BlackRock Long-Term Municipal Advantage Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21835

Name of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Long-Term

Municipal Advantage Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2023

Date of reporting period: 01/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock Municipal Income Fund, Inc. (MUI)

BlackRock MuniYield Fund, Inc. (MYD)

BlackRock MuniYield Quality Fund, Inc. (MQY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2023

	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000^® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page

The Markets in Review		2

Semi-Annual Report:

Municipal Market Overview		4

The Benefits and Risks of Leveraging		5

Derivative Financial Instruments		5

Fund Summary		6

Financial Statements:

Schedules of Investments		16

Statements of Assets and Liabilities		69

Statements of Operations		71

Statements of Changes in Net Assets		73

Statements of Cash Flows		76

Financial Highlights		79

Notes to Financial Statements		86

Additional Information		98

Glossary of Terms Used in this Report		101


		3

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

Municipal Market Conditions

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



During the 12 months ended January 31, 2023, municipal bond funds experienced net outflows totaling $141 billion (based on data from the Investment Company Institute), marking the largest outflow cycle on record. As a result, elevated bid-wanted activity weighed on the market as investors raised cash to meet redemptions. At the same time, the market absorbed $347 billion in issuance, below the $453 billion issued during the prior 12-months. New issue oversubscriptions waned as sentiment turned less constructive.		Bloomberg Municipal Bond Index Total Returns as of January 31, 2023 6 months: 0.73% 12 months: (3.25)%

A Closer Look at Yields

LOGO

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

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

Financial Conditions of Municipal Issuers

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

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

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


4		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Fund’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. In such circumstance, the investment adviser may nevertheless determine to maintain a Fund’s leverage if it deems such action to be appropriate. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Fund’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Fund’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s Common Shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of each Fund’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.

To obtain leverage, each Fund has issued Variable Rate Demand Preferred Shares (“VRDP Shares” or “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


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 Long-Term Municipal Advantage Trust (BTA)

Investment Objective

BlackRock Long-Term Municipal Advantage Trust’s (BTA) (the “Fund”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are expected to pay interest or income that is exempt from U.S. federal income tax (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the Fund’s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information


Symbol on New York Stock Exchange		BTA
Initial Offering Date		February 28, 2006
Yield on Closing Market Price as of January 31, 2023 ($10.15)^(a)		5.14%
Tax Equivalent Yield^(b)		8.68%
Current Monthly Distribution per Common Share^(c)		$0.0435
Current Annualized Distribution per Common Share^(c)		$0.5220
Leverage as of January 31, 2023^(d)		38%

^(a)

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

^(b)

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

^(c)

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

^(d)

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary


	01/31/23		07/31/22		Change			High		Low
Closing Market Price	$	10.15	$	12.10		(16.12	)%	$	12.30	$	8.71
Net Asset Value		10.68		11.17		(4.39	)		11.31		9.25

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Fund at NAV^(a)(b)		(1.47	)%		(11.22	)%		2.17	%		3.86	%
Fund at Market Price^(a)(b)		(13.55	)		(14.14	)		2.89			3.13
Customized Reference Benchmark^(c)		0.34			(4.09	)		2.50			N/A
Bloomberg Municipal Bond Index^(d)		0.73			(3.25	)		2.07			2.38

^(a)

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

^(b)

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

^(c)

The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (75%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (25%). The Customized Reference Benchmark commenced on September 30, 2016.

^(d)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

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


6		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


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

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

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

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector^(a)(b)	01/31/23

County/City/Special District/School District		16.4	%
Health		14.7
Transportation		13.7
Corporate		13.5
Education		12.6
Tobacco		8.8
State		8.0
Utilities		6.7
Housing		5.2
Other*		0.4

CALL/MATURITY SCHEDULE



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

2023		8.6	%
2024		7.1
2025		4.5
2026		9.6
2027		11.0

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	01/31/23

AAA/Aaa		3.0	%
AA/Aa		15.3
A		26.6
BBB/Baa		11.4
BB/Ba		9.7
B		2.9
N/R^(e)		31.1

^(a)

Excludes short-term securities.

^(b)

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.4% of the Fund’s total investments.

