![]() | JANUARY 31, 2023 |
2023 Semi-Annual Report (Unaudited) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
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Total Returns as of January 31, 2023 | ||||||||
6‑Month | 12‑Month | |||||||
U.S. large cap equities (S&P 500® Index) | (0.44)% | (8.22)% | ||||||
U.S. small cap equities (Russell 2000® Index) | 3.25 | (3.38) | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | 9.52 | (2.83) | ||||||
Emerging market equities (MSCI Emerging Markets Index) | 4.92 | (12.12) | ||||||
3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index) | 1.58 | 1.79 | ||||||
U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index) | (5.60) | (11.62) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.37) | (8.36) | ||||||
Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.73 | (3.25) | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 1.46 | (5.22) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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During the 12 months ended January 31, 2023, municipal bond funds experienced net outflows totaling $141 billion (based on data from the Investment Company Institute), marking the largest outflow cycle on record. As a result, elevated bid‑wanted activity weighed on the market as investors raised cash to meet redemptions. At the same time, the market absorbed $347 billion in issuance, below the $453 billion issued during the prior 12‑months. New issue oversubscriptions waned as sentiment turned less constructive. | Bloomberg Municipal Bond Index Total Returns as of January 31, 2023 6 months: 0.73% 12 months: (3.25)% | |
![]() | From January 31, 2022, to January 31, 2023, yields on AAA‑rated 30‑year municipal bonds increased by 125 basis points (“bps”) from 1.95% to 3.20%, while ten‑year rates increased by 64 bps from 1.55% to 2.19% and five-year rates increased by 83 bps from 1.22% to 2.05% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12‑month period with the spread between two‑ and 30‑year maturities flattening by 2 bps. However, the curve remained relatively steep compared to the deeply inverted U.S. Treasury curve, which flattened by 150 bps. The selloff experienced in early 2022 helped restore value to the asset class before outperformance in the latter half of the year stretched valuations across the curve. Municipal‑to‑Treasury ratios now sit below their 5‑year averages, most notably in the front end of the curve. |
4 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | 5 |
Fund Summary as of January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Symbol on New York Stock Exchange | BKN | |
Initial Offering Date | February 28, 1993 | |
Yield on Closing Market Price as of January 31, 2023 ($12.34)(a) | 4.33% | |
Tax Equivalent Yield(b) | 7.31% | |
Current Monthly Distribution per Common Share(c) | $0.0445 | |
Current Annualized Distribution per Common Share(c) | $0.5340 | |
Leverage as of January 31, 2023(d) | 37% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0395 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $12.34 | $14.61 | (15.54 | )% | $16.19 | $10.86 | ||||||||||||||
Net Asset Value | 13.45 | 13.86 | (2.96 | ) | 14.01 | 11.69 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV(a)(b) | (0.33 | )% | (9.37 | )% | 2.09 | % | 3.79 | % | ||||||||
Fund at Market Price(a)(b) | (13.25 | ) | (18.11 | ) | 2.53 | 2.73 | ||||||||||
National Customized Reference Benchmark(c) | 0.57 | (3.59 | ) | 2.24 | N/A | |||||||||||
Bloomberg Municipal Bond Index(d) | 0.73 | (3.25 | ) | 2.07 | 2.38 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) | The Fund moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non‑Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax‑exempt bond market, including state and local general obligation bonds, revenue bonds, pre‑refunded bonds, and insured bonds. |
6 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2023 (continued) | BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Sector(a)(b) | 01/31/23 | |
County/City/Special District/School District | 23.4% | |
Transportation | 18.3 | |
Health | 10.6 | |
Utilities | 10.3 | |
State | 10.0 | |
Education | 9.4 | |
Corporate | 7.0 | |
Housing | 6.0 | |
Tobacco | 5.0 | |
Other* | —(c) |
Calendar Year Ended December 31,(a)(d) | Percentage | |
2023 | 13.8% | |
2024 | 9.5 | |
2025 | 5.2 | |
2026 | 4.1 | |
2027 | 14.5 |
Credit Rating(a)(e) | 01/31/23 | |
AAA/Aaa | 4.9% | |
AA/Aa | 36.3 | |
A | 33.8 | |
BBB/Baa | 12.3 | |
BB/Ba | 3.2 | |
B | 1.4 | |
N/R(f) | 8.1 |
(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) | Rounds to less than 0.1% of total investments. |
(d) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(e) | 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. |
(f) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.4% of the Fund’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
F U N D S U M M A R Y | 7 |
Fund Summary as of January 31, 2023 | BlackRock Municipal Income Trust (BFK) |
Symbol on New York Stock Exchange | BFK | |
Initial Offering Date | July 31, 2001 | |
Yield on Closing Market Price as of January 31, 2023 ($10.60)(a) | 4.13% | |
Tax Equivalent Yield(b) | 6.98% | |
Current Monthly Distribution per Common Share(c) | $0.0365 | |
Current Annualized Distribution per Common Share(c) | $0.4380 | |
Leverage as of January 31, 2023(d) | 38% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0305 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 10.60 | $ | 11.25 | (5.78 | )% | $ | 11.50 | $ | 9.06 | ||||||||||
Net Asset Value | 11.82 | 12.18 | (2.96 | ) | 12.28 | 10.23 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV(a)(b) | (0.63 | )% | (10.72 | )% | 1.25 | % | 3.00 | % | ||||||||
Fund at Market Price(a)(b) | (3.52 | ) | (19.42 | ) | 0.23 | 1.61 | ||||||||||
National Customized Reference Benchmark(c) | 0.57 | (3.59 | ) | 2.24 | N/A | |||||||||||
Bloomberg Municipal Bond Index(d) | 0.73 | (3.25 | ) | 2.07 | 2.38 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non‑Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax‑exempt bond market, including state and local general obligation bonds, revenue bonds, pre‑refunded bonds, and insured bonds. |
8 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2023 (continued) | BlackRock Municipal Income Trust (BFK) |
Sector(a)(b) | 01/31/23 | |
Transportation | 19.8% | |
State | 16.0 | |
Health | 15.6 | |
Utilities | 11.3 | |
County/City/Special District/School District | 9.7 | |
Tobacco | 7.9 | |
Corporate | 7.9 | |
Housing | 5.7 | |
Education | 5.7 | |
Other* | 0.4 |
Calendar Year Ended December 31,(a)(c) | Percentage | |
2023 | 11.0% | |
2024 | 8.0 | |
2025 | 6.7 | |
2026 | 5.2 | |
2027 | 6.1 |
Credit Rating(a)(d) | 01/31/23 | |
AAA/Aaa | 3.3% | |
AA/Aa | 36.2 | |
A | 34.1 | |
BBB/Baa | 12.5 | |
BB/Ba | 4.0 | |
B | 1.0 | |
N/R(e) | 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) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
F U N D S U M M A R Y | 9 |
Fund Summary as of January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) |
Symbol on New York Stock Exchange | MHD | |
Initial Offering Date | May 2, 1997 | |
Yield on Closing Market Price as of January 31, 2023 ($12.40)(a) | 3.97% | |
Tax Equivalent Yield(b) | 6.71% | |
Current Monthly Distribution per Common Share(c) | $0.0410 | |
Current Annualized Distribution per Common Share(c) | $0.4920 | |
Leverage as of January 31, 2023(d) | 37% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0355 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 12.40 | $ | 13.32 | (6.91 | )% | $ | 13.67 | $ | 10.73 | ||||||||||
Net Asset Value | 13.83 | 14.35 | (3.62 | ) | 14.47 | 12.09 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV(a)(b) | (1.16 | )% | (10.91 | )% | 1.14 | % | 2.92 | % | ||||||||
Fund at Market Price(a)(b) | (4.53 | ) | (14.08 | ) | 0.19 | 1.12 | �� | |||||||||
National Customized Reference Benchmark(c) | 0.57 | (3.59 | ) | 2.24 | N/A | |||||||||||
Bloomberg Municipal Bond Index(d) | 0.73 | (3.25 | ) | 2.07 | 2.38 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non‑Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax‑exempt bond market, including state and local general obligation bonds, revenue bonds, pre‑refunded bonds, and insured bonds. |
10 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2023 (continued) | BlackRock MuniHoldings Fund, Inc. (MHD) |
Sector(a)(b) | 01/31/23 | |
Transportation | 20.8% | |
Health | 15.6 | |
County/City/Special District/School District | 14.5 | |
State | 13.1 | |
Utilities | 9.5 | |
Housing | 8.0 | |
Education | 8.0 | |
Corporate | 6.3 | |
Tobacco | 4.0 | |
Other* | 0.2 |
Calendar Year Ended December 31,(a)(c) | Percentage | |
2023 | 13.3% | |
2024 | 5.3 | |
2025 | 6.5 | |
2026 | 4.8 | |
2027 | 10.1 |
Credit Rating(a)(d) | 01/31/23 | |
AAA/Aaa | 3.5% | |
AA/Aa | 41.2 | |
A | 31.8 | |
BBB/Baa | 9.2 | |
BB/Ba | 3.1 | |
B | 1.1 | |
N/R(e) | 10.1 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub‑classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub‑classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
F U N D S U M M A R Y | 11 |
Fund Summary as of January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) |
Symbol on New York Stock Exchange | MVT | |
Initial Offering Date | March 29, 1993 | |
Yield on Closing Market Price as of January 31, 2023 ($11.16)(a) | 3.82% | |
Tax Equivalent Yield(b) | 6.45% | |
Current Monthly Distribution per Common Share(c) | $0.0355 | |
Current Annualized Distribution per Common Share(c) | $0.4260 | |
Leverage as of January 31, 2023(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 monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0315 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 11.16 | $ | 12.04 | (7.31 | )% | $ | 12.19 | $ | 9.54 | ||||||||||
Net Asset Value | 12.52 | 12.91 | (3.02 | ) | 13.01 | 10.77 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV(a)(b) | (0.68 | )% | (10.97 | )% | 1.36 | % | 2.85 | % | ||||||||
Fund at Market Price(a)(b) | (5.07 | ) | (16.93 | ) | (0.90 | ) | 0.86 | |||||||||
National Customized Reference Benchmark(c) | 0.57 | (3.59 | ) | 2.24 | N/A | |||||||||||
Bloomberg Municipal Bond Index(d) | 0.73 | (3.25 | ) | 2.07 | 2.38 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non‑Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax‑exempt bond market, including state and local general obligation bonds, revenue bonds, pre‑refunded bonds, and insured bonds. |
12 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2023 (continued) | BlackRock MuniVest Fund II, Inc. (MVT) |
Sector(a)(b) | 01/31/23 | |
Health | 19.4% | |
Transportation | 19.2 | |
State | 15.1 | |
Utilities | 9.2 | |
Corporate | 8.9 | |
County/City/Special District/School District | 8.5 | |
Education | 8.0 | |
Housing | 6.1 | |
Tobacco | 5.2 | |
Other* | 0.4 |
Calendar Year Ended December 31,(a)(c) | Percentage | |
2023 | 8.6% | |
2024 | 6.2 | |
2025 | 7.7 | |
2026 | 5.8 | |
2027 | 7.0 |
Credit Rating(a)(d) | 01/31/23 | |
AAA/Aaa | 3.6% | |
AA/Aa | 37.2 | |
A | 33.7 | |
BBB/Baa | 10.7 | |
BB/Ba | 3.0 | |
B | 1.9 | |
N/R(e) | 9.9 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub‑classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub‑classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
F U N D S U M M A R Y | 13 |
Fund Summary as of January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Symbol on New York Stock Exchange | MQT | |
Initial Offering Date | August 28, 1992 | |
Yield on Closing Market Price as of January 31, 2023 ($10.84)(a) | 4.15% | |
Tax Equivalent Yield(b) | 7.01% | |
Current Monthly Distribution per Common Share(c) | $0.0375 | |
Current Annualized Distribution per Common Share(c) | $0.4500 | |
Leverage as of January 31, 2023(d) | 35% |
(a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
(c) | The monthly distribution per Common Share, declared on March 1, 2023, was decreased to $0.0350 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
(d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
01/31/23 | 07/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 10.84 | $ | 11.94 | (9.21 | )% | $ | 12.82 | $ | 9.38 | ||||||||||
Net Asset Value | 11.93 | 12.30 | (3.01 | ) | 12.39 | 10.44 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Fund at NAV(a)(b) | (0.49 | )% | (8.54 | )% | 2.05 | % | 3.37 | % | ||||||||
Fund at Market Price(a)(b) | (6.85 | ) | (11.69 | ) | 2.20 | 2.25 | ||||||||||
National Customized Reference Benchmark(c) | 0.57 | (3.59 | ) | 2.24 | N/A | |||||||||||
Bloomberg Municipal Bond Index(d) | 0.73 | (3.25 | ) | 2.07 | 2.38 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage. |
(b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non‑Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
(d) | An unmanaged index that tracks the U.S. long term tax‑exempt bond market, including state and local general obligation bonds, revenue bonds, pre‑refunded bonds, and insured bonds. |
14 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of January 31, 2023 (continued) | BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Sector(a)(b) | 01/31/23 | |
Transportation | 32.4% | |
County/City/Special District/School District | 15.1 | |
Health | 14.0 | |
State | 9.8 | |
Utilities | 8.0 | |
Education | 6.6 | |
Housing | 6.0 | |
Corporate | 5.2 | |
Tobacco | 2.9 |
Calendar Year Ended December 31,(a)(c) | Percentage | |
2023 | 8.7% | |
2024 | 9.6 | |
2025 | 8.7 | |
2026 | 7.8 | |
2027 | 11.2 |
Credit Rating(a)(d) | 01/31/23 | |
AAA/Aaa | 4.7% | |
AA/Aa | 36.4 | |
A | 34.9 | |
BBB/Baa | 8.2 | |
BB/Ba | 2.3 | |
B | 0.2 | |
N/R(e) | 13.3 |
(a) | Excludes short-term securities. |
(b) | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub‑classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub‑classifications for reporting ease. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.4% of the Fund’s total investments. |
F U N D S U M M A R Y | 15 |
Schedule of Investments (unaudited) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama(a) — 1.7% | ||||||||
Black Belt Energy Gas District, RB | ||||||||
4.00%, 10/01/52 | $ | 1,195 | $ | 1,193,577 | ||||
Series C‑1, 5.25%, 02/01/53 | 1,160 | 1,244,186 | ||||||
Series F, 5.50%, 11/01/53 | 735 | 788,001 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A‑1, 5.50%, 01/01/53 | 670 | 732,415 | ||||||
3,958,179 | ||||||||
Arizona — 4.0% | ||||||||
Arizona Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 5.50%, 07/01/52 | 215 | 217,447 | ||||||
Series G, 5.00%, 07/01/47 | 430 | 412,888 | ||||||
City of Phoenix Civic Improvement Corp., RB | ||||||||
Series B, AMT, 5.00%, 07/01/44 | 910 | 946,384 | ||||||
Series B, AMT, Junior Lien, 5.00%, 07/01/49 | 1,405 | 1,445,086 | ||||||
Salt Verde Financial Corp., RB 5.00%, 12/01/32 | 1,095 | 1,187,694 | ||||||
5.00%, 12/01/37 | 4,885 | 5,185,882 | ||||||
9,395,381 | ||||||||
Arkansas — 2.0% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b) | 1,450 | 1,306,537 | ||||||
City of Benton Arkansas, RB, (AGM), 4.00%, 06/01/39 | 755 | 757,952 | ||||||
City of Little Rock Arkansas, RB, 4.00%, 07/01/41 | 2,645 | 2,646,243 | ||||||
4,710,732 | ||||||||
California — 17.1% | ||||||||
ABC Unified School District, GO, Series C, (NPFGC), 0.00%, 08/01/33(c) | 3,420 | 2,560,058 | ||||||
California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36 | 732 | 678,267 | ||||||
Series 2021‑1, Class A, 3.50%, 11/20/35 | 715 | 688,101 | ||||||
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 4.00%, 11/01/45 | 3,330 | 3,336,683 | ||||||
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34(d) | 1,500 | 1,563,239 | ||||||
City of Los Angeles Department of Airports, Refunding RB, Series D, AMT, Subordinate, 4.00%, 05/15/51 | 1,940 | 1,760,554 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 205 | 150,775 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) 4.00%, 10/01/56 | 105 | 90,263 | ||||||
4.00%, 12/01/56 | 200 | 148,284 | ||||||
Series A, 4.00%, 06/01/58 | 570 | 477,878 | ||||||
Senior Lien, 3.13%, 06/01/57 | 445 | 312,225 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 295 | 229,163 | ||||||
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(d) | 2,475 | 2,980,390 | ||||||
Los Angeles Unified School District, GO, Series B‑1, Election 2008, 5.25%, 07/01/42 | 1,450 | 1,596,695 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, (BAM), 4.00%, 03/01/42 | 2,460 | 2,463,001 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Norwalk‑La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c) | $ | 12,000 | $ | 6,496,932 | ||||
Palomar Community College District, GO | ||||||||
Series B, Convertible, 0.00%, 08/01/39(d) | 4,000 | 4,350,064 | ||||||
Series B, Election 2006, 0.00%, 08/01/30(c) | 2,270 | 1,868,909 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 1,305 | 1,299,309 | ||||||
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27(d)(e) | 4,200 | 4,915,441 | ||||||
State of California, Refunding GO 5.00%, 02/01/38 | 2,000 | 2,000,000 | ||||||
4.00%, 10/01/44 | 510 | 514,643 | ||||||
40,480,874 | ||||||||
Colorado — 1.1% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 725 | 803,251 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b) | 970 | 885,324 | ||||||
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 | 950 | 1,037,347 | ||||||
2,725,922 | ||||||||
Florida — 12.9% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 | 2,725 | 2,908,262 | ||||||
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(b) | 100 | 85,896 | ||||||
City of Tampa Florida, RB, CAB(c) | ||||||||
Series A, 0.00%, 09/01/49 | 465 | 127,683 | ||||||
Series A, 0.00%, 09/01/53 | 500 | 115,158 | ||||||
County of Broward Florida Airport System Revenue, RB, Series A, AMT, 4.00%, 10/01/49 | 770 | 716,124 | ||||||
County of Miami-Dade Florida, RB(c) 0.00%, 10/01/32 | 5,000 | 3,589,740 | ||||||
0.00%, 10/01/33 | 15,375 | 10,504,108 | ||||||
County of Miami-Dade Seaport Department, RB, Series B, AMT, 6.00%, 10/01/23(e) | 3,000 | 3,055,431 | ||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||
Series A, AMT, 5.00%, 10/01/42(f) | 325 | 345,522 | ||||||
Series A, AMT, 5.25%, 10/01/52(f) | 255 | 272,364 | ||||||
Series A‑1, AMT, (AGM), 4.00%, 10/01/45 | 695 | 671,009 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) | ||||||||
Series A‑2, 0.00%, 10/01/41 | 445 | 163,930 | ||||||
Series A‑2, 0.00%, 10/01/42 | 595 | 205,832 | ||||||
Series A‑2, 0.00%, 10/01/43 | 540 | 175,087 | ||||||
Series A‑2, 0.00%, 10/01/44 | 550 | 172,310 | ||||||
Series A‑2, 0.00%, 10/01/45 | 465 | 132,077 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 5.00%, 08/15/38 | 1,200 | 1,254,977 | ||||||
Florida Development Finance Corp., RB, 6.50%, 06/30/57(b) | 300 | 302,151 | ||||||
Greater Orlando Aviation Authority, RB | ||||||||
Series A, AMT, 4.00%, 10/01/52 | 775 | 741,413 | ||||||
Sub‑Series A, AMT, 5.00%, 10/01/47 | 1,130 | 1,176,769 |
16 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | $ | 1,590 | $ | 1,505,932 | ||||
Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42 | 125 | 126,653 | ||||||
Pinellas County School Board, COP, Series A, 5.00%, 07/01/41 | 2,120 | 2,284,669 | ||||||
30,633,097 | ||||||||
Georgia — 2.1% | ||||||||
Development Authority for Fulton County, RB, 4.00%, 07/01/49 | 145 | 138,171 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 175 | 163,154 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 | 780 | 743,682 | ||||||
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54 | 245 | 202,939 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 | 330 | 326,979 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/43 | 525 | 533,705 | ||||||
Series A, 5.00%, 06/01/53(a)(f) | 1,820 | 1,932,886 | ||||||
Municipal Electric Authority of Georgia, RB 5.00%, 01/01/56 | 565 | 576,090 | ||||||
Class A, 5.50%, 07/01/63 | 310 | 322,812 | ||||||
4,940,418 | ||||||||
Hawaii — 1.5% | ||||||||
State of Hawaii Airports System Revenue, RB, Series A, AMT, 5.00%, 07/01/48 | 925 | 954,052 | ||||||
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 | 2,770 | 2,686,856 | ||||||
3,640,908 | ||||||||
Idaho — 1.3% | ||||||||
Idaho Health Facilities Authority, RB, Series A, 5.00%, 03/01/39 | 3,000 | 3,027,471 | ||||||
Illinois — 7.2% | ||||||||
Chicago Board of Education, GO | ||||||||
Series C, 5.25%, 12/01/35 | 1,235 | 1,251,859 | ||||||
Series D, 5.00%, 12/01/46 | 1,635 | 1,624,517 | ||||||
Series H, 5.00%, 12/01/36 | 375 | 381,308 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 550 | 563,847 | ||||||
Series C, 5.00%, 12/01/34 | 370 | 380,834 | ||||||
Series D, 5.00%, 12/01/26 | 675 | 697,822 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 1,900 | 1,910,606 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29 | 2,400 | 2,402,006 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 620 | 652,760 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45 | 945 | 957,342 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 | 100 | 102,290 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 590 | 592,932 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 455 | 405,542 | ||||||
State of Illinois, GO 5.00%, 02/01/39 | 1,000 | 1,007,594 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO (continued) 5.50%, 05/01/39 | $ | 1,610 | $ | 1,753,406 | ||||
Series A, 5.00%, 04/01/38 | 200 | 200,635 | ||||||
Series D, 5.00%, 11/01/27 | 1,585 | 1,709,343 | ||||||
Upper Illinois River Valley Development Authority, Refunding RB, 5.00%, 01/01/55(b) | 610 | 530,431 | ||||||
17,125,074 | ||||||||
Iowa — 0.7% | ||||||||
PEFA, Inc., RB, 5.00%, 09/01/49(a) | 1,500 | 1,558,034 | ||||||
Kentucky — 5.8% | ||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b) | 135 | 128,965 | ||||||
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 | 2,000 | 2,108,794 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/23(c) | 8,500 | 8,336,715 | ||||||
Kentucky Public Energy Authority, RB, Series A‑1, 4.00%, 08/01/52(a) | 470 | 469,490 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) | ||||||||
Series C, Convertible, 6.61%, 07/01/34 | 1,000 | 1,186,663 | ||||||
Series C, Convertible, 6.60%, 07/01/39 | 1,395 | 1,605,598 | ||||||
13,836,225 | ||||||||
Louisiana — 0.8% | ||||||||
City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24(e) | 1,790 | 1,840,659 | ||||||
Maryland — 1.8% | ||||||||
Anne Arundel County Consolidated Special Taxing District, ST | ||||||||
5.13%, 07/01/36 | 260 | 262,822 | ||||||
5.25%, 07/01/44 | 260 | 261,114 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/55 | 705 | 727,270 | ||||||
Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/42 | 2,750 | 2,950,745 | ||||||
4,201,951 | ||||||||
Massachusetts — 3.8% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46 | 3,025 | 3,243,290 | ||||||
Massachusetts Development Finance Agency, RB | ||||||||
Series A, 5.25%, 01/01/42 | 900 | 930,219 | ||||||
Series A, 5.00%, 01/01/47 | 1,010 | 1,024,660 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
4.00%, 07/01/39 | 1,375 | 1,320,000 | ||||||
5.00%, 04/15/40 | 600 | 603,581 | ||||||
Series A, 4.00%, 06/01/29(e) | 235 | 260,852 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing | ||||||||
Series A, 3.85%, 06/01/46 | 35 | 31,194 | ||||||
Series C‑1, 2.90%, 12/01/39 | 365 | 303,930 | ||||||
Series D‑1, 2.55%, 12/01/50 | 440 | 316,615 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series 182, AMT, 3.30%, 12/01/28 | 1,000 | 1,003,606 | ||||||
9,037,947 | ||||||||
Michigan — 4.5% | ||||||||
Michigan Finance Authority, RB 4.00%, 02/15/47 | 2,760 | 2,646,973 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
Michigan Finance Authority, RB (continued) 4.00%, 02/15/50 | $ | 550 | $ | 521,411 | ||||
Series A, 4.00%, 11/15/50 | 295 | 280,233 | ||||||
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46 | 900 | 864,005 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A‑1, 3.35%, 10/01/49 | 3,245 | 2,600,189 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing | ||||||||
Series B, 2.95%, 12/01/39 | 375 | 327,409 | ||||||
Series D, 5.10%, 12/01/37 | 1,560 | 1,680,524 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1,705 | 1,728,532 | ||||||
10,649,276 | ||||||||
Minnesota — 3.9% | ||||||||
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 | 700 | 661,901 | ||||||
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 | 1,760 | 1,707,772 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b) | 305 | 299,070 | ||||||
Minneapolis‑St. Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 . | 460 | 474,437 | ||||||
Minnesota Higher Education Facilities Authority, RB | ||||||||
Series 8‑K, 4.00%, 03/01/43 | 615 | 582,484 | ||||||
Series A, 5.00%, 10/01/47 | 390 | 418,041 | ||||||
State of Minnesota, RB, Series A, 5.00%, 06/01/38 | 5,000 | 5,046,710 | ||||||
9,190,415 | ||||||||
Missouri — 2.6% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB | ||||||||
4.13%, 02/15/43 | 700 | 700,083 | ||||||
Series A, 5.00%, 10/01/23(e) | 750 | 761,248 | ||||||
Series A, 5.00%, 06/01/42 | 860 | 904,686 | ||||||
Series A, 5.00%, 06/01/47 | 1,230 | 1,284,164 | ||||||
Series C‑2, 5.00%, 10/01/34 | 1,500 | 1,525,420 | ||||||
Kansas City Industrial Development Authority, RB, Series B, AMT, 5.00%, 03/01/39 | 575 | 615,327 | ||||||
Missouri Housing Development Commission, RB, S/F | ||||||||
Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46 | 600 | 458,748 | ||||||
6,249,676 | ||||||||
Nebraska — 0.3% | ||||||||
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 | 600 | 613,564 | ||||||
Nevada — 1.8% | ||||||||
County of Clark Department of Aviation, Refunding RB, Series A‑2, Sub Lien, 4.25%, 07/01/36 | 1,500 | 1,528,797 | ||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38 | 2,310 | 2,508,357 | ||||||
State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37(b) | 125 | 123,551 | ||||||
4,160,705 |
Security | Par (000) | Value | ||||||
New Hampshire(b) — 0.3% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | $ | 505 | $ | 480,184 | ||||
Series C, AMT, 4.88%, 11/01/42 | 220 | 204,116 | ||||||
684,300 | ||||||||
New Jersey — 7.2% | ||||||||
Camden County Improvement Authority, RB, 6.00%, 06/15/62 | 165 | 173,644 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(g)(h) | 1,510 | 15,508 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series DDD, 5.00%, 06/15/42 | 160 | 166,133 | ||||||
AMT, (AGM), 5.13%, 07/01/42 | 300 | 304,350 | ||||||
Series B, AMT, 5.63%, 11/15/30 | 990 | 1,002,466 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 3.25%, 12/01/39 | 1,565 | 1,493,952 | ||||||
Series B, Class B, AMT, 4.00%, 12/01/41 | 765 | 771,376 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.00%, 06/15/38 | 290 | 294,466 | ||||||
Series AA, 4.00%, 06/15/40 | 820 | 816,312 | ||||||
Series AA, 5.00%, 06/15/45 | 1,350 | 1,376,171 | ||||||
Series AA, 5.00%, 06/15/46 | 600 | 611,317 | ||||||
Series AA, 5.00%, 06/15/50 | 640 | 672,670 | ||||||
Series BB, 4.00%, 06/15/50 | 1,200 | 1,137,395 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) | 1,600 | 928,035 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 | 240 | 256,995 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/42 | 790 | 800,131 | ||||||
Series A, 4.00%, 01/01/48 | 790 | 782,828 | ||||||
Series E, 5.00%, 01/01/45 | 820 | 842,981 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Sub‑Series B, 5.00%, 06/01/46 | 4,570 | 4,622,880 | ||||||
17,069,610 | ||||||||
New York — 14.5% | ||||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 1,825 | 1,825,060 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series B, 5.00%, 11/15/29 | 765 | 811,624 | ||||||
Series C‑1, 4.75%, 11/15/45 | 1,700 | 1,697,435 | ||||||
Series C‑1, 5.00%, 11/15/50 | 550 | 558,011 | ||||||
Series C‑1, 5.25%, 11/15/55 | 810 | 835,075 | ||||||
Series C‑1, 5.00%, 11/15/56 | 320 | 323,672 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series I‑1, (FHA), 2.55%, 11/01/45 | 900 | 657,291 | ||||||
New York City Municipal Water Finance Authority, RB, Series GG, 4.00%, 06/15/50 | 4,500 | 4,405,167 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series BB, 4.00%, 06/15/47 | 6,000 | 6,000,150 | ||||||
Series CC, 5.00%, 06/15/47 | 2,120 | 2,133,818 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S‑1, Subordinate, (SAW), 4.00%, 07/15/42 | 1,570 | 1,570,247 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F‑1, Subordinate, 5.00%, 02/01/44 | 215 | 241,171 |
18 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | $ | 1,400 | $ | 1,400,302 | ||||
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51 | 1,000 | 818,211 | ||||||
New York Liberty Development Corp., Refunding RB Class 2, 5.15%, 11/15/34(b) | 640 | 641,554 | ||||||
Series A, 2.88%, 11/15/46 | 3,450 | 2,617,215 | ||||||
New York Power Authority, Refunding RB | ||||||||
Series A, 4.00%, 11/15/50 | 1,810 | 1,784,817 | ||||||
Series A, 4.00%, 11/15/55 | 350 | 341,729 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/41 | 800 | 806,781 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 945 | 985,234 | ||||||
AMT, 5.00%, 12/01/36 | 400 | 429,007 | ||||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 | 1,395 | 1,302,459 | ||||||
Port Authority of New York & New Jersey, Refunding RB 186th Series, AMT, 5.00%, 10/15/36 | 250 | 258,832 | ||||||
Series 197, AMT, 5.00%, 11/15/35 | 220 | 234,317 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 | 730 | 541,011 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub‑Series C, 5.13%, 06/01/51 | 1,160 | 1,172,291 | ||||||
34,392,481 | ||||||||
North Carolina — 0.3% | ||||||||
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51 | 190 | 182,567 | ||||||
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52 | 630 | 606,767 | ||||||
789,334 | ||||||||
Ohio — 2.6% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B‑2, 5.00%, 06/01/55 | 3,090 | 2,947,613 | ||||||
City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32 | 3,000 | 3,000,747 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 250 | 229,117 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 | 20 | 20,921 | ||||||
6,198,398 | ||||||||
Oklahoma — 0.9% | ||||||||
Oklahoma City Public Property Authority, Refunding RB 5.00%, 10/01/36 | 800 | 848,098 | ||||||
5.00%, 10/01/39 | 280 | 293,576 | ||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 680 | 634,690 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 420 | 423,434 | ||||||
