|
JULY 31, 2022 |
2022 Annual Report |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Returns as of July 31, 2022 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500 ® Index) |
(7.81)% | (4.64)% | ||
U.S. small cap equities (Russell 2000 ® Index) |
(6.42) | (14.29) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(11.27) | (14.32) | ||
Emerging market equities (MSCI Emerging Markets Index) |
(16.24) | (20.09) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
0.21 | 0.22 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(6.38) | (10.00) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(6.14) | (9.12) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
(3.95) | (6.93) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(6.58) | (8.03) | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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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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During the 12 months ended July 31, 2022, municipal bond funds experienced net outflows totaling $65 billion (based on data from the Investment Company Institute). The post-pandemic inflow cycle, which spanned 92-weeks and garnered $149 billion, ended abruptly in early-2022 as performance turned starkly negative. As a result, elevated bid-wanted activity weighed on the market as investors raised cash to meet redemptions. At the same time, the market absorbed $421 billion in issuance, below the $471 billion issued during the prior 12-months. New issue oversubscriptions waned late in the period as sentiment turned less constructive. |
Bloomberg Municipal Bond Index Total Returns as of July 31, 2022 6 months: (3.95)% 12 months: (6.93)% | |||
A Closer Look at Yields |
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|
|
From July 31, 2021 to July 31, 2022, yields on AAA-rated 30-year municipal bonds increased by 150 basis points (“bps”) from 1.39% to 2.89%, while ten-year rates increased by 139 bps from 0.82% to 2.21% and five-year rates increased by 144 bps from 0.36% to 1.80% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 4bps, lagging the 158 bps of flattening experienced in the U.S. Treasury curve.After maintaining historically tight valuations early in the period, the selloff experienced in early-2022 restored value to the asset class. Municipal-to-Treasury 5-year averages in the long-end of the curve, while municipals out yield both the S&P 500 and investment-grade corporates on an after-tax basis. |
4 |
2 0 2 2 B L A C K R O C K 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 |
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 July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Symbol on New York Stock Exchange |
BTA | |
Initial Offering Date |
February 28, 2006 | |
Yield on Closing Market Price as of July 31, 2022 ($12.10) (a) |
5.40% | |
Tax Equivalent Yield (b) |
9.12% | |
Current Monthly Distribution per Common Share (c) |
$0.0545 | |
Current Annualized Distribution per Common Share (c) |
$0.6540 | |
Leverage as of July 31, 2022 (d) |
42% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/22 |
07/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 12.10 | $ | 13.65 | (11.36 | )% | $ | 15.18 | $ | 10.10 | ||||||||||
Net Asset Value |
11.17 | 13.74 | (18.70 | ) | 13.74 | 10.32 |
(a) |
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
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 2 B L A C K R O C K 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 July 31, 2022 (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Fund at NAV (a)(b) |
(14.27 | )% | 2.93 | % | 4.50 | % | ||||||
Fund at Market Price (a)(b) |
(6.52 | ) | 5.22 | 4.90 | ||||||||
Customized Reference Benchmark (c) |
(7.23 | ) | 2.49 | N/A | ||||||||
Bloomberg Municipal Bond Index |
(6.93 | ) | 1.88 | 2.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) |
The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (75%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (25%). The Customized Reference Benchmark commenced on September 30, 2016. |
F U N D S U M M A R Y |
7 |
Fund Summary as of July 31, 2022 (continued) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Sector (a)(b) |
07/31/22 |
|||
County/City/Special District/School District |
17.1 | % | ||
Health |
14.6 | |||
Education |
13.1 | |||
Transportation |
12.8 | |||
Utilities |
10.5 | |||
Corporate |
9.6 | |||
Tobacco |
9.3 | |||
State |
7.8 | |||
Housing |
5.2 |
Credit Rating (a)(d) |
07/31/22 |
|||
AAA/Aaa |
2.8 | % | ||
AA/Aa |
19.6 | |||
A |
23.4 | |||
BBB/Baa |
9.9 | |||
BB/Ba |
11.1 | |||
B |
2.9 | |||
N/R (e) |
30.3 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
5.7 | % | ||
2023 |
8.5 | |||
2024 |
7.1 | |||
2025 |
5.6 | |||
2026 |
8.5 |
(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 July 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.2% of the Fund’s total investments. |
8 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) |
Symbol on New York Stock Exchange |
MUA | |
Initial Offering Date |
June 25, 1993 | |
Yield on Closing Market Price as of July 31, 2022 ($12.55) (a) |
4.35% | |
Tax Equivalent Yield (b) |
7.35% | |
Current Monthly Distribution per Common Share (c) |
$0.0455 | |
Current Annualized Distribution per Common Share (c) |
$0.5460 | |
Leverage as of July 31, 2022 (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. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/22 |
07/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 12.55 | $ | 16.20 | (22.53 | )% | $ | 16.77 | $ | 10.83 | ||||||||||
Net Asset Value |
12.53 | 15.23 | (17.73 | ) | 15.23 | 11.65 |
(a) |
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. |
F U N D S U M M A R Y |
9 |
Fund Summary as of July 31, 2022 (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Fund at NAV (a)(b) |
(13.43 | )% | 2.24 | % | 4.11 | % | ||||||
Fund at Market Price (a)(b) |
(18.49 | ) | 0.84 | 4.22 | ||||||||
High Yield Customized Reference Benchmark (c) |
(7.98 | ) | 3.52 | N/A | ||||||||
Bloomberg Municipal High Yield Bond Index |
(8.16 | ) | 4.26 | 4.57 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) |
The Fund’s premium to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The High Yield Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Rated Baa Index (20%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (60%) and the Bloomberg Municipal Investment Grade ex BBB Index (20%). The High Yield Customized Reference Benchmark commenced on September 30, 2016. |
10 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 (continued) |
BlackRock MuniAssets Fund, Inc. (MUA) |
Sector (a)(b) |
07/31/22 |
|||
Education |
15.4 | % | ||
County/City/Special District/School District |
13.9 | |||
State |
13.0 | |||
Transportation |
12.7 | |||
Health |
10.4 | |||
Corporate |
9.3 | |||
Tobacco |
8.7 | |||
Housing |
8.6 | |||
Utilities |
8.0 |
Credit Rating (a)(d) |
07/31/22 |
|||
AAA/Aaa |
0.7 | % | ||
AA/Aa |
14.1 | |||
A |
13.9 | |||
BBB/Baa |
7.9 | |||
BB/Ba |
11.7 | |||
B |
3.3 | |||
CCC/Caa |
0.2 | |||
N/R (e) |
48.2 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
8.3 | % | ||
2023 |
10.3 | |||
2024 |
5.8 | |||
2025 |
4.7 | |||
2026 |
7.1 |
(a) |
Excludes short-term securities. |
(b) |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.3% of the Fund’s total investments. |
F U N D S U M M A R Y |
11 |
Fund Summary as of July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) |
Symbol on New York Stock Exchange |
MUI | |
Initial Offering Date |
August 1, 2003 | |
Yield on Closing Market Price as of July 31, 2022 ($12.44) (a) |
5.21% | |
Tax Equivalent Yield (b) |
8.80% | |
Current Monthly Distribution per Common Share (c) |
$0.0540 | |
Current Annualized Distribution per Common Share (c) |
$0.6480 | |
Leverage as of July 31, 2022 (d) |
42% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/22 |
07/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 12.44 | $ | 16.01 | (22.30 | )% | $ | 16.03 | $ | 11.49 | ||||||||||
Net Asset Value |
13.64 | 16.25 | (16.06 | ) | 16.27 | 12.72 |
(a) |
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
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 2 B L A C K R O C K 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 July 31, 2022 (continued) |
BlackRock Municipal Income Fund, Inc. (MUI) |
Average Annual Total Returns | ||||||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||||||
Fund at NAV (a)(b) |
(12.08 | )% | 1.80 | % | 3.20 | % | ||||||||||
Fund at Market Price (a)(b) |
(18.62 | ) | 1.65 | 1.95 | ||||||||||||
National Customized Reference Benchmark (c) |
(7.05 | ) | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index |
(6.93 | ) | 1.88 | 2.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
F U N D S U M M A R Y |
13 |
Fund Summary as of July 31, 2022 (continued) |
BlackRock Municipal Income Fund, Inc. (MUI) |
Sector (a)(b) |
07/31/22 |
|||
Transportation |
31.5 | % | ||
State |
17.2 | |||
Health |
13.9 | |||
County/City/Special District/School District |
10.7 | |||
Utilities |
8.6 | |||
Education |
7.1 | |||
Corporate |
5.1 | |||
Tobacco |
3.4 | |||
Housing |
2.5 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
1.3 | % | ||
2023 |
11.0 | |||
2024 |
5.3 | |||
2025 |
5.7 | |||
2026 |
12.2 |
Credit Rating (a)(d) |
07/31/22 |
|||
AAA/Aaa |
7.2 | % | ||
AA/Aa |
40.9 | |||
A |
32.9 | |||
BBB/Baa |
7.1 | |||
BB/Ba |
3.9 | |||
B |
0.1 | |||
N/R (e) |
7.9 |
(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 July 31, 2022, 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. |
14 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) |
Symbol on New York Stock Exchange |
MYD | |
Initial Offering Date |
November 29, 1991 | |
Yield on Closing Market Price as of July 31, 2022 ($11.72) (a) |
5.27% | |
Tax Equivalent Yield (b) |
8.90% | |
Current Monthly Distribution per Common Share (c) |
$0.0515 | |
Current Annualized Distribution per Common Share (c) |
$0.6180 | |
Leverage as of July 31, 2022 (d) |
38% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/22 |
07/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 11.72 | $ | 15.41 | (23.95 | )% | $ | 15.48 | $ | 10.55 | ||||||||||
Net Asset Value |
12.73 | 15.61 | (18.45 | ) | 15.62 | 11.83 |
(a) |
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
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. |
F U N D S U M M A R Y |
15 |
Fund Summary as of July 31, 2022 (continued) |
BlackRock MuniYield Fund, Inc. (MYD) |
Average Annual Total Returns | ||||||||||||||||
|
|
|||||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||||||
Fund at NAV (a)(b) |
(14.41 | )% | 1.85 | % | 3.59 | % | ||||||||||
Fund at Market Price (a)(b) |
(20.18 | ) | (0.78 | ) | 2.16 | |||||||||||
National Customized Reference Benchmark (c) |
(7.05 | ) | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index |
(6.93 | ) | 1.88 | 2.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
16 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 (continued) |
BlackRock MuniYield Fund, Inc. (MYD) |
Sector (a)(b) |
07/31/22 |
|||
Transportation |
21.9 | % | ||
Health |
16.7 | |||
State |
15.0 | |||
County/City/Special District/School District |
9.6 | |||
Utilities |
8.9 | |||
Housing |
7.4 | |||
Education |
7.1 | |||
Corporate |
6.8 | |||
Tobacco |
6.6 |
Credit Rating (a)(d) |
07/31/22 |
|||
AAA/Aaa |
5.5 | % | ||
AA/Aa |
40.1 | |||
A |
29.7 | |||
BBB/Baa |
8.1 | |||
BB/Ba |
5.4 | |||
B |
1.7 | |||
N/R (e) |
9.5 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
6.9 | % | ||
2023 |
6.7 | |||
2024 |
7.4 | |||
2025 |
8.3 | |||
2026 |
3.3 |
(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 July 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.4% of the Fund’s total investments. |
F U N D S U M M A R Y |
17 |
Fund Summary as of July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
Symbol on New York Stock Exchange |
MQY | |
Initial Offering Date |
June 26, 1992 | |
Yield on Closing Market Price as of July 31, 2022 ($13.12) (a) |
5.12% | |
Tax Equivalent Yield (b) |
8.65% | |
Current Monthly Distribution per Common Share (c) |
$0.0560 | |
Current Annualized Distribution per Common Share (c) |
$0.6720 | |
Leverage as of July 31, 2022 (d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) |
The distribution rate is not constant and is subject to change. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
07/31/22 |
07/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 13.12 | $ | 16.60 | (20.96 | )% | $ | 16.99 | $ | 11.75 | ||||||||||
Net Asset Value |
13.89 | 16.81 | (17.37 | ) | 16.82 | 12.98 |
(a) |
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
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 2 B L A C K R O C K 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 July 31, 2022 (continued) |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
Average Annual Total Returns | ||||||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||||||
Fund at NAV (a)(b) |
(13.07 | )% | 2.28 | % | 3.69 | % | ||||||||||
Fund at Market Price (a)(b) |
(16.86 | ) | 0.96 | 2.71 | ||||||||||||
National Customized Reference Benchmark (c) |
(7.05 | ) | 2.13 | N/A | ||||||||||||
Bloomberg Municipal Bond Index |
(6.93 | ) | 1.88 | 2.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
F U N D S U M M A R Y |
19 |
Fund Summary as of July 31, 2022 (continued) |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
Sector (a)(b) |
07/31/22 |
|||
Transportation |
25.8 | % | ||
County/City/Special District/School District |
16.6 | |||
Health |
13.9 | |||
State |
13.1 | |||
Housing |
8.2 | |||
Utilities |
7.8 | |||
Education |
7.2 | |||
Corporate |
4.1 | |||
Tobacco |
3.3 |
Credit Rating (a)(d) |
07/31/22 |
|||
AAA/Aaa |
4.5 | % | ||
AA/Aa |
40.8 | |||
A |
33.5 | |||
BBB/Baa |
7.7 | |||
BB/Ba |
3.3 | |||
B |
0.4 | |||
CCC/Caa |
— | (e) | ||
N/R (f) |
9.8 |
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
5.1 | % | ||
2023 |
8.4 | |||
2024 |
8.9 | |||
2025 |
7.5 | |||
2026 |
8.9 |
(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) |
Rounds to less than 0.1% of total investments. |
(f) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments. |
20 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 3.5% |
||||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42 |
$ | 1,655 | $ | 1,801,045 | ||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50 (a) |
1,040 | 1,183,223 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a) |
1,300 | 1,395,426 | ||||||
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52 (a) |
645 | 652,382 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 4.50%, 05/01/32 (b) |
154 | 142,897 | ||||||
|
|
|||||||
5,174,973 | ||||||||
Arizona — 5.1% |
||||||||
Arizona Industrial Development Authority, Refunding RB (b) |
||||||||
Series A, 5.13%, 07/01/37 |
360 | 367,930 | ||||||
Series A, 5.38%, 07/01/50 |
925 | 943,035 | ||||||
Series A, 5.50%, 07/01/52 |
855 | 874,424 | ||||||
Series G, 5.00%, 07/01/47 |
135 | 136,375 | ||||||
Industrial Development Authority of the City of Phoenix, RB |
||||||||
Series A, 5.00%, 07/01/33 |
870 | 870,280 | ||||||
Series A, 5.00%, 07/01/46 (b) |
1,255 | 1,266,473 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35 (b) |
125 | 126,971 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) |
||||||||
4.00%, 06/15/51 |
540 | 454,826 | ||||||
5.00%, 07/01/56 |
235 | 233,616 | ||||||
4.00%, 06/15/57 |
415 | 341,966 | ||||||
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47 (b) |
835 | 770,029 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |
375 | 382,460 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
725 | 803,819 | ||||||
Tempe Industrial Development Authority, Refunding RB, Series A, 4.00%, 12/01/46 |
140 | 112,857 | ||||||
|
|
|||||||
7,685,061 | ||||||||
Arkansas (b) — 3.0% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 |
925 | 897,695 | ||||||
Series A, AMT, 4.75%, 09/01/49 |
3,570 | 3,579,867 | ||||||
|
|
|||||||
4,477,562 | ||||||||
California — 9.7% |
||||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |
140 | 140,004 | ||||||
California Housing Finance Agency, RB, M/F Housing, Class A, 3.25%, 08/20/36 |
643 | 608,744 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
70 | 71,853 | ||||||
Series A, 5.25%, 08/15/49 |
175 | 179,394 | ||||||
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54 (b) |
850 | 935,978 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |
355 | 365,991 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) |
460 | 344,332 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
4.00%, 12/01/56 |
$ | 1,265 | $ | 1,014,530 | ||||
4.00%, 03/01/57 |
330 | 262,917 | ||||||
Series A, 3.00%, 09/01/56 |
725 | 555,074 | ||||||
Series A2, 3.25%, 07/01/56 |
155 | 114,600 | ||||||
Series B, 4.00%, 07/01/58 |
200 | 151,364 | ||||||
Series B, 4.00%, 12/01/59 |
835 | 606,402 | ||||||
Series A, Class 2, Senior Lien, 4.00%, 12/01/58 |
2,545 | 2,078,748 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 |
285 | 210,612 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66 (c) |
10,530 | 1,337,605 | ||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/35(b)(d) |
830 | 394,613 | ||||||
Indio Finance Authority, Refunding RB, Series A, 4.50%, 11/01/52 (e) |
595 | 612,276 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
935 | 942,572 | ||||||
Riverside County Transportation Commission, Refunding RB |
||||||||
2nd Lien, 4.00%, 06/01/47 |
180 | 174,242 | ||||||
Senior Lien, 3.00%, 06/01/49 |
120 | 98,584 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
355 | 344,235 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31 (b)(c) |
1,265 | 821,626 | ||||||
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38 (c) |
3,725 | 2,066,332 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23 (f) |
165 | 173,768 | ||||||
|
|
|||||||
14,606,396 | ||||||||
Colorado — 3.7% |
||||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47 (b) |
275 | 262,589 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.13%, 11/15/53 |
320 | 321,632 | ||||||
Series A, AMT, 5.50%, 11/15/53 |
340 | 386,646 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
Series A, 5.00%, 05/15/35 |
140 | 135,671 | ||||||
Series A, 5.00%, 05/15/44 |
180 | 164,119 | ||||||
Series A, 5.00%, 05/15/49 |
120 | 106,229 | ||||||
Series A, 5.00%, 05/15/58 |
250 | 213,604 | ||||||
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 |
500 | 469,667 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
1,550 | 1,601,762 | ||||||
Fitzsimons Village Metropolitan District No.3, Refunding GO, Series A-1, 4.00%, 12/01/31 |
500 | 456,773 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
500 | 423,667 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45 (b) |
650 | 639,365 | ||||||
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51 |
500 | 437,188 | ||||||
|
|
|||||||
5,618,912 | ||||||||
Connecticut (b) — 0.9% |
||||||||
Connecticut State Health & Educational Facilities Authority, RB |
||||||||
Series A, 5.00%, 01/01/45 |
160 | 163,899 |
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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Connecticut (continued) |
||||||||
Connecticut State Health & Educational Facilities Authority, RB (continued) |
||||||||
Series A, 5.00%, 01/01/55 |
$ | 210 | $ | 212,798 | ||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30 |
860 | 916,659 | ||||||
|
|
|||||||
1,293,356 | ||||||||
Delaware — 0.3% |
||||||||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(g) |
450 | 450,000 | ||||||
|
|
|||||||
District of Columbia — 1.2% |
||||||||
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/43 (f) |
260 | 270,440 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 |
750 | 751,814 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
870 | 818,352 | ||||||
|
|
|||||||
1,840,606 | ||||||||
Florida — 8.9% |
||||||||
Brevard County Health Facilities Authority, Refunding RB (b) |
||||||||
4.00%, 11/15/23 |
100 | 100,690 | ||||||
4.00%, 11/15/29 |
100 | 99,468 | ||||||
4.00%, 11/15/33 |
625 | 608,266 | ||||||
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |
145 | 146,162 | ||||||
Capital Region Community Development District, Refunding SAB |
||||||||
Series A-1, 5.13%, 05/01/39 |
210 | 215,895 | ||||||
Series A-2, 4.60%, 05/01/31 |
515 | 524,629 | ||||||
Capital Trust Agency, Inc., RB |
||||||||
Series A, 5.75%, 06/01/54 (b) |
450 | 433,940 | ||||||
Series B, 0.00%, 01/01/60 (c) |
3,000 | 236,361 | ||||||
Capital Trust Agency, Inc., RB, CAB (b)(c) |
||||||||
0.00%, 07/01/61 |
25,215 | 1,531,241 | ||||||
Subordinate, 0.00%, 01/01/61 |
5,865 | 415,741 | ||||||
Charlotte County Industrial Development Authority, RB (b) |
||||||||
AMT, 5.00%, 10/01/34 |
120 | 123,450 | ||||||
AMT, 5.00%, 10/01/49 |
560 | 548,353 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |
||||||||
Series A-2, 0.00%, 10/01/46 |
775 | 222,919 | ||||||
Series A-2, 0.00%, 10/01/47 |
745 | 202,428 | ||||||
Series A-2, 0.00%, 10/01/48 |
525 | 134,514 | ||||||
Series A-2, 0.00%, 10/01/49 |
435 | 105,402 | ||||||
Florida Development Finance Corp., RB (b) |
||||||||
5.25%, 06/01/55 |
525 | 483,724 | ||||||
5.00%, 06/15/56 |
550 | 523,502 | ||||||
Series B, 4.50%, 12/15/56 |
705 | 558,617 | ||||||
Series C, 5.75%, 12/15/56 |
250 | 204,869 | ||||||
Florida Development Finance Corp., Refunding RB |
||||||||
5.00%, 06/01/51 |
165 | 145,976 | ||||||
6.50%, 06/30/57 (b) |
250 | 255,390 | ||||||
Lakes of Sarasota Community Development District, SAB |
||||||||
Series A-1, 2.75%, 05/01/26 |
100 | 96,959 | ||||||
Series A-1, 3.90%, 05/01/41 |
285 | 251,326 | ||||||
Series B-1, 3.00%, 05/01/26 |
100 | 96,968 | ||||||
Series B-1, 4.13%, 05/01/41 |
200 | 176,238 | ||||||
Series B-1, 4.30%, 05/01/51 |
100 | 84,791 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
4.25%, 05/01/26 |
100 | 100,167 | ||||||
5.13%, 05/01/46 |
355 | 356,373 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Lakewood Ranch Stewardship District, SAB (continued) |
||||||||
Series 1B, 4.75%, 05/01/29 |
$ | 270 | $ | 279,742 | ||||
Series 1B, 5.30%, 05/01/39 |
310 | 327,789 | ||||||
Series 1B, 5.45%, 05/01/48 |
550 | 578,619 | ||||||
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51 |
130 | 99,696 | ||||||
Palm Beach County Health Facilities Authority, RB |
||||||||
Series A, 5.00%, 11/01/47 |
110 | 114,026 | ||||||
Series A, 5.00%, 11/01/52 |
150 | 155,293 | ||||||
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |
535 | 463,930 | ||||||
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 11/01/24(a)(d) |
310 | 234,361 | ||||||
Tolomato Community Development District, SAB, Series 2015-3, 6.61%,05/01/40 (a)(h)(i) |
340 | 3 | ||||||
Trout Creek Community Development District, SAB |
||||||||
5.00%, 05/01/28 |
160 | 163,164 | ||||||
5.50%, 05/01/49 |
570 | 579,675 | ||||||
Village Community Development District No.14, SA |
||||||||
5.38%, 05/01/42 |
415 | 432,039 | ||||||
5.50%, 05/01/53 |
310 | 322,163 | ||||||
West Villages Improvement District, SAB |
||||||||
4.75%, 05/01/39 |
220 | 218,733 | ||||||
5.00%, 05/01/50 |
450 | 444,658 | ||||||
|
|
|||||||
13,398,250 | ||||||||
Georgia — 5.5% |
||||||||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51 (b) |
355 | 314,230 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
110 | 112,376 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54 (f) |
240 | 262,373 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/49 |
1,770 | 1,926,944 | ||||||
Series B, 5.00%, 12/01/52 (a)(e) |
2,230 | 2,390,228 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
4.00%, 01/01/49 |
865 | 833,688 | ||||||
4.00%, 01/01/59 |
1,640 | 1,561,144 | ||||||
Series A, 5.00%, 07/01/52 |
460 | 486,444 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49 |
320 | 311,043 | ||||||
|
|
|||||||
8,198,470 | ||||||||
Idaho — 0.4% |
||||||||
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51 |
700 | 549,347 | ||||||
|
|
|||||||
Illinois — 7.7% |
||||||||
Chicago Board of Education, GO |
||||||||
Series C, 5.25%, 12/01/35 |
795 | 815,200 | ||||||
Series D, 5.00%, 12/01/46 |
1,035 | 1,052,884 | ||||||
Series H, 5.00%, 12/01/36 |
935 | 971,748 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/25 |
350 | 370,113 | ||||||
Series C, 5.00%, 12/01/27 |
415 | 451,412 | ||||||
Series C, 5.00%, 12/01/34 |
940 | 985,006 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 4.00%, 12/01/49 |
640 | 625,077 | ||||||
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38 |
595 | 656,465 | ||||||
Cook County Community College District No.508, GO, 5.50%, 12/01/38 |
350 | 362,273 |
22 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41 |
$ | 1,500 | $ | 1,598,488 | ||||
Metropolitan Pier & Exposition Authority, RB |
||||||||
Series A, 5.50%, 06/15/53 |
200 | 208,302 | ||||||
Series A, 5.00%, 06/15/57 |
555 | 573,410 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
410 | 386,389 | ||||||
Series B, 5.00%, 06/15/52 |
225 | 230,396 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c) |
500 | 103,972 | ||||||
State of Illinois, GO |
||||||||
5.00%, 05/01/27 |
500 | 521,915 | ||||||
5.00%, 01/01/28 |
1,005 | 1,078,954 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
475 | 486,486 | ||||||
|
|
|||||||
11,478,490 | ||||||||
Indiana — 3.4% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
365 | 387,409 | ||||||
AMT, 7.00%, 01/01/44 |
885 | 936,126 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29 (b) |
810 | 810,539 | ||||||
Indiana Finance Authority, RB |
||||||||
Series A, AMT, 5.00%, 07/01/23 (f) |
160 | 163,972 | ||||||
Series A, AMT, 5.25%, 07/01/23 (f) |
1,190 | 1,223,196 | ||||||
Series A, AMT, 6.75%, 05/01/39 |
515 | 590,665 | ||||||
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40 (b) |
595 | 538,671 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
445 | 450,782 | ||||||
|
|
|||||||
5,101,360 | ||||||||
Iowa — 0.1% |
||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |
195 | 171,582 | ||||||
|
|
|||||||
Kentucky — 0.4% |
||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43 (a)(d) |
565 | 617,464 | ||||||
|
|
|||||||
Louisiana — 1.2% |
||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54 (b) |
445 | 417,297 | ||||||
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62 (b) |
105 | 107,067 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.25%, 05/15/33 |
360 | 366,229 | ||||||
Series A, 5.25%, 05/15/35 |
945 | 969,597 | ||||||
|
|
|||||||
1,860,190 | ||||||||
Maine — 0.2% |
||||||||
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51 (b) |
380 | 333,017 | ||||||
|
|
|||||||
Maryland — 2.0% |
||||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43 (b) |
925 | 998,909 |
Security |
Par (000) |
Value |
||||||
Maryland (continued) |
||||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
$ | 380 | $ | 415,291 | ||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55 (b) |
1,480 | 1,592,277 | ||||||
|
|
|||||||
3,006,477 | ||||||||
Massachusetts — 1.8% |
||||||||
Massachusetts Development Finance Agency, RB |
||||||||
Series A, 6.50%, 11/15/43 (b)(f) |
1,000 | 1,061,468 | ||||||
Series A, 5.00%, 01/01/47 |
860 | 889,736 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
4.00%, 07/01/45 |
100 | 88,632 | ||||||
4.00%, 07/01/50 |
150 | 127,243 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
545 | 546,183 | ||||||
|
|
|||||||
2,713,262 | ||||||||
Michigan — 1.0% |
||||||||
City of Detroit Michigan, GO |
||||||||
5.00%, 04/01/34 |
140 | 147,101 | ||||||
5.00%, 04/01/35 |
140 | 146,779 | ||||||
5.00%, 04/01/36 |
95 | 99,374 | ||||||
5.00%, 04/01/37 |
155 | 161,778 | ||||||
5.00%, 04/01/38 |
70 | 72,889 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56 |
460 | 335,510 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 |
500 | 504,178 | ||||||
|
|
|||||||
1,467,609 | ||||||||
Minnesota — 1.7% |
||||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
1,940 | 1,900,901 | ||||||
Series A, 5.25%, 02/15/58 |
655 | 690,975 | ||||||
|
|
|||||||
2,591,876 | ||||||||
Missouri — 1.7% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43 |
115 | 117,974 | ||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB |
||||||||
Series A, 4.38%, 11/15/35 |
330 | 298,344 | ||||||
Series A, 4.75%, 11/15/47 |
365 | 308,694 | ||||||
Kansas City Industrial Development Authority, ARB |
||||||||
AMT, (AGM), 4.00%, 03/01/57 |
975 | 951,134 | ||||||
Class B, AMT, 5.00%, 03/01/54 |
850 | 888,106 | ||||||
|
|
|||||||
2,564,252 | ||||||||
Nebraska — 0.2% |
||||||||
Central Plains Energy Project, Refunding RB, 5.25%, 09/01/37 |
285 | 285,763 | ||||||
|
|
|||||||
New Hampshire — 1.0% |
||||||||
New Hampshire Business Finance Authority, RB |
||||||||
Series A, 4.13%, 08/15/40 |
260 | 236,500 | ||||||
Series A, 4.25%, 08/15/46 |
290 | 256,222 | ||||||
Series A, 4.50%, 08/15/55 |
600 | 525,636 |
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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New Hampshire (continued) |
||||||||
New Hampshire Business Finance Authority, Refunding RB (a)(b) |
||||||||
Series A, 3.63%, 07/01/43 |
$ | 130 | $ | 113,167 | ||||
Series B, AMT, 3.75%, 07/01/45 |
375 | 327,258 | ||||||
|
|
|||||||
1,458,783 | ||||||||
New Jersey — 11.1% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
475 | 492,369 | ||||||
5.25%, 11/01/44 |
1,160 | 1,193,508 | ||||||
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23 |
750 | 758,152 | ||||||
New Jersey Economic Development Authority, RB, Series EEE, 5.00%, 06/15/43 |
195 | 206,484 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31 (f) |
1,225 | 1,415,050 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
785 | 762,534 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51 |
1,230 | 1,004,770 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Sub-Series C, AMT, 3.63%, 12/01/49 |
645 | 564,565 | ||||||
Series C, AMT, Subordinate, 4.25%, 12/01/50 |
1,340 | 1,245,746 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.00%, 06/15/45 |
585 | 601,273 | ||||||
Series S, 5.25%, 06/15/43 |
2,535 | 2,735,260 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
245 | 247,248 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/35 |
730 | 787,424 | ||||||
Series A, 5.25%, 06/01/46 |
1,700 | 1,791,839 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
2,825 | 2,885,947 | ||||||
|
|
|||||||
16,692,169 | ||||||||
New York — 16.7% |
||||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, |
||||||||
Series A, 5.00%, 06/01/45 |
910 | 909,912 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series B, 5.25%, 11/15/38 |
1,125 | 1,166,443 | ||||||
Series B, 5.25%, 11/15/39 |
400 | 413,402 | ||||||
Metropolitan Transportation Authority, Refunding RB, |
||||||||
Series C-1, 4.75%, 11/15/45 |
985 | 1,020,888 | ||||||
New York City Industrial Development Agency, Refunding RB, (AGM), 3.00%, 03/01/49 |
465 | 369,363 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Sub-Series B-1, 4.00%, 11/01/45 |
5,000 | 5,016,660 | ||||||
Subordinate, 3.00%, 05/01/46 |
1,180 | 1,031,849 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48(e) |
555 | 552,784 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/51 |
190 | 190,282 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/51 |
270 | 301,187 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 6.25%, 06/01/41 (b) |
900 | 903,788 | ||||||
Series A, 5.00%, 06/01/42 |
1,505 | 1,495,809 | ||||||
Series A, 5.00%, 06/01/45 |
555 | 547,454 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, |
||||||||
Series A-2-B, |
1,000 | 1,006,360 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series 1, Class 1, 5.00%, 11/15/44 (b) |
2,355 | 2,362,322 |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York Liberty Development Corp., Refunding RB (continued) |
||||||||
Series 2, Class 2, 5.15%, 11/15/34 (b) |
$ | 160 | $ | 162,584 | ||||
Series 2, Class 2, 5.38%, 11/15/40 (b) |
395 | 402,771 | ||||||
Series A, 2.88%, 11/15/46 |
1,290 | 1,019,711 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
565 | 562,711 | ||||||
New York State Dormitory Authority, Refunding RB, 5.00%, 12/01/33 (b) |
410 | 438,234 | ||||||
New York Transportation Development Corp., ARB AMT, 5.00%, 12/01/39 |
555 | 592,559 | ||||||
Series A, AMT, 5.25%, 01/01/50 |
1,000 | 1,016,129 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
190 | 197,338 | ||||||
AMT, 5.00%, 10/01/40 |
535 | 550,088 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 |
730 | 788,824 | ||||||
Westchester County Local Development Corp., Refunding RB, 5.00%, 07/01/46 (b) |
755 | 667,363 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
1,295 | 1,319,757 | ||||||
|
|
|||||||
25,006,572 | ||||||||
Ohio — 4.6% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
3,400 | 3,387,760 | ||||||
Cleveland-Cuyahoga County Port Authority, Refunding TA (b) |
||||||||
4.00%, 12/01/55 |
120 | 100,519 | ||||||
4.50%, 12/01/55 |
100 | 82,378 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |
800 | 797,845 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49 (b) |
400 | 394,160 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50 (b) |
185 | 157,900 | ||||||
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42 (b) |
805 | 711,666 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 |
1,220 | 1,242,269 | ||||||
|
|
|||||||
6,874,497 | ||||||||
Oklahoma — 4.0% |
||||||||
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51 (b) |
2,205 | 2,285,734 | ||||||
Series B, 5.00%, 08/15/38 |
1,450 | 1,392,244 | ||||||
Series B, 5.25%, 08/15/43 |
1,305 | 1,246,101 | ||||||
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41 (b) |
155 | 133,592 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |
925 | 939,870 | ||||||
|
|
|||||||
5,997,541 | ||||||||
Oregon — 0.4% |
||||||||
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |
625 | 323,538 | ||||||
Oregon State Facilities Authority, Refunding RB, Series A, 4.13%, 06/01/52 |
235 | 229,303 | ||||||
|
|
|||||||
552,841 | ||||||||
Pennsylvania — 3.0% |
||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) |
470 | 481,884 | ||||||
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46 |
100 | 81,006 |
24 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Bucks County Industrial Development Authority, RB (continued) |
||||||||
4.00%, 07/01/51 |
$ | 100 | $ | 79,305 | ||||
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 |
1,240 | 1,233,130 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38 |
465 | 481,655 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
720 | 735,571 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
805 | 810,447 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
520 | 542,555 | ||||||
|
|
|||||||
4,445,553 | ||||||||
Puerto Rico — 5.8% |
||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57 (c) |
9,585 | 693,034 | ||||||
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43 |
820 | 833,368 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40 |
72 | 70,082 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
1,529 | 1,523,283 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
3,066 | 3,088,023 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
851 | 842,460 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
1,038 | 1,035,125 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured,0.00%, 07/01/46 (c) |
1,914 | 553,113 | ||||||
|
|
|||||||
8,638,488 | ||||||||
Rhode Island — 2.5% |
||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
410 | 366,736 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/40 |
420 | 429,276 | ||||||
Series B, 4.50%, 06/01/45 |
1,630 | 1,631,946 | ||||||
Series B, 5.00%, 06/01/50 |
1,360 | 1,388,809 | ||||||
|
|
|||||||
3,816,767 | ||||||||
South Carolina — 3.6% |
||||||||
South Carolina Jobs-Economic Development Authority, RB, |
||||||||
Series A, 5.00%, 11/15/54 |
165 | 156,104 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |
1,110 | 1,180,416 | ||||||
South Carolina Public Service Authority, RB |
||||||||
Series A, 5.50%, 12/01/54 |
1,840 | 1,905,763 | ||||||
Series E, 5.00%, 12/01/48 |
420 | 431,277 | ||||||
Series E, 5.50%, 12/01/53 |
750 | 771,419 | ||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series A, 4.00%, 12/01/33 |
550 | 568,573 | ||||||
Series E, 5.25%, 12/01/55 |
430 | 448,744 | ||||||
|
|
|||||||
5,462,296 | ||||||||
Tennessee — 1.6% |
||||||||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series A, 5.63%, 01/01/46 |
570 | 430,058 |
Security |
Par (000) |
Value |
||||||
Tennessee (continued) |
||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
Series A, 4.00%, 10/01/49 |
$ | 290 | $ | 270,135 | ||||
Series A, 5.25%, 10/01/58 |
1,430 | 1,522,062 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43 (b)(c) |
450 | 156,758 | ||||||
|
|
|||||||
2,379,013 | ||||||||
Texas — 8.7% |
||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45 (b) |
335 | 268,682 | ||||||
Arlington Higher Education Finance Corp., RB, Series A, 5.75%, 08/15/62 |
500 | 501,009 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |
180 | 176,720 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |
325 | 340,304 | ||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 |
285 | 225,144 | ||||||
City of Houston Texas Airport System Revenue, ARB, AMT, 4.00%, 07/15/41 |
100 | 89,864 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
125 | 128,588 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 |
800 | 820,213 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/43 (f) |
210 | 214,949 | ||||||
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34 (c) |
3,000 | 1,704,300 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37 (c) |
5,200 | 2,638,033 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31 (b) |
430 | 439,579 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 (e) |
600 | 611,993 | ||||||
Newark Higher Education Finance Corp., RB (b) |
||||||||
Series A, 5.50%, 08/15/35 |
135 | 141,756 | ||||||
Series A, 5.75%, 08/15/45 |
275 | 284,832 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
1,890 | 1,920,537 | ||||||
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36 (b) |
710 | 571,214 | ||||||
San Antonio Education Facilities Corp., RB |
||||||||
Series A, 5.00%, 10/01/41 |
85 | 79,612 | ||||||
Series A, 5.00%, 10/01/51 |
115 | 100,753 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55 |
1,025 | 1,034,828 | ||||||
Texas Transportation Commission, RB, CAB, 0.00%, 08/01/43 (c) |
2,205 | 792,911 | ||||||
|
|
|||||||
13,085,821 | ||||||||
Utah (b) — 0.1% |
||||||||
Utah Charter School Finance Authority, RB |
||||||||
Series A, 5.00%, 06/15/41 |
100 | 98,673 | ||||||
Series A, 5.00%, 06/15/52 |
125 | 120,359 | ||||||
|
|
|||||||
219,032 |
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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Vermont — 0.3% |
||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |
$ | 455 | $ | 449,998 | ||||
|
|
|||||||
Virginia — 1.6% |
||||||||
Ballston Quarter Community Development Authority, TA |
||||||||
Series A, 5.00%, 03/01/26 |
235 | 227,126 | ||||||
Series A, 5.13%, 03/01/31 |
510 | 444,687 | ||||||
Norfolk Redevelopment & Housing Authority, RB |
||||||||
Series A, 5.00%, 01/01/34 |
235 | 241,497 | ||||||
Series A, 5.00%, 01/01/49 |
455 | 454,985 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
1,025 | 1,006,930 | ||||||
|
|
|||||||
2,375,225 | ||||||||
Washington — 0.7% |
||||||||
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40 |
350 | 363,510 | ||||||
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58 |
425 | 279,901 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |
472 | 454,879 | ||||||
|
|
|||||||
1,098,290 | ||||||||
Wisconsin — 6.2% |
||||||||
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 |
750 | 575,129 | ||||||
Public Finance Authority, RB |
||||||||
5.00%, 06/15/41 (b) |
165 | 154,170 | ||||||
5.00%, 01/01/42 (b) |
290 | 292,458 | ||||||
5.00%, 06/15/55 (b) |
440 | 385,642 | ||||||
5.00%, 01/01/56 (b) |
710 | 692,532 | ||||||
5.00%, 06/15/56 (b) |
230 | 196,078 | ||||||
Series A, 6.25%, 10/01/31 (b) |
290 | 287,762 | ||||||