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


FUND SUMMARY		7

Fund Summary as of January 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

Investment Objective

BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from U.S. federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BBB or lower by S&P Global Ratings, or securities that are unrated but are deemed by the investment adviser to be of comparable quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information


Symbol on New York Stock Exchange		MUA
Initial Offering Date		June 25, 1993
Yield on Closing Market Price as of January 31, 2023 ($11.38)^(a)		4.80%
Tax Equivalent Yield^(b)		8.11%
Current Monthly Distribution per Common Share^(c)		$0.0455
Current Annualized Distribution per Common Share^(c)		$0.5460
Leverage as of January 31, 2023^(d)		31%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


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

Closing Market Price	$	11.38	$	12.55		(9.32	)%	$	13.18	$	9.54
Net Asset Value		11.75		12.53		(6.23	)		12.66		10.54

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Fund at NAV^(a)(b)		(2.23	)%		(12.06	)%		1.43	%		3.33	%
Fund at Market Price^(a)(b)		(5.46	)		(14.17	)		0.85			2.91

High Yield Customized Reference Benchmark^(c)		(0.33	)		(5.68	)		3.19			N/A
Bloomberg Municipal High Yield Bond Index^(d)		(0.84	)		(6.63	)		3.73			3.82

^(a)

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

^(b)

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

^(c)

The High Yield Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Rated Baa Index (20%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (60%) and the Bloomberg Municipal Investment Grade ex BBB Index (20%). The High Yield Customized Reference Benchmark commenced on September 30, 2016.

^(d)

An index designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.


8		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2023 (continued)		BlackRock MuniAssets Fund, Inc. (MUA)

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

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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector^(a)(b)	01/31/23
State		15.3	%
Education		15.0
Transportation		12.7
County/City/Special District/School District		11.8
Health		10.0
Corporate		9.5
Housing		8.5
Tobacco		8.4
Utilities		7.8
Other*		1.0

CALL/MATURITY SCHEDULE



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

2023		17.4	%
2024		6.0
2025		4.7
2026		6.7
2027		6.6

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	01/31/23
AAA/Aaa		0.7	%
AA/Aa		13.5
A		14.3
BBB/Baa		9.7
BB/Ba		9.8
B		3.2
CCC/Caa		0.2
N/R^(e)		48.6

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)

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.


FUND SUMMARY		9


Fund Summary as of January 31, 2023		BlackRock Municipal Income Fund, Inc. (MUI)

Investment Objective

BlackRock Municipal Income Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser, at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information


Symbol on New York Stock Exchange		MUI
Initial Offering Date		August 1, 2003
Yield on Closing Market Price as of January 31, 2023 ($12.01)^(a)		3.40%
Tax Equivalent Yield^(b)		5.74%
Current Monthly Distribution per Common Share^(c)		$0.0340
Current Annualized Distribution per Common Share^(c)		$0.4080
Leverage as of January 31, 2023^(d)		40%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


	01/31/23		07/31/22		Change			High		Low
Closing Market Price	$	12.01	$	12.44		(3.46	)%	$	12.80	$	10.37
Net Asset Value		13.43		13.64		(1.54	)		13.74		11.69

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Fund at NAV^(a)(b)		0.76	%		(7.10	)%		1.81	%		2.99	%
Fund at Market Price^(a)(b)		(1.20	)		(12.36	)		2.01			1.65
National Customized Reference Benchmark^(c)		0.57			(3.59	)		2.24			N/A
Bloomberg Municipal Bond Index^(d)		0.73			(3.25	)		2.07			2.38

^(a)

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

^(b)

The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

^(d)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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


10		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2023 (continued)		BlackRock Municipal Income Fund, Inc. (MUI)

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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector^(a)(b)	01/31/23

Transportation		33.0	%
State		14.2
Health		12.6
County/City/Special District/School District		9.9
Utilities		9.8
Corporate		7.8
Education		6.8
Tobacco		3.4
Housing		2.4
Other*		0.1

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2023		10.7	%
2024		6.3
2025		4.3
2026		7.2
2027		10.7

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	01/31/23

AAA/Aaa		7.7	%
AA/Aa		37.7
A		34.7
BBB/Baa		8.6
BB/Ba		3.0
B		0.1
N/R^(e)		8.2

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)

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.


