48,596,513 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.2)% |
(78,600,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 260,345,694 | ||||||
(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) |
When-issued security. |
(f) |
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. |
(g) |
Affiliate of the Fund. |
(h) |
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 |
$ | 7,783,129 | $ | — | $ | (3,511,062 | ) (a) |
$ | 709 | $ | 427 | $ | 4,273,203 | 4,272,776 | $ | 216,640 | $ | — | ||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
70 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2024 |
BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (618,076 | ) | $ | — | $ | (618,076 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 36,253 | $ | — | $ | 36,253 | ||||||||||||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 10,096,688 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 279,538,062 | $ | — | $ | 279,538,062 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 99,106,969 | — | 99,106,969 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
4,273,203 | — | — | 4,273,203 | ||||||||||||
$ | 4,273,203 | $ | 378,645,031 | $ | — | $ | 382,918,234 | |||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (48,218,616 | ) | $ | — | $ | (48,218,616 | ) | ||||||
VMTP Shares at Liquidation Value |
— | (78,600,000 | ) | — | (78,600,000 | ) | ||||||||||
$ | — | $ | (126,818,616 | ) | $ | — | $ | (126,818,616 | ) | |||||||
S C H E D U L E O F I N V E S T M E N T S |
71 |
BKN | BFK | BLE | MHD | |||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated (a) |
$ | 323,915,092 | $ | 749,893,124 | $ | 812,230,985 | $ | 1,005,751,379 | ||||||||
Investments, at value — affiliated (b) |
4,287,925 | 5,135,357 | 10,123,679 | 16,326,415 | ||||||||||||
Cash |
— | 8,030,330 | 4,647,034 | 4,728,052 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
5,376,029 | 11,133,486 | 4,418,188 | 6,644,572 | ||||||||||||
Dividends — affiliated |
4,137 | 5,446 | 27,952 | 42,894 | ||||||||||||
Interest — unaffiliated |
2,821,330 | 7,653,930 | 8,262,729 | 9,972,015 | ||||||||||||
Deferred offering costs |
86,677 | 202,929 | 117,733 | — | ||||||||||||
Prepaid expenses |
7,151 | 8,942 | 9,296 | 10,174 | ||||||||||||
Total assets |
336,498,341 | 782,063,544 | 839,837,596 | 1,043,475,501 | ||||||||||||
ACCRUED LIABILITIES |
||||||||||||||||
Bank overdraft |
4,681 | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
6,278,206 | 10,791,078 | 2,631,894 | 9,316,918 | ||||||||||||
Accounting services fees |
19,775 | 22,274 | 18,290 | 38,581 | ||||||||||||
Administration fees |
41,761 | — | — | — | ||||||||||||
Custodian fees |
1,358 | 2,624 | 3,119 | 3,410 | ||||||||||||
Income dividend distributions — Common Shares |
980,733 | 2,192,742 | 2,481,807 | 2,737,435 | ||||||||||||
Interest expense and fees |
221,393 | 577,484 | 515,254 | 628,299 | ||||||||||||
Investment advisory fees |
97,257 | 389,335 | 386,932 | 477,654 | ||||||||||||
Directors’ and Officer’s fees |
30,895 | 133,323 | 75,590 | 40,382 | ||||||||||||
Other accrued expenses |
6,456 | 6,467 | 64,313 | 8,448 | ||||||||||||
Professional fees |
27,668 | 37,019 | 20,292 | 43,958 | ||||||||||||
Reorganization costs |
15,937 | — | — | — | ||||||||||||
Transfer agent fees |
12,757 | 23,190 | 25,662 | 31,447 | ||||||||||||
Total accrued liabilities |
7,738,877 | 14,175,536 | 6,223,153 | 13,326,532 | ||||||||||||
OTHER LIABILITIES |
||||||||||||||||
TOB Trust Certificates |
34,892,828 | 106,689,984 | 77,008,589 | 103,207,179 | ||||||||||||
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |
67,800,000 | 154,100,000 | 174,100,000 | 214,000,000 | ||||||||||||
Total other liabilities |
102,692,828 | 260,789,984 | 251,108,589 | 317,207,179 | ||||||||||||
Total liabilities |
110,431,705 | 274,965,520 | 257,331,742 | 330,533,711 | ||||||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 226,066,636 | $ | 507,098,024 | $ | 582,505,854 | $ | 712,941,790 | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||||||||||
Paid-in capital (f)(g)(h) |
$ | 238,847,201 | $ | 578,830,195 | $ | 654,110,246 | $ | 793,096,499 | ||||||||
Accumulated loss |
(12,780,565 | ) | (71,732,171 | ) | (71,604,392 | ) | (80,154,709 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 226,066,636 | $ | 507,098,024 | $ | 582,505,854 | $ | 712,941,790 | ||||||||
Net asset value per Common Share |
$ | 13.14 | $ | 11.56 | $ | 12.20 | $ | 13.67 | ||||||||
(a) Investments, at cost — unaffiliated |
$ | 308,667,447 | $ | 722,316,729 | $ | 794,705,678 | $ | 973,263,905 | ||||||||
(b) Investments, at cost — affiliated |
$ | 4,287,925 | $ | 5,135,317 | $ | 10,121,826 | $ | 16,326,415 | ||||||||
(c) Preferred Shares outstanding |
678 | 1,741 | 2,140 | |||||||||||||
(d) Preferred Shares authorized |
7,121 | Unlimited | Unlimited | 8,478 | ||||||||||||
(e) Par value per Preferred Share |
$ | 0.10 | $ | 0.001 | $ | 0.001 | $ | 0.10 | ||||||||
(f) Common Shares outstanding |
17,205,846 | 47,727,056 | 52,141,616 | |||||||||||||
(g) Common Shares authorized |
199,992,879 | Unlimited | Unlimited | 199,991,522 | ||||||||||||
(h) Par value per Common Share |
$ | 0.01 | $ | 0.001 | $ | 0.001 | $ | 0.10 |
72 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MVF | MVT | MQT | ||||||||||
ASSETS |
||||||||||||
Investments, at value — unaffiliated (a) |
$ | 727,653,383 | $ | 358,929,501 | $ | 378,645,031 | ||||||
Investments, at value — affiliated (b) |
10,695,053 | 2,566,968 | 4,273,203 | |||||||||
Cash |
— | 3,819,973 | — | |||||||||
Receivables: |
||||||||||||
Investments sold |
— | 2,147,632 | 3,130,088 | |||||||||
Dividends — affiliated |
39,134 | 13,082 | 16,118 | |||||||||
Interest — unaffiliated |
6,791,789 | 3,530,476 | 3,712,027 | |||||||||
Prepaid expenses |
8,293 | 7,536 | 7,546 | |||||||||
Total assets |
745,187,652 | 371,015,168 | 389,784,013 | |||||||||
ACCRUED LIABILITIES |
||||||||||||
Bank overdraft |
4,590 | — | 4,681 | |||||||||
Payables: |
||||||||||||
Investments purchased |
1,625,416 | — | 908,517 | |||||||||
Accounting services fees |
30,507 | 19,075 | 18,671 | |||||||||
Custodian fees |
2,292 | 1,524 | 1,239 | |||||||||
Income dividend distributions — Common Shares |
1,903,390 | 1,053,502 | 1,085,581 | |||||||||
Interest expense and fees |
376,751 | 171,422 | 377,897 | |||||||||
Investment advisory fees |
309,517 | 155,800 | 163,145 | |||||||||
Directors’ and Officer’s fees |
84,490 | 1,004 | 1,040 | |||||||||
Other accrued expenses |
4,729 | 7,437 | 7,588 | |||||||||
Professional fees |
30,362 | 35,690 | 35,731 | |||||||||
Transfer agent fees |
25,006 | 14,994 | 15,613 | |||||||||
Total accrued liabilities |
4,397,050 | 1,460,448 | 2,619,703 | |||||||||
OTHER LIABILITIES |
||||||||||||
TOB Trust Certificates |
77,373,088 | 31,622,503 | 48,218,616 | |||||||||
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |
153,600,000 | 77,700,000 | 78,600,000 | |||||||||
Total other liabilities |
230,973,088 | 109,322,503 | 126,818,616 | |||||||||
Total liabilities |
235,370,138 | 110,782,951 | 129,438,319 | |||||||||
Commitments and contingent liabilities |
||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 509,817,514 | $ | 260,232,217 | $ | 260,345,694 | ||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||||||
Paid-in capital (f)(g)(h) |
$ | 565,828,309 | $ | 283,803,414 | $ | 275,059,393 | ||||||
Accumulated loss |