Series A, 5.00%, 11/15/41 |
95 | 102,006 | ||||||
Series A, 7.00%, 10/01/47 (b) |
290 | 277,672 | ||||||
Series A, 5.00%, 10/15/50 (b) |
530 | 496,708 | ||||||
Series A, 4.75%, 06/15/56 (b) |
735 | 588,237 | ||||||
Series A-1, 4.50%, 01/01/35 (b) |
600 | 588,937 | ||||||
Series A-1, 5.50%, 12/01/48 (b)(h)(i) |
10 | 3,163 | ||||||
Series A-1, 5.00%, 01/01/55 (b) |
1,290 | 1,212,084 | ||||||
Series B, 0.00%, 01/01/35 (b)(c) |
1,055 | 484,689 | ||||||
Series B, 0.00%, 01/01/60 (b)(c) |
16,025 | 1,262,530 | ||||||
AMT, 4.00%, 03/31/56 |
930 | 784,465 | ||||||
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61 (b)(c) |
6,685 | 520,735 | ||||||
Public Finance Authority, Refunding RB, 4.00%, 04/01/52 (b) |
255 | 220,417 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46 |
230 | 227,685 | ||||||
|
|
|||||||
9,353,099 | ||||||||
|
|
|||||||
Total Municipal Bonds — 135.5% (Cost: $206,216,940) |
203,390,260 | |||||||
|
|
Security |
Par (000) |
Value |
||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
| |||||||
California — 2.2% |
||||||||
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46 |
$ | 2,700 | $ | 2,822,477 | ||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |
495 | 533,747 | ||||||
|
|
|||||||
3,356,224 | ||||||||
Colorado — 1.2% |
||||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49 (k) |
1,810 | 1,752,847 | ||||||
|
|
|||||||
Florida — 1.5% |
||||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 (k) |
2,321 | 2,216,424 | ||||||
|
|
|||||||
Georgia — 0.7% |
||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 |
1,025 | 1,004,421 | ||||||
|
|
|||||||
Idaho — 1.5% |
||||||||
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/27 (f) |
2,120 | 2,325,486 | ||||||
|
|
|||||||
Illinois — 1.1% |
||||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
1,498 | 1,581,905 | ||||||
|
|
|||||||
Iowa — 1.2% |
||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |
1,815 | 1,757,638 | ||||||
|
|
|||||||
Massachusetts — 1.2% |
||||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
1,796 | 1,810,005 | ||||||
|
|
|||||||
Michigan — 1.3% |
||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/47 |
2,000 | 1,980,608 | ||||||
|
|
|||||||
Nebraska — 3.4% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 |
4,771 | 5,139,434 | ||||||
|
|
|||||||
New York — 3.5% |
||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
2,339 | 2,364,103 | ||||||
Port Authority of New York & New Jersey, Refunding ARB 194th Series, 5.25%, 10/15/55 |
1,215 | 1,278,681 | ||||||
Series 221, AMT, 4.00%, 07/15/55 |
1,720 | 1,657,022 | ||||||
|
|
|||||||
5,299,806 | ||||||||
North Carolina — 1.0% |
||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25 (f) |
1,180 | 1,293,963 | ||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48 |
226 | 222,270 | ||||||
|
|
|||||||
1,516,233 | ||||||||
Pennsylvania — 2.8% |
||||||||
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49 (k) |
2,501 | 2,432,318 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |
1,680 | 1,827,245 | ||||||
|
|
|||||||
4,259,563 |
26 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Rhode Island — 1.6% |
||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
$ | 2,448 | $ | 2,453,656 | ||||
|
|
|||||||
Texas — 7.5% |
||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23 (f) |
11,000 | 11,209,605 | ||||||
|
|
|||||||
Virginia (k) — 2.3% |
||||||||
Hampton Roads Transportation Accountability Commission, RB |
||||||||
Series A, Senior Lien, 5.50%, 01/01/28 |
2,224 | 2,629,784 | ||||||
Series A, Senior Lien, 4.00%, 07/01/60 |
795 | 795,782 | ||||||
|
|
|||||||
3,425,566 | ||||||||
West Virginia — 1.3% |
||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 (k) |
1,891 | 1,895,738 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.3% (Cost: $53,110,200) |
52,985,159 | |||||||
|
|
|||||||
Total Long-Term Investments — 170.8% (Cost: $259,327,140) |
256,375,419 | |||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.3% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.96% (l)(m) |
504,905 | 505,057 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.3% (Cost: $504,905) |
505,057 | |||||||
|
|
|||||||
Total Investments — 171.1% (Cost: $259,832,045) |
256,880,476 | |||||||
Other Assets Less Liabilities — 0.3% |
440,106 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.0)% |
(31,557,257 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (50.4)% |
(75,649,863 | ) | ||||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 150,113,462 | ||||||
|
|
(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) |
When-issued security. |
(f) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(g) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(h) |
Issuer filed for bankruptcy and/or is in default. |
(i) |
Non-income producing security. |
(j) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between January 1, 2026 to July 1, 2028, is $6,946,917. See Note 4 of the Notes to Financial Statements for details. |
(l) |
Affiliate of the Fund. |
(m) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 04/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 524,057 | $ | — | $ | (20,173 | ) (a) |
$ | 1,021 | $ | 152 | $ | 505,057 | 504,905 | $ | 4,606 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
92 | 09/21/22 | $ | 11,135 | $ | (203,223 | ) | |||||||||
U.S. Long Bond |
116 | 09/21/22 | 16,628 | (571,000 | ) | |||||||||||
5-Year U.S. Treasury Note |
84 | 09/30/22 | 9,554 | (92,240 | ) | |||||||||||
|
|
|||||||||||||||
$ | (866,463 | ) | ||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 866,463 | $ | — | $ | 866,463 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 1,756,817 | $ | — | $ | 1,756,817 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (2,534,022 | ) | $ | — | $ | (2,534,022 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 37,317,094 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 202,940,260 | $ | 450,000 | $ | 203,390,260 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 52,985,159 | — | 52,985,159 |
28 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
$ | 505,057 | $ | — | $ | — | $ | 505,057 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 505,057 | $ | 255,925,419 | $ | 450,000 | $ | 256,880,476 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (866,463 | ) | $ | — | $ | — | $ | (866,463 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (31,506,046 | ) | $ | — | $ | (31,506,046 | ) | ||||||
VRDP Shares at Liquidation Value |
— | (76,000,000 | ) | — | (76,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (107,506,046 | ) | $ | — | $ | (107,506,046 | ) | |||||||
|
|
|
|
|
|
|
|
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 July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Corporate Bonds |
||||||||
Education — 0.5% |
||||||||
Capital Trust Agency, Inc., RB |
||||||||
8.25%, 01/01/44 |
$ | 515 | $ | 788 | ||||
8.25%, 01/01/49 |
1,105 | 22,100 | ||||||
Grand Canyon University, 5.13%, 10/01/28 |
2,445 | 2,298,300 | ||||||
|
|
|||||||
Total Corporate Bonds — 0.5% (Cost: $3,389,038) |
2,321,188 | |||||||
|
|
|||||||
Municipal Bonds |
||||||||
Alabama — 1.9% |
||||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42 |
3,745 | 4,075,478 | ||||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50 (a) |
2,140 | 2,434,708 | ||||||
MidCity Improvement District, SAB |
||||||||
4.25%, 11/01/32 |
160 | 151,762 | ||||||
4.50%, 11/01/42 |
255 | 226,923 | ||||||
4.75%, 11/01/49 |
270 | 239,039 | ||||||
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52 (a) |
1,740 | 1,759,914 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 4.50%, 05/01/32 (b) |
325 | 301,671 | ||||||
|
|
|||||||
9,189,495 | ||||||||
Alaska — 0.2% |
||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 |
1,000 | 948,822 | ||||||
|
|
|||||||
Arizona — 4.6% |
||||||||
Arizona Industrial Development Authority, RB |
||||||||
7.10%, 01/01/55 (b) |
1,705 | 1,513,217 | ||||||
Class B, 4.00%, 07/01/41 |
160 | 147,824 | ||||||
Class B, 4.00%, 07/01/51 |
445 | 383,603 | ||||||
Class B, 4.00%, 07/01/61 |
890 | 733,643 | ||||||
Series A, 5.00%, 12/15/39 (b) |
250 | 254,934 | ||||||
Series A, 4.00%, 07/01/51 |
445 | 381,957 | ||||||
Series A, 4.00%, 07/01/61 |
910 | 744,053 | ||||||
Series B, 5.13%, 07/01/47 (b) |
665 | 671,268 | ||||||
Arizona Industrial Development Authority, Refunding RB (b) |
||||||||
Series A, 5.13%, 07/01/37 |
960 | 981,147 | ||||||
Series A, 5.25%, 07/01/47 |
1,765 | 1,795,215 | ||||||
Series A, 5.50%, 07/01/52 |
1,775 | 1,815,325 | ||||||
Glendale Industrial Development Authority, RB |
||||||||
5.00%, 05/15/41 |
100 | 100,710 | ||||||
5.00%, 05/15/56 |
405 | 395,685 | ||||||
Industrial Development Authority of the City of Phoenix, RB (b) |
||||||||
Series A, 6.50%, 07/01/34 |
570 | 602,604 | ||||||
Series A, 6.75%, 07/01/44 |
1,000 | 1,068,750 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB (b) |
||||||||
5.00%, 07/01/35 |
625 | 634,674 | ||||||
5.00%, 07/01/45 |
1,425 | 1,435,078 | ||||||
Series A, 5.00%, 07/01/35 |
260 | 264,101 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) |
||||||||
4.00%, 06/15/51 |
1,155 | 972,823 | ||||||
5.00%, 07/01/56 |
475 | 472,203 |
Security |
Par (000) |
Value |
||||||
Arizona (continued) |
||||||||
Industrial Development Authority of the County of Pima, Refunding RB (b) (continued) |
||||||||
4.00%, 06/15/57 |
$ | 890 | $ | 733,373 | ||||
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48 (b) |
875 | 897,887 | ||||||
Maricopa County Industrial Development Authority, RB (b) |
||||||||
5.25%, 10/01/40 |
465 | 487,500 | ||||||
5.50%, 10/01/51 |
465 | 486,049 | ||||||
AMT, 4.00%, 10/15/47 |
2,295 | 2,116,426 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
1,650 | 1,829,381 | ||||||
Tempe Industrial Development Authority, Refunding RB, Series A, 4.00%, 12/01/46 |
330 | 266,019 | ||||||
|
|
|||||||
22,185,449 | ||||||||
Arkansas (b) — 2.7% |
||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 |
3,815 | 3,702,385 | ||||||
Series A, AMT, 4.75%, 09/01/49 |
9,090 | 9,115,123 | ||||||
|
|
|||||||
12,817,508 | ||||||||
California — 9.4% |
||||||||
California Community Housing Agency, RB, M/F Housing (b) |
||||||||
Series A, 5.00%, 04/01/49 |
240 | 215,317 | ||||||
Series A-2, 4.00%, 08/01/47 |
1,550 | 1,275,878 | ||||||
California Municipal Finance Authority, RB |
||||||||
Series A, 5.50%, 08/01/34 (b) |
275 | 278,567 | ||||||
Series A, 6.00%, 08/01/44 (b) |
665 | 675,562 | ||||||
Series A, 3.00%, 02/01/46 |
315 | 254,792 | ||||||
Series A, 6.13%, 08/01/49 (b) |
580 | 589,866 | ||||||
Series A, 4.00%, 02/01/51 |
245 | 243,311 | ||||||
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54 (b) |
1,780 | 1,960,049 | ||||||
California School Finance Authority, RB |
||||||||
6.65%, 07/01/33 |
435 | 442,316 | ||||||
6.90%, 07/01/43 |
975 | 990,385 | ||||||
Series A, 6.40%, 07/01/48 |
1,570 | 1,610,939 | ||||||
California Statewide Communities Development Authority, RB, 5.25%, 12/01/38 (b) |
580 | 603,788 | ||||||
California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 |
1,650 | 1,651,206 | ||||||
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56 (b) |
3,300 | 2,878,577 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56 (b) |
890 | 666,208 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49 (b) |
485 | 393,144 | ||||||
CMFA Special Finance Agency, RB, M/F Housing, Series A-1, 3.00%, 12/01/56 (b) |
120 | 85,023 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
2.65%, 12/01/46 |
610 | 488,487 | ||||||
3.13%, 07/01/56 |
990 | 718,953 | ||||||
4.00%, 12/01/56 |
2,645 | 2,121,290 | ||||||
4.00%, 03/01/57 |
700 | 557,703 | ||||||
3.25%, 05/01/57 |
505 | 374,995 | ||||||
4.00%, 06/01/57 |
2,630 | 2,054,159 | ||||||
4.00%, 07/01/58 |
380 | 278,937 | ||||||
Series A, 3.00%, 09/01/56 |
1,570 | 1,202,023 | ||||||
Series A2, 3.25%, 07/01/56 |
335 | 247,684 | ||||||
Series B, 4.00%, 07/01/58 |
435 | 329,217 |
30 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
California (continued) |
| |||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) (continued) |
||||||||
Series B, 4.00%, 12/01/59 |
$ | 6,035 | $ | 4,382,798 | ||||
Senior Lien, 3.00%, 06/01/47 |
465 | 369,359 | ||||||
Senior Lien, 3.13%, 06/01/57 |
655 | 475,217 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 |
4,000 | 2,955,952 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66 (c) |
28,850 | 3,664,758 | ||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/35 (b)(d) |
1,705 | 810,620 | ||||||
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23 (e) |
2,885 | 2,986,212 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
5,000 | 4,848,385 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB (b)(c) |
||||||||
Series D, 0.00%, 08/01/26 |
1,250 | 1,038,400 | ||||||
Series D, 0.00%, 08/01/43 |
1,500 | 532,384 | ||||||
|
|
|||||||
45,252,461 | ||||||||
Colorado — 3.5% |
||||||||
9th Avenue Metropolitan District No.2, GO, 5.00%, 12/01/48 |
910 | 862,246 | ||||||
Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38 |
1,240 | 1,241,406 | ||||||
Banning Lewis Ranch Metropolitan District No.8, GO, 4.88%, 12/01/51 (b) |
665 | 559,043 | ||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47 (b) |
575 | 549,050 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.13%, 11/15/47 |
1,870 | 1,857,697 | ||||||
Series A, AMT, 4.13%, 11/15/53 |
1,025 | 1,030,227 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
Series A, 5.00%, 05/15/35 |
355 | 344,023 | ||||||
Series A, 5.00%, 05/15/44 |
385 | 351,033 | ||||||
Series A, 5.00%, 05/15/49 |
260 | 230,162 | ||||||
Series A, 5.00%, 05/15/58 |
540 | 461,385 | ||||||
Fitzsimons Village Metropolitan District No.3, Refunding GO, Series A-1, 4.25%, 12/01/55 |
1,735 | 1,308,537 | ||||||
Green Valley Ranch East Metropolitan District No.6, GO, Series A, 5.88%, 12/01/50 |
935 | 942,036 | ||||||
Horizon Metropolitan District No.2, GO, Series A, 4.50%, 12/01/50 |
520 | 415,151 | ||||||
Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36 |
812 | 712,038 | ||||||
Karl’s Farm Metropolitan District No.2, GO, Series A, 5.63%, 12/01/50 (b) |
545 | 524,843 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
790 | 669,394 | ||||||
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 |
500 | 501,661 | ||||||
Palisade Metropolitan District No.2, GO, Subordinate, 7.25%, 12/15/49 |
1,211 | 1,148,498 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |
760 | 786,691 |
Security |
Par (000) |
Value |
||||||
Colorado (continued) |
||||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45 (b) |
$ | 1,365 | $ | 1,342,667 | ||||
Southlands Metropolitan District No.1, Refunding GO, Series A-1, 5.00%, 12/01/47 |
410 | 396,933 | ||||||
Waters’ Edge Metropolitan District No.2, GO, 5.00%, 12/01/51 |
790 | 690,757 | ||||||
|
|
|||||||
16,925,478 | ||||||||
Connecticut — 1.3% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series A-1, 3.00%, 11/15/38 |
1,300 | 1,203,296 | ||||||
Connecticut State Health & Educational Facilities Authority, RB (b) |
||||||||
Series A, 5.00%, 01/01/45 |
325 | 332,919 | ||||||
Series A, 5.00%, 01/01/55 |
435 | 440,795 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45 (b) |
1,385 | 1,405,937 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45 (b) |
957 | 975,450 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30 (b) |
1,835 | 1,955,895 | ||||||
|
|
|||||||
6,314,292 | ||||||||
Delaware — 0.3% |
||||||||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39 (b)(f) |
1,220 | 1,219,452 | ||||||
|
|
|||||||
District of Columbia — 0.7% |
||||||||
District of Columbia Tobacco Settlement Financing Corp., RB, CAB, Series A, 0.00%, 06/15/46 (c) |
15,400 | 3,544,094 | ||||||
|
|
|||||||
Florida — 13.8% |
||||||||
Babcock Ranch Community Independent Special District, SA |
||||||||
Series 2022, 5.00%, 05/01/42 |
510 | 516,290 | ||||||
Series 2022, 5.00%, 05/01/53 |
510 | 506,194 | ||||||
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 |
1,290 | 1,293,906 | ||||||
Brevard County Health Facilities Authority, Refunding RB (b) |
||||||||
4.00%, 11/15/23 |
125 | 125,862 | ||||||
4.00%, 11/15/24 |
440 | 443,513 | ||||||
4.00%, 11/15/25 |
460 | 463,418 | ||||||
4.00%, 11/15/27 |
495 | 496,868 | ||||||
4.00%, 11/15/29 |
435 | 432,684 | ||||||
4.00%, 11/15/32 |
450 | 441,028 | ||||||
4.00%, 11/15/35 |
675 | 647,988 | ||||||
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |
400 | 403,207 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 |
1,495 | 1,536,968 | ||||||
Capital Trust Agency, Inc., RB, Series A, 5.75%, 06/01/54 (b) |
940 | 906,451 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61 (b)(c) |
53,225 | 3,232,216 | ||||||
Charlotte County Industrial Development Authority, RB (b) |
||||||||
AMT, 5.00%, 10/01/34 |
245 | 252,043 | ||||||
AMT, 5.00%, 10/01/49 |
1,170 | 1,145,666 | ||||||
AMT, 4.00%, 10/01/51 |
850 | 698,255 |
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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44 (b)(g)(h) |
$ | 630 | $ | 430,371 | ||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |
||||||||
Series A-2, 0.00%, 10/01/50 |
730 | 168,261 | ||||||
Series A-2, 0.00%, 10/01/51 |
875 | 192,727 | ||||||
Series A-2, 0.00%, 10/01/52 |
875 | 184,248 | ||||||
Series A-2, 0.00%, 10/01/53 |
2,325 | 469,243 | ||||||
Series A-2, 0.00%, 10/01/54 |
875 | 168,948 | ||||||
Florida Development Finance Corp., RB (b) 5.00%, 06/15/56 |
1,150 | 1,094,595 | ||||||
Series A, 5.75%, 06/15/29 |
690 | 706,271 | ||||||
Series A, 6.00%, 06/15/34 |
835 | 854,141 | ||||||
Series A, 6.13%, 06/15/44 |
3,180 | 3,239,189 | ||||||
Series A, 5.13%, 06/15/55 |
3,645 | 3,215,397 | ||||||
Series B, 4.50%, 12/15/56 |
3,985 | 3,157,570 | ||||||
Series C, 5.75%, 12/15/56 |
1,325 | 1,085,803 | ||||||
AMT, 5.00%, 05/01/29 |
2,155 | 2,127,274 | ||||||
Series A, AMT, 5.00%, 08/01/29 (a) |
1,550 | 1,550,000 | ||||||
Florida Development Finance Corp., Refunding RB |
||||||||
5.00%, 06/01/51 |
355 | 314,070 | ||||||
6.50%, 06/30/57 (b) |
500 | 510,779 | ||||||
Greeneway Improvement District, SAB, 5.13%, 05/01/43 (b) |
1,280 | 1,281,631 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
4.25%, 05/01/26 |
125 | 125,209 | ||||||
4.95%, 05/01/29 (b) |
360 | 372,069 | ||||||
5.50%, 05/01/39 (b) |
365 | 384,648 | ||||||
3.00%, 05/01/41 |
275 | 219,234 | ||||||
5.13%, 05/01/46 |
770 | 772,978 | ||||||
5.65%, 05/01/48 (b) |
610 | 639,616 | ||||||
Series 1B, 4.75%, 05/01/29 |
565 | 585,385 | ||||||
Series 1B, 5.30%, 05/01/39 |
645 | 682,013 | ||||||
Series 1B, 5.45%, 05/01/48 |
1,150 | 1,209,840 | ||||||
Laurel Road Community Development District, SAB |
||||||||
Series A-1, 2.60%, 05/01/26 |
100 | 97,162 | ||||||
Series A-1, 3.00%, 05/01/31 |
100 | 92,408 | ||||||
Series A-1, 3.25%, 05/01/41 |
190 | 157,380 | ||||||
Series A-1, 4.00%, 05/01/52 |
300 | 260,458 | ||||||
Series A-2, 3.13%, 05/01/31 |
445 | 402,135 | ||||||
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51 |
8,125 | 6,231,014 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 |
915 | 924,664 | ||||||
Midtown Miami Community Development District, Refunding SAB |
||||||||
Series A, 5.00%, 05/01/37 |
845 | 851,307 | ||||||
Series B, 5.00%, 05/01/37 |
495 | 498,695 | ||||||
North Powerline Road Community Development District, SA, 5.63%, 05/01/52 (b) |
1,305 | 1,315,191 | ||||||
North River Ranch Community Development District, SAB |
||||||||
Series A-1, 4.00%, 05/01/40 |
310 | 286,818 | ||||||
Series A-1, 4.25%, 05/01/51 |
530 | 475,143 | ||||||
Series A-2, 4.20%, 05/01/35 |
450 | 422,255 | ||||||
Series A-3, 4.75%, 05/01/40 |
600 | 557,619 | ||||||
Rolling Hills Community Development District, Refunding SA, Series A-2, 3.65%, 05/01/32 |
1,000 | 902,135 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |
$ | 1,145 | $ | 992,897 | ||||
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 |
985 | 913,724 | ||||||
South Broward Hospital District, RB, Series A, 3.00%, 05/01/51 |
7,355 | 5,804,809 | ||||||
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 11/01/24 (d) |
805 | 608,583 | ||||||
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40 (g)(h) |
875 | 9 | ||||||
Trout Creek Community Development District, SAB |
||||||||
5.38%, 05/01/38 |
430 | 441,113 | ||||||
5.50%, 05/01/49 |
1,105 | 1,123,755 | ||||||
Village Community Development District No.14, SA |
||||||||
5.38%, 05/01/42 |
1,120 | 1,165,984 | ||||||
5.50%, 05/01/53 |
830 | 862,567 | ||||||
West Villages Improvement District, SAB |
||||||||
4.75%, 05/01/39 |
455 | 452,379 | ||||||
5.00%, 05/01/50 |
940 | 928,840 | ||||||
Windward at Lakewood Ranch Community Development District, SAB |
||||||||
4.00%, 05/01/42 |
255 | 232,092 | ||||||
4.25%, 05/01/52 |
310 | 277,013 | ||||||
|
|
|||||||
66,562,216 | ||||||||
Georgia — 1.2% |
||||||||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51 (b) |
765 | 677,144 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
290 | 296,265 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/35 |
560 | 610,137 | ||||||
Series A, 5.00%, 05/15/36 |
560 | 606,258 | ||||||
Series A, 5.00%, 05/15/37 |
615 | 668,303 | ||||||
Series A, 5.00%, 05/15/38 |
340 | 371,066 | ||||||
Series A, 5.00%, 05/15/49 |
1,130 | 1,230,196 | ||||||
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 |
915 | 967,600 | ||||||
Private Colleges & Universities Authority, Refunding RB, 4.00%, 10/01/50 |
345 | 335,853 | ||||||
|
|
|||||||
5,762,822 | ||||||||
Guam — 0.1% |
||||||||
Territory of Guam, Refunding RB, Series A, 5.00%, 11/01/35 |
385 | 407,693 | ||||||
|
|
|||||||
Idaho — 0.1% |
||||||||
Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55 (b) |
580 | 583,828 | ||||||
|
|
|||||||
Illinois — 8.6% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
1,650 | 1,650,721 | ||||||
Series A, 4.00%, 12/01/47 |
1,665 | 1,566,968 | ||||||
Series C, 5.25%, 12/01/35 |
1,655 | 1,697,052 | ||||||
Series D, 5.00%, 12/01/46 |
2,155 | 2,192,121 | ||||||
Series H, 5.00%, 12/01/46 |
720 | 736,073 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series B, 4.00%, 12/01/35 |
745 | 737,893 | ||||||
Series C, 5.00%, 12/01/25 |
725 | 766,663 |
32 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Chicago Board of Education, Refunding GO (continued) |
||||||||
Series D, 5.00%, 12/01/31 |
$ | 1,000 | $ | 1,067,666 | ||||
Series G, 5.00%, 12/01/44 |
2,150 | 2,201,587 | ||||||
City of Chicago Illinois, Refunding GO |
||||||||
Series A, 6.00%, 01/01/38 |
1,260 | 1,390,160 | ||||||
Series B, 4.00%, 01/01/37 |
1,709 | 1,664,715 | ||||||
Illinois Finance Authority, RB (b) |
||||||||
5.00%, 07/01/51 |
2,000 | 1,714,506 | ||||||
5.00%, 07/01/56 |
2,000 | 1,673,666 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
6.60%, 07/01/24 |
340 | 337,396 | ||||||
6.00%, 02/01/34 |
365 | 371,516 | ||||||
6.13%, 02/01/45 |
860 | 870,857 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 4.00%, 01/01/46 |
5,680 | 5,690,889 | ||||||
Series A, 5.00%, 01/01/46 |
1,770 | 1,980,039 | ||||||
Metropolitan Pier & Exposition Authority, RB |
||||||||
Series A, 5.50%, 06/15/53 |
2,370 | 2,468,374 | ||||||
Series A, 5.00%, 06/15/57 |
1,020 | 1,053,835 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
1,115 | 1,050,789 | ||||||
4.00%, 06/15/52 |
1,805 | 1,694,595 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c) |
14,000 | 2,911,216 | ||||||
Sales Tax Securitization Corp., Refunding RB, |
||||||||
Series A, 2nd Lien, 5.00%, 01/01/33 |
725 | 849,499 | ||||||
State of Illinois, GO |
||||||||
5.50%, 05/01/30 |
530 | 597,789 | ||||||
5.50%, 05/01/39 |
1,055 | 1,167,156 | ||||||
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 |
1,374 | 1,375,864 | ||||||
|
|
|||||||
41,479,605 | ||||||||
Indiana — 2.7% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
825 | 875,650 | ||||||
AMT, 7.00%, 01/01/44 |
2,000 | 2,115,540 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29 (b) |
1,715 | 1,716,141 | ||||||
City of Whiting, RB, AMT, 3.00%, 11/01/51 |
5,000 | 4,013,905 | ||||||
Indiana Finance Authority, RB |
||||||||
Series A, AMT, 5.00%, 07/01/23 (e) |
2,025 | 2,075,153 | ||||||
Series A, AMT, 6.75%, 05/01/39 |
1,060 | 1,215,737 | ||||||
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40 (b) |
1,230 | 1,113,555 | ||||||
|
|
|||||||
13,125,681 | ||||||||
Kansas — 0.3% |
||||||||
City of Manhattan Kansas, RB, Series A, 4.00%, 06/01/52 |
480 | 394,396 | ||||||
City of Shawnee Kansas, RB (b) |
||||||||
5.00%, 08/01/41 |
230 | 231,403 | ||||||
5.00%, 08/01/56 |
850 | 832,555 | ||||||
|
|
|||||||
1,458,354 |
Security |
Par (000) |
Value |
||||||
Kentucky — 1.0% |
||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52 (b) |
$ | 660 | $ | 662,861 | ||||
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 5.75%, 07/01/23 (e) |
4,000 | 4,146,904 | ||||||
|
|
|||||||
4,809,765 | ||||||||
Louisiana — 2.2% |
||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44 (b) |
2,340 | 2,081,825 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54 (b) |
930 | 872,103 | ||||||
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62 (b) |
280 | 285,511 | ||||||
Parish of St. James Louisiana, RB, 2nd Series, |
||||||||
6.35%, 07/01/40 (b) |
1,580 | 1,762,996 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, |
||||||||
Series A, 5.25%, 05/15/35 |
5,570 | 5,714,982 | ||||||
|
|
|||||||
10,717,417 | ||||||||
Maine — 0.2% |
||||||||
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51 (b) |
1,045 | 915,797 | ||||||
|
|
|||||||
Maryland — 2.0% |
||||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43 (b) |
1,900 | 2,051,814 | ||||||
Maryland Economic Development Corp., RB |
||||||||
5.00%, 07/01/56 |
360 | 365,465 | ||||||
Class B, AMT, 5.25%, 06/30/55 |
1,555 | 1,672,675 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55 (b) |
3,010 | 3,238,347 | ||||||
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, (FHA), 2.85%, 01/01/51 |
2,645 | 2,093,396 | ||||||
|
|
|||||||
9,421,697 | ||||||||
Massachusetts — 0.3% |
||||||||
Massachusetts Development Finance Agency, RB, 4.00%, 06/01/56 |
430 | 391,512 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
4.00%, 07/01/45 |
170 | 150,674 | ||||||
4.00%, 07/01/50 |
325 | 275,693 | ||||||
Series B, 4.00%, 06/01/50 |
580 | 535,254 | ||||||
|
|
|||||||
1,353,133 | ||||||||
Michigan — 0.6% |
||||||||
Advanced Technology Academy, Refunding RB, |
||||||||
5.00%, 11/01/44 |
415 | 422,549 | ||||||
City of Detroit Michigan, GO |
||||||||
5.00%, 04/01/34 |
285 | 299,455 | ||||||
5.00%, 04/01/35 |
285 | 298,801 | ||||||
5.00%, 04/01/36 |
200 | 209,209 | ||||||
5.00%, 04/01/37 |
320 | 333,994 | ||||||
5.00%, 04/01/38 |
145 | 150,983 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 |
1,200 | 1,210,027 | ||||||
|
|
|||||||
2,925,018 |
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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Minnesota — 0.5% |
||||||||
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55 |
$ | 1,480 | $ | 1,515,766 | ||||
Minnesota Housing Finance Agency, RB, Series C, (FHLMC, FNMA, GNMA), 3.00%, 07/01/43 |
1,240 | 1,048,701 | ||||||
|
|
|||||||
2,564,467 | ||||||||
Missouri — 0.3% |
||||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB |
||||||||
Series A, 4.38%, 11/15/35 |
685 | 619,289 | ||||||
Series A, 4.75%, 11/15/47 |
760 | 642,761 | ||||||
|
|
|||||||
1,262,050 | ||||||||
Nevada — 0.3% |
||||||||
Tahoe-Douglas Visitors Authority, RB |
||||||||
5.00%, 07/01/40 |
315 | 330,007 | ||||||
5.00%, 07/01/45 |
395 | 408,090 | ||||||
5.00%, 07/01/51 |
420 | 429,410 | ||||||
|
|
|||||||
1,167,507 | ||||||||
New Hampshire — 0.7% |
||||||||
New Hampshire Business Finance Authority, RB |
||||||||
Series A, 4.13%, 08/15/40 |
530 | 482,096 | ||||||
Series A, 4.25%, 08/15/46 |
595 | 525,698 | ||||||
Series A, 4.50%, 08/15/55 |
1,235 | 1,081,934 | ||||||
New Hampshire Business Finance Authority, Refunding RB (b) |
||||||||
Series B, 4.63%, 11/01/42 |
1,015 | 979,896 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
485 | 481,272 | ||||||
|
|
|||||||
3,550,896 | ||||||||
New Jersey — 8.1% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
1,065 | 1,103,944 | ||||||
5.25%, 11/01/44 |
770 | 792,242 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
6.00%, 10/01/43 |
1,530 | 1,577,383 | ||||||
Series A, 5.00%, 07/01/32 |
165 | 169,527 | ||||||
Series A, 5.00%, 07/01/37 |
260 | 264,801 | ||||||
Series A, 5.25%, 11/01/54 (b) |
1,675 | 1,591,799 | ||||||
Series B, 5.00%, 06/15/43 |
2,245 | 2,377,213 | ||||||
AMT, 5.38%, 01/01/43 |
2,155 | 2,203,039 | ||||||
Series B, AMT, 6.50%, 04/01/31 |
1,805 | 1,887,073 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49 (b) |
500 | 507,334 | ||||||
New Jersey Health Care Facilities Financing Authority, RB |
||||||||
3.00%, 07/01/51 |
2,655 | 2,168,832 | ||||||
4.00%, 07/01/51 |
7,370 | 7,385,470 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series A, 0.00%, 12/15/37 (c) |
10,000 | 5,272,380 | ||||||
Series A, 0.00%, 12/15/40 (c) |
2,485 | 1,118,807 | ||||||
Series AA, 5.25%, 06/15/41 |
1,140 | 1,190,207 | ||||||
Series BB, 4.00%, 06/15/46 |
1,000 | 979,261 |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
New Jersey Transportation Trust Fund Authority, RB (continued) |
||||||||
Series S, 5.25%, 06/15/43 |
$ | 2,345 | $ | 2,530,250 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
5,970 | 6,098,797 | ||||||
|
|
|||||||
39,218,359 | ||||||||
New Mexico — 0.8% |
||||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42 |
2,970 | 2,976,611 | ||||||
Winrock Town Center Tax Increment Development District No.1, Refunding TA, Senior Lien, 4.25%, 05/01/40 (b) |
1,000 | 898,239 | ||||||
|
|
|||||||
3,874,850 | ||||||||
New York — 12.2% |
||||||||
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51 |
1,500 | 1,106,725 | ||||||
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 |
745 | 736,944 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
2,890 | 2,889,720 | ||||||
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 |
185 | 163,854 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 4.75%, 11/15/45 |
1,740 | 1,803,397 | ||||||
Series C-1, 5.00%, 11/15/50 |
565 | 594,353 | ||||||
Series C-1, 5.25%, 11/15/55 |
840 | 893,237 | ||||||
New York City Industrial Development Agency, Refunding RB |
||||||||
Series A, Class A, (AGM), 3.00%, 01/01/37 |
250 | 224,636 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/39 |
250 | 219,072 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/40 |
175 | 151,585 | ||||||
New York Counties Tobacco Trust IV, Refunding RB |
||||||||
Series A, 6.25%, 06/01/41 (b) |
5,000 | 5,021,045 | ||||||
Series A, 5.00%, 06/01/42 |
3,155 | 3,135,732 | ||||||
Series A, 5.00%, 06/01/45 |
1,185 | 1,168,888 | ||||||
New York Counties Tobacco Trust VI, Refunding RB |
||||||||
Series A-2-B, 5.00%, 06/01/45 |
2,655 | 2,671,172 | ||||||
Series A-2-B, 5.00%, 06/01/51 |
1,900 | 1,912,084 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series 1, Class 1, 5.00%, 11/15/44 (b) |
6,205 | 6,224,291 | ||||||
Series 2, Class 2, 5.15%, 11/15/34 (b) |
455 | 462,349 | ||||||
Series 2, Class 2, 5.38%, 11/15/40 (b) |
1,080 | 1,101,248 | ||||||
Series A, 2.88%, 11/15/46 |
3,975 | 3,142,134 | ||||||
New York State Housing Finance Agency, RB, M/F Housing |
||||||||
Series J-1, (SONYMA HUD SECT 8), 2.45%, 11/01/41 |
800 | 636,147 | ||||||
Series J-1, (SONYMA HUD SECT 8), 2.65%, 11/01/46 |
1,065 | 822,886 | ||||||
Series J-1, (SONYMA HUD SECT 8), 2.80%, 11/01/51 |
2,955 | 2,287,061 | ||||||
Series J-1, (SONYMA HUD SECT 8), 2.88%, 11/01/56 |
2,000 | 1,547,176 | ||||||
New York State Urban Development Corp., Refunding RB, 3.00%, 03/15/48 |
9,655 | 8,186,320 |
34 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
$ | 395 | $ | 410,255 | ||||
AMT, 5.00%, 10/01/40 |
1,120 | 1,151,586 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 |
1,490 | 1,610,066 | ||||||
State of New York Mortgage Agency, RB, S/F Housing |
||||||||
Series 239, (SONYMA), 2.60%, 10/01/44 |
3,750 | 2,966,381 | ||||||
Series 239, (SONYMA), 2.70%, 10/01/47 |
3,375 | 2,637,880 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 |
1,207 | 1,238,623 | ||||||
Westchester County Local Development Corp., Refunding RB, 5.00%, 07/01/46 (b) |
1,625 | 1,436,378 | ||||||
|
|
|||||||
58,553,225 | ||||||||
Ohio — 3.1% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
5,625 | 5,604,750 | ||||||
Cleveland-Cuyahoga County Port Authority, RB |
||||||||
4.00%, 07/01/46 |
65 | 65,898 | ||||||
4.00%, 07/01/51 |
95 | 95,392 | ||||||
Cleveland-Cuyahoga County Port Authority, Refunding TA (b) |
||||||||
4.00%, 12/01/55 |
255 | 213,603 | ||||||
4.50%, 12/01/55 |
215 | 177,113 | ||||||
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 |
875 | 875,794 | ||||||
County of Hardin Ohio, Refunding RB |
||||||||
5.00%, 05/01/30 |
240 | 241,172 | ||||||
5.25%, 05/01/40 |
240 | 236,145 | ||||||
5.50%, 05/01/50 |
1,130 | 1,076,334 | ||||||
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51 (b) |
1,125 | 862,448 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49 (b) |
840 | 827,736 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47 |
2,500 | 2,393,795 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50 (b) |
385 | 328,603 | ||||||
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42 (b) |
2,315 | 2,046,592 | ||||||
|
|
|||||||
15,045,375 | ||||||||
Oklahoma — 2.3% |
||||||||
Oklahoma Development Finance Authority, RB |
||||||||
7.25%, 09/01/51 (b) |
4,615 | 4,783,974 | ||||||
Series B, 5.00%, 08/15/38 |
2,990 | 2,870,902 | ||||||
Series B, 5.25%, 08/15/43 |
2,690 | 2,568,592 | ||||||
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41 (b) |
330 | 284,422 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
750 | 771,082 | ||||||
|
|
|||||||
11,278,972 | ||||||||
Oregon — 0.7% |
||||||||
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/49 |
1,765 | 1,778,730 |
Security |
Par (000) |
Value |
||||||
Oregon (continued) |
||||||||
Oregon State Facilities Authority, RB (b) |
||||||||
Series A, 5.00%, 06/15/29 |
$ | 115 | $ | 117,603 | ||||
Series A, 5.00%, 06/15/39 |
565 | 562,172 | ||||||
Salem Hospital Facility Authority, Refunding RB, 4.00%, 05/15/47 |
1,000 | 882,327 | ||||||
|
|
|||||||
3,340,832 | ||||||||
Pennsylvania — 2.2% |
||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) |
1,130 | 1,158,571 | ||||||
Bucks County Industrial Development Authority, RB |
||||||||
4.00%, 07/01/46 |
100 | 81,006 | ||||||
4.00%, 07/01/51 |
100 | 79,305 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,550 | 1,586,391 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
2,710 | 2,768,606 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series B, 4.00%, 12/01/51 |
5,000 | 4,922,720 | ||||||
|
|
|||||||
10,596,599 | ||||||||
Puerto Rico — 14.9% |
||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57 (c) |
44,330 | 3,205,236 | ||||||
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43 |
850 | 863,857 | ||||||
Commonwealth of Puerto Rico, GO |
||||||||
0.00%, 11/01/43 (a) |
5,267 | 2,808,638 | ||||||
0.00%, 11/01/51 (a) |
10,037 | 4,435,198 | ||||||
Series A1, Restructured, 5.38%, 07/01/25 |
— | (i) |
2 | |||||
Series A1, Restructured, 5.63%, 07/01/27 |
— | (i) |
2 | |||||
Series A1, Restructured, 5.63%, 07/01/29 |
3,644 | 4,029,736 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 |
659 | 741,459 | ||||||
Series A1, Restructured, 4.00%, 07/01/33 |
625 | 601,243 | ||||||
Series A1, Restructured, 4.00%, 07/01/35 |
562 | 531,594 | ||||||
Series A1, Restructured, 4.00%, 07/01/37 |
482 | 452,979 | ||||||
Series A1, Restructured, 4.00%, 07/01/41 |
656 | 605,968 | ||||||
Series A1, Restructured, 4.00%, 07/01/46 |
682 | 619,023 | ||||||
Commonwealth of Puerto Rico, GO, CAB (c) |
||||||||
Series A, Restructured, 0.00%, 07/01/24 |
— | (i) |
1 | |||||
Series A, Restructured, 0.00%, 07/01/33 |
805 | 480,019 | ||||||
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 (a) |
261 | 85,044 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB (b) |
||||||||
Series A, 5.00%, 07/01/33 |
1,170 | 1,218,843 | ||||||
Series A, Senior Lien, 5.00%, 07/01/35 |
1,780 | 1,833,345 | ||||||
Series A, Senior Lien, 5.00%, 07/01/47 |
3,135 | 3,168,497 | ||||||
Puerto Rico Electric Power Authority, RB |
||||||||
10.00%, 07/01/19 |
454 | 444,874 | ||||||
7.50%, 01/01/20 |
761 | 643,234 | ||||||
3rd Series, 0.00%, 01/01/22 (g)(h) |
90 | 75,859 | ||||||
Series A, 6.75%, 07/01/36 (g)(h) |
1,335 | 1,182,009 | ||||||
Series A-3, 10.00%, 07/01/19 (g)(h) |
323 | 316,550 | ||||||
Series B-3, 10.00%, 07/01/19 (g)(h) |
323 | 316,550 | ||||||
Series C-1, 5.40%, 01/01/18 (g)(h) |
887 | 750,342 | ||||||
Series C-2, 5.40%, 07/01/18 (g)(h) |
887 | 750,463 | ||||||
Series C-4, 5.40%, 07/01/20 (g)(h) |
90 | 75,859 | ||||||
Series CCC, 5.25%, 07/01/26 (g)(h) |
260 | 207,725 | ||||||
Series CCC, 5.25%, 07/01/28 (g)(h) |
145 | 115,846 |
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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Puerto Rico (continued) |
||||||||
Puerto Rico Electric Power Authority, RB (continued) |
||||||||
Series TT, 5.00%, 07/01/18 |
$ | 295 | $ | 235,688 | ||||
Series WW, 5.50%, 07/01/17 (g)(h) |
200 | 159,788 | ||||||
Series WW, 5.50%, 07/01/18 (g)(h) |
1,175 | 938,756 | ||||||
Series WW, 5.50%, 07/01/19 (g)(h) |
145 | 115,846 | ||||||
Series WW, 5.50%, 07/01/20 |
1,595 | 1,274,311 | ||||||
Series WW, 5.38%, 07/01/22 (g)(h) |
1,310 | 1,046,613 | ||||||
Series WW, 5.25%, 07/01/33 (g)(h) |
120 | 95,873 | ||||||
Series XX, 5.25%, 07/01/35 (g)(h) |
645 | 515,317 | ||||||
Series XX, 5.75%, 07/01/36 (g)(h) |
860 | 687,089 | ||||||
Series A, RB, 5.00%, 07/01/29 (g)(h) |
660 | 527,301 | ||||||
Series A, RB, 7.00%, 07/01/33 (g)(h) |
3,295 | 2,917,393 | ||||||
Series A, RB, 5.00%, 07/01/42 (g)(h) |
1,315 | 1,050,607 | ||||||
Series A, RB, 7.00%, 07/01/43 (g)(h) |
375 | 332,025 | ||||||
Series TT, RB, 5.00%, 07/01/25 (g)(h) |
100 | 79,894 | ||||||
Series TT, RB, 5.00%, 07/01/26 (g)(h) |
225 | 179,762 | ||||||
Series WW, RB, 5.50%, 07/01/38 (g)(h) |
205 | 163,783 | ||||||
Series XX, RB, 5.25%, 07/01/27 (g)(h) |
110 | 87,884 | ||||||
Series XX, RB, 5.25%, 07/01/40 (g)(h) |
1,020 | 814,920 | ||||||
Puerto Rico Electric Power Authority, Refunding RB |
||||||||
Series AAA, 5.25%, 07/01/22 (g)(h) |
2,545 | 2,033,305 | ||||||
Series UU, 3.47%, 07/01/17 (a)(g)(h) |
60 | 52,200 | ||||||
Series UU, 0.00%, 07/01/18 (a)(g)(h) |
55 | 47,850 | ||||||
Series UU, 1.32%, 07/01/20 (a)(g)(h) |
495 | 430,650 | ||||||
Series UU, 2.23%, 07/01/31 (a)(g)(h) |
580 | 504,600 | ||||||
Series ZZ, 5.00%, 07/01/17 (g)(h) |
145 | 115,846 | ||||||
Series ZZ, 5.25%, 07/01/19 |
455 | 363,518 | ||||||
Series ZZ, 5.25%, 07/01/24 (g)(h) |
345 | 275,635 | ||||||
Series AAA, Refunding RB, 5.25%, 07/01/29 (g)(h) |
95 | 75,899 | ||||||
Puerto Rico Electric Power Authority, Refunding RB, BAB, 6.13%, 07/01/40 |
1,085 | 866,851 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.50%, 07/01/34 |
745 | 753,422 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
2,453 | 2,443,828 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
6,234 | 6,278,779 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
6,129 | 6,067,495 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 |
21 | 20,157 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
2,080 | 2,074,238 | ||||||
Series B-1, Restructured, 4.55%, 07/01/40 |
2,402 | 2,404,914 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (c) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/29 |
1,079 | 831,700 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 |
686 | 479,984 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 |
337 | 212,965 | ||||||
Series A-1, Restructured, 0.00%, 07/01/46 |
10,261 | 2,965,255 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 |
2,333 | 501,252 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 |
883 | 255,149 | ||||||
|
|
|||||||
71,838,337 | ||||||||
Rhode Island — 2.3% |
||||||||
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35 (g)(h) |
4,190 | 628,500 | ||||||
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22 (e) |