FUND SUMMARY		11


Fund Summary as of January 31, 2023		BlackRock MuniYield Fund, Inc. (MYD)

Investment Objective

BlackRock MuniYield Fund, Inc.’s (MYD) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade, or deemed to be of comparable quality by the investment adviser, at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information


Symbol on New York Stock Exchange		MYD
Initial Offering Date		November 29, 1991
Yield on Closing Market Price as of January 31, 2023 ($11.19)^(a)		4.34%
Tax Equivalent Yield^(b)		7.33%
Current Monthly Distribution per Common Share^(c)		$0.0405
Current Annualized Distribution per Common Share^(c)		$0.4860
Leverage as of January 31, 2023^(d)		35%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


	01/31/23		07/31/22		Change			High		Low
Closing Market Price	$	11.19	$	11.72		(4.52	)%	$	11.92	$	9.53
Net Asset Value		12.35		12.73		(2.99	)		12.83		10.70

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Fund at NAV^(a)(b)		(0.48	)%		(10.09	)%		1.55	%		3.07	%
Fund at Market Price^(a)(b)		(2.06	)		(11.76	)		0.68			1.56
National Customized Reference Benchmark^(c)		0.57			(3.59	)		2.24			N/A
Bloomberg Municipal Bond Index^(d)		0.73			(3.25	)		2.07			2.38

^(a)

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

^(b)

The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

^(d)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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


12		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2023 (continued)		BlackRock MuniYield Fund, Inc. (MYD)

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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector^(a)(b)	01/31/23

Transportation		21.2	%
Health		16.1
State		14.7
Utilities		10.0
County/City/Special District/School District		9.6
Corporate		9.0
Housing		7.4
Education		6.2
Tobacco		5.5
Other*		0.3

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31,^(a)(c)	Percentage
2023		9.7	%
2024		7.7
2025		8.6
2026		2.9
2027		5.9

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	01/31/23

AAA/Aaa		3.3	%
AA/Aa		41.9
A		30.2
BBB/Baa		9.4
BB/Ba		3.4
B		1.8
N/R^(e)		10.0

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)

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.


FUND SUMMARY		13


Fund Summary as of January 31, 2023		BlackRock MuniYield Quality Fund, Inc. (MQY)

Investment Objective

BlackRock MuniYield Quality Fund, Inc.’s (MQY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better), or which are deemed to be of comparable quality by the adviser, at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information


Symbol on New York Stock Exchange		MQY
Initial Offering Date		June 26, 1992
Yield on Closing Market Price as of January 31, 2023 ($12.28)^(a)		4.59%
Tax Equivalent Yield^(b)		7.75%
Current Monthly Distribution per Common Share^(c)		$0.0470
Current Annualized Distribution per Common Share^(c)		$0.5640
Leverage as of January 31, 2023^(d)		36%

^(a)

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

^(b)

^(c)

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

^(d)

Market Price and Net Asset Value Per Share Summary


	01/31/23		07/31/22		Change			High		Low
Closing Market Price	$	12.28	$	13.12		(6.40	)%	$	13.37	$	10.62
Net Asset Value		13.48		13.89		(2.95	)		14.02		11.79

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years
Fund at NAV^(a)(b)		(0.43	)%		(9.03	)%		2.04	%		3.26	%
Fund at Market Price^(a)(b)		(3.97	)		(13.35	)		1.80			2.03
National Customized Reference Benchmark^(c)		0.57			(3.59	)		2.24			N/A
Bloomberg Municipal Bond Index^(d)		0.73			(3.25	)		2.07			2.38

^(a)

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

^(b)

The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

^(d)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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


14		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 31, 2023 (continued)		BlackRock MuniYield Quality Fund, Inc. (MQY)

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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector^(a)(b)	01/31/23

Transportation		28.1	%
County/City/Special District/School District		15.9
Health		12.4
State		11.1
Utilities		8.3
Education		8.1
Housing		7.2
Corporate		5.8
Tobacco		3.1

CALL/MATURITY SCHEDULE



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

2023		8.9	%
2024		9.4
2025		8.1
2026		9.0
2027		11.1

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(d)	01/31/23

AAA/Aaa		4.9	%
AA/Aa		38.6
A		34.3
BBB/Baa		8.8
BB/Ba		2.8
B		0.5
CCC/Caa		0.1
N/R^(e)		10.0

^(a)

Excludes short-term securities.