(56,010,795 | ) | (23,571,197 | ) | (14,713,699 | ) | ||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 509,817,514 | $ | 260,232,217 | $ | 260,345,694 | ||||||
Net asset value per Common Share |
$ | 8.04 | $ | 12.47 | $ | 11.75 | ||||||
(a) Investments, at cost — unaffiliated |
$ | 717,342,437 | $ | 347,425,422 | $ | 361,562,210 | ||||||
(b) Investments, at cost — affiliated |
$ | 10,695,053 | $ | 2,566,352 | $ | 4,272,776 | ||||||
(c) Preferred Shares outstanding |
1,536 | 777 | 786 | |||||||||
(d) Preferred Shares authorized |
10,000,000 | 8,400 | 7,565 | |||||||||
(e) Par value per Preferred Share |
$ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||
(f) Common Shares outstanding |
63,446,349 | 20,861,423 | 22,154,712 | |||||||||
(g) Common Shares authorized |
150,000,000 | 199,991,600 | 199,992,435 | |||||||||
(h) Par value per Common Share |
$ | 0.10 | $ | 0.10 | $ | 0.10 |
F I N A N C I A L S T A T E M E N T S |
73 |
BKN | BFK | BLE | MHD | |||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 175,109 | $ | 353,787 | $ | 570,839 | $ | 567,805 | ||||||||
Interest — unaffiliated |
7,614,649 | 17,553,932 | 19,038,558 | 22,869,447 | ||||||||||||
Total investment income |
7,789,758 | 17,907,719 | 19,609,397 | 23,437,252 | ||||||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
590,087 | 2,291,951 | 2,350,023 | 2,830,763 | ||||||||||||
Administration |
252,894 | — | — | — | ||||||||||||
Reorganization |
58,228 | — | — | — | ||||||||||||
Accounting services |
34,516 | 41,769 | 34,297 | 70,954 | ||||||||||||
Professional |
27,204 | 42,613 | 46,244 | 39,248 | ||||||||||||
Transfer agent |
18,576 | 20,438 | 24,673 | 26,458 | ||||||||||||
Directors and Officer |
9,916 | 26,477 | 23,521 | 24,658 | ||||||||||||
Registration |
5,689 | 7,520 | 7,682 | 9,003 | ||||||||||||
Printing and postage |
5,008 | 10,607 | 9,915 | 4,744 | ||||||||||||
Custodian |
2,786 | 5,150 | 5,588 | 6,395 | ||||||||||||
Miscellaneous |
32,798 | 34,498 | 35,924 | 35,167 | ||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
1,037,702 | 2,481,023 | 2,537,867 | 3,047,390 | ||||||||||||
Interest expense, fees and amortization of offering costs (a) |
2,954,936 | 6,622,961 | 7,303,905 | 8,458,959 | ||||||||||||
Total expenses |
3,992,638 | 9,103,984 | 9,841,772 | 11,506,349 | ||||||||||||
Less: |
||||||||||||||||
Fees waived and/or reimbursed by the Manager |
(4,736 | ) | (9,492 | ) | (15,707 | ) | (15,830 | ) | ||||||||
Total expenses after fees waived and/or reimbursed |
3,987,902 | 9,094,492 | 9,826,065 | 11,490,519 | ||||||||||||
Net investment income |
3,801,856 | 8,813,227 | 9,783,332 | 11,946,733 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(7,499,819 | ) | (26,803,147 | ) | (15,865,482 | ) | (28,275,748 | ) | ||||||||
Investments — affiliated |
(117 | ) | 1,070 | 2,337 | 3,103 | |||||||||||
Futures contracts |
(543,434 | ) | 747,107 | 2,460,561 | (1,772,521 | ) | ||||||||||
Payment by affiliate |
— | — | — | 10,016 | ||||||||||||
(8,043,370 | ) | (26,054,970 | ) | (13,402,584 | ) | (30,035,150 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
7,066,381 | 21,715,241 | 19,917,551 | 31,769,844 | ||||||||||||
Investments — affiliated |
(27 | ) | 29 | (1,536 | ) | (2,570 | ) | |||||||||
Futures contracts |
32,220 | (321,145 | ) | (592,079 | ) | 99,877 | ||||||||||
7,098,574 | 21,394,125 | 19,323,936 | 31,867,151 | |||||||||||||
Net realized and unrealized gain (loss) |
(944,796 | ) | (4,660,845 | ) | 5,921,352 | 1,832,001 | ||||||||||
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 2,857,060 | $ | 4,152,382 | $ | 15,704,684 | $ | 13,778,734 | ||||||||
(a) |
Related to TOB Trusts and/or VMTP Shares. |
74 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MVF | MVT | MQT | ||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — affiliated |
$ | 758,814 | $ | 281,007 | $ | 216,640 | ||||||
Interest — unaffiliated |
15,777,105 | 8,241,415 | 8,628,521 | |||||||||
Total investment income |
16,535,919 | 8,522,422 | 8,845,161 | |||||||||
EXPENSES |
||||||||||||
Investment advisory |
1,835,373 | 941,121 | 960,684 | |||||||||
Accounting services |
56,126 | 34,657 | 34,527 | |||||||||
Professional |
38,756 | 32,425 | 30,522 | |||||||||
Transfer agent |
25,131 | 15,339 | 17,350 | |||||||||
Directors and Officer |
21,821 | 8,396 | 8,425 | |||||||||
Registration |
11,262 | 4,185 | 4,150 | |||||||||
Printing and postage |
5,914 | 6,788 | 6,495 | |||||||||
Custodian |
4,167 | 2,714 | 3,077 | |||||||||
Miscellaneous |
34,656 | 33,697 | 33,626 | |||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
2,033,206 | 1,079,322 | 1,098,856 | |||||||||
Interest expense, fees and amortization of offering costs (a) |
5,972,883 | 3,172,518 | 3,217,017 | |||||||||
Total expenses |
8,006,089 | 4,251,840 | 4,315,873 | |||||||||
Less: |
||||||||||||
Fees waived and/or reimbursed by the Manager |
(20,889 | ) | (7,771 | ) | (6,119 | ) | ||||||
Total expenses after fees waived and/or reimbursed |
7,985,200 | 4,244,069 | 4,309,754 | |||||||||
Net investment income |
8,550,719 | 4,278,353 | 4,535,407 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(9,347,010 | ) | (7,950,836 | ) | (7,276,692 | ) | ||||||
Investments — affiliated |
12,013 | (12 | ) | 709 | ||||||||
Futures contracts |
— | 2,263,558 | (618,076 | ) | ||||||||
(9,334,997 | ) | (5,687,290 | ) | (7,894,059 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated |
17,887,567 | 8,529,005 | 8,915,343 | |||||||||
Investments — affiliated |
(8,116 | ) | (128 | ) | 427 | |||||||
Futures contracts |
— | (499,448 | ) | 36,253 | ||||||||
17,879,451 | 8,029,429 | 8,952,023 | ||||||||||
Net realized and unrealized gain |
8,544,454 | 2,342,139 | 1,057,964 | |||||||||
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 17,095,173 | $ | 6,620,492 | $ | 5,593,371 | ||||||
(a) |
Related to TOB Trusts and/or VMTP Shares. |
F I N A N C I A L S T A T E M E N T S |
75 |
BKN | BFK | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
01/31/24 | Year 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 |
$ | 3,801,856 | $ | 9,061,613 | $ | 8,813,227 | $ | 18,124,814 | ||||||||
Net realized loss |
(8,043,370 | ) | (13,703,375 | ) | (26,054,970 | ) | (51,126,908 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
7,098,574 | 2,995,191 | 21,394,125 | 27,744,428 | ||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
2,857,060 | (1,646,571 | ) | 4,152,382 | (5,257,666 | ) | ||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||||||
From net investment income |
(4,705,808 | ) (b) |
(8,709,946 | ) | (9,787,565 | ) (b) |
(15,988,428 | ) | ||||||||
Return of capital |
— | (1,409,697 | ) | — | (3,249,626 | ) | ||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(4,705,808 | ) | (10,119,643 | ) | (9,787,565 | ) | (19,238,054 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net proceeds from the issuance of common shares |
— | 218,616 | — | — | ||||||||||||
Reinvestment of common distributions |
— | 147,431 | — | — | ||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(2,461,995 | ) | (2,064,795 | ) | (5,545,723 | ) | (5,916,445 | ) | ||||||||
Net decrease in net assets derived from capital share transactions |
(2,461,995 | ) | (1,698,748 | ) | (5,545,723 | ) | (5,916,445 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||
Total decrease in net assets applicable to Common Shareholders |
(4,310,743 | ) | (13,464,962 | ) | (11,180,906 | ) | (30,412,165 | ) | ||||||||
Beginning of period |
230,377,379 | 243,842,341 | 518,278,930 | 548,691,095 | ||||||||||||