1,715 | 1,718,948 | ||||||
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/40 |
980 | 1,001,643 |
Security |
Par (000) |
Value |
||||||
Rhode Island (continued) |
||||||||
Tobacco Settlement Financing Corp., Refunding RB (continued) |
||||||||
Series B, 4.50%, 06/01/45 |
$ | 4,390 | $ | 4,395,242 | ||||
Series B, 5.00%, 06/01/50 |
3,330 | 3,400,539 | ||||||
|
|
|||||||
11,144,872 | ||||||||
South Carolina — 0.1% |
||||||||
South Carolina Jobs-Economic Development Authority, RB, Series A, 5.00%, 11/15/54 |
345 | 326,399 | ||||||
|
|
|||||||
Tennessee — 0.4% |
||||||||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series A, 5.63%, 01/01/46 |
1,085 | 818,619 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43 (b)(c) |
3,270 | 1,139,105 | ||||||
|
|
|||||||
1,957,724 | ||||||||
Texas — 8.4% |
||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45 (b) |
715 | 573,456 | ||||||
Arlington Higher Education Finance Corp., RB, 5.00%, 06/15/51 |
715 | 694,635 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |
370 | 363,259 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |
675 | 706,784 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, CAB (c) |
||||||||
0.00%, 01/01/28 |
1,000 | 856,858 | ||||||
0.00%, 01/01/29 |
2,000 | 1,648,130 | ||||||
0.00%, 01/01/30 |
1,170 | 923,806 | ||||||
0.00%, 01/01/33 |
3,690 | 2,540,310 | ||||||
0.00%, 01/01/34 |
4,000 | 2,621,472 | ||||||
City of Houston Texas Airport System Revenue, ARB |
||||||||
AMT, 4.00%, 07/15/41 |
190 | 170,742 | ||||||
Series A, AMT, 6.63%, 07/15/38 |
2,890 | 2,892,991 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
250 | 257,177 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
AMT, 5.00%, 07/01/29 |
730 | 739,025 | ||||||
Series A, AMT, 4.00%, 07/01/46 |
3,000 | 2,895,009 | ||||||
Series C, AMT, 5.00%, 07/15/27 |
1,615 | 1,655,805 | ||||||
City of San Marcos Texas, SAB (b) |
||||||||
4.00%, 09/01/32 |
100 | 95,834 | ||||||
4.50%, 09/01/51 |
480 | 421,770 | ||||||
City of Sinton Texas, Refunding SAB (b) |
||||||||
5.13%, 09/01/42 |
858 | 760,949 | ||||||
5.25%, 09/01/51 |
1,195 | 1,028,888 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23 (e) |
475 | 486,371 | ||||||
Hidalgo County Regional Mobility Authority, RB |
||||||||
Series A, Senior Lien, 4.00%, 12/01/39 |
255 | 242,483 | ||||||
Series A, Senior Lien, 4.00%, 12/01/40 |
255 | 240,409 | ||||||
Series A, Senior Lien, 4.00%, 12/01/41 |
255 | 238,012 | ||||||
Hidalgo County Regional Mobility Authority, Refunding RB |
||||||||
Series B, Junior Lien, 4.00%, 12/01/37 |
820 | 777,995 | ||||||
Series B, Junior Lien, 4.00%, 12/01/38 |
415 | 390,679 |
36 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31 (b) |
$ | 785 | $ | 802,487 | ||||
New Hope Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 5.88%, 04/01/23 (e) |
1,210 | 1,245,578 | ||||||
Series A, 6.00%, 04/01/23 (e) |
1,845 | 1,900,765 | ||||||
Series A, 0.00%, 12/01/25 (b)(c) |
1,140 | 1,333,800 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 (j) |
1,650 | 1,682,982 | ||||||
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51 (b) |
1,650 | 1,587,312 | ||||||
Newark Higher Education Finance Corp., RB (b) |
||||||||
Series A, 5.50%, 08/15/35 |
290 | 304,512 | ||||||
Series A, 5.75%, 08/15/45 |
580 | 600,737 | ||||||
Port Beaumont Navigation District, RB (b) |
||||||||
AMT, 2.75%, 01/01/36 |
700 | 563,169 | ||||||
AMT, 3.00%, 01/01/50 |
2,360 | 1,616,763 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 |
865 | 883,758 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB (c) |
||||||||
0.00%, 08/01/46 |
1,420 | 433,553 | ||||||
0.00%, 08/01/47 |
2,120 | 613,579 | ||||||
0.00%, 08/01/48 |
2,235 | 611,923 | ||||||
0.00%, 08/01/49 |
2,100 | 544,614 | ||||||
0.00%, 08/01/50 |
3,015 | 743,478 | ||||||
0.00%, 08/01/51 |
1,770 | 414,826 | ||||||
0.00%, 08/01/52 |
1,770 | 393,135 | ||||||
0.00%, 08/01/53 |
160 | 33,640 | ||||||
|
|
|||||||
40,533,460 | ||||||||
Utah — 1.8% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 4.00%, 07/01/51 |
8,500 | 8,117,245 | ||||||
Utah Charter School Finance Authority, RB (b) |
||||||||
Series A, 5.00%, 06/15/41 |
205 | 202,280 | ||||||
Series A, 5.00%, 06/15/52 |
265 | 255,161 | ||||||
|
|
|||||||
8,574,686 | ||||||||
Vermont — 0.7% |
||||||||
East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44 (b) |
4,000 | 3,473,128 | ||||||
|
|
|||||||
Virginia — 2.3% |
||||||||
Albemarle County Economic Development Authority, Refunding RB, 4.00%, 06/01/42 |
2,030 | 1,903,718 | ||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |
2,435 | 2,446,598 | ||||||
Lower Magnolia Green Community Development Authority, SAB (b) |
||||||||
5.00%, 03/01/35 |
495 | 498,949 | ||||||
5.00%, 03/01/45 |
505 | 503,826 | ||||||
Norfolk Redevelopment & Housing Authority, RB |
||||||||
Series A, 4.00%, 01/01/29 |
300 | 296,189 | ||||||
Series A, 5.00%, 01/01/34 |
485 | 498,408 | ||||||
Series A, 5.00%, 01/01/49 |
955 | 954,967 |
Security |
Par (000) |
Value |
||||||
Virginia (continued) |
||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
$ | 2,370 | $ | 2,328,219 | ||||
Virginia Housing Development Authority, RB, M/F Housing, Series K, (FHLMC, FNMA, GNMA), 2.38%, 12/01/41 |
1,000 | 801,584 | ||||||
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48 |
840 | 779,249 | ||||||
|
|
|||||||
11,011,707 | ||||||||
Washington — 1.2% |
||||||||
Greater Wenatchee Regional Events Center Public District, RB, Series A, 5.50%, 09/01/22 (e) |
1,495 | 1,500,229 | ||||||
Washington State Convention Center Public Facilities District, RB |
||||||||
4.00%, 07/01/31 |
1,315 | 1,295,842 | ||||||
Series B, 3.00%, 07/01/58 |
2,115 | 1,392,916 | ||||||
Washington State Housing Finance Commission, RB (b) |
||||||||
Series A, 5.00%, 07/01/50 |
225 | 229,856 | ||||||
Series A, 5.00%, 07/01/56 |
255 | 258,911 | ||||||
Washington State Housing Finance Commission, Refunding RB (b) |
||||||||
5.75%, 01/01/35 |
315 | 319,015 | ||||||
6.00%, 01/01/45 |
850 | 860,374 | ||||||
|
|
|||||||
5,857,143 | ||||||||
Wisconsin — 7.0% |
||||||||
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 |
1,595 | 1,223,108 | ||||||
Public Finance Authority, RB |
||||||||
5.00%, 06/15/39 |
175 | 182,904 | ||||||
5.00%, 06/15/41 (b) |
345 | 322,355 | ||||||
5.00%, 01/01/42 (b) |
605 | 610,129 | ||||||
6.85%, 11/01/46 (b) |
900 | 905,960 | ||||||
7.00%, 11/01/46 (b) |
570 | 576,891 | ||||||
5.00%, 06/15/49 |
530 | 540,429 | ||||||
5.63%, 06/15/49 (b) |
2,490 | 2,351,113 | ||||||
5.00%, 04/01/50 (b) |
115 | 116,223 | ||||||
5.00%, 06/15/53 |
355 | 361,160 | ||||||
5.00%, 06/15/55 (b) |
895 | 784,431 | ||||||
5.00%, 01/01/56 (b) |
1,470 | 1,433,834 | ||||||
5.00%, 06/15/56 (b) |
495 | 421,995 | ||||||
Series A, 6.25%, 10/01/31 (b) |
605 | 600,330 | ||||||
Series A, 5.38%, 06/01/44 (b) |
555 | 498,423 | ||||||
Series A, 7.00%, 10/01/47 (b) |
605 | 579,282 | ||||||
Series A, 5.63%, 06/15/49 (b) |
2,920 | 2,915,743 | ||||||
Series A, 5.25%, 12/01/51 (b) |
1,470 | 1,151,755 | ||||||
Series A, 5.50%, 06/01/54 (b) |
680 | 598,316 | ||||||
Series A, 5.00%, 06/15/55 (b) |
4,030 | 3,504,903 | ||||||
Series A, 4.75%, 06/15/56 (b) |
3,000 | 2,400,969 | ||||||
Series A-1, 4.50%, 01/01/35 (b) |
1,225 | 1,202,412 | ||||||
Series A-1, 5.50%, 12/01/48 (b)(g)(h) |
20 | 6,578 | ||||||
Series A-1, 5.00%, 01/01/55 (b) |
2,640 | 2,480,544 | ||||||
Series B, 0.00%, 01/01/35 (b)(c) |
1,685 | 774,124 | ||||||
Series B, 0.00%, 01/01/60 (b)(c) |
35,940 | 2,831,533 | ||||||
AMT, 4.00%, 03/31/56 |
2,005 | 1,691,240 | ||||||
Public Finance Authority, Refunding RB (b) |
||||||||
4.00%, 04/01/32 |
205 | 205,188 |
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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Wisconsin (continued) |
||||||||
Public Finance Authority, Refunding RB (b) (continued) |
||||||||
4.00%, 04/01/42 |
$ | 225 | $ | 208,903 | ||||
4.00%, 04/01/52 |
275 | 237,704 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
5.00%, 11/01/46 |
470 | 465,269 | ||||||
4.00%, 01/01/47 |
1,300 | 1,111,445 | ||||||
4.00%, 01/01/57 |
350 | 278,784 | ||||||
|
|
|||||||
33,573,977 | ||||||||
|
|
|||||||
Total Municipal Bonds — 128.0% (Cost: $651,991,392) |
616,664,642 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (k) |
| |||||||
Georgia — 1.4% |
||||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52 (a) |
6,508 | 6,975,999 | ||||||
|
|
|||||||
Illinois — 1.4% |
||||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series C, 4.00%, 02/15/27 (e) |
4 | 3,798 | ||||||
Series C, 4.00%, 02/15/41 |
1,495 | 1,514,310 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
5,056 | 5,420,849 | ||||||
|
|
|||||||
6,938,957 | ||||||||
Massachusetts — 0.5% |
||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 |
2,268 | 2,299,106 | ||||||
|
|
|||||||
Nebraska — 0.7% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) |
3,089 | 3,326,804 | ||||||
|
|
|||||||
New York — 8.4% |
||||||||
New York City Housing Development Corp., RB, M/F Housing |
||||||||
Series C-1, Class A, 4.15%, 11/01/39 |
1,893 | 1,896,327 | ||||||
Series C-1, Class A, 4.20%, 11/01/44 |
3,470 | 3,475,503 | ||||||
Series C-1, Class A, 4.30%, 11/01/47 |
2,840 | 2,844,490 | ||||||
Series D-1B, 4.25%, 11/01/45 |
8,996 | 9,019,992 | ||||||
New York City Water & Sewer System, Refunding RB |
||||||||
Series CC, 5.00%, 06/15/23 (e) |
6,666 | 6,858,455 | ||||||
Series CC, 5.00%, 06/15/47 |
7,518 | 7,734,809 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
1,444 | 1,437,742 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |
6,955 | 7,024,506 | ||||||
|
|
|||||||
40,291,824 | ||||||||
Pennsylvania — 0.6% |
||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |
2,505 | 2,724,553 | ||||||
|
|
Security |
Par (000) |
Value |
||||||
Wisconsin — 0.2% |
||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 |
$ | 1,142 | $ | 1,142,630 | ||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 13.2% (Cost: $63,799,358) |
|
63,699,873 | ||||||
|
|
|||||||
Total Long-Term Investments — 141.7% (Cost: $719,179,788) |
|
682,685,703 | ||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 3.1% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.96% (l)(m) |
15,023,905 | 15,028,412 | ||||||
|
|
|||||||
Total Short-Term Securities — 3.1% (Cost: $15,023,441) |
15,028,412 | |||||||
|
|
|||||||
Total Investments — 144.8% (Cost: $734,203,229) |
697,714,115 | |||||||
Other Assets Less Liabilities — 0.3% |
1,433,970 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.8)% |
|
(42,501,723 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (36.3)% |
|
(174,929,052 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares —100.0% |
|
$ | 481,717,310 | |||||
|
|
(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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
Non-income producing security. |
(i) |
Rounds to less than 1,000. |
(j) |
When-issued security. |
(k) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(l) |
Affiliate of the Fund. |
(m) |
Annualized 7-day yield as of period end. |
38 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) |
Affiliated Issuer |
Value at 04/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 6,592,558 | $ | 8,430,244 | (a) |
$ | — | $ | 1,298 | $ | 4,312 | $ | 15,028,412 | 15,023,905 | $ | 24,100 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
191 | 09/21/22 | $ | 23,117 | $ | (245,305 | ) | |||||||||
U.S. Long Bond |
275 | 09/21/22 | 39,420 | (918,271 | ) | |||||||||||
5-Year U.S. Treasury Note |
137 | 09/30/22 | 15,583 | (133,010 | ) | |||||||||||
|
|
|||||||||||||||
$ | (1,296,586 | ) | ||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 1,296,586 | $ | — | $ | 1,296,586 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 2,279,992 | $ | — | $ | 2,279,992 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (4,033,319 | ) | $ | — | $ | (4,033,319 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 78,119,180 |
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 (continued) July 31, 2022 |
BlackRock MuniAssets Fund, Inc. (MUA) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds |
$ | — | $ | 2,321,188 | $ | — | $ | 2,321,188 | ||||||||
Municipal Bonds |
— | 615,445,190 | 1,219,452 | 616,664,642 | ||||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 63,699,873 | — | 63,699,873 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
15,028,412 | — | — | 15,028,412 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 15,028,412 | $ | 681,466,251 | $ | 1,219,452 | $ | 697,714,115 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (1,296,586 | ) | $ | — | $ | — | $ | (1,296,586 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (42,443,775 | ) | $ | — | $ | (42,443,775 | ) | ||||||
VRDP Shares at Liquidation Value |
— | (175,000,000 | ) | — | (175,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (217,443,775 | ) | $ | — | $ | (217,443,775 | ) | |||||||
|
|
|
|
|
|
|
|
40 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama (a) — 1.7% |
||||||||
Black Belt Energy Gas District, RB, Series A, 4.00%, 12/01/52 |
$ | 2,110 | $ | 2,168,004 | ||||
Southeast Energy Authority A Cooperative District, RB |
||||||||
Series B, 4.00%, 12/01/51 |
6,005 | 6,079,174 | ||||||
Series B-1, 5.00%, 05/01/53 |
8,540 | 9,166,878 | ||||||
|
|
|||||||
17,414,056 | ||||||||
Arizona — 3.9% |
||||||||
Arizona Industrial Development Authority, RB |
||||||||
4.00%, 07/01/29 (b) |
500 | 497,289 | ||||||
4.38%, 07/01/39 (b) |
1,015 | 967,867 | ||||||
Series A, 3.55%, 07/15/29 (b) |
1,155 | 1,126,112 | ||||||
Series A, 5.00%, 07/01/39 (b) |
855 | 861,666 | ||||||
Series A, 5.00%, 07/01/49 (b) |
965 | 966,301 | ||||||
Series A, 4.00%, 02/01/50 |
10,000 | 9,820,570 | ||||||
Series A, 5.00%, 07/01/54 (b) |
745 | 745,341 | ||||||
Series B, 4.25%, 07/01/27 (b) |
325 | 326,808 | ||||||
City of Phoenix Civic Improvement Corp., ARB, |
||||||||
Series B, AMT, Junior Lien, 5.00%, 07/01/36 |
4,000 | 4,358,124 | ||||||
Glendale Union High School District No.205, GO |
||||||||
Series C, (BAM), 5.00%, 07/01/24 |
1,945 | 2,006,324 | ||||||
Series C, (BAM), 5.00%, 07/01/27 |
500 | 515,233 | ||||||
Industrial Development Authority of the City of Phoenix, |
||||||||
RB, Series A, 5.75%, 07/01/24 (b) |
325 | 334,429 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/25 |
300 | 312,000 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29 (b) |
300 | 306,879 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52 (b) |
825 | 819,418 | ||||||
Maricopa County Industrial Development Authority, Refunding RB |
||||||||
4.00%, 07/01/29 (b) |
295 | 294,540 | ||||||
5.00%, 07/01/39 (b) |
360 | 369,021 | ||||||
5.00%, 07/01/54 (b) |
820 | 827,869 | ||||||
Series A, 5.00%, 09/01/32 |
1,000 | 1,113,223 | ||||||
Series A, 5.00%, 09/01/33 |
800 | 884,850 | ||||||
Series A, 5.00%, 09/01/34 |
1,000 | 1,100,345 | ||||||
Series A, 5.00%, 01/01/38 |
3,000 | 3,220,263 | ||||||
Phoenix-Mesa Gateway Airport Authority, ARB |
||||||||
AMT, 5.00%, 07/01/27 |
700 | 701,714 | ||||||
AMT, 5.00%, 07/01/32 |
1,925 | 1,929,254 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45 |
4,970 | 5,104,831 | ||||||
|
|
|||||||
39,510,271 | ||||||||
Arkansas — 0.6% |
||||||||
Arkansas Development Finance Authority, RB, |
||||||||
Series A, AMT, 4.50%, 09/01/49 (b) |
2,395 | 2,324,302 | ||||||
City of Benton Arkansas, RB, (AGM), 5.00%, 06/01/29 |
1,055 | 1,113,269 | ||||||
University of Arkansas, Refunding RB, 5.00%, 03/01/31 |
2,315 | 2,500,549 | ||||||
|
|
|||||||
5,938,120 | ||||||||
California — 14.4% |
||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/31 |
8,080 | 8,623,857 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
California Community Choice Financing Authority, RB, |
||||||||
Series A, 4.00%, 10/01/52 (a) |
$ | 2,750 | $ | 2,861,947 | ||||
California Community Housing Agency, RB, M/F Housing (b) |
||||||||
Series A, 5.00%, 04/01/49 |
370 | 331,947 | ||||||
Series A-2, 4.00%, 08/01/47 |
2,380 | 1,959,090 | ||||||
California Housing Finance Agency, RB, M/F Housing, Class A, 3.25%, 08/20/36 |
2,163 | 2,043,694 | ||||||
California Municipal Finance Authority, RB |
||||||||
Series A, 4.00%, 10/01/29 (b) |
420 | 404,860 | ||||||
Series A, 3.00%, 02/01/46 |
485 | 392,299 | ||||||
Series A, 4.00%, 02/01/51 |
375 | 372,416 | ||||||
California School Finance Authority, RB, 5.00%, 08/01/42 (b) |
875 | 929,786 | ||||||
California State Public Works Board, RB |
||||||||
Series I, 5.50%, 11/01/30 |
4,500 | 4,707,954 | ||||||
Series I, 5.50%, 11/01/33 |
2,000 | 2,091,092 | ||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/42 |
3,500 | 3,833,525 | ||||||
City of Campbell California, GO, Election 2018, 4.00%, 09/01/50 |
3,025 | 3,082,142 | ||||||
City of Los Angeles Department of Airports, Refunding ARB |
||||||||
AMT, 4.00%, 05/15/39 |
355 | 357,460 | ||||||
AMT, 4.00%, 05/15/40 |
390 | 404,382 | ||||||
AMT, 4.00%, 05/15/41 |
450 | 456,021 | ||||||
Series A, AMT, 5.00%, 05/15/46 |
12,170 | 13,449,822 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/39 |
7,000 | 7,210,504 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, |
||||||||
Series A, 3.25%, 02/01/57 (b) |
1,110 | 843,105 | ||||||
County of Santa Barbara California, COP, Series B, AMT, 5.25%, 12/01/33 |
10,330 | 11,768,835 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
5.00%, 09/01/37 |
190 | 176,470 | ||||||
4.00%, 10/01/56 |
600 | 548,850 | ||||||
4.00%, 12/01/56 |
300 | 240,600 | ||||||
3.00%, 03/01/57 |
760 | 567,495 | ||||||
Series A, Class 2, 4.00%, 06/01/58 |
3,585 | 3,084,251 | ||||||
Senior Lien, 3.13%, 06/01/57 |
1,005 | 729,150 | ||||||
Series A, Class 2, Senior Lien, 4.00%, 12/01/58 |
4,050 | 3,308,028 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28 (c) |
12,500 | 14,655,333 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66 (d) |
6,675 | 847,912 | ||||||
Los Angeles Department of Water & Power, Refunding RB, Series C, 5.00%, 07/01/52 |
5,715 | 6,569,495 | ||||||
Manteca Financing Authority, RB, Series A, (AGC-ICC), |
||||||||
5.75%, 12/01/36 |
3,285 | 3,294,109 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
6,155 | 6,204,843 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/38 |
2,705 | 2,776,223 | ||||||
Riverside County Transportation Commission, Refunding RB |
||||||||
2nd Lien, 4.00%, 06/01/47 |
590 | 571,127 |
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
Riverside County Transportation Commission, Refunding RB (continued) |
||||||||
Senior Lien, 4.00%, 06/01/46 |
$ | 1,870 | $ | 1,856,272 | ||||
Senior Lien, 3.00%, 06/01/49 |
410 | 336,830 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
1,195 | 1,158,764 | ||||||
San Diego County Regional Airport Authority, Refunding ARB |
||||||||
AMT, Subordinate, 5.00%, 07/01/32 |
1,000 | 1,122,258 | ||||||
AMT, Subordinate, 5.00%, 07/01/33 |
1,030 | 1,148,719 | ||||||
AMT, Subordinate, 5.00%, 07/01/34 |
1,000 | 1,111,187 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series A, AMT, 5.25%, 05/01/33 |
6,370 | 6,512,331 | ||||||
Series A, AMT, 5.00%, 05/01/38 |
3,040 | 3,313,153 | ||||||
Series A, AMT, 5.00%, 05/01/44 |
3,430 | 3,517,112 | ||||||
Series B, AMT, 5.00%, 05/01/46 |
7,855 | 8,175,429 | ||||||
Santa Cruz County Capital Financing Authority, RB, Series A, 4.00%, 06/01/46 |
3,990 | 4,032,023 | ||||||
State of California, GO, 5.50%, 04/01/28 |
15 | 15,042 | ||||||
Transbay Joint Powers Authority, TA |
||||||||
Series A, 5.00%, 10/01/35 |
700 | 799,586 | ||||||
Series A, 5.00%, 10/01/36 |
800 | 907,571 | ||||||
Series A, 5.00%, 10/01/37 |
1,000 | 1,127,216 | ||||||
|
|
|||||||
144,832,117 | ||||||||
Colorado — 3.0% |
||||||||
City & County of Denver Colorado Airport System Revenue, ARB |
||||||||
Series A, AMT, 5.50%, 11/15/28 |
2,700 | 2,811,229 | ||||||
Series A, AMT, 5.50%, 11/15/30 |
1,040 | 1,082,382 | ||||||
Series A, AMT, 5.50%, 11/15/31 |
1,250 | 1,300,654 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 12/01/32 |
5,000 | 5,599,180 | ||||||
Series A, AMT, 5.00%, 12/01/43 |
10,500 | 11,250,928 | ||||||
Series A, AMT, 4.13%, 11/15/53 |
2,185 | 2,196,144 | ||||||
Series A, AMT, 5.50%, 11/15/53 |
2,310 | 2,626,920 | ||||||
Colorado Health Facilities Authority, Refunding RB Series A, 5.00%, 11/09/22 (c) |
270 | 272,640 | ||||||
Series A, 5.00%, 08/01/34 |
1,500 | 1,655,460 | ||||||
Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34 |
500 | 539,905 | ||||||
Thompson Crossing Metropolitan District No.4, |
||||||||
Refunding GO, 3.50%, 12/01/29 |
515 | 484,335 | ||||||
|
|
|||||||
29,819,777 | ||||||||
Connecticut — 2.2% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series C-2, AMT, 2.20%, 11/15/34 |
1,190 | 1,049,698 | ||||||
Connecticut State Health & Educational Facilities Authority, RB |
||||||||
Series A, 5.00%, 01/01/30 (b) |
130 | 137,087 | ||||||
Series A, 4.00%, 07/01/51 |
4,500 | 4,304,196 | ||||||
Series A-1, 5.00%, 10/01/54 (b) |
235 | 233,721 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB (b) |
||||||||
Series G-1, 5.00%, 07/01/27 |
100 | 107,379 | ||||||
Series G-1, 5.00%, 07/01/28 |
100 | 108,222 | ||||||
Series G-1, 5.00%, 07/01/29 |
100 | 108,766 |
Security |
Par (000) |
Value |
||||||
Connecticut (continued) |
||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB (b) (continued) |
||||||||
Series G-1, 5.00%, 07/01/30 |
$ | 100 | $ | 108,320 | ||||
Series G-1, 5.00%, 07/01/32 |
150 | 161,405 | ||||||
Series G-1, 5.00%, 07/01/34 |
125 | 133,661 | ||||||
State of Connecticut Special Tax Revenue, RB, |
||||||||
Series A, 5.00%, 05/01/35 |
1,750 | 2,018,352 | ||||||
State of Connecticut, GO |
||||||||
Series A, 5.00%, 04/15/30 |
5,000 | 5,749,170 | ||||||
Series A, 5.00%, 04/15/31 |
4,000 | 4,580,472 | ||||||
Series A, 5.00%, 04/15/34 |
1,185 | 1,352,426 | ||||||
Series C, 5.00%, 06/15/38 |
700 | 809,959 | ||||||
Series C, 4.00%, 06/15/39 |
300 | 309,800 | ||||||
Series C, 4.00%, 06/15/41 |
300 | 307,161 | ||||||
Series C, 5.00%, 06/15/42 |
635 | 725,211 | ||||||
|
|
|||||||
22,305,006 | ||||||||
Delaware — 0.4% |
||||||||
County of Kent Delaware, RB |
||||||||
Series A, 5.00%, 07/01/29 |
880 | 931,733 | ||||||
Series A, 5.00%, 07/01/30 |
1,030 | 1,087,992 | ||||||
Series A, 5.00%, 07/01/31 |
750 | 790,141 | ||||||
Series A, 5.00%, 07/01/32 |
375 | 394,556 | ||||||
Series A, 5.00%, 07/01/33 |
1,190 | 1,250,105 | ||||||
|
|
|||||||
4,454,527 | ||||||||
District of Columbia — 1.3% |
||||||||
District of Columbia, RB, Class A, AMT, 5.50%, 02/28/37 |
880 | 995,810 | ||||||
District of Columbia, Refunding GO, Series D, 4.00%, 02/01/40 |
1,000 | 1,040,400 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 5.00%, 10/01/46 |
5,000 | 5,410,040 | ||||||
Series A, AMT, 4.00%, 10/01/51 |
5,500 | 5,291,110 | ||||||
|
|
|||||||
12,737,360 | ||||||||
Florida — 6.3% |
||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52 |
2,745 | 2,986,843 | ||||||
Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/31 |
1,500 | 1,660,785 | ||||||
Capital Region Community Development District, |
||||||||
Refunding SAB, Series A-1, 4.63%, 05/01/28 |
500 | 509,273 | ||||||
Capital Trust Agency, Inc., RB |
||||||||
Series A, 4.00%, 06/15/29 (b) |
585 | 570,605 | ||||||
Series A, 5.00%, 12/15/29 |
400 | 423,303 | ||||||
Series A, 5.00%, 06/01/45 (b) |
850 | 787,205 | ||||||
Series A, 5.50%, 06/01/57 (b) |
305 | 289,056 | ||||||
Series SE, 3.00%, 07/01/31 (b) |
125 | 115,700 | ||||||
Series SE, 4.00%, 07/01/41 (b) |
285 | 252,880 | ||||||
Series SE, 4.00%, 07/01/51 (b) |
335 | 275,711 | ||||||
Series SE, 4.00%, 07/01/56 (b) |
280 | 224,344 | ||||||
Charlotte County Industrial Development Authority, RB, |
||||||||
AMT, 5.00%, 10/01/29 (b) |
1,000 | 1,045,060 | ||||||
County of Miami-Dade Seaport Department, ARB (c) |
||||||||
Series B, AMT, 6.00%, 10/01/23 |
8,835 | 9,260,410 | ||||||
Series B, AMT, 6.25%, 10/01/23 |
1,405 | 1,476,023 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (d) |
||||||||
Series A-2, 0.00%, 10/01/28 |
500 | 400,228 |
42 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (d) (continued) |
||||||||
Series A-2, 0.00%, 10/01/29 |
$ | 800 | $ | 608,885 | ||||
Escambia County Health Facilities Authority, Refunding RB |
||||||||
5.00%, 08/15/35 |
3,100 | 3,349,293 | ||||||
Series A, 5.00%, 08/15/31 |
1,000 | 1,110,844 | ||||||
Esplanade Lake Club Community Development District, SAB |
||||||||
Series A-1, 3.63%, 11/01/30 |
370 | 354,887 | ||||||
Series A-1, 4.00%, 11/01/40 |
1,080 | 995,954 | ||||||
Series A-1, 4.13%, 11/01/50 |
385 | 342,167 | ||||||
Series A-2, 3.63%, 11/01/30 |
185 | 177,445 | ||||||
Series A-2, 4.00%, 11/01/40 |
400 | 368,831 | ||||||
Series A-2, 4.13%, 11/01/50 |
380 | 337,723 | ||||||
Florida Development Finance Corp., RB (b) |
||||||||
AMT, 5.00%, 05/01/29 |
3,080 | 3,040,373 | ||||||
Series A, AMT, 5.00%, 08/01/29 (a) |
325 | 325,000 | ||||||
Florida Development Finance Corp., Refunding RB |
||||||||
5.00%, 06/01/31 |
450 | 444,645 | ||||||
5.00%, 06/01/35 |
225 | 218,828 | ||||||
6.50%, 06/30/57 (b) |
1,270 | 1,297,379 | ||||||
Series C, 5.00%, 09/15/50 (b) |
475 | 462,083 | ||||||
Florida Gulf Coast University Financing Corp., Refunding RB |
||||||||
5.00%, 02/01/34 |
800 | 903,421 | ||||||
5.00%, 02/01/35 |
850 | 955,614 | ||||||
Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29 |
960 | 923,667 | ||||||
Harbor Bay Community Development District, SAB, |
||||||||
Series A-1, 3.30%, 05/01/29 |
600 | 577,317 | ||||||
Hills Minneola Community Development District, SAB, |
||||||||
3.50%, 05/01/31 (b) |
1,100 | 1,027,826 | ||||||
Hillsborough County Aviation Authority, Refunding RB (c) |
||||||||
Series A, AMT, 5.25%, 10/01/23 |
3,255 | 3,382,241 | ||||||
Sub-Series A, AMT, 5.50%, 10/01/23 |
5,360 | 5,584,884 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
3.60%, 05/01/24 |
220 | 219,666 | ||||||
4.30%, 05/01/27 (b) |
520 | 524,016 | ||||||
3.80%, 05/01/29 |
635 | 624,687 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |
130 | 130,306 | ||||||
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51 |
435 | 333,599 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32 |
5,020 | 5,392,860 | ||||||
Midtown Miami Community Development District, |
||||||||
Refunding SAB, Series A, 4.25%, 05/01/24 |
470 | 473,260 | ||||||
Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30 |
350 | 343,097 | ||||||
Palm Beach County Health Facilities Authority, RB |
||||||||
Series A, 5.00%, 11/01/47 |
715 | 741,172 | ||||||
Series A, 5.00%, 11/01/52 |
1,020 | 1,055,990 | ||||||
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/29 |
1,785 | 1,889,580 | ||||||
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/33 |
610 | 642,412 | ||||||
Seminole Improvement District, RB 5.00%, 10/01/32 |
265 | 271,955 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Seminole Improvement District, RB (continued) |
||||||||
5.30%, 10/01/37 |
$ | 300 | $ | 308,353 | ||||
Southern Groves Community Development District No.5, Refunding SAB, 3.25%, 05/01/29 |
290 | 278,419 | ||||||
Sterling Hill Community Development District, |
||||||||
Refunding SAB, Series B, 5.50%, 11/01/10 (e)(f) |
142 | 90,783 | ||||||
Talavera Community Development District, SAB |
||||||||
3.50%, 05/01/25 |
280 | 278,436 | ||||||
3.85%, 05/01/30 |
540 | 527,991 | ||||||
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29 |
180 | 177,459 | ||||||
Village Community Development District No.14, SA, 5.50%, 05/01/53 |
2,020 | 2,099,259 | ||||||
|
|
|||||||
63,470,033 | ||||||||
Georgia — 5.7% |
||||||||
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32 |
8,315 | 9,022,839 | ||||||
Cobb County Kennestone Hospital Authority, Refunding RB |
||||||||
5.00%, 04/01/32 |
1,250 | 1,382,971 | ||||||
4.00%, 04/01/33 |
200 | 208,630 | ||||||
4.00%, 04/01/34 |
275 | 284,038 | ||||||
4.00%, 04/01/35 |
275 | 281,700 | ||||||
4.00%, 04/01/36 |
300 | 304,916 | ||||||
East Point Business & Industrial Development |
||||||||
Authority, RB, Series A, 5.25%, 06/15/62 (b) |
740 | 755,985 | ||||||
George L Smith II Congress Center Authority, RB, |
||||||||
4.00%, 01/01/36 |
1,750 | 1,741,931 | ||||||
Georgia Housing & Finance Authority, Refunding RB, |
||||||||
S/F Housing, Series A, 2.75%, 12/01/35 |
3,000 | 2,778,642 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.50%, 09/15/28 |
2,500 | 2,757,547 | ||||||
Series A, 5.00%, 05/15/33 |
5,000 | 5,316,175 | ||||||
Series A, 5.00%, 05/15/34 |
5,250 | 5,563,078 | ||||||
Series B, 5.00%, 12/01/52 (a) |
14,235 | 15,257,799 | ||||||
Series C, RB, 4.00%, 03/01/50 (a) |
2,280 | 2,348,364 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
5.00%, 01/01/34 |
700 | 766,278 | ||||||
5.00%, 01/01/35 |
1,225 | 1,336,736 | ||||||
Series A, 5.00%, 07/01/52 |
3,160 | 3,341,656 | ||||||
Municipal Electric Authority of Georgia, Refunding RB |
||||||||
Sub-Series A, 5.00%, 01/01/34 |
2,295 | 2,533,990 | ||||||
Sub-Series A, 5.00%, 01/01/35 |
925 | 1,016,056 | ||||||
|
|
|||||||
56,999,331 | ||||||||
Guam — 0.2% |
||||||||
Territory of Guam, Refunding RB, Series F, 5.00%, 01/01/29 |
1,500 | 1,573,961 | ||||||
|
|
|||||||
Hawaii — 1.0% |
||||||||
State of Hawaii Airports System Revenue, ARB, |
||||||||
Series A, AMT, 5.00%, 07/01/45 |
5,985 | 6,191,650 | ||||||
State of Hawaii Airports System Revenue, ARB COP |
||||||||
AMT, 5.25%, 08/01/25 |
1,350 | 1,390,638 | ||||||
AMT, 5.25%, 08/01/26 |
2,500 | 2,573,530 | ||||||
|
|
|||||||
10,155,818 | ||||||||
Idaho — 1.6% |
||||||||
Idaho Health Facilities Authority, RB, 4.00%, 12/01/43 |
10,000 | 10,006,610 | ||||||
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51 |
2,355 | 1,848,162 |
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Idaho (continued) |
||||||||
Idaho Housing & Finance Association, RB |
||||||||
5.00%, 08/15/41 |
$ | 1,425 | $ | 1,657,674 | ||||
5.00%, 08/15/42 |
565 | 657,246 | ||||||
Idaho Housing & Finance Association, Refunding RB |
||||||||
(GTD), 4.00%, 05/01/42 |
1,160 | 1,161,496 | ||||||
(GTD), 4.00%, 05/01/52 |
905 | 866,161 | ||||||
|
|
|||||||
16,197,349 | ||||||||
Illinois — 17.5% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/37 |
1,760 | 1,861,585 | ||||||
Series A, 5.00%, 12/01/38 |
715 | 753,515 | ||||||
Series A, 5.00%, 12/01/39 |
1,915 | 2,016,786 | ||||||
Series A, 5.00%, 12/01/47 |
835 | 880,259 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series A, 5.00%, 12/01/30 |
3,065 | 3,307,328 | ||||||
Series C, 5.00%, 12/01/26 |
4,730 | 5,074,826 | ||||||
Series D, 5.00%, 12/01/26 |
4,185 | 4,490,095 | ||||||
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25 (d) |
815 | 739,617 | ||||||
Chicago Midway International Airport, Refunding ARB |
||||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/32 |
5,000 | 5,189,960 | ||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
8,020 | 8,214,621 | ||||||
Chicago Midway International Airport, Refunding RB |
||||||||
Series A, AMT, 2nd Lien, 5.50%, 01/01/30 |
6,500 | 6,591,702 | ||||||
Series A, AMT, 2nd Lien, 5.50%, 01/01/32 |
7,775 | 7,881,766 | ||||||
Series B, Senior Lien, 5.00%, 01/01/35 |
4,400 | 4,734,778 | ||||||
Series C, Senior Lien, 4.00%, 01/01/38 |
3,820 | 3,885,987 | ||||||
Series E, Senior Lien, (AGM), 4.00%, 01/01/39 |
5,000 | 5,090,785 | ||||||
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 |
2,630 | 2,834,438 | ||||||
Chicago O’Hare International Airport, Refunding ARB |
||||||||
Series C, AMT, Senior Lien, 5.25%, 01/01/28 |
1,350 | 1,368,225 | ||||||
Series C, AMT, Senior Lien, 5.25%, 01/01/29 |
3,020 | 3,062,482 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, 5.00%, 01/01/32 |
3,745 | 4,004,364 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB |
||||||||
Series A, 2nd Lien, 4.00%, 12/01/49 |
6,190 | 6,045,668 | ||||||
Series A, 2nd Lien, 5.00%, 12/01/52 |
1,000 | 1,087,388 | ||||||
Cook County Community College District No.508, GO, 5.13%, 12/01/38 |
1,000 | 1,023,305 | ||||||
Illinois Finance Authority RB, 4.00%, 07/01/40 |
4,870 | 5,107,403 | ||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/28 |
810 | 851,069 | ||||||
Series A, 5.00%, 02/15/29 |
400 | 419,814 | ||||||
Series A, 5.00%, 02/15/30 |
500 | 519,959 | ||||||
Series A, 5.00%, 02/15/31 |
500 | 515,595 | ||||||
Series A, 5.00%, 02/15/32 |
500 | 512,475 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
5.00%, 03/01/30 |
550 | 610,263 | ||||||
5.00%, 03/01/32 |
920 | 1,015,853 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/34 |
9,140 | 9,261,864 | ||||||
Series A, 5.00%, 01/01/40 |
5,000 | 5,360,995 | ||||||
Series A, 5.00%, 01/01/45 |
12,010 | 13,313,061 | ||||||
Series A, 4.00%, 01/01/46 |
11,510 | 11,532,065 | ||||||
Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
4,220 | 4,639,886 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
5.00%, 12/15/28 |
$ | 1,200 | $ | 1,300,874 | ||||
4.00%, 06/15/50 |
2,725 | 2,568,073 | ||||||
State of Illinois, GO |
||||||||
5.25%, 07/01/29 |
5,000 | 5,130,960 | ||||||
5.00%, 04/01/31 |
1,000 | 1,040,061 | ||||||
5.00%, 05/01/31 |
5,010 | 5,219,072 | ||||||
5.00%, 11/01/34 |
5,000 | 5,290,460 | ||||||
5.50%, 05/01/39 |
15,000 | 16,594,635 | ||||||
5.75%, 05/01/45 |
2,000 | 2,228,308 | ||||||
Series A, 5.00%, 03/01/35 |
2,000 | 2,192,646 | ||||||
Series D, 5.00%, 11/01/28 |
350 | 380,327 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |
120 | 131,318 | ||||||
|
|
|||||||
175,876,516 | ||||||||
Indiana — 0.2% |
||||||||
Indiana Finance Authority, RB |
||||||||
Series A, 5.00%, 06/01/41 |
550 | 517,328 | ||||||
Series A, 5.00%, 06/01/51 |
405 | 367,478 | ||||||
Series A, 5.00%, 06/01/56 |
360 | 321,516 | ||||||
Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26 |
1,270 | 1,275,255 | ||||||
|
|
|||||||
2,481,577 | ||||||||
Iowa — 0.1% |
||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series A, AMT, 5.00%, 12/01/26 |
775 | 853,122 | ||||||
|
|
|||||||
Kansas — 0.2% |
||||||||
Ellis County Unified School District No.489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
2,000 | 1,974,080 | ||||||
|
|
|||||||
Kentucky — 0.7% |
||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52 (b) |
815 | 818,533 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a) |
6,500 | 6,604,449 | ||||||
|
|
|||||||
7,422,982 | ||||||||
Louisiana — 0.1% |
||||||||
New Orleans Aviation Board, ARB, Series A, 5.00%, 01/01/33 |
1,000 | 1,065,166 | ||||||
|
|
|||||||
Maine — 0.2% |
||||||||
Finance Authority of Maine, Refunding RB |
||||||||
Series A-1, AMT, (AGM), 5.00%, 12/01/28 |
1,000 | 1,122,336 | ||||||
Series A-1, AMT, (AGM), 3.00%, 12/01/29 |
845 | 834,145 | ||||||
|
|
|||||||
1,956,481 | ||||||||
Maryland — 0.9% |
||||||||
City of Baltimore Maryland, Refunding TA (b) |
||||||||
Series A, Senior Lien, 2.95%, 06/01/27 |
175 | 166,433 | ||||||
Series A, Senior Lien, 3.05%, 06/01/28 |
190 | 179,270 | ||||||
Series A, Senior Lien, 3.15%, 06/01/29 |
200 | 187,237 | ||||||
City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29 (b) |
285 | 270,581 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
2,500 | 2,732,175 | ||||||
Maryland Economic Development Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/29 |
1,835 | 2,059,006 | ||||||
Series A, 5.00%, 06/01/30 |
1,015 | 1,132,855 |
44 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Maryland (continued) |
||||||||
Maryland Economic Development Corp., Refunding RB (continued) |
||||||||
Series A, 5.00%, 06/01/31 |
$ | 1,000 | $ | 1,110,625 | ||||
Series A, 5.00%, 06/01/32 |
1,000 | 1,105,701 | ||||||
|
|
|||||||
8,943,883 | ||||||||
Massachusetts — 4.4% |
||||||||
Commonwealth of Massachusetts, GO, Series G, 4.00%, 09/01/42 |
20,000 | 20,254,240 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 07/01/29 |
2,700 | 2,983,249 | ||||||
5.00%, 07/01/30 |
3,125 | 3,444,300 | ||||||
5.00%, 07/01/41 |
4,710 | 5,034,557 | ||||||
Series A, 5.00%, 01/01/31 |
1,730 | 1,823,757 | ||||||
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 |
1,000 | 1,055,025 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, M/F Housing, Series G, 3.45%, 12/01/30 |
3,100 | 3,143,006 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
215 | 234,850 | ||||||
Massachusetts School Building Authority, RB, Sub-Series B, 4.00%, 02/15/42 |
6,200 | 6,232,600 | ||||||
|
|
|||||||
44,205,584 | ||||||||
Michigan — 2.7% |
||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
10 | 10,030 | ||||||
City of Detroit Michigan, GO |
||||||||
5.00%, 04/01/26 |
265 | 278,241 | ||||||
5.00%, 04/01/27 |
210 | 222,333 | ||||||
5.00%, 04/01/28 |
235 | 250,582 | ||||||
5.00%, 04/01/29 |
235 | 249,606 | ||||||
5.00%, 04/01/30 |
180 | 190,630 | ||||||
5.00%, 04/01/31 |
265 | 279,921 | ||||||
5.00%, 04/01/32 |
225 | 237,265 | ||||||
5.00%, 04/01/33 |
295 | 310,624 | ||||||
Michigan Finance Authority, Refunding RB |
||||||||
4.00%, 12/01/40 |
2,140 | 2,168,102 | ||||||
4.00%, 02/15/44 |
10,000 | 10,001,990 | ||||||
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31 |
4,000 | 4,227,512 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.13%, 10/01/36 |
4,275 | 3,559,754 | ||||||
Michigan Strategic Fund, RB |
||||||||
AMT, 5.00%, 06/30/33 |
2,415 | 2,501,404 | ||||||
AMT, 5.00%, 12/31/33 |
2,000 | 2,068,298 | ||||||
Michigan Strategic Fund, Refunding RB |
||||||||
5.00%, 11/15/29 |
440 | 464,647 | ||||||
5.00%, 11/15/34 |
490 | 506,353 | ||||||
|
|
|||||||
27,527,292 | ||||||||
Minnesota — 0.8% |
||||||||
City of Minneapolis Minnesota, RB |
||||||||
4.00%, 06/01/30 |
150 | 153,261 | ||||||
4.00%, 06/01/31 |
50 | 50,805 | ||||||
City of Minneapolis Minnesota, Refunding RB, |
||||||||
Series A, 5.00%, 11/15/33 |
2,370 | 2,593,707 | ||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 5.00%, 02/15/33 |
1,000 | 1,089,275 |
Security |
Par (000) |
Value |
||||||
Minnesota (continued) |
||||||||
Duluth Economic Development Authority, Refunding RB (continued) |
||||||||
Series A, 5.00%, 02/15/34 |
$ | 1,185 | $ | 1,281,773 | ||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29 (b) |
200 | 202,912 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 |
2,420 | 2,574,362 | ||||||
|
|
|||||||
7,946,095 | ||||||||
Mississippi — 1.3% |
||||||||
Mississippi Development Bank, RB |
||||||||
(AGM), 6.75%, 12/01/31 |
3,775 | 3,987,914 | ||||||
(AGM), 6.75%, 12/01/33 |
2,350 | 2,480,949 | ||||||
(AGM), 6.88%, 12/01/40 |
6,405 | 6,747,488 | ||||||
|
|
|||||||
13,216,351 | ||||||||
Missouri — 0.6% |
||||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |
350 | 323,098 | ||||||
Kansas City Industrial Development Authority, ARB |
||||||||
AMT, 4.00%, 03/01/35 |
1,480 | 1,494,600 | ||||||
Class B, AMT, 5.00%, 03/01/54 |
2,840 | 2,967,320 | ||||||
St. Louis County Industrial Development Authority, Refunding RB |
||||||||
5.00%, 09/01/27 |
360 | 373,571 | ||||||
5.00%, 09/01/32 |
1,015 | 1,009,777 | ||||||
|
|
|||||||
6,168,366 | ||||||||
Nebraska — 0.1% |
||||||||
Douglas County Hospital Authority No.3, Refunding RB, 5.00%, 11/01/30 |
800 | 864,754 | ||||||
|
|
|||||||
Nevada — 0.7% |
||||||||
City of Las Vegas Nevada Special Improvement District No.814, SAB |
||||||||
3.50%, 06/01/28 |
160 | 161,764 | ||||||
3.25%, 06/01/30 |
350 | 337,152 | ||||||
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 5.00%, 06/01/31 |
1,000 | 1,119,552 | ||||||
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33 |
5,000 | 5,279,100 | ||||||
|
|
|||||||
6,897,568 | ||||||||
New Hampshire (b) — 0.2% |
||||||||
New Hampshire Business Finance Authority, RB, |
||||||||
AMT, 2.95%, 04/01/29 |
1,000 | 908,758 | ||||||
New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27 |
795 | 791,170 | ||||||
|
|
|||||||
1,699,928 | ||||||||
New Jersey — 17.7% |
||||||||
New Jersey Economic Development Authority, ARB, |
||||||||
AMT, 5.13%, 09/15/23 |
3,210 | 3,244,893 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
AMT, 5.50%, 01/01/26 |
1,500 | 1,552,358 | ||||||
AMT, 5.50%, 01/01/27 |
1,000 | 1,034,370 | ||||||
AMT, (AGM), 5.00%, 01/01/31 |
2,425 | 2,509,960 | ||||||
AMT, 5.38%, 01/01/43 |
7,000 | 7,156,044 | ||||||
New Jersey Economic Development Authority, Refunding ARB |
||||||||
AMT, 5.00%, 10/01/26 |
2,135 | 2,279,847 |
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