^(b)

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

^(d)

^(e)


FUND SUMMARY		15

Schedule of Investments (unaudited)

January 31, 2023

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 3.8%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42	$	1,655	$	1,767,737
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		1,040		1,195,857
Southeast Energy Authority A Cooperative District, RB^(a)
Series A, 4.00%, 11/01/51		1,300		1,306,250
Series A-1, 5.50%, 01/01/53		470		513,784
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52^(a)		645		592,798
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44^(b)		160		144,083


				5,520,509

Arizona — 5.1%
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.13%, 07/01/37		360		361,250
Series A, 5.38%, 07/01/50		925		925,251
Series A, 5.50%, 07/01/52		855		864,733
Series G, 5.00%, 07/01/47		135		129,628
Industrial Development Authority of the City of Phoenix Arizona, RB
Series A, 5.00%, 07/01/33		870		870,211
Series A, 5.00%, 07/01/46^(b)		1,255		1,202,816
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35^(b)		125		125,522
Industrial Development Authority of the County of Pima, Refunding RB^(b)4.00%, 06/15/51		540		415,251
5.00%, 07/01/56		235		217,390
4.00%, 06/15/57		415		307,787
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47^(b)		835		717,587
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		375		378,257
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		725		769,655


				7,285,338

Arkansas^(b)— 2.8%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		825		743,375
Series A, AMT, 4.75%, 09/01/49		3,570		3,344,697


				4,088,072

California — 7.8%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47		140		135,081
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		70		70,938
Series A, 5.25%, 08/15/49		175		176,990
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54^(b)		850		906,477
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		355		362,683
City of Los Angeles Department of Airports, RB, AMT, 5.25%, 05/15/47		1,100		1,196,153
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(b)		460		323,975


Security	Par (000)		Value

California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(b)4.00%, 12/01/56	$	665	$	493,044
Series A, 3.00%, 09/01/56		725		500,114
Series B, 4.00%, 07/01/58		200		139,205
Mezzanine Lien, 4.00%, 03/01/57		330		248,271
Series B, Mezzanine Lien, 4.00%, 12/01/59		835		603,367
Series A, Senior Lien, 4.00%, 12/01/58		1,100		854,506
Series B, Sub Lien, 4.00%, 12/01/59		285		199,959
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(b)(c)		830		303,795
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52		595		605,076
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		935		930,922
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31^(b)(d)		1,265		843,205
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38^(d)		3,725		2,125,485
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(e)		165		168,988


				11,188,234

Colorado — 5.8%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		275		246,707
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53		320		299,190
Series A, AMT, 5.50%, 11/15/53		340		376,697
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45		790		911,927
Colorado Health Facilities Authority, RB 5.25%, 11/01/39		145		158,785
5.50%, 11/01/47		90		98,275
5.25%, 11/01/52		220		235,682
Series A, 5.00%, 05/15/35		140		129,737
Series A, 5.00%, 05/15/44		180		158,052
Series A, 5.00%, 05/15/49		120		102,074
Series A, 5.00%, 05/15/58		250		204,532
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49		1,815		1,661,645
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49		500		445,018
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,550		1,561,180
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.00%, 12/01/31		500		460,875
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		500		394,698
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		510		429,295
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		500		423,174


				8,297,543

Connecticut^(b)— 0.9%
Connecticut State Health & Educational Facilities Authority, RB
Series A, 5.00%, 01/01/45		160		154,532


16		2 0 2 3 B L A C K R O C K 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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Connecticut (continued)
Connecticut State Health & Educational Facilities Authority, RB (continued)
Series A, 5.00%, 01/01/55	$	210	$	195,774
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30		860		901,251


				1,251,557

Delaware — 0.3%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39^(b)(f)		449		399,013


District of Columbia — 1.3%
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23^(e)		260		263,473
District of Columbia, TA, 5.13%, 06/01/41		750		751,538
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		870		819,844


				1,834,855

Florida — 11.5%
Avenir Community Development District, SAB, 5.63%, 05/01/54		225		221,497
Brevard County Health Facilities Authority, Refunding RB^(b)4.00%, 11/15/23		100		100,046
4.00%, 11/15/29		100		98,018
4.00%, 11/15/33		625		598,084
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52		145		146,335
Capital Region Community Development District, Refunding SAB
Series A-1, 5.13%, 05/01/39		210		211,571
Series A-2, 4.60%, 05/01/31		515		517,328
Capital Trust Agency, Inc., RB 5.00%, 01/01/55^(b)		1,290		998,669
Series A, 5.75%, 06/01/54^(b)		450		397,327
Series B, 0.00%, 01/01/60^(d)		3,000		178,713
Capital Trust Agency, Inc., RB, CAB^(b)(d)0.00%, 07/01/61		25,215		1,413,149
Subordinate, 0.00%, 01/01/61		5,815		321,958
Charlotte County Industrial Development Authority, RB^(b)
AMT, 5.00%, 10/01/34		120		120,283
AMT, 5.00%, 10/01/49		560		526,956
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46		2,000		2,058,108
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52^(g)		350		373,833
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(d)
Series A-2, 0.00%, 10/01/46		775		207,037
Series A-2, 0.00%, 10/01/47		745		193,440
Series A-2, 0.00%, 10/01/48		525		128,271
Series A-2, 0.00%, 10/01/49		435		102,212
Florida Development Finance Corp., RB^(b)5.25%, 06/01/55		525		472,953
5.00%, 06/15/56		550		486,275
6.50%, 06/30/57		250		251,792
Series B, 4.50%, 12/15/56		705		562,363
Series C, 5.75%, 12/15/56		250		220,307
Lakes of Sarasota Community Development District, SAB
Series A-1, 2.75%, 05/01/26		100		97,028