2,199,798 | ||||||||
Oregon — 1.4% | ||||||||
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37 | 575 | 580,254 |
Security | Par (000) | Value | ||||||
Oregon (continued) | ||||||||
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52 | $ | 260 | $ | 249,357 | ||||
Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45 | 2,485 | 2,538,830 | ||||||
3,368,441 | ||||||||
Pennsylvania — 9.4% | ||||||||
Allegheny County Airport Authority, RB, Series A, AMT, 5.00%, 01/01/51 | 875 | 904,749 | ||||||
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 | 2,785 | 2,806,790 | ||||||
Delaware River Port Authority, RB, 4.50%, 01/01/24(e) | 2,000 | 2,033,026 | ||||||
Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31(c)(i) | 500 | 384,574 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57 | 1,200 | 1,250,828 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
AMT, 5.00%, 12/31/38 | 1,610 | 1,625,886 | ||||||
AMT, 5.50%, 06/30/41 | 810 | 890,853 | ||||||
AMT, 5.75%, 06/30/48 | 700 | 775,239 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 810 | 812,933 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 | 155 | 119,059 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series C, 5.00%, 12/01/39 | 850 | 877,084 | ||||||
Sub‑Series A‑1, Subordinate, 5.00%, 12/01/41 | 2,735 | 2,819,107 | ||||||
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45 | 2,000 | 2,061,218 | ||||||
School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37 | 800 | 838,603 | ||||||
State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34 | 3,825 | 4,040,275 | ||||||
22,240,224 | ||||||||
Puerto Rico — 4.3% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A‑1, Restructured, 4.75%, 07/01/53 | 1,593 | 1,517,332 | ||||||
Series A‑1, Restructured, 5.00%, 07/01/58 | 5,324 | 5,245,471 | ||||||
Series A‑2, Restructured, 4.78%, 07/01/58 | 1,459 | 1,388,799 | ||||||
Series A‑2, Restructured, 4.33%, 07/01/40 | 861 | 823,359 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(c) | 4,770 | 1,324,572 | ||||||
10,299,533 | ||||||||
Rhode Island — 3.6% | ||||||||
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM, GTD), 3.75%, 05/15/32 | 1,845 | 1,906,234 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 1,205 | 1,186,181 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/40 | 1,000 | 1,008,797 | ||||||
Series B, 4.50%, 06/01/45 | 2,365 | 2,369,645 | ||||||
Series B, 5.00%, 06/01/50 | 2,000 | 2,010,804 | ||||||
8,481,661 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina — 3.5% | ||||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b) | $ | 755 | $ | 664,247 | ||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38 | 1,895 | 1,970,279 | ||||||
South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49 | 2,110 | 2,013,993 | ||||||
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 | 2,500 | 2,311,220 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing | ||||||||
Series A, 2.25%, 07/01/46 | 1,180 | 871,798 | ||||||
Series B, 4.35%, 07/01/47 | 420 | 420,751 | ||||||
8,252,288 | ||||||||
Tennessee — 5.2% | ||||||||
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44 | 875 | 879,667 | ||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40 | 615 | 601,498 | ||||||
Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/52 | 910 | 962,083 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 | 2,480 | 2,498,679 | ||||||
Tennergy Corp., RB(a) | ||||||||
Series A, 4.00%, 12/01/51 | 1,080 | 1,082,875 | ||||||
Series A, 5.50%, 10/01/53 | 950 | 1,029,455 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) | 3,175 | 3,408,839 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A‑1, 5.00%, 05/01/53(a)(f) | 1,845 | 1,928,728 | ||||||
12,391,824 | ||||||||
Texas — 13.4% | ||||||||
Aldine Independent School District, GO, (PSF), 5.00%, 02/15/42 | 2,610 | 2,793,470 | ||||||
Arlington Higher Education Finance Corp., RB(b) 7.50%, 04/01/62 | 380 | 406,354 | ||||||
7.88%, 11/01/62 | 330 | 343,565 | ||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 | 105 | 82,570 | ||||||
Central Texas Turnpike System, RB | ||||||||
Series C, 5.00%, 08/15/37 | 1,970 | 2,039,011 | ||||||
Series C, 5.00%, 08/15/42 | 2,030 | 2,060,493 | ||||||
City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48 | 400 | 372,253 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38(c) | 5,000 | 2,207,045 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(e) | 6,000 | 3,461,015 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(e) | 16,780 | 8,592,266 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 930 | 934,296 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 1,410 | 1,395,288 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
5.00%, 11/15/51 | 1,075 | 1,163,448 | ||||||
Series A, 4.00%, 07/01/53 | 465 | 447,094 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB (continued) | ||||||||
Series A, 5.00%, 07/01/53 | $ | 575 | $ | 613,858 | ||||
Series B, 5.00%, 07/01/36 | 565 | 604,176 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing | ||||||||
Series A, (GNMA), 4.25%, 09/01/43 | 195 | 195,431 | ||||||
Series A, (GNMA), 3.63%, 09/01/44 | 590 | 545,212 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 | 325 | 314,326 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 | 1,315 | 1,410,945 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(c) 0.00%, 08/01/35 | 420 | 243,674 | ||||||
0.00%, 08/01/36 | 235 | 127,729 | ||||||
0.00%, 08/01/37 | 305 | 155,324 | ||||||
0.00%, 08/01/38 | 315 | 151,028 | ||||||
0.00%, 08/01/44 | 1,370 | 453,058 | ||||||
0.00%, 08/01/45 | 1,800 | 553,738 | ||||||
31,666,667 | ||||||||
Utah — 0.5% | ||||||||
Utah Charter School Finance Authority, Refunding RB 5.25%, 06/15/37(b) | 205 | 203,432 | ||||||
(UT CSCE), 4.00%, 04/15/42 | 600 | 574,278 | ||||||
5.38%, 06/15/48(b) | 260 | 249,733 | ||||||
Utah Housing Corp., RB, S/F Housing, Series D2, Class III, (FHA), 4.00%, 01/01/36 | 245 | 244,402 | ||||||
1,271,845 | ||||||||
Vermont — 0.1% | ||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32 | 290 | 291,765 | ||||||
Virginia — 0.7% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.38%, 03/01/36 | 780 | 626,437 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B‑1, 5.00%, 06/01/47 | 1,030 | 1,001,088 | ||||||
1,627,525 | ||||||||
Washington — 0.8% | ||||||||
King County Housing Authority, Refunding RB, 3.00%, 06/01/40 | 725 | 614,310 | ||||||
Port of Seattle Washington, RB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 | 625 | 649,079 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A‑1, 3.50%, 12/20/35 | 747 | 702,034 | ||||||
1,965,423 | ||||||||
Wisconsin — 1.9% | ||||||||
Public Finance Authority, RB | ||||||||
Class A, 6.00%, 06/15/52 | 125 | 122,712 | ||||||
Class A, 6.13%, 06/15/57 | 140 | 137,864 | ||||||
Series A, 5.00%, 06/01/36(b) | 100 | 98,629 | ||||||
Series A, 5.00%, 10/15/50(b) | 875 | 808,178 | ||||||
Series A, 5.00%, 06/01/51(b) | 320 | 291,213 | ||||||
Series A, 5.00%, 06/01/61(b) | 405 | 359,157 | ||||||
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35 | 435 | 393,079 | ||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing Series A, 1.80%, 03/01/31 | 100 | 89,356 |
20 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing (continued) | ||||||||
Series A, 1.85%, 09/01/31 | $ | 80 | $ | 70,752 | ||||
Series A, 1.90%, 03/01/32 | 150 | 133,430 | ||||||
Series A, 1.95%, 09/01/32 | 110 | 97,379 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing | ||||||||
Series A, (HUD SECT 8), 2.05%, 11/01/36 | 280 | 220,757 | ||||||
Series A, (HUD SECT 8), 2.45%, 11/01/46 | 290 | 200,733 | ||||||
WPPI Energy, Refunding RB, Series A, 5.00%, 07/01/37 | 1,330 | 1,375,580 | ||||||
4,398,819 | ||||||||
Total Municipal Bonds — 147.5% (Cost: $342,659,850) | 349,566,444 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(j) | ||||||||
Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(k) | 1,769 | 1,868,910 | ||||||
District of Columbia — 0.9% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B‑2, (FHA), 4.10%, 09/01/39 | 2,102 | 2,102,582 | ||||||
Georgia — 0.6% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49 | 1,459 | 1,364,483 | ||||||
Illinois — 0.8% | ||||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 | 1,711 | 1,829,866 | ||||||
Louisiana — 0.5% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25(e). | 1,200 | 1,245,705 | ||||||
Michigan — 0.8% | ||||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 | 2,148 | 2,018,964 | ||||||
New York — 2.8% | ||||||||
City of New York New York, Refunding GO, Series B, 4.00%, 08/01/32 | 1,600 | 1,641,586 | ||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 1,615 | 1,605,577 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 | 1,590 | 1,557,310 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 | 1,740 | 1,871,923 | ||||||
6,676,396 | ||||||||
Ohio(e) — 0.8% | ||||||||
Northeast Ohio Regional Sewer District, Refunding RB 4.00%, 11/15/24 | 1,122 | 1,153,255 | ||||||
4.00%, 11/15/24(k) | 678 | 696,887 | ||||||
1,850,142 | ||||||||
Pennsylvania — 1.1% | ||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(k) | 2,399 | 2,493,752 | ||||||
Security | Par (000) | Value | ||||||
Texas — 2.6% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(e) | $ | 2,380 | $ | 2,380,000 | ||||
Houston Community College System, GO, 4.00%, 02/15/23(e) | 2,160 | 2,161,010 | ||||||
Howe Independent School District, GO, (PSF‑GTD), 4.00%, 08/15/43 | 1,680 | 1,697,669 | ||||||
6,238,679 | ||||||||
Virginia — 1.2% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 | 2,840 | 2,809,940 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.9% (Cost: $30,256,915) | 30,499,419 | |||||||
Total Long-Term Investments — 160.4% (Cost: $372,916,765) | 380,065,863 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m) | 1,040,755 | 1,040,963 | ||||||
Total Short-Term Securities — 0.4% (Cost: $1,040,823) | 1,040,963 | |||||||
Total Investments — 160.8% (Cost: $373,957,588) | 381,106,826 | |||||||
Liabilities in Excess of Other Assets — (0.2)% | (599,155 | ) | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.5)% | (17,659,869 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (53.1)% | (125,900,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 236,947,802 | ||||||
(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) | When-issued security. |
(g) | Issuer filed for bankruptcy and/or is in default |
(h) | Non‑income producing security. |
(i) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2023 to June 1, 2026, is $4,112,038. 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. |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 925,909 | $ | 114,216 | (a) | $ | — | $ | 891 | $ | (53 | ) | $ | 1,040,963 | 1,040,755 | $ | 25,053 | $ | — | |||||||||||||||||
(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 | 82 | 03/22/23 | $ | 9,415 | $ | (146,761 | ) | |||||||||
U.S. Long Bond | 104 | 03/22/23 | 13,582 | (411,022 | ) | |||||||||||
5‑Year U.S. Treasury Note | 74 | 03/31/23 | 8,100 | (105,011 | ) | |||||||||||
$ | (662,794 | ) | ||||||||||||||
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) | $ | — | $ | — | $ | — | $ | — | $ | 662,794 | $ | — | $ | 662,794 | ||||||||||||||
(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 | $ | — | $ | — | $ | — | $ | — | $ | 1,988,840 | $ | — | $ | 1,988,840 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 868,029 | $ | — | $ | 868,029 | ||||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 31,736,234 |
22 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 349,566,444 | $ | — | $ | 349,566,444 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 30,499,419 | — | 30,499,419 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,040,963 | — | — | 1,040,963 | ||||||||||||
$ | 1,040,963 | $ | 380,065,863 | $ | — | $ | 381,106,826 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (662,794 | ) | $ | — | $ | — | $ | (662,794 | ) | ||||||
(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 | ||||||||||||||||
Loan for TOB Trust Certificates | $ | — | $ | (1,440,000 | ) | $ | — | $ | (1,440,000 | ) | ||||||
TOB Trust Certificates | — | (16,085,711 | ) | — | (16,085,711 | ) | ||||||||||
VMTP Shares at Liquidation Value | — | (125,900,000 | ) | — | (125,900,000 | ) | ||||||||||
$ | — | $ | (143,425,711 | ) | $ | — | $ | (143,425,711 | ) | |||||||
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 3.1% | ||||||||
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a) | $ | 795 | $ | 852,328 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 1,555 | 1,607,680 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 2,275 | 2,346,394 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 | 5,740 | 6,131,003 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 1,765 | 1,895,263 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 2,110 | 2,234,629 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A‑1, 5.50%, 01/01/53(a) | 1,345 | 1,470,296 | ||||||
16,537,593 | ||||||||
Alaska — 0.2% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 | 1,360 | 1,234,510 | ||||||
Arizona — 5.4% | ||||||||
Glendale Industrial Development Authority, RB 5.00%, 05/15/41 | 180 | 173,845 | ||||||
5.00%, 05/15/56 | 725 | 665,916 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 3,400 | 3,258,625 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 | 5,710 | 5,617,795 | ||||||
Salt Verde Financial Corp., RB 5.00%, 12/01/32 | 10,030 | 10,879,059 | ||||||
5.00%, 12/01/37 | 7,460 | 7,919,484 | ||||||
28,514,724 | ||||||||
Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b) | 4,665 | 4,370,592 | ||||||
California — 8.1% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42 | 6,205 | 6,298,168 | ||||||
California Educational Facilities Authority, RB, Series U‑7, 5.00%, 06/01/46 | 1,895 | 2,310,632 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/23(c) | 2,465 | 2,489,214 | ||||||
Series A, 4.00%, 08/15/48 | 4,590 | 4,572,218 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 290 | 293,884 | ||||||
Series A, 5.25%, 08/15/49 | 715 | 723,130 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) | 2,970 | 2,971,755 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 | 1,495 | 1,527,355 | ||||||
City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42 | 2,685 | 2,674,939 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
AMT, Subordinate, 5.00%, 11/15/31(c) | 5 | 5,821 | ||||||
AMT, Subordinate, 5.00%, 05/15/46 | 2,325 | 2,480,252 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 | 1,275 | 1,157,065 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | $ | 475 | $ | 349,355 | ||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
4.00%, 12/01/56 | 330 | 244,669 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,155 | 810,383 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 685 | 532,124 | ||||||
Riverside County Transportation Commission, RB, CAB(d) | ||||||||
Series B, Senior Lien, 0.00%, 06/01/41 | 5,000 | 2,286,680 | ||||||
Series B, Senior Lien, 0.00%, 06/01/42 | 6,000 | 2,598,636 | ||||||
Series B, Senior Lien, 0.00%, 06/01/43 | 5,000 | 2,056,145 | ||||||
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56 | 1,155 | 1,066,831 | ||||||
San Marcos Unified School District, GO, CAB(d) | ||||||||
Series B, Election 2010, 0.00%, 08/01/34 | 3,500 | 2,492,066 | ||||||
Series B, Election 2010, 0.00%, 08/01/36 | 4,000 | 2,548,592 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) | 690 | 706,677 | ||||||
43,196,591 | ||||||||
Colorado — 3.4% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 | 3,485 | 3,922,305 | ||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47 | 4,065 | 3,904,518 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 3,420 | 3,789,131 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 | 835 | 963,872 | ||||||
Colorado Health Facilities Authority, RB 5.50%, 11/01/47 | 340 | 371,261 | ||||||
5.25%, 11/01/52 | 710 | 760,611 | ||||||
Colorado Health Facilities Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/01/44 | 3,565 | 3,325,860 | ||||||
Series A, 4.00%, 11/15/50 | 1,075 | 1,043,954 | ||||||
18,081,512 | ||||||||
Connecticut — 0.2% | ||||||||
Connecticut Housing Finance Authority, RB, M/F Housing, Series A‑1, 3.50%, 11/15/51 | 910 | 905,405 | ||||||
Delaware — 1.6% | ||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 | 2,935 | 2,948,539 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 | 3,535 | 3,452,097 | ||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 | 2,280 | 2,343,423 | ||||||
8,744,059 | ||||||||
District of Columbia — 6.9% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 23,035 | 23,742,266 | ||||||
District of Columbia, Refunding RB 5.00%, 04/01/35 | 865 | 928,711 | ||||||
Series A, 6.00%, 07/01/23(c) | 1,480 | 1,499,770 | ||||||
Catholic Health Services, 5.00%, 10/01/48 | 4,590 | 4,728,301 |
24 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39 | $ | 765 | $ | 765,802 | ||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Class B, Subordinate, (AGM), 4.00%, 10/01/53 | 1,560 | 1,516,151 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 3,625 | 3,416,015 | ||||||
36,597,016 | ||||||||
Florida — 2.9% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 | 425 | 432,265 | ||||||
Capital Projects Finance Authority, RB | ||||||||
Series A‑1, 5.00%, 10/01/32 | 395 | 417,437 | ||||||
Series A‑1, 5.00%, 10/01/33 | 435 | 457,434 | ||||||
Series A‑1, 5.00%, 10/01/34 | 435 | 454,356 | ||||||
Series A‑1, 5.00%, 10/01/35 | 145 | 150,206 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 2,620 | 2,665,172 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(e) | 940 | 1,004,007 | ||||||
Florida Development Finance Corp., RB | ||||||||
Series A, 5.00%, 06/15/40 | 435 | 439,057 | ||||||
Series A, 5.00%, 06/15/50 | 1,455 | 1,429,175 | ||||||
Series A, 5.00%, 06/15/55 | 875 | 854,654 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 | 2,540 | 2,531,344 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 3,015 | 2,855,588 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(f)(g) | 3,159 | 2,001,047 | ||||||
15,691,742 | ||||||||
Georgia — 5.7% | ||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 | 2,290 | 2,196,357 | ||||||
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48 | 7,225 | 7,056,231 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing 3.60%, 12/01/44 | 2,905 | 2,550,169 | ||||||
Series A, 4.00%, 06/01/49 | 1,190 | 1,242,515 | ||||||
Series B, 2.50%, 06/01/50 | 1,455 | 976,711 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 | 1,380 | 1,367,368 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 990 | 1,059,676 | ||||||
Series A, 5.00%, 05/15/36 | 990 | 1,050,674 | ||||||
Series A, 5.00%, 05/15/37 | 1,085 | 1,141,970 | ||||||
Series A, 5.00%, 05/15/38 | 600 | 628,273 | ||||||
Series A, 5.00%, 05/15/49 | 1,990 | 2,040,864 | ||||||
Series A, 5.00%, 06/01/53(a)(e) | 4,275 | 4,540,157 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 | 3,145 | 2,757,363 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Sub‑Series A, 4.00%, 01/01/49 | 1,230 | 1,158,644 | ||||||
Series A, Subordinate, 4.00%, 01/01/51 | 445 | 413,483 | ||||||
30,180,455 |
Security | Par (000) | Value | ||||||
Idaho — 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 | $ | 1,485 | $ | 1,543,548 | ||||
Illinois — 11.7% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | 1,065 | 1,064,954 | ||||||
Series C, 5.25%, 12/01/35 | 2,905 | 2,944,656 | ||||||
Series D, 5.00%, 12/01/46 | 3,805 | 3,780,613 | ||||||
Series H, 5.00%, 12/01/36 | 920 | 935,474 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,280 | 1,312,227 | ||||||
Series D, 5.00%, 12/01/25 | 1,650 | 1,691,542 | ||||||
Series G, 5.00%, 12/01/34 | 915 | 942,570 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series A, Senior Lien, 4.00%, 01/01/36 | 1,895 | 1,959,735 | ||||||
Series B, Senior Lien, 5.00%, 01/01/53 | 2,905 | 3,051,572 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 | 1,525 | 1,556,005 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/47 | 475 | 474,333 | ||||||
Series A, 5.00%, 02/15/50 | 265 | 257,407 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 4.00%, 01/01/46 | 3,035 | 3,007,284 | ||||||
Series C, 5.00%, 01/01/37 | 5,455 | 5,738,627 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 1,760 | 1,768,747 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50 | 545 | 485,759 | ||||||
Series B, (AGM), 0.00%, 06/15/44(d) | 10,455 | 3,968,300 | ||||||
State of Illinois, GO 5.00%, 02/01/39 | 2,990 | 3,012,706 | ||||||
Series A, 5.00%, 04/01/38 | 9,030 | 9,058,661 | ||||||
State of Illinois, Refunding GO | ||||||||
Series A, 5.00%, 10/01/30 | 10,400 | 11,252,998 | ||||||
Series B, 5.00%, 10/01/28 | 1,965 | 2,139,020 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,910 | 1,930,315 | ||||||
62,333,505 | ||||||||
Indiana — 2.4% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 1,525 | 1,559,230 | ||||||
AMT, 7.00%, 01/01/44 | 3,680 | 3,753,258 | ||||||
Indiana Finance Authority, RB(c) | ||||||||
Series A, AMT, 5.00%, 07/01/23 | 3,785 | 3,812,947 | ||||||
Series A, AMT, 5.25%, 07/01/23 | 790 | 796,747 | ||||||
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 565 | 555,152 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 2,490 | 2,494,992 | ||||||
12,972,326 | ||||||||
Kansas — 0.1% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 505 | 482,295 | ||||||
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kentucky — 1.0% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 | $ | 2,515 | $ | 2,622,609 | ||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(h) | 2,325 | 2,668,986 | ||||||
5,291,595 | ||||||||
Louisiana — 0.3% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53(e) | 730 | 711,230 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 985 | 991,798 | ||||||
1,703,028 | ||||||||
Maryland — 0.8% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 840 | 878,645 | ||||||
Series B, 4.00%, 04/15/50 | 1,195 | 1,136,352 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 | 3,540 | 2,441,350 | ||||||
4,456,347 | ||||||||
Massachusetts — 1.6% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 2,620 | 2,949,612 | ||||||
Series C, 5.00%, 10/01/52 | 2,715 | 3,017,171 | ||||||
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46 | 2,245 | 2,387,450 | ||||||
8,354,233 | ||||||||
Michigan — 5.0% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB | ||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 | 1,075 | 1,177,035 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 | 2,530 | 2,788,834 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,530 | 2,740,187 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB | ||||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,530 | 2,735,874 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 | 2,530 | 2,792,186 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/50 | 4,530 | 4,294,526 | ||||||
4.00%, 02/15/44 | 1,640 | 1,601,914 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 2,960 | 2,875,812 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56 | 1,925 | 1,269,742 | ||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 | 2,000 | 2,165,284 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2,120 | 2,149,260 | ||||||
26,590,654 | ||||||||
Minnesota — 2.2% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,030 | 2,003,699 | ||||||
Series A, 5.25%, 02/15/53 | 1,120 | 1,167,259 | ||||||
Series A, 5.25%, 02/15/58 | 2,940 | 3,058,100 |
Security | Par (000) | Value | ||||||
Minnesota (continued) | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing | ||||||||
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 | $ | 685 | $ | 565,811 | ||||
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 | 3,470 | 3,462,234 | ||||||
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 1,235 | 1,209,149 | ||||||
11,466,252 | ||||||||
Missouri — 2.3% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 | 2,365 | 2,290,391 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB | ||||||||
5.50%, 05/01/43 | 480 | 483,195 | ||||||
Series A, 4.00%, 07/01/46 | 1,205 | 1,183,917 | ||||||
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 | 2,560 | 2,640,330 | ||||||
Missouri Housing Development Commission, RB, S/F Housing | ||||||||
(FHLMC, FNMA, GNMA), 2.35%, 11/01/46 | 765 | 674,989 | ||||||
(FHLMC, FNMA, GNMA), 2.40%, 11/01/51 | 790 | 614,303 | ||||||
Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52 | 4,490 | 4,478,892 | ||||||
12,366,017 | ||||||||
Nebraska — 1.6% | ||||||||
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51 | 8,425 | 8,288,026 | ||||||
New Hampshire(b) — 0.8% | ||||||||
New Hampshire Business Finance Authority, | ||||||||
Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 3,055 | 2,904,877 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,585 | 1,470,562 | ||||||
4,375,439 | ||||||||
New Jersey — 12.4% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 3,280 | 3,365,290 | ||||||
5.25%, 11/01/44 | 2,980 | 3,022,432 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(f)(g) | 3,680 | 37,794 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
4.00%, 11/01/38 | 1,030 | 1,033,657 | ||||||
4.00%, 11/01/39 | 825 | 825,011 | ||||||
Class A, 5.25%, 11/01/47 | 3,415 | 3,709,475 | ||||||
Series EEE, 5.00%, 06/15/48 | 11,690 | 12,168,589 | ||||||
AMT, 5.38%, 01/01/43 | 2,285 | 2,305,908 | ||||||
Series B, AMT, 5.63%, 11/15/30 | 2,035 | 2,060,625 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 2,905 | 2,917,576 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 7,020 | 7,309,056 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 2,575 | 2,515,788 |
26 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, Class B, AMT, 4.00%, 12/01/41 | $ | 2,455 | $ | 2,475,462 | ||||
Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52 | 2,485 | 2,569,244 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.00%, 06/15/44 | 2,445 | 2,452,812 | ||||||
Series AA, 4.00%, 06/15/50 | 3,170 | 3,016,822 | ||||||
Series S, 5.00%, 06/15/46 | 2,800 | 2,922,172 | ||||||
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 5,095 | 5,237,787 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 1,070 | 1,114,655 | ||||||
Sub‑Series B, 5.00%, 06/01/46 | 5,125 | 5,184,301 | ||||||
66,244,456 | ||||||||
New Mexico — 0.7% | ||||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing | ||||||||
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53. | 2,135 | 2,104,472 | ||||||
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53 | 1,515 | 1,586,129 | ||||||
3,690,601 | ||||||||
New York — 17.3% | ||||||||
City of New York New York, GO | ||||||||
Series A‑1, 4.00%, 09/01/46 | 1,565 | 1,549,638 | ||||||
Series C, 5.00%, 08/01/43 | 2,255 | 2,509,707 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/38 | 4,640 | 4,722,963 | ||||||
Series B, 5.25%, 11/15/39 | 1,650 | 1,674,135 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C‑1, 4.75%, 11/15/45 | 3,210 | 3,205,156 | ||||||
Series C‑1, 5.00%, 11/15/50 | 1,040 | 1,055,148 | ||||||
Series C‑1, 5.25%, 11/15/55 | 1,545 | 1,592,829 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series A, 3.00%, 11/01/55 | 2,135 | 1,542,623 | ||||||
Series F‑1, (FHA), 2.40%, 11/01/46 | 5,110 | 3,528,307 | ||||||
Series F‑1, (FHA), 2.50%, 11/01/51 | 2,585 | 1,717,301 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
Series A, (AGM), 3.00%, 01/01/36 | 175 | 159,579 | ||||||
Series A, (AGM), 3.00%, 01/01/40 | 655 | 557,281 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series BB‑1, 4.00%, 06/15/45 | 1,485 | 1,478,765 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F‑1, Subordinate, 4.00%, 02/01/51 | 800 | 791,972 | ||||||
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 | 825 | 825,967 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | 3,300 | 3,300,713 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A‑2‑B, 5.00%, 06/01/45 | 9,395 | 9,103,990 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Class 2, 5.15%, 11/15/34(b) | 660 | 661,602 | ||||||
Class 2, 5.38%, 11/15/40(b) | 1,655 | 1,655,576 | ||||||
Series 1, 5.00%, 11/15/44(b) | 7,830 | 7,810,362 | ||||||
Series A, 2.88%, 11/15/46 | 6,725 | 5,101,672 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | $ | 2,655 | $ | 2,592,260 | ||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 2,190 | 2,172,714 | ||||||
Series A, 4.00%, 03/15/47 | 7,555 | 7,406,695 | ||||||
Series D, 4.00%, 02/15/47 | 6,185 | 6,069,866 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 | 3,535 | 3,806,311 | ||||||
New York State Urban Development Corp., Refunding RB, Series E, 4.00%, 03/15/46 | 5,865 | 5,819,347 | ||||||
New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 | 2,125 | 2,215,474 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 1,165 | 1,161,755 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 5.00%, 11/15/49 | 1,725 | 1,852,629 | ||||||
Series A, 4.00%, 11/15/54 | 1,015 | 989,534 | ||||||
Series A, 5.00%, 11/15/54 | 1,665 | 1,782,762 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,546 | 1,573,865 | ||||||
91,988,498 | ||||||||
North Carolina — 1.7% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(c) | 4,965 | 5,306,979 | ||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 | 1,260 | 1,269,843 | ||||||
North Carolina Medical Care Commission, RB | ||||||||
Series A, 4.00%, 10/01/40 | 235 | 206,588 | ||||||
Series A, 5.00%, 10/01/40 | 350 | 353,495 | ||||||
Series A, 4.00%, 10/01/45 | 215 | 183,210 | ||||||
Series A, 5.00%, 10/01/45 | 620 | 622,613 | ||||||
Series A, 4.00%, 10/01/50 | 260 | 215,108 | ||||||
Series A, 5.00%, 10/01/50 | 700 | 700,782 | ||||||
8,858,618 | ||||||||
North Dakota — 0.2% | ||||||||
North Dakota Housing Finance Agency, RB, Series B, 3.00%, 07/01/52 | 1,230 | 1,203,233 | ||||||
Ohio — 3.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A‑2, 4.00%, 06/01/48 | 3,210 | 2,950,141 | ||||||
Series B‑2, 5.00%, 06/01/55 | 5,110 | 4,874,531 | ||||||
County of Franklin Ohio, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 800 | 828,569 | ||||||
Series A, 4.00%, 12/01/44 | 1,015 | 1,001,551 | ||||||
Series CC, 5.00%, 11/15/49 | 1,080 | 1,205,195 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 | 1,200 | 1,145,018 | ||||||