New Jersey Economic Development Authority, Refunding ARB (continued) |
||||||||
AMT, 5.00%, 10/01/27 |
$ | 1,680 | $ | 1,815,910 | ||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (c) |
4,080 | 4,721,935 | ||||||
New Jersey Educational Facilities Authority, RB, 5.00%, 06/15/28 |
10,000 | 10,515,750 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, 5.00%, 07/01/30 |
3,034 | 3,250,992 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51 |
6,110 | 4,991,173 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39 |
2,130 | 2,087,287 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 5.00%, 12/01/27 |
1,000 | 1,116,606 | ||||||
Series B, AMT, 5.00%, 12/01/28 |
1,000 | 1,109,456 | ||||||
Series B, AMT, 4.00%, 12/01/41 |
4,820 | 4,745,357 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series A, 5.00%, 06/15/30 |
2,000 | 2,168,456 | ||||||
Series AA, 5.25%, 06/15/31 |
12,000 | 12,323,388 | ||||||
Series AA, 5.25%, 06/15/32 |
2,250 | 2,425,883 | ||||||
Series AA, 5.00%, 06/15/35 |
3,000 | 3,246,426 | ||||||
Series AA, 5.50%, 06/15/39 |
8,175 | 8,366,761 | ||||||
Series AA, 4.00%, 06/15/40 |
4,000 | 3,993,316 | ||||||
Series BB, 5.00%, 06/15/44 |
5,000 | 5,294,980 | ||||||
Series C, 5.25%, 06/15/32 |
10,000 | 10,665,870 | ||||||
Series S, 5.25%, 06/15/43 |
10,000 | 10,789,980 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series A, 5.00%, 06/15/30 |
1,695 | 1,834,851 | ||||||
Series A, 5.00%, 12/15/33 |
2,285 | 2,479,481 | ||||||
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/32 |
12,000 | 12,815,160 | ||||||
Newark Housing Authority Scholarship Foundation A |
||||||||
New Jersey Non, RB, M/F Housing |
||||||||
Series A, 5.00%, 12/01/23 |
1,230 | 1,260,725 | ||||||
Series A, 5.00%, 12/01/25 |
1,345 | 1,393,776 | ||||||
South Jersey Port Corp., ARB |
||||||||
Series B, AMT, 5.00%, 01/01/29 |
250 | 271,107 | ||||||
Series B, AMT, 5.00%, 01/01/30 |
200 | 215,892 | ||||||
Series B, AMT, 5.00%, 01/01/31 |
350 | 375,366 | ||||||
Series B, AMT, 5.00%, 01/01/32 |
425 | 452,892 | ||||||
State of New Jersey, GO |
||||||||
5.00%, 06/01/28 |
5,000 | 5,401,545 | ||||||
2.00%, 06/01/34 |
12,520 | 10,623,721 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/30 |
850 | 926,717 | ||||||
Series A, 5.00%, 06/01/32 |
11,980 | 13,111,535 | ||||||
Series A, 5.00%, 06/01/33 |
220 | 239,729 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
15,000 | 15,323,610 | ||||||
|
|
|||||||
178,133,105 | ||||||||
New Mexico — 0.7% |
||||||||
Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33 |
2,510 | 2,604,094 | ||||||
Albuquerque Municipal School District No.12, GO, Series 2017, (SAW), 5.00%, 08/01/30 |
1,250 | 1,399,605 |
Security |
Par (000) |
Value |
||||||
New Mexico (continued) |
||||||||
City of Santa Fe New Mexico, RB |
||||||||
Series A, 5.00%, 05/15/34 |
$ | 170 | $ | 168,645 | ||||
Series A, 5.00%, 05/15/39 |
310 | 299,666 | ||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Series A, 5.00%, 08/01/25 (c) |
2,500 | 2,721,510 | ||||||
|
|
|||||||
7,193,520 | ||||||||
New York — 15.2% |
||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB |
||||||||
Series A, 4.50%, 06/01/27 |
1,710 | 1,793,311 | ||||||
Series A, 5.00%, 06/01/35 |
415 | 433,352 | ||||||
Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31 (b) |
420 | 428,909 | ||||||
Build NYC Resource Corp., Refunding RB, 5.00%, 08/01/35 |
665 | 720,351 | ||||||
City of New York, GO, Series F-1, 4.00%, 03/01/47 |
3,645 | 3,658,880 | ||||||
Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36 |
940 | 905,507 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series A-1, 5.25%, 11/15/39 |
7,005 | 7,154,760 | ||||||
Series B, 5.25%, 11/15/38 |
3,145 | 3,260,855 | ||||||
Series C, 5.00%, 11/15/38 |
4,450 | 4,525,944 | ||||||
Sub-Series A-1, 5.00%, 11/15/40 |
2,355 | 2,428,554 | ||||||
Metropolitan Transportation Authority, Refunding RB, |
||||||||
Series A, 4.00%, 11/15/51 |
2,250 | 2,210,566 | ||||||
New York City Industrial Development Agency, Refunding RB |
||||||||
Series-A, Class A, (AGM), 3.00%, 01/01/35 |
500 | 464,297 | ||||||
Series-A, Class A, (AGM), 3.00%, 01/01/36 |
1,000 | 914,040 | ||||||
New York City Municipal Water Finance Authority, RB |
||||||||
Series CC-1, 4.00%, 06/15/52 |
2,515 | 2,515,111 | ||||||
Series CC-1, 5.00%, 06/15/52 |
5,400 | 6,064,411 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series A-1, Subordinate, 4.00%, 08/01/48 (g) |
3,795 | 3,779,847 | ||||||
Series C-3, Subordinate, 4.00%, 05/01/43 |
5,000 | 5,039,615 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/51 |
2,915 | 2,919,326 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/51 |
3,975 | 4,434,148 | ||||||
New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (BAM-TCRS), 0.00%, 11/15/40 (d) |
7,000 | 3,119,522 | ||||||
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50 |
6,970 | 6,026,443 | ||||||
Series 1, Class 1, 5.00%, 11/15/44 (b) |
1,730 | 1,735,379 | ||||||
Series A, 2.88%, 11/15/46 |
16,310 | 12,892,631 | ||||||
Series A, 3.00%, 11/15/51 |
990 | 770,059 | ||||||
New York Power Authority, RB, (AGM), 4.00%, 11/15/47 |
570 | 582,636 | ||||||
New York Power Authority, Refunding RB |
||||||||
Series A, 4.00%, 11/15/50 |
3,000 | 2,999,133 | ||||||
Series A, 4.00%, 11/15/55 |
10,135 | 10,132,253 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
5.00%, 12/01/27 (b) |
900 | 992,680 | ||||||
5.00%, 12/01/28 (b) |
1,800 | 1,983,335 | ||||||
Series A, 5.00%, 05/01/32 |
3,060 | 3,287,930 | ||||||
Series A, 5.00%, 07/01/32 |
9,000 | 9,719,685 | ||||||
Series A, 4.00%, 03/15/46 |
10,000 | 10,103,150 |
46 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/50 |
$ | 5,000 | $ | 4,994,145 | ||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
2,500 | 2,496,680 | ||||||
New York State Urban Development Corp., Refunding RB, Series A, 3.00%, 03/15/41 |
8,515 | 7,688,262 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/39 |
1,865 | 1,991,210 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 4.00%, 10/01/30 |
2,775 | 2,759,255 | ||||||
AMT, 5.00%, 10/01/35 |
630 | 654,331 | ||||||
AMT, 5.00%, 10/01/40 |
1,775 | 1,825,059 | ||||||
Port Authority of New York & New Jersey, ARB, Consolidated, 221st Series, AMT, 4.00%, 07/15/36 |
1,175 | 1,189,579 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
Series 223, AMT, 4.00%, 07/15/40 |
1,475 | 1,468,413 | ||||||
Series 223, AMT, 4.00%, 07/15/41 |
1,850 | 1,828,492 | ||||||
Series 232, AMT, 4.63%, 08/01/52 |
1,290 | 1,334,296 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 |
1,770 | 1,400,132 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/38 |
4,400 | 4,811,998 | ||||||
Troy Capital Resource Corp., Refunding RB, Series A, 5.00%, 09/01/33 |
860 | 969,287 | ||||||
|
|
|||||||
153,407,759 | ||||||||
North Dakota — 0.2% |
||||||||
North Dakota Housing Finance Agency, RB, S/F Housing, Series B, 2.60%, 01/01/43 |
2,110 | 1,718,184 | ||||||
|
|
|||||||
Ohio — 4.2% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 4.00%, 06/01/39 |
3,000 | 2,992,890 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
8,355 | 8,324,922 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, 5.00%, 12/01/35 |
850 | 951,053 | ||||||
Montgomery County, Refunding RB, 4.00%, 08/01/51 |
4,250 | 4,251,649 | ||||||
Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29 |
1,550 | 1,467,428 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 2.70%, 09/01/46 |
5,890 | 5,014,934 | ||||||
Ohio Turnpike & Infrastructure Commission, Refunding RB |
||||||||
Series A-1, Junior Lien, 5.25%, 02/15/31 |
11,145 | 11,361,893 | ||||||
Series A-1, Junior Lien, 5.25%, 02/15/32 |
2,250 | 2,293,405 | ||||||
State of Ohio, RB, 4.00%, 01/01/41 |
6,000 | 6,072,390 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28 (c) |
25 | 27,771 | ||||||
|
|
|||||||
42,758,335 | ||||||||
Oklahoma — 0.7% |
||||||||
Oklahoma City Public Property Authority, Refunding RB |
||||||||
5.00%, 10/01/27 |
1,190 | 1,306,928 | ||||||
5.00%, 10/01/28 |
1,265 | 1,388,616 | ||||||
5.00%, 10/01/29 |
1,400 | 1,536,091 |
Security |
Par (000) |
Value |
||||||
Oklahoma (continued) |
||||||||
Oklahoma Development Finance Authority, RB |
||||||||
Series B, 5.00%, 08/15/29 |
$ | 1,200 | $ | 1,199,843 | ||||
Series B, 5.00%, 08/15/33 |
1,305 | 1,285,644 | ||||||
|
|
|||||||
6,717,122 | ||||||||
Oregon — 0.1% |
||||||||
Oregon State Facilities Authority, Refunding RB, Series A, 4.13%, 06/01/52 |
1,550 | 1,512,426 | ||||||
|
|
|||||||
Pennsylvania — 5.5% |
||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB (b) |
||||||||
5.00%, 05/01/23 |
160 | 162,247 | ||||||
5.00%, 05/01/28 |
835 | 898,454 | ||||||
Bucks County Industrial Development Authority, RB |
||||||||
5.00%, 07/01/35 |
1,100 | 1,149,345 | ||||||
5.00%, 07/01/36 |
1,250 | 1,300,221 | ||||||
4.00%, 07/01/46 |
145 | 117,459 | ||||||
4.00%, 07/01/51 |
100 | 79,305 | ||||||
Commonwealth Financing Authority, RB |
||||||||
5.00%, 06/01/33 |
2,000 | 2,204,944 | ||||||
5.00%, 06/01/34 |
3,750 | 4,104,067 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/49 |
4,145 | 4,144,652 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
Series A-1, 5.00%, 04/15/35 |
1,450 | 1,619,090 | ||||||
Series A-1, 4.00%, 04/15/36 |
1,545 | 1,572,353 | ||||||
AMT, 5.00%, 12/31/28 |
115 | 122,731 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB |
||||||||
Series A, 4.00%, 02/15/40 |
1,480 | 1,484,760 | ||||||
Series A, 4.00%, 02/15/52 |
950 | 941,228 | ||||||
Pennsylvania Turnpike Commission, RB Sub-Series A, 5.50%, 12/01/46 |
18,570 | 19,963,697 | ||||||
Series B, Subordinate, 4.00%, 12/01/51 |
3,000 | 2,901,144 | ||||||
Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/30 |
2,620 | 2,929,828 | ||||||
Sub-Series B-2, 5.00%, 06/01/32 |
5,000 | 5,535,510 | ||||||
School District of Philadelphia, GO |
||||||||
Series A, (SAW), 5.00%, 09/01/30 |
1,200 | 1,369,598 | ||||||
Series A, (SAW), 5.00%, 09/01/31 |
1,000 | 1,134,917 | ||||||
Series A, (SAW), 5.00%, 09/01/32 |
1,200 | 1,354,453 | ||||||
|
|
|||||||
55,090,003 | ||||||||
Puerto Rico — 4.9% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40 |
1,919 | 1,867,886 | ||||||
Series A-1, Restructured, 4.50%, 07/01/34 |
4,365 | 4,414,346 | ||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
1,069 | 1,065,003 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
8,412 | 8,472,423 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
12,484 | 12,358,723 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
488 | 486,648 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
749 | 744,788 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
726 | 719,714 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (d) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/27 |
11,890 | 9,975,377 | ||||||
Series A-1, Restructured, 0.00%, 07/01/29 |
446 | 343,779 |
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Puerto Rico (continued) |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (d) (continued) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/31 |
$ | 1,464 | $ | 1,024,339 | ||||
Series A-1, Restructured, 0.00%, 07/01/46 |
7,903 | 2,283,833 | ||||||
Series B-1, Restructured, 0.00%, 07/01/27 |
2,521 | 2,107,385 | ||||||
Series B-1, Restructured, 0.00%, 07/01/29 |
4,466 | 3,440,057 | ||||||
|
|
|||||||
49,304,301 | ||||||||
Rhode Island — 0.7% |
||||||||
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 |
1,000 | 1,053,410 | ||||||
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 09/01/32 |
2,000 | 2,070,940 | ||||||
Rhode Island Student Loan Authority, RB |
||||||||
Series A, AMT, 5.00%, 12/01/27 |
1,000 | 1,112,524 | ||||||
Series A, AMT, 5.00%, 12/01/28 |
1,000 | 1,123,761 | ||||||
Rhode Island Student Loan Authority, Refunding RB |
||||||||
Series A, AMT, 5.00%, 12/01/24 |
750 | 795,007 | ||||||
Series A, AMT, 5.00%, 12/01/25 |
850 | 918,225 | ||||||
|
|
|||||||
7,073,867 | ||||||||
South Carolina — 4.5% |
||||||||
Charleston County Airport District, ARB |
||||||||
Series A, AMT, 5.25%, 07/01/25 |
4,490 | 4,623,923 | ||||||
Series A, AMT, 5.50%, 07/01/38 |
3,000 | 3,086,481 | ||||||
Series A, AMT, 6.00%, 07/01/38 |
5,270 | 5,445,602 | ||||||
Series A, AMT, 5.50%, 07/01/41 |
4,170 | 4,288,303 | ||||||
County of Charleston South Carolina, ARB, 5.25%, 12/01/23 (c) |
6,735 | 7,042,810 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
4.00%, 11/15/27 |
625 | 614,809 | ||||||
Series A, 5.00%, 05/01/37 |
4,480 | 4,820,059 | ||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/30 |
5,500 | 5,966,537 | ||||||
Series A, 5.00%, 12/01/31 |
5,660 | 6,140,511 | ||||||
Series A, 5.00%, 12/01/32 |
200 | 216,541 | ||||||
Series A, 5.00%, 12/01/33 |
800 | 861,559 | ||||||
Series A, 4.00%, 12/01/34 |
2,100 | 2,142,762 | ||||||
|
|
|||||||
45,249,897 | ||||||||
Tennessee — 0.6% |
||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/35 |
4,000 | 4,326,368 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
||||||||
5.00%, 10/01/29 |
350 | 380,065 | ||||||
5.00%, 10/01/34 |
450 | 478,654 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52 (a) |
550 | 596,145 | ||||||
|
|
|||||||
5,781,232 | ||||||||
Texas — 9.4% |
||||||||
Belton Independent School District, GO, (PSF-GTD), 4.00%, 02/15/52 |
3,000 | 3,013,830 | ||||||
City of Dallas Texas Waterworks & Sewer System Revenue Refunding RB, Series C, 3.00%, 10/01/46 |
5,110 | 4,359,075 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
700 | 700,724 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB |
||||||||
AMT, 5.00%, 07/15/27 |
410 | 421,770 | ||||||
Sub-Series A, AMT, 5.00%, 07/01/31 |
1,430 | 1,601,303 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
City of Houston Texas Airport System Revenue, Refunding ARB (continued) |
||||||||
Sub-Series A, AMT, 5.00%, 07/01/32 |
$ | 1,515 | $ | 1,692,028 | ||||
City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27 |
400 | 413,489 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |
2,720 | 2,745,563 | ||||||
Katy Independent School District, GO, (PSF), 4.00%, 02/15/47 |
3,215 | 3,287,392 | ||||||
Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/28 |
1,000 | 1,005,754 | ||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |
3,735 | 3,840,192 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31 (b) |
1,360 | 1,390,297 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |
800 | 799,986 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, Refunding RB, 5.00%, 08/15/47 |
8,590 | 9,107,453 | ||||||
San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25 |
2,910 | 2,917,362 | ||||||
State of Texas, GO, 5.00%, 04/01/43 |
15,550 | 16,914,170 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/33 |
8,485 | 9,496,658 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
445 | 441,456 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB |
||||||||
5.00%, 12/15/29 |
1,265 | 1,391,377 | ||||||
5.00%, 12/15/31 |
1,950 | 2,153,428 | ||||||
Texas Water Development Board RB, 4.00%, 10/15/54 |
8,000 | 8,033,960 | ||||||
Texas Water Development Board, RB |
||||||||
5.25%, 10/15/46 |
4,780 | 5,246,499 | ||||||
4.00%, 10/15/51 |
2,000 | 2,018,374 | ||||||
Series B, 4.00%, 10/15/43 |
5,000 | 5,096,940 | ||||||
Via Metropolitan Transit, Refunding RB (c) |
||||||||
5.25%, 08/01/23 |
4,720 | 4,886,045 | ||||||
Series A, 5.25%, 08/01/23 |
1,585 | 1,640,759 | ||||||
|
|
|||||||
94,615,884 | ||||||||
Utah — 1.1% |
||||||||
County of Utah, RB, Series A, 5.00%, 05/15/50 |
2,275 | 2,542,577 | ||||||
Salt Lake City Corp. Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/33 |
3,500 | 3,853,556 | ||||||
Utah Charter School Finance Authority, RB (b) |
||||||||
Series A, 3.63%, 06/15/29 |
370 | 357,943 | ||||||
Series A, 5.00%, 06/15/49 |
320 | 314,449 | ||||||
Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27 (b) |
1,290 | 1,292,851 | ||||||
Utah State University, RB, Series B, (AGM), 4.00%, 12/01/45 |
3,000 | 3,011,826 | ||||||
|
|
|||||||
11,373,202 | ||||||||
Vermont — 0.6% |
||||||||
University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30 |
5,565 | 5,811,212 | ||||||
|
|
|||||||
Virginia — 0.0% |
||||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/33 |
495 | 510,062 | ||||||
|
|
|||||||
Washington — 1.0% |
||||||||
City of Bellevue, Refunding GO, 4.00%, 12/01/42 |
1,250 | 1,290,389 |
48 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Washington (continued) |
||||||||
State of Washington, GO, Series C, 5.00%, 02/01/41 |
$ | 2,500 | $ | 2,796,220 | ||||
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31 |
1,730 | 1,704,795 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |
1,613 | 1,554,171 | ||||||
Washington State Housing Finance Commission, Refunding RB (b) |
||||||||
5.00%, 01/01/27 |
1,560 | 1,668,852 | ||||||
5.00%, 01/01/28 |
750 | 805,170 | ||||||
|
|
|||||||
9,819,597 | ||||||||
Wisconsin — 1.7% |
||||||||
Public Finance Authority, RB |
||||||||
5.00%, 04/01/30 (b) |
500 | 526,481 | ||||||
5.00%, 06/15/34 |
430 | 457,253 | ||||||
5.00%, 06/15/56 (b) |
1,000 | 863,693 | ||||||
5.00%, 10/15/56 (b) |
385 | 359,625 | ||||||
Series A, 4.00%, 03/01/30 (b) |
445 | 433,689 | ||||||
Series A, 5.00%, 07/15/39 (b) |
165 | 172,971 | ||||||
Series A, 5.00%, 07/15/49 (b) |
630 | 652,330 | ||||||
Series A, 5.00%, 10/15/50 (b) |
1,695 | 1,588,529 | ||||||
Series A, 5.00%, 07/15/54 (b) |
300 | 309,627 | ||||||
Series A-1, 5.00%, 01/01/55 (b) |
945 | 887,922 | ||||||
AMT, 4.00%, 03/31/56 |
3,115 | 2,627,537 | ||||||
Public Finance Authority, Refunding RB |
||||||||
4.00%, 09/01/29 (b) |
130 | 124,755 | ||||||
4.00%, 12/01/31 |
700 | 710,188 | ||||||
5.00%, 09/01/49 (b) |
520 | 464,320 | ||||||
Series B, AMT, 5.25%, 07/01/28 |
4,765 | 4,772,953 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |
2,720 | 2,685,097 | ||||||
|
|
|||||||
17,636,970 | ||||||||
|
|
|||||||
Total Municipal Bonds — 141.8% (Cost: $1,436,785,934) |
1,428,214,149 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
| |||||||
Alabama — 4.2% |
||||||||
Alabama Special Care Facilities Financing Authority- Birmingham, Refunding RB, Series B, 5.00%, 11/15/46 |
39,718 | 41,934,831 | ||||||
|
|
|||||||
California — 4.0% |
||||||||
City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, 4.00%, 06/01/52 |
8,500 | 8,759,080 | ||||||
Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52 |
6,000 | 6,707,422 | ||||||
State of California, Refunding GO |
||||||||
5.00%, 10/01/35 |
12,500 | 13,782,256 | ||||||
4.00%, 11/01/38 |
10,775 | 11,435,220 | ||||||
|
|
|||||||
40,683,978 | ||||||||
District of Columbia — 1.5% |
||||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/45 |
15,000 | 15,259,478 | ||||||
|
|
Security |
Par (000) |
Value |
||||||
Iowa — 0.8% |
||||||||
Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35 |
$ | 7,500 | $ | 7,563,880 | ||||
|
|
|||||||
Massachusetts — 3.1% |
||||||||
Commonwealth of Massachusetts, GO, Series E, 5.25%, 09/01/43 |
20,000 | 22,645,820 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/32 |
7,500 | 8,422,578 | ||||||
|
|
|||||||
31,068,398 | ||||||||
Michigan — 1.0% |
||||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/40 |
10,100 | 10,321,099 | ||||||
|
|
|||||||
Nebraska — 1.0% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) |
9,062 | 9,761,692 | ||||||
|
|
|||||||
Nevada — 1.0% |
||||||||
County of Clark Nevada, GO, 4.00%, 07/01/47 |
10,000 | 10,024,525 | ||||||
|
|
|||||||
New Jersey — 0.7% |
||||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB |
||||||||
Series BB, AMT, 3.65%, 04/01/28 |
3,940 | 4,081,953 | ||||||
Series BB, AMT, 3.70%, 10/01/28 |
3,055 | 3,165,070 | ||||||
|
|
|||||||
7,247,023 | ||||||||
New York — 11.7% |
||||||||
City of New York, GO, Sub-Series 1-I, 5.00%, 03/01/32 |
7,009 | 7,362,815 | ||||||
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 4.00%, 02/15/44 |
30,165 | 30,063,352 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 |
11,825 | 12,908,332 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series F-1, 5.00%, 08/01/36 |
9,444 | 10,375,096 | ||||||
Sub-Series B-1, 4.00%, 11/01/41 |
20,000 | 20,336,360 | ||||||
New York State Dormitory Authority, Refunding RB |
||||||||
Series A, 5.00%, 03/15/36 (i) |
5,505 | 6,048,351 | ||||||
Series A, 4.00%, 03/15/49 |
10,530 | 10,520,453 | ||||||
Series EE, 4.00%, 03/15/42 |
10,000 | 10,180,700 | ||||||
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/32 |
5,501 | 5,606,986 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 178th Series, AMT, 5.00%, 12/01/32 |
4,009 | 4,122,440 | ||||||
|
|
|||||||
117,524,885 | ||||||||
Pennsylvania — 1.0% |
||||||||
Geisinger Authority, Refunding RB, Series A, 4.00%, 06/01/41 |
10,000 | 9,977,895 | ||||||
|
|
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Washington — 1.6% |
||||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/34 |
$ | 15,000 | $ | 16,483,660 | ||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.6% (Cost: $322,945,877) |
|
317,851,344 | ||||||
|
|
|||||||
Total Long-Term Investments — 173.4% (Cost: $1,759,731,811) |
1,746,065,493 | |||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.96% (j)(k) |
5,320,399 | 5,321,995 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.5% (Cost: $5,321,995) |
5,321,995 | |||||||
|
|
|||||||
Total Investments — 173.9% (Cost: $1,765,053,806) |
1,751,387,488 | |||||||
Liabilities in Excess of Other Assets — (1.1)% |
|
(10,163,594 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.1)% |
|
(172,589,380 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (55.7)% |
|
(561,378,400 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
|
$ | 1,007,256,114 | |||||
|
|
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) |
Zero-coupon bond. |
(e) |
Issuer filed for bankruptcy and/or is in default. |
(f) |
Non-income producing security. |
(g) |
When-issued security. |
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between September 15, 2024, is $3,811,448. 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 04/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 309,107 | $ | 5,012,390 | (a) |
$ | — | $ | 498 | $ | — | $ | 5,321,995 | 5,320,399 | $ | 5,334 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
653 | 09/21/22 | $ | 79,033 | $ | (1,495,651 | ) | |||||||||
U.S. Long Bond |
478 | 09/21/22 | 68,518 | (2,422,518 | ) | |||||||||||
5-Year U.S. Treasury Note |
699 | 09/30/22 | 79,506 | (804,063 | ) | |||||||||||
|
|
|||||||||||||||
$ | (4,722,232 | ) | ||||||||||||||
|
|
50 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 4,722,232 | $ | — | $ | 4,722,232 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 4,816,335 | $ | — | $ | 4,816,335 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (9,493,181 | ) | $ | — | $ | (9,493,181 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 227,057,507 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 1,428,214,149 | $ | — | $ | 1,428,214,149 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 317,851,344 | — | 317,851,344 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,321,995 | — | — | 5,321,995 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5,321,995 | $ | 1,746,065,493 | $ | — | $ | 1,751,387,488 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (4,722,232 | ) | $ | — | $ | — | $ | (4,722,232 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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 (continued) July 31, 2022 |
BlackRock Municipal Income Fund, Inc. (MUI) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (172,298,430 | ) | $ | — | $ | (172,298,430 | ) | ||||||
VRDP Shares at Liquidation Value |
— | (561,700,000 | ) | — | (561,700,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (733,998,430 | ) | $ | — | $ | (733,998,430 | ) | |||||||
|
|
|
|
|
|
|
|
52 |
2 0 2 2 B L A C K R O C K 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 July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 2.2% |
||||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 |
$ | 1,665 | $ | 1,743,200 | ||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 |
3,175 | 3,329,461 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 |
7,410 | 8,063,895 | ||||||
|
|
|||||||
13,136,556 | ||||||||
Arizona — 3.1% |
||||||||
Glendale Industrial Development Authority, RB 5.00%, 05/15/41 |
190 | 191,349 | ||||||
5.00%, 05/15/56 |
750 | 732,750 | ||||||
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46 (a) |
3,575 | 3,607,683 | ||||||
Salt Verde Financial Corp., RB 5.00%, 12/01/32 |
7,365 | 8,189,018 | ||||||
5.00%, 12/01/37 |
5,000 | 5,543,580 | ||||||
|
|
|||||||
18,264,380 | ||||||||
Arkansas — 1.0% |
||||||||
Arkansas Development Finance Authority, RB 5.00%, 12/01/47 |
1,120 | 1,198,263 | ||||||
Series A, AMT, 4.50%, 09/01/49 (a) |
5,230 | 5,075,616 | ||||||
|
|
|||||||
6,273,879 | ||||||||
California — 6.0% |
||||||||
California Educational Facilities Authority, RB, |
||||||||
Series V-1, 5.00%, 05/01/49 |
2,010 | 2,539,448 | ||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 07/01/23 (b) |
2,560 | 2,639,836 | ||||||
Series A, 4.00%, 04/01/45 |
820 | 808,061 | ||||||
Series A, 4.00%, 08/15/48 |
4,805 | 4,817,623 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
305 | 313,075 | ||||||
Series A, 5.25%, 08/15/49 |
770 | 789,332 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45 (a) |
1,650 | 1,653,826 | ||||||
California State Public Works Board, RB 4.00%, 11/01/41 |
935 | 961,172 | ||||||
Series I, 5.00%, 11/01/38 |
1,605 | 1,654,692 | ||||||
California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43 |
3,285 | 3,287,401 | ||||||
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/49 |
4,370 | 4,355,592 | ||||||
City of Los Angeles Department of Airports, Refunding ARB AMT, 5.00%, 05/15/45 |
2,425 | 2,682,986 | ||||||
Series A, AMT, 5.00%, 05/15/38 |
605 | 674,673 | ||||||
Series A, AMT, 5.00%, 05/15/39 |
650 | 719,556 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57 (a) |
500 | 379,777 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (a) 4.00%, 10/01/56 |
235 | 214,966 | ||||||
4.00%, 12/01/56 |
340 | 272,680 | ||||||
Series A, Class 2, 4.00%, 06/01/58 |
1,410 | 1,213,053 | ||||||
Senior Lien, 3.13%, 06/01/57 |
1,215 | 881,509 | ||||||
Series A, Class 2, Senior Lien, 4.00%, 12/01/58 |
715 | 584,010 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
$ | 1,215 | $ | 1,178,158 | ||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, |
||||||||
Series A, AMT, 4.00%, 05/01/52 |
1,295 | 1,272,248 | ||||||
State of California, GO, (AMBAC), 5.00%, 04/01/31 |
10 | 10,024 | ||||||
State of California, Refunding GO, 3.00%, 12/01/46 |
1,045 | 917,900 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23 (b) |
740 | 779,321 | ||||||
|
|
|||||||
35,600,919 | ||||||||
Colorado — 2.7% |
||||||||
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 |
2,635 | 3,050,326 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
3,580 | 4,071,158 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
3,735 | 3,660,292 | ||||||
Colorado Housing and Finance Authority, Refunding RB, S/F Housing, Series B, (GNMA), 3.25%, 05/01/52 |
1,215 | 1,224,701 | ||||||
Denver Connection West Metropolitan District, GO, Series A, 5.38%, 12/01/22 (b) |
1,250 | 1,304,616 | ||||||
State of Colorado, COP, BAB, Series O, 4.00%, 03/15/44 |
2,695 | 2,738,961 | ||||||
|
|
|||||||
16,050,054 | ||||||||
Connecticut — 0.4% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series A-1, 3.50%, 11/15/51 |
980 | 994,464 | ||||||
State of Connecticut Special Tax Revenue, RB |
||||||||
Series A, 4.00%, 05/01/36 |
690 | 721,463 | ||||||
Series A, 4.00%, 05/01/39 |
440 | 451,460 | ||||||
|
|
|||||||
2,167,387 | ||||||||
Delaware — 0.4% |
||||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 |
2,430 | 2,528,347 | ||||||
|
|
|||||||
District of Columbia — 7.0% |
||||||||
District of Columbia, Refunding RB 5.00%, 04/01/35 |
910 | 986,236 | ||||||
Catholic Health Services, 5.00%, 10/01/48 |
4,875 | 5,158,116 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 |
4,440 | 4,450,740 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.00%, 10/01/37 |
715 | 729,869 | ||||||
Series A, AMT, 4.00%, 10/01/38 |
715 | 726,195 | ||||||
Series A, AMT, 4.00%, 10/01/40 |
860 | 864,765 | ||||||
Series A, AMT, 4.00%, 10/01/41 |
1,855 | 1,852,219 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
1,615 | 1,519,126 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB (c) |
||||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31 |
8,350 | 6,159,828 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32 |
15,000 | 10,590,765 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33 |
13,410 | 9,045,313 | ||||||
|
|
|||||||
42,083,172 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida — 4.1% |
||||||||
Alachua County Health Facilities Authority, RB, |
||||||||
Series A, 5.00%, 12/01/44 |
$ | 4,825 | $ | 4,968,110 | ||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 |
445 | 447,462 | ||||||
Capital Projects Finance Authority, Refunding RB |
||||||||
Series A-1, 5.00%, 10/01/32 |
405 | 443,933 | ||||||
Series A-1, 5.00%, 10/01/33 |
455 | 495,314 | ||||||
Series A-1, 5.00%, 10/01/34 |
455 | 492,766 | ||||||
Series A-1, 5.00%, 10/01/35 |
150 | 161,589 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
2,790 | 2,891,115 | ||||||
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |
2,665 | 2,940,390 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
Series A, 4.00%, 10/01/37 |
680 | 690,180 | ||||||
Series A, 4.00%, 10/01/38 |
680 | 687,893 | ||||||
Series A, 4.00%, 10/01/39 |
505 | 510,916 | ||||||
Florida Development Finance Corp., RB |
||||||||
Series A, 5.00%, 06/15/40 |
455 | 477,488 | ||||||
Series A, 5.00%, 06/15/50 |
1,510 | 1,561,989 | ||||||
Series A, 5.00%, 06/15/55 |
905 | 932,562 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 |
2,665 | 2,693,921 | ||||||
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49 |
3,695 | 3,967,698 | ||||||
|
|
|||||||
24,363,326 | ||||||||
Georgia — 2.3% |
||||||||
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50 |
1,485 | 1,142,708 | ||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series A, 4.00%, 06/01/49 |
1,245 | 1,322,821 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/35 |
1,040 | 1,133,112 | ||||||
Series A, 5.00%, 05/15/36 |
1,040 | 1,125,908 | ||||||
Series A, 5.00%, 05/15/37 |
1,145 | 1,244,238 | ||||||
Series A, 5.00%, 05/15/38 |
630 | 687,563 | ||||||
Series A, 5.00%, 05/15/49 |
2,100 | 2,286,205 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 |
3,290 | 3,110,527 | ||||||
Municipal Electric Authority of Georgia, Refunding RB Sub-Series A, 4.00%, 01/01/49 |
1,285 | 1,249,030 | ||||||
Series A, Subordinate, 4.00%, 01/01/51 |
465 | 447,511 | ||||||
|
|
|||||||
13,749,623 | ||||||||
Idaho — 1.7% |
||||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |
10,000 | 10,023,250 | ||||||
|
|
|||||||
Illinois — 10.2% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
1,115 | 1,115,487 | ||||||
Series C, 5.25%, 12/01/35 |
3,095 | 3,173,641 | ||||||
Series D, 5.00%, 12/01/46 |
4,040 | 4,109,595 | ||||||
Series H, 5.00%, 12/01/36 |
460 | 478,079 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/25 |
1,365 | 1,443,441 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Chicago Board of Education, Refunding GO (continued) |
||||||||
Series D, 5.00%, 12/01/25 |
$ | 1,735 | $ | 1,834,704 | ||||
Series D, 5.00%, 12/01/31 |
1,000 | 1,067,666 | ||||||
Series G, 5.00%, 12/01/34 |
455 | 476,785 | ||||||
Chicago Midway International Airport, Refunding RB |
||||||||
Series A, Senior Lien, 4.00%, 01/01/36 |
460 | 470,241 | ||||||
Series A, Senior Lien, 4.00%, 01/01/38 |
1,500 | 1,526,299 | ||||||
Cook County Community College District No.508, GO, 5.50%, 12/01/38 |
1,635 | 1,692,331 | ||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/47 |
500 | 484,701 | ||||||
Series A, 5.00%, 02/15/50 |
270 | 258,394 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/45 |
2,705 | 2,998,487 | ||||||
Series A, 4.00%, 01/01/46 |
1,200 | 1,202,300 | ||||||
Series A, 5.00%, 01/01/46 |
3,135 | 3,507,018 | ||||||
Series C, 5.00%, 01/01/37 |
5,815 | 6,152,747 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 |
1,835 | 1,895,871 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 |
570 | 537,175 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB (c) |
||||||||
Series B, (AGM), 0.00%, 06/15/43 |
10,925 | 4,426,395 | ||||||
Series B, (AGM), 0.00%, 06/15/47 |
27,225 | 9,036,740 | ||||||
State of Illinois, GO |
||||||||
5.50%, 07/01/38 |
4,000 | 4,100,676 | ||||||
5.00%, 02/01/39 |
3,195 | 3,245,727 | ||||||
Series A, 5.00%, 04/01/38 |
2,510 | 2,549,761 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28 |
1,000 | 1,101,506 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
2,045 | 2,094,450 | ||||||
|
|
|||||||
60,980,217 | ||||||||
Indiana — 2.3% |
||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
1,635 | 1,735,379 | ||||||
AMT, 7.00%, 01/01/44 |
3,950 | 4,178,191 | ||||||
Indiana Finance Authority, RB (b) |
||||||||
Series A, AMT, 5.00%, 07/01/23 |
3,925 | 4,022,210 | ||||||
Series A, AMT, 5.25%, 07/01/23 |
840 | 863,433 | ||||||
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 |
595 | 588,916 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
2,580 | 2,613,525 | ||||||
|
|
|||||||
14,001,654 | ||||||||
Kansas — 0.1% |
||||||||
Ellis County Unified School District No.489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
530 | 523,131 | ||||||
|
|
|||||||
Kentucky — 1.3% |
||||||||
Kentucky Economic Development Finance Authority, RB, Series A, Catholic Health Services, 5.25%, 01/01/23 (b) |
2,055 | 2,088,566 |
54 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Kentucky (continued) |
||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 |
$ | 2,625 | $ | 2,922,531 | ||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43 |
2,485 | 2,715,750 | ||||||
|
|
|||||||
7,726,847 | ||||||||
Louisiana — 1.2% |
||||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 04/01/45 |
5,500 | 6,039,847 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
1,025 | 1,051,680 | ||||||
|
|
|||||||
7,091,527 | ||||||||
Maryland — 0.8% |
||||||||
County of Prince George’s Maryland, ARB, 5.20%, 07/01/34 |
1,094 | 1,096,623 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 |
880 | 942,521 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 |
3,650 | 2,603,180 | ||||||
|
|
|||||||
4,642,324 | ||||||||
Massachusetts — 1.8% |
||||||||
Massachusetts Bay Transportation Authority, Refunding RB, Series A-1, 5.25%, 07/01/29 |
3,250 | 3,905,934 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing |
||||||||
Series C-1, 3.15%, 12/01/49 |
1,165 | 981,626 | ||||||
Series C-1, 3.25%, 12/01/54 |
4,280 | 3,596,129 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |
2,325 | 2,528,249 | ||||||
|
|
|||||||
11,011,938 | ||||||||
Michigan — 1.3% |
||||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
1,710 | 1,692,680 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56 |
1,995 | 1,455,093 | ||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 |
2,105 | 2,303,198 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 |
2,255 | 2,273,843 | ||||||
|
|
|||||||
7,724,814 | ||||||||
Minnesota — 2.1% |
||||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
2,160 | 2,116,468 | ||||||
Series A, 5.25%, 02/15/53 |
4,315 | 4,561,585 | ||||||
Minnesota Housing Finance Agency, RB |
||||||||
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 |
710 | 597,391 | ||||||
Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 |
1,315 | 1,304,855 | ||||||
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 |
3,715 | 3,773,355 | ||||||
|
|
|||||||
12,353,654 | ||||||||
Missouri — 3.5% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
6,030 | 5,861,335 |
Security |
Par (000) |
Value |
||||||
Missouri (continued) |
||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB 5.50%, 05/01/43 |
$ | 510 | $ | 523,187 | ||||
Series A, 4.00%, 07/01/46 |
1,250 | 1,248,875 | ||||||
Series C, 5.00%, 11/15/47 |
5,470 | 5,750,321 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
2,680 | 2,800,147 | ||||||
Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52 |
4,835 | 4,940,166 | ||||||
|
|
|||||||
21,124,031 | ||||||||
Nebraska — 0.7% |
||||||||
Central Plains Energy Project, Refunding RB 5.25%, 09/01/37 |
1,670 | 1,674,471 | ||||||
5.00%, 09/01/42 |
925 | 927,285 | ||||||
Nebraska Investment Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/52 |
1,335 | 1,330,618 | ||||||
|
|
|||||||
3,932,374 | ||||||||
New Hampshire (a) — 0.8% |
||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
3,205 | 3,094,155 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,665 | 1,652,203 | ||||||
|
|
|||||||
4,746,358 | ||||||||
New Jersey — 15.0% |
||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
5.25%, 11/01/39 |
3,490 | 3,617,619 | ||||||
5.25%, 11/01/44 |
3,180 | 3,271,858 | ||||||
Hudson County Improvement Authority, RB, 4.00%, 10/01/46 |
3,470 | 3,514,714 | ||||||
New Jersey Economic Development Authority, RB 4.00%, 11/01/38 |
1,075 | 1,081,134 | ||||||
4.00%, 11/01/39 |
860 | 861,496 | ||||||
5.00%, 06/15/49 |
4,850 | 5,155,831 | ||||||
Series EEE, 5.00%, 06/15/48 |
7,780 | 8,237,651 | ||||||
Series B, AMT, 6.50%, 04/01/31 |
2,005 | 2,096,167 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |
3,040 | 3,154,033 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
9,540 | 9,560,025 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
2,570 | 2,530,201 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,595 | 2,689,609 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.00%, 06/15/44 |
1,360 | 1,385,042 | ||||||
Series BB, 5.00%, 06/15/50 |
9,550 | 10,167,121 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series C, (AMBAC), 0.00%, 12/15/35 (c) |
7,395 | 4,364,965 | ||||||
New Jersey Turnpike Authority, RB |
||||||||
Series A, 4.00%, 01/01/42 |
1,530 | 1,563,193 | ||||||
Series E, 5.00%, 01/01/45 |
5,425 | 5,712,514 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New Jersey (continued) |
||||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.25%, 06/01/46 |
$ | 5,120 | $ | 5,396,598 | ||||
Sub-Series B, 5.00%, 06/01/46 |
14,860 | 15,180,590 | ||||||
|
|
|||||||
89,540,361 | ||||||||
New Mexico — 0.4% |
||||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing |
||||||||
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53 |
1,000 | 993,717 | ||||||
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53 |
1,600 | 1,701,424 | ||||||
|
|
|||||||
2,695,141 | ||||||||
New York — 12.6% |
||||||||
City of New York, GO, Series C, 5.00%, 08/01/43 |
2,330 | 2,611,776 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
4,070 | 4,069,605 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series B, 5.25%, 11/15/38 |
4,960 | 5,142,716 | ||||||
Series B, 5.25%, 11/15/39 |
1,765 | 1,824,136 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 4.75%, 11/15/45 |
3,335 | 3,456,511 | ||||||
Series C-1, 5.00%, 11/15/50 |
1,085 | 1,141,369 | ||||||
Series C-1, 5.25%, 11/15/55 |
1,605 | 1,706,722 | ||||||
Monroe County Industrial Development Corp., Refunding RB 4.00%, 12/01/46 |
1,090 | 1,009,240 | ||||||
Series A, 4.00%, 07/01/50 |
2,240 | 2,222,145 | ||||||
New York City Housing Development Corp., RB, M/F Housing |
||||||||
Series A, 3.00%, 11/01/55 |
2,220 | 1,808,985 | ||||||
Series F-1, (FHA), 2.40%, 11/01/46 |
5,310 | 4,066,228 | ||||||
Series F-1, (FHA), 2.50%, 11/01/51 |
3,660 | 2,742,658 | ||||||
New York City Industrial Development Agency, Refunding RB |
||||||||
Series A, Class A, (AGM), 3.00%, 01/01/37 |
455 | 408,837 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/39 |
455 | 398,711 | ||||||
Series A, Class A, (AGM), 3.00%, 01/01/40 |
320 | 277,184 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Sub-Series E-1, 5.00%, 02/01/42 |
1,135 | 1,137,531 | ||||||
Series C, Subordinate, 4.00%, 05/01/45 |
2,275 | 2,290,904 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/51 |
840 | 841,247 | ||||||
Sub-Series C-1, Subordinate, 4.00%, 05/01/40 |