End of period |
$ | 226,066,636 | $ | 230,377,379 | $ | 507,098,024 | $ | 518,278,930 | ||||||||
(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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BLE | MHD | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
01/31/24 | Year 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 |
$ | 9,783,332 | $ | 21,598,450 | $ | 11,946,733 | $ | 25,308,154 | ||||||||
Net realized loss |
(13,402,584 | ) | (42,881,354 | ) | (30,035,150 | ) | (54,748,569 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
19,323,936 | 18,338,457 | 31,867,151 | 17,096,751 | ||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
15,704,684 | (2,944,447 | ) | 13,778,734 | (12,343,664 | ) | ||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||||||
From net investment income |
(11,527,548 | ) (b) |
(19,188,396 | ) | (12,956,991 | ) (b) |
(26,398,031 | ) | ||||||||
Return of capital |
— | (3,788,120 | ) | — | (1,263,297 | ) | ||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(11,527,548 | ) | (22,976,516 | ) | (12,956,991 | ) | (27,661,328 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(5,278,307 | ) | (6,114,272 | ) | (6,897,831 | ) | (6,750,046 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||
Total decrease in net assets applicable to Common Shareholders |
(1,101,171 | ) | (32,035,235 | ) | (6,076,088 | ) | (46,755,038 | ) | ||||||||
Beginning of period |
583,607,025 | 615,642,260 | 719,017,878 | 765,772,916 | ||||||||||||
End of period |
$ | 582,505,854 | $ | 583,607,025 | $ | 712,941,790 | $ | 719,017,878 | ||||||||
(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 S T A T E M E N T S |
77 |
MVF | MVT | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
01/31/24 | Year 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 |
$ | 8,550,719 | $ | 16,997,519 | $ | 4,278,353 | $ | 8,892,992 | ||||||||
Net realized loss |
(9,334,997 | ) | (28,698,689 | ) | (5,687,290 | ) | (24,648,329 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
17,879,451 | (1,042,423 | ) | 8,029,429 | 12,949,446 | |||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
17,095,173 | (12,743,593 | ) | 6,620,492 | (2,805,891 | ) | ||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||||||
From net investment income |
(9,169,592 | ) (b) |
(16,465,493 | ) | (4,759,653 | ) (b) |
(8,093,467 | ) | ||||||||
Return of capital |
— | (2,175,326 | ) | — | (1,423,236 | ) | ||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(9,169,592 | ) | (18,640,819 | ) | (4,759,653 | ) | (9,516,703 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(3,869,138 | ) | (5,324,949 | ) | (2,399,715 | ) | (2,806,926 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
4,056,443 | (36,709,361 | ) | (538,876 | ) | (15,129,520 | ) | |||||||||
Beginning of period |
505,761,071 | 542,470,432 | 260,771,093 | 275,900,613 | ||||||||||||
End of period |
$ | 509,817,514 | $ | 505,761,071 | $ | 260,232,217 | $ | 260,771,093 | ||||||||
(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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MQT | ||||||||
Six Months Ended | ||||||||
01/31/24 | Year Ended | |||||||
(unaudited) | 07/31/23 | |||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||
OPERATIONS |
||||||||
Net investment income |
$ | 4,535,407 | $ | 10,200,739 | ||||
Net realized loss |
(7,894,059 | ) | (15,305,002 | ) | ||||
Net change in unrealized appreciation (depreciation) |
8,952,023 | 2,517,622 | ||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
5,593,371 | (2,586,641 | ) | |||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||
From net investment income |
(5,296,901 | ) (b) |
(10,203,174 | ) | ||||
Return of capital |
— | (708,109 | ) | |||||
Decrease in net assets resulting from distributions to Common Shareholders |
(5,296,901 | ) | (10,911,283 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Reinvestment of common distributions |
— | 166,343 | ||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
(2,265,141 | ) | (2,280,782 | ) | ||||
Net decrease in net assets derived from capital share transactions |
(2,265,141 | ) | (2,114,439 | ) | ||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||
Total decrease in net assets applicable to Common Shareholders |
(1,968,671 | ) | (15,612,363 | ) | ||||
Beginning of period |
262,314,365 | 277,926,728 | ||||||
End of period |
$ | 260,345,694 | $ | 262,314,365 | ||||
(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 S T A T E M E N T S |
79 |
Statements of Cash Flows (unaudited) Six Months Ended January 31, 2024 |
BKN | BFK | BLE | MHD | |||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||||||
Net increase in net assets resulting from operations |
$ | 2,857,060 | $ | 4,152,382 | $ | 15,704,684 | $ | 13,778,734 | ||||||||
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 |
131,949,484 | 617,293,871 | 252,932,658 | 419,531,699 | ||||||||||||
Purchases of long-term investments |
(94,917,934 | ) | (614,619,089 | ) | (189,442,614 | ) | (373,916,666 | ) | ||||||||
Net proceeds from sales (purchases) of short-term securities |
(3,532,621 | ) | 18,922,198 | 27,763,789 | 22,537,486 | |||||||||||
Amortization of premium and accretion of discount on investments and other fees |
(924,499 | ) | (251,730 | ) | (1,464 | ) | (264,650 | ) | ||||||||
Net realized loss on investments |
7,499,936 | 26,802,077 | 15,863,145 | 28,259,678 | ||||||||||||
Net unrealized appreciation on investments |
(7,066,354 | ) | (21,715,270 | ) | (19,916,015 | ) | (31,767,274 | ) | ||||||||
(Increase) Decrease in Assets |
||||||||||||||||
Receivables |
||||||||||||||||
Dividends — affiliated |
750 | 72,723 | 62,925 | 30,913 | ||||||||||||
Interest — unaffiliated |
174,649 | (25,809 | ) | 1,051,640 | 552,003 | |||||||||||
Prepaid expenses |
12,727 | 7,225 | 55,773 | 71,568 | ||||||||||||
Deferred offering costs |
(817 | ) | (833 | ) | — | — | ||||||||||
Increase (Decrease) in Liabilities |
||||||||||||||||
Payables |
||||||||||||||||
Accounting services fees |
(7,360 | ) | (13,390 | ) | (11,014 | ) | (21,325 | ) | ||||||||
Administration fees |
(4,509 | ) | — | — | — | |||||||||||
Custodian fees |
(1,273 | ) | (2,579 | ) | (2,203 | ) | (3,207 | ) | ||||||||
Interest expense and fees |
155,906 | 577,484 | 221,903 | 376,760 | ||||||||||||
Investment advisory fees |
(10,518 | ) | (10,476 | ) | (40,216 | ) | (31,136 | ) | ||||||||
Directors’ and Officer’s fees |
(12,984 | ) | (53,843 | ) | (23,081 | ) | (12,488 | ) | ||||||||
Other accrued expenses |
(5,321 | ) | 2,493 | (586 | ) | (6,463 | ) | |||||||||
Professional fees |
(29,703 | ) | (34,264 | ) | (25,673 | ) | (35,031 | ) | ||||||||
Reorganization costs |
15,937 | — | — | — | ||||||||||||
Transfer agent fees |
(1,871 | ) | (1,459 | ) | (479 | ) | 918 | |||||||||
Variation margin on futures contracts |
(17,636 | ) | (37,513 | ) | (44,117 | ) | (56,383 | ) | ||||||||
Net cash provided by operating activities |
36,133,049 | 31,064,198 | 104,149,055 | 79,025,136 | ||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||||||
Cash dividends paid to Common Shareholders |
(3,752,179 | ) | (7,641,687 | ) | (9,099,345 | ) | (10,303,865 | ) | ||||||||
Repayments of TOB Trust Certificates |
— | — | (12,245,790 | ) | (21,375,364 | ) | ||||||||||
Net payments on Common Shares redeemed |
(2,520,275 | ) | (5,732,759 | ) | (5,434,797 | ) | (7,148,995 | ) | ||||||||
Payments on redemption of VMTP Shares |