Security	Par (000)		Value

Florida (continued)
Lakes of Sarasota Community Development District, SAB (continued)
Series A-1, 3.90%, 05/01/41	$	285	$	239,009
Series B-1, 3.00%, 05/01/26		100		97,036
Series B-1, 4.13%, 05/01/41		200		167,770
Series B-1, 4.30%, 05/01/51		100		83,703
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26		100		99,541
5.13%, 05/01/46		340		325,311
Series 1B, 4.75%, 05/01/29		270		272,173
Series 1B, 5.30%, 05/01/39		310		313,820
Series 1B, 5.45%, 05/01/48		550		551,877
Palm Beach County Health Facilities Authority, RB
Series A, 5.00%, 11/01/47		110		112,138
Series A, 5.00%, 11/01/52		150		152,360
Poitras East Community Development District, SA, 5.00%, 05/01/43^(g)		245		243,902
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		535		439,488
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(c)		310		278,418
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40^(h)(i)		340		3
Trout Creek Community Development District, SAB 5.00%, 05/01/28		160		161,746
5.50%, 05/01/49		570		567,853
Village Community Development District No. 14, SAB 5.38%, 05/01/42		415		414,104
5.50%, 05/01/53		310		307,097
West Villages Improvement District, SAB 4.75%, 05/01/39		220		208,986
5.00%, 05/01/50		450		415,638


				16,455,526

Georgia — 6.3%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		355		302,242
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48		1,025		1,001,057
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		110		102,554
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25^(e)		240		254,932
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/49		1,770		1,815,241
Series A, 5.00%, 06/01/53^(a)(g)		1,230		1,306,291
Series B, 5.00%, 12/01/52^(a)		1,190		1,259,622
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		865		811,449
4.00%, 01/01/59		1,640		1,457,648
Series A, 5.00%, 07/01/52		460		477,052
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		320		301,436


				9,089,524

Illinois — 8.2%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		795		805,853
Series D, 5.00%, 12/01/46		1,035		1,028,380
Series H, 5.00%, 12/01/36		935		950,727
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		350		358,812


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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Chicago Board of Education, Refunding GO (continued)
Series C, 5.00%, 12/01/27	$	415	$	432,469
Series C, 5.00%, 12/01/34		940		967,524
Chicago O’Hare International Airport, RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55		645		703,046
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49		640		601,105
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38		595		631,885
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		350		357,116
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41		1,500		1,563,993
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52		890		995,178
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		200		203,961
Series A, 5.00%, 06/15/57		555		557,758
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50		410		365,433
Series B, 5.00%, 06/15/52		225		226,263
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54^(d)		500		98,803
State of Illinois, GO, 5.00%, 05/01/27		500		510,659
University of Illinois, RB, Series A, 5.00%, 04/01/44		475		480,052


				11,839,017

Indiana — 2.6%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		365		373,193
AMT, 7.00%, 01/01/44		885		902,618
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)(h)(i)		810		720,900
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23^(e)		160		160,962
Series A, AMT, 6.75%, 05/01/39		515		600,622
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(b)		595		512,208
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		445		445,892


				3,716,395

Iowa — 0.4%
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39		195		174,800
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65^(d)		3,225		403,783


				578,583

Kentucky — 1.6%
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50^(a)		1,690		1,704,869
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43^(c)		565		648,592


				2,353,461

Louisiana — 1.4%
Lafayette Parish School Board Sale Tax Revenue, RB^(g)4.00%, 04/01/48		130		127,900
4.00%, 04/01/53		85		82,814


Security	Par (000)		Value

Louisiana (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54^(b)	$	445	$	412,127
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62^(b)		105		108,226
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/33		360		366,862
Series A, 5.25%, 05/15/35		945		951,521