Series A, 3.75%, 08/15/50 | 2,110 | 1,912,356 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 | 635 | 623,681 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 680 | 623,199 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,585 | 1,592,445 | ||||||
16,756,686 |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Oklahoma — 1.9% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | $ | 2,350 | $ | 2,193,415 | ||||
Oklahoma Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/48 | 4,065 | 4,098,235 | ||||||
Series C, 4.00%, 01/01/42 | 3,845 | 3,941,683 | ||||||
10,233,333 | ||||||||
Oregon — 0.2% | ||||||||
State of Oregon, GO, 3.00%, 12/01/51 | 965 | 990,533 | ||||||
Pennsylvania — 3.1% | ||||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
Class B, 4.00%, 05/01/52 | 880 | 808,390 | ||||||
Series A, 5.00%, 09/01/43 | 1,790 | 1,862,780 | ||||||
Series A, 5.00%, 09/01/48 | 715 | 738,332 | ||||||
Series A, 4.00%, 09/01/49 | 1,135 | 1,057,406 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 1,660 | 1,668,258 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 2022, 4.25%, 10/01/52 | 2,260 | 2,334,252 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/44 | 2,155 | 2,204,020 | ||||||
Series A, Subordinate, (BAM), 4.00%, 12/01/50 | 1,485 | 1,455,487 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 | 4,320 | 4,254,496 | ||||||
16,383,421 | ||||||||
Puerto Rico — 5.2% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
Series A1, Restructured, 5.63%, 07/01/29 | 2,810 | 2,992,606 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 2,536 | 2,750,294 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A‑1, Restructured, 4.75%, 07/01/53 | 4,044 | 3,851,910 | ||||||
Series A‑1, Restructured, 5.00%, 07/01/58 | 10,387 | 10,233,792 | ||||||
Series A‑2, Restructured, 4.78%, 07/01/58 | 3,325 | 3,165,014 | ||||||
Series A‑2, Restructured, 4.33%, 07/01/40 | 1,950 | 1,864,750 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) | 10,165 | 2,822,698 | ||||||
27,681,064 | ||||||||
Rhode Island — 3.0% | ||||||||
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 76‑A, 3.00%, 10/01/51 | 2,365 | 2,295,202 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 3,060 | 3,103,045 | ||||||
Series B, 4.50%, 06/01/45 | 4,490 | 4,498,818 | ||||||
Series B, 5.00%, 06/01/50 | 5,765 | 5,796,143 | ||||||
15,693,208 | ||||||||
South Carolina — 6.0% | ||||||||
South Carolina Jobs-Economic Development Authority, RB 5.00%, 04/01/44 | 160 | 154,218 | ||||||
4.00%, 04/01/49 | 150 | 117,040 | ||||||
5.00%, 04/01/49 | 480 | 452,496 | ||||||
4.00%, 04/01/54 | 370 | 279,459 | ||||||
5.00%, 04/01/54 | 875 | 816,342 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB 5.00%, 02/01/36 | 5,115 | 5,455,316 |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB (continued) | ||||||||
Series A, 5.00%, 05/01/48 | $ | 2,440 | $ | 2,510,099 | ||||
South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49 | 1,275 | 1,216,986 | ||||||
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 | 12,065 | 12,273,869 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/50 | 2,805 | 2,827,951 | ||||||
Series E, 5.25%, 12/01/55 | 3,335 | 3,419,289 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing | ||||||||
Series A, 3.00%, 01/01/52 | 810 | 793,786 | ||||||
Series A, AMT, 4.00%, 01/01/52 | 1,700 | 1,734,918 | ||||||
32,051,769 | ||||||||
Tennessee — 3.3% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 315 | 291,558 | ||||||
Memphis-Shelby County Airport Authority, RB | ||||||||
Series A, AMT, 5.00%, 07/01/45 | 2,545 | 2,669,481 | ||||||
Series A, AMT, 5.00%, 07/01/49 | 2,925 | 3,039,771 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 1,350 | 1,394,299 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 | 1,925 | 1,939,499 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A‑1, 5.00%, 05/01/53(a)(e) | 7,010 | 7,328,121 | ||||||
Tennessee Housing Development Agency, RB, S/F Housing, Series 1, 3.75%, 07/01/52 | 945 | 952,304 | ||||||
17,615,033 | ||||||||
Texas — 11.1% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | ||||||||
7.50%, 04/01/62 | 845 | 903,602 | ||||||
7.88%, 11/01/62 | 720 | 749,596 | ||||||
City of Austin Texas Airport System Revenue, RB AMT, | ||||||||
5.00%, 11/15/39 | 385 | 392,145 | ||||||
Series B, AMT, 5.00%, 11/15/44 | 3,630 | 3,784,954 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 | 2,295 | 2,437,699 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 470 | 469,997 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) | ||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) | 6,000 | 2,666,226 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 | 10,120 | 4,342,016 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 | 5,000 | 2,617,410 | ||||||
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38 | 12,580 | 5,552,925 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) | 15,200 | 6,905,676 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 5,500 | 5,442,613 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 | 2,555 | 2,736,763 |
28 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | $ | 1,220 | $ | 1,173,020 | ||||
Series A, 5.00%, 07/01/53 | 1,500 | 1,601,370 | ||||||
Series B, 5.00%, 07/01/48 | 9,025 | 9,420,584 | ||||||
Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57 | 2,310 | 2,341,647 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45 | 2,615 | 2,626,352 | ||||||
Series A, 4.00%, 10/15/49 | 3,045 | 3,048,045 | ||||||
59,212,640 | ||||||||
Utah — 1.0% | ||||||||
City of Salt Lake City Utah Airport Revenue, RB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 1,830 | 1,887,045 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 1,735 | 1,795,426 | ||||||
County of Utah, RB, Series A, 3.00%, 05/15/50 | 1,985 | 1,593,463 | ||||||
5,275,934 | ||||||||
Virginia — 2.3% | ||||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 | 1,465 | 1,379,157 | ||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | 5,305 | 5,230,231 | ||||||
Series A, Senior Lien, 4.00%, 07/01/50 | 1,075 | 1,049,766 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 | 4,750 | 4,748,266 | ||||||
12,407,420 | ||||||||
Washington — 1.3% | ||||||||
Port of Seattle Washington, RB | ||||||||
Series A, AMT, 5.00%, 05/01/43 | 2,980 | 3,097,087 | ||||||
Series C, AMT, 5.00%, 04/01/40 | 1,475 | 1,504,960 | ||||||
Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47 | 1,265 | 1,398,038 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 685 | 646,191 | ||||||
6,646,276 | ||||||||
Wyoming — 0.6% | ||||||||
Wyoming Community Development Authority, RB, S/F Housing | ||||||||
Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 | 1,740 | 1,729,665 | ||||||
Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50 | 1,535 | 1,505,006 | ||||||
3,234,671 | ||||||||
Total Municipal Bonds — 142.9% (Cost: $765,796,053) | 760,444,858 | |||||||
Security | Par (000) | Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) | ||||||||
Colorado — 0.9% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(j) | $ | 4,475 | $ | 4,727,004 | ||||
Georgia — 1.7% | ||||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a) | 8,582 | 9,084,287 | ||||||
Illinois — 0.5% | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/27(c) | 5 | 5,425 | ||||||
Series C, 4.00%, 02/15/41 | 2,800 | 2,804,841 | ||||||
2,810,266 | ||||||||
Massachusetts — 2.6% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 | 4,153 | 4,168,558 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 9,088 | 9,359,615 | ||||||
13,528,173 | ||||||||
Nebraska — 0.8% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) | 4,109 | 4,338,271 | ||||||
New York — 3.5% | ||||||||
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 | 13,160 | 13,136,213 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 5,070 | 5,265,819 | ||||||
18,402,032 | ||||||||
Pennsylvania — 0.9% | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 | 4,652 | 4,941,755 | ||||||
Texas — 0.9% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(c) | 4,900 | 4,900,000 | ||||||
Virginia — 2.4% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 3,532 | 3,544,489 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 9,688 | 9,179,677 | ||||||
12,724,166 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin — 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | $ | 5,580 | $ | 5,494,442 | ||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.2% (Cost: $82,603,468) | 80,950,396 | |||||||
Total Long-Term Investments — 158.1% (Cost: $848,399,521) | 841,395,254 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(k)(l) | 13,337,874 | 13,340,541 | ||||||
Total Short-Term Securities — 2.5% (Cost: $13,336,848) | 13,340,541 | |||||||
Total Investments — 160.6% (Cost: $861,736,369) | 854,735,795 | |||||||
Liabilities in Excess of Other Assets — (0.4)% | (2,165,637 | ) | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.3)% | (49,559,591 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —(50.9)% | (270,800,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 532,210,567 | ||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Zero-coupon bond. |
(e) | When-issued security. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non‑income producing security. |
(h) | 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. |
(i) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(j) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $3,105,532. See Note 4 of the Notes to Financial Statements for details. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7‑day yield as of period end. |
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 6,373,192 | $ | 6,966,873 | (a) | $ | — | $ | (2,580 | ) | $ | 3,056 | $ | 13,340,541 | 13,337,874 | $ | 82,115 | $ | — | |||||||||||||||||
(a) | Represents net amount purchased (sold). |
30 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts 10‑Year U.S. Treasury Note | 268 | 03/22/23 | $ | 30,770 | $ | (430,105 | ) | |||||||||
U.S. Long Bond | 497 | 03/22/23 | 64,905 | (1,816,179 | ) | |||||||||||
5‑Year U.S. Treasury Note | 234 | 03/31/23 | 25,612 | (301,211 | ) | |||||||||||
$ | (2,547,495 | ) | ||||||||||||||
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) | $ | — | $ | — | $ | — | $ | — | $ | 2,547,495 | $ | — | $ | 2,547,495 | ||||||||||||||
(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 | $ | — | $ | — | $ | — | $ | — | $ | 6,692,777 | $ | — | $ | 6,692,777 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (577,422 | ) | $ | — | $ | (577,422 | ) | ||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 119,387,422 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 760,444,858 | $ | — | $ | 760,444,858 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 80,950,396 | — | 80,950,396 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock Municipal Income Trust (BFK) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | $ | 13,340,541 | $ | — | $ | — | $ | 13,340,541 | ||||||||
$ | 13,340,541 | $ | 841,395,254 | $ | — | $ | 854,735,795 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (2,547,495 | ) | $ | — | $ | — | $ | (2,547,495 | ) | ||||||
(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 | $ | — | $ | (49,248,816 | ) | $ | — | $ | (49,248,816 | ) | ||||||
VMTP Shares at Liquidation Value | — | (270,800,000 | ) | — | (270,800,000 | ) | ||||||||||
$ | — | $ | (320,048,816 | ) | $ | — | $ | (320,048,816 | ) | |||||||
32 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 1.6% | ||||||||
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a) | $ | 1,115 | $ | 1,195,403 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 570 | 589,310 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 1,090 | 1,124,206 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 | 2,875 | 3,070,842 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 1,545 | 1,659,026 | ||||||
Health Care Authority of the City of Huntsville, RB | ||||||||
Series B1, 4.00%, 06/01/45 | 315 | 295,390 | ||||||
Series B1, (AGM), 3.00%, 06/01/50 | 865 | 672,099 | ||||||
Opelika Utilities Board, Refunding RB, 4.00%, 06/01/41 | 960 | 964,619 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a) | 1,890 | 2,066,067 | ||||||
11,636,962 | ||||||||
Alaska — 0.2% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 | 1,890 | 1,715,606 | ||||||
Arizona — 3.0% | ||||||||
Arizona Industrial Development Authority, RB | ||||||||
4.38%, 07/01/39(b) | 575 | 545,185 | ||||||
Series A, 5.00%, 07/01/39(b) | 480 | 462,662 | ||||||
Series A, (BAM), 4.00%, 06/01/44 | 425 | 421,975 | ||||||
Series A, 5.00%, 07/01/49(b) | 550 | 501,671 | ||||||
Series A, 5.00%, 07/01/54(b) | 425 | 379,867 | ||||||
Arizona Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 5.50%, 07/01/52 | 130 | 131,480 | ||||||
Series G, 5.00%, 07/01/47 | 435 | 417,689 | ||||||
Glendale Industrial Development Authority, RB | ||||||||
5.00%, 05/15/41 | 65 | 62,778 | ||||||
5.00%, 05/15/56 | 575 | 528,140 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 2,120 | 2,031,848 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34(b) | 400 | 403,732 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b) | 260 | 235,507 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 | 2,030 | 1,997,220 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 07/01/39(b) | 215 | 212,871 | ||||||
5.00%, 07/01/54(b) | 490 | 454,945 | ||||||
Series A, 4.13%, 09/01/38 | 775 | 781,732 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 | 1,400 | 1,233,191 | ||||||
Salt Verde Financial Corp., RB | ||||||||
5.00%, 12/01/32 | 3,500 | 3,796,282 | ||||||
5.00%, 12/01/37 | 6,845 | 7,266,604 | ||||||
21,865,379 | ||||||||
Arkansas — 1.1% | ||||||||
Arkansas Development Finance Authority, RB(b) | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 380 | 342,403 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 4,235 | 3,967,729 |
Security | Par (000) | Value | ||||||
Arkansas (continued) | ||||||||
City of Benton Arkansas, RB, (AGM), 4.00%, 06/01/39 | $ | 505 | $ | 506,974 | ||||
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40 | 840 | 832,999 | ||||||
City of Little Rock Arkansas, RB, 4.00%, 07/01/41 | 1,835 | 1,835,862 | ||||||
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42 | 465 | 473,153 | ||||||
7,959,120 | ||||||||
California — 10.1% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42 | 3,895 | 3,953,483 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/23(c) | 1,320 | 1,332,966 | ||||||
Series A, 4.00%, 08/15/48 | 6,335 | 6,310,458 | ||||||
California Municipal Finance Authority, RB, AMT, Senior Lien, 5.00%, 12/31/43 | 800 | 815,796 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 185 | 187,478 | ||||||
Series A, 5.25%, 08/15/49 | 460 | 465,230 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) | 1,755 | 1,756,037 | ||||||
California State Public Works Board, RB | ||||||||
Series F, 5.25%, 09/01/33 | 1,230 | 1,251,790 | ||||||
Series I, 5.50%, 11/01/30 | 2,500 | 2,561,398 | ||||||
Series I, 5.00%, 11/01/38 | 955 | 975,668 | ||||||
California Statewide Communities Development Authority, Refunding RB | ||||||||
4.00%, 03/01/42 | 1,000 | 986,072 | ||||||
4.00%, 03/01/48 | 1,345 | 1,279,568 | ||||||
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34(d) | 1,000 | 1,042,159 | ||||||
City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42 | 3,700 | 3,686,136 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
AMT, Subordinate, 5.00%, 05/15/46 | 830 | 885,423 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 | 1,755 | 1,592,666 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 655 | 481,743 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
4.00%, 10/01/56 | 305 | 262,191 | ||||||
4.00%, 12/01/56 | 440 | 326,225 | ||||||
Series A, 4.00%, 06/01/58 | 1,860 | 1,559,392 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,595 | 1,119,100 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 945 | 734,099 | ||||||
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(d) | 1,650 | 1,986,927 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(c) | 2,445 | 2,498,998 | ||||||
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42 | 1,180 | 1,299,379 | ||||||
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(e) | 8,000 | 4,331,288 | ||||||
Palomar Community College District, GO Series B, Convertible, 0.00%, 08/01/39(d) | 2,605 | 2,832,979 |
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Palomar Community College District, GO (continued) | ||||||||
Series B, Election 2006, 0.00%, 08/01/30(e) | $ | 1,500 | $ | 1,234,962 | ||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB | ||||||||
Series J, 5.25%, 05/15/23(c) | 5,005 | 5,042,898 | ||||||
Series J, 5.25%, 05/15/38 | 1,420 | 1,431,582 | ||||||
Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39 | 1,550 | 1,570,273 | ||||||
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27(c)(d) | 2,800 | 3,276,960 | ||||||
San Diego County Regional Airport Authority, RB | ||||||||
Series B, AMT, 5.00%, 07/01/42 | 1,515 | 1,574,785 | ||||||
Series B, AMT, Subordinate, 4.00%, 07/01/56 | 1,595 | 1,473,243 | ||||||
San Diego Unified School District, GO(e) | ||||||||
Class A, 0.00%, 07/01/29 | 2,930 | 2,516,252 | ||||||
Class A, 0.00%, 07/01/29(f) | 2,385 | 1,979,018 | ||||||
Series A, 0.00%, 07/01/29(f) | 685 | 568,397 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.50%, 05/01/28 | 1,085 | 1,090,935 | ||||||
Series A, AMT, 5.25%, 05/01/33 | 850 | 855,208 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 1,090 | 1,102,381 | ||||||
State of California, Refunding GO, 5.00%, 02/01/38 | 3,000 | 3,000,000 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) | 440 | 450,635 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 | 920 | 958,167 | ||||||
74,640,345 | ||||||||
Colorado — 4.8% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 | 1,260 | 1,418,107 | ||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47 | 5,650 | 5,426,944 | ||||||
City & County of Denver Colorado Airport System Revenue, RB | ||||||||
Series B, 5.25%, 11/15/32 | 3,250 | 3,322,316 | ||||||
Series A, AMT, 5.50%, 11/15/28 | 1,000 | 1,019,701 | ||||||
Series A, AMT, 5.50%, 11/15/30 | 340 | 346,775 | ||||||
Series A, AMT, 5.50%, 11/15/31 | 405 | 413,103 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 4,755 | 5,268,221 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 | 1,160 | 1,339,032 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB(e) | ||||||||
Series A-2, 0.00%, 08/01/37 | 1,490 | 820,759 | ||||||
Series A-2, 0.00%, 08/01/38 | 915 | 482,481 | ||||||
Colorado Educational & Cultural Facilities Authority, RB (NPFGC), 5.50%, 07/01/40 | 2,510 | 2,515,108 | ||||||
5.00%, 03/01/50(b) | 360 | 352,970 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b) | 1,690 | 1,542,472 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.50%, 11/01/47 | 480 | 524,133 | ||||||
5.25%, 11/01/52 | 1,000 | 1,071,284 |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/01/44 | $ | 1,285 | $ | 1,198,802 | ||||
Series A, 5.00%, 08/01/44 | 1,950 | 2,030,391 | ||||||
Series A, 4.00%, 11/15/46 | 1,610 | 1,578,798 | ||||||
Series A, 3.25%, 08/01/49 | 1,415 | 1,095,537 | ||||||
Series A, 4.00%, 08/01/49 | 1,485 | 1,359,528 | ||||||
Series A, 4.00%, 11/15/50 | 1,480 | 1,437,258 | ||||||
Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48 | 555 | 505,174 | ||||||
35,068,894 | ||||||||
Connecticut — 0.5% | ||||||||
Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.50%, 11/15/51 | 1,260 | 1,253,638 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series I-1, 5.00%, 07/01/42 | 590 | 616,015 | ||||||
State of Connecticut, GO, Series A, 4.00%, 01/15/37 | 1,985 | 2,043,081 | ||||||
3,912,734 | ||||||||
Delaware — 1.4% | ||||||||
County of Kent Delaware, RB | ||||||||
Series A, 5.00%, 07/01/40 | 330 | 321,901 | ||||||
Series A, 5.00%, 07/01/48 | 900 | 854,756 | ||||||
Delaware State Health Facilities Authority, RB | ||||||||
5.00%, 06/01/43 | 820 | 849,194 | ||||||
5.00%, 06/01/48 | 1,395 | 1,438,913 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 | 4,895 | 4,780,203 | ||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 | 1,790 | 1,839,792 | ||||||
10,084,759 | ||||||||
District of Columbia — 3.4% | ||||||||
District of Columbia, Refunding RB | ||||||||
5.00%, 04/01/35 | 315 | 338,201 | ||||||
Catholic Health Services, 5.00%, 10/01/48 | 1,695 | 1,746,072 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 | 1,520 | 1,523,117 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39 | 1,060 | 1,061,111 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(e) | 10,170 | 6,643,085 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(e) | 13,485 | 8,315,822 | ||||||
Class B, Subordinate, (AGM), 4.00%, 10/01/53 | 555 | 539,400 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 2,000 | 1,884,698 | ||||||
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42 | 3,000 | 3,188,283 | ||||||
25,239,789 | ||||||||
Florida — 6.5% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 | 585 | 595,001 | ||||||
Capital Projects Finance Authority, RB | ||||||||
Series A-1, 5.00%, 10/01/32 | 140 | 147,952 | ||||||
Series A-1, 5.00%, 10/01/33 | 155 | 162,994 | ||||||
Series A-1, 5.00%, 10/01/34 | 155 | 161,897 | ||||||
Series A-1, 5.00%, 10/01/35 | 50 | 51,795 | ||||||
Capital Trust Agency, Inc., RB 5.00%, 01/01/55(b) | 305 | 236,119 |
34 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Capital Trust Agency, Inc., RB (continued) | ||||||||
Series A, 5.00%, 06/01/45(b) | $ | 480 | $ | 428,221 | ||||
Series A, 5.00%, 12/15/49 | 160 | 153,443 | ||||||
Series A, 5.00%, 12/15/54 | 140 | 133,977 | ||||||
Series A, 5.50%, 06/01/57(b) | 170 | 155,300 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48 | 2,760 | 2,902,079 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 | 1,290 | 1,334,696 | ||||||
City of Tampa Florida, RB, CAB(e) | ||||||||
Series A, 0.00%, 09/01/49 | 285 | 78,257 | ||||||
Series A, 0.00%, 09/01/53 | 300 | 69,095 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 1,755 | 1,785,258 | ||||||
County of Broward Florida Airport System Revenue, RB, Series A, AMT, 5.00%, 10/01/45 | 2,845 | 2,908,682 | ||||||
County of Miami-Dade Seaport Department, RB(c) | ||||||||
Series A, 5.38%, 10/01/23 | 1,015 | 1,032,654 | ||||||
Series A, 6.00%, 10/01/23 | 5,215 | 5,327,133 | ||||||
Series B, AMT, 6.00%, 10/01/23 | 4,750 | 4,837,397 | ||||||
Series B, AMT, 6.25%, 10/01/23 | 460 | 469,950 | ||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||
Series A, AMT, 5.25%, 10/01/52(g) | 1,285 | 1,372,500 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 | 2,180 | 2,104,749 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) | ||||||||
Series A-2, 0.00%, 10/01/41 | 275 | 101,305 | ||||||
Series A-2, 0.00%, 10/01/42 | 370 | 127,996 | ||||||
Series A-2, 0.00%, 10/01/43 | 335 | 108,619 | ||||||
Series A-2, 0.00%, 10/01/44 | 345 | 108,085 | ||||||
Series A-2, 0.00%, 10/01/45 | 285 | 80,950 | ||||||
Series A-2, 0.00%, 10/01/46 | 625 | 166,966 | ||||||
Series A-2, 0.00%, 10/01/47 | 605 | 157,089 | ||||||
Series A-2, 0.00%, 10/01/48 | 430 | 105,060 | ||||||
Series A-2, 0.00%, 10/01/49 | 355 | 83,415 | ||||||
Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(b) | 430 | 320,846 | ||||||
Esplanade Lake Club Community Development District, SAB, Series A-1, 4.13%, 11/01/50 | 615 | 505,304 | ||||||
Florida Development Finance Corp., RB | ||||||||
6.50%, 06/30/57(b) | 925 | 931,631 | ||||||
Series A, 5.00%, 06/15/40 | 155 | 156,446 | ||||||
Series A, 5.00%, 06/15/50 | 520 | 510,771 | ||||||
Series A, 5.00%, 06/15/55 | 310 | 302,792 | ||||||
AMT, 5.00%, 05/01/29(b) | 270 | 253,978 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) | 270 | 230,509 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 | 3,505 | 3,493,055 | ||||||
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c) | 1,735 | 1,761,410 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 | 25 | 25,044 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 | 3,465 | 3,556,822 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | $ | 1,075 | $ | 1,018,162 | ||||
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41 | 1,305 | 1,357,980 | ||||||
Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42 | 210 | 212,777 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49 | 1,185 | 1,125,822 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(c) | 1,785 | 1,799,467 | ||||||
Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43 | 220 | 183,191 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(h)(i) | 800 | 506,893 | ||||||
Trout Creek Community Development District, SAB | ||||||||
4.00%, 05/01/40 | 630 | 541,516 | ||||||
4.00%, 05/01/51 | 1,050 | 817,421 | ||||||
Westside Community Development District, SAB, 4.00%, 05/01/50 | 815 | 646,267 | ||||||
47,746,738 | ||||||||
Georgia — 4.9% | ||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 | 3,165 | 3,035,577 | ||||||
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48 | 3,640 | 3,554,973 | ||||||
Development Authority for Fulton County, RB, 4.00%, 06/15/49 | 470 | 462,999 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 535 | 498,785 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing | ||||||||
3.60%, 12/01/44 | 1,045 | 917,359 | ||||||
Series A, 3.95%, 12/01/43 | 120 | 120,649 | ||||||
Series A, 4.00%, 12/01/48 | 170 | 170,596 | ||||||
Series A, 4.00%, 06/01/49 | 1,645 | 1,717,594 | ||||||
Series B, 2.50%, 06/01/50 | 520 | 349,065 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 | 1,915 | 1,897,470 | ||||||
Griffin-Spalding County Hospital Authority, RB, 4.00%, 04/01/42 | 2,310 | 2,280,367 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 360 | 385,337 | ||||||
Series A, 5.00%, 05/15/36 | 1,860 | 1,973,994 | ||||||
Series A, 5.00%, 05/15/37 | 400 | 421,003 | ||||||
Series A, 5.00%, 05/15/38 | 1,265 | 1,324,608 | ||||||
Series A, 5.00%, 05/15/43 | 330 | 335,471 | ||||||
Series A, 5.00%, 05/15/49 | 4,575 | 4,691,937 | ||||||
Series A, 5.00%, 06/01/53(a)(g) | 5,845 | 6,207,536 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
5.00%, 01/01/48 | 835 | 842,727 | ||||||
4.00%, 01/01/49 | 2,105 | 1,905,055 | ||||||
5.00%, 01/01/56 | 350 | 356,870 | ||||||
4.00%, 01/01/59 | 1,335 | 1,186,561 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Sub-Series A, 4.00%, 01/01/49 | 700 | 659,391 | ||||||
Series A, Subordinate, 4.00%, 01/01/51 | 615 | 571,443 | ||||||
35,867,367 |
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Hawaii — 0.3% | ||||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.25%, 08/01/25 | $ | 425 | $ | 429,023 | ||||
AMT, 5.25%, 08/01/26 | 460 | 464,510 | ||||||
State of Hawaii Airports System Revenue, RB, Series A, AMT, 5.00%, 07/01/45 | 1,500 | 1,531,714 | ||||||
2,425,247 | ||||||||
Idaho — 0.5% | ||||||||
Idaho Health Facilities Authority, RB 4.00%, 12/01/43 | 670 | 671,238 | ||||||
Series 2017, 5.00%, 12/01/46 | 540 | 561,290 | ||||||
Series A, 5.00%, 03/01/39 | 500 | 504,579 | ||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 | 2,000 | 2,003,598 | ||||||
3,740,705 | ||||||||
Illinois — 10.0% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 1,760 | 1,838,633 | ||||||
Series A, 5.00%, 12/01/40 | 1,410 | 1,430,812 | ||||||
Series A, 5.00%, 12/01/42 | 1,480 | 1,479,936 | ||||||
Series A, 5.00%, 12/01/47 | 480 | 481,683 | ||||||
Series C, 5.25%, 12/01/35 | 2,655 | 2,691,243 | ||||||
Series D, 5.00%, 12/01/46 | 3,480 | 3,457,700 | ||||||
Series H, 5.00%, 12/01/36 | 585 | 594,840 | ||||||
Series H, 5.00%, 12/01/46 | 240 | 240,322 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,120 | 1,148,198 | ||||||
Series C, 5.00%, 12/01/27 | 500 | 521,048 | ||||||
Series C, 5.00%, 12/01/30 | 605 | 631,403 | ||||||
Series C, 5.00%, 12/01/34 | 475 | 488,909 | ||||||
Series D, 5.00%, 12/01/25 | 435 | 445,952 | ||||||
Series F, 5.00%, 12/01/23 | 310 | 311,739 | ||||||
Series F, 5.00%, 12/01/24 | 340 | 345,232 | ||||||
Series G, 5.00%, 12/01/34 | 315 | 324,491 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 1,870 | 1,880,438 | ||||||
Chicago Midway International Airport, Refunding RB, Series B, 5.00%, 01/01/46 | 1,670 | 1,709,046 | ||||||
Chicago O’Hare International Airport, RB, Series D, AMT, Senior Lien, 5.00%, 01/01/42 | 430 | 444,338 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 1,390 | 1,407,785 | ||||||
Series A, Senior Lien, 4.00%, 01/01/36 | 675 | 698,059 | ||||||
Series B, Senior Lien, 5.00%, 01/01/53 | 1,040 | 1,092,473 | ||||||
Cook County Community College District No. 508, GO | ||||||||
5.50%, 12/01/38 | 3,075 | 3,137,518 | ||||||
5.25%, 12/01/43 | 2,935 | 2,988,743 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/37 | 820 | 831,999 | ||||||
Series A, 5.00%, 02/15/47 | 240 | 239,663 | ||||||
Series A, 5.00%, 02/15/50 | 130 | 126,275 | ||||||
Illinois Finance Authority, Refunding RB 4.00%, 03/01/35 | 1,290 | 1,298,344 | ||||||
Series A, 5.00%, 11/15/45 | 1,205 | 1,220,737 | ||||||
Series C, 5.00%, 02/15/41 | 555 | 578,677 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/40 | 2,980 | 3,092,909 | ||||||
Series B, 5.00%, 01/01/40 | 3,335 | 3,534,767 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Illinois State Toll Highway Authority, RB (continued) | ||||||||
Series C, 5.00%, 01/01/37 | $ | 2,000 | $ | 2,103,988 | ||||
Series C, 5.00%, 01/01/38 | 2,250 | 2,366,118 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 2,370 | 2,381,779 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB(e) | ||||||||
Series B, (AGM), 0.00%, 06/15/44 | 3,765 | 1,429,043 | ||||||
Series B, (AGM), 0.00%, 06/15/47 | 22,775 | 7,381,309 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/31 | 1,485 | 1,518,453 | ||||||
5.25%, 02/01/32 | 2,365 | 2,417,799 | ||||||
5.50%, 07/01/33 | 3,000 | 3,032,865 | ||||||
5.50%, 07/01/38 | 695 | 702,307 | ||||||
5.00%, 02/01/39 | 1,910 | 1,924,505 | ||||||
5.50%, 05/01/39 | 795 | 865,812 | ||||||
Series A, 5.00%, 04/01/38 | 4,545 | 4,559,426 | ||||||
Series D, 5.00%, 11/01/28 | 900 | 970,007 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 90 | 96,974 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,225 | 1,238,029 | ||||||
Upper Illinois River Valley Development Authority, Refunding RB, 5.00%, 01/01/55(b) | 390 | 339,128 | ||||||
74,041,454 | ||||||||
Indiana — 1.2% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 975 | 996,885 | ||||||