(58,100,000 | ) | (116,700,000 | ) | (128,600,000 | ) | (133,800,000 | ) | ||||||||
Proceeds from TOB Trust Certificates |
28,073,987 | 106,689,984 | 55,442,481 | 97,799,696 | ||||||||||||
Decrease in bank overdraft |
(43,582 | ) | (87,406 | ) | (77,570 | ) | (121,556 | ) | ||||||||
Net cash used for financing activities |
(36,342,049 | ) | (23,471,868 | ) | (100,015,021 | ) | (74,950,084 | ) | ||||||||
CASH |
||||||||||||||||
Net increase (decrease) in restricted and unrestricted cash |
(209,000 | ) | 7,592,330 | 4,134,034 | 4,075,052 | |||||||||||
Restricted and unrestricted cash at beginning of period |
209,000 | 438,000 | 513,000 | 653,000 | ||||||||||||
Restricted and unrestricted cash at end of period |
$ | — | $ | 8,030,330 | $ | 4,647,034 | $ | 4,728,052 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||||||||||
Cash paid during the period for interest expense |
$ | 2,799,030 | $ | 6,045,477 | $ | 7,082,002 | $ | 8,082,199 | ||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||||||
Cash |
$ | — | $ | 8,030,330 | $ | 4,647,034 | $ | 4,728,052 | ||||||||
80 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Cash Flows (unaudited) (continued) Six Months Ended January 31, 2024 |
MVF | MVT | MQT | ||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||
Net increase in net assets resulting from operations |
$ | 17,095,173 | $ | 6,620,492 | $ | 5,593,371 | ||||||
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 |
200,745,417 | 136,243,692 | 124,637,693 | |||||||||
Purchases of long-term investments |
(245,450,894 | ) | (113,065,039 | ) | (115,252,149 | ) | ||||||
Net proceeds from sales of short-term securities |
85,871,812 | 14,911,680 | 3,511,062 | |||||||||
Amortization of premium and accretion of discount on investments and other fees |
347,468 | 64,233 | (109,918 | ) | ||||||||
Net realized loss on investments |
9,334,997 | 7,950,848 | 7,273,198 | |||||||||
Net unrealized appreciation on investments |
(17,879,451 | ) | (8,528,877 | ) | (8,915,770 | ) | ||||||
(Increase) Decrease in Assets |
||||||||||||
Receivables |
||||||||||||
Dividends — affiliated |
166,902 | 30,839 | 2,454 | |||||||||
Interest — unaffiliated |
(700,621 | ) | 303,803 | 65,709 | ||||||||
Prepaid expenses |
4,283 | 12,405 | 12,376 | |||||||||
Increase (Decrease) in Liabilities |
||||||||||||
Payables |
||||||||||||
Accounting services fees |
(16,893 | ) | (10,573 | ) | (10,298 | ) | ||||||
Custodian fees |
(1,749 | ) | (1,527 | ) | (1,376 | ) | ||||||
Interest expense and fees |
193,798 | 139,647 | 174,721 | |||||||||
Investment advisory fees |
(12,625 | ) | (14,778 | ) | (6,066 | ) | ||||||
Directors’ and Officer’s fees |
(26,891 | ) | (512 | ) | (501 | ) | ||||||
Other accrued expenses |
(5,053 | ) | (535 | ) | (1,697 | ) | ||||||
Professional fees |
(33,442 | ) | (34,722 | ) | (33,269 | ) | ||||||
Transfer agent fees |
(348 | ) | (193 | ) | (2,124 | ) | ||||||
Variation margin on futures contracts |
— | (41,637 | ) | (20,252 | ) | |||||||
Net cash provided by operating activities |
49,631,883 | 44,579,246 | 16,917,164 | |||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||
Cash dividends paid to Common Shareholders |
(7,344,821 | ) | (3,751,003 | ) | (4,261,589 | ) | ||||||
Repayments of TOB Trust Certificates |
(3,625,000 | ) | (4,307,798 | ) | (980,000 | ) | ||||||
Net payments on Common Shares redeemed |
(3,976,665 | ) | (2,472,176 | ) | (2,345,633 | ) | ||||||
Payments on redemption of VMTP Shares |
(90,200,000 | ) | (62,300,000 | ) | (37,900,000 | ) | ||||||
Proceeds from TOB Trust Certificates |
55,568,335 | 31,622,503 | 28,370,666 | |||||||||
Decrease in bank overdraft |
(53,732 | ) | (34,799 | ) | (37,608 | ) | ||||||
Net cash used for financing activities |
(49,631,883 | ) | (41,243,273 | ) | (17,154,164 | ) | ||||||
CASH |
||||||||||||
Net increase (decrease) in restricted and unrestricted cash |
— | 3,335,973 | (237,000 | ) | ||||||||
Restricted and unrestricted cash at beginning of period |
— | 484,000 | 237,000 | |||||||||
Restricted and unrestricted cash at end of period |
$ | — | $ | 3,819,973 | $ | — | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||||||
Cash paid during the period for interest expense |
$ | 5,779,085 | $ | 3,032,871 | $ | 3,042,296 | ||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||
Cash |
$ | — | $ | 3,819,973 | $ | — | ||||||
F I N A N C I A L S T A T E M E N T S |
81 |
BKN | ||||||||||||||||||||||||||||||||
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 |
$ | 13.21 | $ | 13.86 | $ | 13.79 | $ | 16.71 | $ | 14.89 | $ | 15.75 | $ | 15.26 | ||||||||||||||||||
Net investment income (a) |
0.22 | 0.52 | 0.16 | 0.74 | 0.81 | 0.71 | 0.71 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.02 | ) | (0.59 | ) | 0.11 | (2.84 | ) | 1.80 | (0.88 | ) | 0.46 | |||||||||||||||||||||
Net increase (decrease) from investment operations |
0.20 | (0.07 | ) | 0.27 | (2.10 | ) | 2.61 | (0.17 | ) | 1.17 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.27 | ) (c) |
(0.50 | ) | (0.20 | ) | (0.82 | ) | (0.79 | ) | (0.69 | ) | (0.68 | ) | ||||||||||||||||||
From net realized gain |
— | — | — | — | — | — | (0.00 | ) (d) | ||||||||||||||||||||||||
Return of capital |
— | (0.08 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.27 | ) | (0.58 | ) | (0.20 | ) | (0.82 | ) | (0.79 | ) | (0.69 | ) | (0.68 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 13.14 | $ | 13.21 | $ | 13.86 | $ | 13.79 | $ | 16.71 | $ | 14.89 | $ | 15.75 | ||||||||||||||||||
Market price, end of period |
$ | 11.71 | $ | 11.75 | $ | 14.61 | $ | 15.14 | $ | 19.20 | $ | 14.75 | $ | 14.31 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||||||
Based on net asset value |
1.93 | % (f) |
(0.06 | )% | 1.98 | % (f) |
(13.23 | )% | 17.68 | % | (1.16 | )% | 8.45 | % | ||||||||||||||||||
Based on market price |
2.12 | % (f) |
(15.67 | )% | (2.09 | )% (f) |
(17.09 | )% | 36.51 | % | 7.77 | % | 10.81 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (g) |
||||||||||||||||||||||||||||||||
Total expenses |
3.62 | % (h)(i)(j) |
3.40 | % | 2.33 | % (h)(k) |
1.52 | % | 1.53 | % | 2.31 | % | 2.53 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.62 | % (h)(i)(j) |
3.40 | % | 2.32 | % (h)(k) |
1.52 | % | 1.53 | % | 2.31 | % | 2.53 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (l) |
0.92 | % (h)(i)(j) |
0.93 | % | 0.99 | % (h)(k) |
0.92 | % | 0.93 | % | 0.93 | % | 0.94 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.47 | % (h) |
3.96 | % | 4.80 | % (h) |
4.56 | % | 4.93 | % | 4.39 | % | 4.64 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 226,067 | $ | 230,377 | $ | 243,842 | $ | 237,646 | $ | 287,404 | $ | 255,884 | $ | 270,707 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 67,800 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 320,138 | (m) |
$ | 273,583 | (m) |
$ | 243,263 | (m) |
$ | 288,757 | (n) |
$ | 328,280 | (n) |
$ | 303,244 | (n) |
$ | 315,017 | (n) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 34,893 | $ | 6,819 | $ | 44,306 | $ | 47,151 | $ | 54,214 | $ | 56,112 | $ | 51,999 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (o) |
$ | 9,422 | $ | 53,248 | $ | 9,345 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
30 | % | 31 | % | 9 | % | 17 | % | 10 | % | 16 | % | 29 | % | ||||||||||||||||||
(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 greater 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) |
Reorganization 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 3.65%, 3.64% and 0.94%, respectively. |