				2,049,450

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b)		380		263,296


Maryland — 2.1%
City of Baltimore Maryland, RB, 4.88%, 06/01/42		120		118,835
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(b)		925		904,715
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		380		391,474
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(b)		1,480		1,564,925


				2,979,949

Massachusetts — 2.5%
Massachusetts Development Finance Agency, RB
Series A, 6.50%, 11/15/23^(b)(e)		1,000		1,030,950
Series A, 5.00%, 01/01/47		860		872,483
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/50		150		116,500
Massachusetts Housing Finance Agency, Refunding RB
Series A, AMT, 4.45%, 12/01/42		385		376,391
Series A, AMT, 4.50%, 12/01/47		1,275		1,256,889


				3,653,213

Michigan — 2.4%
City of Detroit Michigan, GO 5.00%, 04/01/34		140		144,302
5.00%, 04/01/35		140		144,023
5.00%, 04/01/36		95		97,529
5.00%, 04/01/37		155		158,787
5.00%, 04/01/38		70		71,568
Michigan Finance Authority, RB, 4.00%, 02/15/50		2,000		1,896,038
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56		460		303,419
Michigan Strategic Fund, RB 5.00%, 11/15/42		165		160,553
AMT, 5.00%, 12/31/43		500		506,901


				3,483,120

Minnesota — 0.9%
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58		655		681,312
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53		520		577,464


				1,258,776

Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		115		115,766
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35		330		268,120


18		2 0 2 3 B L A C K R O C K 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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Missouri (continued)
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB (continued)
Series A, 4.75%, 11/15/47	$	365	$	283,086
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54		850		876,672


				1,543,644

New Hampshire — 1.0%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		260		232,633
Series A, 4.25%, 08/15/46		290		250,366
Series A, 4.50%, 08/15/55		600		517,955
New Hampshire Business Finance Authority, Refunding RB^(a)(b)
Series A, 3.63%, 07/01/43		130		108,394
Series B, AMT, 3.75%, 07/01/45		375		301,494


				1,410,842

New Jersey — 11.4%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		475		487,351
5.25%, 11/01/44		1,160		1,176,517
New Jersey Economic Development Authority, RB 5.00%, 06/15/43^(b)(g)		70		161,696
5.00%, 06/15/43^(b)		125		131,062
AMT, 5.13%, 09/15/23		385		386,184
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26^(e)		1,225		1,375,466
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		785		743,131
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		1,340		1,215,529
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, Class C, AMT, 3.63%, 12/01/49		645		543,254
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		585		596,341
Series S, 5.25%, 06/15/43		2,535		2,693,187
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46		1,300		1,434,568
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		730		776,354
Series A, 5.25%, 06/01/46		1,700		1,770,948
Sub-Series B, 5.00%, 06/01/46		2,825		2,857,688


				16,349,276

New York — 14.8%
City of New York New York, GO
Series A-1, 4.00%, 09/01/46		390		386,172
Series B, 5.25%, 10/01/39		245		288,647
Series B, 5.25%, 10/01/40		190		222,899
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		910		910,030
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		1,125		1,145,115
Series B, 5.25%, 11/15/39		400		405,851
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		985		983,514


Security	Par (000)		Value

New York (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45	$	5,000	$	5,036,485
Series A-1, Subordinate, 4.00%, 08/01/48		555		551,606
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(b)		900		900,194
Series A, 5.00%, 06/01/42		1,505		1,440,547
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/51		1,000		961,926
New York Liberty Development Corp., Refunding RB
Class 2, 5.15%, 11/15/34^(b)		160		160,389
Class 2, 5.38%, 11/15/40^(b)		395		395,137
Series 1, 5.00%, 11/15/44^(b)		1,415		1,411,451
Series A, 2.88%, 11/15/46		950		720,682
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		565		551,649
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		560		583,843
AMT, 5.00%, 12/01/40		555		576,495
Series A, AMT, 5.00%, 07/01/46		1,000		997,215
New York Transportation Development Corp., Refunding RB, AMT, 5.38%, 08/01/36		730		736,020
Westchester County Local Development Corp., Refunding RB 5.00%, 07/01/41		340		288,376
5.00%, 07/01/46		415		339,014
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		1,295		1,300,131