AMT, 7.00%, 01/01/44 | 2,355 | 2,401,881 | ||||||
Indiana Finance Authority, RB(c) | ||||||||
Series A, AMT, 5.00%, 07/01/23 | 2,870 | 2,891,265 | ||||||
Series A, AMT, 5.25%, 07/01/23 | 500 | 504,270 | ||||||
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 775 | 761,492 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 1,520 | 1,523,048 | ||||||
9,078,841 | ||||||||
Iowa — 0.3% | ||||||||
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 | 1,900 | 1,624,933 | ||||||
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39 | 310 | 277,888 | ||||||
1,902,821 | ||||||||
Kansas — 0.1% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 705 | 673,302 | ||||||
Kentucky — 0.8% | ||||||||
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 | 2,500 | 2,635,992 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) | ||||||||
Series C, Convertible, 6.61%, 07/01/34 | 500 | 593,332 | ||||||
Series C, Convertible, 6.60%, 07/01/39 | 830 | 955,302 | ||||||
Series C, Convertible, 0.00%, 07/01/43 | 1,770 | 2,031,873 | ||||||
6,216,499 |
36 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Louisiana — 1.3% | ||||||||
City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24(c) | $ | 860 | $ | 884,339 | ||||
City of Shreveport Louisiana Water & Sewer Revenue, RB, Series B, Junior Lien, (AGM), 4.00%, 12/01/49 | 4,100 | 3,881,659 | ||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53(g) | 995 | 969,417 | ||||||
Lake Charles Harbor & Terminal District, RB, Series B, AMT, (AGM), 5.50%, 01/01/29 | 1,500 | 1,534,300 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47 | 1,635 | 1,680,254 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 605 | 609,175 | ||||||
9,559,144 | ||||||||
Maryland — 3.1% | ||||||||
Anne Arundel County Consolidated Special Taxing District, ST | ||||||||
5.13%, 07/01/36 | 170 | 171,845 | ||||||
5.25%, 07/01/44 | 170 | 170,729 | ||||||
City of Baltimore Maryland, RB | ||||||||
Series A, 5.00%, 07/01/46 | 1,500 | 1,575,436 | ||||||
Series A, 4.00%, 07/01/49 | 3,120 | 3,021,121 | ||||||
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 | 1,430 | 1,499,233 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 305 | 319,032 | ||||||
Series A, 5.00%, 05/15/42 | 1,760 | 1,832,044 | ||||||
Series B, 4.00%, 04/15/45 | 795 | 773,137 | ||||||
Series B, 4.00%, 04/15/50 | 1,645 | 1,564,267 | ||||||
Maryland Stadium Authority, RB | ||||||||
(NPFGC), 5.00%, 05/01/34 | 2,700 | 3,001,517 | ||||||
(NPFGC), 5.00%, 05/01/42 | 1,750 | 1,877,746 | ||||||
Series A, (NPFGC), 5.00%, 05/01/47 | 3,225 | 3,422,999 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 | 4,915 | 3,389,615 | ||||||
22,618,721 | ||||||||
Massachusetts — 3.2% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series A, 5.00%, 01/01/46 | 1,975 | 2,117,520 | ||||||
Series C, 5.00%, 10/01/47 | 1,195 | 1,345,338 | ||||||
Series C, 5.00%, 10/01/52 | 1,240 | 1,378,008 | ||||||
Massachusetts Development Finance Agency, RB | ||||||||
5.00%, 01/01/48 | 1,115 | 1,132,305 | ||||||
5.00%, 10/01/48 | 830 | 770,829 | ||||||
Series A, 5.25%, 01/01/42 | 1,110 | 1,147,270 | ||||||
Series A, 5.00%, 01/01/47 | 1,570 | 1,592,789 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
4.00%, 07/01/39 | 1,140 | 1,094,400 | ||||||
5.00%, 04/15/40 | 400 | 402,387 | ||||||
5.00%, 09/01/43 | 750 | 764,693 | ||||||
Series A, 5.00%, 10/01/35 | 500 | 519,558 | ||||||
Series A, 5.00%, 01/01/40 | 435 | 449,713 | ||||||
Series A, 5.00%, 10/01/43 | 750 | 762,535 | ||||||
Series P, 5.45%, 05/15/59 | 2,010 | 2,277,579 | ||||||
Massachusetts Educational Financing Authority, RB Series B, AMT, 2.63%, 07/01/36 | 25 | 24,295 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Educational Financing Authority, RB (continued) AMT, Subordinate, 3.75%, 07/01/47 | $ | 1,865 | $ | 1,528,360 | ||||
Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34 | 30 | 30,177 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing | ||||||||
Series A, 3.80%, 12/01/43 | 160 | 146,671 | ||||||
Series A, 3.85%, 06/01/46 | 205 | 182,709 | ||||||
Series A-1, (FHA), 3.10%, 06/01/60 | 1,110 | 773,323 | ||||||
Series C-1, 3.15%, 12/01/49 | 400 | 310,090 | ||||||
Series C-1, 3.25%, 12/01/54 | 1,475 | 1,100,387 | ||||||
Series D-1, 2.55%, 12/01/50 | 420 | 302,224 | ||||||
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46 | 3,100 | 3,296,701 | ||||||
23,449,861 | ||||||||
Michigan — 6.5% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 | 5 | 5,016 | ||||||
Eastern Michigan University, RB, Series A, 4.00%, 03/01/47 | 1,170 | 1,073,120 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB | ||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 | 1,490 | 1,631,425 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 | 3,525 | 3,885,629 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 3,525 | 3,817,850 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB | ||||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 3,525 | 3,811,840 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 | 3,525 | 3,890,299 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/47 | 7,080 | 6,790,060 | ||||||
4.00%, 02/15/50 | 1,630 | 1,545,271 | ||||||
4.00%, 02/15/44 | 2,500 | 2,441,942 | ||||||
Series S, 5.00%, 11/01/44 | 1,555 | 1,589,100 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
5.00%, 11/15/41 | 5,560 | 5,745,343 | ||||||
4.00%, 11/15/46 | 570 | 547,203 | ||||||
Series A, 4.00%, 12/01/49 | 4,100 | 3,983,388 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 | 215 | 228,024 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, AMT, 3.80%, 10/01/38 | 1,690 | 1,677,771 | ||||||
Series A, AMT, 4.15%, 10/01/53 | 940 | 859,461 | ||||||
Series A, AMT, 2.70%, 10/01/56 | 2,655 | 1,751,254 | ||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 | 730 | 790,329 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1,795 | 1,819,775 | ||||||
47,884,100 | ||||||||
Minnesota — 2.3% | ||||||||
City of Maple Grove Minnesota, Refunding RB, 4.00%, 05/01/37 | 880 | 829,266 | ||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 | 560 | 579,422 | ||||||
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 | 425 | 401,869 |
S C H E D U L E O F I N V E S T M E N T S | 37 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Minnesota (continued) | ||||||||
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 | $ | 1,080 | $ | 1,047,951 | ||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 3,800 | 3,750,767 | ||||||
Series A, 5.25%, 02/15/53 | 415 | 432,511 | ||||||
Series A, 5.25%, 02/15/58 | 1,605 | 1,669,473 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 | 575 | 549,533 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 | 290 | 299,102 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series 8-K, 4.00%, 03/01/43 | 385 | 364,644 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing | ||||||||
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 | 930 | 768,181 | ||||||
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 | 4,785 | 4,774,291 | ||||||
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 1,720 | 1,683,997 | ||||||
17,151,007 | ||||||||
Mississippi — 1.0% | ||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 | 3,595 | 3,699,025 | ||||||
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(c) | 2,000 | 2,025,412 | ||||||
State of Mississippi Gaming Tax Revenue, RB | ||||||||
Series A, 5.00%, 10/15/37 | 330 | 352,188 | ||||||
Series A, 4.00%, 10/15/38 | 1,650 | 1,625,291 | ||||||
7,701,916 | ||||||||
Missouri — 2.1% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB | ||||||||
4.13%, 02/15/43 | 300 | 300,036 | ||||||
4.00%, 06/01/53 | 840 | 813,501 | ||||||
Series A, 5.00%, 10/01/23(c) | 500 | 507,498 | ||||||
Series A, 5.00%, 06/01/42 | 540 | 568,058 | ||||||
Series C-2, 5.00%, 10/01/34 | 1,000 | 1,016,947 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43 | 305 | 307,030 | ||||||
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 | 3,530 | 3,640,768 | ||||||
Missouri Housing Development Commission, RB, S/F Housing | ||||||||
(FHLMC, FNMA, GNMA), 2.35%, 11/01/46 | 1,060 | 935,278 | ||||||
(FHLMC, FNMA, GNMA), 2.40%, 11/01/51 | 1,110 | 863,135 | ||||||
Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52 | 6,205 | 6,189,649 | ||||||
15,141,900 |
Security | Par (000) | Value | ||||||
Montana — 0.0% | ||||||||
Montana Board of Housing, RB, S/F Housing | ||||||||
Series B-2, 3.50%, 12/01/42 | $ | 60 | $ | 59,808 | ||||
Series B-2, 3.60%, 12/01/47 | 100 | 100,192 | ||||||
160,000 | ||||||||
Nebraska — 0.4% | ||||||||
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 | 400 | 409,042 | ||||||
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51 | 2,700 | 2,656,104 | ||||||
3,065,146 | ||||||||
Nevada — 0.7% | ||||||||
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 . | 650 | 667,668 | ||||||
City of Reno Nevada, Refunding RB | ||||||||
Series A-1, (AGM), 4.00%, 06/01/43 | 1,570 | 1,565,825 | ||||||
Series A-1, (AGM), 4.00%, 06/01/46 | 1,250 | 1,219,148 | ||||||
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36 | 1,000 | 1,019,198 | ||||||
Tahoe-Douglas Visitors Authority, RB | ||||||||
5.00%, 07/01/40 | 595 | 607,690 | ||||||
5.00%, 07/01/45 | 420 | 422,862 | ||||||
5,502,391 | ||||||||
New Hampshire — 0.6% | ||||||||
New Hampshire Business Finance Authority, Refunding RB(b) | ||||||||
Series A, 3.63%, 07/01/43(a) | 130 | 108,393 | ||||||
Series B, 4.63%, 11/01/42 | 2,095 | 1,992,052 | ||||||
Series B, AMT, 3.75%, 07/01/45(a) | 395 | 317,574 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,140 | 1,057,691 | ||||||
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, (FHA), 4.00%, 07/01/52 | 800 | 744,664 | ||||||
4,220,374 | ||||||||
New Jersey — 9.6% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 1,265 | 1,297,894 | ||||||
5.25%, 11/01/44 | 1,885 | 1,911,841 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
5.00%, 06/15/36 | 460 | 499,746 | ||||||
4.00%, 11/01/38 | 370 | 371,313 | ||||||
4.00%, 11/01/39 | 295 | 295,004 | ||||||
5.00%, 06/15/43 | 160 | 174,148 | ||||||
Class A, 5.25%, 11/01/47 | 4,795 | 5,208,473 | ||||||
Series A, 5.00%, 06/15/47 | 2,500 | 2,589,790 | ||||||
Series B, 4.50%, 06/15/40 | 1,270 | 1,300,471 | ||||||
Series EEE, 5.00%, 06/15/48 | 4,275 | 4,450,018 | ||||||
Series LLL, 5.00%, 06/15/34 | 365 | 403,686 | ||||||
Series UU, 5.00%, 06/15/24(c) | 80 | 82,791 | ||||||
Series UU, 5.00%, 06/15/40 | 345 | 349,603 | ||||||
Series WW, 5.00%, 06/15/36 | 210 | 220,043 | ||||||
AMT, 5.13%, 09/15/23 | 670 | 672,061 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 790 | 799,185 | ||||||
AMT, (AGM), 5.13%, 07/01/42 | 200 | 202,900 | ||||||
AMT, 5.38%, 01/01/43 | 3,000 | 3,027,450 | ||||||
Series B, AMT, 5.63%, 11/15/30 | 660 | 668,311 |
38 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | $ | 1,060 | $ | 1,064,589 | ||||
New Jersey Economic Development Authority, Refunding SAB | ||||||||
6.50%, 04/01/28 | 4,388 | 4,568,160 | ||||||
5.75%, 04/01/31 | 2,675 | 2,532,326 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 3,570 | 3,487,908 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37 | 685 | 725,430 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, Class B, AMT, 4.00%, 12/01/41 | 3,390 | 3,418,256 | ||||||
Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52 | 3,425 | 3,541,111 | ||||||
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series A, AMT, 3.80%, 10/01/32 | 1,100 | 1,091,076 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 4.13%, 06/15/39 | 1,040 | 1,048,331 | ||||||
Series AA, 5.50%, 06/15/39 | 3,510 | 3,546,030 | ||||||
Series AA, 5.00%, 06/15/45 | 900 | 917,447 | ||||||
Series AA, 5.00%, 06/15/46 | 400 | 407,545 | ||||||
Series AA, 3.00%, 06/15/50 | 130 | 98,716 | ||||||
Series S, 5.25%, 06/15/43 | 2,810 | 2,985,347 | ||||||
Series S, 5.00%, 06/15/46 | 2,070 | 2,160,320 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(e) | 1,000 | 580,022 | ||||||
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 4,450 | 4,574,711 | ||||||
South Jersey Port Corp., RB, Series B, AMT, 5.00%, 01/01/35 | 625 | 648,399 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 1,340 | 1,425,087 | ||||||
Series A, 4.00%, 06/01/37 | 500 | 493,112 | ||||||
Series A, 5.25%, 06/01/46 | 4,955 | 5,161,792 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,100 | 2,124,299 | ||||||
71,124,742 | ||||||||
New Mexico — 0.7% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 200 | 180,627 | ||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing | ||||||||
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53 | 2,950 | 2,907,818 | ||||||
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53 | 2,100 | 2,198,595 | ||||||
5,287,040 | ||||||||
New York — 13.5% | ||||||||
City of New York New York, GO | ||||||||
Series A -1, 4.00%, 08/01/50 | 10,000 | 9,915,490 | ||||||
Series A-1, 4.00%, 09/01/46 | 2,175 | 2,153,650 | ||||||
Series C, 5.00%, 08/01/43 | 805 | 895,926 | ||||||
Series D, 5.00%, 12/01/43 | 2,620 | 2,853,235 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 3,585 | 3,585,118 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series A-1, 5.25%, 11/15/39 | 1,000 | 1,005,142 | ||||||
Series B, 5.25%, 11/15/38 | 2,970 | 3,023,104 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | $ | 1,950 | $ | 1,947,057 | ||||
Series C-1, 5.00%, 11/15/50 | 370 | 375,389 | ||||||
Series C-1, 5.25%, 11/15/55 | 1,040 | 1,072,195 | ||||||
Series C-1, 5.00%, 11/15/56 | 2,670 | 2,700,641 | ||||||
Series C-1, 5.25%, 11/15/56 | 10 | 10,172 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series A, 3.00%, 11/01/55 | 1,505 | 1,087,423 | ||||||
Series F-1, (FHA), 2.50%, 11/01/51 | 3,565 | 2,368,347 | ||||||
Series I-1, (FHA), 2.55%, 11/01/45 | 1,200 | 876,388 | ||||||
Series I-1, (FHA), 2.65%, 11/01/50 | 3,205 | 2,222,103 | ||||||
Series I-1, (FHA), 2.70%, 11/01/55 | 950 | 637,984 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
3.00%, 03/01/49 | 605 | 458,517 | ||||||
Series A, (AGM), 3.00%, 01/01/36 | 65 | 59,272 | ||||||
Series A, (AGM), 3.00%, 01/01/40 | 235 | 199,941 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series BB, 4.00%, 06/15/47 | 3,660 | 3,660,091 | ||||||
Series BB-1, 4.00%, 06/15/45 | 855 | 851,410 | ||||||
Series CC, 5.00%, 06/15/47 | 4,180 | 4,207,245 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 | 1,015 | 1,015,159 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51 | 1,105 | 1,093,911 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 5.00%, 06/01/38 | 1,400 | 1,372,461 | ||||||
Series A, 6.25%, 06/01/41(b) | 3,100 | 3,100,670 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/45 | 500 | 484,513 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
3.13%, 09/15/50 | 5,005 | 4,139,225 | ||||||
Class 2, 5.15%, 11/15/34(b) | 420 | 421,020 | ||||||
Class 2, 5.38%, 11/15/40(b) | 1,450 | 1,450,505 | ||||||
Series 1, 5.00%, 11/15/44(b) | 4,920 | 4,907,661 | ||||||
Series A, 2.88%, 11/15/46 | 9,305 | 7,058,894 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 1,620 | 1,581,718 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 | 4,320 | 4,239,583 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 | 1,305 | 1,405,159 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.50%, 11/01/45 | 1,605 | 1,153,788 | ||||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 3.00%, 01/01/46 | 900 | 709,623 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/45 | 3,000 | 3,005,070 | ||||||
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/44 | 7,275 | 7,192,967 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 1,910 | 1,991,320 | ||||||
Port Authority of New York & New Jersey, RB, 221st Series, AMT, 4.00%, 07/15/60 | 850 | 773,963 | ||||||
State of New York Mortgage Agency, Refunding RB, Series 211, 3.75%, 10/01/43 | 1,190 | 1,075,311 |
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 5.00%, 11/15/49 | $ | 620 | $ | 665,873 | ||||
Series A, 4.00%, 11/15/54 | 710 | 692,186 | ||||||
Series A, 5.00%, 11/15/54 | 2,310 | 2,473,382 | ||||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | 535 | 549,694 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 445 | 453,413 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 | 320 | 321,268 | ||||||
99,494,177 | ||||||||
North Carolina — 0.3% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 | 1,735 | 1,748,554 | ||||||
North Carolina Medical Care Commission, RB | ||||||||
4.00%, 11/01/52 | 400 | 385,249 | ||||||
Series A, 4.00%, 10/01/50 | 115 | 95,144 | ||||||
Series A, 5.00%, 10/01/50 | 305 | 305,341 | ||||||
2,534,288 | ||||||||
North Dakota — 0.2% | ||||||||
North Dakota Housing Finance Agency, RB, Series B, 3.00%, 07/01/52 | 1,710 | 1,672,787 | ||||||
Ohio — 3.4% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, 3.00%, 06/01/48 | 1,505 | 1,135,386 | ||||||
Series A-2, 4.00%, 06/01/48 | 1,160 | 1,066,095 | ||||||
Series B-2, 5.00%, 06/01/55 | 10,020 | 9,558,278 | ||||||
City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32 | 2,000 | 2,000,498 | ||||||
County of Franklin Ohio, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 290 | 300,356 | ||||||
Series A, 4.00%, 12/01/44 | 365 | 360,164 | ||||||
Series CC, 5.00%, 11/15/49 | 550 | 613,757 | ||||||
County of Hamilton Ohio, Refunding RB | ||||||||
4.00%, 08/15/50 | 1,085 | 1,035,287 | ||||||
Series A, 3.75%, 08/15/50 | 755 | 684,279 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 | 880 | 864,313 | ||||||
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50 | 1,135 | 1,130,058 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 1,135 | 1,040,192 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 | 50 | 52,302 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/31 | 2,470 | 2,472,403 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,000 | 1,004,697 | ||||||
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 | 2,250 | 2,075,686 | ||||||
25,393,751 | ||||||||
Oklahoma — 0.8% | ||||||||
Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/39 | 720 | 754,909 | ||||||
Oklahoma Development Finance Authority, RB Series B, 5.50%, 08/15/52 | 1,460 | 1,362,717 |
Security | Par (000) | Value | ||||||
Oklahoma (continued) | ||||||||
Oklahoma Development Finance Authority, RB (continued) | ||||||||
Series B, 5.50%, 08/15/57 | $ | 625 | $ | 576,010 | ||||
Oklahoma Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/48 | 1,780 | 1,794,554 | ||||||
Series C, 4.00%, 01/01/42 | 1,420 | 1,455,706 | ||||||
5,943,896 | ||||||||
Oregon — 0.8% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e) | 510 | 263,979 | ||||||
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e) | 530 | 277,700 | ||||||
Oregon Health & Science University, RB | ||||||||
Series A, 4.00%, 07/01/37 | 675 | 681,168 | ||||||
Series A, 5.00%, 07/01/42 | 600 | 631,422 | ||||||
Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45 | 1,475 | 1,506,952 | ||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43 | 115 | 115,614 | ||||||
State of Oregon, GO, 3.00%, 12/01/51 | 1,325 | 1,360,058 | ||||||
Warm Springs Reservation Confederated Tribe, Refunding RB, Series B, 5.00%, 11/01/39(b) | 650 | 709,472 | ||||||
5,546,365 | ||||||||
Pennsylvania — 5.3% | ||||||||
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(c) | 2,500 | 2,520,275 | ||||||
Bucks County Industrial Development Authority, RB, 4.00%, 08/15/50 | 1,305 | 1,202,937 | ||||||
Commonwealth Financing Authority, RB | ||||||||
5.00%, 06/01/34 | 750 | 820,988 | ||||||
(AGM), 4.00%, 06/01/39 | 1,365 | 1,375,680 | ||||||
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49 | 870 | 823,271 | ||||||
Delaware River Port Authority, RB, 4.50%, 01/01/24(c) | 1,500 | 1,524,769 | ||||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 | 780 | 819,243 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
4.00%, 09/01/49 | 715 | 665,819 | ||||||
Class B, 4.00%, 05/01/52 | 1,215 | 1,116,129 | ||||||
Series A, 5.00%, 09/01/43 | 645 | 671,225 | ||||||
Series A, 5.00%, 09/01/48 | 980 | 1,011,979 | ||||||
Series A, 4.00%, 09/01/49 | 1,380 | 1,285,656 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A-1, 4.00%, 04/15/50 | 470 | 441,616 | ||||||
AMT, 5.00%, 12/31/38 | 390 | 393,848 | ||||||
AMT, 5.00%, 06/30/42 | 2,455 | 2,467,214 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 1,905 | 1,911,898 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 | 100 | 76,812 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing | ||||||||
Series 2022, 4.25%, 10/01/52 | 3,125 | 3,227,672 |
40 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing (continued) | ||||||||
Series 125B, AMT, 3.65%, 10/01/42 | $ | 1,000 | $ | 927,149 | ||||
Pennsylvania Housing Finance Agency, Refunding RB, Series 119, AMT, 3.50%, 10/01/36 | 1,015 | 993,338 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/44 | 1,380 | 1,411,391 | ||||||
Sub-Series B-1, 5.25%, 06/01/47 | 1,170 | 1,228,642 | ||||||
Series A, Subordinate, 5.00%, 12/01/44 | 2,080 | 2,215,090 | ||||||
Series A, Subordinate, 4.00%, 12/01/50 | 1,075 | 1,038,249 | ||||||
Series A, Subordinate, (BAM), 4.00%, 12/01/50 | 535 | 524,367 | ||||||
Series B, Subordinate, 4.00%, 12/01/51 | 610 | 586,929 | ||||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
Series B-2, (AGM), 5.00%, 06/01/35 | 1,640 | 1,787,377 | ||||||
Series C, 4.00%, 12/01/51 | 1,555 | 1,531,422 | ||||||
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45 | 1,250 | 1,288,261 | ||||||
Springfield School District/Delaware County, GO | ||||||||
(SAW), 5.00%, 03/01/40 | 865 | 936,589 | ||||||
(SAW), 5.00%, 03/01/43 | 590 | 633,649 | ||||||
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 | 1,290 | 1,411,566 | ||||||
38,871,050 | ||||||||
Puerto Rico — 5.2% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
Series A1, Restructured, 5.63%, 07/01/29 | 3,910 | 4,164,877 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 3,524 | 3,821,281 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 9,061 | 8,630,602 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 11,305 | 11,138,251 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 2,097 | 1,996,101 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,508 | 2,398,355 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 425 | 405,187 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 412 | 391,647 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e) | 19,562 | 5,432,133 | ||||||
38,378,434 | ||||||||
Rhode Island — 2.5% | ||||||||
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM, GTD), 3.75%, 05/15/32 | 1,155 | 1,193,333 | ||||||
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing | ||||||||
Series 3-B, (FHA), 4.13%, 10/01/49 | 295 | 266,961 | ||||||
Series 76-A, 3.00%, 10/01/51 | 3,265 | 3,168,640 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 735 | 723,522 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 1,000 | 1,014,067 | ||||||
Series A, 5.00%, 06/01/40 | 2,050 | 2,068,034 | ||||||
Series B, 4.50%, 06/01/45 | 5,215 | 5,225,242 | ||||||
Series B, 5.00%, 06/01/50 | 4,500 | 4,524,309 | ||||||
18,184,108 | ||||||||
South Carolina — 4.5% | ||||||||
Charleston County Airport District, RB(c) | ||||||||
Series A, AMT, 5.50%, 07/01/23 | 2,000 | 2,018,385 |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
Charleston County Airport District, RB(c) (continued) Series A, AMT, 6.00%, 07/01/23 | $ | 1,695 | $ | 1,713,709 | ||||
County of Berkeley South Carolina, SAB | ||||||||
4.25%, 11/01/40 | 315 | 271,635 | ||||||
4.38%, 11/01/49 | 470 | 378,673 | ||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
5.00%, 01/01/40(b) | 485 | 464,204 | ||||||
5.00%, 04/01/44 | 200 | 192,773 | ||||||
4.00%, 04/01/49 | 200 | 156,054 | ||||||
5.00%, 04/01/49 | 270 | 254,529 | ||||||
4.00%, 04/01/54 | 210 | 158,612 | ||||||
5.00%, 04/01/54 | 490 | 457,151 | ||||||
5.00%, 01/01/55(b) | 845 | 743,429 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
5.00%, 02/01/38 | 2,875 | 3,032,731 | ||||||
Series A, 5.00%, 05/01/43 | 1,680 | 1,733,340 | ||||||
Series A, 4.25%, 05/01/48 | 1,445 | 1,392,879 | ||||||
South Carolina Ports Authority, RB | ||||||||
AMT, 5.25%, 07/01/25(c) | 555 | 584,598 | ||||||
AMT, 5.00%, 07/01/55 | 710 | 732,682 | ||||||
Series B, AMT, 4.00%, 07/01/49 | 1,745 | 1,665,601 | ||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 5.50%, 12/01/54 | 4,450 | 4,527,038 | ||||||
Series E, 5.00%, 12/01/48 | 440 | 442,223 | ||||||
Series E, 5.50%, 12/01/53 | 2,500 | 2,543,088 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/36 | 175 | 184,151 | ||||||
Series A, 5.00%, 12/01/50 | 1,035 | 1,043,468 | ||||||
Series E, 5.25%, 12/01/55 | 4,685 | 4,803,409 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing | ||||||||
Series A, 3.00%, 01/01/52 | 1,115 | 1,092,680 | ||||||
Series A, AMT, 4.00%, 01/01/52 | 2,355 | 2,403,372 | ||||||
32,990,414 | ||||||||
South Dakota — 0.2% | ||||||||
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(c) | 740 | 785,385 | ||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50 | 705 | 664,525 | ||||||
1,449,910 | ||||||||
Tennessee — 3.0% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 115 | 106,442 | ||||||
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44 | 875 | 879,666 | ||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40 | 375 | 366,767 | ||||||
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45 | 3,515 | 3,686,926 | ||||||
Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/40 | 2,500 | 2,556,307 |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Tennessee (continued) | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB | ||||||||
Series A, 4.00%, 10/01/49 | $ | 230 | $ | 183,644 | ||||
Series A, 5.25%, 10/01/58 | 2,860 | 2,881,542 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)(g) | 9,665 | 10,103,607 | ||||||
Tennessee Housing Development Agency, RB, S/F Housing, Series 1, 3.75%, 07/01/52 | 1,300 | 1,310,048 | ||||||
22,074,949 | ||||||||
Texas — 8.4% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | ||||||||
7.50%, 04/01/62 | 1,165 | 1,245,795 | ||||||
7.88%, 11/01/62 | 1,005 | 1,046,312 | ||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 | 65 | 51,115 | ||||||
City of Austin Texas Airport System Revenue, RB AMT, 5.00%, 11/15/39 | 440 | 448,166 | ||||||
Series B, AMT, 5.00%, 11/15/44 | 1,290 | 1,345,066 | ||||||
City of Beaumont Texas, GO, 5.25%, 03/01/23(c) | 2,340 | 2,344,731 | ||||||
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 | 225 | 225,198 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 130 | 133,734 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
Sub-Series D, 5.00%, 07/01/37 | 1,175 | 1,280,939 | ||||||
Series A, AMT, 5.00%, 07/01/27 | 125 | 127,758 | ||||||
Series A, AMT, 4.00%, 07/01/46 | 1,390 | 1,324,484 | ||||||
Sub-Series A, AMT, 4.00%, 07/01/47 | 690 | 656,845 | ||||||
City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48 | 3,420 | 3,182,761 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 | 850 | 902,851 | ||||||
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43 | 1,860 | 1,988,284 | ||||||
El Paso Independent School District, GO, (PSF), 4.00%, 08/15/43 | 890 | 905,263 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(e) | 11,690 | 4,145,262 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(e) | 370 | 213,469 | ||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 | 2,240 | 2,258,404 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(e) | 14,680 | 7,290,703 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) | 455 | 416,388 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(e) | 2,415 | 1,206,440 | ||||||
North Texas Tollway Authority, Refunding RB 4.25%, 01/01/49 | 3,165 | 3,179,622 | ||||||
Series A, 5.00%, 01/01/48 | 1,060 | 1,114,894 | ||||||
Red River Education Finance Corp., RB, 5.25%, 03/15/23(c) | 1,820 | 1,825,414 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 5,150 | 5,096,265 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 | $ | 945 | $ | 1,012,227 | ||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 1,690 | 1,624,921 | ||||||
Series A, 5.00%, 07/01/53 | 2,080 | 2,220,566 | ||||||
Series B, 5.00%, 07/01/36 | 1,500 | 1,604,007 | ||||||
Series B, 5.00%, 07/01/48 | 3,330 | 3,475,961 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 255 | 242,726 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing | ||||||||
Series A, (GNMA), 4.25%, 09/01/43 | 135 | 135,299 | ||||||
Series A, (GNMA), 3.63%, 09/01/44 | 1,295 | 1,196,694 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 | 855 | 826,919 | ||||||
Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57 | 1,085 | 1,099,865 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(e) | ||||||||
0.00%, 08/01/35 | 270 | 156,648 | ||||||
0.00%, 08/01/36 | 145 | 78,811 | ||||||
0.00%, 08/01/37 | 195 | 99,306 | ||||||
0.00%, 08/01/38 | 200 | 95,891 | ||||||
0.00%, 08/01/39 | 1,000 | 453,305 | ||||||
0.00%, 08/01/43 | 795 | 282,192 | ||||||
0.00%, 08/01/44 | 870 | 287,708 | ||||||
0.00%, 08/01/45 | 1,135 | 349,162 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45 | 1,195 | 1,200,188 | ||||||
Series A, 4.00%, 10/15/49 | 1,390 | 1,391,390 | ||||||
61,789,949 | ||||||||
Utah — 0.5% | ||||||||
City of Salt Lake City Utah Airport Revenue, RB | ||||||||
Series A, AMT, 5.00%, 07/01/43 | 530 | 553,393 | ||||||
Series A, AMT, 5.00%, 07/01/47 | 665 | 685,729 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 640 | 662,290 | ||||||
County of Utah, RB, Series A, 3.00%, 05/15/50 | 710 | 569,954 | ||||||
Utah Charter School Finance Authority, RB | ||||||||
(UT CSCE), 5.00%, 10/15/48 | 360 | 369,092 | ||||||
Series A, 5.00%, 06/15/39(b) | 200 | 199,158 | ||||||
Utah Charter School Finance Authority, Refunding RB | ||||||||
5.00%, 06/15/40(b) | 150 | 145,615 | ||||||
(UT CSCE), 4.00%, 04/15/42 | 400 | 382,853 | ||||||
5.00%, 06/15/55(b) | 385 | 348,650 | ||||||
3,916,734 | ||||||||
Vermont — 0.3% | ||||||||
University of Vermont and State Agricultural College, Refunding RB | ||||||||
4.00%, 10/01/37 | 500 | 504,237 | ||||||
5.00%, 10/01/43 | 1,470 | 1,565,090 | ||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30 | 285 | 288,690 | ||||||
2,358,017 | ||||||||
Virginia — 2.3% | ||||||||
Ballston Quarter Community Development Authority, TA, Series A, AMT, 5.38%, 03/01/36 | 490 | 393,531 | ||||||