(j) |
Includes unannualized 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 3.59%, 3.59% and 0.89%, respectively. |
(k) |
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 2.38%, 2.37% and 1.04%, respectively. |
(l) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(m) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(n) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
82 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(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 VMTP 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 H I G H L I G H T S |
83 |
BFK | ||||||||||||||||||||||||||||||||
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 |
$ | 11.66 | $ | 12.18 | $ | 12.15 | $ | 14.74 | $ | 12.91 | $ | 14.17 | $ | 13.98 | ||||||||||||||||||
Net investment income (a) |
0.20 | 0.40 | 0.13 | 0.61 | 0.69 | 0.67 | 0.68 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.08 | ) | (0.49 | ) | 0.05 | (2.50 | ) | 1.83 | (1.28 | ) | 0.21 | |||||||||||||||||||||
Net increase (decrease) from investment operations |
0.12 | (0.09 | ) | 0.18 | (1.89 | ) | 2.52 | (0.61 | ) | 0.89 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.22 | ) (c) |
(0.36 | ) | (0.14 | ) | (0.70 | ) | (0.69 | ) | (0.65 | ) | (0.70 | ) | ||||||||||||||||||
Return of capital |
— | (0.07 | ) | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.22 | ) | (0.43 | ) | (0.15 | ) | (0.70 | ) | (0.69 | ) | (0.65 | ) | (0.70 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 11.56 | $ | 11.66 | $ | 12.18 | $ | 12.15 | $ | 14.74 | $ | 12.91 | $ | 14.17 | ||||||||||||||||||
Market price, end of period |
$ | 10.11 | $ | 10.11 | $ | 11.25 | $ | 11.69 | $ | 15.05 | $ | 12.14 | $ | 13.79 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||||||
Based on net asset value |
1.43 | % (e) |
(0.10 | )% | 1.56 | % (e) |
(13.35 | )% | 19.81 | % | (4.51 | )% | 6.98 | % | ||||||||||||||||||
Based on market price |
2.31 | % (e) |
(6.22 | )% | (2.51 | )% (e) |
(18.35 | )% | 30.10 | % | (7.74 | )% | 13.89 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||||||
Total expenses |
3.68 | % (g) |
3.39 | % | 2.32 | % (g)(h) |
1.61 | % | 1.63 | % | 2.30 | % | 2.55 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.67 | % (g) |
3.39 | % | 2.32 | % (g)(h) |
1.61 | % | 1.63 | % | 2.30 | % | 2.55 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |
1.00 | % (g) |
1.03 | % | 1.06 | % (g)(h) |
1.03 | % | 1.05 | % | 1.02 | % | 1.04 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.56 | % (g) |
3.53 | % | 4.35 | % (g) |
4.26 | % | 4.84 | % | 4.68 | % | 4.87 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 507,098 | $ | 518,279 | $ | 548,691 | $ | 547,214 | $ | 662,092 | $ | 578,807 | $ | 635,076 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 154,100 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 294,447 | (j) |
$ | 291,388 | (j) |
$ | 247,905 | (j) |
$ | 302,073 | (k) |
$ | 344,495 | (k) |
$ | 313,740 | (k) |
$ | 334,518 | (k) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 106,690 | $ | — | $ | 100,175 | $ | 120,204 | $ | 139,150 | $ | 135,464 | $ | 119,624 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |
$ | 7,197 | N/A | $ | 9,181 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate |
80 | % | 62 | % | 4 | % | 15 | % | 13 | % | 17 | % | 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 2.35%, 2.35% and 1.08%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BLE | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.09 | $ | 12.60 | $ | 15.18 | $ | 14.79 | $ | 15.16 | $ | 14.55 | $ | 15.17 | ||||||||||||||||||
Net investment income (a) |
0.20 | 0.44 | 0.57 | 0.69 | 0.73 | 0.71 | 0.76 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.15 | (0.48 | ) | (2.52 | ) | 0.44 | (0.40 | ) | 0.60 | (0.60 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations |
0.35 | (0.04 | ) | (1.95 | ) | 1.13 | 0.33 | 1.31 | 0.16 | |||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.24 | ) (c) |
(0.39 | ) | (0.63 | ) | (0.74 | ) | (0.70 | ) | (0.70 | ) | (0.78 | ) | ||||||||||||||||||
Return of capital |
— | (0.08 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.24 | ) | (0.47 | ) | (0.63 | ) | (0.74 | ) | (0.70 | ) | (0.70 | ) | (0.78 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 12.20 | $ | 12.09 | $ | 12.60 | $ | 15.18 | $ | 14.79 | $ | 15.16 | $ | 14.55 | ||||||||||||||||||
Market price, end of period |
$ | 10.66 | $ | 10.45 | $ | 11.77 | $ | 16.10 | $ | 14.83 | $ | 15.48 | $ | 13.77 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||||||
Based on net asset value |
3.32 | % (e) |
0.39 | % | (12.94 | )% (e) |
7.82 | % | 2.37 | % | 9.52 | % | 1.35 | % | ||||||||||||||||||
Based on market price |
4.45 | % (e) |
(7.11 | )% | (23.32 | )% (e) |
14.05 | % | 0.52 | % | 18.17 | % | (5.82 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||||||
Total expenses |
3.51 | % (g) |
3.43 | % | 1.74 | % (g) |
1.60 | % (h) |
2.03 | % (i) |
2.55 | % | 2.32 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.51 | % (g) |
3.43 | % | 1.74 | % (g) |
1.57 | % (h) |
2.00 | % (i) |
2.55 | % | 2.31 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (j) |
0.90 | % (g) |
0.96 | % | 0.94 | % (g) |
1.00 | % (h) |
0.99 | % (i) |
0.98 | % | 0.98 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.49 | % (g) |
3.74 | % | 4.50 | % (g) |
4.54 | % | 4.96 | % | 4.86 | % | 5.12 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 582,506 | $ | 583,607 | $ | 615,642 | $ | 738,513 | $ | 348,328 | $ | 356,649 | $ | 342,437 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 174,100 | $ | 302,700 | $ | 302,700 | $ | 302,700 | $ | 151,300 | $ | 151,300 | $ | 151,300 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 331,973 | (k) |
$ | 273,428 | (k) |
$ | 247,830 | (k) |
$ | 343,975 | (l) |
$ | 330,223 | (l) |
$ | 335,723 | (l) |
$ | 326,330 | (l) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 77,009 | $ | 33,812 | $ | 113,752 | $ | 155,988 | $ | 73,763 | $ | 59,519 | $ | 67,497 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) . |
$ | 10,825 | $ | 27,213 | $ | 9,073 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
22 | % | 37 | % | 27 | % | 15 | % | 19 | % | 18 | % | 7 | % | ||||||||||||||||||
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 1.56%, 1.56% and 0.99%, respectively. |
(i) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 2.00%, 2.00% and 0.98%, respectively. |
(j) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP 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 VMTP 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 H I G H L I G H T S |
85 |
MHD | ||||||||||||||||||||||||||||||||
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 |
$ | 13.62 | $ | 14.35 | $ | 14.27 | $ | 17.30 | $ | 15.18 | $ | 16.56 | $ | 16.41 | ||||||||||||||||||
Net investment income (a) |
0.23 | 0.48 | 0.16 | 0.72 | 0.78 | 0.74 | 0.81 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.07 | (0.69 | ) | 0.10 | (3.02 | ) | 2.07 | (1.36 | ) | 0.22 | ||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.30 | (0.21 | ) | 0.26 | (2.30 | ) | 2.85 | (0.62 | ) | 1.03 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.25 | ) (c) |
(0.50 | ) | (0.18 | ) | (0.73 | ) | (0.73 | ) | (0.76 | ) | (0.83 | ) | ||||||||||||||||||
From net realized gain |
— | — | — | (0.00 | ) (d) |
— | — | (0.05 | ) | |||||||||||||||||||||||
Return of capital |