				21,293,388

North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53		560		620,892


Ohio — 3.8%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55		2,385		2,275,099
Cleveland-Cuyahoga County Port Authority, Refunding TA^(b)4.50%, 12/01/55		95		82,524
Class A, 4.00%, 12/01/55		120		107,797
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		800		763,346
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		300		274,941
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(b)		185		154,096
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(b)		805		585,793
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,220		1,225,730


				5,469,326

Oklahoma — 4.2%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51^(b)		2,205		2,354,409
Series B, 5.00%, 08/15/38		1,450		1,377,667
Series B, 5.25%, 08/15/48		270		247,745
Series B, 5.50%, 08/15/52		1,035		966,036


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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oklahoma (continued)
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)	$	155	$	128,383
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		925		930,034


				6,004,274

Oregon — 0.4%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(d)		625		323,503
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		235		225,380


				548,883

Pennsylvania — 5.3%
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		100		80,975
4.00%, 07/01/51		100		78,340
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49		640		605,624
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51		1,240		1,143,859
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 12/31/38		465		469,588
AMT, 5.75%, 06/30/48		335		371,008
AMT, 5.25%, 06/30/53		560		587,170
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		720		722,607
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		805		789,325
Pennsylvania Turnpike Commission, RB
Series A, 5.50%, 12/01/42		1,685		1,789,858
Series A, 5.00%, 12/01/44		520		531,828
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		355		382,285


				7,552,467

Puerto Rico — 6.7%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(d)		9,585		716,392
Commonwealth of Puerto Rico, GO 5.07%, 11/01/51^(a)		2,806		1,234,426
Series A1, Restructured, 5.75%, 07/01/31		784		850,324
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B, Restructured, 0.00%, 07/01/32^(d)		892		561,912
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		72		68,848
Series A-1, Restructured, 4.75%, 07/01/53		1,529		1,456,373
Series A-1, Restructured, 5.00%, 07/01/58		2,376		2,340,954
Series A-2, Restructured, 4.78%, 07/01/58		1,038		988,056
Series A-2, Restructured, 4.33%, 07/01/40		851		813,796
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		1,914		531,495


				9,562,576

Rhode Island — 2.7%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		395		388,831


Security	Par (000)		Value

Rhode Island (continued)
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40	$	420	$	423,695
Series B, 4.50%, 06/01/45		1,630		1,633,201
Series B, 5.00%, 06/01/50		1,360		1,367,347


				3,813,074

South Carolina — 3.4%
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(b)		225		223,971
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		1,110		1,145,242
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,840		1,871,854
Series E, 5.00%, 12/01/48		420		422,122
Series E, 5.50%, 12/01/53		750		762,926
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		430		440,868


				4,866,983

Tennessee — 1.2%
Mercer County Improvement Authority, RB
Series B, AMT, 5.25%, 07/01/35		230		257,021
Series B, AMT, 5.50%, 07/01/36		190		214,572
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49		290		231,551
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(b)(d)		450		152,253
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		750		812,728


				1,668,125

Texas — 9.9%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(b)		335		238,497
Arlington Higher Education Finance Corp., RB 7.50%, 04/01/62^(b)		230		245,951
7.88%, 11/01/62^(b)		195		203,016
Series A, 5.75%, 08/15/62		500		467,058
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		180		171,992
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		325		286,888
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		285		224,119
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		125		128,591
City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		800		821,149
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34^(d)		3,000		1,724,520
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27^(d)(e)		5,200		2,797,688
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		430		426,491
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		600		590,594
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		135		139,353
Series A, 5.75%, 08/15/45		275		281,443
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,890		1,898,732


20		2 0 2 3 B L A C K R O C K 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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36^(b)	$	710	$	517,484
Port Beaumont Navigation District, Refunding RB^(b)
Series A, AMT, 3.63%, 01/01/35		325		269,458
Series A, AMT, 4.00%, 01/01/50		390		290,672
San Antonio Education Facilities Corp., RB
Series A, 5.00%, 10/01/41		85		78,316
Series A, 5.00%, 10/01/51		115		98,801
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		310		335,506
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		1,025		1,026,919
Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43^(d)		2,205		782,682
Texas Water Development Board, RB, 4.45%, 10/15/36		170		188,823


				14,234,743

Utah — 0.1%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52^(b)		225		201,033


Vermont — 0.3%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		400		402,649


Virginia — 2.1%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		190		183,134
Series A, 5.13%, 03/01/31		510		433,844
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55		245		244,911
Norfolk Redevelopment & Housing Authority, RB
Series A, 5.00%, 01/01/34		235		226,227
Series A, 5.00%, 01/01/49		455		390,390
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,025		996,228
Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42		500		530,361