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47 | 2,320 | 2,433,316 |
42 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Virginia (continued) | ||||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | $ | 4,055 | $ | 3,997,849 | ||||
Series A, Senior Lien, 4.00%, 07/01/55 | 5,405 | 5,403,027 | ||||||
Virginia Beach Development Authority, Refunding RB | ||||||||
5.00%, 09/01/44 | 585 | 561,014 | ||||||
4.00%, 09/01/48 | 375 | 298,130 | ||||||
Virginia Housing Development Authority, RB, M/F Housing | ||||||||
Series B, 4.00%, 06/01/53 | 385 | 369,337 | ||||||
Series D, 3.90%, 10/01/48 | 1,430 | 1,317,153 | ||||||
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 | 2,330 | 2,340,869 | ||||||
17,114,226 | ||||||||
Washington — 2.1% | ||||||||
King County Housing Authority, Refunding RB, 3.00%, 06/01/40 | 440 | 372,823 | ||||||
Port of Seattle Washington, RB | ||||||||
Series A, AMT, 5.00%, 05/01/43 | 1,470 | 1,527,758 | ||||||
Series C, AMT, 5.00%, 04/01/40 | 930 | 948,890 | ||||||
Series C, AMT, Intermediate Lien, 5.00%, 05/01/37 | 1,450 | 1,521,153 | ||||||
Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47 | 1,760 | 1,945,096 | ||||||
State of Washington, COP | ||||||||
Series B, 5.00%, 07/01/37 | 3,910 | 4,169,526 | ||||||
Series B, 5.00%, 07/01/38 | 650 | 689,308 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 250 | 235,836 | ||||||
Washington State Convention Center Public Facilities District, RB, Class B, 3.00%, 07/01/58 | 3,715 | 2,447,884 | ||||||
Washington State Housing Finance Commission, Refunding RB(b) | ||||||||
5.00%, 01/01/38 | 600 | 601,621 | ||||||
5.00%, 01/01/43 | 900 | 898,130 | ||||||
15,358,025 | ||||||||
West Virginia — 0.4% | ||||||||
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 | 2,910 | 2,680,395 | ||||||
Wisconsin — 1.6% | ||||||||
Public Finance Authority, RB | ||||||||
Class A, 6.00%, 06/15/52 | 385 | 377,955 | ||||||
Class A, 6.13%, 06/15/57 | 435 | 428,362 | ||||||
Series A, 4.00%, 11/15/37 | 100 | 91,588 | ||||||
Series A, 5.00%, 07/15/39(b) | 100 | 98,454 | ||||||
Series A, 5.00%, 10/15/40(b) | 425 | 410,301 | ||||||
Series A, 5.00%, 11/15/41 | 270 | 273,972 | ||||||
Series A, 5.00%, 07/15/49(b) | 245 | 228,185 | ||||||
Series A, 5.00%, 10/15/50(b) | 540 | 498,761 | ||||||
Series A, 5.00%, 07/15/54(b) | 115 | 104,918 | ||||||
Series A, 5.00%, 07/01/55(b) | 300 | 269,385 | ||||||
Series A, 5.00%, 10/15/55(b) | 560 | 510,973 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 230 | 206,767 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 09/01/49(b) | 165 | 135,950 | ||||||
5.00%, 09/01/54(b) | 130 | 104,476 | ||||||
Series A, 4.00%, 10/01/49 | 2,000 | 1,829,288 | ||||||
Series A, 5.00%, 11/15/49 | 335 | 322,832 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, Refunding RB (continued) AMT, 4.00%, 08/01/35 | $ | 280 | $ | 253,016 | ||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
5.00%, 04/01/44 | 2,005 | 2,131,351 | ||||||
4.00%, 12/15/49 | 2,135 | 2,044,077 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing | ||||||||
Series A, 3.15%, 11/01/44 | 480 | 391,778 | ||||||
Series A, 4.45%, 05/01/57 | 575 | 559,595 | ||||||
WPPI Energy, Refunding RB, Series A, 5.00%, 07/01/37 | 665 | 687,790 | ||||||
11,959,774 | ||||||||
Wyoming — 0.6% | ||||||||
Wyoming Community Development Authority, RB, S/F Housing | ||||||||
Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 | 2,425 | 2,410,596 | ||||||
Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50 | 2,120 | 2,078,575 | ||||||
4,489,171 | ||||||||
Total Municipal Bonds — 138.1% (Cost: $1,029,616,352) | 1,018,883,324 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(j) | ||||||||
Arizona — 0.1% | ||||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41 | 915 | 917,558 | ||||||
California — 1.6% | ||||||||
Sacramento Area Flood Control Agency, Refunding SAB | ||||||||
5.00%, 10/01/47 | 8,384 | 8,822,012 | ||||||
Series A, 5.00%, 10/01/43 | 2,775 | 2,948,820 | ||||||
11,770,832 | ||||||||
Colorado — 1.1% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB(k) | ||||||||
Series A, AMT, 5.25%, 12/01/43 | 1,901 | 2,028,405 | ||||||
Series A, AMT, 5.25%, 12/01/48 | 1,664 | 1,758,042 | ||||||
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45 | 4,650 | 4,619,833 | ||||||
8,406,280 | ||||||||
District of Columbia — 0.2% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 | 1,300 | 1,300,436 | ||||||
Florida — 0.5% | ||||||||
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 | 1,930 | 1,900,850 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(k) | 1,771 | 1,676,403 | ||||||
3,577,253 |
S C H E D U L E O F I N V E S T M E N T S | 43 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Georgia — 1.8% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49 | $ | 988 | $ | 924,043 | ||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a) | 11,928 | 12,625,888 | ||||||
13,549,931 | ||||||||
Illinois — 0.5% | ||||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33 | 480 | 480,851 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/27(c) | 5 | 5,110 | ||||||
Series C, 4.00%, 02/15/41 | 2,033 | 2,037,091 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 | 825 | 856,398 | ||||||
3,379,450 | ||||||||
Iowa — 0.2% | ||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 | 1,450 | 1,394,965 | ||||||
Louisiana — 0.2% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25(c) | 1,245 | 1,292,419 | ||||||
Maryland — 0.2% | ||||||||
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/46 | 1,499 | 1,574,660 | ||||||
Massachusetts — 0.7% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 | 1,502 | 1,507,397 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 3,359 | 3,459,660 | ||||||
4,967,057 | ||||||||
Michigan — 1.1% | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45 | 5,670 | 5,897,356 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 | 2,338 | 2,197,384 | ||||||
8,094,740 | ||||||||
Nebraska — 0.8% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) | 5,714 | 6,032,413 | ||||||
Nevada — 0.3% | ||||||||
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48 | 2,260 | 2,385,006 | ||||||
New York — 2.1% | ||||||||
City of New York New York, Refunding GO, Series B, 4.00%, 08/01/32 | 3,990 | 4,093,704 | ||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 2,907 | 2,889,659 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 | $ | 4,850 | $ | 4,841,234 | ||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 3,210 | 3,333,980 | ||||||
15,158,577 | ||||||||
Pennsylvania — 2.0% | ||||||||
Commonwealth of Pennsylvania, GO(k) | ||||||||
1st Series, 4.00%, 03/01/36 | 1,559 | 1,620,939 | ||||||
1st Series, 4.00%, 03/01/38 | 3,650 | 3,760,142 | ||||||
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38(k) | 2,597 | 2,618,927 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 | 4,017 | 4,267,399 | ||||||
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38 | 2,533 | 2,648,654 | ||||||
14,916,061 | ||||||||
Rhode Island — 0.3% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 1,980 | 1,945,432 | ||||||
Texas — 2.3% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(c) | 4,560 | 4,560,000 | ||||||
County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43 | 2,297 | 2,295,941 | ||||||
Houston Community College System, GO, 4.00%, 02/15/23(c) | 4,395 | 4,397,055 | ||||||
Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43 | 1,095 | 1,106,516 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38 | 4,456 | 4,491,659 | ||||||
16,851,171 | ||||||||
Virginia — 1.3% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 4,868 | 4,885,392 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 5,321 | 5,041,458 | ||||||
9,926,850 | ||||||||
West Virginia — 0.2% | ||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(k) | 1,511 | 1,422,627 | ||||||
Wisconsin — 0.8% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 2,058 | 2,026,378 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing Series A, 4.30%, 11/01/53 | 1,395 | 1,324,945 |
44 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing (continued) | ||||||||
Series A, 4.45%, 05/01/57 | $ | 1,678 | $ | 1,631,763 | ||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.10%, 11/01/43 | 1,342 | 1,305,410 | ||||||
6,288,496 | ||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.3% (Cost: $136,619,781) | 135,152,214 | |||||||
Total Long-Term Investments — 156.4% (Cost: $1,166,236,133) | 1,154,035,538 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.8% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m) | 21,116,690 | 21,120,914 | ||||||
Total Short-Term Securities — 2.8% (Cost: $21,116,725) | 21,120,914 | |||||||
Total Investments — 159.2% (Cost: $1,187,352,858) | 1,175,156,452 | |||||||
Liabilities in Excess of Other Assets — (1.2)% | (8,750,659 | ) | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.9)% | (80,555,864 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.1)% | (347,800,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 738,049,929 | ||||||
(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) | 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) | Zero-coupon bond. |
(f) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) | When-issued security. |
(h) | Issuer filed for bankruptcy and/or is in default. |
(i) | Non-income producing security. |
(j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
(k) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between March 1, 2026 to February 15, 2028, is $8,621,713. 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 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,928,146 | $ | 18,189,682 | (a) | $ | — | $ | (265 | ) | $ | 3,351 | $ | 21,120,914 | 21,116,690 | $ | 61,663 | $ | — | |||||||||||||||||
(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 | 45 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 354 | 03/22/23 | $ | 40,644 | $ | (584,881 | ) | |||||||||
U.S. Long Bond | 654 | 03/22/23 | 85,408 | (2,417,067 | ) | |||||||||||
5-Year U.S. Treasury Note | 336 | 03/31/23 | 36,776 | (436,625 | ) | |||||||||||
$ | (3,438,573 | ) | ||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 3,438,573 | $ | — | $ | 3,438,573 | ||||||||||||||
(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 | $ | — | $ | — | $ | — | $ | — | $ | 9,113,038 | $ | — | $ | 9,113,038 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (771,859 | ) | $ | — | $ | (771,859 | ) | ||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 162,031,109 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,018,883,324 | $ | — | $ | 1,018,883,324 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 135,152,214 | — | 135,152,214 |
46 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniHoldings Fund, Inc. (MHD) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | $ | 21,120,914 | $ | — | $ | — | $ | 21,120,914 | ||||||||
$ | 21,120,914 | $ | 1,154,035,538 | $ | — | $ | 1,175,156,452 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (3,438,573 | ) | $ | — | $ | — | $ | (3,438,573 | ) | ||||||
(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 | ||||||||||||||||
Loan for TOB Trust Certificates | $ | — | $ | (930,000 | ) | $ | — | $ | (930,000 | ) | ||||||
TOB Trust Certificates | — | (79,041,921 | ) | — | (79,041,921 | ) | ||||||||||
VMTP Shares at Liquidation Value | — | (347,800,000 | ) | — | (347,800,000 | ) | ||||||||||
$ | — | $ | (427,771,921 | ) | $ | — | $ | (427,771,921 | ) | |||||||
S C H E D U L E O F I N V E S T M E N T S | 47 |
Schedule of Investments (unaudited) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 5.1% | ||||||||
Black Belt Energy Gas District, RB | ||||||||
Series C-1, 5.25%, 02/01/53 | $ | 7,145 | $ | 7,663,541 | ||||
Series F, 5.50%, 11/01/53(a) | 405 | 434,205 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 805 | 832,272 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 | 3,575 | 3,818,525 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a) | 685 | 748,813 | ||||||
13,497,356 | ||||||||
Arizona — 1.8% | ||||||||
Glendale Industrial Development Authority, RB | ||||||||
5.00%, 05/15/41 | 90 | 86,922 | ||||||
5.00%, 05/15/56 | 360 | 330,662 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 1,685 | 1,614,936 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 | 2,825 | 2,779,382 | ||||||
4,811,902 | ||||||||
Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b) | 2,305 | 2,159,531 | ||||||
California — 6.5% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42 | 3,055 | 3,100,871 | ||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 | 920 | 1,121,784 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/23(c) | 890 | 898,742 | ||||||
Series A, 4.00%, 08/15/48 | 3,030 | 3,018,262 | ||||||
California Municipal Finance Authority, RB, AMT, Senior Lien, 4.00%, 12/31/47 | 1,475 | 1,274,599 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 145 | 146,942 | ||||||
Series A, 5.25%, 08/15/49 | 370 | 374,207 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) | 1,495 | 1,495,884 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 | 775 | 791,773 | ||||||
City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42 | 1,345 | 1,339,960 | ||||||
City of Los Angeles Department of Airports, Refunding RB | ||||||||
AMT, Subordinate, 5.00%, 11/15/31 | 5 | 5,821 | ||||||
AMT, Subordinate, 5.00%, 05/15/46 | 1,155 | 1,232,125 | ||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 | 635 | 576,264 | ||||||
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56 | 580 | 535,724 | ||||||
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42(d) | 2,000 | 961,066 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) | 360 | 368,701 | ||||||
17,242,725 |
Security | Par (000) | Value | ||||||
Colorado — 3.4% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 | $ | 1,705 | $ | 1,918,947 | ||||
Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47 | 2,070 | 1,988,278 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 1,745 | 1,933,343 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 | 425 | 490,594 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.50%, 11/01/47 | 175 | 191,090 | ||||||
5.25%, 11/01/52 | 360 | 385,662 | ||||||
Colorado Health Facilities Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/01/44 | 1,765 | 1,646,604 | ||||||
Series A, 4.00%, 11/15/50 | 540 | 524,405 | ||||||
9,078,923 | ||||||||
Connecticut — 0.2% | ||||||||
Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.50%, 11/15/51 | 460 | 457,677 | ||||||
Delaware — 1.4% | ||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 | 1,500 | 1,506,919 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 | 1,770 | 1,728,490 | ||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 | 500 | 513,909 | ||||||
3,749,318 | ||||||||
District of Columbia — 6.6% | ||||||||
District of Columbia, Refunding RB | ||||||||
5.00%, 04/01/35 | 435 | 467,040 | ||||||
Series A, 6.00%, 07/01/23(c) | 240 | 243,206 | ||||||
Catholic Health Services, 5.00%, 10/01/48 | 2,315 | 2,384,753 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39 | 380 | 380,398 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33(d) | 6,590 | 4,519,850 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(d) | 4,830 | 3,154,975 | ||||||
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(d) | 6,515 | 4,017,618 | ||||||
Class B, Subordinate, (AGM), 4.00%, 10/01/53 | 770 | 748,357 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 1,790 | 1,686,805 | ||||||
17,603,002 | ||||||||
Florida — 4.8% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 | 210 | 213,590 | ||||||
Capital Projects Finance Authority, RB | ||||||||
Series A-1, 5.00%, 10/01/32 | 195 | 206,076 | ||||||
Series A-1, 5.00%, 10/01/33 | 215 | 226,088 | ||||||
Series A-1, 5.00%, 10/01/34 | 215 | 224,567 | ||||||
Series A-1, 5.00%, 10/01/35 | 75 | 77,693 |
48 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Celebration Pointe Community Development District No. 1, SAB(b) | ||||||||
5.00%, 05/01/32 | $ | 450 | $ | 451,419 | ||||
5.00%, 05/01/48 | 1,120 | 1,052,071 | ||||||
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48 | 1,190 | 1,228,211 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 1,340 | 1,363,103 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(e) | 480 | 512,684 | ||||||
Florida Development Finance Corp., RB | ||||||||
Series A, 5.00%, 06/15/40 | 215 | 217,005 | ||||||
Series A, 5.00%, 06/15/50 | 720 | 707,221 | ||||||
Series A, 5.00%, 06/15/55 | 435 | 424,885 | ||||||
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 | 1,270 | 1,265,672 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 1,495 | 1,415,955 | ||||||
Palm Beach County Health Facilities Authority, RB, 5.00%, 11/15/45 | 3,150 | 3,159,683 | ||||||
12,745,923 | ||||||||
Georgia — 7.8% | ||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 | 1,145 | 1,098,179 | ||||||
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48(f) | 1,825 | 1,782,370 | ||||||
Development Authority for Fulton County, Refunding RB, 4.00%, 03/15/44 | 5,000 | 5,018,725 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing | ||||||||
3.60%, 12/01/44(f) | 1,435 | 1,259,722 | ||||||
Series A, 4.00%, 06/01/49 | 595 | 621,257 | ||||||
Series B, 2.50%, 06/01/50 | 720 | 483,321 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 | 705 | 698,546 | ||||||
Glynn-Brunswick Memorial Hospital Authority, RB, 5.00%, 08/01/47 | 2,500 | 2,550,410 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 490 | 524,486 | ||||||
Series A, 5.00%, 05/15/36 | 490 | 520,031 | ||||||
Series A, 5.00%, 05/15/37 | 540 | 568,354 | ||||||
Series A, 5.00%, 05/15/38 | 295 | 308,901 | ||||||
Series A, 5.00%, 05/15/49 | 985 | 1,010,176 | ||||||
Series A, 5.00%, 06/01/53(e) | 2,185 | 2,320,525 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 | 1,560 | 1,367,722 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Sub-Series A, 4.00%, 01/01/49 | 610 | 574,612 | ||||||
Series A, Subordinate, 4.00%, 01/01/51 | 225 | 209,065 | ||||||
20,916,402 | ||||||||
Idaho — 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 | 745 | 774,372 | ||||||
Illinois — 9.8% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | 540 | 539,977 | ||||||
Series C, 5.25%, 12/01/35 | 1,465 | 1,484,999 | ||||||
Series D, 5.00%, 12/01/46 | 1,915 | 1,902,739 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, GO (continued) Series H, 5.00%, 12/01/36 | $ | 450 | $ | 457,569 | ||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,460 | 1,496,758 | ||||||
Series F, 5.00%, 12/01/24 | 615 | 624,463 | ||||||
Series G, 5.00%, 12/01/34 | 450 | 463,559 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series A, Senior Lien, 4.00%, 01/01/36 | 935 | 966,941 | ||||||
Series B, Senior Lien, 5.00%, 01/01/53 | 1,435 | 1,507,403 | ||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33 | 260 | 260,461 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 | 805 | 821,366 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/47 | 235 | 234,670 | ||||||
Series A, 5.00%, 02/15/50 | 130 | 126,275 | ||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 | 2,800 | 2,945,583 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 870 | 874,324 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(d) | 5,175 | 1,964,223 | ||||||
State of Illinois, GO | ||||||||
5.00%, 02/01/39 | 1,540 | 1,551,695 | ||||||
Series A, 5.00%, 04/01/35 | 3,000 | 3,009,840 | ||||||
Series A, 5.00%, 04/01/38 | 3,490 | 3,501,077 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 985 | 995,476 | ||||||
Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23 | 540 | 540,804 | ||||||
26,270,202 | ||||||||
Indiana — 2.5% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 790 | 807,732 | ||||||
AMT, 7.00%, 01/01/44 | 1,905 | 1,942,923 | ||||||
Indiana Finance Authority, RB(c) | ||||||||
Series A, AMT, 5.00%, 07/01/23 | 1,880 | 1,893,858 | ||||||
Series A, AMT, 5.25%, 07/01/23 | 405 | 408,459 | ||||||
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 285 | 280,033 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 1,270 | 1,272,546 | ||||||
6,605,551 | ||||||||
Kansas — 0.1% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 260 | 248,310 | ||||||
Kentucky — 1.0% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 | 1,235 | 1,287,842 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(g) | 1,200 | 1,377,541 | ||||||
2,665,383 | ||||||||
Louisiana — 1.1% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53(e) | 370 | 360,486 | ||||||
Louisiana Public Facilities Authority, Refunding RB Class A, 4.00%, 12/15/27(c) | 60 | 64,481 |
S C H E D U L E O F I N V E S T M E N T S | 49 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority, Refunding RB (continued) | ||||||||
Class A, 4.00%, 12/15/50 | $ | 1,940 | $ | 1,953,737 | ||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 505 | 508,485 | ||||||
2,887,189 | ||||||||
Maryland — 0.8% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 420 | 439,323 | ||||||
Series B, 4.00%, 04/15/50 | 595 | 565,799 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 | 1,755 | 1,210,330 | ||||||
2,215,452 | ||||||||
Massachusetts — 2.5% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 1,285 | 1,446,660 | ||||||
Series C, 5.00%, 10/01/52 | 1,335 | 1,483,581 | ||||||
Massachusetts Development Finance Agency, Refunding RB(b) | ||||||||
4.00%, 10/01/32 | 215 | 209,286 | ||||||
4.13%, 10/01/42 | 470 | 424,748 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing | ||||||||
Series C-1, 3.15%, 12/01/49 | 550 | 426,374 | ||||||
Series C-1, 3.25%, 12/01/54 | 2,030 | 1,514,431 | ||||||
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46 | 1,110 | 1,180,432 | ||||||
6,685,512 | ||||||||
Michigan — 5.8% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB | ||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 | 545 | 596,729 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 | 1,290 | 1,421,975 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 1,290 | 1,397,171 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB | ||||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 1,290 | 1,394,971 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 | 1,290 | 1,423,684 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/50 | 2,235 | 2,118,822 | ||||||
4.00%, 02/15/44 | 810 | 791,189 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
Series A, 4.00%, 12/01/49 | 1,480 | 1,437,906 | ||||||
Series MI1, 5.00%, 12/01/48 | 2,000 | 2,089,156 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56 | 950 | 626,626 | ||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 | 990 | 1,071,816 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1,070 | 1,084,768 | ||||||
15,454,813 | ||||||||
Minnesota — 2.5% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,020 | 1,993,829 | ||||||
Series A, 5.25%, 02/15/53 | 565 | 588,841 | ||||||
Series A, 5.25%, 02/15/58 | 1,480 | 1,539,452 |
Security | Par (000) | Value | ||||||
Minnesota (continued) | ||||||||
Minnesota Housing Finance Agency, RB, S/F Housing | ||||||||
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 | $ | 340 | $ | 280,840 | ||||
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52(e) | 1,740 | 1,736,106 | ||||||
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 | 635 | 621,708 | ||||||
6,760,776 | ||||||||
Mississippi — 2.2% | ||||||||
State of Mississippi Gaming Tax Revenue, RB | ||||||||
Series A, 5.00%, 10/15/37 | 1,000 | 1,067,237 | ||||||
Series A, 4.00%, 10/15/38 | 5,000 | 4,925,125 | ||||||
5,992,362 | ||||||||
Missouri — 3.7% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB | ||||||||
5.50%, 05/01/43 | 245 | 246,631 | ||||||
5.00%, 09/01/48 | 2,610 | 2,721,734 | ||||||
Series A, 4.00%, 07/01/46 | 595 | 584,590 | ||||||
Series C, 5.00%, 11/15/42 | 2,570 | 2,701,250 | ||||||
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 | 1,280 | 1,320,165 | ||||||
Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52(e) | 2,250 | 2,244,433 | ||||||
9,818,803 | ||||||||
Nebraska — 1.5% | ||||||||
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51 | 4,040 | 3,974,318 | ||||||
New Hampshire(b) — 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 1,545 | 1,469,079 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 805 | 746,878 | ||||||
2,215,957 | ||||||||
New Jersey — 11.9% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 1,675 | 1,718,555 | ||||||
5.25%, 11/01/44 | 1,525 | 1,546,715 | ||||||
Hudson County Improvement Authority, RB, 4.00%, 10/01/46 | 760 | 752,538 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
4.00%, 11/01/38 | 510 | 511,811 | ||||||
4.00%, 11/01/39 | 405 | 405,005 | ||||||
Class A, 5.25%, 11/01/47 | 1,740 | 1,890,040 | ||||||
Series EEE, 5.00%, 06/15/48 | 5,845 | 6,084,294 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 1,425 | 1,431,169 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 | 2,240 | 2,120,527 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 1,295 | 1,265,222 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, Class B, AMT, 4.00%, 12/01/41 | 1,230 | 1,240,252 | ||||||
Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52 | 1,245 | 1,287,207 |
50 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.00%, 06/15/44 | $ | 825 | $ | 827,636 | ||||
Series S, 5.00%, 06/15/46 | 1,225 | 1,278,451 | ||||||
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 2,615 | 2,688,285 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 525 | 546,910 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 6,070 | 6,140,236 | ||||||
31,734,853 | ||||||||
New Mexico — 0.7% | ||||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing | ||||||||
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53. | 1,075 | 1,059,629 | ||||||
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53 | 760 | 795,682 | ||||||
1,855,311 | ||||||||
New York — 15.1% | ||||||||
City of New York New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 800 | 792,147 | ||||||
Series C, 5.00%, 08/01/43 | 1,115 | 1,240,941 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 1,960 | 1,960,065 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 1,585 | 1,582,608 | ||||||
Series C-1, 5.00%, 11/15/50 | 515 | 522,501 | ||||||
Series C-1, 5.25%, 11/15/55 | 760 | 783,527 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series A, 3.00%, 11/01/55 | 1,055 | 762,280 | ||||||
Series F-1, (FHA), 2.40%, 11/01/46 | 2,530 | 1,746,892 | ||||||
Series F-1, (FHA), 2.50%, 11/01/51 | 1,280 | 850,346 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
Series A, (AGM), 3.00%, 01/01/36 | 85 | 77,510 | ||||||
Series A, (AGM), 3.00%, 01/01/40 | 320 | 272,259 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45 | 740 | 736,893 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51 | 400 | 395,986 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 5.00%, 06/01/38 | 1,895 | 1,857,723 | ||||||
Series A, 6.25%, 06/01/41(b) | 1,800 | 1,800,389 | ||||||
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50 | 1,815 | 1,501,038 | ||||||
Class 2, 5.15%, 11/15/34(b) | 340 | 340,825 | ||||||
Class 2, 5.38%, 11/15/40(b) | 850 | 850,296 | ||||||
Series 1, 5.00%, 11/15/44(b) | 2,860 | 2,852,827 | ||||||
Series A, 2.88%, 11/15/46 | 3,365 | 2,552,733 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 1,310 | 1,279,043 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 1,080 | 1,071,476 | ||||||
Series A, 4.00%, 03/15/47 | 3,855 | 3,779,326 | ||||||
Series D, 4.00%, 02/15/47(f) | 2,960 | 2,904,900 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 | 1,780 | 1,916,615 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., Refunding RB, Series E, 4.00%, 03/15/46 | $ | 3,000 | $ | 2,976,648 | ||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 1,050 | 1,094,705 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 5.00%, 11/15/49 | 850 | 912,890 | ||||||
Series A, 5.00%, 11/15/54 | 825 | 883,351 | ||||||
40,298,740 | ||||||||
North Carolina — 1.3% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25 | 2,550 | 2,725,639 | ||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 | 630 | 634,922 | ||||||
3,360,561 | ||||||||
North Dakota — 0.2% | ||||||||
North Dakota Housing Finance Agency, RB, Series B, 3.00%, 07/01/52 | 625 | 611,399 | ||||||
Ohio — 2.6% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, 4.00%, 06/01/48 | 1,585 | 1,456,690 | ||||||
Series B-2, 5.00%, 06/01/55 | 1,950 | 1,860,144 | ||||||
County of Franklin Ohio, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 400 | 414,284 | ||||||
Series A, 4.00%, 12/01/44 | 505 | 498,309 | ||||||
Series CC, 5.00%, 11/15/49 | 530 | 591,438 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 | 590 | 562,967 | ||||||
Series A, 3.75%, 08/15/50 | 1,040 | 942,583 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 | 320 | 314,296 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 130 | 119,141 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 275 | 276,292 | ||||||
7,036,144 | ||||||||
Oklahoma — 1.9% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/57 | 1,155 | 1,064,466 | ||||||
Oklahoma Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/48 | 2,050 | 2,066,761 | ||||||
Series C, 4.00%, 01/01/42 | 1,950 | 1,999,033 | ||||||
5,130,260 | ||||||||
Oregon — 0.2% | ||||||||
State of Oregon, GO, 3.00%, 12/01/51 | 480 | 492,700 | ||||||
Pennsylvania — 3.9% | ||||||||
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 | 1,070 | 1,123,833 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
Class B, 4.00%, 05/01/52 | 440 | 404,195 | ||||||
Series A, 5.00%, 09/01/43 | 875 | 910,577 | ||||||
Series A, 5.00%, 09/01/48 | 345 | 356,258 | ||||||
Series A, 4.00%, 09/01/49 | 555 | 517,057 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 850 | 854,229 |
S C H E D U L E O F I N V E S T M E N T S | 51 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | $ | 1,035 | $ | 1,038,748 | ||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 2022, 4.25%, 10/01/52 | 1,135 | 1,172,290 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/44 | 1,105 | 1,130,135 | ||||||
Series A, Subordinate, (BAM), 4.00%, 12/01/50 | 735 | 720,393 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 | 2,140 | 2,107,551 | ||||||
10,335,266 | ||||||||
Puerto Rico — 5.4% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