— | (0.02 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.25 | ) | (0.52 | ) | (0.18 | ) | (0.73 | ) | (0.73 | ) | (0.76 | ) | (0.88 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 13.67 | $ | 13.62 | $ | 14.35 | $ | 14.27 | $ | 17.30 | $ | 15.18 | $ | 16.56 | ||||||||||||||||||
Market price, end of period |
$ | 11.91 | $ | 11.84 | $ | 13.32 | $ | 12.87 | $ | 16.33 | $ | 13.91 | $ | 15.92 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||||||
Based on net asset value |
2.58 | % (f)(g) |
(0.82 | )% | 1.93 | % (g) |
(13.64 | )% | 19.31 | % | (4.02 | )% | 6.84 | % | ||||||||||||||||||
Based on market price |
2.81 | % (g) |
(7.12 | )% | 4.91 | % (g) |
(17.48 | )% | 22.90 | % | (8.52 | )% | 12.51 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (h) |
||||||||||||||||||||||||||||||||
Total expenses |
3.34 | % (i) |
3.25 | % | 2.19 | % (i) |
1.52 | % | 1.56 | % (j) |
2.16 | % | 2.47 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.34 | % (i) |
3.24 | % | 2.18 | % (i) |
1.50 | % | 1.51 | % (j) |
2.15 | % | 2.47 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (k) |
0.88 | % (i) |
0.94 | % | 0.96 | % (i) |
0.93 | % | 0.98 | % (j) |
0.97 | % | 1.00 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.47 | % (i) |
3.55 | % | 4.44 | % (i) |
4.30 | % | 4.59 | % | 4.40 | % | 4.98 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 712,942 | $ | 719,018 | $ | 765,773 | $ | 761,147 | $ | 923,079 | $ | 215,764 | $ | 235,029 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 214,000 | $ | 347,800 | $ | 347,800 | $ | 347,800 | $ | 347,800 | $ | 83,700 | $ | 83,700 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 324,756 | (l) |
$ | 291,952 | (l) |
$ | 249,559 | (l) |
$ | 318,846 | (m) |
$ | 365,405 | (m) |
$ | 357,782 | (m) |
$ | 380,799 | (m) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 103,207 | $ | 26,783 | $ | 164,222 | $ | 176,042 | $ | 213,104 | $ | 53,130 | $ | 52,674 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (n) |
$ | 9,981 | $ | 40,832 | $ | 7,781 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
38 | % | 38 | % | 4 | % | 15 | % | 13 | % | 21 | % | 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) |
Amount is greater 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) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(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 1.49%, 1.47% and 0.95%, respectively. |
(k) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(m) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(n) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MVF | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/24 (unaudited) |
Year Ended 07/31/23 |
Period from 09/01/21 to 07/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.90 | $ | 8.37 | $ | 10.08 | $ | 9.60 | $ | 9.83 | $ | 9.35 | $ | 9.75 | ||||||||||||||||||
Net investment income (a) |
0.13 | 0.26 | 0.35 | 0.41 | 0.43 | 0.44 | 0.51 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.15 | (0.44 | ) | (1.69 | ) | 0.47 | (0.25 | ) | 0.50 | (0.39 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations |
0.28 | (0.18 | ) | (1.34 | ) | 0.88 | 0.18 | 0.94 | 0.12 | |||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.14 | ) (c) |
(0.26 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.46 | ) | (0.52 | ) | ||||||||||||||||||
Return of capital |
— | (0.03 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.14 | ) | (0.29 | ) | (0.37 | ) | (0.40 | ) | (0.41 | ) | (0.46 | ) | (0.52 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 8.04 | $ | 7.90 | $ | 8.37 | $ | 10.08 | $ | 9.60 | $ | 9.83 | $ | 9.35 | ||||||||||||||||||
Market price, end of period |
$ | 6.97 | $ | 6.83 | $ | 7.81 | $ | 9.80 | $ | 8.77 | $ | 9.49 | $ | 8.81 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||||||
Based on net asset value |
3.98 | % (e) |
(1.57 | )% | (13.30 | )% (e) |
9.62 | % | 2.30 | % | 10.76 | % | 1.52 | % | ||||||||||||||||||
Based on market price |
4.26 | % (e) |
(8.80 | )% | (16.79 | )% (e) |
16.66 | % | (3.19 | )% | 13.47 | % | (5.22 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||||||
Total expenses |
3.26 | % (g) |
3.07 | % | 1.58 | % (g) |
1.34 | % | 1.77 | % | 2.29 | % | 2.16 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.25 | % (g) |
3.06 | % | 1.58 | % (g) |
1.34 | % | 1.77 | % | 2.29 | % | 2.16 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h) |
0.82 | % (g) |
0.85 | % | 0.86 | % (g) |
0.84 | % | 0.85 | % | 0.87 | % | 0.89 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.48 | % (g) |
3.37 | % | 4.18 | % (g) |
4.17 | % | 4.48 | % | 4.74 | % | 5.35 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 509,818 | $ | 505,761 | $ | 542,470 | $ | 653,755 | $ | 622,750 | $ | 637,636 | $ | 605,972 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 153,600 | $ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | $ | 243,800 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 320,726 | (i) |
$ | 287,855 | (i) |
$ | 260,636 | (i) |
$ | 368,152 | (j) |
$ | 355,435 | (j) |
$ | 361,541 | (j) |
$ | 348,553 | (j) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 77,373 | $ | 25,430 | $ | 93,902 | $ | 106,029 | $ | 97,266 | $ | 100,463 | $ | 112,817 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (k) |
$ | 9,574 | $ | 30,475 | $ | 9,373 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
29 | % | 37 | % | 26 | % | 13 | % | 18 | % | 31 | % | 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) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(j) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 H I G H L I G H T S |
87 |
MVT | ||||||||||||||||||||||||||||||||
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 |
$ | 12.36 | $ | 12.91 | $ | 12.91 | $ | 15.60 | $ | 13.60 | $ | 14.87 | $ | 14.75 | ||||||||||||||||||
Net investment income (a) |
0.20 | 0.42 | 0.13 | 0.65 | 0.72 | 0.68 | 0.74 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.14 | (0.52 | ) | 0.03 | (2.64 | ) | 1.97 | (1.27 | ) | 0.20 | ||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.34 | (0.10 | ) | 0.16 | (1.99 | ) | 2.69 | (0.59 | ) | 0.94 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.23 | ) (c) |
(0.38 | ) | (0.16 | ) | (0.70 | ) | (0.69 | ) | (0.68 | ) | (0.76 | ) | ||||||||||||||||||
From net realized gain |
— | — | — | — | — | — | (0.06 | ) | ||||||||||||||||||||||||
Return of capital |
— | (0.07 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.23 | ) | (0.45 | ) | (0.16 | ) | (0.70 | ) | (0.69 | ) | (0.68 | ) | (0.82 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 12.47 | $ | 12.36 | $ | 12.91 | $ | 12.91 | $ | 15.60 | $ | 13.60 | $ | 14.87 | ||||||||||||||||||
Market price, end of period |
$ | 10.73 | $ | 10.66 | $ | 12.04 | $ | 11.89 | $ | 15.15 | $ | 12.55 | $ | 14.29 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||||||
Based on net asset value |
3.14 | % (e) |
(0.14 | )% | 1.31 | % (e) |
(13.19 | )% | 20.22 | % | (4.21 | )% | 6.83 | % | ||||||||||||||||||
Based on market price |
2.90 | % (e) |
(7.65 | )% | 2.58 | % (e) |
(17.67 | )% | 26.52 | % | (8.02 | )% | 7.78 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||||||
Total expenses |
3.39 | % (g) |
3.41 | % | 2.26 | % (g)(h) |
1.49 | % | 1.47 | % | 2.14 | % | 2.45 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.39 | % (g) |
3.40 | % | 2.26 | % (g)(h) |
1.49 | % | 1.47 | % | 2.13 | % | 2.45 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |
0.86 | % (g) |
0.92 | % | 0.96 | % (g)(h) |