905 | 928,842 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (a) |
3,400 | 3,414,311 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series 1, Class 1, 5.00%, 11/15/44 (a) |
8,145 | 8,170,323 | ||||||
Series 2, Class 2, 5.15%, 11/15/34 (a) |
705 | 716,386 | ||||||
Series 2, Class 2, 5.38%, 11/15/40 (a) |
1,760 | 1,794,626 | ||||||
Series A, 2.88%, 11/15/46 |
7,060 | 5,580,746 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 |
3,750 | 4,160,486 | ||||||
New York State Urban Development Corp., RB, Series A, 3.00%, 03/15/50 |
2,695 | 2,261,833 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 |
1,525 | 1,549,597 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
750 | 778,965 | ||||||
AMT, 5.00%, 10/01/40 |
2,120 | 2,179,788 |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
Triborough Bridge & Tunnel Authority, RB |
||||||||
Series A, 5.00%, 11/15/49 |
$ | 1,790 | $ | 1,989,746 | ||||
Series A, 4.00%, 11/15/54 |
2,065 | 2,067,947 | ||||||
Series A, 5.00%, 11/15/56 |
1,850 | 2,031,424 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 |
421 | 432,392 | ||||||
|
|
|||||||
75,213,917 | ||||||||
North Carolina — 1.5% |
||||||||
County of Union North Carolina Enterprise System Revenue, RB, 3.00%, 06/01/51 |
4,300 | 3,820,567 | ||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 |
1,315 | 1,351,661 | ||||||
North Carolina Medical Care Commission, RB |
||||||||
Series A, 4.00%, 10/01/40 |
240 | 222,864 | ||||||
Series A, 5.00%, 10/01/40 |
360 | 380,237 | ||||||
Series A, 4.00%, 10/01/45 |
220 | 197,576 | ||||||
Series A, 5.00%, 10/01/45 |
640 | 670,259 | ||||||
Series A, 4.00%, 10/01/50 |
270 | 237,864 | ||||||
Series A, 5.00%, 10/01/50 |
720 | 751,827 | ||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
1,130 | 1,386,478 | ||||||
|
|
|||||||
9,019,333 | ||||||||
North Dakota — 0.4% |
||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 |
2,000 | 2,121,652 | ||||||
|
|
|||||||
Ohio — 4.7% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 4.00%, 06/01/37 |
610 | 612,185 | ||||||
Series A-2, Class 1, 4.00%, 06/01/38 |
610 | 609,938 | ||||||
Series A-2, Class 1, 4.00%, 06/01/39 |
610 | 608,554 | ||||||
Series A-2, Class 1, 4.00%, 06/01/48 |
1,605 | 1,547,385 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
6,895 | 6,870,178 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44 |
4,160 | 4,124,956 | ||||||
County of Franklin Ohio, RB |
||||||||
Series 2017, 5.00%, 12/01/46 |
840 | 899,146 | ||||||
Series A, 4.00%, 12/01/44 |
1,060 | 1,063,472 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 |
1,245 | 1,241,646 | ||||||
Series A, 3.75%, 08/15/50 |
2,190 | 2,090,596 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 |
1,915 | 1,915,245 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49 (a) |
645 | 635,583 | ||||||
Ohio Housing Finance Agency, Refunding RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.25%, 09/01/52 |
3,470 | 3,502,611 | ||||||
Ohio State University, RB, Series A, 4.00%, 12/01/48 |
760 | 776,961 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 |
1,685 | 1,715,756 | ||||||
|
|
|||||||
28,214,212 | ||||||||
Oklahoma — 1.8% |
||||||||
Oklahoma Development Finance Authority, RB, |
||||||||
Series B, 5.50%, 08/15/57 |
2,460 | 2,343,300 |
56 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oklahoma (continued) |
||||||||
Oklahoma Turnpike Authority, RB |
||||||||
Series A, 4.00%, 01/01/48 |
$ | 4,320 | $ | 4,203,135 | ||||
Series C, 4.00%, 01/01/42 |
4,115 | 4,036,383 | ||||||
|
|
|||||||
10,582,818 | ||||||||
Oregon — 0.7% |
||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45 |
3,755 | 4,050,627 | ||||||
|
|
|||||||
Pennsylvania — 4.1% |
||||||||
Montgomery County Higher Education and Health Authority, Refunding RB 4.00%, 05/01/52 |
4,450 | 4,338,879 | ||||||
Series A, 5.00%, 09/01/43 |
2,610 | 2,805,163 | ||||||
Series A, 4.00%, 09/01/49 |
1,185 | 1,188,070 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 |
1,765 | 1,821,503 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
3,210 | 3,279,419 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49 |
4,875 | 4,879,207 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52 |
2,365 | 2,478,300 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
2,305 | 2,404,977 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46 |
1,415 | 1,415,064 | ||||||
|
|
|||||||
24,610,582 | ||||||||
Puerto Rico — 5.1% |
||||||||
Children’s Trust Fund, Refunding RB 5.50%, 05/15/39 |
1,430 | 1,450,643 | ||||||
5.63%, 05/15/43 |
1,430 | 1,453,312 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
3,817 | 3,802,728 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
14,706 | 14,811,633 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
6,236 | 6,218,726 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB (c) |
||||||||
Series A-1, Restructured, 0.00%, 07/01/46 |
8,495 | 2,454,911 | ||||||
Series A-1, Restructured, 0.00%, 07/01/51 |
1,547 | 332,378 | ||||||
|
|
|||||||
30,524,331 | ||||||||
Rhode Island — 4.0% |
||||||||
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35 (d)(e) |
4,155 | 623,250 | ||||||
Narragansett Bay Commission, Refunding RB, |
||||||||
Series A, 4.00%, 09/01/22 (b) |
3,270 | 3,277,528 | ||||||
Rhode Island Housing and Mortgage Finance Corp., RB, S/F Housing, Series 76-A, 3.00%, 10/01/51 |
2,525 | 2,501,353 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series B, 4.50%, 06/01/45 |
7,130 | 7,138,513 | ||||||
Series B, 5.00%, 06/01/50 |
9,875 | 10,084,182 | ||||||
|
|
|||||||
23,624,826 | ||||||||
South Carolina — 4.5% |
||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/48 |
6,455 | 6,829,177 | ||||||
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 |
8,090 | 8,379,145 |
Security |
Par (000) |
Value |
||||||
South Carolina (continued) |
||||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/50 |
$ | 5,000 | $ | 5,156,265 | ||||
Series E, 5.25%, 12/01/55 |
4,550 | 4,748,339 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series A, 4.00%, 01/01/52 |
1,815 | 1,877,530 | ||||||
|
|
|||||||
26,990,456 | ||||||||
Tennessee — 1.3% |
||||||||
Chattanooga Health Educational & Housing Facility Board, RB, Series A, Catholic Health Services, 5.25%, 01/01/23 (b) |
2,855 | 2,899,435 | ||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 |
330 | 322,030 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
1,440 | 1,522,364 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 |
2,025 | 2,155,367 | ||||||
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 1, 3.75%, 07/01/52 |
1,005 | 1,027,647 | ||||||
|
|
|||||||
7,926,843 | ||||||||
Texas — 9.7% |
||||||||
Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50 |
4,525 | 4,384,653 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23 (b) |
725 | 736,223 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series B-1, AMT, 5.00%, 07/15/30 |
3,600 | 3,621,168 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |
1,765 | 1,786,821 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |
2,440 | 2,671,893 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |
1,525 | 1,586,491 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB |
||||||||
Series B, 6.38%, 01/01/33 |
460 | 462,958 | ||||||
Series B, 7.00%, 01/01/43 (b) |
485 | 496,430 | ||||||
North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31 (b)(c) |
4,110 | 2,047,684 | ||||||
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/38 |
1,910 | 2,038,054 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46 |
2,000 | 2,020,920 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |
5,700 | 5,706,412 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 |
2,695 | 2,957,501 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB 4.00%, 10/01/47 |
220 | 218,083 | ||||||
Series B, 5.00%, 07/01/48 |
9,585 | 10,119,690 | ||||||
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57 |
2,435 | 2,551,371 | ||||||
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49 |
14,555 | 14,806,147 | ||||||
|
|
|||||||
58,212,499 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Utah — 1.0% |
||||||||
County of Utah, RB |
||||||||
Series A, 4.00%, 05/15/43 |
$ | 450 | $ | 457,990 | ||||
Series A, 3.00%, 05/15/50 |
2,065 | 1,703,146 | ||||||
Salt Lake City Corp. Airport Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/47 |
1,920 | 2,008,638 | ||||||
Series A, AMT, 5.00%, 07/01/48 |
1,845 | 1,935,215 | ||||||
|
|
|||||||
6,104,989 | ||||||||
Vermont — 0.6% |
||||||||
Vermont Educational & Health Buildings Financing Agency, Refunding RB, 4.00%, 11/01/50 |
3,275 | 3,293,664 | ||||||
|
|
|||||||
Virginia — 1.1% |
||||||||
Hampton Roads Transportation Accountability Commission, RB |
||||||||
Series A, 4.00%, 07/01/52 |
3,050 | 3,079,155 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 |
3,565 | 3,581,980 | ||||||
|
|
|||||||
6,661,135 | ||||||||
Washington — 1.7% |
||||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
3,120 | 3,270,983 | ||||||
Series C, AMT, 5.00%, 04/01/40 |
1,565 | 1,625,409 | ||||||
Washington Health Care Facilities Authority, RB, Series A, Catholic Health Services, 5.75%, 01/01/23 (b) |
4,745 | 4,835,440 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
715 | 696,828 | ||||||
|
|
|||||||
10,428,660 | ||||||||
Wisconsin (a) — 0.2% |
||||||||
Public Finance Authority, RB |
||||||||
Series A, 5.00%, 07/15/39 |
190 | 199,179 | ||||||
Series A, 5.00%, 07/15/49 |
720 | 745,519 | ||||||
Series A, 5.00%, 07/15/54 |
345 | 356,071 | ||||||
|
|
|||||||
1,300,769 | ||||||||
Wyoming — 0.3% |
||||||||
Wyoming Community Development Authority, RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 |
1,865 | 1,918,593 | ||||||
|
|
|||||||
Total Municipal Bonds — 127.7% (Cost: $772,135,189) |
763,135,170 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
| |||||||
California — 2.3% |
||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42 (g) |
6,496 | 6,553,947 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |
6,494 | 7,003,403 | ||||||
|
|
|||||||
13,557,350 |
Security |
Par (000) |
Value |
||||||
Colorado — 2.2% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48 (g) |
$ | 4,775 | $ | 5,163,314 | ||||
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45 |
7,820 | 7,901,143 | ||||||
|
|
|||||||
13,064,457 | ||||||||
District of Columbia — 2.3% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 |
10,265 | 10,368,318 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53 |
3,779 | 3,743,126 | ||||||
|
|
|||||||
14,111,444 | ||||||||
Georgia — 3.2% |
||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 |
6,660 | 6,526,287 | ||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.60%, 12/01/44 |
3,037 | 3,034,859 | ||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52 |
8,998 | 9,644,235 | ||||||
|
|
|||||||
19,205,381 | ||||||||
Illinois — 0.5% |
||||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series C, 4.00%, 02/15/27 (b) |
6 | 5,866 | ||||||
Series C, 4.00%, 02/15/41 |
2,994 | 3,032,746 | ||||||
|
|
|||||||
3,038,612 | ||||||||
Massachusetts — 0.7% |
||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 |
4,333 | 4,392,971 | ||||||
|
|
|||||||
Nebraska — 0.8% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 |
4,303 | 4,634,917 | ||||||
|
|
|||||||
New York — 9.7% |
||||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
2,760 | 2,748,817 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |
12,578 | 12,703,345 | ||||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |
6,063 | 6,006,353 | ||||||
New York State Urban Development Corp., RB |
||||||||
Series A, 4.00%, 03/15/46 |
13,980 | 14,059,062 | ||||||
Series A, 4.00%, 03/15/49 |
16,585 | 16,562,881 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
5,400 | 5,683,027 | ||||||
|
|
|||||||
57,763,485 | ||||||||
North Carolina — 1.0% |
||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25 (b) |
5,290 | 5,800,900 | ||||||
|
|
|||||||
Pennsylvania — 0.9% |
||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |
4,877 | 5,304,834 | ||||||
|
|
58 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas — 1.9% |
||||||||
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43 |
$ | 6,243 | $ | 6,252,297 | ||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23 (b) |
5,060 | 5,156,418 | ||||||
|
|
|||||||
11,408,715 | ||||||||
Virginia — 3.1% |
||||||||
Fairfax County Economic Development Authority, Refunding RB, 4.00%, 05/15/42 |
3,692 | 3,744,828 | ||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60 (g) |
4,496 | 4,499,952 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
10,087 | 10,095,227 | ||||||
|
|
|||||||
18,340,007 | ||||||||
Wisconsin — 2.0% |
||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
4.00%, 12/01/46 |
5,950 | 5,951,620 | ||||||
4.00%, 12/15/49 (g) |
6,200 | 5,941,556 | ||||||
|
|
|||||||
11,893,176 | ||||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.6% (Cost: $188,102,137) |
182,516,249 | |||||||
|
|
|||||||
Total Long-Term Investments — 158.3% (Cost: $960,237,326) |
945,651,419 | |||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 2.2% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.96% (h)(i) |
12,959,260 | 12,963,148 | ||||||
|
|
|||||||
Total Short-Term Securities — 2.2% (Cost: $12,961,076) |
12,963,148 | |||||||
|
|
|||||||
Total Investments — 160.5% (Cost: $973,198,402) |
958,614,567 | |||||||
Other Assets Less Liabilities — 1.0% |
6,208,002 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.5)% |
|
(116,351,616 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —(42.0)% |
|
(251,101,949 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
|
$ | 597,369,004 | |||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) |
Zero-coupon bond. |
(d) |
Issuer filed for bankruptcy and/or is in default. |
(e) |
Non-income producing security. |
(f) |
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) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between April 1, 2025 to July 1, 2028, is $14,633,819. See Note 4 of the Notes to Financial Statements for details. |
(h) |
Affiliate of the Fund. |
(i) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 04/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 7,204,044 | $ | 5,755,034 | (a) |
$ | — | $ | 2,502 | $ | 1,568 | $ | 12,963,148 | 12,959,260 | $ | 17,017 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
280 | 09/21/22 | $ | 33,889 | $ | (402,337 | ) | |||||||||
U.S. Long Bond |
375 | 09/21/22 | 53,754 | (1,543,496 | ) | |||||||||||
5-Year U.S. Treasury Note |
193 | 09/30/22 | 21,952 | (194,921 | ) | |||||||||||
|
|
|||||||||||||||
$ | (2,140,754 | ) | ||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 2,140,754 | $ | — | $ | 2,140,754 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 3,093,457 | $ | — | $ | 3,093,457 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (5,695,090 | ) | $ | — | $ | (5,695,090 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 109,594,898 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 763,135,170 | $ | — | $ | 763,135,170 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 182,516,249 | — | 182,516,249 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
12,963,148 | — | — | 12,963,148 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 12,963,148 | $ | 945,651,419 | $ | — | $ | 958,614,567 | |||||||||
|
|
|
|
|
|
|
|
60 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Fund, Inc. (MYD) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (2,140,754 | ) | $ | — | $ | — | $ | (2,140,754 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (116,155,652 | ) | $ | — | $ | (116,155,652 | ) | ||||||
VRDP Shares at Liquidation Value |
— | (251,400,000 | ) | — | (251,400,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | (367,555,652 | ) | $ | — | $ | (367,555,652 | ) | |||||||
|
|
|
|
|
|
|
|
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 July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Municipal Bonds |
||||||||
Alabama — 0.7% |
||||||||
Homewood Educational Building Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/34 |
$ | 1,145 | $ | 1,248,513 | ||||
Series A, 5.00%, 12/01/47 |
1,010 | 1,060,170 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a) |
4,950 | 5,313,355 | ||||||
|
|
|||||||
7,622,038 | ||||||||
Arizona — 9.1% |
||||||||
Arizona Board of Regents, RB, Series A, 4.00%, 07/01/42 |
1,000 | 1,029,820 | ||||||
Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 12/01/42 |
2,785 | 2,879,253 | ||||||
Arizona Industrial Development Authority, RB |
||||||||
4.38%, 07/01/39 (b) |
875 | 834,368 | ||||||
5.00%, 07/01/54 (b) |
615 | 615,352 | ||||||
7.10%, 01/01/55 (b) |
250 | 221,879 | ||||||
Series A, 5.00%, 07/01/39 (b) |
1,280 | 1,289,979 | ||||||
Series A, (BAM), 5.00%, 06/01/49 |
2,500 | 2,644,917 | ||||||
Series A, 5.00%, 07/01/49 (b) |
1,445 | 1,446,948 | ||||||
Series A, 5.00%, 07/15/49 (b) |
1,000 | 1,010,983 | ||||||
Series A, 5.00%, 12/15/49 (b) |
250 | 252,185 | ||||||
Series A, 5.00%, 07/01/54 (b) |
1,110 | 1,110,508 | ||||||
Arizona Industrial Development Authority, Refunding RB |
||||||||
Series A, 5.13%, 07/01/37 (b) |
500 | 511,014 | ||||||
Series A, 5.38%, 07/01/50 (b) |
1,645 | 1,677,073 | ||||||
Series A, 5.50%, 07/01/52 (b) |
600 | 613,631 | ||||||
Series G, 5.00%, 07/01/47 (b) |
2,360 | 2,384,032 | ||||||
Series S, (SD CRED PROG), 5.00%, 07/01/37 |
750 | 808,377 | ||||||
City of Buckeye Arizona, RB, (NPFGC), 5.00%, 07/01/43 |
4,000 | 4,250,964 | ||||||
City of Goodyear Arizona Water & Sewer Revenue, RB, 2nd Series, Subordinate, (AGM), 4.00%, 07/01/45 |
250 | 254,310 | ||||||
City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B, (AGM), 5.00%, 07/01/40 |
3,500 | 3,715,281 | ||||||
City of Phoenix Civic Improvement Corp., ARB |
||||||||
Series A, AMT, 5.00%, 07/01/42 |
3,000 | 3,155,781 | ||||||
Series B, AMT, Junior Lien, 5.00%, 07/01/49 |
7,270 | 7,700,100 | ||||||
Junior Lien, 3.00%, 07/01/49 |
1,500 | 1,129,428 | ||||||
City of Phoenix Civic Improvement Corp., RB |
||||||||
Series B, (BHAC-CR FGIC), 5.50%, 07/01/41(c) |
100 | 127,179 | ||||||
Series A, Junior Lien, 4.00%, 07/01/39 |
1,300 | 1,357,573 | ||||||
City of Phoenix Civic Improvement Corp., Refunding RB |
||||||||
AMT, Senior Lien, 5.00%, 07/01/32 |
700 | 718,545 | ||||||
Series D, Junior Lien, 4.00%, 07/01/40 |
1,000 | 1,002,095 | ||||||
Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/23 (b)(d) |
500 | 519,683 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
825 | 806,025 | ||||||
Industrial Development Authority of the City of Phoenix, RB |
||||||||
6.63%, 07/01/23 (d) |
500 | 522,506 | ||||||
Series A, 5.00%, 07/01/44 |
2,000 | 2,024,506 | ||||||
Series A, 6.75%, 07/01/44 (b) |
440 | 470,250 | ||||||
Series A, 5.00%, 07/01/46 (b) |
1,570 | 1,584,353 |
Security |
Par (000) |
Value |
||||||
Arizona (continued) |
||||||||
Industrial Development Authority of the City of Phoenix, Refunding RB |
||||||||
5.00%, 07/01/45 (b) |
$ | 500 | $ | 503,650 | ||||
5.00%, 07/01/46 |
500 | 508,223 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49 (b) |
1,150 | 1,136,055 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB |
||||||||
5.00%, 06/15/49 (b) |
1,985 | 1,976,774 | ||||||
5.00%, 06/15/52 (b) |
530 | 526,414 | ||||||
Series A, 4.00%, 09/01/29 |
1,000 | 1,010,485 | ||||||
Industrial Development Authority of the County of Yavapai, Refunding RB, 4.00%, 08/01/43 |
1,650 | 1,613,976 | ||||||
Kyrene Elementary School District No.28, GO |
||||||||
Series B, 5.50%, 07/01/29 |
480 | 496,728 | ||||||
Series B, 5.50%, 07/01/30 |
400 | 413,940 | ||||||
Maricopa County Industrial Development Authority, RB |
||||||||
5.00%, 07/01/47 |
1,000 | 1,020,525 | ||||||
4.00%, 07/01/50 |
1,500 | 1,466,721 | ||||||
Maricopa County Industrial Development Authority, Refunding RB |
||||||||
5.00%, 07/01/39 (b) |
545 | 558,657 | ||||||
5.00%, 07/01/47 (b) |
1,000 | 997,515 | ||||||
5.00%, 07/01/54 (b) |
1,500 | 1,514,394 | ||||||
Series A, 5.00%, 09/01/36 |
1,525 | 1,661,956 | ||||||
Series A, 5.00%, 01/01/38 |
500 | 536,710 | ||||||
Series A, 4.13%, 09/01/38 |
550 | 560,941 | ||||||
Series A, 4.13%, 09/01/42 |
750 | 751,645 | ||||||
Series A, 5.00%, 09/01/42 |
1,000 | 1,070,136 | ||||||
Maricopa County Unified School District No.11-Peoria, GO, (AGM), 5.00%, 07/01/35 |
1,250 | 1,347,901 | ||||||
McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39 |
500 | 544,033 | ||||||
Northern Arizona University, RB, 5.00%, 08/01/23 (d) |
3,000 | 3,097,278 | ||||||
Phoenix-Mesa Gateway Airport Authority, ARB, AMT, 5.00%, 07/01/38 |
3,600 | 3,607,513 | ||||||
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 |
200 | 206,398 | ||||||
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/41 |
2,000 | 2,143,440 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.50%, 12/01/29 |
2,000 | 2,262,270 | ||||||
5.00%, 12/01/32 |
155 | 172,342 | ||||||
5.00%, 12/01/37 |
6,610 | 7,328,613 | ||||||
Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39 |
1,400 | 1,473,703 | ||||||
Town of Queen Creek Arizona Excise Tax Revenue, RB, Series A, 5.00%, 08/01/42 |
750 | 825,616 | ||||||
University of Arizona, Refunding RB, 5.00%, 06/01/39 |
2,050 | 2,244,078 | ||||||
|
|
|||||||
92,247,528 | ||||||||
Arkansas — 0.5% |
||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49 (b) |
4,885 | 4,740,800 | ||||||
|
|
|||||||
California — 14.2% |
||||||||
ABC Unified School District, GO, Series C, (NPFGC-IBC FGIC), 0.00%, 08/01/34 (e) |
1,215 | 836,261 | ||||||
Alvord Unified School District, Refunding GO, Series B, Election 2007, (AGM), 0.00%, 08/01/41 (e) |
1,175 | 536,084 |
62 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
Anaheim Public Financing Authority, RB, Series A, (AGM), 6.00%, 09/01/24 |
$ | 3,505 | $ | 3,683,766 | ||||
California Community Housing Agency, RB, M/F Housing (b) |
||||||||
Series A, 5.00%, 04/01/49 |
320 | 287,089 | ||||||
Series A-2, 4.00%, 08/01/47 |
2,050 | 1,687,451 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sub-Series A-2, |
1,770 | 2,159,342 | ||||||
California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36 |
3,074 | 2,904,197 | ||||||
Series 2021-1, Class A, 3.50%, 11/20/35 |
1,246 | 1,213,547 | ||||||
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 02/01/42 |
145 | 153,809 | ||||||
California State Public Works Board, RB |
||||||||
Series F, 5.25%, 09/01/33 |
835 | 866,124 | ||||||
Series I, 5.50%, 11/01/31 |
1,000 | 1,045,955 | ||||||
California Statewide Communities Development Authority, Refunding RB (b) |
||||||||
Series A, 5.00%, 06/01/36 |
1,360 | 1,421,275 | ||||||
Series A, 5.00%, 06/01/46 |
1,680 | 1,723,472 | ||||||
Carlsbad Unified School District, Refunding GO, Series B, 6.00%, 05/01/34 (c) |
5,000 | 5,359,150 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, Series D, AMT, Subordinate, 4.00%, 05/15/51 |
8,175 | 8,212,065 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57 (b) |
1,660 | 1,260,860 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing (b) |
||||||||
5.00%, 09/01/37 |
385 | 357,585 | ||||||
4.00%, 10/01/56 |
590 | 539,703 | ||||||
4.00%, 12/01/56 |
575 | 461,150 | ||||||
3.00%, 03/01/57 |
1,540 | 1,149,924 | ||||||
Series A, Class 2, 4.00%, 06/01/58 |
3,700 | 3,183,188 | ||||||
Senior Lien, 3.13%, 06/01/57 |
2,065 | 1,498,203 | ||||||
Series A, Class 2, Senior Lien, 4.00%, 12/01/58 |
4,840 | 3,953,297 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66 (e) |
13,565 | 1,723,135 | ||||||
Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31 (e) |
5,000 | 3,901,610 | ||||||
Grossmont-Cuyamaca Community College District, GO, CAB, Series C, Election 2002, (AGC), 0.00%, 08/01/30 (e) |
10,030 | 8,182,504 | ||||||
Hartnell Community College District, GO, CAB, Series D, 7.00%, 08/01/34 (c) |
4,125 | 5,079,005 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23 (d) |
1,620 | 1,694,488 | ||||||
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertiable, Election 2008, 6.25%, 08/01/28 (c) |
4,445 | 4,476,995 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB |
||||||||
Series A, AMT, 5.00%, 03/01/36 |
975 | 1,041,124 | ||||||
Series A, AMT, 5.00%, 03/01/37 |
1,075 | 1,143,596 | ||||||
Poway Unified School District, Refunding GO, CAB, Series B, 0.00%, 08/01/36 (e) |
8,750 | 5,457,944 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
5,405 | 5,448,770 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB Series J, 5.25%, 05/15/23 (d) |
2,905 | 2,989,088 |
Security |
Par (000) |
Value |
||||||
California (continued) |
||||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB (continued) Series J, 5.25%, 05/15/38 |
$ | 825 | $ | 846,722 | ||||
Rio Hondo Community College District, GO, CAB (e) |
||||||||
Series C, Election 2004, 0.00%, 08/01/37 |
4,005 | 2,312,018 | ||||||
Series C, Election 2004, 0.00%, 08/01/38 |
5,000 | 2,755,155 | ||||||
San Bernardino Community College District, GO, CAB, Series B, 6.38%, 08/01/34 (c) |
10,000 | 10,931,670 | ||||||
San Diego Community College District, GO, CAB (e) |
||||||||
Election 2006, 0.00%, 08/01/31 |
2,145 | 1,334,370 | ||||||
Election 2006, 0.00%, 08/01/32 |
2,680 | 1,565,694 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
935 | 906,648 | ||||||
San Diego Unified School District, GO, CAB (e) |
||||||||
Series C, Election 2008, 0.00%, 07/01/38 |
3,800 | 2,160,140 | ||||||
Series G, Election 2008, 0.00%, 07/01/34 (d) |
1,550 | 864,534 | ||||||
Series G, Election 2008, 0.00%, 07/01/35 (d) |
1,640 | 861,466 | ||||||
Series G, Election 2008, 0.00%, 07/01/36 (d) |
2,465 | 1,219,477 | ||||||
Series G, Election 2008, 0.00%, 07/01/37 (d) |
1,640 | 764,391 | ||||||
San Diego Unified School District, Refunding GO, CAB (e) |
||||||||
Series R-1, 0.00%, 07/01/30 |
5,000 | 4,056,335 | ||||||
Series R-1, 0.00%, 07/01/31 |
3,005 | 2,265,277 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
||||||||
Series A, AMT, 5.50%, 05/01/28 |
1,065 | 1,091,102 | ||||||
Series A, AMT, 5.25%, 05/01/33 |
830 | 848,546 | ||||||
Series A, AMT, 5.00%, 05/01/49 |
795 | 847,317 | ||||||
San Mateo County Community College District, GO, CAB, Series C, Series 2001, (NPFGC), 0.00%, 09/01/30 (e) |
12,740 | 10,412,835 | ||||||
State of California, GO, 5.50%, 04/01/28 |
5 | 5,014 | ||||||
Walnut Valley Unified School District, GO, CAB, Series B, Election 2007, 0.00%, 08/01/36 (e) |
5,500 | 3,320,141 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
625 | 659,954 | ||||||
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36 (e) |
15,000 | 9,107,940 | ||||||
|
|
|||||||
144,768,502 | ||||||||
Colorado — 1.5% |
||||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47 (b) |
345 | 329,430 | ||||||
City & County of Denver Colorado Airport System Revenue, ARB |
||||||||
Series A, AMT, 5.50%, 11/15/28 |
1,000 | 1,041,196 | ||||||
Series A, AMT, 5.50%, 11/15/30 |
330 | 343,448 | ||||||
Series A, AMT, 5.50%, 11/15/31 |
400 | 416,209 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
2,955 | 3,360,411 | ||||||
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 |
3,035 | 3,062,825 | ||||||
City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/37(e) |
1,760 | 961,696 | ||||||
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 |
2,555 | 2,527,776 | ||||||
Colorado Health Facilities Authority, Refunding RB Series A, 4.00%, 08/01/44 |
1,060 | 1,038,798 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Colorado (continued) |
||||||||
Colorado Health Facilities Authority, Refunding RB (continued) |
||||||||
Series A, 3.25%, 08/01/49 |
$ | 1,610 | $ | 1,301,130 | ||||
Regional Transportation District, COP, Series A, 5.00%, 06/01/39 |
540 | 551,954 | ||||||
|
|
|||||||
14,934,873 | ||||||||
Connecticut — 0.5% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series E-1, (HUD SECT 8), 3.25%, 11/15/54 |
950 | 804,546 | ||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39 |
270 | 273,971 | ||||||
Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(b) |
205 | 203,884 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 07/01/41 |
2,570 | 2,374,505 | ||||||
State of Connecticut, GO, Series C, 5.00%, 06/15/32 |
1,455 | 1,661,635 | ||||||
|
|
|||||||
5,318,541 | ||||||||
Delaware — 0.2% |
||||||||
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |
1,605 | 1,714,692 | ||||||
|
|
|||||||
District of Columbia — 1.1% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-1, (FHA), 2.55%, 03/01/42 |
4,620 | 3,726,330 | ||||||
District of Columbia, RB |
||||||||
Series A, 5.00%, 07/01/47 |
3,755 | 4,342,646 | ||||||
Series B-1, (NPFGC-IBC FGIC),5.00%, 02/01/31 |
435 | 435,886 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
2,875 | 2,704,326 | ||||||
|
|
|||||||
11,209,188 | ||||||||
Florida — 10.7% |
||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
3,775 | 3,964,618 | ||||||
Capital Trust Agency, Inc., RB (b) |
||||||||
Series A, 5.00%, 06/01/55 |
1,285 | 1,129,145 | ||||||
Series A, 5.50%, 06/01/57 |
460 | 435,953 | ||||||
City of Tampa Florida, RB, CAB (e) |
||||||||
Series A, 0.00%, 09/01/49 |
1,725 | 492,262 | ||||||
Series A, 0.00%, 09/01/53 |
1,840 | 438,608 | ||||||
County of Broward Florida Airport System Revenue, ARB |
||||||||
Series A, AMT, 5.00%, 10/01/45 |
1,005 | 1,036,850 | ||||||
Series A, AMT, 4.00%, 10/01/49 |
3,315 | 3,213,992 | ||||||
Series A, AMT, 5.00%, 10/01/49 |
300 | 318,866 | ||||||
County of Broward Florida Port Facilities Revenue, ARB |
||||||||
AMT, 5.25%, 09/01/47 |
3,650 | 4,016,124 | ||||||
Series B, AMT, 4.00%, 09/01/49 |
1,930 | 1,855,604 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB |
||||||||
AMT, 5.00%, 10/01/34 |
450 | 470,912 | ||||||
Series A, AMT, 5.00%, 10/01/22 (d) |
5,990 | 6,024,203 | ||||||
County of Miami-Dade Seaport Department, ARB (d) |
||||||||
Series A, 5.38%, 10/01/23 |
1,170 | 1,219,952 | ||||||
Series A, 6.00%, 10/01/23 |
4,780 | 5,018,374 | ||||||
Series B, AMT, 6.00%, 10/01/23 |
2,255 | 2,367,450 | ||||||
Series B, AMT, 6.25%, 10/01/23 |
1,500 | 1,575,825 |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
County of Miami-Dade Seaport Department, ARB (d) (continued) |
||||||||
Series B, AMT, 6.00%, 10/01/30 |
$ | 1,510 | $ | 1,582,004 | ||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (e) |
||||||||
Series A-2, 0.00%, 10/01/38 |
1,000 | 445,893 | ||||||
Series A-2, 0.00%, 10/01/41 |
1,900 | 720,092 | ||||||
Series A-2, 0.00%, 10/01/42 |
2,210 | 794,148 | ||||||
Series A-2, 0.00%, 10/01/43 |
2,010 | 683,454 | ||||||
Series A-2, 0.00%, 10/01/44 |
2,055 | 659,684 | ||||||
Series A-2, 0.00%, 10/01/45 |
2,725 | 826,915 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/50 |
5,000 | 4,728,780 | ||||||
Florida Development Finance Corp., RB (b) |
||||||||
AMT, 5.00%, 05/01/29 |
1,275 | 1,258,596 | ||||||
Series A, AMT, 5.00%, 08/01/29 (a) |
500 | 500,000 | ||||||
Florida Development Finance Corp., Refunding RB (b) |
||||||||
5.00%, 09/15/40 |
710 | 711,617 | ||||||
6.50%, 06/30/57 |
1,230 | 1,256,516 | ||||||
Greater Orlando Aviation Authority, ARB |
||||||||
Series A, AMT, 4.00%, 10/01/44 |
2,370 | 2,359,086 | ||||||
Series A, AMT, 4.00%, 10/01/52 |
3,260 | 3,195,449 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/47 |
8,755 | 9,214,235 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/52 |
3,540 | 3,708,196 | ||||||
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(d) |
1,995 | 2,078,702 | ||||||
Lakewood Ranch Stewardship District, SAB |
||||||||
5.25%, 05/01/37 |
240 | 247,645 | ||||||
3.85%, 05/01/39 |
450 | 425,485 | ||||||
5.38%, 05/01/47 |
260 | 266,495 | ||||||
4.00%, 05/01/49 |
675 | 617,054 | ||||||
Lakewood Ranch Stewardship District, SAB, S/F Housing |
||||||||
4.00%, 05/01/40 |
365 | 328,888 | ||||||
4.00%, 05/01/50 |
605 | 508,336 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |
40 | 40,094 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
6,595 | 6,927,869 | ||||||
Miami-Dade County Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45 |
2,885 | 2,838,935 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 |
6,605 | 6,462,801 | ||||||
Orange County Health Facilities Authority, Refunding RB |
||||||||
5.00%, 08/01/41 |
1,325 | 1,398,756 | ||||||
5.00%, 08/01/47 |
3,845 | 4,063,400 | ||||||
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 |
335 | 338,132 | ||||||
Palm Beach County Health Facilities Authority, RB |
||||||||
Series B, 4.00%, 11/15/41 |
160 | 152,587 | ||||||
Series B, 5.00%, 11/15/42 |
300 | 321,323 | ||||||
Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42 |
4,140 | 4,569,355 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23 (d) |
2,820 | 2,906,436 |
64 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Seminole Improvement District, RB |
||||||||
5.00%, 10/01/32 |
$ | 255 | $ | 261,693 | ||||
5.30%, 10/01/37 |
290 | 298,075 | ||||||
State of Florida, GO, Series B, 4.00%, 07/01/39 |
4,905 | 5,111,849 | ||||||
Storey Creek Community Development District, SAB |
||||||||
4.00%, 12/15/39 |
415 | 386,091 | ||||||
4.13%, 12/15/49 |
350 | 313,229 | ||||||
Village Community Development District No.14, SA, 5.50%, 05/01/53 |
1,955 | 2,031,708 | ||||||
|
|
|||||||
109,118,341 | ||||||||
Georgia — 3.2% |
||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |
1,585 | 1,550,392 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |
715 | 730,445 | ||||||
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54 |
430 | 385,498 | ||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Housing 3.60%, 12/01/44 |
1,615 | 1,613,627 | ||||||
Refunding RB, 3.70%, 06/01/49 |
1,450 | 1,405,065 | ||||||
LaGrange-Troup County Hospital Authority, Refunding RB, 4.00%, 04/01/47 |
2,980 | 2,910,569 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/37 |
1,475 | 1,602,840 | ||||||
Series A, 5.00%, 05/15/38 |
910 | 993,146 | ||||||
Series A, 5.00%, 05/15/43 |
1,620 | 1,680,594 | ||||||
Series A, 5.00%, 05/15/49 |
1,230 | 1,339,063 | ||||||
Series B, 5.00%, 12/01/52 (a)(f) |
6,690 | 7,170,683 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
4.00%, 01/01/49 |
1,005 | 968,620 | ||||||
5.00%, 01/01/56 |
1,370 | 1,447,867 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 |
7,475 | 8,380,798 | ||||||
Private Colleges & Universities Authority, RB, 5.00%, 04/01/33 (d) |
330 | 347,906 | ||||||
|
|
|||||||
32,527,113 | ||||||||
Hawaii — 0.1% |
||||||||
State of Hawaii Airports System Revenue, ARB COP |
||||||||
AMT, 5.25%, 08/01/25 |
485 | 499,600 | ||||||
AMT, 5.25%, 08/01/26 |
525 | 540,441 | ||||||
|
|
|||||||
1,040,041 | ||||||||
Illinois — 10.8% |
||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/37 |
2,645 | 2,797,667 | ||||||
Series A, 5.00%, 12/01/38 |
1,075 | 1,132,907 | ||||||
Series A, 5.00%, 12/01/39 |
2,905 | 3,059,407 | ||||||
Series A, 5.00%, 12/01/47 |
1,265 | 1,333,566 | ||||||
Series C, 5.25%, 12/01/35 |
970 | 994,647 | ||||||
Series D, 5.00%, 12/01/46 |
1,230 | 1,251,265 | ||||||
Series H, 5.00%, 12/01/36 |
295 | 306,594 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series A, 5.00%, 12/01/30 |
2,225 | 2,400,915 | ||||||
Series C, 5.00%, 12/01/25 |
415 | 438,848 | ||||||
Series D, 5.00%, 12/01/25 |
530 | 560,457 | ||||||
Series G, 5.00%, 12/01/34 |
290 | 303,885 | ||||||
Chicago Board of Education, Refunding GO, CAB, |
||||||||
Series A, 0.00%, 12/01/25 (e) |
590 | 535,429 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Chicago Midway International Airport, Refunding ARB |
||||||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/34 |
$ | 1,475 | $ | 1,530,310 | ||||
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |
2,070 | 2,120,233 | ||||||
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 |
6,885 | 7,420,192 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series C, AMT, Senior Lien, 5.38%, 01/01/39 |
4,090 | 4,117,239 | ||||||
Chicago O’Hare International Airport, Refunding RB |
||||||||
Series B, AMT, 5.00%, 01/01/31 |
2,500 | 2,506,282 | ||||||
Series B, Senior Lien, 5.00%, 01/01/41 |
3,800 | 3,996,198 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49 |
1,610 | 1,672,284 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/52 |
2,575 | 2,800,024 | ||||||
Cook County Community College District No.508, GO |
||||||||
5.50%, 12/01/38 |
1,000 | 1,035,065 | ||||||
5.25%, 12/01/43 |
1,500 | 1,524,478 | ||||||
Cook County Forest Preserve District, Refunding GO, Series B, 5.00%, 12/15/37 |
325 | 325,724 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series B, 4.00%, 08/15/41 |
1,100 | 1,080,979 | ||||||
Series C, 4.13%, 08/15/37 |
2,430 | 2,431,225 | ||||||
Series C, 5.00%, 08/15/44 |
820 | 845,851 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |
630 | 651,772 | ||||||
Kane McHenry Cook & De Kalb Counties Unit School District No.300, Refunding GO, 5.25%, 01/01/33 |
9,145 | 9,269,985 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 |
3,005 | 3,104,682 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB (e) |
||||||||
(BAM-TCRS), 0.00%, 12/15/56 |
2,965 | 622,597 | ||||||
Series A, (NPFGC), 0.00%, 12/15/26 |
5,000 | 4,367,900 | ||||||
Series A, (NPFGC), 0.00%, 06/15/30 |
14,205 | 10,869,822 | ||||||
Series A, (NPFGC), 0.00%, 06/15/30 (g) |
800 | 644,075 | ||||||
Series A, (NPFGC), 0.00%, 12/15/33 |
9,950 | 6,573,716 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
1,690 | 1,592,676 | ||||||
Series B, (AGM), 0.00%, 06/15/44 (e) |
8,075 | 3,108,843 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(e) |
4,140 | 953,020 | ||||||
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |
3,200 | 3,953,110 | ||||||
State of Illinois, GO |
||||||||
5.25%, 02/01/30 |
2,010 | 2,091,918 | ||||||
5.25%, 02/01/32 |
2,330 | 2,422,799 | ||||||
5.50%, 07/01/33 |
2,920 | 2,999,520 | ||||||
5.25%, 02/01/34 |
1,610 | 1,672,608 | ||||||
5.50%, 07/01/38 |
2,700 | 2,767,956 | ||||||
5.50%, 05/01/39 |
2,785 | 3,081,071 | ||||||
Series D, 5.00%, 11/01/28 |
440 | 478,125 | ||||||
|
|
|||||||
109,747,866 | ||||||||
Indiana — 0.5% |
||||||||
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |
1,350 | 1,432,882 | ||||||
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23 (d) |
3,285 | 3,371,223 | ||||||
|
|
|||||||
4,804,105 | ||||||||
Iowa — 0.0% |
||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |
345 | 303,569 | ||||||
|
|
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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Kansas — 0.1% |
||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
$ | 655 | $ | 655,707 | ||||
|
|
|||||||
Kentucky — 0.4% |
||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52 (b) |
1,575 | 1,581,828 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) |
2,000 | 2,032,138 | ||||||
|
|
|||||||
3,613,966 | ||||||||
Louisiana — 1.9% |
||||||||
Jefferson Sales Tax District, RB |
||||||||
Series B, (AGM), 5.00%, 12/01/34 |
330 | 367,755 | ||||||
Series B, (AGM), 5.00%, 12/01/35 |
440 | 488,707 | ||||||
Series B, (AGM), 5.00%, 12/01/36 |
395 | 437,569 | ||||||
Series B, (AGM), 5.00%, 12/01/37 |
495 | 547,272 | ||||||
Lake Charles Harbor & Terminal District, ARB, |
||||||||
Series B, AMT, (AGM), 5.50%, 01/01/29 |
1,500 | 1,568,823 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A, |
||||||||
Sub Lien, 5.00%, 02/01/24 (d) |
4,015 | 4,214,449 | ||||||
Louisiana Public Facilities Authority, Refunding RB 5.00%, 05/15/46 |
4,600 | 4,812,538 | ||||||
5.00%, 05/15/47 |
1,895 | 1,964,427 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 |
5,080 | 5,225,588 | ||||||
|
|
|||||||
19,627,128 | ||||||||
Maine — 0.0% |
||||||||
Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44 |
465 | 420,422 | ||||||
|
|
|||||||
Maryland — 3.7% |
||||||||
Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32 |
500 | 514,777 | ||||||
Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44 |
250 | 251,549 | ||||||
City of Baltimore Maryland, RB |
||||||||
Series A, 5.00%, 01/01/24 (d) |
1,000 | 1,045,917 | ||||||
Series A, 5.00%, 07/01/41 |
100 | 107,447 | ||||||
Series A, 5.00%, 07/01/46 |
3,040 | 3,181,562 | ||||||
Series C, 5.00%, 01/01/24 (d) |
1,000 | 1,045,917 | ||||||
City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46 |
750 | 713,788 | ||||||
Series A, 4.50%, 09/01/33 |