Series A1, Restructured, 5.63%, 07/01/29 | 1,435 | 1,528,205 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 1,295 | 1,404,333 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 1,843 | 1,755,458 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 5,562 | 5,479,960 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 2,941 | 2,799,491 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 85 | 81,284 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) | 5,051 | 1,402,602 | ||||||
14,451,333 | ||||||||
Rhode Island — 2.7% | ||||||||
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 76-A, 3.00%, 10/01/51 | 1,185 | 1,150,027 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 820 | 831,535 | ||||||
Series B, 4.50%, 06/01/45 | 2,295 | 2,299,507 | ||||||
Series B, 5.00%, 06/01/50 | 2,945 | 2,960,909 | ||||||
7,241,978 | ||||||||
South Carolina — 6.4% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
5.00%, 02/01/36 | 2,505 | 2,671,665 | ||||||
5.00%, 11/15/47 | 1,350 | 1,350,003 | ||||||
Series A, 5.00%, 05/01/48 | 1,505 | 1,548,237 | ||||||
South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49 | 650 | 620,424 | ||||||
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 | 6,180 | 6,286,988 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/50 | 1,430 | 1,441,700 | ||||||
Series E, 5.25%, 12/01/55 | 1,735 | 1,778,851 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing | ||||||||
Series A, 3.00%, 01/01/52 | 410 | 401,793 | ||||||
Series A, AMT, 4.00%, 01/01/52 | 855 | 872,562 | ||||||
16,972,223 | ||||||||
Tennessee — 3.9% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 160 | 148,093 | ||||||
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45 | 1,275 | 1,337,363 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 690 | 712,641 |
Security | Par (000) | Value | ||||||
Tennessee (continued) | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 | $ | 955 | $ | 962,193 | ||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) | 1,640 | 1,777,165 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(e) | 3,595 | 3,758,145 | ||||||
Tennessee Housing Development Agency, RB, S/F Housing | ||||||||
Second Series, 5.00%, 01/01/53 | 1,285 | 1,356,501 | ||||||
Series 1, 3.75%, 07/01/52(e) | 480 | 483,710 | ||||||
10,535,811 | ||||||||
Texas — 7.0% | ||||||||
Arlington Higher Education Finance Corp., RB | ||||||||
7.50%, 04/01/62 | 435 | 465,168 | ||||||
7.88%, 11/01/62(b) | 370 | 385,209 | ||||||
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44 | 1,795 | 1,871,623 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 | 775 | 777,415 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 | 1,155 | 1,226,816 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 | 745 | 756,279 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 670 | 669,996 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 | 1,245 | 1,333,569 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 620 | 596,125 | ||||||
Series A, 5.00%, 07/01/53 | 760 | 811,361 | ||||||
Series B, 5.00%, 07/01/48 | 4,545 | 4,744,217 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 | 1,000 | 1,003,038 | ||||||
Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57 | 1,140 | 1,155,618 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45 | 1,285 | 1,290,578 | ||||||
Series A, 4.00%, 10/15/49 | 1,495 | 1,496,495 | ||||||
18,583,507 | ||||||||
Utah — 1.0% | ||||||||
City of Salt Lake City Utah Airport Revenue, RB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 915 | 943,522 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 875 | 905,475 | ||||||
County of Utah, RB, Series A, 3.00%, 05/15/50 | 985 | 790,711 | ||||||
2,639,708 | ||||||||
Virginia — 1.8% | ||||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 | 1,160 | 1,092,029 | ||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | 1,455 | 1,434,493 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 | 2,395 | 2,394,126 | ||||||
4,920,648 | ||||||||
Washington — 1.2% | ||||||||
Port of Seattle Washington, RB Series A, AMT, 5.00%, 05/01/43 | 1,465 | 1,522,561 |
52 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Washington (continued) | ||||||||
Port of Seattle Washington, RB (continued) Series C, AMT, 5.00%, 04/01/40 | $ | 755 | $ | 770,336 | ||||
Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47 | 645 | 712,833 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 340 | 320,737 | ||||||
3,326,467 | ||||||||
Wisconsin — 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/15/49 | 2,940 | 2,814,794 | ||||||
Wyoming — 0.6% | ||||||||
Wyoming Community Development Authority, RB, S/F Housing | ||||||||
Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 | 875 | 869,802 | ||||||
Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50 | 765 | 750,052 | ||||||
1,619,854 | ||||||||
Total Municipal Bonds — 141.8% (Cost: $380,449,787) | 378,793,316 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) | ||||||||
California — 1.2% | ||||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 | 3,075 | 3,235,264 | ||||||
Colorado — 0.9% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(h) | 2,252 | 2,379,365 | ||||||
Georgia — 1.7% | ||||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52 | 4,379 | 4,635,088 | ||||||
Illinois — 1.2% | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/27 | 6 | 6,238 | ||||||
Series C, 4.00%, 02/15/41 | 3,219 | 3,224,817 | ||||||
3,231,055 | ||||||||
Massachusetts — 2.5% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 | 2,042 | 2,050,060 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 4,574 | 4,710,698 | ||||||
6,760,758 | ||||||||
Nebraska — 0.8% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 | 2,084 | 2,200,213 | ||||||
New York — 3.5% | ||||||||
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 | 6,610 | 6,598,052 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 2,595 | 2,695,227 | ||||||
9,293,279 | ||||||||
Pennsylvania — 0.9% | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 | 2,338 | 2,483,830 | ||||||
Security | Par (000) | Value | ||||||
Texas — 1.0% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23 | $ | 2,520 | $ | 2,520,000 | ||||
Virginia — 2.4% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 1,771 | 1,777,265 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 4,787 | 4,535,700 | ||||||
6,312,965 | ||||||||
Wisconsin — 1.1% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 2,830 | 2,786,608 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.2% (Cost: $46,557,836) | 45,838,425 | |||||||
Total Long-Term Investments — 159.0% (Cost: $427,007,623) | 424,631,741 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 3.9% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(i)(j) | 10,334,438 | 10,336,505 | ||||||
Total Short-Term Securities — 3.9% (Cost: $10,334,169) | 10,336,505 | |||||||
Total Investments — 162.9% (Cost: $437,341,792) | 434,968,246 | |||||||
Other Assets Less Liabilities — 0.1% | 340,326 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.6)% | (28,264,537 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.4)% | (140,000,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 267,044,035 | ||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Zero-coupon bond. |
(e) | When-issued security. |
(f) | 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) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $1,563,187. See Note 4 of the Notes to Financial Statements for details. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
S C H E D U L E O F I N V E S T M E N T S | 53 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) |
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 10,140,146 | $ | 198,286 | (a) | $ | — | $ | (1,034 | ) | $ | (893 | ) | $ | 10,336,505 | 10,334,438 | $ | 106,872 | �� | $ | — | |||||||||||||||
(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 | 149 | 03/22/23 | $ | 17,107 | $ | (238,621 | ) | |||||||||
U.S. Long Bond | 264 | 03/22/23 | 34,477 | (970,334 | ) | |||||||||||
5-Year U.S. Treasury Note | 118 | 03/31/23 | 12,915 | (150,841 | ) | |||||||||||
$ | (1,359,796 | ) | ||||||||||||||
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) | $ | — | $ | — | $ | — | $ | — | $ | 1,359,796 | $ | — | $ | 1,359,796 | ||||||||||||||
(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 | $ | — | $ | — | $ | — | $ | — | $ | 3,468,970 | $ | — | $ | 3,468,970 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (297,854 | ) | $ | — | $ | (297,854 | ) | ||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 62,908,758 |
54 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniVest Fund II, Inc. (MVT) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 378,793,316 | $ | — | $ | 378,793,316 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 45,838,425 | — | 45,838,425 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 10,336,505 | — | — | 10,336,505 | ||||||||||||
$ | 10,336,505 | $ | 424,631,741 | $ | — | $ | 434,968,246 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (1,359,796 | ) | $ | — | $ | — | $ | (1,359,796 | ) | ||||||
(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 | $ | — | $ | (28,077,192 | ) | $ | — | $ | (28,077,192 | ) | ||||||
VMTP Shares at Liquidation Value | — | (140,000,000 | ) | — | (140,000,000 | ) | ||||||||||
$ | — | $ | (168,077,192 | ) | $ | — | $ | (168,077,192 | ) | |||||||
S C H E D U L E O F I N V E S T M E N T S | 55 |
Schedule of Investments (unaudited) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 2.0% | ||||||||
Black Belt Energy Gas District, RB(a) | ||||||||
4.00%, 10/01/52 | $ | 1,355 | $ | 1,353,386 | ||||
Series C-1, 5.25%, 02/01/53 | 1,280 | 1,372,895 | ||||||
Series F, 5.50%, 11/01/53 | 810 | 868,409 | ||||||
Homewood Educational Building Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/34 | 240 | 259,331 | ||||||
Series A, 5.00%, 12/01/47 | 655 | 679,021 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a) | 740 | 808,936 | ||||||
5,341,978 | ||||||||
Arizona — 3.9% | ||||||||
Arizona Industrial Development Authority, RB(b) | ||||||||
5.00%, 07/01/54 | 545 | 525,253 | ||||||
Series A, 5.00%, 07/01/39 | 480 | 462,663 | ||||||
Series A, 5.00%, 07/01/49 | 545 | 497,110 | ||||||
Series A, 5.00%, 07/01/54 | 420 | 375,398 | ||||||
City of Phoenix Civic Improvement Corp., RB | ||||||||
Series B, AMT, 5.00%, 07/01/44 | 1,745 | 1,814,770 | ||||||
Series B, AMT, Junior Lien, 5.00%, 07/01/49 | 1,620 | 1,666,220 | ||||||
City of Phoenix Civic Improvement Corp., Refunding RB, AMT, Senior Lien, 5.00%, 07/01/32 | 1,000 | 1,008,475 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 305 | 280,144 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/39(b) | 500 | 495,719 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB(b) | ||||||||
5.00%, 06/15/49 | 485 | 445,335 | ||||||
5.00%, 06/15/52 | 470 | 425,723 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 07/01/39(b) | 200 | 198,020 | ||||||
5.00%, 07/01/54(b) | 470 | 436,376 | ||||||
Series A, 5.00%, 09/01/37 | 575 | 611,445 | ||||||
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 1,120 | 1,188,984 | ||||||
10,431,635 | ||||||||
Arkansas — 0.4% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b) | 1,275 | 1,148,852 | ||||||
California — 8.9% | ||||||||
California Community Housing Agency, RB, M/F Housing(b) | ||||||||
3.00%, 08/01/56 | 120 | 85,339 | ||||||
Series A, 5.00%, 04/01/49 | 205 | 184,046 | ||||||
Series A-2, 4.00%, 08/01/47 | 1,325 | 1,097,462 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sub‑Series A‑2, 5.00%, 11/01/47 | 1,140 | 1,326,395 | ||||||
California Housing Finance Agency, RB, M/F Housing | ||||||||
Class A, 3.25%, 08/20/36 | 835 | 773,862 | ||||||
Series 2021-1, Class A, 3.50%, 11/20/35 | 798 | 767,677 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 135 | 99,290 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
5.00%, 09/01/37 | 100 | 97,943 | ||||||
4.00%, 10/01/56 | 155 | 133,245 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) | ||||||||
4.00%, 12/01/56 | $ | 200 | $ | 148,284 | ||||
Series A, 4.00%, 06/01/58 | 930 | 779,696 | ||||||
Senior Lien, 3.13%, 06/01/57 | 525 | 368,356 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 855 | 664,184 | ||||||
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42 | 1,570 | 1,728,835 | ||||||
Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertiable, Election 2008, 6.25%, 08/01/28(c) | 5,000 | 4,949,235 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 | 765 | 793,646 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 1,485 | 1,478,524 | ||||||
San Diego Community College District, GO, CAB(d) | ||||||||
Election 2006, 0.00%, 08/01/31 | 1,855 | 1,156,010 | ||||||
Election 2006, 0.00%, 08/01/32 | 2,320 | 1,357,778 | ||||||
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(d) | 1,400 | 803,362 | ||||||
San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(d)(e) | 2,730 | 1,390,145 | ||||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(d) | 1,110 | 885,161 | ||||||
Yosemite Community College District, GO(d) | ||||||||
Series D, Election 2004, 0.00%, 08/01/36 | 2,000 | 1,251,698 | ||||||
Series D, Election 2004, 0.00%, 08/01/37 | 2,790 | 1,712,136 | ||||||
24,032,309 | ||||||||
Colorado — 2.0% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 820 | 908,505 | ||||||
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 | 1,165 | 1,142,842 | ||||||
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 | 945 | 926,686 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 940 | 876,945 | ||||||
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45 | 1,475 | 1,486,404 | ||||||
5,341,382 | ||||||||
Connecticut — 0.0% | ||||||||
Connecticut Housing Finance Authority, RB, S/F Housing, Series A-1, 3.80%, 11/15/39 | 55 | 54,322 | ||||||
District of Columbia — 0.9% | ||||||||
District of Columbia, RB, Series C, 4.00%, 05/01/45 | 1,720 | 1,737,353 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | 875 | 824,556 | ||||||
2,561,909 | ||||||||
Florida — 11.7% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 | 1,420 | 1,459,098 | ||||||
Capital Trust Agency, Inc., RB(b) | ||||||||
5.00%, 01/01/55 | 535 | 414,177 | ||||||
Series A, 5.00%, 06/01/55 | 480 | 406,473 | ||||||
Series A, 5.50%, 06/01/57 | 170 | 155,300 | ||||||
Series SE, 3.00%, 07/01/31 | 100 | 90,281 | ||||||
Series SE, 4.00%, 07/01/41 | 165 | 138,097 |
56 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Capital Trust Agency, Inc., RB(b) (continued) | ||||||||
Series SE, 4.00%, 07/01/51 | $ | 190 | $ | 143,600 | ||||
Series SE, 4.00%, 07/01/56 | 160 | 117,152 | ||||||
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 | 2,340 | 2,421,076 | ||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57 | 2,210 | 2,516,936 | ||||||
City of Tampa Florida, RB, CAB(d) | ||||||||
Series A, 0.00%, 09/01/49 | 525 | 144,158 | ||||||
Series A, 0.00%, 09/01/53 | 560 | 128,978 | ||||||
County of Broward Florida Airport System Revenue, RB, Series A, AMT, 4.00%, 10/01/49 | 915 | 850,978 | ||||||
County of Broward Florida Port Facilities Revenue, RB, AMT, 5.25%, 09/01/47 | 1,000 | 1,079,626 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, 5.00%, 10/01/34 | 160 | 163,205 | ||||||
County of Miami-Dade Seaport Department, RB(e) | ||||||||
Series B, AMT, 6.00%, 10/01/23 | 1,150 | 1,170,901 | ||||||
Series B, AMT, 6.25%, 10/01/23 | 360 | 367,787 | ||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||
Series A, AMT, 5.00%, 10/01/42 | 360 | 382,733 | ||||||
Series A, AMT, 5.25%, 10/01/52 | 285 | 304,407 | ||||||
Series A-1, AMT, (AGM), 4.00%, 10/01/45 | 790 | 762,730 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) | ||||||||
Series A-2, 0.00%, 10/01/41 | 505 | 186,033 | ||||||
Series A-2, 0.00%, 10/01/42 | 675 | 233,507 | ||||||
Series A-2, 0.00%, 10/01/43 | 615 | 199,405 | ||||||
Series A-2, 0.00%, 10/01/44 | 625 | 195,807 | ||||||
Series A-2, 0.00%, 10/01/45 | 525 | 149,119 | ||||||
Florida Development Finance Corp., RB(b) | ||||||||
6.50%, 06/30/57 | 340 | 342,437 | ||||||
AMT, 5.00%, 05/01/29 | 480 | 451,516 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) | 270 | 230,509 | ||||||
Greater Orlando Aviation Authority, RB | ||||||||
Series A, AMT, 4.00%, 10/01/52 | 900 | 860,996 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/37 | 660 | 697,229 | ||||||
Sub-Series A, AMT, 5.00%, 10/01/47 | 4,690 | 4,884,114 | ||||||
Lakewood Ranch Stewardship District, SAB, S/F Housing | ||||||||
4.00%, 05/01/40 | 235 | 206,319 | ||||||
4.00%, 05/01/50 | 395 | 318,065 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 | 2,635 | 2,704,827 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 1,805 | 1,709,564 | ||||||
Orange County Health Facilities Authority, Refunding RB | ||||||||
5.00%, 08/01/41 | 495 | 515,096 | ||||||
5.00%, 08/01/47 | 1,435 | 1,492,368 | ||||||
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 | 120 | 121,085 | ||||||
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 | 140 | 123,523 | ||||||
Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42 | 1,560 | 1,654,399 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Seminole Improvement District, RB, 5.30%, 10/01/37 | $ | 150 | $ | 151,139 | ||||
Storey Creek Community Development District, SAB, 4.13%, 12/15/49 | 500 | 415,713 | ||||||
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 | 545 | 539,897 | ||||||
31,600,360 | ||||||||
Georgia — 2.2% | ||||||||
Development Authority for Fulton County, RB, 4.00%, 07/01/49 | 500 | 476,453 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 200 | 186,462 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 | 875 | 834,258 | ||||||
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54 | 280 | 231,930 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 | 375 | 371,567 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/43 | 615 | 625,197 | ||||||
Series A, 5.00%, 06/01/53(a) | 2,005 | 2,129,360 | ||||||
Municipal Electric Authority of Georgia, RB 5.00%, 01/01/56 | 645 | 657,661 | ||||||
Class A, 5.50%, 07/01/63 | 345 | 359,259 | ||||||
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(e) | 120 | 123,374 | ||||||
5,995,521 | ||||||||
Hawaii — 1.0% | ||||||||
State of Hawaii Airports System Revenue, RB | ||||||||
Series A, AMT, 5.00%, 07/01/43 | 1,410 | 1,481,198 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 1,050 | 1,082,978 | ||||||
2,564,176 | ||||||||
Illinois — 10.3% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 1,265 | 1,321,518 | ||||||
Series A, 5.00%, 12/01/40 | 1,195 | 1,212,638 | ||||||
Series A, 5.00%, 12/01/47 | 830 | 832,910 | ||||||
Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30 | 840 | 889,919 | ||||||
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d) | 225 | 204,293 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/34 | 505 | 509,045 | ||||||
Chicago Midway International Airport, Refunding RB, Series B, 5.00%, 01/01/46 | 1,770 | 1,811,384 | ||||||
Chicago O’Hare International Airport, RB, Series D, Senior Lien, 5.25%, 01/01/42 | 2,585 | 2,757,171 | ||||||
Chicago O’Hare International Airport, Refunding RB | ||||||||
Series A, AMT, Senior Lien, 5.00%, 01/01/48 | 540 | 559,408 | ||||||
Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 830 | 840,620 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 705 | 742,251 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 5.00%, 11/15/45 | 1,110 | 1,124,497 | ||||||
Series C, 4.13%, 08/15/37 | 665 | 647,642 | ||||||
Series C, 5.00%, 08/15/44 | 305 | 306,975 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 | 120 | 122,748 |
S C H E D U L E O F I N V E S T M E N T S | 57 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/40 | $ | 920 | $ | 975,108 | ||||
Metropolitan Pier & Exposition Authority, RB | ||||||||
Series A, (NPFGC), 0.00%, 12/15/36(d) | 10,000 | 5,507,740 | ||||||
Series A, 5.00%, 06/15/57 | 670 | 673,330 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB | ||||||||
4.00%, 06/15/50 | 515 | 459,020 | ||||||
Series B, (AGM), 0.00%, 06/15/44(d) | 2,980 | 1,131,089 | ||||||
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 | 2,000 | 2,414,882 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/32 | 870 | 889,423 | ||||||
5.50%, 07/01/33 | 710 | 717,778 | ||||||
5.25%, 02/01/34 | 600 | 613,495 | ||||||
5.50%, 07/01/38 | 390 | 394,100 | ||||||
27,658,984 | ||||||||
Indiana — 0.5% | ||||||||
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23(e) | 1,215 | 1,223,460 | ||||||
Iowa — 0.1% | ||||||||
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d) | 2,980 | 373,108 | ||||||
Kentucky — 0.2% | ||||||||
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b) | 150 | 143,295 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) | 530 | 529,425 | ||||||
672,720 | ||||||||
Louisiana — 2.2% | ||||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/42 | 2,400 | 2,498,090 | ||||||
New Orleans Aviation Board, RB | ||||||||
Series B, AMT, 5.00%, 01/01/45 | 2,380 | 2,408,313 | ||||||
Series B, AMT, 5.00%, 01/01/48 | 1,010 | 1,026,179 | ||||||
5,932,582 | ||||||||
Maine — 0.1% | ||||||||
Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44 | 175 | 146,579 | ||||||
Maryland — 0.9% | ||||||||
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/46 | 955 | 1,003,027 | ||||||
City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46(b) | 655 | 528,286 | ||||||
Maryland Economic Development Corp., RB | ||||||||
5.00%, 07/01/56 | 145 | 146,482 | ||||||
Class B, AMT, 5.25%, 06/30/55 | 800 | 825,271 | ||||||
2,503,066 | ||||||||
Massachusetts — 1.9% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 | 1,315 | 1,349,281 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 1,855 | 1,881,925 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 815 | 839,364 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46 | $ | 55 | $ | 49,019 | ||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 | 415 | 405,721 | ||||||
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/43 | 670 | 672,922 | ||||||
5,198,232 | ||||||||
Michigan — 5.4% | ||||||||
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44 | 545 | 545,909 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/50 | 1,885 | 1,787,016 | ||||||
Series A, 4.00%, 11/15/50 | 2,550 | 2,422,352 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
4.00%, 11/15/46 | 1,050 | 1,008,006 | ||||||
Series A, 4.00%, 12/01/40 | 2,630 | 2,613,762 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, AMT, 2.45%, 10/01/46 | 625 | 430,760 | ||||||
Series A, AMT, 4.15%, 10/01/53 | 1,680 | 1,536,058 | ||||||
Series A, AMT, 2.70%, 10/01/56 | 2,240 | 1,477,517 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 | 450 | 392,890 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1,980 | 2,007,328 | ||||||
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(e) | 340 | 346,444 | ||||||
14,568,042 | ||||||||
Minnesota — 0.2% | ||||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 | 445 | 476,996 | ||||||
Missouri — 0.5% | ||||||||
Kansas City Industrial Development Authority, RB, Series B, AMT, 5.00%, 03/01/39 | 670 | 716,990 | ||||||
Missouri Housing Development Commission, RB, S/F Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46 | 705 | 539,029 | ||||||
1,256,019 | ||||||||
Nevada — 1.1% | ||||||||
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38 | 2,715 | 2,948,134 | ||||||
New Jersey — 11.2% | ||||||||
Camden County Improvement Authority, RB, 6.00%, 06/15/62 | 180 | 189,430 | ||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 730 | 760,526 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series WW, 5.25%, 06/15/25(e) | 15 | 16,033 | ||||||
Series WW, 5.25%, 06/15/33 | 135 | 142,998 | ||||||
Series WW, 5.00%, 06/15/34 | 180 | 189,669 | ||||||
Series WW, 5.00%, 06/15/36 | 800 | 838,261 | ||||||
Series WW, 5.25%, 06/15/40 | 305 | 317,012 | ||||||
AMT, 5.13%, 01/01/34 | 610 | 615,140 | ||||||
AMT, 5.38%, 01/01/43 | 790 | 797,229 | ||||||
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32 | 295 | 300,417 |
58 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Educational Facilities Authority, Refunding RB, Series A, 5.00%, 07/01/42 | $ | 800 | $ | 826,113 | ||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 | 800 | 725,689 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 3.25%, 12/01/39 | 1,710 | 1,632,369 | ||||||
Series B, Class B, AMT, 4.00%, 12/01/41 | 875 | 882,293 | ||||||
Sub-Series C, Class C, AMT, 3.63%, 12/01/49 | 645 | 543,255 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33 | 840 | 840,286 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, (NPFGC), 5.75%, 06/15/25 | 1,400 | 1,498,007 | ||||||
Series A, 0.00%, 12/15/29(d) | 225 | 179,186 | ||||||
Series AA, 5.25%, 06/15/33 | 1,315 | 1,326,755 | ||||||
Series AA, 5.00%, 06/15/38 | 1,180 | 1,198,173 | ||||||
Series AA, 5.50%, 06/15/39 | 4,650 | 4,697,732 | ||||||
Series AA, 4.00%, 06/15/40 | 925 | 920,840 | ||||||
Series AA, 5.00%, 06/15/50 | 710 | 746,243 | ||||||
Series BB, 4.00%, 06/15/50 | 1,400 | 1,326,961 | ||||||
Series D, 5.00%, 06/15/32 | 525 | 546,350 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/42 | 970 | 982,439 | ||||||
Series A, 4.00%, 01/01/48 | 900 | 891,829 | ||||||
New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 01/01/37 | 2,050 | 2,095,598 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/34 | 820 | 877,198 | ||||||
Series A, 5.00%, 06/01/35 | 1,220 | 1,297,468 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,005 | 2,028,200 | ||||||
30,229,699 | ||||||||
New Mexico — 0.1% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/39 | 170 | 161,365 | ||||||
New York — 12.2% | ||||||||
City of New York New York, GO | ||||||||
Series A-1, 5.00%, 08/01/47 | 260 | 287,927 | ||||||
Series B, 5.25%, 10/01/41 | 545 | 637,876 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56 | 1,330 | 1,345,263 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47 | 2,610 | 2,627,012 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB | ||||||||
Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 | 1,105 | 1,105,173 | ||||||
Series S-3, Subordinate, (SAW), 4.00%, 07/15/46 | 1,000 | 995,065 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-3, 5.00%, 08/01/40 | 2,715 | 2,932,833 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Series 1, 5.00%, 11/15/44(b) | 975 | 972,555 | ||||||
Series A, 2.88%, 11/15/46 | 3,915 | 2,969,970 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 395 | 385,666 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
4.00%, 03/15/41 | 900 | 907,628 | ||||||
4.00%, 03/15/46 | 1,660 | 1,606,658 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | $ | 1,050 | $ | 1,094,705 | ||||
AMT, 5.00%, 12/01/36 | 450 | 482,633 | ||||||
Series A, AMT, 5.25%, 01/01/50 | 4,950 | 4,966,582 | ||||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 | 1,570 | 1,465,849 | ||||||
Port Authority of New York & New Jersey, Refunding RB | ||||||||
186th Series, AMT, 5.00%, 10/15/36 | 305 | 315,775 | ||||||
Series 197, AMT, 5.00%, 11/15/35 | 250 | 266,269 | ||||||
Series 207, AMT, 4.00%, 09/15/43 | 410 | 402,434 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 | 830 | 615,122 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 5.00%, 11/15/49 | 180 | 193,318 | ||||||
Series D-2, Senior Lien, 5.25%, 05/15/47 | 1,680 | 1,915,336 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 4.00%, 05/15/51 | 4,500 | 4,301,730 | ||||||
32,793,379 | ||||||||
North Carolina — 0.1% | ||||||||
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51 | 215 | 206,589 | ||||||
Ohio — 2.2% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55 | 3,455 | 3,295,794 | ||||||
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43 | 2,580 | 2,602,552 | ||||||
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 | 90 | 94,143 | ||||||
5,992,489 | ||||||||
Oklahoma — 0.2% | ||||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 495 | 499,047 | ||||||
Oregon — 0.4% | ||||||||
Clackamas Community College District, GO, Series A, 5.00%, 06/15/40 | 390 | 420,332 | ||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) | 875 | 452,904 | ||||||
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52 | 300 | 287,720 | ||||||
1,160,956 | ||||||||
Pennsylvania — 11.1% | ||||||||
Allegheny County Airport Authority, RB | ||||||||
Series A, AMT, 5.00%, 01/01/51 | 1,010 | 1,044,339 | ||||||
Series A, AMT, 5.00%, 01/01/56 | 1,075 | 1,108,348 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 100 | 80,975 | ||||||
4.00%, 07/01/51 | 100 | 78,340 | ||||||
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 | 935 | 942,315 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57 | 1,370 | 1,428,029 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series B, 4.00%, 03/15/40 | 3,000 | 3,007,539 | ||||||
AMT, 5.00%, 12/31/34 | 2,220 | 2,270,514 | ||||||
AMT, 5.00%, 12/31/38 | 1,155 | 1,166,396 | ||||||
AMT, 5.50%, 06/30/41 | 900 | 989,837 |
S C H E D U L E O F I N V E S T M E N T S | 59 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, RB (continued) | ||||||||
AMT, 5.00%, 06/30/42 | $ | 3,300 | $ | 3,316,418 | ||||
AMT, 5.75%, 06/30/48 | 780 | 863,838 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 | 835 | 824,118 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 | 180 | 138,262 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 | 3,150 | 3,196,129 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49 | 1,365 | 1,103,697 | ||||||
Pennsylvania Turnpike Commission, RB | ||||||||
Series A, 5.00%, 12/01/38 | 550 | 575,483 | ||||||
Series A-1, 5.00%, 12/01/41 | 730 | 763,243 | ||||||
Series B, 5.00%, 12/01/40 | 285 | 297,998 | ||||||
Series C, 5.50%, 12/01/23(e) | 490 | 501,272 | ||||||
Series C, 5.00%, 12/01/39 | 900 | 928,677 | ||||||
Sub-Series A-1, Subordinate, 5.00%, 12/01/41 | 1,755 | 1,808,970 | ||||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
3rd Series, 4.00%, 12/01/38 | 1,835 | 1,848,142 | ||||||
Series A-1, 5.00%, 12/01/40 | 680 | 709,430 | ||||||
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 | 800 | 830,430 | ||||||
29,822,739 | ||||||||