0.90 | % | 0.90 | % | 0.89 | % | 0.91 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.41 | % (g) |
3.45 | % | 4.24 | % (g) |
4.28 | % | 4.75 | % | 4.51 | % | 5.09 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 260,232 | $ | 260,771 | $ | 275,901 | $ | 275,829 | $ | 332,905 | $ | 290,223 | $ | 317,175 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 77,700 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 338,039 | (j) |
$ | 280,704 | (j) |
$ | 243,146 | (j) |
$ | 297,021 | (k) |
$ | 337,789 | (k) |
$ | 307,302 | (k) |
$ | 326,553 | (k) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 31,623 | $ | 4,308 | $ | 52,740 | $ | 60,726 | $ | 57,997 | $ | 56,198 | $ | 47,982 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |
$ | 11,686 | $ | 94,029 | $ | 8,886 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
28 | % | 51 | % | 4 | % | 14 | % | 13 | % | 18 | % | 25 | % | ||||||||||||||||||
(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 2.31%, 2.31% and 1.01%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 |
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MQT | ||||||||||||||||||||||||||||||||
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 |
$ | 11.71 | $ | 12.30 | $ | 12.17 | $ | 14.58 | $ | 13.02 | $ | 13.77 | $ | 13.37 | ||||||||||||||||||
Net investment income (a) |
0.20 | 0.45 | 0.14 | 0.62 | 0.65 | 0.57 | 0.60 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.08 | (0.56 | ) | 0.15 | (2.38 | ) | 1.53 | (0.78 | ) | 0.39 | ||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.28 | (0.11 | ) | 0.29 | (1.76 | ) | 2.18 | (0.21 | ) | 0.99 | ||||||||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.24 | ) (c) |
(0.45 | ) | (0.16 | ) | (0.65 | ) | (0.62 | ) | (0.54 | ) | (0.59 | ) | ||||||||||||||||||
Return of capital |
— | (0.03 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders |
(0.24 | ) | (0.48 | ) | (0.16 | ) | (0.65 | ) | (0.62 | ) | (0.54 | ) | (0.59 | ) | ||||||||||||||||||
Net asset value, end of period |
$ | 11.75 | $ | 11.71 | $ | 12.30 | $ | 12.17 | $ | 14.58 | $ | 13.02 | $ | 13.77 | ||||||||||||||||||
Market price, end of period |
$ | 10.28 | $ | 10.17 | $ | 11.94 | $ | 11.08 | $ | 13.92 | $ | 11.99 | $ | 12.26 | ||||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||||||
Based on net asset value |
2.79 | % (e) |
(0.25 | )% | 2.45 | % (e) |
(12.49 | )% | 17.24 | % | (1.41 | )% | 8.21 | % | ||||||||||||||||||
Based on market price |
3.55 | % (e) |
(10.76 | )% | 9.24 | % (e) |
(16.55 | )% | 21.55 | % | 1.97 | % | 7.52 | % | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||||||
Total expenses |
3.43 | % (g) |
3.14 | % | 2.21 | % (g)(h) |
1.46 | % | 1.47 | % | 2.29 | % | 2.59 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.43 | % (g) |
3.14 | % | 2.20 | % (g)(h) |
1.46 | % | 1.47 | % | 2.29 | % | 2.58 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |
0.87 | % (g) |
0.90 | % | 0.97 | % (g)(h) |
0.90 | % | 0.91 | % | 0.92 | % | 0.95 | % | ||||||||||||||||||
Net investment income to Common Shareholders |
3.61 | % (g) |
3.91 | % | 4.66 | % (g) |
4.38 | % | 4.57 | % | 4.04 | % | 4.47 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 260,346 | $ | 262,314 | $ | 277,927 | $ | 275,030 | $ | 328,873 | $ | 293,673 | $ | 310,611 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 78,600 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | 305,289 | (j) |
$ | 291,013 | (j) |
$ | 247,340 | (j) |
$ | 336,077 | (k) |
$ | 382,294 | (k) |
$ | 352,080 | (k) |
$ | 366,619 | (k) | |||||||||||
TOB Trust Certificates, end of period (000) |
$ | 48,219 | $ | 20,828 | $ | 72,129 | $ | 76,171 | $ | 80,614 | $ | 82,178 | $ | 90,517 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |
$ | 8,029 | $ | 19,188 | $ | 6,468 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
Portfolio turnover rate |
30 | % | 41 | % | 8 | % | 16 | % | 8 | % | 19 | % | 22 | % | ||||||||||||||||||
(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 2.25%, 2.25% and 1.01%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 VMTP Shares, and by multiplying the results by 100,000. |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP 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 H I G H L I G H T S |
89 |
1. |
ORGANIZATION |
Fund Name |
Herein Referred To As |
Organized |
Diversification Classification | |||
BlackRock Investment Quality Municipal Trust, Inc. |
BKN | Maryland | Diversified | |||
BlackRock Municipal Income Trust |
BFK | Delaware | Diversified | |||
BlackRock Municipal Income Trust II |
BLE | Delaware | Diversified | |||
BlackRock MuniHoldings Fund, Inc. |
MHD | Maryland | Diversified | |||
BlackRock MuniVest Fund, Inc. |
MVF | Maryland | Diversified | |||
BlackRock MuniVest Fund II, Inc. |
MVT | Maryland | Diversified | |||
BlackRock MuniYield Quality Fund II, Inc. |
MQT | Maryland | Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
90 |
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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. |
• | 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). |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
91 |
4. |
SECURITIES AND OTHER INVESTMENTS |
Fund Name |
Interest Expense |
Liquidity Fees |
Other Expenses |
Total |
||||||||||||
BKN |
$ | 310,564 | $ | 35,326 | $ | 13,715 | $ | 359,605 | ||||||||
BFK |
841,518 | 98,045 | 36,240 | 975,803 | ||||||||||||
BLE |
838,829 | 90,974 | 40,857 | 970,660 | ||||||||||||
MHD |
894,494 | 101,880 | 45,732 | 1,042,106 | ||||||||||||
MVF |
660,207 | 75,269 | 27,412 | 762,888 | ||||||||||||
MVT |
224,570 | 25,992 | 10,396 | 260,958 | ||||||||||||
MQT |
583,668 | 68,059 | 24,704 | 676,431 |
92 |
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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 |
|||||||||||||||
BKN |
$ | 74,429,765 | $ | 34,892,828 | 4.55% —4.85 | % | $ | 18,687,721 | 3.83 | % | ||||||||||
BFK |
228,718,009 | 106,689,984 | 4.55 —4.65 | 53,025,264 | 3.66 | |||||||||||||||
BLE |
147,188,685 | 77,008,589 | 4.57 —4.85 | 48,985,166 | 3.94 | |||||||||||||||
MHD |
223,753,067 | 103,207,179 | 4.55 —4.85 | 54,685,279 | 3.79 | |||||||||||||||
MVF |
132,402,703 | 77,373,088 | 4.55 —4.61 | 39,592,185 | 3.83 | |||||||||||||||
MVT |
63,275,366 | 31,622,503 | 4.57 —4.85 | 14,087,198 | 3.68 | |||||||||||||||
MQT |
99,106,969 | 48,218,616 | 4.57 —4.85 | 33,754,187 | 3.99 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
(b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024. |
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
BKN |
BFK |
BLE |
||||||||||
Investment advisory fees |
0.35 | % | 0.60 | % | 0.55 | % |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
93 |
MHD |
MVF |
MVT |
MQT |
|||||||||||||
Investment advisory fees |
0.55 | % | 0.50 | % | 0.50 | % | 0.50 | % |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
|||
BKN |
$ | 4,736 | ||
BFK |
9,492 | |||
BLE |
15,707 | |||
MHD |
15,830 | |||
MVF |
20,889 | |||
MVT |
7,771 | |||
MQT |
6,119 |
7. |
PURCHASES AND SALES |
Fund Name |
Purchases |
Sales |
||||||
BKN |
$ | 98,925,541 | $ | 136,473,649 | ||||
BFK |
596,249,123 | 626,644,616 | ||||||
BLE |
177,529,211 | 257,340,796 | ||||||
MHD |
373,264,010 | 425,666,938 | ||||||
MVF |
242,216,953 | 200,745,417 | ||||||
MVT |
101,472,545 | 138,391,324 | ||||||
MQT |
112,776,419 | 127,539,120 |
94 |
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8. |
INCOME TAX INFORMATION |
Fund Name |
Non-Expiring Capital Loss Carryforwards |