185 | 186,935 | ||||||
Series A, 5.00%, 09/01/38 |
250 | 256,956 | ||||||
City of Baltimore Maryland, Refunding TA (b) |
||||||||
Series A, Senior Lien, 3.50%, 06/01/39 |
650 | 573,301 | ||||||
Series A, Senior Lien, 3.63%, 06/01/46 |
1,095 | 930,545 | ||||||
City of Baltimore Maryland, TA (b) |
||||||||
Series B, 3.70%, 06/01/39 |
200 | 181,083 | ||||||
Series B, 3.88%, 06/01/46 |
300 | 265,650 | ||||||
County of Anne Arundel Maryland, Refunding RB, 3.25%, 09/01/28 |
360 | 360,391 | ||||||
County of Baltimore Maryland, Refunding RB, 4.00%, 01/01/50 |
500 | 506,103 | ||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43 (b) |
235 | 253,777 | ||||||
County of Howard Maryland, TA 6.10%, 02/15/44 |
250 | 255,079 | ||||||
Series A, 4.50%, 02/15/47 (b) |
500 | 467,875 | ||||||
County of Montgomery Maryland, RB, 4.00%, 12/01/44 |
750 | 749,229 |
Security |
Par (000) |
Value |
||||||
Maryland (continued) |
||||||||
County of Prince George’s Maryland, ARB, 5.20%, 07/01/34 |
$ | 1,094 | $ | 1,096,623 | ||||
County of Prince George’s Maryland, TA, 5.25%, 07/01/48 (b) |
300 | 307,082 | ||||||
Howard County Housing Commission, RB, M/F Housing |
||||||||
5.00%, 12/01/42 |
500 | 531,273 | ||||||
4.00%, 06/01/46 |
500 | 501,138 | ||||||
Series A, 5.00%, 06/01/44 |
550 | 556,687 | ||||||
Maryland Community Development Administration, RB, M/F Housing, Series D, 3.70%, 07/01/35 |
500 | 501,037 | ||||||
Maryland Community Development Administration, Refunding RB, Series D, 3.25%, 09/01/50 |
445 | 446,560 | ||||||
Maryland Economic Development Corp., ARB, AMT, 5.00%, 06/01/49 |
250 | 264,170 | ||||||
Maryland Economic Development Corp., RB 5.00%, 07/01/56 |
390 | 395,921 | ||||||
Class B, AMT, 5.25%, 06/30/55 |
2,920 | 3,140,971 | ||||||
Maryland Economic Development Corp., Refunding RB 5.00%, 07/01/37 |
500 | 500,096 | ||||||
5.00%, 07/01/39 |
500 | 512,573 | ||||||
(AGM), 5.00%, 06/01/43 |
1,350 | 1,457,148 | ||||||
Series A, 5.00%, 06/01/35 |
100 | 109,068 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB 4.00%, 07/01/48 |
300 | 300,112 | ||||||
Series 2017, 5.00%, 12/01/46 |
250 | 267,762 | ||||||
Series A, 5.00%, 05/15/42 |
2,330 | 2,502,963 | ||||||
Series B, 4.00%, 04/15/45 |
250 | 248,924 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB 4.00%, 07/01/24 (d) |
100 | 104,209 | ||||||
5.00%, 07/01/24 (d) |
700 | 742,576 | ||||||
5.00%, 06/01/29 |
500 | 500,589 | ||||||
5.00%, 07/01/34 |
510 | 561,406 | ||||||
5.00%, 07/01/35 |
200 | 211,904 | ||||||
5.00%, 07/01/40 |
1,000 | 1,031,300 | ||||||
4.00%, 07/01/41 |
500 | 500,900 | ||||||
5.00%, 08/15/42 |
1,000 | 1,037,831 | ||||||
4.13%, 07/01/47 |
500 | 500,970 | ||||||
Series A, 5.00%, 01/01/28 |
100 | 108,688 | ||||||
Series A, 5.00%, 01/01/45 |
500 | 521,167 | ||||||
Series A, 5.00%, 10/01/49 |
530 | 571,397 | ||||||
Maryland State Transportation Authority, ARB, AMT, 4.00%, 06/01/29 |
1,925 | 1,926,802 | ||||||
Montgomery County Housing Opportunities Commission, Refunding RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39 |
2,830 | 2,734,618 | ||||||
Washington Suburban Sanitary Commission, RB, Second Series, (GTD), 4.00%, 06/01/41 |
875 | 898,112 | ||||||
|
|
|||||||
37,440,458 | ||||||||
Massachusetts — 4.9% |
||||||||
City of Holyoke Massachusetts, Refunding GO, (SAW), 5.00%, 09/01/22 (d) |
1,000 | 1,003,134 | ||||||
Commonwealth of Massachusetts, GO, Series C, 5.00%, 07/01/45 |
1,000 | 1,060,718 | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.25%, 07/01/29 |
730 | 877,333 | ||||||
Massachusetts Development Finance Agency, RB 5.00%, 10/01/46 |
500 | 521,245 | ||||||
5.00%, 07/01/47 |
580 | 604,365 |
66 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Massachusetts (continued) |
||||||||
Massachusetts Development Finance Agency, RB (continued) |
||||||||
5.00%, 10/01/48 |
$ | 200 | $ | 194,564 | ||||
Series A, 5.25%, 01/01/42 |
500 | 525,441 | ||||||
Series A, (AMBAC), 5.75%, 01/01/42 |
650 | 855,862 | ||||||
Series A, 5.00%, 01/01/47 |
5,945 | 6,150,560 | ||||||
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/37 |
150 | 157,998 | ||||||
4.00%, 07/01/39 |
2,545 | 2,462,104 | ||||||
5.00%, 04/15/40 |
1,000 | 1,019,427 | ||||||
4.00%, 07/01/41 |
7,685 | 7,745,320 | ||||||
4.13%, 10/01/42 (b) |
550 | 564,648 | ||||||
4.00%, 12/01/42 |
485 | 476,292 | ||||||
5.00%, 12/01/42 |
525 | 559,446 | ||||||
5.00%, 09/01/43 |
500 | 524,970 | ||||||
4.00%, 07/01/44 |
250 | 255,104 | ||||||
Series A, 4.00%, 06/01/29 (d) |
420 | 474,429 | ||||||
Series A, 5.00%, 06/01/29 (d) |
250 | 298,305 | ||||||
Series A, 5.00%, 07/01/44 |
250 | 265,748 | ||||||
Series A-2, 4.00%, 07/01/41 |
100 | 100,890 | ||||||
Series E, 4.00%, 07/01/38 |
500 | 481,117 | ||||||
Series P, 5.45%, 05/15/59 |
1,500 | 1,747,533 | ||||||
Massachusetts Educational Financing Authority, RB |
||||||||
AMT, 5.00%, 01/01/27 |
1,000 | 1,055,025 | ||||||
Series B, AMT, 2.63%, 07/01/36 |
100 | 90,798 | ||||||
AMT, Subordinate, 3.75%, 07/01/47 |
2,135 | 1,889,571 | ||||||
Series C, AMT, Subordinate, 3.00%, 07/01/51 |
1,880 | 1,414,128 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33 |
90 | 90,324 | ||||||
Massachusetts Health & Educational Facilities Authority, Refunding RB |
||||||||
Series M, 5.50%, 02/15/27 |
1,000 | 1,153,147 | ||||||
Series T-2, 5.00%, 10/01/32 |
500 | 503,423 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing |
||||||||
Series A, 3.80%, 12/01/43 |
500 | 486,081 | ||||||
Series A, 3.85%, 06/01/46 |
130 | 125,173 | ||||||
Series A-1, (FHA), 3.10%, 06/01/60 |
1,245 | 990,537 | ||||||
Series C-1, 3.15%, 12/01/49 |
1,000 | 842,597 | ||||||
Series D-1, 2.55%, 12/01/50 |
295 | 230,062 | ||||||
Massachusetts Housing Finance Agency, Refunding RB |
||||||||
Series A, AMT, 4.45%, 12/01/42 |
1,585 | 1,588,439 | ||||||
Series A, AMT, 4.50%, 12/01/47 |
425 | 428,360 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44 |
465 | 407,101 | ||||||
Massachusetts Port Authority, ARB, Series B, AMT, 5.00%, 07/01/45 |
1,750 | 1,814,043 | ||||||
Massachusetts School Building Authority, RB |
||||||||
Series A, 5.00%, 05/15/43 (d) |
3,500 | 3,596,638 | ||||||
Series A, 5.00%, 08/15/45 |
750 | 847,222 | ||||||
Sub-Series B, 4.00%, 02/15/43 |
1,780 | 1,787,937 |
Security |
Par (000) |
Value |
||||||
Massachusetts (continued) |
||||||||
Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39 |
$ | 825 | $ | 1,055,392 | ||||
University of Massachusetts Building Authority, RB, Series 1, 5.00%, 11/01/22 (d) |
500 | 504,817 | ||||||
|
|
|||||||
49,827,368 | ||||||||
Michigan — 4.9% |
||||||||
Eastern Michigan University, RB |
||||||||
Series A, (AGM), 4.00%, 03/01/44 |
1,455 | 1,460,287 | ||||||
Series A, 4.00%, 03/01/47 |
1,455 | 1,450,644 | ||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/50 |
6,975 | 6,887,708 | ||||||
Series A, 4.00%, 11/15/50 |
1,705 | 1,654,798 | ||||||
Michigan Finance Authority, Refunding RB 4.00%, 11/15/46 |
3,420 | 3,357,811 | ||||||
Series A, 4.00%, 12/01/40 |
7,000 | 7,153,237 | ||||||
Michigan State Building Authority, Refunding RB, 4.00%, 04/15/54 |
3,765 | 3,670,092 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing |
||||||||
Series A, 2.45%, 10/01/46 |
2,275 | 1,720,682 | ||||||
Series A, 4.05%, 10/01/48 |
1,855 | 1,823,424 | ||||||
Series A, 4.15%, 10/01/53 |
1,885 | 1,889,469 | ||||||
Series A, 2.70%, 10/01/56 |
8,210 | 5,988,128 | ||||||
Series A-1, 3.35%, 10/01/49 |
3,465 | 3,037,644 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 |
675 | 619,600 | ||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 |
1,505 | 1,646,705 | ||||||
Michigan Strategic Fund, RB |
||||||||
AMT, 5.00%, 12/31/43 |
5,190 | 5,255,430 | ||||||
AMT, 5.00%, 06/30/48 |
1,120 | 1,129,359 | ||||||
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23 (d) |
900 | 938,170 | ||||||
|
|
|||||||
49,683,188 | ||||||||
Minnesota — 0.2% |
||||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 |
1,615 | 1,718,014 | ||||||
|
|
|||||||
Missouri — 0.3% |
||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 11/15/42 |
1,015 | 1,011,314 | ||||||
Missouri Housing Development Commission, RB, S/F Housing, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46 |
2,650 | 1,941,756 | ||||||
|
|
|||||||
2,953,070 | ||||||||
Montana — 0.0% |
||||||||
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37 |
170 | 172,162 | ||||||
|
|
|||||||
Nebraska — 1.3% |
||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) |
6,265 | 6,748,689 | ||||||
Central Plains Energy Project, Refunding RB 5.00%, 09/01/32 |
5,010 | 5,022,380 | ||||||
5.25%, 09/01/37 |
1,750 | 1,754,685 | ||||||
|
|
|||||||
13,525,754 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Nevada — 0.2% |
||||||||
Las Vegas Convention & Visitors Authority, RB, |
||||||||
Series B, 4.00%, 07/01/49 |
$ | 2,000 | $ | 2,012,522 | ||||
|
|
|||||||
New Hampshire — 0.4% |
||||||||
New Hampshire Business Finance Authority, Refunding RB (a)(b) |
||||||||
Series A, 3.63%, 07/01/43 |
265 | 230,687 | ||||||
Series B, AMT, 3.75%, 07/01/45 |
1,075 | 938,138 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, (FHA), 4.00%, 07/01/52 |
3,200 | 3,105,568 | ||||||
|
|
|||||||
4,274,393 | ||||||||
New Jersey — 8.5% |
||||||||
New Jersey Economic Development Authority, RB |
||||||||
Series WW, 5.25%, 06/15/33 |
370 | 398,561 | ||||||
Series WW, 5.00%, 06/15/34 |
485 | 512,547 | ||||||
Series WW, 5.00%, 06/15/36 |
2,205 | 2,304,108 | ||||||
Series WW, 5.25%, 06/15/40 |
715 | 743,800 | ||||||
Series WW, 5.25%, 06/15/40 (d) |
40 | 43,866 | ||||||
AMT, (AGM), 5.00%, 01/01/31 |
900 | 931,532 | ||||||
AMT, 5.13%, 01/01/34 |
1,620 | 1,664,608 | ||||||
AMT, 5.38%, 01/01/43 |
2,115 | 2,162,148 | ||||||
New Jersey Economic Development Authority, Refunding RB |
||||||||
Series BBB, 5.50%, 12/15/26 (d) |
5,360 | 6,203,326 | ||||||
Sub-Series A, 4.00%, 07/01/32 |
1,510 | 1,538,415 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39 |
755 | 739,860 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 3.25%, 12/01/39 |
5,985 | 5,806,174 | ||||||
Series B, AMT, 4.00%, 12/01/41 |
3,180 | 3,130,755 | ||||||
Sub-Series C, AMT, 3.63%, 12/01/49 |
1,725 | 1,509,882 | ||||||
Series C, AMT, Subordinate, 4.25%, 12/01/50 |
2,135 | 1,984,826 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33 |
2,195 | 2,196,394 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series A, (NPFGC), 5.75%, 06/15/25 |
2,000 | 2,195,002 | ||||||
Series A, 0.00%, 12/15/29 (e) |
7,530 | 5,946,230 | ||||||
Series AA, 5.25%, 06/15/33 |
3,525 | 3,602,680 | ||||||
Series AA, 5.00%, 06/15/38 |
4,325 | 4,447,847 | ||||||
Series AA, 4.13%, 06/15/39 |
1,210 | 1,221,896 | ||||||
Series AA, 5.50%, 06/15/39 |
7,190 | 7,358,656 | ||||||
Series AA, 3.00%, 06/15/50 |
775 | 623,559 | ||||||
Series AA, 5.00%, 06/15/50 |
2,650 | 2,831,528 | ||||||
Series BB, 4.00%, 06/15/50 |
4,900 | 4,766,980 | ||||||
Series D, 5.00%, 06/15/32 |
1,610 | 1,707,983 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB 4.00%, 12/15/39 |
1,060 | 1,062,988 | ||||||
Series A, 5.00%, 12/15/36 |
180 | 194,210 | ||||||
South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50 |
1,675 | 1,599,484 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/34 |
2,180 | 2,361,254 | ||||||
Series A, 5.00%, 06/01/36 |
3,220 | 3,456,699 | ||||||
Series A, 4.00%, 06/01/37 |
2,020 | 2,004,947 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
8,970 | 9,163,519 | ||||||
|
|
|||||||
86,416,264 |
Security |
Par (000) |
Value |
||||||
New Mexico — 0.1% |
||||||||
City of Santa Fe New Mexico, RB |
||||||||
Series A, 5.00%, 05/15/44 |
$ | 200 | $ | 186,561 | ||||
Series A, 5.00%, 05/15/49 |
270 | 244,393 | ||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 01/08/25 (d) |
500 | 544,302 | ||||||
|
|
|||||||
975,256 | ||||||||
New York — 8.5% |
||||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 5.00%, 11/15/56 |
6,550 | 6,742,151 | ||||||
Series D, 5.00%, 11/15/31 |
460 | 492,752 | ||||||
New York City Housing Development Corp., RB, M/F Housing |
||||||||
Series A, 3.00%, 11/01/55 |
1,935 | 1,576,750 | ||||||
Series I-1, (FHA), 2.55%, 11/01/45 |
6,665 | 5,239,203 | ||||||
Series I-1, (FHA), 2.70%, 11/01/55 |
1,050 | 803,932 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-3, Subordinate, (SAW), 4.00%, 07/15/46 |
2,680 | 2,722,832 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Subordinate, 3.00%, 05/01/46 |
1,495 | 1,307,300 | ||||||
Series C, Subordinate, 4.00%, 05/01/45 |
935 | 941,537 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/32 |
4,200 | 4,234,579 | ||||||
New York City Water & Sewer System, RB, |
||||||||
Series DD-1, 3.00%, 06/15/50 |
3,000 | 2,574,804 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |
1,100 | 1,104,630 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series 1, Class 1, 5.00%, 11/15/44 (b) |
2,630 | 2,638,177 | ||||||
Series A, 2.88%, 11/15/46 |
14,350 | 11,343,302 | ||||||
Series A, 3.00%, 11/15/51 |
425 | 330,581 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
1,060 | 1,055,705 | ||||||
New York State Housing Finance Agency, RB, M/F Housing |
||||||||
Series B, (SONYMA), 3.88%, 11/01/48 |
400 | 380,131 | ||||||
Series L-1, (SONYMA), 2.50%, 11/01/45 |
1,760 | 1,342,986 | ||||||
New York State Thruway Authority, Refunding RB |
||||||||
Series B, Subordinate, 4.00%, 01/01/39 |
1,175 | 1,187,780 | ||||||
Series B, Subordinate, 3.00%, 01/01/46 |
1,575 | 1,227,607 | ||||||
Series B, Subordinate, 4.00%, 01/01/50 |
510 | 505,272 | ||||||
New York State Urban Development Corp., Refunding RB 4.00%, 03/15/41 |
3,300 | 3,341,844 | ||||||
4.00%, 03/15/46 |
5,960 | 5,998,031 | ||||||
New York Transportation Development Corp., ARB AMT, 5.00%, 12/01/36 |
1,650 | 1,775,713 | ||||||
Series A, AMT, 5.25%, 01/01/50 |
6,045 | 6,142,500 | ||||||
New York Transportation Development Corp., RB |
||||||||
AMT, 5.00%, 10/01/35 |
1,160 | 1,204,799 | ||||||
AMT, 5.00%, 10/01/40 |
3,290 | 3,382,785 | ||||||
Port Authority of New York & New Jersey, ARB |
||||||||
Consolidated, 221st Series, AMT, 4.00%, 07/15/40 |
1,000 | 995,581 | ||||||
Series 221, AMT, 4.00%, 07/15/55 |
5,155 | 4,966,250 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
Consolidated, 186th Series, AMT, 5.00%, 10/15/36 |
1,475 | 1,555,640 |
68 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
Port Authority of New York & New Jersey, Refunding ARB (continued) |
||||||||
Series 207, AMT, 4.00%, 09/15/43 |
$ | 1,090 | $ | 1,065,343 | ||||
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 |
3,040 | 2,404,746 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A-1, 5.00%, 05/15/51 |
5,465 | 6,047,186 | ||||||
|
|
|||||||
86,632,429 | ||||||||
North Carolina — 0.1% |
||||||||
City of Charlotte North Carolina Airport Special Facilities Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51 |
790 | 779,601 | ||||||
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52 |
445 | 445,449 | ||||||
|
|
|||||||
1,225,050 | ||||||||
Ohio — 2.5% |
||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
13,025 | 12,978,110 | ||||||
County of Butler Ohio, Refunding RB, 4.00%, 11/15/37 |
1,095 | 1,091,988 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, 11/15/42 |
715 | 694,078 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49 (b) |
360 | 354,744 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |
370 | 375,549 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A-2, Junior Lien, 0.00%, 02/15/37(e) |
10,040 | 6,047,172 | ||||||
Ohio Turnpike & Infrastructure Commission, Refunding RB |
||||||||
Series A-1, Junior Lien, 5.25%, 02/15/31 |
1,000 | 1,019,461 | ||||||
Series A-1, Junior Lien, 5.25%, 02/15/32 |
950 | 968,326 | ||||||
Series A-1, Junior Lien, 5.25%, 02/15/33 |
1,325 | 1,349,928 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |
1,055 | 1,037,121 | ||||||
|
|
|||||||
25,916,477 | ||||||||
Oklahoma — 0.3% |
||||||||
Oklahoma Development Finance Authority, RB, |
||||||||
Series B, 5.25%, 08/15/48 |
760 | 708,480 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
1,640 | 1,595,635 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
450 | 462,649 | ||||||
|
|
|||||||
2,766,764 | ||||||||
Oregon — 0.5% |
||||||||
Clackamas Community College District, GO (c) |
||||||||
Series A, 5.00%, 06/15/39 |
605 | 675,736 | ||||||
Series A, 5.00%, 06/15/40 |
440 | 490,408 | ||||||
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (e) |
2,355 | 1,219,089 |
Security |
Par (000) |
Value |
||||||
Oregon (continued) |
||||||||
Oregon State Facilities Authority, Refunding RB, |
||||||||
Series A, 4.13%, 06/01/52 |
$ | 1,090 | $ | 1,063,577 | ||||
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42 |
1,150 | 1,209,477 | ||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43 |
640 | 598,172 | ||||||
|
|
|||||||
5,256,459 | ||||||||
Pennsylvania — 10.1% |
||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/56 |
3,925 | 4,161,297 | ||||||
Allentown Neighborhood Improvement Zone |
||||||||
Development Authority, RB, 5.00%, 05/01/42 (b) |
585 | 599,791 | ||||||
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23 (d) |
1,500 | 1,546,255 | ||||||
Bucks County Industrial Development Authority, RB |
||||||||
4.00%, 07/01/46 |
225 | 182,263 | ||||||
4.00%, 08/15/50 |
1,430 | 1,364,094 | ||||||
4.00%, 07/01/51 |
200 | 158,609 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB |
||||||||
AMT, 5.00%, 07/01/51 |
3,600 | 3,848,490 | ||||||
Series B, AMT, 5.00%, 07/01/35 |
755 | 813,373 | ||||||
Series B, AMT, 5.00%, 07/01/47 |
3,820 | 4,005,293 | ||||||
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 |
2,495 | 2,503,623 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB 5.00%, 05/01/57 |
4,930 | 5,383,614 | ||||||
Series A, 4.00%, 09/01/49 |
2,820 | 2,827,307 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
Series A-1, 4.00%, 04/15/50 |
2,875 | 2,834,994 | ||||||
AMT, 5.00%, 12/31/34 |
10,710 | 11,191,029 | ||||||
AMT, 5.00%, 12/31/38 |
13,195 | 13,667,619 | ||||||
AMT, 5.00%, 06/30/42 |
2,455 | 2,533,592 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB |
||||||||
Series A, 4.00%, 11/15/42 |
2,245 | 2,208,469 | ||||||
AMT, 5.50%, 11/01/44 |
1,000 | 1,021,626 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |
575 | 448,122 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |
1,000 | 1,006,767 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50 |
6,905 | 7,203,883 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, RB, 3.40%, 10/01/49 |
3,635 | 3,186,452 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 119, AMT, 3.50%, 10/01/36 |
1,195 | 1,158,353 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.00%, 12/01/38 |
1,480 | 1,575,864 | ||||||
Series A-1, 5.00%, 12/01/41 |
3,510 | 3,742,927 | ||||||
Series B, 5.00%, 12/01/40 |
1,375 | 1,468,870 | ||||||
Series C, 5.50%, 12/01/33 (d) |
1,315 | 1,380,881 |
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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Turnpike Commission, RB (continued) |
||||||||
Series C, 5.00%, 12/01/39 |
$ | 4,775 | $ | 5,009,362 | ||||
Series A, Subordinate, 4.00%, 12/01/49 |
1,215 | 1,142,132 | ||||||
Series B, Subordinate, 4.00%, 12/01/51 |
665 | 643,087 | ||||||
Sub-Series A-1, Subordinate, 5.00%, 12/01/41 |
5,155 | 5,389,217 | ||||||
Pennsylvania Turnpike Commission, Refunding RB 3rd Series, 4.00%, 12/01/38 |
4,915 | 4,995,739 | ||||||
Series A-1, 5.00%, 12/01/40 |
1,805 | 1,894,548 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46 |
2,110 | 2,110,095 | ||||||
|
|
|||||||
103,207,637 | ||||||||
Puerto Rico — 5.0% |
||||||||
Children’s Trust Fund, Refunding RB 5.50%, 05/15/39 |
430 | 436,207 | ||||||
5.63%, 05/15/43 |
1,320 | 1,341,519 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
2,864 | 2,853,291 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
17,311 | 17,435,345 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
19,762 | 19,563,688 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 |
500 | 479,920 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
1,528 | 1,523,767 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
1,377 | 1,369,256 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
1,335 | 1,323,442 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e) |
16,341 | 4,722,271 | ||||||
|
|
|||||||
51,048,706 | ||||||||
Rhode Island — 1.9% |
||||||||
Rhode Island Housing and Mortgage Finance Corp., Refunding RB, S/F Housing, Series 75-A, 2.35%, 10/01/44 |
3,925 | 3,008,567 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |
850 | 760,307 | ||||||
Rhode Island Turnpike & Bridge Authority, RB |
||||||||
Series A, 3.00%, 10/01/38 |
375 | 338,966 | ||||||
Series A, 3.00%, 10/01/39 |
535 | 475,487 | ||||||
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |
1,105 | 1,181,912 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/35 |
525 | 540,862 | ||||||
Series B, 4.50%, 06/01/45 |
10,575 | 10,587,627 | ||||||
Series B, 5.00%, 06/01/50 |
2,630 | 2,685,711 | ||||||
|
|
|||||||
19,579,439 | ||||||||
South Carolina — 5.6% |
||||||||
Charleston County Airport District, ARB |
||||||||
Series A, AMT, 5.50%, 07/01/38 |
1,500 | 1,543,240 | ||||||
Series A, AMT, 6.00%, 07/01/38 |
1,955 | 2,020,143 | ||||||
Series A, AMT, 5.50%, 07/01/41 |
3,725 | 3,830,678 | ||||||
County of Berkeley South Carolina, SAB 4.25%, 11/01/40 |
485 | 472,310 | ||||||
4.38%, 11/01/49 |
715 | 677,834 | ||||||
County of Charleston South Carolina, ARB, 5.25%, 12/01/23 (d) |
2,505 | 2,619,486 | ||||||
South Carolina Jobs-Economic Development Authority, RB 5.00%, 11/01/48 |
3,090 | 3,306,204 | ||||||
5.00%, 01/01/55 (b) |
2,290 | 2,090,523 |
Security |
Par (000) |
Value |
||||||
South Carolina (continued) |
||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
Series A, 5.00%, 05/01/38 |
$ | 5,885 | $ | 6,315,323 | ||||
Series A, 4.25%, 05/01/48 |
1,685 | 1,708,558 | ||||||
South Carolina Ports Authority, ARB |
||||||||
AMT, 5.00%, 07/01/48 |
530 | 557,990 | ||||||
AMT, 5.00%, 07/01/55 |
2,790 | 2,931,874 | ||||||
South Carolina Public Service Authority, RB |
||||||||
Series A, 5.50%, 12/01/54 |
16,210 | 16,789,362 | ||||||
Series A, 4.00%, 12/01/55 |
1,950 | 1,825,422 | ||||||
Series E, 5.50%, 12/01/53 |
1,730 | 1,779,405 | ||||||
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |
4,930 | 5,066,408 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series A, 2.25%, 07/01/46 |
4,815 | 3,794,013 | ||||||
|
|
|||||||
57,328,773 | ||||||||
South Dakota — 0.3% |
||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, 4.00%, 07/01/42 |
3,000 | 3,013,332 | ||||||
|
|
|||||||
Tennessee — 1.7% |
||||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40 |
3,550 | 3,543,305 | ||||||
Massachusetts School Building Authority, ARB, Series B, AMT, 5.00%, 07/01/49 |
2,590 | 2,758,399 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/46 |
2,945 | 3,112,998 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 |
790 | 735,885 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/54 |
1,925 | 2,043,316 | ||||||
Tennergy Corp., RB, Series A, 4.00%, 12/01/51 (a) |
4,650 | 4,759,340 | ||||||
|
|
|||||||
16,953,243 | ||||||||
Texas — 8.1% |
||||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 |
385 | 304,141 | ||||||
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/37 |
3,290 | 3,402,765 | ||||||
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/22 (d) |
5,015 | 5,021,484 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |
1,330 | 1,331,377 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
765 | 786,962 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
Series A, AMT, 5.00%, 07/01/27 |
740 | 764,954 | ||||||
Series A, AMT, 4.00%, 07/01/48 |
1,645 | 1,577,410 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
2,300 | 2,385,666 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF-GTD), 0.00%, 08/15/38(d)(e) |
8,085 | 3,991,678 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36 (e) |
5,000 | 2,622,855 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |
1,210 | 1,209,978 |
70 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
North Texas Tollway Authority, Refunding RB 4.25%, 01/01/49 |
$ | 3,620 | $ | 3,678,488 | ||||
Series B, 5.00%, 01/01/40 |
1,375 | 1,391,137 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46 |
1,575 | 1,591,474 | ||||||
San Antonio Public Facilities Corp., Refunding RB 0.00%, 09/15/35 (e) |
8,170 | 4,312,469 | ||||||
0.00%, 09/15/36 (e) |
17,540 | 8,730,342 | ||||||
0.00%, 09/15/37 (e) |
12,550 | 5,883,980 | ||||||
Convertible, 4.00%, 09/15/42 |
4,435 | 4,439,989 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 |
1,355 | 1,486,981 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/35 |
2,390 | 2,645,778 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 |
1,850 | 1,932,462 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
690 | 684,504 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing |
||||||||
Series A, (GNMA), 4.25%, 09/01/43 |
805 | 845,999 | ||||||
Series A, (GNMA), 3.63%, 09/01/44 |
450 | 449,986 | ||||||
Series A, (GNMA), 3.00%, 09/01/45 |
1,815 | 1,558,726 | ||||||
Series A, (GNMA), 3.13%, 07/01/47 |
3,305 | 2,876,398 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 |
245 | 245,138 | ||||||
Series A, (GNMA), 3.00%, 03/01/50 |
3,120 | 2,605,509 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/31 |
5,435 | 6,001,990 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB |
||||||||
AMT, 5.00%, 06/30/58 |
1,795 | 1,840,518 | ||||||
AMT, Senior Lien, 5.00%, 12/31/45 |
3,020 | 3,058,931 | ||||||
Texas Transportation Commission, RB, CAB (e) 0.00%, 08/01/35 |
310 | 174,742 | ||||||
0.00%, 08/01/36 |
170 | 90,863 | ||||||
0.00%, 08/01/37 |
225 | 113,784 | ||||||
0.00%, 08/01/38 |
810 | 388,221 | ||||||
0.00%, 08/01/41 |
1,950 | 789,284 | ||||||
0.00%, 08/01/44 |
1,010 | 342,945 | ||||||
0.00%, 08/01/45 |
1,775 | 569,983 | ||||||
|
|
|||||||
82,129,891 | ||||||||
Utah — 0.6% |
||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42 |
2,940 | 3,086,421 | ||||||
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 |
1,055 | 1,106,586 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49 (b) |
485 | 476,587 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55 (b) |
935 | 909,916 | ||||||
Utah Housing Corp., RB, S/F Housing, Series D-2, Class III, (FHA), 4.00%, 01/01/36 |
455 | 461,852 | ||||||
|
|
|||||||
6,041,362 | ||||||||
Virginia — 1.0% |
||||||||
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55 |
395 | 379,253 |
Security |
Par (000) |
Value |
||||||
Virginia (continued) |
||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
$ | 4,920 | $ | 4,833,265 | ||||
Virginia Housing Development Authority, RB, M/F Housing |
||||||||
Series E, 3.15%, 12/01/49 |
1,070 | 909,040 | ||||||
Series I, (FHLMC, FNMA, GNMA), 2.63%, 11/01/53 |
1,190 | 884,429 | ||||||
Virginia Housing Development Authority, RB, S/F Housing, Series C, 3.70%, 08/01/48 |
3,045 | 2,880,007 | ||||||
|
|
|||||||
9,885,994 | ||||||||
Washington — 1.8% |
||||||||
King County Housing Authority, Refunding RB, 3.00%, 06/01/40 |
490 | 422,311 | ||||||
Port of Seattle Washington, ARB |
||||||||
Series A, AMT, 5.00%, 05/01/43 |
4,645 | 4,869,781 | ||||||
Series C, AMT, 5.00%, 04/01/40 |
2,395 | 2,487,447 | ||||||
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 |
1,140 | 1,161,372 | ||||||
Washington Health Care Facilities Authority, RB 4.00%, 10/01/45 |
1,670 | 1,636,568 | ||||||
Series B, 5.00%, 08/15/44 |
4,000 | 4,005,960 | ||||||
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 09/01/55 |
315 | 332,288 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 |
3,117 | 3,004,099 | ||||||
|
|
|||||||
17,919,826 | ||||||||
West Virginia — 0.4% |
||||||||
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 |
3,865 | 3,771,680 | ||||||
|
|
|||||||
Wisconsin — 2.1% |
||||||||
Public Finance Authority, RB (b) 5.00%, 10/15/41 |
570 | 565,105 | ||||||
5.00%, 10/15/56 |
225 | 210,171 | ||||||
Series A, 5.00%, 07/15/39 |
250 | 262,078 | ||||||
Series A, 5.00%, 07/01/40 |
450 | 447,755 | ||||||
Series A, 5.00%, 10/15/40 |
1,130 | 1,098,415 | ||||||
Series A, 5.00%, 07/15/49 |
955 | 988,849 | ||||||
Series A, 5.00%, 07/15/54 |
455 | 469,600 | ||||||
Series A, 5.00%, 10/15/55 |
1,545 | 1,429,059 | ||||||
Series A-1, 4.50%, 01/01/35 |
605 | 593,844 | ||||||
Series A-1, 5.00%, 01/01/55 |
825 | 775,170 | ||||||
Public Finance Authority, Refunding RB (b) |
||||||||
5.00%, 09/01/49 |
335 | 299,130 | ||||||
5.25%, 05/15/52 |
1,015 | 947,488 | ||||||
5.00%, 09/01/54 |
455 | 398,225 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing |
||||||||
Series A, 3.15%, 11/01/44 |
520 | 454,245 | ||||||
Series A, 4.15%, 11/01/48 |
5,080 | 5,236,464 | ||||||
Series A, 4.45%, 05/01/57 |
3,395 | 3,465,640 | ||||||
Wisconsin Housing & Economic Development Authority, RB, S/F Housing |
||||||||
Series A, 1.80%, 03/01/31 |
400 | 355,272 | ||||||
Series A, 1.85%, 09/01/31 |
320 | 282,385 | ||||||
Series A, 1.90%, 03/01/32 |
600 | 525,998 | ||||||
Series A, 1.95%, 09/01/32 |
450 | 392,815 |
S C H E D U L E O F I N V E S T M E N T S |
71 |
Schedule of Investments (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Wisconsin (continued) |
||||||||
Wisconsin Housing & Economic Development Authority, Refunding RB, M/F Housing |
||||||||
Series A, (HUD SECT 8), 2.05%, 11/01/36 |
$ | 1,165 | $ | 963,440 | ||||
Series A, (HUD SECT 8), 2.25%, 11/01/41 |
805 | 627,068 | ||||||
Series A, (HUD SECT 8), 2.45%, 11/01/46 |
1,210 | 961,468 | ||||||
|
|
|||||||
21,749,684 | ||||||||
|
|
|||||||
Total Municipal Bonds — 130.5% (Cost: $1,315,772,973) |
1,327,839,615 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
| |||||||
Arizona — 0.9% |
||||||||
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 |
4,000 | 4,235,594 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41 |
5,085 | 5,133,475 | ||||||
|
|
|||||||
9,369,069 | ||||||||
California — 1.7% |
||||||||
Bay Area Toll Authority, Refunding RB (i) 4.00%, 04/01/42 |
1,998 | 2,015,604 | ||||||
4.00%, 04/01/47 |
9,108 | 9,124,117 | ||||||
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42(i) |
3,729 | 4,162,751 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |
1,980 | 2,134,986 | ||||||
|
|
|||||||
17,437,458 | ||||||||
Colorado — 0.6% |
||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48 (i) |
5,518 | 5,966,036 | ||||||
|
|
|||||||
Connecticut — 0.3% |
||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45 |
3,271 | 3,457,363 | ||||||
|
|
|||||||
District of Columbia — 0.9% |
||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 |
3,052 | 3,082,903 | ||||||
Metropolitan Washington Airports Authority, Refunding RB, Series A, AMT, 5.00%, 10/01/30 |
5,930 | 5,964,726 | ||||||
|
|
|||||||
9,047,629 | ||||||||
Florida — 2.8% |
||||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 |
4,215 | 4,467,174 | ||||||
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 |
1,917 | 1,903,095 | ||||||
County of Broward Florida Port Facilities Revenue, ARB, Series B, AMT, 4.00%, 09/01/49 |
8,100 | 7,787,765 | ||||||
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 |
6,300 | 7,606,721 | ||||||
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49 (i) |
7,086 | 6,968,568 | ||||||
|
|
|||||||
28,733,323 | ||||||||
Georgia — 0.5% |
||||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49 |
5,594 | 5,420,919 | ||||||
|
|
|||||||
Illinois — 2.2% |
||||||||
City of Chicago IIllinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33 |
2,850 | 2,855,992 | ||||||
Illinois Finance Authority, Refunding RB Series C, 4.00%, 02/15/27 (d) |
3 | 2,317 |
Security |
Par (000) |
Value |
||||||
Illinois (continued) |
||||||||
Illinois Finance Authority, Refunding RB (continued) |
||||||||
Series C, 4.00%, 02/15/41 |
$ | 912 | $ | 923,729 | ||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/38 |
5,014 | 5,064,155 | ||||||
Series A, 5.00%, 01/01/40 |
6,451 | 6,916,810 | ||||||
Series B, 5.00%, 01/01/40 |
2,459 | 2,653,087 | ||||||
Series C, 5.00%, 01/01/38 |
3,243 | 3,423,885 | ||||||
|
|
|||||||
21,839,975 | ||||||||
Kansas — 1.3% |
||||||||
Wyandotte County Unified School District No.500 Kansas City, GO, Series A, 5.50%, 09/01/26 |
11,167 | 12,801,985 | ||||||
|
|
|||||||
Louisiana — 0.4% |
||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25 (d) |
3,600 | 3,799,258 | ||||||
|
|
|||||||
Maryland — 1.3% |
||||||||
City of Baltimore Maryland, RB |
||||||||
Series A, 5.00%, 07/01/41 |
6,653 | 7,148,613 | ||||||
Series A, 5.00%, 07/01/46 |
1,269 | 1,328,475 | ||||||
Series A, 4.00%, 07/01/49 |
3,378 | 3,411,235 | ||||||
Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/42 |
1,500 | 1,659,247 | ||||||
|
|
|||||||
13,547,570 | ||||||||
Massachusetts — 0.7% |
||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 |
4,480 | 4,640,136 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35 |
430 | 441,760 | ||||||
Massachusetts School Building Authority, RB, Series B, 5.00%, 11/15/46 (i) |
2,000 | 2,167,508 | ||||||
|
|
|||||||
7,249,404 | ||||||||
Michigan — 1.9% |
||||||||
Michigan Finance Authority, RB |
||||||||
4.00%, 02/15/47 |
5,520 | 5,466,478 | ||||||
Series A, 5.00%, 11/01/44 |
4,671 | 4,908,182 | ||||||
Series A, 4.00%, 02/15/50 |
3,977 | 3,927,177 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45 |
2,050 | 2,164,036 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
2,756 | 2,709,274 | ||||||
|
|
|||||||
19,175,147 | ||||||||
Nevada — 1.9% |
||||||||
County of Clark Nevada, GO |
||||||||
Series A, 5.00%, 06/01/38 |
7,263 | 8,078,480 | ||||||
Series A, 5.00%, 05/01/48 |
2,739 | 2,950,922 | ||||||
Las Vegas Valley Water District, Refunding GO, Series A, 5.00%, 06/01/46 |
8,180 | 8,705,880 | ||||||
|
|
|||||||
19,735,282 | ||||||||
New Jersey — 1.3% |
||||||||
Hudson County Improvement Authority, RB, 5.25%, 05/01/51 |
1,919 | 2,038,299 | ||||||
New Jersey Turnpike Authority, Refunding RB |
||||||||
Series B, 4.00%, 01/01/37 |
5,502 | 5,660,982 | ||||||
Series G, 4.00%, 01/01/43 |
5,103 | 5,185,707 | ||||||
|
|
|||||||
12,884,988 | ||||||||
New York — 6.2% |
||||||||
Metropolitan Transportation Authority, RB, Sub- |
||||||||
Series D-1, 5.25%, 11/15/44 |
8,220 | 8,468,482 |
72 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |
$ | 6,314 | $ | 6,379,929 | ||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42(i) |
3,960 | 3,960,405 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series A-3, 5.00%, 08/01/40(i) |
7,286 | 7,914,850 | ||||||
New York City Water & Sewer System, Refunding RB |
||||||||
Series CC, 5.00%, 06/15/23 |
6,262 | 6,442,629 | ||||||
Series CC, 5.00%, 06/15/47 |
7,062 | 7,265,702 | ||||||
Series DD, 5.00%, 06/15/35 |
3,945 | 4,181,395 | ||||||
Series FF, 5.00%, 06/15/39 |
4,050 | 4,348,288 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
1,740 | 1,732,950 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/49 |
6,522 | 6,515,785 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |
5,322 | 5,644,444 | ||||||
|
|
|||||||
62,854,859 | ||||||||
Ohio — 1.2% |
||||||||
Northeast Ohio Regional Sewer District, Refunding RB 4.00%, 11/15/43 |
6,919 | 6,947,791 | ||||||
4.00%, 11/15/49 (d)(i) |
3,154 | 3,244,991 | ||||||
4.00%, 11/15/49 (i) |
2,171 | 2,234,356 | ||||||
|
|
|||||||
12,427,138 | ||||||||
Pennsylvania — 1.3% |
||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36 (i) |
6,042 | 6,270,146 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |
1,514 | 1,646,803 | ||||||
Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/24 (d) |
2,907 | 3,025,427 | ||||||
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |
2,122 | 2,247,254 | ||||||
|
|
|||||||
13,189,630 | ||||||||
South Carolina — 0.7% |
||||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 (i) |
7,065 | 6,787,678 | ||||||
|
|
|||||||
Texas — 2.5% |
||||||||
County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43 |
2,703 | 2,710,111 | ||||||
Harris County Toll Road Authority, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43 |
2,907 | 3,195,471 | ||||||
Houston Community College System, GO, 4.00%, 02/15/43 (d) |
3,480 | 3,529,901 | ||||||
Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43 |
2,985 | 3,030,556 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 05/15/23 |
879 | 909,231 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41 |
8,160 | 8,708,776 |
Security |
Par (000) |
Value |
||||||
Texas (continued) |
||||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing |
||||||||
Series A, (GNMA), 3.63%, 09/01/44 |
$ | 1,808 | $ | 1,808,254 | ||||
Series A, (GNMA), 3.75%, 09/01/49 |
1,284 | 1,284,364 | ||||||
|
|
|||||||
25,176,664 | ||||||||
Virginia — 1.8% |
||||||||
Hampton Roads Transportation Accountability Commission, RB |
||||||||
Series A, 4.00%, 07/01/57 |
11,880 | 11,894,321 | ||||||
Series A, Senior Lien, 5.50%, 01/01/28 |
5,313 | 6,281,919 | ||||||
|
|
|||||||
18,176,240 | ||||||||
Washington — 0.9% |
||||||||
Washington Health Care Facilities Authority, Refunding RB |
||||||||
Series A, 5.00%, 10/01/38 |
6,810 | 7,539,033 | ||||||
Series B, 4.13%, 08/15/43 |
1,641 | 1,629,417 | ||||||
|
|
|||||||
9,168,450 | ||||||||
Wisconsin — 0.4% |
||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/42 |
2,620 | 2,636,499 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53 |
1,605 | 1,633,588 | ||||||
|
|
|||||||
4,270,087 | ||||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.7% (Cost: $343,281,223) |
|
342,516,152 | ||||||
|
|
|||||||
Total Long-Term Investments — 164.2% (Cost: $1,659,054,196) |
|
1,670,355,767 | ||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.1% |
||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.96% (j)(k) |
1,416,488 | 1,416,913 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.1% (Cost: $1,416,913) |
1,416,913 | |||||||
|
|
|||||||
Total Investments — 164.3% (Cost: $1,660,471,109) |
1,671,772,680 | |||||||
Other Assets Less Liabilities — 0.6% |
6,884,865 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.7)% |
|
(211,018,900 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.2)% |
|
(450,177,989 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares — 100.0% |
$ | 1,017,460,656 | ||||||
|
|
(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. |
S C H E D U L E O F I N V E S T M E N T S |
73 |
Schedule of Investments (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) |
Zero-coupon bond. |
(f) |
When-issued security. |
(g) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(h) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(i) |
All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2023 to July 15, 2042, is $41,064,182. 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 04/30/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/22 |
Shares Held at 07/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 7,527,761 | $ | — | $ | (6,112,508) | (a) |
$ | 1,660 | $ | — | $ | 1,416,913 | 1,416,488 | $ | 10,907 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
478 | 09/21/22 | $ | 57,853 | $ | (1,533,368 | ) | |||||||||
U.S. Long Bond |
543 | 09/21/22 | 77,836 | (3,570,166 | ) | |||||||||||
5-Year U.S. Treasury Note |
473 | 09/30/22 | 53,800 | (1,047,318 | ) | |||||||||||
|
|
|||||||||||||||
$ | (6,150,852 | ) | ||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 6,150,852 | $ | — | $ | 6,150,852 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 8,966,024 | $ | — | $ | 8,966,024 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (14,598,840 | ) | $ | — | $ | (14,598,840 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74 |
2 0 2 2 B L A C K R O C K 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 (continued) July 31, 2022 |
BlackRock MuniYield Quality Fund, Inc. (MQY) |
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 189,488,648 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Municipal Bonds |
$ | — | $ | 1,327,839,615 | $ | — | $ | 1,327,839,615 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 342,516,152 | — | 342,516,152 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,416,913 | — | — | 1,416,913 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,416,913 | $ | 1,670,355,767 | $ | — | $ | 1,671,772,680 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (6,150,852 | ) | $ | — | $ | — | $ | (6,150,852 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities |
||||||||||||||||
TOB Trust Certificates |
$ | — | $ | (210,678,835 | ) | $ | — | $ | (210,678,835 | ) | ||||||
VRDP Shares at Liquidation Value |
— | (450,300,000 | ) | — | (450,300,000 | ) | ||||||||||
$ | — | $ | (660,978,835 | ) | $ | — | $ | (660,978,835 | ) | |||||||
S C H E D U L E O F I N V E S T M E N T S |
75 |
BTA | MUA | MUI | MYD | |||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated (a) |
$ | 256,375,419 | $ | 682,685,703 | $ | 1,746,065,493 | $ | 945,651,419 | ||||||||
Investments, at value — affiliated (b) |
505,057 | 15,028,412 | 5,321,995 | 12,963,148 | ||||||||||||
Cash |
— | — | — | 3,079,283 | ||||||||||||
Cash pledged for futures contracts |
628,000 | 1,597,000 | 3,418,000 | 2,222,000 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
4,233 | 20,001 | 2,292,084 | 5,016 | ||||||||||||
TOB Trust |
2,384,714 | 6,394,234 | 4,529,456 | 8,864,066 | ||||||||||||
Dividends — affiliated |
2,434 | 11,093 | 2,363 | 10,114 | ||||||||||||
Interest — unaffiliated |
2,572,205 | 6,105,558 | 16,270,877 | 8,984,107 | ||||||||||||
From the Manager |
— | — | 5,262 | — | ||||||||||||
Variation margin on futures contracts |
444 | — | — | — | ||||||||||||
Deferred offering costs |
— | 63,569 | — | — | ||||||||||||
Prepaid expenses |
49,237 | 112,695 | 252,100 | 28,613 | ||||||||||||
Total assets |
262,521,743 | 712,018,265 | 1,778,157,630 | 981,807,766 | ||||||||||||
ACCRUED LIABILITIES |
||||||||||||||||
Bank overdraft |
2,564 | — | 8,163 | — | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
4,069,495 | 10,167,731 | 30,371,292 | 13,124,165 | ||||||||||||
Accounting services fees |
19,356 | 74,305 | 150,395 | 94,994 | ||||||||||||
Custodian fees |
3,291 | 5,703 | 11,093 | 7,220 | ||||||||||||
Income dividend distributions — Common Shares |
732,363 | 1,749,016 | 3,989,033 | 2,416,364 | ||||||||||||
Interest expense and fees |
51,211 | 57,948 | 290,950 | 195,964 | ||||||||||||
Investment advisory fees |
243,319 | 574,182 | 1,576,529 | 728,479 | ||||||||||||
Offering costs |
— | 62,942 | — | — | ||||||||||||
Directors’ and Officer’s fees |
24,652 | 4,549 | 599,669 | 353,385 | ||||||||||||
Other accrued expenses |
10,055 | 19,912 | 28,009 | 18,808 | ||||||||||||
Professional fees |
73,764 | 106,992 | 117,750 | 114,866 | ||||||||||||
Transfer agent fees |
11,719 | 41,105 | 38,186 | 38,969 | ||||||||||||
Variation margin on futures contracts |
10,583 | 63,743 | 43,617 | 87,947 | ||||||||||||
Total accrued liabilities |
5,252,372 | 12,928,128 | 37,224,686 | 17,181,161 | ||||||||||||
OTHER LIABILITIES |
||||||||||||||||
TOB Trust Certificates |
31,506,046 | 42,443,775 | 172,298,430 | 116,155,652 | ||||||||||||
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |
75,649,863 | 174,929,052 | 561,378,400 | 251,101,949 | ||||||||||||
Total other liabilities |
107,155,909 | 217,372,827 | 733,676,830 | 367,257,601 | ||||||||||||
Total liabilities |
112,408,281 | 230,300,955 | 770,901,516 | 384,438,762 | ||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 150,113,462 | $ | 481,717,310 | $ | 1,007,256,114 | $ | 597,369,004 | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||||||||||||||
Paid-in capital (f)(g)(h) |
$ | 156,401,438 | $ | 514,493,239 | $ | 1,056,226,130 | $ | 626,488,709 | ||||||||
Accumulated loss |
(6,287,976 | ) | (32,775,929 | ) | (48,970,016 | ) | (29,119,705 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 150,113,462 | $ | 481,717,310 | $ | 1,007,256,114 | $ | 597,369,004 | ||||||||
Net asset value per Common Share |
$ | 11.17 | $ | 12.53 | $ | 13.64 | $ | 12.73 | ||||||||
(a) Investments, at cost — unaffiliated |
$ | 259,327,140 | $ | 719,179,788 | $ | 1,759,731,811 | $ | 960,237,326 | ||||||||
(b) Investments, at cost — affiliated |
$ | 504,905 | $ | 15,023,441 | $ | 5,321,995 | $ | 12,961,076 | ||||||||
(c) Preferred Shares outstanding |
760 | 5,617 | 2,514 | |||||||||||||
(d) Preferred Shares authorized |
Unlimited | 18,417 | 16,234 | |||||||||||||
(e) Par value per Preferred Share |
$ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||
(f) Common Shares outstanding |
13,437,859 | 73,870,971 | 46,919,695 | |||||||||||||
(g) Common Shares authorized |
Unlimited | 199,981,583 | 199,983,766 | |||||||||||||
(h) Par value per Common Share |
$ | 0.001 | $ | 0.10 | $ | 0.10 | $ | 0.10 |
76 |
2 0 2 2 B L A C K R O C K 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 |
MQY | ||||
ASSETS |
||||
Investments, at value — unaffiliated (a) |
$ | 1,670,355,767 | ||
Investments, at value — affiliated (b) |
1,416,913 | |||
Cash pledged for futures contracts |
3,622,000 | |||
Receivables: |
||||
Investments sold |
2,489,955 | |||
Dividends — affiliated |
3,861 | |||
Interest — unaffiliated |
14,350,207 | |||
Prepaid expenses |
984,630 | |||
Total assets |
1,693,223,333 | |||
ACCRUED LIABILITIES |
||||
Payables: |
||||
Investments purchased |
8,419,925 | |||
Accounting services fees |
133,669 | |||
Custodian fees |
13,130 | |||
Income dividend distributions — Common Shares |
4,101,590 | |||
Interest expense and fees |
340,065 | |||
Investment advisory fees |
1,325,757 | |||
Directors’ and Officer’s fees |
283,789 | |||
Other accrued expenses |
26,121 | |||
Professional fees |
65,528 | |||
Transfer agent fees |
60,975 | |||
Variation margin on futures contracts |
135,304 | |||
Total accrued liabilities |
14,905,853 | |||
OTHER LIABILITIES |
||||
TOB Trust Certificates |
210,678,835 | |||
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |
450,177,989 | |||
Total other liabilities |
660,856,824 | |||
Total liabilities |
675,762,677 | |||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 1,017,460,656 | ||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
||||
Paid-in capital (f)(g)(h) |
$ | 1,045,072,593 | ||
Accumulated loss |
(27,611,937 | ) | ||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ | 1,017,460,656 | ||
Net asset value per Common Share |
$ | 13.89 | ||
(a) Investments, at cost — unaffiliated |
$ | 1,659,054,196 | ||
(b) Investments, at cost — affiliated |
$ | 1,416,913 | ||
(c) Preferred Shares outstanding |
4,503 | |||
(d) Preferred Shares authorized |
14,503 | |||
(e) Par value per Preferred Share |
$ | 0.10 | ||
(f) Common Shares outstanding |
73,242,678 | |||
(g) Common Shares authorized |
199,985,497 | |||
(h) Par value per Common Share |
$ | 0.10 |
F I N A N C I A L S T A T E M E N T S |
77 |
BTA | MUA | |||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
|||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Dividends — affiliated |
$ | 4,606 | $ | 440 | $ | 24,100 | $ | 7,876 | ||||||||||||
Interest — unaffiliated |
2,890,320 | 11,758,181 | 7,532,189 | 27,097,983 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total investment income |
2,894,926 | 11,758,621 | 7,556,289 | 27,105,859 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
EXPENSES |
||||||||||||||||||||
Investment advisory |
367,127 | 1,763,543 | 904,259 | 3,753,495 | ||||||||||||||||
Professional |
47,550 | 67,563 | 58,912 | 127,106 | ||||||||||||||||
Accounting services |
7,131 | 28,789 | 34,792 | 101,878 | ||||||||||||||||
Directors and Officer |
3,037 | 10,449 | 8,792 | 32,980 | ||||||||||||||||
Transfer agent |
2,761 | 24,181 | 27,147 | 59,884 | ||||||||||||||||
Registration |
1,993 | 8,362 | 3,068 | 12,528 | ||||||||||||||||
Liquidity fees |
1,951 | 7,741 | 4,493 | 6,690 | ||||||||||||||||
Remarketing fees on Preferred Shares |
1,916 | 7,600 | 4,411 | 6,569 | ||||||||||||||||
Custodian |
1,361 | 5,539 | 4,685 | 6,801 | ||||||||||||||||
Offering |
— | — | — | 98,605 | ||||||||||||||||
Miscellaneous |
22,404 | 102,664 | 15,522 | 46,614 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
457,231 | 2,026,431 | 1,066,081 | 4,253,150 | ||||||||||||||||
Interest expense, fees and amortization of offering costs (a) |
422,199 | 999,116 | 919,295 | 1,183,677 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
879,430 | 3,025,547 | 1,985,376 | 5,436,827 | ||||||||||||||||
Less: |
||||||||||||||||||||
Fees waived and/or reimbursed by the Manager |
(756 | ) | (421 | ) | (4,047 | ) | (5,207 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses after fees waived and/or reimbursed |
878,674 | 3,025,126 | 1,981,329 | 5,431,620 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income |
2,016,252 | 8,733,495 | 5,574,960 | 21,674,239 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||
Investments — unaffiliated |
(906,890 | ) | 95,843 | 1,485,646 | 3,614,029 | |||||||||||||||
Investments — affiliated |
1,021 | (161 | ) | 1,298 | (13,731 | ) | ||||||||||||||
Futures contracts |
1,756,817 | 710,185 | 2,279,992 | 296,340 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
850,948 | 805,867 | 3,766,936 | 3,896,638 | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||||||
Investments — unaffiliated |
2,805,698 | (32,017,914 | ) | 4,184,274 | (91,533,190 | ) | ||||||||||||||
Investments — affiliated |
152 | — | 4,312 | 659 | ||||||||||||||||
Futures contracts |
(2,534,022 | ) | 1,434,268 | (4,033,319 | ) | 2,824,866 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
271,828 | (30,583,646 | ) | 155,267 | (88,707,665 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net realized and unrealized gain (loss) |
1,122,776 | (29,777,779 | ) | 3,922,203 | (84,811,027 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 3,139,028 | $ | (21,044,284 | ) | $ | 9,497,163 | $ | (63,136,788 | ) | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Related to TOB Trusts and/or VRDP Shares. |
78 |
2 0 2 2 B L A C K R O C K 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 |
MUI | MYD | |||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
|||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Dividends — affiliated |
$ | 5,334 | $ | 2,552 | $ | 17,017 | $ | 2,828 | ||||||||||||
Interest — unaffiliated |
15,588,407 | 33,155,263 | 9,278,162 | 39,235,668 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total investment income |
15,593,741 | 33,157,815 | 9,295,179 | 39,238,496 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
EXPENSES |
||||||||||||||||||||
Investment advisory |
2,375,763 | 5,609,699 | 1,149,127 | 5,513,839 | ||||||||||||||||
Professional |
63,146 | 75,912 | 67,244 | 94,901 | ||||||||||||||||
Accounting services |
45,696 | 140,602 | 35,029 | 146,615 | ||||||||||||||||
Directors and Officer |
26,576 | 13,808 | 17,127 | 31,431 | ||||||||||||||||
Transfer agent |
18,929 | 46,063 | 25,196 | 59,934 | ||||||||||||||||
Liquidity fees |
14,727 | 3,455 | 6,454 | 25,605 | ||||||||||||||||
Remarketing fees on Preferred Shares |
14,158 | 3,392 | 6,337 | 25,140 | ||||||||||||||||
Registration |
3,131 | 13,122 | 3,810 | 16,112 | ||||||||||||||||
Custodian |
974 | 7,173 | 2,659 | 12,329 | ||||||||||||||||
Reorganization costs |
— | 415,990 | — | — | ||||||||||||||||
Miscellaneous |
117,196 | 79,333 | 21,717 | 80,673 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs |
2,680,296 | 6,408,549 | 1,334,700 | 6,006,579 | ||||||||||||||||
Interest expense, fees and amortization of offering costs |
2,885,227 | 4,064,056 | 1,432,324 | 3,414,182 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses |
5,565,523 | 10,472,605 | 2,767,024 | 9,420,761 | ||||||||||||||||
Less: |
||||||||||||||||||||
Fees waived and/or reimbursed by the Manager |
(934 | ) | (45,629 | ) | (2,847 | ) | (1,810 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total expenses after fees waived and/or reimbursed |
5,564,589 | 10,426,976 | 2,764,177 | 9,418,951 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net investment income |
10,029,152 | 22,730,839 | 6,531,002 | 29,819,545 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||
Investments — unaffiliated |
(19,129,741 | ) | (6,975,329 | ) | 55,606 | 975,462 | ||||||||||||||
Investments — affiliated |
498 | (875 | ) | 2,502 | (1,680 | ) | ||||||||||||||
Futures contracts |
4,816,335 | 1,744,066 | 3,093,457 | 432,645 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
(14,312,908 | ) | (5,232,138 | ) | 3,151,565 | 1,406,427 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||||||
Investments — unaffiliated |
39,342,731 | (117,533,094 | ) | 8,498,423 | (128,155,573 | ) | ||||||||||||||
Investments — affiliated |
— | — | 1,568 | 504 | ||||||||||||||||
Futures contracts |
(9,493,181 | ) | 4,202,988 | (5,695,090 | ) | 3,748,113 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
29,849,550 | (113,330,106 | ) | 2,804,901 | (124,406,956 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net realized and unrealized gain (loss) |
15,536,642 | (118,562,244 | ) | 5,956,466 | (123,000,529 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 25,565,794 | $ | (95,831,405 | ) | $ | 12,487,468 | $ | (93,180,984 | ) | ||||||||||
|
|
|
|
|
|
|
|
F I N A N C I A L S T A T E M E N T S |
79 |
MQY | ||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
|||||||
INVESTMENT INCOME |
||||||||
Dividends — affiliated |
$ | 10,907 | $ | 2,726 | ||||
Interest — unaffiliated |
16,864,247 | 68,243,394 | ||||||
|
|
|
|
|||||
Total investment income |
16,875,154 | 68,246,120 | ||||||
|
|
|
|
|||||
EXPENSES |
||||||||
Investment advisory |
2,046,524 | 9,451,804 | ||||||
Transfer agent |
51,221 | 39,312 | ||||||
Accounting services |
49,038 | 203,548 | ||||||
Directors and Officer |
22,566 | 56,920 | ||||||
Registration |
13,496 | 24,440 | ||||||
Custodian |
5,403 | 14,488 | ||||||
Miscellaneous |
98,278 | 223,046 | ||||||
|
|
|
|
|||||
Total expenses excluding interest expense, fees and amortization of offering costs |
2,286,526 | 10,013,558 | ||||||
Interest expense, fees and amortization of offering costs |
2,510,380 | 5,719,472 | ||||||
|
|
|
|
|||||
Total expenses |
4,796,906 | 15,733,030 | ||||||
Less: |
||||||||
Fees waived and/or reimbursed by the Manager |
(1,806 | ) | (4,240 | ) | ||||
|
|
|
|
|||||
Total expenses after fees waived and/or reimbursed |
4,795,100 | 15,728,790 | ||||||
|
|
|
|
|||||
Net investment income |
12,080,054 | 52,517,330 | ||||||
|
|
|
|
|||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments — unaffiliated |
(6,591,360 | ) | (7,963,504 | ) | ||||
Investments — affiliated |
1,660 | (3,036 | ) | |||||
Futures contracts |
8,966,024 | 1,947,393 | ||||||
|
|
|
|
|||||
2,376,324 | (6,019,147 | ) | ||||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments — unaffiliated |
23,807,570 | (206,845,113 | ) | |||||
Futures contracts |
(14,598,840 | ) | 8,510,766 | |||||
|
|
|
|
|||||
9,208,730 | (198,334,347 | ) | ||||||
|
|
|
|
|||||
Net realized and unrealized gain (loss) |
11,585,054 | (204,353,494 | ) | |||||
|
|
|
|
|||||
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$ | 23,665,108 | $ | (151,836,164 | ) | |||
|
|
|
|
80 |
2 0 2 2 B L A C K R O C K 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 |
BTA | MUA | |||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
|
||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||
Net investment income |
$ | 2,016,252 | $ | 8,733,495 | $ | 9,039,515 | $ | 5,574,960 | $ | 21,674,239 | $ | 22,721,507 | ||||||||||||
Net realized gain |
850,948 | 805,867 | 2,090,573 | 3,766,936 | 3,896,638 | 2,825,504 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
271,828 | (30,583,646 | ) | 25,451,032 | 155,267 | (88,707,665 | ) | 68,045,700 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
3,139,028 | (21,044,284 | ) | 36,581,120 | 9,497,163 | (63,136,788 | ) | 93,592,711 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(2,196,989 | ) | (8,677,591 | ) | (8,188,679 | ) | (5,232,689 | ) | (27,559,514 | ) | (23,399,374 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Net proceeds from the issuance of common shares |
— | — | — | 1,844,863 | 12,810,577 | 17,859,043 | ||||||||||||||||||
Reinvestment of common distributions |
14,277 | 127,234 | 15,397 | 81,818 | 1,039,293 | 889,656 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets derived from capital share transactions |
14,277 | 127,234 | 15,397 | 1,926,681 | 13,849,870 | 18,748,699 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
956,316 | (29,594,641 | ) | 28,407,838 | 6,191,155 | (76,846,432 | ) | 88,942,036 | ||||||||||||||||
Beginning of period |
149,157,146 | 178,751,787 | 150,343,949 | 475,526,155 | 552,372,587 | 463,430,551 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 150,113,462 | $ | 149,157,146 | $ | 178,751,787 | $ | 481,717,310 | $ | 475,526,155 | $ | 552,372,587 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
F I N A N C I A L S T A T E M E N T S |
81 |
MUI | MYD | |||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
|
||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||
Net investment income |
$ | 10,029,152 | $ | 22,730,839 | $ | 24,510,091 | $ | 6,531,002 | $ | 29,819,545 | $ | 32,362,237 | ||||||||||||
Net realized gain (loss) |
(14,312,908 | ) | (5,232,138 | ) | (45,151 | ) | 3,151,565 | 1,406,427 | 1,992,708 | |||||||||||||||
Net change in unrealized appreciation (depreciation) |
29,849,550 | (113,330,106 | ) | 56,855,315 | 2,804,901 | (124,406,956 | ) | 85,253,215 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
25,565,794 | (95,831,405 | ) | 81,320,255 | 12,487,468 | (93,180,984 | ) | 119,608,160 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(11,967,097 | ) | (24,815,980 | ) | (24,222,388 | ) | (7,249,093 | ) | (30,564,427 | ) | (31,530,034 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Net proceeds from the issuance of common shares due to reorganization |
— | 497,273,284 | — | — | — | — | ||||||||||||||||||
Redemption of common shares |
— | (138 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets derived from capital share transactions |
— | 497,273,146 | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
13,598,697 | 376,625,761 | 57,097,867 | 5,238,375 | (123,745,411 | ) | 88,078,126 | |||||||||||||||||
Beginning of period |
993,657,417 | 617,031,656 | 559,933,789 | 592,130,629 | 715,876,040 | 627,797,914 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 1,007,256,114 | $ | 993,657,417 | $ | 617,031,656 | $ | 597,369,004 | $ | 592,130,629 | $ | 715,876,040 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
82 |
2 0 2 2 B L A C K R O C K 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 |
MQY | ||||||||||||
|
|
|||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||
2022 | 2021 | |||||||||||
|
||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||
OPERATIONS |
||||||||||||
Net investment income |
$ | 12,080,054 | $ | 52,517,330 | $ | 24,245,922 | ||||||
Net realized gain (loss) |
2,376,324 | (6,019,147 | ) | 1,775,843 | ||||||||
Net change in unrealized appreciation (depreciation) |
9,208,730 | (198,334,347 | ) | 51,309,680 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
23,665,108 | (151,836,164 | ) | 77,331,445 | ||||||||
|
|
|
|
|
|
|||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |
||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders |
(12,817,468 | ) | (55,356,148 | ) | (23,782,343 | ) | ||||||
|
|
|
|
|
|
|||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Net proceeds from the issuance of common shares due to reorganization |
— | — | 704,080,024 | |||||||||
Reinvestment of common distributions |
— | 1,173,646 | 727,882 | |||||||||
Redemption of shares resulting from a repurchase offer |
— | — | (1,564 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net increase in net assets derived from capital share transactions |
— | 1,173,646 | 704,806,342 | |||||||||
|
|
|
|
|
|
|||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
10,847,640 | (206,018,666 | ) | 758,355,444 | ||||||||
Beginning of period |
1,006,613,016 | 1,212,631,682 | 454,276,238 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 1,017,460,656 | $ | 1,006,613,016 | $ | 1,212,631,682 | ||||||
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
F I N A N C I A L S T A T E M E N T S |
83 |
Statements of Cash Flows |
|
BTA | MUA | |||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
|||||||||||||
|
||||||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 3,139,028 | $ | (21,044,284 | ) | $ | 9,497,163 | $ | (63,136,788 | ) | ||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |
||||||||||||||||
Proceeds from sales of long-term investments |
19,350,321 | 50,992,397 | 38,478,074 | 155,519,525 | ||||||||||||
Purchases of long-term investments |
(17,272,358 | ) | (45,598,958 | ) | (28,889,696 | ) | (303,864,530 | ) | ||||||||
Net proceeds from sales (purchases) of short-term securities |
20,173 | (390,558 | ) | (8,430,244 | ) | (7,873,055 | ) | |||||||||
Amortization of premium and accretion of discount on investments and other fees |
(96,257 | ) | (53,944 | ) | (294,023 | ) | (662,579 | ) | ||||||||
Net realized (gain) loss on investments |
905,869 | (95,682 | ) | (1,486,944 | ) | (3,600,298 | ) | |||||||||
Net unrealized (appreciation) depreciation on investments |
(2,805,850 | ) | 32,017,914 | (4,188,586 | ) | 91,532,531 | ||||||||||
(Increase) Decrease in Assets |
||||||||||||||||
Receivables |
||||||||||||||||
Dividends — affiliated |
(2,290 | ) | (135 | ) | (9,144 | ) | (1,928 | ) | ||||||||
Interest — unaffiliated |
1,160,957 | 156,431 | 4,122,262 | (1,488,559 | ) | |||||||||||
Variation margin on futures contracts |
133,121 | (133,565 | ) | 398,288 | (398,288 | ) | ||||||||||
Prepaid expenses |
(26,447 | ) | 14,390 | (18,821 | ) | (93,874 | ) | |||||||||
Deferred offering costs |
— | — | 2,590 | 47,679 | ||||||||||||
Increase (Decrease) in Liabilities |
||||||||||||||||
Payables |
||||||||||||||||
Accounting services fees |
4,712 | (7,236 | ) | 25,145 | (17,683 | ) | ||||||||||
Custodian fees |
994 | (1,750 | ) | 2,339 | (3,767 | ) | ||||||||||
Interest expense and fees |
22,447 | 18,303 | 14,535 | 16,964 | ||||||||||||
Investment advisory fees |
116,694 | (19,685 | ) | 245,859 | 49,157 | |||||||||||
Directors’ and Officer’s fees |
789 | (2,677 | ) | 2,452 | 966 | |||||||||||
Other accrued expenses |
(143 | ) | 1,000 | 4,663 | 1,668 | |||||||||||
Professional fees |
7,516 | 8,226 | (128,076 | ) | 148,565 | |||||||||||
Transfer agent fees |
(169 | ) | 3,374 | 21,447 | 3,147 | |||||||||||
Variation margin on futures contracts |
10,583 | (13,217 | ) | 63,743 | (14,451 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by (used for) operating activities |
4,669,690 | 15,850,344 | 9,433,026 | (133,835,598 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||||||
Cash dividends paid to Common Shareholders |
(2,182,642 | ) | (8,496,140 | ) | (5,143,691 | ) | (26,735,590 | ) | ||||||||
Payments for offering costs |
— | — | (10,644 | ) | 6,911 | |||||||||||
Repayments of TOB Trust Certificates |
(3,475,306 | ) | (7,756,521 | ) | (5,668,432 | ) | (33,603,734 | ) | ||||||||
Repayments of Loan for TOB Trust Certificates |
— | (53,484 | ) | — | — | |||||||||||
Proceeds from issuance of VRDP Shares |
— | — | — | 175,000,000 | ||||||||||||
Proceeds from TOB Trust Certificates |
861,371 | 884,528 | 6,290 | 6,534,082 | ||||||||||||
Proceeds from Loan for TOB Trust Certificates |
— | 53,484 | — | — | ||||||||||||
Increase (decrease) in bank overdraft |
2,564 | — | (4,790 | ) | 4,790 | |||||||||||
Amortization of deferred offering costs |
4,040 | 17,041 | 14,378 | 1,304 | ||||||||||||
Proceeds from issuance of Common Shares |
— | — | 1,844,863 | 13,455,273 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by (used for) for financing activities |
(4,789,973 | ) | (15,351,092 | ) | (8,962,026 | ) | 134,663,036 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
CASH |
||||||||||||||||
Net increase (decrease) in restricted and unrestricted cash |
(120,283 | ) | 499,252 | 471,000 | 827,438 | |||||||||||
Restricted and unrestricted cash at beginning of period |
748,283 | 249,031 | 1,126,000 | 298,562 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Restricted and unrestricted cash at end of period |
$ | 628,000 | $ | 748,283 | $ | 1,597,000 | $ | 1,126,000 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||||||||||
Cash paid during the period for interest expense |
$ | 395,712 | $ | 963,772 | $ | 890,382 | $ | 1,165,409 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NON-CASH FINANCING ACTIVITIES |
||||||||||||||||
Reinvestment of common distributions |
$ | 14,277 | $ | 127,234 | $ | 81,818 | $ | 1,039,293 | ||||||||
|
|
|
|
|
|
|
|
84 |
2 0 2 2 B L A C K R O C K 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 (continued) |
|
BTA | MUA | |||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
|||||||||||||
|
||||||||||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||||||
Cash |
$ | — | $ | 91,283 | $ | — | $ | — | ||||||||
Cash pledged |
||||||||||||||||
Futures contracts |
628,000 | 657,000 | 1,597,000 | 1,126,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 628,000 | $ | 748,283 | $ | 1,597,000 | $ | 1,126,000 | |||||||||
|
|
|
|
|
|
|
|
F I N A N C I A L S T A T E M E N T S |
85 |
MUI | MYD | |||||||||||||||
|
|
|
|
|||||||||||||
Period from | Period from | |||||||||||||||
05/01/22 | Year Ended | 05/01/22 | Year Ended | |||||||||||||
to 07/31/22 | 04/30/22 | to 07/31/22 | 04/30/22 | |||||||||||||
|
||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES |
||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 25,565,794 | $ | (95,831,405 | ) | $ | 12,487,468 | $ | (93,180,984 | ) | ||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |
||||||||||||||||
Proceeds from sales of long-term investments |
261,032,965 | 238,881,861 | 75,131,107 | 149,235,038 | ||||||||||||
Purchases of long-term investments |
(242,844,544 | ) | (257,551,203 | ) | (35,843,516 | ) | (142,868,987 | ) | ||||||||
Net proceeds from purchases of short-term securities |
(5,012,390 | ) | (183,463 | ) | (5,755,034 | ) | (6,554,761 | ) | ||||||||
Amortization of premium and accretion of discount on investments and other fees |
3,504,860 | 8,400,276 | 772,458 | 3,549,153 | ||||||||||||
Net realized (gain) loss on investments |
19,129,243 | 6,976,204 | (58,108 | ) | (973,782 | ) | ||||||||||
Net unrealized (appreciation) depreciation on investments |
(39,342,731 | ) | 117,533,094 | (8,499,991 | ) | 128,155,069 | ||||||||||
(Increase) Decrease in Assets |
||||||||||||||||
Receivables |
||||||||||||||||
Dividends — affiliated |
(1,191 | ) | (811 | ) | (8,412 | ) | (1,688 | ) | ||||||||
From the Manager |
(5,262 | ) | — | — | — | |||||||||||
Interest — unaffiliated |
7,912,604 | (769,787 | ) | 3,919,143 | 811,658 | |||||||||||
Variation margin on futures contracts |
706,311 | (706,311 | ) | 562,927 | (562,927 | ) | ||||||||||
Prepaid expenses |
(238,473 | ) | 59,827 | (27,652 | ) | 19,968 | ||||||||||
Increase (Decrease) in Liabilities |
||||||||||||||||
Payables |
||||||||||||||||
Accounting services fees |
23,820 | (26,022 | ) | 22,997 | (31,251 | ) | ||||||||||
Custodian fees |
(867 | ) | (5,704 | ) | 1,793 | (2,494 | ) | |||||||||
Interest expense and fees |
148,031 | 120,451 | 88,499 | 62,984 | ||||||||||||
Investment advisory fees |
781,859 | (200,488 | ) | 310,024 | (37,962 | ) | ||||||||||
Directors’ and Officer’s fees |
19,994 | (101,354 | ) | 12,977 | (99,975 | ) | ||||||||||
Other accrued expenses |
(3,913 | ) | (96,529 | ) | 400 | 5,887 | ||||||||||
Professional fees |
6,007 | (17,419 | ) | 25,301 | (14,256 | ) | ||||||||||
Reorganization costs |
(395,681 | ) | 217,790 | — | — | |||||||||||
Transfer agent fees |
13,924 | 3,359 | 19,468 | 3,881 | ||||||||||||
Variation margin on futures contracts |
43,617 | (40,067 | ) | 87,947 | (31,377 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by operating activities |
31,043,977 | 16,662,299 | 43,249,796 | 37,483,194 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
CASH USED FOR FINANCING ACTIVITIES |
||||||||||||||||
Cash dividends paid to Common Shareholders |
(11,940,873 | ) | (24,815,979 | ) | (7,249,093 | ) | (30,775,566 | ) | ||||||||
Repayments of TOB Trust Certificates |
(28,765,419 | ) | (18,334,898 | ) | (29,787,622 | ) | (37,905,874 | ) | ||||||||
Repayments of Loan for TOB Trust Certificates |
— | (1,113,222 | ) | — | (701,779 | ) | ||||||||||
Net payments on redemption of capital shares |
— | (138 | ) | — | — | |||||||||||
Proceeds from TOB Trust Certificates |
9,002,605 | 24,384,691 | 1,397 | 29,667,632 | ||||||||||||
Proceeds from Loan for TOB Trust Certificates |
— | 1,113,222 | — | 701,779 | ||||||||||||
Increase (decrease) in bank overdraft |
8,163 | — | (2,477,231 | ) | 2,477,231 | |||||||||||
Amortization of deferred offering costs |
3,255 | 836 | 4,036 | 17,024 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used for financing activities |
(31,692,269 | ) | (18,765,488 | ) | (39,508,513 | ) | (36,519,553 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CASH |
||||||||||||||||
Net increase (decrease) in restricted and unrestricted cash |
(648,292 | ) | (2,103,189 | ) | 3,741,283 | 963,641 | ||||||||||
Restricted and unrestricted cash at beginning of period |
4,066,292 | 6,169,481 | 1,560,000 | 596,359 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Restricted and unrestricted cash at end of period |
$ | 3,418,000 | $ | 4,066,292 | $ | 5,301,283 | $ | 1,560,000 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||||||||||
Cash paid during the period for interest expense |
$ | 2,733,941 | $ | 3,942,769 | $ | 1,339,789 | $ | 3,334,174 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NON-CASH FINANCING ACTIVITIES |
||||||||||||||||
Fair value of investments and derivatives acquired through reorganization |
— | 846,552,183 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net proceeds from the issuance of common shares due to reorganization |
— | 497,273,284 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net proceeds from the issuance of preferred shares due to reorganization |
— | 274,600,000 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
86 |
2 0 2 2 B L A C K R O C K 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 |
MUI | MYD | |||||||||||||||
|
|
|
|
|||||||||||||
Period from | Period from | |||||||||||||||
05/01/22 | Year Ended | 05/01/22 | Year Ended | |||||||||||||
to 07/31/22 | 04/30/22 | to 07/31/22 | 04/30/22 | |||||||||||||
|
||||||||||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||||||
Cash |
$ | — | $ | 617,292 | $ | 3,079,283 | $ | — | ||||||||
Cash pledged |
||||||||||||||||
Futures contracts |
3,418,000 | 3,449,000 | 2,222,000 | 1,560,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,418,000 | $ | 4,066,292 | $ | 5,301,283 | $ | 1,560,000 | |||||||||
|
|
|
|
|
|
|
|
F I N A N C I A L S T A T E M E N T S |
87 |
MQY | ||||||||
|
|
|||||||
Period from | ||||||||
05/01/22 | Year Ended | |||||||
to 07/31/22 | 04/30/22 | |||||||
|
||||||||
CASH PROVIDED BY OPERATING ACTIVITIES |
||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 23,665,108 | $ | (151,836,164 | ) | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |
||||||||
Proceeds from sales of long-term investments |
169,441,316 | 304,350,031 | ||||||
Purchases of long-term investments |
(150,787,991 | ) | (296,990,783 | ) | ||||
Net proceeds from sales of short-term securities |
6,112,508 | 15,202,769 | ||||||
Amortization of premium and accretion of discount on investments and other fees |
424,677 | 4,567,629 | ||||||
Net realized loss on investments |
6,589,700 | 7,966,540 | ||||||
Net unrealized (appreciation) depreciation on investments |
(23,807,570 | ) | 206,845,113 | |||||
(Increase) Decrease in Assets |
||||||||
Receivables |
||||||||
Dividends — affiliated |
(3,302 | ) | (362 | ) | ||||
Interest — unaffiliated |
7,631,952 | 711,848 | ||||||
Variation margin on futures contracts |
645,127 | (645,127 | ) | |||||
Prepaid expenses |
1,040 | 173,530 | ||||||
Increase (Decrease) in Liabilities |
||||||||
Payables |
||||||||
Accounting services fees |
32,082 | (140,014 | ) | |||||
Custodian fees |
3,864 | (17,327 | ) | |||||
Interest expense and fees |
135,446 | 139,037 | ||||||
Investment advisory fees |
608,180 | (76,467 | ) | |||||
Directors’ and Officer’s fees |
15,778 | (60,278 | ) | |||||
Other accrued expenses |
437 | (34,039 | ) | |||||
Professional fees |
4,753 | (126,920 | ) | |||||
Reorganization costs |
— | (381,304 | ) | |||||
Transfer agent fees |
44,746 | (32,260 | ) | |||||
Variation margin on futures contracts |
135,304 | (85,530 | ) | |||||
|
|
|
|
|||||
Net cash provided by operating activities |
40,893,155 | 89,529,922 | ||||||
|
|
|
|
|||||
CASH USED FOR FINANCING ACTIVITIES |
||||||||
Cash dividends paid to Common Shareholders |
(13,330,167 | ) | (57,664,921 | ) | ||||
Repayments of TOB Trust Certificates |
(33,653,461 | ) | (52,262,741 | ) | ||||
Repayments of Loan for TOB Trust Certificates |
(2,274,984 | ) | (12,313,801 | ) | ||||
Proceeds from TOB Trust Certificates |
8,220,481 | 20,299,672 | ||||||
Proceeds from Loan for TOB Trust Certificates |
— | 14,588,785 | ||||||
Amortization of deferred offering costs |
17,387 | 62,956 | ||||||
|
|
|
|
|||||
Net cash used for financing activities |
(41,020,744 | ) | (87,290,050 | ) | ||||
|
|
|
|
|||||
CASH |
||||||||
Net increase (decrease) in restricted and unrestricted cash |
(127,589 | ) | 2,239,872 | |||||
Restricted and unrestricted cash at beginning of period |
3,749,589 | 1,509,717 | ||||||
|
|
|
|
|||||
Restricted and unrestricted cash at end of period |
$ | 3,622,000 | $ | 3,749,589 | ||||
|
|
|
|
|||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||||||
Cash paid during the period for interest expense |
$ | 2,357,547 | $ | 5,517,479 | ||||
|
|
|
|
|||||
NON-CASH FINANCING ACTIVITIES |
||||||||
Reinvestment of common distributions |
$ | — | $ | 1,173,646 | ||||
|
|
|
|
88 |
2 0 2 2 B L A C K R O C K 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 |
MQY | ||||||||
|
|
|||||||
Period from | ||||||||
05/01/22 | Year Ended | |||||||
to 07/31/22 | 04/30/22 | |||||||
|
||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||
Cash |
$ | — | $ | 592,589 | ||||
Cash pledged |
||||||||
Futures contracts |
3,622,000 | 3,157,000 | ||||||
|
|
|
|
|||||
$ | 3,622,000 | $ | 3,749,589 | |||||
|
|
|
|
F I N A N C I A L S T A T E M E N T S |
89 |
Financial Highlights (For a share outstanding throughout each period) |
|
BTA | ||||||||||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | $ | 12.28 | $ | 12.27 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (a) |
0.15 | 0.65 | 0.67 | 0.60 | 0.62 | 0.65 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.08 | (2.21 | ) | 2.05 | (1.26 | ) | 0.20 | 0.01 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.23 | (1.56 | ) | 2.72 | (0.66 | ) | 0.82 | 0.66 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to Common Shareholders from net investment income (b) |
(0.16 | ) | (0.65 | ) | (0.61 | ) | (0.61 | ) | (0.63 | ) | (0.65 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.17 | $ | 11.10 | $ | 13.31 | $ | 11.20 | $ | 12.47 | $ | 12.28 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price, end of period |
$ | 12.10 | $ | 10.43 | $ | 13.20 | $ | 10.92 | $ | 11.88 | $ | 11.20 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return Applicable to Common Shareholders (c) |
||||||||||||||||||||||||||||
Based on net asset value |
2.11 | % (d) |
(12.33 | )% | 24.80 | % | (5.70 | )% | 7.34 | % | 5.76 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Based on market price |
17.71 | % (d) |
(16.93 | )% | 26.94 | % | (3.49 | )% | 12.12 | % | 1.50 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||
Total expenses |
2.31 | % (f)(g) |
1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | 2.33 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed |
2.31 | % (f)(g) |
1.72 | % | 1.73 | % | 2.54 | % | 2.67 | % | 2.33 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h)(i) |
1.16 | % (f)(g) |
1.15 | % | 1.14 | % | 1.13 | % | 1.13 | % | 1.14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income to Common Shareholders |
5.49 | % (g) |
4.95 | % | 5.32 | % | 4.71 | % | 5.11 | % | 5.21 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 150,113 | $ | 149,157 | $ | 178,752 | $ | 150,344 | $ | 167,431 | $ | 164,787 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | $ | 76,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 239,633 | $ | 296,259 | $ | 335,200 | $ | 297,821 | $ | 320,304 | $ | 316,825 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOB Trust Certificates, end of period (000) |
$ | 31,506 | $ | 31,735 | $ | 38,607 | $ | 36,908 | $ | 34,595 | $ | 36,025 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (j) |
$ | 8,166 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate |
8 | % | 17 | % | 27 | % | 34 | % | 31 | % | 44 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Aggregate total return. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.40%, 2.39% and 1.24%, respectively. |
(g) |
Annualized. |
(h) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, |
|||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Expense ratios |
1.15 | % | 1.14 | % | 1.13 | % | 1.12 | % | 1.12 | % | 1.47 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
90 |
2 0 2 2 B L A C K R O C K 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 |
MUA | ||||||||||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | $ | 14.01 | $ | 14.07 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (a) |
0.15 | 0.57 | 0.62 | 0.63 | 0.67 | 0.68 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.10 | (2.20 | ) | 1.96 | (1.29 | ) | 0.12 | (0.06 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.25 | (1.63 | ) | 2.58 | (0.66 | ) | 0.79 | 0.62 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||
From net investment income |
(0.14 | ) | (0.58 | ) | (0.64 | ) | (0.63 | ) | (0.66 | ) | (0.68 | ) | ||||||||||||||||
From net realized gain |
— | (0.14 | ) | — | (0.02 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions to Common Shareholders |
(0.14 | ) | (0.72 | ) | (0.64 | ) | (0.65 | ) | (0.66 | ) | (0.68 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 12.53 | $ | 12.42 | $ | 14.77 | $ | 12.83 | $ | 14.14 | $ | 14.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price, end of period |
$ | 12.55 | $ | 11.90 | $ | 15.26 | $ | 12.48 | $ | 14.98 | $ | 13.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return Applicable to Common Shareholders (c) |
||||||||||||||||||||||||||||
Based on net asset value |
2.00 | % (d) |
(11.63 | )% | 20.41 | % | (5.03 | )% | 5.97 | % | 4.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Based on market price |
6.63 | % (d) |
(18.05 | )% | 27.89 | % | (12.80 | )% | 19.07 | % | (6.48 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||
Total expenses |
1.67 | % (f)(g) |
0.98 | % | 0.81 | % | 0.98 | % | 1.01 | % | 0.93 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed |
1.67 | % (f)(g) |
0.98 | % | 0.80 | % | 0.98 | % | 1.01 | % | 0.93 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h) |
0.88 | % (f)(g) |
0.77 | % | 0.71 | % | 0.69 | % | 0.70 | % | 0.69 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income to Common Shareholders |
4.75 | % (g) |
3.90 | % | 4.39 | % | 4.43 | % | 4.77 | % | 4.83 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 481,717 | $ | 475,526 | $ | 552,373 | $ | 463,431 | $ | 509,645 | $ | 504,470 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 175,000 | $ | 175,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 321,536 | $ | 371,729 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOB Trust Certificates, end of period (000) |
$ | 42,444 | $ | 41,712 | $ | 68,781 | $ | 69,232 | $ | 71,659 | $ | 71,925 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (i) |
$ | 16,471 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate |
5 | % | 24 | % | 19 | % | 21 | % | 19 | % | 15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Aggregate total return. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.69%, 1.69% and 0.90%, respectively. |
(g) |
Annualized. |