Puerto Rico — 4.7% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 5,407 | 5,150,167 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 3,922 | 3,864,151 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 276 | 262,720 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 1,324 | 1,266,117 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 424 | 404,234 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 411 | 390,696 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) | 5,025 | 1,395,382 | ||||||
12,733,467 | ||||||||
Rhode Island — 1.6% | ||||||||
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 75-A, 2.35%, 10/01/44 | 1,075 | 779,711 | ||||||
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 | 415 | 435,356 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series B, 4.50%, 06/01/45 | 820 | 821,611 | ||||||
Series B, 5.00%, 06/01/50 | 2,340 | 2,352,641 | ||||||
4,389,319 | ||||||||
South Carolina — 7.0% | ||||||||
Charleston County Airport District, RB, Series A, AMT, 5.50%, 07/01/23(e) | 1,360 | 1,372,761 | ||||||
County of Berkeley South Carolina, SAB | ||||||||
4.25%, 11/01/40 | 315 | 271,635 | ||||||
4.38%, 11/01/49 | 465 | 374,645 | ||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
5.00%, 11/01/43 | 2,010 | 2,112,675 | ||||||
5.00%, 01/01/55(b) | 855 | 752,226 | ||||||
7.50%, 08/15/62(b) | 405 | 403,147 |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38 | $ | 2,220 | $ | 2,308,189 | ||||
South Carolina Ports Authority, RB, AMT, 5.00%, 07/01/48 | 470 | 488,102 | ||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 5.50%, 12/01/54 | 3,935 | 4,003,123 | ||||||
Series A, 4.00%, 12/01/55 | 550 | 508,468 | ||||||
Series E, 5.50%, 12/01/53 | 2,820 | 2,868,603 | ||||||
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 | 1,840 | 1,874,931 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing | ||||||||
Series A, 2.25%, 07/01/46 | 1,295 | 956,762 | ||||||
Series B, 4.35%, 07/01/47 | 470 | 470,840 | ||||||
18,766,107 | ||||||||
Tennessee — 3.8% | ||||||||
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40 | 750 | 733,534 | ||||||
Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/52 | 1,020 | 1,078,379 | ||||||
Tennergy Corp., RB(a) | ||||||||
Series A, 4.00%, 12/01/51 | 1,270 | 1,273,381 | ||||||
Series A, 5.50%, 10/01/53 | 1,040 | 1,126,982 | ||||||
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) | 3,600 | 3,865,140 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 2,055 | 2,148,258 | ||||||
10,225,674 | ||||||||
Texas — 13.4% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | ||||||||
7.50%, 04/01/62 | 420 | 449,128 | ||||||
7.88%, 11/01/62 | 370 | 385,209 | ||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 | 115 | 90,434 | ||||||
Central Texas Turnpike System, RB | ||||||||
Series C, 5.00%, 08/15/37 | 1,240 | 1,283,439 | ||||||
Series C, 5.00%, 08/15/42 | 625 | 634,388 | ||||||
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 | 405 | 405,356 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 230 | 236,607 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
Series A, AMT, 5.00%, 07/01/27 | 225 | 229,965 | ||||||
Series A, AMT, 4.00%, 07/01/46 | 830 | 790,879 | ||||||
City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48 | 2,510 | 2,335,886 | ||||||
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43 | 1,090 | 1,165,177 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 | 865 | 881,800 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(d)(e) | 3,020 | 1,490,355 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(d)(e) | 1,850 | 1,051,264 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) | 450 | 411,812 | ||||||
North Texas Tollway Authority, RB, Series C, Convertible, 6.75%, 09/01/31(e) | 10,000 | 13,384,370 |
60 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | $ | 1,090 | $ | 1,095,036 | ||||
Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46 | 425 | 417,403 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
5.00%, 11/15/51 | 1,180 | 1,277,087 | ||||||
Series A, 4.00%, 07/01/53 | 525 | 504,783 | ||||||
Series A, 5.00%, 07/01/53 | 645 | 688,589 | ||||||
Series B, 5.00%, 07/01/36 | 1,815 | 1,940,849 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 | 750 | 765,991 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 260 | 247,485 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing | ||||||||
Series A, (GNMA), 4.25%, 09/01/43 | 215 | 215,476 | ||||||
Series A, (GNMA), 3.63%, 09/01/44 | 670 | 619,139 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 | 370 | 357,848 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 | 1,500 | 1,609,443 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/45 | 1,135 | 1,142,984 | ||||||
36,108,182 | ||||||||
Utah — 2.7% | ||||||||
City of Salt Lake City Utah Airport Revenue, RB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 1,095 | 1,129,133 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 395 | 408,757 | ||||||
County of Utah, RB, Series B, 4.00%, 05/15/47 | 5,135 | 5,143,083 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b) | 185 | 184,221 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b) | 335 | 325,208 | ||||||
7,190,402 | ||||||||
Virginia — 0.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 965 | 937,912 | ||||||
Washington — 2.5% | ||||||||
Port of Seattle Washington, RB | ||||||||
Series C, AMT, 5.00%, 04/01/40 | 900 | 918,281 | ||||||
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 | 720 | 747,739 | ||||||
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 | 430 | 419,031 | ||||||
Washington Health Care Facilities Authority, RB, 4.00%, 10/01/45 | 630 | 592,310 | ||||||
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38 | 3,040 | 3,144,840 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A‑1, 3.50%, 12/20/35 | 844 | 793,803 | ||||||
6,616,004 | ||||||||
Wisconsin — 1.8% | ||||||||
Public Finance Authority, RB | ||||||||
5.00%, 10/15/56(b) | 215 | 190,860 | ||||||
Class A, 5.00%, 06/15/51(b) | 555 | 473,715 | ||||||
Class A, 6.00%, 06/15/52 | 140 | 137,438 | ||||||
Class A, 6.13%, 06/15/57 | 160 | 157,559 | ||||||
Series A, 5.00%, 07/15/39(b) | 100 | 98,454 | ||||||
Series A, 5.00%, 07/01/40(b) | 300 | 288,770 | ||||||
Series A, 5.00%, 07/15/49(b) | 355 | 330,636 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) | ||||||||
Public Finance Authority, RB (continued) | ||||||||
Series A, 5.00%, 07/15/54(b) | $ | 170 | $ | 155,097 | ||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/39(b) | 295 | 266,210 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing | ||||||||
Series A, 4.15%, 11/01/48 | 1,920 | 1,866,829 | ||||||
Series A, 4.45%, 05/01/57 | 1,030 | 1,002,405 | ||||||
4,967,973 | ||||||||
Total Municipal Bonds — 131.7% (Cost: $349,781,396) | 354,831,669 | |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) | ||||||||
Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(g) | 2,084 | 2,201,513 | ||||||
District of Columbia — 0.3% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 | 920 | 920,308 | ||||||
Florida — 4.6% | ||||||||
City of Miami Beach Florida, RB, 5.00%, 09/01/45 | 2,740 | 2,839,199 | ||||||
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57 | 2,150 | 2,448,604 | ||||||
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 | 4,200 | 4,962,439 | ||||||
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 | 2,100 | 2,104,045 | ||||||
12,354,287 | ||||||||
Georgia — 0.6% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49 | 1,681 | 1,571,748 | ||||||
Illinois — 5.7% | ||||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33 | 490 | 490,868 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 | 1,951 | 2,086,689 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38 | 1,858 | 1,862,167 | ||||||
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26 | 10,000 | 10,943,249 | ||||||
15,382,973 | ||||||||
Louisiana — 0.5% | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25 | 1,350 | 1,401,418 | ||||||
Maryland — 1.0% | ||||||||
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/41 | 2,478 | 2,640,320 | ||||||
Michigan — 1.0% | ||||||||
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44 | 1,750 | 1,788,745 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45 | 760 | 790,474 | ||||||
2,579,219 |
S C H E D U L E O F I N V E S T M E N T S | 61 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York — 5.2% | ||||||||
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44 | $ | 3,080 | $ | 3,108,572 | ||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 1,899 | 1,887,380 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35 | 1,470 | 1,528,137 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 | 1,810 | 1,772,786 | ||||||
Port Authority of New York & New Jersey, Refunding RB, 5.25%, 10/15/57 | 1,910 | 2,020,393 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 | 1,990 | 2,140,878 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 | 1,500 | 1,471,646 | ||||||
13,929,792 | ||||||||
Ohio — 0.7% | ||||||||
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/24(g) | 706 | 1,927,231 | ||||||
Texas — 0.5% | ||||||||
Houston Community College System, GO, 4.00%, 02/15/23 | 1,305 | 1,305,610 | ||||||
Virginia — 1.2% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 | 3,280 | 3,245,283 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.1% (Cost: $57,495,903) | 59,459,702 | |||||||
Total Long-Term Investments — 153.8% (Cost: $407,277,299) | 414,291,371 | |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.9% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(h)(i) | 5,090,992 | 5,092,011 | ||||||
Total Short-Term Securities — 1.9% (Cost: $5,090,586) | 5,092,011 | |||||||
Total Investments — 155.7% (Cost: $412,367,885) | 419,383,382 | |||||||
Liabilities in Excess of Other Assets — (0.2)% | (363,051 | ) | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.3)% | (33,103,235 | ) | ||||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.2)% | (116,500,000 | ) | ||||||
Net Assets Applicable to Common Shares — 100.0% | $ 269,417,096 | |||||||
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) | Zero-coupon bond. |
(e) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) | 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 May 15, 2023 to June 1, 2026, is $2,733,823. 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. |
62 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 661,236 | $ | 4,431,448 | (a) | $ | — | $ | (2,098 | ) | $ | 1,425 | $ | 5,092,011 | 5,090,992 | $ | 38,668 | $ | — | |||||||||||||||||
(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 | �� | 84 | 03/22/23 | $ | 9,644 | $ | (150,221 | ) | ||||||||
U.S. Long Bond | 126 | 03/22/23 | 16,455 | (491,743 | ) | |||||||||||
5-Year U.S. Treasury Note | 78 | 03/31/23 | 8,537 | (111,134 | ) | |||||||||||
$ | (753,098 | ) | ||||||||||||||
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) | $ | — | $ | — | $ | — | $ | — | $ | 753,098 | $ | — | $ | 753,098 | ||||||||||||||
(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 | $ | — | $ | — | $ | — | $ | — | $ | 2,142,147 | $ | — | $ | 2,142,147 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 913,922 | $ | — | $ | 913,922 | ||||||||||||||
Futures contracts: | ||||
Average notional value of contracts — short | $ | 34,745,180 |
S C H E D U L E O F I N V E S T M E N T S | 63 |
Schedule of Investments (unaudited) (continued) January 31, 2023 | BlackRock MuniYield Quality Fund II, Inc. (MQT) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 354,831,669 | $ | — | $ | 354,831,669 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 59,459,702 | — | 59,459,702 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 5,092,011 | — | — | 5,092,011 | ||||||||||||
$ | 5,092,011 | $ | 414,291,371 | $ | — | $ | 419,383,382 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (753,098 | ) | $ | — | $ | — | $ | (753,098 | ) | ||||||
(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 | ||||||||||||||||
Loan for TOB Trust Certificates | $ | — | $ | (1,387,440 | ) | $ | — | $ | (1,387,440 | ) | ||||||
TOB Trust Certificates | — | (31,503,017 | ) | — | (31,503,017 | ) | ||||||||||
VMTP Shares at Liquidation Value | — | (116,500,000 | ) | — | (116,500,000 | ) | ||||||||||
$ | — | $ | (149,390,457 | ) | $ | — | $ | (149,390,457 | ) | |||||||
64 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BKN | BFK | MHD | MVT | |||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a) | $ | 380,065,863 | $ | 841,395,254 | $ | 1,154,035,538 | $ | 424,631,741 | ||||||||
Investments, at value — affiliated(b) | 1,040,963 | 13,340,541 | 21,120,914 | 10,336,505 | ||||||||||||
Cash | 85,769 | 340,126 | 455,908 | 181,079 | ||||||||||||
Cash pledged for futures contracts | 700,000 | 2,944,000 | 3,913,000 | 1,569,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 982,503 | 2,665,333 | 5,071,914 | 2,682,679 | ||||||||||||
Dividends — affiliated | 1,910 | 20,096 | 23,856 | 13,289 | ||||||||||||
Interest — unaffiliated | 3,262,585 | 8,233,623 | 11,464,143 | 4,204,308 | ||||||||||||
Deferred offering costs | 77,410 | 198,082 | — | — | ||||||||||||
Prepaid expenses | 6,738 | 7,988 | 22,655 | 6,907 | ||||||||||||
Total assets | 386,223,741 | 869,145,043 | 1,196,107,928 | 443,625,508 | ||||||||||||
ACCRUED LIABILITIES | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 4,457,084 | 13,525,747 | 25,886,703 | 6,922,259 | ||||||||||||
Accounting services fees | 24,031 | 35,367 | 66,917 | 33,958 | ||||||||||||
Administration fees | 48,002 | — | — | — | ||||||||||||
Custodian fees | 2,822 | 5,579 | 7,400 | 2,021 | ||||||||||||
Income dividend distributions — Common Shares | 784,058 | 1,643,999 | 2,187,628 | 758,628 | ||||||||||||
Interest expense and fees | 134,158 | 310,775 | 583,943 | 187,345 | ||||||||||||
Investment advisory fees | 111,905 | 429,137 | 538,134 | 182,330 | ||||||||||||
Offering costs | 174 | — | — | — | ||||||||||||
Directors’ and Officer’s fees | 44,265 | 187,423 | 53,933 | 2,406 | ||||||||||||
Other accrued expenses | 10,675 | 9,902 | 15,824 | 9,485 | ||||||||||||
Professional fees | 59,182 | 67,429 | 50,428 | 46,892 | ||||||||||||
Transfer agent fees | 14,595 | 25,403 | 33,953 | 15,523 | ||||||||||||
Variation margin on futures contracts | 159,277 | 644,899 | 861,215 | 343,434 | ||||||||||||
Total accrued liabilities | 5,850,228 | 16,885,660 | 30,286,078 | 8,504,281 | ||||||||||||
OTHER LIABILITIES | ||||||||||||||||
TOB Trust Certificates | 16,085,711 | 49,248,816 | 79,041,921 | 28,077,192 | ||||||||||||
Loan for TOB Trust Certificates | 1,440,000 | — | 930,000 | — | ||||||||||||
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) | 125,900,000 | 270,800,000 | 347,800,000 | 140,000,000 | ||||||||||||
Total other liabilities | 143,425,711 | 320,048,816 | 427,771,921 | 168,077,192 | ||||||||||||
Total liabilities | 149,275,939 | 336,934,476 | 458,057,999 | 176,581,473 | ||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 236,947,802 | $ | 532,210,567 | $ | 738,049,929 | $ | 267,044,035 | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF | ||||||||||||||||
Paid‑in capital(f)(g)(h) | $ | 244,783,688 | $ | 593,542,003 | $ | 808,007,673 | $ | 289,965,987 | ||||||||
Accumulated loss | (7,835,886 | ) | (61,331,436 | ) | (69,957,744 | ) | (22,921,952 | ) | ||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 236,947,802 | $ | 532,210,567 | $ | 738,049,929 | $ | 267,044,035 | ||||||||
Net asset value per Common Share | $ | 13.45 | $ | 11.82 | $ | 13.83 | $ | 12.52 | ||||||||
(a) Investments, at cost — unaffiliated | $ | 372,916,766 | $ | 848,399,521 | | $ | 1,166,236,133 | $ | 427,007,623 | |||||||
(b) Investments, at cost — affiliated | $ | 1,040,822 | $ | 13,336,848 | $ | 21,116,725 | $ | 10,334,169 | ||||||||
(c) Preferred Shares outstanding | 1,259 | 2,708 | 3,478 | 1,400 | ||||||||||||
(d) Preferred Shares authorized | 7,121 | Unlimited | 8,478 | 8,400 | ||||||||||||
(e) Par value per Preferred Share | $ | 0.10 | $ | 0.001 | $ | 0.10 | $ | 0.10 | ||||||||
(f) Common Shares outstanding | 17,619,274 | 45,041,077 | 53,356,788 | 21,328,000 | ||||||||||||
(g) Common Shares authorized | 199,992,879 | Unlimited | 199,991,522 | 199,991,600 | ||||||||||||
(h) Par value per Common Share | $ | 0.01 | $ | 0.001 | $ | 0.10 | $ | 0.10 |
F I N A N C I A L S T A T E M E N T S | 65 |
MQT | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a) | $ | 414,291,371 | ||
Investments, at value — affiliated(b) | 5,092,011 | |||
Cash | 95,666 | |||
Cash pledged for futures contracts | 803,000 | |||
Receivables: | ||||
Investments sold | 1,126,641 | |||
Dividends — affiliated | 8,344 | |||
Interest — unaffiliated | 3,860,617 | |||
Prepaid expenses | 6,958 | |||
Total assets | 425,284,608 | |||
ACCRUED LIABILITIES | ||||
Payables: | ||||
Investments purchased | 4,939,987 | |||
Accounting services fees | 33,915 | |||
Custodian fees | 3,089 | |||
Income dividend distributions — Common Shares | 848,179 | |||
Interest expense and fees | 212,778 | |||
Investment advisory fees | 175,933 | |||
Directors’ and Officer’s fees | 2,334 | |||
Other accrued expenses | 9,978 | |||
Professional fees | 54,726 | |||
Transfer agent fees | 16,230 | |||
Variation margin on futures contracts | 179,906 | |||
Total accrued liabilities | 6,477,055 | |||
OTHER LIABILITIES | ||||
TOB Trust Certificates | 31,503,017 | |||
Loan for TOB Trust Certificates | 1,387,440 | |||
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) | 116,500,000 | |||
Total other liabilities | 149,390,457 | |||
Total liabilities | 155,867,512 | |||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 269,417,096 | ||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF | ||||
Paid‑in capital(f)(g)(h) | $ | 279,975,003 | ||
Accumulated loss | (10,557,907 | ) | ||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $ | 269,417,096 | ||
Net asset value per Common Share | $ | 11.93 | ||
(a) Investments, at cost — unaffiliated | $ | 407,277,299 | ||
(b) Investments, at cost — affiliated | $ | 5,090,586 | ||
(c) Preferred Shares outstanding | 1,165 | |||
(d) Preferred Shares authorized | 7,565 | |||
(e) Par value per Preferred Share | $ | 0.10 | ||
(f) Common Shares outstanding | 22,586,588 | |||
(g) Common Shares authorized | 199,992,435 | |||
(h) Par value per Common Share | $ | 0.10 |
66 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BKN | BFK | MHD | MVT | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — affiliated | $ | 25,053 | $ | 82,115 | $ | 61,663 | $ | 106,872 | ||||||||
Interest — unaffiliated | 8,631,630 | 17,693,039 | 24,503,412 | 8,665,863 | ||||||||||||
Total investment income | 8,656,683 | 17,775,154 | 24,565,075 | 8,772,735 | ||||||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 676,187 | 2,563,052 | 3,253,387 | 1,089,943 | ||||||||||||
Administration | 289,795 | — | — | — | ||||||||||||
Accounting services | 29,748 | 42,339 | 75,242 | 36,324 | ||||||||||||
Professional | 23,774 | 37,951 | 54,194 | 35,876 | ||||||||||||
Transfer agent | 20,233 | 26,911 | 29,013 | 19,619 | ||||||||||||
Printing and postage | 9,443 | 3,886 | 5,165 | 5,040 | ||||||||||||
Directors and Officer | 8,798 | 23,297 | 22,484 | 7,319 | ||||||||||||
Registration | 4,233 | 8,215 | 19,419 | 4,179 | ||||||||||||
Custodian | 3,343 | 8,498 | 11,515 | 3,143 | ||||||||||||
Miscellaneous | 33,296 | 32,940 | 10,348 | 33,721 | ||||||||||||
Total expenses excluding interest expense, fees and amortization of offering costs | 1,098,850 | 2,747,089 | 3,480,767 | 1,235,164 | ||||||||||||
Interest expense, fees and amortization of offering costs(a) | 2,648,637 | 5,751,279 | 7,805,949 | 3,009,582 | ||||||||||||
Total expenses | 3,747,487 | 8,498,368 | 11,286,716 | 4,244,746 | ||||||||||||
Less: | ||||||||||||||||
Fees waived and/or reimbursed by the Manager | (1,259 | ) | (4,400 | ) | (3,180 | ) | (5,831 | ) | ||||||||
Total expenses after fees waived and/or reimbursed | 3,746,228 | 8,493,968 | 11,283,536 | 4,238,915 | ||||||||||||
Net investment income | 4,910,455 | 9,281,186 | 13,281,539 | 4,533,820 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (9,629,102 | ) | (33,701,157 | ) | (34,914,362 | ) | (16,716,012 | ) | ||||||||
Investments — affiliated | 891 | (2,580 | ) | (265 | ) | (1,034 | ) | |||||||||
Futures contracts | 1,988,840 | 6,692,777 | 9,113,038 | 3,468,970 | ||||||||||||
(7,639,371 | ) | (27,010,960 | ) | (25,801,589 | ) | (13,248,076 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 464,588 | 12,588,415 | 1,609,957 | 6,039,585 | ||||||||||||
Investments — affiliated | (53 | ) | 3,056 | 3,351 | (893 | ) | ||||||||||
Futures contracts | 868,029 | (577,422 | ) | (771,859 | ) | (297,854 | ) | |||||||||
1,332,564 | 12,014,049 | 841,449 | 5,740,838 | |||||||||||||
Net realized and unrealized loss | (6,306,807 | ) | (14,996,911 | ) | (24,960,140 | ) | (7,507,238 | ) | ||||||||
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS | $ | (1,396,352 | ) | $ | (5,715,725 | ) | $ | (11,678,601 | ) | $ | (2,973,418 | ) | ||||
(a) | Related to TOB Trusts and/or VMTP Shares. |
F I N A N C I A L S T A T E M E N T S | 67 |
MQT | ||||
INVESTMENT INCOME | ||||
Dividends — affiliated | $ | 38,668 | ||
Interest — unaffiliated | 9,236,351 | |||
Total investment income | 9,275,019 | |||
EXPENSES | ||||
Investment advisory | 1,075,812 | |||
Accounting services | 36,619 | |||
Professional | 34,298 | |||
Transfer agent | 17,456 | |||
Directors and Officer | 7,436 | |||
Printing and postage | 5,589 | |||
Custodian | 5,000 | |||
Registration | 4,298 | |||
Miscellaneous | 34,080 | |||
Total expenses excluding interest expense, fees and amortization of offering costs | 1,220,588 | |||
Interest expense, fees and amortization of offering costs(a) | 2,770,585 | |||
Total expenses | 3,991,173 | |||
Less: | ||||
Fees waived and/or reimbursed by the Manager | (2,124 | ) | ||
Total expenses after fees waived and/or reimbursed | 3,989,049 | |||
Net investment income | 5,285,970 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (10,288,235 | ) | ||
Investments — affiliated | (2,098 | ) | ||
Futures contracts | 2,142,147 | |||
(8,148,186 | ) | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | (266,551 | ) | ||
Investments — affiliated | 1,425 | |||
Futures contracts | 913,922 | |||
648,796 | ||||
Net realized and unrealized loss | (7,499,390 | ) | ||
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS | $ | (2,213,420 | ) | |
(a) | Related to TOB Trusts and/or VMTP Shares. |
68 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BKN | BFK | |||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income | $ | 4,910,455 | $ | 2,833,769 | $ | 12,719,200 | $ | 9,281,186 | $ | 5,855,839 | $ | 27,533,703 | ||||||||||||
Net realized gain (loss) | (7,639,371 | ) | 478,568 | (980,201 | ) | (27,010,960 | ) | 180,375 | 287,234 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,332,564 | 1,520,140 | (47,963,446 | ) | 12,014,049 | 2,083,168 | (112,785,673 | ) | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (1,396,352 | ) | 4,832,477 | (36,224,447 | ) | (5,715,725 | ) | 8,119,382 | (84,964,736 | ) | ||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) | ||||||||||||||||||||||||
From net investment income | (5,864,234 | ) | (3,536,191 | ) | (14,051,212 | ) | (10,764,817 | ) | (6,426,736 | ) | (31,583,302 | ) | ||||||||||||
Return of capital | — | — | — | — | (396,146 | ) | — | |||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (5,864,234 | ) | (3,536,191 | ) | (14,051,212 | ) | (10,764,817 | ) | (6,822,882 | ) | (31,583,302 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Net proceeds from the issuance of common shares | 218,616 | 4,757,328 | — | 14 | 20,371 | — | ||||||||||||||||||
Reinvestment of common distributions | 147,431 | 143,220 | 517,059 | — | 160,147 | 1,669,986 | ||||||||||||||||||
Net increase in net assets derived from capital share transactions | 366,047 | 4,900,548 | 517,059 | 14 | 180,518 | 1,669,986 | ||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders | (6,894,539 | ) | 6,196,834 | (49,758,600 | ) | (16,480,528 | ) | 1,477,018 | (114,878,052 | ) | ||||||||||||||
Beginning of period | 243,842,341 | 237,645,507 | 287,404,107 | 548,691,095 | 547,214,077 | 662,092,129 | ||||||||||||||||||
End of period | $ | 236,947,802 | $ | 243,842,341 | $ | 237,645,507 | $ | 532,210,567 | $ | 548,691,095 | $ | 547,214,077 | ||||||||||||
(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 | 69 |
MHD | MVT | |||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income | $ | 13,281,539 | $ | 8,343,984 | $ | 38,669,583 | $ | 4,533,820 | $ | 2,872,669 | $ | 13,926,662 | ||||||||||||
Net realized gain (loss) | (25,801,589 | ) | (30,594 | ) | 546,160 | (13,248,076 | ) | 368,389 | 650,689 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 841,449 | 5,996,473 | (162,340,124 | ) | 5,740,838 | 217,704 | (57,128,480 | ) | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (11,678,601 | ) | 14,309,863 | (123,124,381 | ) | (2,973,418 | ) | 3,458,762 | (42,551,129 | ) | ||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) | ||||||||||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (16,044,386 | ) | (9,684,257 | ) | (38,806,925 | ) | (5,415,856 | ) | (3,387,114 | ) | (14,996,026 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Reinvestment of common distributions | — | — | — | — | — | 471,214 | ||||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) | — | — | — | (467,304 | ) | — | — | |||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | — | — | — | (467,304 | ) | — | 471,214 | |||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders | (27,722,987 | ) | 4,625,606 | (161,931,306 | ) | (8,856,578 | ) | 71,648 | (57,075,941 | ) | ||||||||||||||
Beginning of period | 765,772,916 | 761,147,310 | 923,078,616 | 275,900,613 | 275,828,965 | 332,904,906 | ||||||||||||||||||
End of period | $ | 738,049,929 | $ | 765,772,916 | $ | 761,147,310 | $ | 267,044,035 | $ | 275,900,613 | $ | 275,828,965 | ||||||||||||
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
70 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MQT | ||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 5,285,970 | $ | 3,175,620 | $ | 14,039,180 | ||||||||||
Net realized gain (loss) | (8,148,186 | ) | 804,876 | (1,433,367 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 648,796 | 2,578,326 | (52,483,717 | ) | ||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | (2,213,420 | ) | 6,558,822 | (39,877,904 | ) | |||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to Common Shareholders | (6,124,133 | ) | (3,661,877 | ) | (14,635,450 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Reinvestment of common distributions | 166,343 | — | 670,434 | |||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) | (338,422 | ) | — | — | ||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (172,079 | ) | — | 670,434 | ||||||||||||
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders | (8,509,632 | ) | 2,896,945 | (53,842,920 | ) | |||||||||||
Beginning of period | 277,926,728 | 275,029,783 | 328,872,703 | |||||||||||||
End of period | $ | 269,417,096 | $ | 277,926,728 | $ | 275,029,783 | ||||||||||
(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 | 71 |
BKN | BFK | MHD | MVT | |||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||||||||||||||
Net increase in net assets resulting from operations | $ | (1,396,352 | ) | $ | (5,715,725 | ) | $ | (11,678,601 | ) | $ | (2,973,418 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | ||||||||||||||||
Proceeds from sales of long-term investments | 74,853,372 | 231,027,381 | 253,875,213 | 120,124,917 | ||||||||||||
Purchases of long-term investments | (48,602,486 | ) | (186,572,667 | ) | (171,842,126 | ) | (101,666,819 | ) | ||||||||
Net proceeds from sales of short-term securities | (114,217 | ) | (6,966,873 | ) | (18,189,682 | ) | (198,286 | ) | ||||||||
Amortization of premium and accretion of discount on investments and other fees | (1,405,445 | ) | 1,262,021 | 555,355 | 803,082 | |||||||||||
Net realized loss on investments | 9,628,211 | 33,703,737 | 34,914,627 | 16,717,046 | ||||||||||||
Net unrealized depreciation on investments | (464,535 | ) | (12,591,471 | ) | (1,613,308 | ) | (6,038,692 | ) | ||||||||
(Increase) Decrease in Assets | ||||||||||||||||
Receivables | ||||||||||||||||
Dividends — affiliated | (56 | ) | (13,280 | ) | (17,192 | ) | (6,177 | ) | ||||||||
Interest — unaffiliated | 115,935 | 568,705 | 635,815 | 277,165 | ||||||||||||
Prepaid expenses | 21,620 | 16,974 | (17,275 | ) | 21,498 | |||||||||||
Deferred offering costs | 460 | (37,468 | ) | — | — | |||||||||||
Increase (Decrease) in Liabilities | ||||||||||||||||
Payables | ||||||||||||||||
Accounting services fees | (22,022 | ) | (20,679 | ) | (45,472 | ) | (24,463 | ) | ||||||||
Administration fees | (53,751 | ) | — | — | — | |||||||||||
Custodian fees | (1,880 | ) | (1,444 | ) | (2,825 | ) | (1,622 | ) | ||||||||
Interest expense and fees | 66,408 | 148,969 | 316,817 | 102,480 | ||||||||||||
Investment advisory fees | (119,769 | ) | (406,564 | ) | (522,462 | ) | (186,412 | ) | ||||||||
Directors’ and Officer’s fees | 1,903 | (3,768 | ) | 2,549 | (345 | ) | ||||||||||
Other accrued expenses | 148 | (4,375 | ) | (6,415 | ) | (1,701 | ) | |||||||||
Professional fees | (27,298 | ) | (44,893 | ) | (21,846 | ) | (30,472 | ) | ||||||||
Reorganization costs | — | — | (51,472 | ) | — | |||||||||||
Transfer agent fees | (4,408 | ) | (7,496 | ) | (12,623 | ) | (3,568 | ) | ||||||||
Variation margin on futures contracts | 126,071 | 563,369 | 750,612 | 300,453 | ||||||||||||
Net cash provided by operating activities | 32,601,909 | 54,904,453 | 87,029,689 | 27,214,666 | ||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||||||||||||||
Cash dividends paid to Common Shareholders | (6,122,934 | ) | (11,215,228 | ) | (17,084,844 | ) | (5,725,718 | ) | ||||||||
Payments for offering costs | (26,338 | ) | — | — | — | |||||||||||
Repayments of TOB Trust Certificates | (30,740,945 | ) | (50,926,229 | ) | (85,180,362 | ) | (24,662,588 | ) | ||||||||
Net payments on Common Shares redeemed | — | — | — | (467,304 | ) | |||||||||||
Proceeds from TOB Trust Certificates | 2,520,792 | 8,459,491 | 11,759,802 | 4,309,712 | ||||||||||||
Proceeds from Loan for TOB Trust Certificates | 1,440,000 | — | 930,000 | — | ||||||||||||
Increase in bank overdraft | (1,331 | ) | — | — | — | |||||||||||
Proceeds from issuance of Common Shares | 218,616 | 14 | — | — | ||||||||||||