|||
BKN |
$ | (19,151,936 | ) | |
BFK |
(72,136,539 | ) | ||
BLE |
(73,139,451 | ) | ||
MHD |
(80,338,658 | ) | ||
MVF |
(55,735,208 | ) | ||
MVT |
(28,282,519 | ) | ||
MQT |
(22,803,903 | ) | ||
Fund Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BKN |
$ | 277,958,130 | $ | 19,701,257 | $ | (4,349,198 | ) | $ | 15,352,059 | |||||||
BFK |
620,386,020 | 33,999,746 | (6,047,269 | ) | 27,952,477 | |||||||||||
BLE |
727,894,787 | 26,965,094 | (9,513,807 | ) | 17,451,287 | |||||||||||
MHD |
887,592,507 | 43,231,581 | (11,953,473 | ) | 31,278,108 | |||||||||||
MVF |
651,119,020 | 18,369,022 | (8,512,694 | ) | 9,856,328 | |||||||||||
MVT |
318,477,627 | 13,947,239 | (2,550,900 | ) | 11,396,339 | |||||||||||
MQT |
317,949,716 | 20,613,725 | (3,863,823 | ) | 16,749,902 |
9. |
PRINCIPAL RISKS |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
95 |
10. |
CAPITAL SHARE TRANSACTIONS |
96 |
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Fund Name |
Six Months Ended 01/31/24 |
Year Ended 07/31/23 | ||||
BKN |
— | 10,958 | ||||
MQT |
— | 13,932 |
BKN | ||||||
Shares |
Amounts | |||||
Six Months Ended January 31, 2024 |
233,302 | $2,461,995 | ||||
Year Ended July 31, 2023 |
180,126 | 2,064,795 |
BFK | ||||||
Shares |
Amounts | |||||
Six Months Ended January 31, 2024 |
592,796 | $5,545,723 | ||||
Year Ended July 31, 2023 |
593,445 | 5,916,445 |
BLE | ||||||
Shares |
Amounts | |||||
Six Months Ended January 31, 2024 |
545,996 | $5,278,307 | ||||
Year Ended July 31, 2023 |
583,612 | 6,114,272 |
MHD | ||||||
Shares |
Amounts | |||||
Six Months Ended January 31, 2024 |
637,511 | $6,897,831 | ||||
Year Ended July 31, 2023 |
577,661 | 6,750,046 |
MVF |
||||||
Shares |
Amounts |
|||||
Six Months Ended January 31, 2024 |
604,049 | $ | 3,869,138 | |||
Year Ended July 31, 2023 |
785,973 | 5,324,949 |
MVT |
||||||
Shares |
Amounts |
|||||
Six Months Ended January 31, 2024 |
244,533 | $ | 2,399,715 | |||
Year Ended July 31, 2023 |
263,847 | 2,806,926 |
MQT | ||||||
Shares |
Amounts | |||||
Six Months Ended January 31, 2024 |
239,935 | $2,265,141 | ||||
Year Ended July 31, 2023 |
223,466 | 2,280,782 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
97 |
Fund Name |
Issue Date (a) |
Shares Issued |
Aggregate Principal |
Term Redemption Date |
Moody’s Rating |
Fitch Rating | ||||||||||||||||
BKN |
12/20/23 | 678 | $ | 67,800,000 | 07/02/25 | Aa1 | AA | |||||||||||||||
BFK |
12/20/23 | 1,541 | 154,100,000 | 07/02/25 | Aa1 | AA | ||||||||||||||||
BLE |
12/20/23 | 1,741 | 174,100,000 | 07/02/25 | Aa1 | AA | ||||||||||||||||
MHD |
12/20/23 | 2,140 | 214,000,000 | 07/02/25 | Aa1 | AA | ||||||||||||||||
MVF |
12/20/23 | 1,536 | 153,600,000 | 07/02/25 | Aa1 | AA | ||||||||||||||||
MVT |
12/20/23 | 777 | 77,700,000 | 07/02/25 | Aa1 | AA | ||||||||||||||||
MQT |
12/20/23 | 786 | 78,600,000 | 07/02/25 | Aa1 | AA |
(a) |
On December 20, 2023, each VMTP Fund issued VMTP Shares and used the proceeds of the issuance to redeem all of their respective outstanding VMTP Shares. The newly-issued VMTP Shares and the redeemed VMTP Shares have substantially similar terms. |
BKN |
BFK |
BLE |
MHD |
MVF |
MVT |
MQT | ||||||||||||||||||||
Dividend rates |
5.18 | % | 5.15 | % | 5.15 | % | 5.12 | % | 5.10 | % | 5.18 | % | 5.08% |
98 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Name |
Shares Redeemed | |
BKN |
581 | |
BFK |
1,167 | |
BLE |
1,286 | |
MHD |
1,338 | |
MVF |
902 | |
MVT |
623 | |
MQT |
379 |
Fund Name |
Dividends Accrued |
Deferred Offering Costs Amortization | ||||
BKN |
$ | 2,595,306 | $ — | |||
BFK |
5,647,136 | — | ||||
BLE |
6,333,233 | — | ||||
MHD |
7,402,955 | — | ||||
MVF |
5,209,995 | — | ||||
MVT |
2,911,546 | — | ||||
MQT |
2,540,572 | — |
11. |
SUBSEQUENT EVENTS |
Fund Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share | ||||||||||
BKN |
11/14/23 | 01/12/24 | 02/01/24 | $ 0.057000 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.057000 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.057000 | |||||||||||
BFK |
11/14/23 | 01/12/24 | 02/01/24 | 0.050000 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.050000 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.050000 | |||||||||||
BLE |
11/14/23 | 01/12/24 | 02/01/24 | 0.052000 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.052000 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.052000 | |||||||||||
MHD |
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 | |||||||||||
MVF |
11/14/23 | 01/12/24 | 02/01/24 | 0.030000 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.030000 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.030000 | |||||||||||
MVT |
11/14/23 | 01/12/24 | 02/01/24 | 0.050500 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.050500 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.050500 | |||||||||||
MQT |
11/14/23 | 01/12/24 | 02/01/24 | 0.049000 | ||||||||||
11/14/23 | 02/15/24 | 03/01/24 | 0.049000 | |||||||||||
03/01/24 | 03/15/24 | 04/01/24 | 0.049000 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
99 |
Preferred Shares (a) | ||||||||||
Fund Name |
Shares |
Series |
Declared | |||||||
BKN |
VMTP | W-7 | $262,197 | |||||||
BFK |
VMTP | W-7 | 595,938 | |||||||
BLE |
VMTP | W-7 | 673,282 | |||||||
MHD |
VMTP | W-7 | 827,584 | |||||||
MVF |
VMTP | W-7 | 594,004 | |||||||
MVT |
VMTP | W-7 | 300,482 | |||||||
MQT |
VMTP | W-7 | 303,963 |
(a) |
Dividends declared for period February 1, 2024 to February 29, 2024. |
100 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
A D D I T I O N A L I N F O R M A T I O N |
101 |
Investment Adviser |
Transfer Agent | |
BlackRock Advisors, LLC | Computershare Trust Company, N.A. | |
Wilmington, DE 19809 | Canton, MA 02021 | |
Accounting Agent and Custodian |
VMTP Redemption and Paying Agent | |
State Street Bank and Trust Company | The Bank of New York Mellon | |
Boston, MA 02114 | New York, NY 10286 |
102 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Independent Registered Public Accounting Firm |
Address of the Funds | |
Deloitte & Touche LLP | 100 Bellevue Parkway | |
Boston, MA 02116 | Wilmington, DE 19809 | |
Legal Counsel |
||
Willkie Farr & Gallagher LLP | ||
New York, NY 10019 |
A D D I T I O N A L I N F O R M A T I O N |
103 |
Portfolio Abbreviation | ||
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
BAM-TCRS | Build America Mutual Assurance Co. - Transferable Custodial Receipts | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
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. | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAN | State Aid Notes | |
SAW | State Aid Withholding | |
ST | Special Tax | |
TA | Tax Allocation | |
UT | Unlimited Tax |
104 |
2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(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 |
151,402 | $9.6458 | 151,402 | 1,507,207 | ||||
September 1-30, 2023 |
132,580 | $9.2688 | 132,580 | 1,374,627 | ||||
October 1-31, 2023 |
149,064 | $8.7428 | 149,064 | 1,225,563 | ||||
November 1-30, 2023 |
159,750 | $9.6670 | 159,750 | 1,065,813 | ||||
December 1-31, 2023 |
0 | $— | 0 | 2,192,742 | ||||
January 1-31, 2024 |
0 | $— | 0 | 2,192,742 | ||||
Total: |
592,796 | 9.3401 | 592,796 | 2,192,742 |
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 Municipal Income Trust
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 22, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 22, 2024
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 22, 2024
4