(h) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
F I N A N C I A L H I G H L I G H T S |
91 |
MUI | ||||||||||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, |
|||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | $ | 14.93 | $ | 15.17 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (a) |
0.14 | 0.56 | 0.64 | 0.56 | 0.56 | 0.59 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.21 | (2.57 | ) | 1.48 | (0.81 | ) | 0.47 | (0.23 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.35 | (2.01 | ) | 2.12 | (0.25 | ) | 1.03 | 0.36 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||
From net investment income |
(0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.53 | ) | (0.60 | ) | ||||||||||||||||
From net realized gain |
— | — | — | — | (0.03 | ) | (0.00 | ) (c) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions to Common Shareholders |
(0.16 | ) | (0.65 | ) | (0.63 | ) | (0.53 | ) | (0.56 | ) | (0.60 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 13.64 | $ | 13.45 | $ | 16.11 | $ | 14.62 | $ | 15.40 | $ | 14.93 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price, end of period |
$ | 12.44 | $ | 12.26 | $ | 15.09 | $ | 13.13 | $ | 13.85 | $ | 13.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return Applicable to Common Shareholders (d) |
||||||||||||||||||||||||||||
Based on net asset value |
2.73 | % (e) |
(12.79 | )% | 15.08 | % | (1.41 | )% | 7.68 | % | 2.76 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Based on market price |
2.79 | % (e) |
(15.13 | )% | 20.02 | % | (1.56 | )% | 11.13 | % | (2.69 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (f) |
||||||||||||||||||||||||||||
Total expenses |
2.25 | % (g)(h) |
1.67 | % (i) |
1.58 | % | 2.31 | % | 2.63 | % | 2.17 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed |
2.25 | % (g)(h) |
1.67 | % (i) |
1.58 | % | 2.31 | % | 2.63 | % | 2.17 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs |
1.07 | % (g)(h)(j) |
1.02 | % (i)(k) |
0.98 | % (l) |
0.97 | % (l) |
1.01 | % (l) |
0.97 | % (l) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income to Common Shareholders |
4.06 | % (h) |
3.63 | % | 4.05 | % | 3.59 | % | 3.73 | % | 3.87 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 1,007,256 | $ | 993,657 | $ | 617,032 | $ | 559,934 | $ | 589,887 | $ | 571,769 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 561,700 | $ | 561,700 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 237,229 | $ | 276,902 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | — | $ | — | $ | 287,100 | $ | 287,100 | $ | 287,100 | $ | 287,100 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$ | — | $ | — | $ | 314,919 | $ | 295,031 | $ | 305,464 | $ | 299,153 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOB Trust Certificates, end of period (000) |
$ | 172,298 | $ | 180,858 | $ | 93,069 | $ | 92,014 | $ | 93,421 | $ | 79,136 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) |
$ | 10,104 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate |
14 | % | 25 | % | 13 | % | 20 | % | 24 | % | 34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Amount is greater than $(0.005) per share. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Aggregate total return. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.27%, 2.27% and 1.08%, respectively. |
(h) |
Annualized. |
(i) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.62%, 1.61% and 0.96%, respectively. |
(j) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(k) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(l) |
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) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
92 |
2 0 2 2 B L A C K R O C K 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 |
MYD | ||||||||||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, |
|||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | $ | 14.38 | $ | 14.71 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (a) |
0.14 | 0.64 | 0.69 | 0.66 | 0.73 | 0.79 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.12 | (2.63 | ) | 1.86 | (1.16 | ) | 0.17 | (0.30 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.26 | (1.99 | ) | 2.55 | (0.50 | ) | 0.90 | 0.49 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to Common Shareholders from net investment income (b) |
(0.15 | ) | (0.65 | ) | (0.67 | ) | (0.68 | ) | (0.72 | ) | (0.82 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 12.73 | $ | 12.62 | $ | 15.26 | $ | 13.38 | $ | 14.56 | $ | 14.38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price, end of period |
$ | 11.72 | $ | 11.43 | $ | 14.62 | $ | 12.29 | $ | 14.15 | $ | 13.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return Applicable to Common Shareholders (c) |
||||||||||||||||||||||||||||
Based on net asset value |
2.21 | % (d) |
(13.39 | )% | 19.61 | % | (3.66 | )% | 6.80 | % | 3.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Based on market price |
3.90 | % (d) |
(18.13 | )% | 24.76 | % | (8.94 | )% | 13.76 | % | (5.85 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||
Total expenses |
1.87 | % (f)(g) |
1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | 2.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed |
1.87 | % (f)(g) |
1.35 | % | 1.36 | % | 2.07 | % | 2.27 | % | 2.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h)(i) |
0.89 | % (f)(g) |
0.86 | % | 0.87 | % | 0.85 | % | 0.88 | % | 0.89 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income to Common Shareholders |
4.47 | % (g) |
4.26 | % | 4.66 | % | 4.49 | % | 5.10 | % | 5.33 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 597,369 | $ | 592,131 | $ | 715,876 | $ | 627,798 | $ | 682,832 | $ | 674,077 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | $ | 251,400 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 262,525 | $ | 335,533 | $ | 384,756 | $ | 349,719 | $ | 371,612 | $ | 368,129 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOB Trust Certificates, end of period (000) |
$ | 116,156 | $ | 137,078 | $ | 145,316 | $ | 147,785 | $ | 136,925 | $ | 167,150 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (j) |
$ | 8,305 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate |
4 | % | 14 | % | 14 | % | 19 | % | 17 | % | 9 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Aggregate total return. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.89%, 1.89% and 0.91%, respectively |
(g) |
Annualized. |
(h) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, |
|||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Expense ratios |
0.88 | % | 0.85 | % | 0.86 | % | 0.85 | % | 0.88 | % | 0.88 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(j) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
F I N A N C I A L H I G H L I G H T S |
93 |
MQY | ||||||||||||||||||||||||||||
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | $ | 15.22 | $ | 15.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (a) |
0.16 | 0.72 | 0.75 | 0.67 | 0.69 | 0.77 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.17 | (2.79 | ) | 1.80 | (0.91 | ) | 0.47 | (0.29 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
0.33 | (2.07 | ) | 2.55 | (0.24 | ) | 1.16 | 0.48 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to Common Shareholders (b) |
||||||||||||||||||||||||||||
From net investment income |
(0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.69 | ) | (0.82 | ) | ||||||||||||||||
From net realized gain |
— | — | — | — | (0.02 | ) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions to Common Shareholders |
(0.18 | ) | (0.76 | ) | (0.77 | ) | (0.64 | ) | (0.71 | ) | (0.82 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 13.89 | $ | 13.74 | $ | 16.57 | $ | 14.79 | $ | 15.67 | $ | 15.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price, end of period |
$ | 13.12 | $ | 12.80 | $ | 15.92 | $ | 13.88 | $ | 13.99 | $ | 13.83 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return Applicable to Common Shareholders (c) |
||||||||||||||||||||||||||||
Based on net asset value |
2.44 | % (d) |
(12.93 | )% | 17.56 | % | (1.44 | )% | 8.42 | % | 3.28 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Based on market price |
3.86 | % (d) |
(15.58 | )% | 20.35 | % | 3.60 | % | 6.53 | % | (3.55 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders (e) |
||||||||||||||||||||||||||||
Total expenses |
1.90 | % (f)(g) |
1.33 | % | 1.48 | % (h) |
2.20 | % | 2.48 | % | 2.05 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed |
1.90 | % (f)(g) |
1.33 | % | 1.47 | % (h) |
2.20 | % | 2.48 | % | 2.05 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)(j) |
0.89 | % (f)(g) |
0.85 | % | 0.95 | % (h) |
0.90 | % | 0.93 | % | 0.91 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income to Common Shareholders |
4.84 | % (g) |
4.45 | % | 4.64 | % | 4.15 | % | 4.55 | % | 4.91 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) |
$ | 1,017,461 | $ | 1,006,613 | $ | 1,212,632 | $ | 454,276 | $ | 481,212 | $ | 467,334 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$ | 450,300 | $ | 450,300 | $ | 450,300 | $ | 176,600 | $ | 176,600 | $ | 176,600 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$ | 253,932 | $ | 323,543 | $ | 369,294 | $ | 357,235 | $ | 372,487 | $ | 364,628 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOB Trust Certificates, end of period (000) |
$ | 210,679 | $ | 230,928 | $ | 268,075 | $ | 129,475 | $ | 134,198 | $ | 139,144 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period (k) |
$ | 7,966 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate |
8 | % | 17 | % | 8 | % | 18 | % | 21 | % | 20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Aggregate total return. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.92%, 1.92% and 0.92%, respectively. |
(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 cost would have been 1.42%, 1.41% and 0.90%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows: |
Period from 05/01/22 to 07/31/22 |
Year Ended April 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||
Expense ratios |
0.89% | 0.85% | 0.94% | 0.90% | 0.93% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(k) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
94 |
2 0 2 2 B L A C K R O C K 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 |
1. |
ORGANIZATION |
Fund Name |
Herein Referred To As |
Organized |
Diversification Classification |
|||||||||
BlackRock Long-Term Municipal Advantage Trust |
BTA | Delaware | Diversified | |||||||||
BlackRock MuniAssets Fund, Inc. |
MUA | Maryland | Diversified | |||||||||
BlackRock Municipal Income Fund, Inc. |
MUI | Maryland | Diversified | |||||||||
BlackRock MuniYield Fund, Inc. |
MYD | Maryland | Diversified | |||||||||
BlackRock MuniYield Quality Fund, Inc. |
MQY | Maryland | Diversified |
Target Fund |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MUI’s Share Class |
Shares of MUI |
|||||||||||||||
MFL |
Common | 37,896,208 | 0.93874076 | Common | 35,574,705 | (a) | ||||||||||||||
MFL |
VRDP | 2,746 | 1 | VRDP | 2,746 |
(a) |
Net of fractional shares redeemed. |
MFL |
||||
Net assets applicable to Common Shareholders |
$ | 497,273,284 | ||
Paid-in-capital |
513,150,872 | |||
Accumulated loss |
(15,877,588 | ) |
Target Fund |
Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value |
||||||||||||
MFL |
$ | 846,552,183 | $ | 858,217,170 | $ | 88,413,120 | $ | 274,600,000 |
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 |
Target Funds |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MQY’s Share Class |
Shares of MQY |
|||||||||||||||
BZM |
Common | 2,083,853 | 0.91690814 | Common | 1,910,699 | (a) | ||||||||||||||
MHE |
Common | 2,371,448 | 0.83140659 | Common | 1,971,620 | (a) | ||||||||||||||
MZA |
Common | 4,640,560 | 0.89199202 | Common | 4,139,337 | (a) | ||||||||||||||
MYF |
Common | 13,713,952 | 0.88734134 | Common | 12,168,943 | (a) | ||||||||||||||
MEN |
Common | 29,681,476 | 0.74877257 | Common | 22,224,620 | (a) | ||||||||||||||
BZM |
VRDP | 160 | 1 | VRDP | 160 | |||||||||||||||
MHE |
VRDP | 185 | 1 | VRDP | 185 | |||||||||||||||
MZA |
VRDP | 373 | 1 | VRDP | 373 | |||||||||||||||
MYF |
VRDP | 594 | 1 | VRDP | 594 | |||||||||||||||
MEN |
VRDP | 1,425 | 1 | VRDP | 1,425 |
(a) |
Net of fractional shares redeemed. |
BZM |
MHE |
MZA |
MYF |
MEN |
||||||||||||||||
Net assets applicable to Common Shareholders |
$ | 31,717,107 | $ | 32,728,595 | $ | 68,711,731 | $ | 202,001,002 | $ | 368,921,589 | ||||||||||
Paid-in-capital |
29,279,451 | 29,061,105 | 60,666,284 | 182,846,055 | 311,066,176 | |||||||||||||||
Accumulated earnings |
2,437,656 | 3,667,490 | 8,045,447 | 19,154,947 | 57,855,413 |
Target Funds |
Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value |
||||||||||||
BZM |
$47,375,039 | $44,331,936 | $2,999,064 | $16,000,000 | ||||||||||||
MHE |
47,924,139 | 43,431,566 | 2,965,858 | 18,500,000 | ||||||||||||
MZA |
106,463,580 | 96,825,424 | 2,000,000 | 37,300,000 | ||||||||||||
MYF |
308,464,746 | 282,979,848 | 52,915,670 | 59,400,000 |
96 |
2 0 2 2 B L A C K R O C K 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 |
Target Funds |
Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value |
||||||||||||
MEN |
580,336,519 | 514,194,693 | 82,579,416 | 142,500,000 |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
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 |
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Standard Inputs Generally Considered By Third-Party Pricing Services | ||||
Market approach |
(i) |
recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; | ||
(ii) |
recapitalizations and other transactions across the capital structure; and | |||
(iii) |
market multiples of comparable issuers. | |||
Income approach |
(i) |
future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; | ||
(ii) |
quoted prices for similar investments or assets in active markets; and | |||
(iii) |
other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |||
Cost approach |
(i) |
audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; | ||
(ii) |
changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |||
(iii) |
relevant news and other public sources; and | |||
(iv) |
known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
98 |
2 0 2 2 B L A C K R O C K 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 |
• | 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 Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
4. |
SECURITIES AND OTHER INVESTMENTS |
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 |
Fund Name |
Interest Expense |
Liquidity Fees |
Other Expenses |
Total |
||||||||||||
BTA |
$ | 62,017 | $ | 31,644 | $ | 12,106 | $ | 105,767 | ||||||||
MUA |
76,099 | 40,517 | 11,636 | 128,252 | ||||||||||||
MUI |
349,815 | 175,046 | 48,755 | 573,616 | ||||||||||||
MYD |
240,548 | 117,442 | 36,941 | 394,931 | ||||||||||||
MQY |
454,959 | 225,745 | 74,871 | 755,575 |
Fund Name |
Underlying Municipal Bonds Transferred to TOB Trusts (a) |
Liability for TOB Trust Certificates (b) |
Range of Interest Rates on TOB Trust Certificates at Period End |
Average TOB Trust Certificates Outstanding |
Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
|||||||||||||||
BTA |
$ | 52,985,159 | $ | 31,506,046 | 1.36% — 1.48% | $ | 29,668,825 | 1.42% | ||||||||||||
MUA |
63,699,873 | 42,443,775 | 1.34 — 1.48 | 37,165,971 | 1.37 | |||||||||||||||
MUI |
317,851,344 | 172,298,430 | 1.36 — 1.43 | 169,313,140 | 1.35 | |||||||||||||||
MYD |
182,516,249 | 116,155,652 | 1.34 — 1.50 | 115,586,422 | 1.36 | |||||||||||||||
MQY |
342,516,152 | 210,678,835 | 1.36 — 1.63 | 216,657,824 | 1.39 |
(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 July 31, 2022, 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 July 31, 2022. |
Fund Name |
Loans Outstanding at Period End |
Range of Interest Rates on Loans at Period End |
Average Loans Outstanding |
Daily Weighted Average Rate of Interest and Other Expenses on Loans |
||||||||||||
MQY |
$ | — | —% | $ | 123,640 | 0.66% |
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
100 |
2 0 2 2 B L A C K R O C K 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 |
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
MUA |
MYD |
MQY |
||||||||||
Investment advisory fees |
0.55% | 0.50% | 0.50% |
Amounts Retained | ||||||||
Fund Name |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
||||||
MUA |
$ | 3,723 | $ | 25,940 |
Amounts Waived | ||||||||
Fund Name |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
||||||
BTA |
$ | 756 | $ | 421 | ||||
MUA |
4,047 | 5,207 | ||||||
MUI |
934 | 3,087 | ||||||
MYD |
2,847 | 1,810 | ||||||
MQY |
1,806 | 4,240 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
101 |
7. |
PURCHASES AND SALES |
Fund Name |
Purchases |
Sales |
||||||
BTA |
$ | 19,717,860 | $ | 18,974,177 | ||||
MUA |
39,057,427 | 35,333,894 | ||||||
MUI |
239,409,040 | 244,899,254 | ||||||
MYD |
36,338,927 | 70,759,246 | ||||||
MQY |
130,172,298 | 157,824,734 |
8. |
INCOME TAX INFORMATION |
Fund Name |
Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
BTA |
$ | (3,832 | ) | $ | 3,832 | |||
MUA |
(13,875 | ) | 13,875 | |||||
MUI |
(3,232 | ) | 3,232 | |||||
MYD |
(3,996 | ) | 3,996 | |||||
MQY |
(10,336 | ) | 10,336 |
Fund Name |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
Year Ended 04/30/21 |
|||||||||
BTA |
||||||||||||
Tax-exempt income |
$ | 2,509,381 | $ | 9,399,563 | $ | 8,844,363 | ||||||
Ordinary income |
— | 8,003 | 59,731 | |||||||||
|
|
|
|
|
|
|||||||
$ | 2,509,381 | $ | 9,407,566 | $ | 8,904,094 | |||||||
|
|
|
|
|
|
|||||||
MUA |
||||||||||||
Tax-exempt income |
$ | 6,009,354 | $ | 22,728,368 | $ | 23,078,942 | ||||||
Ordinary income |
— | 1,134,817 | 320,432 | |||||||||
Long-term capital gains |
— | 4,493,321 | — | |||||||||
|
|
|
|
|
|
|||||||
$ | 6,009,354 | $ | 28,356,506 | $ | 23,399,374 | |||||||
|
|
|
|
|
|
|||||||
MUI |
||||||||||||
Tax-exempt income |
$ | 14,275,453 | $ | 28,218,624 | $ | 27,173,482 | ||||||
Ordinary income |
— | 224 | 647 | |||||||||
|
|
|
|
|
|
|||||||
$ | 14,275,453 | $ | 28,218,848 | $ | 27,174,129 | |||||||
|
|
|
|
|
|
|||||||
MYD |
||||||||||||
Tax-exempt income |
$ | 8,282,450 | $ | 32,934,118 | $ | 33,881,990 | ||||||
Ordinary income |
— | 46,234 | 4,080 | |||||||||
|
|
|
|
|
|
|||||||
$ | 8,282,450 | $ | 32,980,352 | $ | 33,886,070 | |||||||
|
|
|
|
|
|
|||||||
MQY |
||||||||||||
Tax-exempt income |
$ | 14,554,886 | $ | 59,230,137 | $ | 25,481,686 | ||||||
Ordinary income |
— | 812 | 15,439 | |||||||||
|
|
|
|
|
|
|||||||
$ | 14,554,886 | $ | 59,230,949 | $ | 25,497,125 | |||||||
|
|
|
|
|
|
102 |
2 0 2 2 B L A C K R O C K 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 |
Undistributed Tax-Exempt Income |
Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Non-Expiring Capital Loss Carryforwards (a) |
Net Unrealized Gains (Losses) (b) |
Total |
||||||||||||||||||
BTA |
$ | 933,649 | $ | 172,560 | $ | — | $ | (4,492,973 | ) | $ | (2,901,212 | ) | $ | (6,287,976 | ) | |||||||||
MUA |
— | 1,070,595 | 6,857,840 | (3,646,950 | ) | (37,057,414 | ) | (32,775,929 | ) | |||||||||||||||
MUI |
— | 10,261 | — | (33,957,408 | ) | (15,022,869 | ) | (48,970,016 | ) | |||||||||||||||
MYD |
— | 122,989 | — | (12,564,077 | ) | (16,678,617 | ) | (29,119,705 | ) | |||||||||||||||
MQY |
— | 61,395 | — | (36,591,325 | ) | 8,917,993 | (27,611,937 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, amortization methods for premiums on fixed income securities, treatment of residual interests in tender option bond trusts, the accrual of income on securities in default, the timing of distributions and the deferral of compensation to directors. |
Fund Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BTA |
$ | 228,252,116 | $ | 6,955,787 | $ | (9,833,473 | ) | $ | (2,877,686 | ) | ||||||
MUA |
691,662,249 | 17,035,828 | (53,427,737 | ) | (36,391,909 | ) | ||||||||||
MUI |
1,592,976,114 | 33,783,608 | (47,670,664 | ) | (13,887,056 | ) | ||||||||||
MYD |
856,646,174 | 29,109,952 | (43,297,211 | ) | (14,187,259 | ) | ||||||||||
MQY |
1,449,841,167 | 59,738,154 | (48,559,162 | ) | 11,178,992 |
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 |
103 |
104 |
2 0 2 2 B L A C K R O C K 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 |
Period from 05/01/22 |
Year Ended | |||||||||||
Fund Name |
to 07/31/22 |
04/30/22 |
04/30/21 |
|||||||||
BTA |
1,294 | 9,324 | 1,214 | |||||||||
MUA |
6,820 | 68,542 | 62,648 | |||||||||
MQY |
— | 70,961 | 44,250 | |||||||||
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 |
105 |
Fund Name |
Issue Date |
Shares Issued |
Aggregate Principal |
Maturity Date |
||||||||||||
BTA |
10/29/15 | 760 | $ | 76,000,000 | 11/01/45 | |||||||||||
MUA |
12/15/21 | 1,750 | 175,000,000 | 01/01/52 | ||||||||||||
MUI |
04/07/22 | 2,871 | 287,100,000 | 04/07/52 | ||||||||||||
04/11/22 | 2,746 | 274,600,000 | 04/07/52 | |||||||||||||
MYD |
06/30/11 | 2,514 | 251,400,000 | 07/01/41 | ||||||||||||
MQY |
09/15/11 | 1,766 | 176,600,000 | 10/01/41 | ||||||||||||
04/19/21 | 2,737 | 273,700,000 | 10/01/41 | |||||||||||||
BTA |
MUA |
MUI |
MYD |
MQY |
||||||||||||||||
Expiration date |
04/30/23 | 04/30/23 | 04/30/24 | 04/30/23 | 07/06/23 | |||||||||||||||
Fund Name |
Moody’s Investors Service, Inc. Long-Term Ratings |
Fitch Ratings, Inc. Long-Term Ratings |
||||||
BTA |
Aa2 | A | ||||||
MUA |
Aa2 | N/A | ||||||
MUI |
Aa1 | AA | ||||||
MYD |
Aa1 | AA | ||||||
MQY |
Aa1 | AA | ||||||
Fund Name |
Commencement Date |
Expiration Date as of Period Ended 07/31/22 |
||||||
BTA |
10/29/15 | 04/15/23 | ||||||
MUA |
12/15/21 | 04/15/24 | ||||||
MUI |
04/07/22 | 04/15/23 | ||||||
MYD |
04/17/14 | 04/15/23 | ||||||
MQY |
10/22/15 | 06/21/23 | ||||||
106 |
2 0 2 2 B L A C K R O C K 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 |
BTA |
MUA |
MUI |
MYD |
MQY |
||||||||||||||||
Dividend rates |
1.63 | % | 1.76 | % | 1.63 | % | 1.63 | % | 1.53% | |||||||||||
Fund Name |
Dividends Accrued |
Deferred Offering Costs Amortization |
||||||
BTA |
$ | 312,392 | $ | 4,040 | ||||
MUA |
776,665 | 14,378 | ||||||
MUI |
2,308,356 | 3,255 | ||||||
MYD |
1,033,357 | 4,036 | ||||||
MQY |
1,737,418 | 17,387 | ||||||
|
||||||||||||||||
Fund Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
|
||||||||||||||||
BTA |
08/01/22 | 08/15/22 | 09/01/22 | $ | 0.054500 | |||||||||||
09/01/22 | 09/15/22 | 10/03/22 | 0.054500 | |||||||||||||
MUA |
08/01/22 | 08/15/22 | 09/01/22 | 0.045500 | ||||||||||||
09/01/22 | 09/15/22 | 10/03/22 | 0.045500 | |||||||||||||
MUI |
08/01/22 | 08/15/22 | 09/01/22 | 0.054000 | ||||||||||||
09/01/22 | 09/15/22 | 10/03/22 | 0.054000 | |||||||||||||
MYD |
08/01/22 | 08/15/22 | 09/01/22 | 0.051500 | ||||||||||||
09/01/22 | 09/15/22 | 10/03/22 | 0.051500 | |||||||||||||
MQY |
08/01/22 | 08/15/22 | 09/01/22 | 0.056000 | ||||||||||||
09/01/22 | 09/15/22 | 10/03/22 | 0.056000 | |||||||||||||
|
|
||||||||||||
Preferred Shares (a) |
||||||||||||
Fund Name |
Shares |
Series |
Declared |
|||||||||
|
||||||||||||
BTA |
VRDP | W-7 | $ | 164,764 | ||||||||
MUA |
VRDP | W-7 |
398,712 | |||||||||
MUI |
VRDP | W-7 |
1,217,735 | |||||||||
MYD |
VRDP | W-7 |
545,021 | |||||||||
|
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 |
107 |
|
||||||||||||
Preferred Shares (a) |
||||||||||||
Fund Name |
Shares |
Series |
Declared |
|||||||||
|
||||||||||||
MQY |
VRDP | W-7 | $ | 937,981 | ||||||||
|
108 |
2 0 2 2 B L A C K R O C K 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 |
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
109 |
|
||||
Fund Name |
Exempt-Interest Dividends |
|||
|
||||
BTA |
$ | 2,326,529 | ||
MUA |
6,269,919 | |||
MUI |
12,343,987 | |||
MYD |
7,558,707 | |||
MQY |
13,785,986 | |||
|
|
||||
Fund Name |
Interest Dividends |
|||
|
||||
BTA |
$ | 36,960 | ||
MUA |
64,256 | |||
MUI |
10,261 | |||
MYD |
1,824 | |||
MQY |
21,500 | |||
|
|
||||
Fund Name |
Interest Related Dividends |
|||
|
||||
BTA |
$ | 36,960 | ||
MUA |
64,256 | |||
MUI |
10,261 | |||
MYD |
1,824 | |||
MQY |
21,500 | |||
|
110 |
2 0 2 2 B L A C K R O C K 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 |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S |
111 |
112 |
2 0 2 2 B L A C K R O C K 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 |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S |
113 |
114 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
115 |
116 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
117 |
118 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
119 |
120 |
2 0 2 2 B L A C K R O C K 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 |
• | Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. |
• | Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. |
• | Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. |
• | Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. |
• | General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. |
• | Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. |
• | Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. |
• | Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
121 |
• | Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. |
• | Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |
• | Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities |
122 |
2 0 2 2 B L A C K R O C K 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 likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage; |
• | the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders; |
• | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares; |
• | leverage may increase operating costs, which may reduce total return. |
• | Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. |
• | Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. |
• | Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. |
• | Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. |
• | Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. |
• | Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract |
• | Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. |
• | Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. |
• | Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences. |
• | Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. |
• | Regulatory Risk — Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Fund and may be required by applicable regulations to collect initial margin from the Fund. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
123 |
124 |
2 0 2 2 B L A C K R O C K 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 |
MUA |
||||
Shareholder Transaction Expenses |
||||
Maximum Sales Load ( (a) |
||||
Offering expenses borne by MUA ( (a) |
||||
Dividend Reinvestment Plan Fees |
|
$ for open market purchases of common shares (b) |
|
Estimated Annual Expenses |
||||
Investment advisory fees |
||||
Other expenses |
||||
Miscellaneous |
||||
Interest expense (c) |
||||
Total annual expenses |
||||
Fee waiver (d) |
||||
Total annual fund operating expenses after fee waiver (d) |
(a) |
(b) |
Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by MUA. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. |
(c) |
Assumes the use of leverage in the form of tender option bond transactions and preferred shares representing 31% of Managed Assets at an annual cost of leverage to MUA of 0.98%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time in accordance with the level of MUA’s use of tender option bond transactions and variations in market interest rates, as well as preferred shares transactions and changes to agreement terms with counterparties. Interest expense is required to be treated as an expense of MUA for accounting purposes. |
(d) |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred |
$ | $ | $ | $ |
S H A R E H O L D E R U P D A T E |
125 |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
July 31, 2022 |
$ | |
$ | |
$ | |
$ | |
% | ( |
)% | 6,751,266 | ||||||||||||||||
April 30, 2022 |
( |
) | 4,880,887 | |||||||||||||||||||||||||
January 31, 2022 |
( |
) | 3,487,411 | |||||||||||||||||||||||||
October 31, 2021 |
( |
) | 2,704,969 | |||||||||||||||||||||||||
July 31, 2021 |
2,765,542 | |||||||||||||||||||||||||||
April 30, 2021 |
( |
) | 3,335,653 | |||||||||||||||||||||||||
January 31, 2021 |
( |
) | 3,179,354 | |||||||||||||||||||||||||
October 31, 2020 |
( |
) | 2,844,590 | |||||||||||||||||||||||||
July 31, 2020 |
( |
) | 3,317,978 |
Fiscal Year Ended | |
Total Amount Outstanding (000) |
|
|
Asset Coverage |
|
|
Liquidating Preference |
(a) |
|
Average Market Value (000) |
|
|
Type of Senior Security |
| |||||
July 31, 2022 |
$ | $ | (b) |
$ | $ | (c) |
TOBs | |||||||||||||
July 31, 2022 |
(d) |
VRDP Shares | ||||||||||||||||||
April 30, 2022 |
(e) |
VRDP Shares |
(a) |
Represents the amount to which a holder of preferred shares would be entitled upon the liquidation of MUA in preference to common shareholders, expressed as a dollar amount per preferred share. VRDP Shares are considered debt of the issuer; therefore, the liquidation preference approximates fair value. |
(b) |
Calculated by subtracting MUA’s total liabilities (not including VRDP Shares and TOBs) from MUA’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
(c) |
Represents weighted average daily market value of TOBs. |
(d) |
Calculated by subtracting MUA’s total liabilities (not including VRDP Shares and TOBs) from MUA’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
(e) |
Calculated by subtracting MUA’s total liabilities (not including VRDP Shares) from MUA’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. |
126 |
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A U T O M A T I C D I V I D E N D R E I N V E S T M E N T P L A N |
127 |
Independent Directors (a) |
||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years | ||||
R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Director (Since 2007) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 69 RICs consisting of 99 Portfolios | ADP (data and information services) 2004-2020; Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014. | ||||
W. Carl Kester (d) 1951 |
Vice Chair of the Board (Since 2022) Director (Since 2007) |
George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 71 RICs consisting of 101 Portfolios | None | ||||
Cynthia L. Egan 1955 |
Director (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 69 RICs consisting of 99 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair) (insurance); Huntsman Corporation (Lead Independent Director and non Executive Vice Chair of the Board) (chemical products); Envestnet (investment platform) from 2013 until 2016. | ||||
Frank J. Fabozzi (d) 1948 |
Director (Since 2007) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity- Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 71 RICs consisting of 101 Portfolios | None | ||||
Lorenzo A. Flores 1964 |
Director (Since 2021) |
Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 69 RICs consisting of 99 Portfolios | None | ||||
Stayce D. Harris 1959 |
Director (Since 2021) |
Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 69 RICs consisting of 99 Portfolios | The Boeing Company. |
128 |
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Independent Directors (a) (continued) |
||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years | ||||
J. Phillip Holloman 1955 |
Director (Since 2021) |
President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 69 RICs consisting of 99 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation). | ||||
Catherine A. Lynch (d) 1961 |
Director (Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 71 RICs consisting of 101 Portfolios | PennyMac Mortgage Investment Trust. | ||||
Interested Directors (a)(e) |
||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past Five Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years | ||||
Robert Fairbairn 1965 |
Director (Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. |
97 RICs consisting of 261 Portfolios | None | ||||
John M. Perlowski (d) 1964 |
Director (Since 2014) President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 99 RICs consisting of 263 Portfolios | None |
(a) |
The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. |
(b) |
Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case |
(c) |
Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. |
(d) |
Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
(e) |
Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
D I R E C T O R A N D O F F I C E R I N F O R M A T I O N |
129 |
Officers Who Are Not Directors (a) | ||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past Five Years | ||
Jonathan Diorio 1980 |
Vice President (Since 2015) |
Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. | ||
Trent Walker 1974 |
Chief Financial Officer (Since 2021) |
Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Jay M. Fife 1970 |
Treasurer (Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||
Charles Park 1967 |
Chief Compliance Officer (Since 2014) |
Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares ® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. | ||
Janey Ahn 1975 |
Secretary (Since 2012) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |
(a) |
The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. |
(b) |
Officers of the Fund serve at the pleasure of the Board. |
130 |
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Cynthia L. Egan | Robert Fairbairn | Stayce D. Harris | ||||||||||||||||||||||
Fund Name |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
||||||||||||||||||
MYD |
24,489,532 | 15,375,539 | 24,866,219 | 14,998,852 | 24,644,568 | 15,220,503 | ||||||||||||||||||
MQY |
36,926,804 | 25,738,978 | 37,353,740 | 25,312,042 | 37,355,969 | 25,309,813 | ||||||||||||||||||
BTA |
9,671,475 | 742,159 | 9,763,752 | 649,882 | 9,653,079 | 760,555 | ||||||||||||||||||
MUI |
27,366,550 | 38,831,056 | 27,487,551 | 38,710,055 | 27,651,840 | 38,545,766 | ||||||||||||||||||
MUA |
26,473,999 | 7,792,650 | 26,479,761 | 7,786,888 | 26,573,403 | 7,693,247 |
A D D I T I O N A L I N F O R M A T I O N |
131 |
132 |
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A D D I T I O N A L I N F O R M A T I O N |
133 |
Portfolio Abbreviation | ||
AGC | Assured Guaranty Corp. | |
AGC-ICC |
Assured Guaranty Corp. – Insured Custody Certificate | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
BAM-TCRS |
Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
BHAC-CR |
Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
CR | Custodian Receipt | |
FGIC | Financial Guaranty Insurance Co. | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
NPFGC-IBC |
National Public Finance Guarantee Corp. — Insured Bond Certificate | |
PSF | Permanent School Fund | |
PSF-GTD |
Permanent School Fund Guaranteed | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
ST | Special Tax | |
TA | Tax Allocation |
134 |
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|
(b) Not Applicable
Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees |
(b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name |
Current |
Previous Fiscal Year End |
Current Fiscal Year End3 |
Previous Fiscal Year End |
Current Fiscal Year End3 |
Previous Fiscal Year End |
Current Fiscal Year End3 |
Previous Fiscal Year End | ||||||||
BlackRock MuniAssets Fund, Inc. | $27,448 | $30,498 | $0 | $2,000 | $6,250 | $14,000 | $218 | $420 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End3 |
Previous Fiscal Year End |
2
(b) Audit-Related Fees1 |
$0 | $0 | ||
(c) Tax Fees2 |
$0 | $0 | ||
(d) All Other Fees4 |
$2,098,000 | $2,032,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3The registrant changed its fiscal year end from April 30 to July 31 effective July 31, 2022 whereby this fiscal year consists of the three months ended July 31, 2022.
4Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,”
3
“Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name |
Current Fiscal Year End1 |
Previous Fiscal Year End |
||||
BlackRock MuniAssets Fund, Inc. | $6,468 | $16,420 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End1 |
Previous Fiscal Year End | |
$2,098,000 |
$2,032,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
1The registrant changed its fiscal year end from April 30 to July 31 effective July 31, 2022 whereby this fiscal year consists of the three months ended July 31, 2022.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – | Audit Committee of Listed Registrant |
(a) | The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): |
Frank J. Fabozzi
Lorenzo A. Flores
J. Phillip Holloman
Catherine A. Lynch
(b) | Not Applicable |
Item 6 – | Investments |
4
(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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov. |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The registrant is managed by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, Walter O’Connor, CFA, Managing Director at BlackRock, Kevin Maloney, CFA, Director at BlackRock, and Phillip Soccio, CFA, Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and the selection of its investments. Messrs. Jaeckel, O’Connor, Maloney and Soccio have been members of the registrant’s portfolio management team since 2006, 2006, 2022 and 2022, respectively. On or about March 1, 2023, Mr. Jaeckel will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the registrant.
Portfolio Manager
|
Biography
| |
Theodore R. Jaeckel, Jr., CFA1 | Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of |
5
MLIM from 1997 to 2005.
| ||
Walter O’Connor, CFA | Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003. | |
Kevin Maloney, CFA | Director of BlackRock since 2021; Vice President of BlackRock from 2018 to 2020; Associate of BlackRock from 2014 to 2017; Analyst of BlackRock from 2011 to 2013. | |
Phillip Soccio, CFA | Director of BlackRock since 2009; Vice President of BlackRock from 2005 to 2008. |
1 On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the registrant.
(a)(2) As of July 31, 2022:
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||||
Theodore R. Jaeckel, Jr., CFA1 | 20 | 0 | 0 | 0 | 0 | 0 | ||||||
$22.73 Billion |
$0 | $0 | $0 | $0 | $0 | |||||||
Walter O’Connor, CFA | 19 | 0 | 0 | 0 | 0 | 0 | ||||||
$27.10 Billion |
$0 | $0 | $0 | $0 | $0 | |||||||
Kevin Maloney, CFA | 8 |
0 | 0 | 0 | 0 | 0 | ||||||
$4.86 Billion |
$0 | $0 | $0 | $0 | $0 | |||||||
Phillip Soccio, CFA | 11 |
0 | 0 | 0 | 0 | 0 | ||||||
$5.66 Billion |
$0 | $0 | $0 | $0 | $0 |
1 On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the registrant.
(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on
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such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of July 31, 2022:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of July 31, 2022.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain customized indices and certain fund industry peer groups.
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Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($305,000 for 2022). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of July 31, 2022:
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Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned | |
Theodore R. Jaeckel, Jr., CFA1 | $50,001 - $100,000 | |
Walter O’Connor, CFA | None | |
Kevin Maloney, CFA | None | |
Phillip Soccio, CFA | None |
1 On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the registrant.
(b) Not Applicable
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(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
(c) Consent of Independent Registered Public Accounting Firm
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniAssets Fund, Inc.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: September 23, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: September 23, 2022
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock MuniAssets Fund, Inc. |
Date: September 23, 2022
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