Net cash provided by financing activities | (32,712,140 | ) | (53,681,952 | ) | (89,575,404 | ) | (26,545,898 | ) | ||||||||
CASH | ||||||||||||||||
Net increase in restricted and unrestricted cash | (110,231 | ) | 1,222,501 | (2,545,715 | ) | 668,768 | ||||||||||
Restricted and unrestricted cash at beginning of period | 896,000 | 2,061,625 | 6,914,623 | 1,081,311 | ||||||||||||
Restricted and unrestricted cash at end of period | $ | 785,769 | $ | 3,284,126 | $ | 4,368,908 | $ | 1,750,079 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||||
Cash paid during the period for interest expense | $ | 2,582,229 | $ | 5,602,310 | $ | 7,489,132 | $ | 2,907,102 | ||||||||
NON‑CASH FINANCING ACTIVITIES | ||||||||||||||||
Reinvestment of common distributions | $ | 147,431 | $ | — | $ | — | $ | — | ||||||||
72 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BKN | BFK | MHD | MVT | |||||||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | ||||||||||||||||
Cash | $ | 85,769 | $ | 340,126 | $ | 455,908 | $ | 181,079 | ||||||||
Cash pledged | ||||||||||||||||
Futures contracts | 700,000 | 2,944,000 | 3,913,000 | 1,569,000 | ||||||||||||
$ | 785,769 | $ | 3,284,126 | $ | 4,368,908 | $ | 1,750,079 | |||||||||
F I N A N C I A L S T A T E M E N T S | 73 |
MQT | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||
Net increase in net assets resulting from operations | $ | (2,213,420 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | ||||
Proceeds from sales of long-term investments | 138,199,109 | |||
Purchases of long-term investments | (96,508,052 | ) | ||
Net proceeds from sales of short-term securities | (4,431,448 | ) | ||
Amortization of premium and accretion of discount on investments and other fees | 41,431 | |||
Net realized loss on investments | 10,290,333 | |||
Net unrealized depreciation on investments | 265,126 | |||
(Increase) Decrease in Assets | ||||
Receivables | ||||
Dividends — affiliated | (7,902 | ) | ||
Interest — unaffiliated | 200,427 | |||
Prepaid expenses | 21,490 | |||
Increase (Decrease) in Liabilities | ||||
Payables | ||||
Accounting services fees | (23,630 | ) | ||
Custodian fees | (1,155 | ) | ||
Interest expense and fees | 93,001 | |||
Investment advisory fees | (201,581 | ) | ||
Directors’ and Officer’s fees | (321 | ) | ||
Other accrued expenses | (1,429 | ) | ||
Professional fees | (30,435 | ) | ||
Transfer agent fees | (4,637 | ) | ||
Variation margin on futures contracts | 143,766 | |||
Net cash provided by operating activities | 45,830,673 | |||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||
Cash dividends paid to Common Shareholders | (6,330,237 | ) | ||
Repayments of TOB Trust Certificates | (46,282,112 | ) | ||
Net payments on Common Shares redeemed including change in redemptions payable | (338,422 | ) | ||
Proceeds from TOB Trust Certificates | 5,656,324 | |||
Proceeds from Loan for TOB Trust Certificates | 1,387,440 | |||
Net cash provided by financing activities | (45,907,007 | ) | ||
CASH | ||||
Net increase in restricted and unrestricted cash | (76,334 | ) | ||
Restricted and unrestricted cash at beginning of period | 975,000 | |||
Restricted and unrestricted cash at end of period | $ | 898,666 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash paid during the period for interest expense | $ | 2,677,584 | ||
NON‑CASH FINANCING ACTIVITIES | ||||
Reinvestment of common distributions | $ | 166,343 | ||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | ||||
Cash | $ | 95,666 | ||
Cash pledged | ||||
Futures contracts | 803,000 | |||
$ | 898,666 | |||
74 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BKN | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | Year Ended 04/30/18 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.86 | $ | 13.79 | $ | 16.71 | $ | 14.89 | $ | 15.75 | $ | 15.26 | $ | 15.39 | ||||||||||||||||||
Net investment income(a) | 0.28 | 0.16 | 0.74 | 0.81 | 0.71 | 0.71 | 0.73 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.36 | ) | 0.11 | (2.84 | ) | 1.80 | (0.88 | ) | 0.46 | 0.02 | ||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.08 | ) | 0.27 | (2.10 | ) | 2.61 | (0.17 | ) | 1.17 | 0.75 | ||||||||||||||||||||||
Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.33 | ) | (0.20 | ) | (0.82 | ) | (0.79 | ) | (0.69 | ) | (0.68 | ) | (0.73 | ) | ||||||||||||||||||
From net realized gain | — | — | — | — | — | (0.00 | )(c) | (0.15 | ) | |||||||||||||||||||||||
Total distributions to Common Shareholders | (0.33 | ) | (0.20 | ) | (0.82 | ) | (0.79 | ) | (0.69 | ) | (0.68 | ) | (0.88 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 13.45 | $ | 13.86 | $ | 13.79 | $ | 16.71 | $ | 14.89 | $ | 15.75 | $ | 15.26 | ||||||||||||||||||
Market price, end of period | $ | 12.34 | $ | 14.61 | $ | 15.14 | $ | 19.20 | $ | 14.75 | $ | 14.31 | $ | 13.57 | ||||||||||||||||||
Total Return Applicable to Common Shareholders(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (0.33 | )%(e) | 1.98 | %(e) | (13.23 | )% | 17.68 | % | (1.16 | )% | 8.45 | % | 5.34 | % | ||||||||||||||||||
Based on market price | (13.25 | )%(e) | (2.09 | )%(e) | (17.09 | )% | 36.51 | % | 7.77 | % | 10.81 | % | (1.20 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders(f) | ||||||||||||||||||||||||||||||||
Total expenses | 3.28 | %(g) | 2.33 | %(g)(h) | 1.52 | % | 1.53 | % | 2.31 | % | 2.53 | % | 2.12 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.28 | %(g) | 2.32 | %(g)(h) | 1.52 | % | 1.53 | % | 2.31 | % | 2.53 | % | 2.11 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i) | 0.96 | %(g) | 0.99 | %(g)(h) | 0.92 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.90 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 4.29 | %(g) | 4.80 | %(g) | 4.56 | % | 4.93 | % | 4.39 | % | 4.64 | % | 4.64 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 236,948 | $ | 243,842 | $ | 237,646 | $ | 287,404 | $ | 255,884 | $ | 270,707 | $ | 262,198 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | $ | 125,900 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 265,205 | (j) | $ | 243,263 | (j) | $ | 288,757 | (k) | $ | 328,280 | (k) | $ | 303,244 | (k) | $ | 315,017 | (k) | $ | 308,259 | (k) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 17,526 | $ | 44,306 | $ | 47,151 | $ | 54,214 | $ | 56,112 | $ | 51,999 | $ | 41,043 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) | $ | 21,703 | $ | 9,345 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate | 13 | % | 9 | % | 17 | % | 10 | % | 16 | % | 29 | % | 31 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.38%, 2.37% and 1.04%, respectively. |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
F I N A N C I A L H I G H L I G H T S | 75 |
BFK | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | Year Ended 04/30/18 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.18 | $ | 12.15 | $ | 14.74 | $ | 12.91 | $ | 14.17 | $ | 13.98 | $ | 14.24 | ||||||||||||||||||
Net investment income(a) | 0.21 | 0.13 | 0.61 | 0.69 | 0.67 | 0.68 | 0.73 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.33 | ) | 0.05 | (2.50 | ) | 1.83 | (1.28 | ) | 0.21 | (0.22 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations | (0.12 | ) | 0.18 | (1.89 | ) | 2.52 | (0.61 | ) | 0.89 | 0.51 | ||||||||||||||||||||||
Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.24 | ) | (0.14 | ) | (0.70 | ) | (0.69 | ) | (0.65 | ) | (0.70 | ) | (0.77 | ) | ||||||||||||||||||
Return of capital | — | (0.01 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.24 | ) | (0.15 | ) | (0.70 | ) | (0.69 | ) | (0.65 | ) | (0.70 | ) | (0.77 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 11.82 | $ | 12.18 | $ | 12.15 | $ | 14.74 | $ | 12.91 | $ | 14.17 | $ | 13.98 | ||||||||||||||||||
Market price, end of period | $ | 10.60 | $ | 11.25 | $ | 11.69 | $ | 15.05 | $ | 12.14 | $ | 13.79 | $ | 12.78 | ||||||||||||||||||
Total Return Applicable to Common Shareholders(c) | ||||||||||||||||||||||||||||||||
Based on net asset value | (0.63 | )%(d) | 1.56 | %(d) | (13.35 | )% | 19.81 | % | (4.51 | )% | 6.98 | % | 3.74 | % | ||||||||||||||||||
Based on market price | (3.52 | )%(d) | (2.51 | )%(d) | (18.35 | )% | 30.10 | % | (7.74 | )% | 13.89 | % | (3.54 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders(e) | ||||||||||||||||||||||||||||||||
Total expenses | 3.32 | %(f) | 2.32 | %(f)(g) | 1.61 | % | 1.63 | % | 2.30 | % | 2.55 | % | 2.31 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.31 | %(f) | 2.32 | %(f)(g) | 1.61 | % | 1.63 | % | 2.30 | % | 2.55 | % | 2.27 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h) | 1.07 | %(f) | 1.06 | %(f)(g) | 1.03 | % | 1.05 | % | 1.02 | % | 1.04 | % | 1.03 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 3.62 | %(f) | 4.35 | %(f) | 4.26 | % | 4.84 | % | 4.68 | % | 4.87 | % | 5.06 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 532,211 | $ | 548,691 | $ | 547,214 | $ | 662,092 | $ | 578,807 | $ | 635,076 | $ | 626,604 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | $ | 270,800 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 266,290 | (i) | $ | 247,905 | (i) | $ | 302,073 | (j) | $ | 344,495 | (j) | $ | 313,740 | (j) | $ | 334,518 | (j) | $ | 331,390 | (j) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 49,249 | $ | 100,175 | $ | 120,204 | $ | 139,150 | $ | 135,464 | $ | 119,624 | $ | 128,156 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period(k) | $ | 17,305 | $ | 9,181 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate | 23 | % | 4 | % | 15 | % | 13 | % | 17 | % | 19 | % | 9 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f)Annualized. |
(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.35%, 2.35% and 1.08%, respectively. |
(h)Interest | expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
76 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
MHD | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | Year Ended 04/30/18 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.35 | $ | 14.27 | $ | 17.30 | $ | 15.18 | $ | 16.56 | $ | 16.41 | $ | 16.85 | ||||||||||||||||||
Net investment income(a) | 0.25 | 0.16 | 0.72 | 0.78 | 0.74 | 0.81 | 0.88 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.47 | ) | 0.10 | (3.02 | ) | 2.07 | (1.36 | ) | 0.22 | (0.39 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations | (0.22 | ) | 0.26 | (2.30 | ) | 2.85 | (0.62 | ) | 1.03 | 0.49 | ||||||||||||||||||||||
Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.30 | ) | (0.18 | ) | (0.73 | ) | (0.73 | ) | (0.76 | ) | (0.83 | ) | (0.92 | ) | ||||||||||||||||||
From net realized gain | — | — | (0.00 | )(c) | — | — | (0.05 | ) | (0.01 | ) | ||||||||||||||||||||||
Total distributions to Common Shareholders | (0.30 | ) | (0.18 | ) | (0.73 | ) | (0.73 | ) | (0.76 | ) | (0.88 | ) | (0.93 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 13.83 | $ | 14.35 | $ | 14.27 | $ | 17.30 | $ | 15.18 | $ | 16.56 | $ | 16.41 | ||||||||||||||||||
Market price, end of period | $ | 12.40 | $ | 13.32 | $ | 12.87 | $ | 16.33 | $ | 13.91 | $ | 15.92 | $ | 14.98 | ||||||||||||||||||
Total Return Applicable to Common Shareholders(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (1.16 | )%(e) | 1.93 | %(e) | (13.64 | )% | 19.31 | % | (4.02 | )% | 6.84 | % | 3.07 | % | ||||||||||||||||||
Based on market price | (4.53 | )%(e) | 4.91 | %(e) | (17.48 | )% | 22.90 | % | (8.52 | )% | 12.51 | % | (4.79 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders(f) | ||||||||||||||||||||||||||||||||
Total expenses | 3.16 | %(g) | 2.19 | %(g) | 1.52 | % | 1.56 | %(h) | 2.16 | % | 2.47 | % | 2.16 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.16 | %(g) | 2.18 | %(g) | 1.50 | % | 1.51 | %(h) | 2.15 | % | 2.47 | % | 2.16 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i) | 0.97 | %(g) | 0.96 | %(g) | 0.93 | % | 0.98 | %(h) | 0.97 | % | 1.00 | % | 1.01 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 3.72 | %(g) | 4.44 | %(g) | 4.30 | % | 4.59 | % | 4.40 | % | 4.98 | % | 5.19 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 738,050 | $ | 765,773 | $ | 761,147 | $ | 923,079 | $ | 215,764 | $ | 235,029 | $ | 232,921 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 347,800 | $ | 347,800 | $ | 347,800 | $ | 347,800 | $ | 83,700 | $ | 83,700 | $ | 83,700 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 272,533 | (j) | $ | 249,559 | (j) | $ | 318,846 | (k) | $ | 365,405 | (k) | $ | 357,782 | (k) | $ | 380,799 | (k) | $ | 378,281 | (k) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 79,972 | $ | 164,222 | $ | 176,042 | $ | 213,104 | $ | 53,130 | $ | 52,674 | $ | 63,166 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) | $ | 14,578 | $ | 7,781 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 4 | % | 15 | % | 13 | % | 21 | % | 17 | % | 12 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Amount is greater than $(0.005) per share. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Includes non‑recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.49%, 1.47% and 0.95%, respectively. |
(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
F I N A N C I A L H I G H L I G H T S | 77 |
MVT | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | Year Ended 04/30/18 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.91 | $ | 12.91 | $ | 15.60 | $ | 13.60 | $ | 14.87 | $ | 14.75 | $ | 15.19 | ||||||||||||||||||
Net investment income(a) | 0.21 | 0.13 | 0.65 | 0.72 | 0.68 | 0.74 | 0.83 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.35 | ) | 0.03 | (2.64 | ) | 1.97 | (1.27 | ) | 0.20 | (0.41 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations | (0.14 | ) | 0.16 | (1.99 | ) | 2.69 | (0.59 | ) | 0.94 | 0.42 | ||||||||||||||||||||||
Distributions to Common Shareholders(b) | ||||||||||||||||||||||||||||||||
From net investment income | (0.25 | ) | (0.16 | ) | (0.70 | ) | (0.69 | ) | (0.68 | ) | (0.76 | ) | (0.86 | ) | ||||||||||||||||||
From net realized gain | — | — | — | — | — | (0.06 | ) | — | ||||||||||||||||||||||||
Total distributions to Common Shareholders | (0.25 | ) | (0.16 | ) | (0.70 | ) | (0.69 | ) | (0.68 | ) | (0.82 | ) | (0.86 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 12.52 | $ | 12.91 | $ | 12.91 | $ | 15.60 | $ | 13.60 | $ | 14.87 | $ | 14.75 | ||||||||||||||||||
Market price, end of period | $ | 11.16 | $ | 12.04 | $ | 11.89 | $ | 15.15 | $ | 12.55 | $ | 14.29 | $ | 14.05 | ||||||||||||||||||
Total Return Applicable to Common Shareholders(c) | ||||||||||||||||||||||||||||||||
Based on net asset value | (0.68 | )%(d) | 1.31 | %(d) | (13.19 | )% | 20.22 | % | (4.21 | )% | 6.83 | % | 2.79 | % | ||||||||||||||||||
Based on market price | (5.07 | )%(d) | 2.58 | %(d) | (17.67 | )% | 26.52 | % | (8.02 | )% | 7.78 | % | (3.74 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders(e) | ||||||||||||||||||||||||||||||||
Total expenses | 3.30 | %(f) | 2.26 | %(f)(g) | 1.49 | % | 1.47 | % | 2.14 | % | 2.45 | % | 2.11 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.30 | %(f) | 2.26 | %(f)(g) | 1.49 | % | 1.47 | % | 2.13 | % | 2.45 | % | 2.11 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h) | 0.96 | %(f) | 0.96 | %(f)(g) | 0.90 | % | 0.90 | % | 0.89 | % | 0.91 | % | 0.91 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 3.53 | %(f) | 4.24 | %(f) | 4.28 | % | 4.75 | % | 4.51 | % | 5.09 | % | 5.44 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 267,044 | $ | 275,901 | $ | 275,829 | $ | 332,905 | $ | 290,223 | $ | 317,175 | $ | 314,261 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | $ | 140,000 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 258,882 | (i) | $ | 243,146 | (i) | $ | 297,021 | (j) | $ | 337,789 | (j) | $ | 307,302 | (j) | $ | 326,553 | (j) | $ | 324,472 | (j) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 28,077 | $ | 52,740 | $ | 60,726 | $ | 57,997 | $ | 56,198 | $ | 47,982 | $ | 61,343 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period(k) | $ | 15,497 | $ | 8,886 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate | 25 | % | 4 | % | 14 | % | 13 | % | 18 | % | 25 | % | 11 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.31%, 2.31% and 1.01%, respectively. |
(h) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
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MQT | ||||||||||||||||||||||||||||||||
Six Months Ended 01/31/23 (unaudited) | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | Year Ended 04/30/21 | Year Ended 04/30/20 | Year Ended 04/30/19 | Year Ended 04/30/18 | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.30 | $ | 12.17 | $ | 14.58 | $ | 13.02 | $ | 13.77 | $ | 13.37 | $ | 13.69 | ||||||||||||||||||
Net investment income(a) | 0.23 | 0.14 | 0.62 | 0.65 | 0.57 | 0.60 | 0.66 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.33 | ) | 0.15 | (2.38 | ) | 1.53 | (0.78 | ) | 0.39 | (0.29 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations | (0.10 | ) | 0.29 | (1.76 | ) | 2.18 | (0.21 | ) | 0.99 | 0.37 | ||||||||||||||||||||||
Distributions to Common Shareholders from net investment income(b) | (0.27 | ) | (0.16 | ) | (0.65 | ) | (0.62 | ) | (0.54 | ) | (0.59 | ) | (0.69 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 11.93 | $ | 12.30 | $ | 12.17 | $ | 14.58 | $ | 13.02 | $ | 13.77 | $ | 13.37 | ||||||||||||||||||
Market price, end of period | $ | 10.84 | $ | 11.94 | $ | 11.08 | $ | 13.92 | $ | 11.99 | $ | 12.26 | $ | 11.98 | ||||||||||||||||||
Total Return Applicable to Common Shareholders(c) | ||||||||||||||||||||||||||||||||
Based on net asset value | (0.49 | )%(d) | 2.45 | %(d) | (12.49 | )% | 17.24 | % | (1.41 | )% | 8.21 | % | 3.01 | % | ||||||||||||||||||
Based on market price | (6.85 | )%(d) | 9.24 | %(d) | (16.55 | )% | 21.55 | % | 1.97 | % | 7.52 | % | (2.35 | )% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders(e) | ||||||||||||||||||||||||||||||||
Total expenses | 3.06 | %(f) | 2.21 | %(f)(g) | 1.46 | % | 1.47 | % | 2.29 | % | 2.59 | % | 2.10 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.06 | %(f) | 2.20 | %(f)(g) | 1.46 | % | 1.47 | % | 2.29 | % | 2.58 | % | 2.10 | % | ||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h) | 0.93 | %(f) | 0.97 | %(f)(g) | 0.90 | % | 0.91 | % | 0.92 | % | 0.95 | % | 0.92 | % | ||||||||||||||||||
Net investment income to Common Shareholders | 4.05 | %(f) | 4.66 | %(f) | 4.38 | % | 4.57 | % | 4.04 | % | 4.47 | % | 4.75 | % | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 269,417 | $ | 277,927 | $ | 275,030 | $ | 328,873 | $ | 293,673 | $ | 310,611 | $ | 301,697 | ||||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | $ | 116,500 | ||||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 280,345 | (i) | $ | 247,340 | (i) | $ | 336,077 | (j) | $ | 382,294 | (j) | $ | 352,080 | (j) | $ | 366,619 | (j) | $ | 358,967 | (j) | |||||||||||
TOB Trust Certificates, end of period (000) | $ | 32,890 | $ | 72,129 | $ | 76,171 | $ | 80,614 | $ | 82,178 | $ | 90,517 | $ | 87,513 | ||||||||||||||||||
Asset coverage per $1,000 of TOB Trust Certificates, end of period(k) | $ | 12,734 | $ | 6,468 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Portfolio turnover rate | 24 | % | 8 | % | 16 | % | 8 | % | 19 | % | 22 | % | 21 | % | ||||||||||||||||||
(a) | Based on average Common Shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) | Not annualized. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Annualized. |
(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.25%, 2.25% and 1.01%, respectively. |
(h) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(i) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
(k) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
F I N A N C I A L H I G H L I G H T S | 79 |
1. | ORGANIZATION |
Fund Name | Herein Referred To As | Organized | Diversification Classification | |||
BlackRock Investment Quality Municipal Trust, Inc. | BKN | Maryland | Diversified | |||
BlackRock Municipal Income Trust | BFK | Delaware | Diversified | |||
BlackRock MuniHoldings Fund, Inc. | MHD | Maryland | Diversified | |||
BlackRock MuniVest Fund II, Inc. | MVT | Maryland | Diversified | |||
BlackRock MuniYield Quality Fund II, Inc. | MQT | Maryland | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
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Notes to Financial Statements (unaudited) (continued) |
• | 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. |
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
4. | SECURITIES AND OTHER INVESTMENTS |
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 | 81 |
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total | ||||
BKN | $ 322,792 | $ 62,173 | $ 19,093 | $ 404,058 | ||||
BFK | 735,765 | 140,070 | 47,548 | 923,383 | ||||
MHD | 1,267,979 | 244,240 | 83,373 | 1,595,592 | ||||
MVT | 408,768 | 78,262 | 22,772 | 509,802 | ||||
MQT | 548,498 | 108,021 | 34,674 | 691,193 |
Fund Name | Underlying Municipal Bonds Transferred to TOB Trusts(a) | Liability for TOB Trust Certificates(b) | Range of Interest Rates on TOB Trust Certificates at Period End | Average TOB Trust Certificates Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts | |||||
BKN | $ 30,499,419 | $ 16,085,711 | 1.69% —1.74% | $ 30,110,247 | 2.66% | |||||
BFK | 80,950,396 | 49,248,816 | 1.67 —1.81 | 67,267,596 | 2.72 | |||||
MHD | 135,152,214 | 79,041,921 | 1.67 —1.96 | 116,123,901 | 2.72 | |||||
MVT | 45,838,425 | 28,077,192 | 1.67 —1.81 | 37,208,247 | 2.72 | |||||
MQT | 59,459,702 | 31,503,017 | 1.69 —1.84 | 50,653,844 | 2.70 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
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Notes to Financial Statements (unaudited) (continued) |
(b) | TOB Trusts may be structured on a non‑recourse or recourse basis. When a Fund invests in TOB Trusts on a non‑recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2023, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2023. |
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
BKN | BFK | |||||||
Investment advisory fees | 0.35 | % | 0.60 | % |
MHD | MVT | MQT | ||||||||||
Investment advisory fees | 0.55 | % | 0.50 | % | 0.50 | % |
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 | 83 |
Fund Name | Fees Waived and/or Reimbursed by the Manager | |
BKN | $ 1,259 | |
BFK | 4,400 | |
MHD | 3,180 | |
MVT | 5,831 | |
MQT | 2,124 |
7. | PURCHASES AND SALES |
Fund Name | Purchases | Sales | ||
BKN | $ 50,989,010 | $ 75,479,748 | ||
BFK | 190,522,552 | 233,662,536 | ||
MHD | 180,317,472 | 258,894,934 | ||
MVT | 103,703,864 | 122,807,596 | ||
MQT | 99,107,406 | 137,199,662 |
8. | INCOME TAX INFORMATION |
Fund Name | Non‑Expiring | |
BKN | $ 6,904,753 | |
BFK | 23,312,349 | |
MHD | 29,508,880 | |
MVT | 5,432,895 | |
MQT | 9,127,851 |
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
BKN | $ 356,417,309 | $ 16,557,230 | $ (10,056,220) | $ 6,501,010 | ||||
BFK | 812,121,430 | 20,218,856 | (29,400,802) | (9,181,946) |
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Notes to Financial Statements (unaudited) (continued) |
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
MHD | $ 1,107,486,221 | $ 26,703,100 | $ (42,443,363) | $ (15,740,263) | ||||
MVT | 409,176,808 | 9,740,695 | (13,386,246) | (3,645,551) | ||||
MQT | 379,905,777 | 16,467,707 | (10,633,658) | 5,834,049 |
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 | 85 |
Notes to Financial Statements (unaudited) (continued) |
10. | CAPITAL SHARE TRANSACTIONS |
Fund Name | Six Months Ended 01/31/23 | Period from 05/01/22 to 07/31/22 | Year Ended 04/30/22 | |||
BKN | 10,958 | 10,125 | 30,858 | |||
BFK | — | 12,935 | 113,057 | |||
MVT | — | — | 29,928 | |||
MQT | 13,932 | — | 46,172 |
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MVT | ||||
Shares | Amounts | |||
Six Months Ended January 31, 2023 | 41,803 | $ 467,304 |
MQT | ||||
Shares | Amounts | |||
Six Months Ended January 31, 2023 | 31,525 | $ 338,422 |
Fund Name | Issue Date | Shares Issued | Aggregate Principal | Term Redemption Date | Moody’s Rating | Fitch Rating | ||||||
BKN | 12/16/11 | 1,259 | $ 125,900,000 | 07/02/24 | Aa1 | AA | ||||||
BFK | 12/16/11 | 2,708 | 270,800,000 | 07/02/24 | Aa1 | AA | ||||||
MHD | 12/16/11 | 837 | 83,700,000 | 07/02/24 | Aa1 | AA | ||||||
03/08/21 | 2,641 | 264,100,000 | 07/02/24 | Aa1 | AA | |||||||
MVT | 12/16/11 | 1,400 | 140,000,000 | 07/02/24 | Aa1 | AA | ||||||
MQT | 12/16/11 | 1,165 | 116,500,000 | 07/02/24 | Aa1 | AA |
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 | 87 |
Notes to Financial Statements (unaudited) (continued) |
BKN | BFK | MHD | MVT | MQT | ||||||||||||||||
Dividend rates | 3.57 | % | 3.57 | % | 3.57 | % | 3.57 | % | 3.57 | % |
Fund Name | Dividends Accrued | Deferred Offering Costs Amortization | ||||||
BKN | $ | 2,244,579 | $ | — | ||||
BFK | 4,827,896 | — | ||||||
MHD | 6,210,357 | — | ||||||
MVT | 2,499,780 | — | ||||||
MQT | 2,079,392 | — |
11. | SUBSEQUENT EVENTS |
Fund Name | Declaration Date | Record Date | Payable/ Paid Date | Dividend Per Common Share | ||||||
BKN | 02/01/23 | 02/15/23 | 03/01/23 | $ | 0.044500 | |||||
03/01/23 | 03/15/23 | 04/03/23 | 0.039500 | |||||||
BFK | 02/01/23 | 02/15/23 | 03/01/23 | 0.036500 | ||||||
03/01/23 | 03/15/23 | 04/03/23 | 0.030500 | |||||||
MHD | 02/01/23 | 02/15/23 | 03/01/23 | 0.041000 | ||||||
03/01/23 | 03/15/23 | 04/03/23 | 0.035500 | |||||||
MVT | 02/01/23 | 02/15/23 | 03/01/23 | 0.035500 | ||||||
03/01/23 | 03/15/23 | 04/03/23 | 0.031500 | |||||||
MQT | 02/01/23 | 02/15/23 | 03/01/23 | 0.037500 | ||||||
03/01/23 | 03/15/23 | 04/03/23 | 0.035000 |
Preferred Shares(a) | ||||||
Fund Name | Shares | Series | Declared | |||
BKN | VMTP | W‑7 | $ 416,367 | |||
BFK | VMTP | W‑7 | 895,569 | |||
MHD | VMTP | W‑7 | 1,150,217 |
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Preferred Shares(a) | ||||||
Fund Name | Shares | Series | Declared | |||
MVT | VMTP | W‑7 | $ 462,997 | |||
MQT | VMTP | W‑7 | 385,280 |
(a) | Dividends declared for period February 1, 2023 to February 28, 2023. |
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 | 89 |
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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 | 91 |
Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809 Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02111 Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 VMTP Redemption and Paying Agent The Bank of New York Mellon New York, NY 10286 | Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809 |
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Portfolio Abbreviation | ||
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AGM‑CR | AGM Insured Custodial Receipt | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
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. | |
PSF | Permanent School Fund | |
PSF‑GTD | Permanent School Fund Guaranteed | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
ST | Special Tax | |
TA | Tax Allocation | |
UT | Unlimited Tax |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 93 |
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(b) Not Applicable
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The registrant is managed by a team of investment professionals comprised of Walter O’Connor, CFA, Managing Director at BlackRock, Christian Romaglino, CFA, Director at BlackRock, Kevin Maloney, CFA, Director at BlackRock, Philip Soccio, CFA, Director at BlackRock, Michael A. Kalinoski, CFA, Director at BlackRock and Kristi Manidis, 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 selection of its investments. Messrs. O’Connor and Romaglino have been members of the registrant’s portfolio management team since 2006 and 2022, respectively. Messrs. Maloney, Soccio, Kalinoski and Ms. Manidis have been members of the registrant’s portfolio management since 2023.
Information below is with respect to Messrs. Maloney, Soccio, Kalinoski and Ms. Manidis, who became portfolio managers to the Fund on March 1, 2023.
Portfolio Manager | Biography | |
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. | |
Michael A. Kalinoski, CFA | Director of BlackRock, Inc. since 2006; Director of MLIM from 1999 to 2006. |
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Kristi Manidis | Director of BlackRock, Inc. since 2016; Vice President of BlackRock, Inc. from 2011 to 2015; Associate of BlackRock, Inc. from 2009 to 2011; Analyst of BlackRock, Inc. from 2006 to 2008. |
(a)(2) As of February 28, 2023:
(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 | ||||||
Kevin Maloney, CFA | 35 | 0 | 0 | 0 | 0 | 0 | ||||||
$36.40 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Philip Soccio, CFA | 34 | 0 | 0 | 0 | 0 | 0 | ||||||
$31.65 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Michael A. Kalinoski, CFA | 32 | 0 | 0 | 0 | 0 | 0 | ||||||
$34.18 Billion | $0 | $0 | $0 | $0 | $0 | |||||||
Kristi Manidis | 35 | 0 | 3 | 0 | 0 | 0 | ||||||
$21.47 Billion | $0 | $1.06 Billion | $0 | $0 | $0 |
(iv) 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
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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 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 February 28, 2023:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of February 28, 2023.
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
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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.
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 ($330,000 for 2023). 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
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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 February 28, 2023:
Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned | |
Kevin Maloney, CFA | None | |
Philip Soccio, CFA | None | |
Michael A. Kalinoski, CFA | $1-$10,000 | |
Kristi Manidis | None |
(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.
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Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable to this semi-annual report |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
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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 Municipal Income Trust
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 23, 2023
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Municipal Income Trust |
Date: March 23, 2023
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