				3,005,095

Washington — 0.4%
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 04/01/40		350		357,109
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58		425		263,618


				620,727

Wisconsin — 5.2%
Public Finance Authority, RB 5.00%, 06/15/41^(b)		165		156,169
5.00%, 01/01/42^(b)		290		280,263
5.00%, 06/15/55^(b)		440		385,036
5.00%, 01/01/56^(b)		710		631,056
Class A, 5.00%, 06/15/56^(b)		230		191,052
Series A, 6.25%, 10/01/31^(b)(h)(i)		290		244,120
Series A, 5.00%, 11/15/41		95		96,398
Series A, 7.00%, 10/01/47^(b)		290		239,330
Series A, 5.00%, 10/15/50^(b)		530		489,525
Series A, 4.75%, 06/15/56^(b)		735		551,910
Series A-1, 4.50%, 01/01/35^(b)		600		539,391
Series A-1, 5.50%, 12/01/48^(b)(h)(i)		9		2,109
Series B, 0.00%, 01/01/35^(b)(d)		1,030		455,290


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
Series B, 0.00%, 01/01/60^(b)(d)	$	16,025	$	954,465
AMT, 4.00%, 09/30/51		475		398,760
AMT, 4.25%, 07/01/54		750		561,724
AMT, 4.00%, 03/31/56		455		372,437
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61^(b)(d)		6,655		414,673
Public Finance Authority, Refunding RB^(b)4.00%, 04/01/52		255		196,234
5.25%, 05/15/52		165		148,084
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46		230		191,369


				7,499,395


Total Municipal Bonds — 142.3% (Cost: $209,510,334)				204,252,823


Municipal Bonds Transferred to Tender Option Bond Trusts^(j)

Alabama — 1.2%
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53^(a)		1,604		1,720,672


California — 2.3%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,700		2,774,930
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		495		520,799


				3,295,729

Florida — 1.5%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45^(k)		2,321		2,197,320


Georgia — 1.7%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52^(a)		2,230		2,360,467


Iowa — 1.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,810		1,741,301


Nebraska — 3.5%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)		4,771		5,037,390


New York — 2.7%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,340		2,325,173
Port Authority of New York & New Jersey, Refunding ARB, Series 221, AMT, 4.00%, 07/15/55		1,720		1,605,899


				3,931,072

Rhode Island — 1.7%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		2,450		2,407,227


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 Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

West Virginia — 1.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48^(k)	$	1,891	$	1,780,639


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.1% (Cost: $24,901,249)				24,471,817


Total Long-Term Investments — 159.4% (Cost: $234,411,583)				228,724,640


	Shares

Short-Term Securities

Money Market Funds — 2.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%^(l)(m)		2,932,953		2,933,540


Total Short-Term Securities — 2.0% (Cost: $2,933,128)				2,933,540


Total Investments — 161.4% (Cost: $237,344,711)				231,658,180

Other Assets Less Liabilities — 0.1%				92,751

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.8)%				(12,605,223	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.7)%				(75,657,943	)


Net Assets Applicable to Common Shares — 100.0%			$	143,487,765

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Zero-coupon bond.

^(e)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

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

^(g)	When-issued security.

^(h)	Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾	Non-income producing security.

^(j)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

^(k)

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

^(l)	Affiliate of the Fund.

^(m)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/22		Purchases at Cost		��	Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	505,057	$	2,425,944	^(a)	$	—	$	2,279	$	260	$	2,933,540		2,932,953	$	33,645	$	—

^(a)

Represents net amount purchased (sold).


22		2 0 2 3 B L A C K R O C K S E M I - A N N U AL 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 Long-Term Municipal Advantage Trust (BTA)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		67		03/22/23	$	7,692	$	(126,855	)
U.S. Long Bond		110		03/22/23		14,365		(463,010	)
5-Year U.S. Treasury Note		57		03/31/23		6,239		(87,252	)

							$	(677,117	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	677,117	$	—	$	677,117

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	2,483,337	$	—	$	2,483,337


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	189,346	$	—	$	189,346

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	31,440,774

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	203,853,810	$	399,013	$	204,252,823
Municipal Bonds Transferred to Tender Option Bond Trusts		—		24,471,817		—		24,471,817


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock Long-Term Municipal Advantage Trust (BTA)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	2,933,540		$	—	$	—	$	2,933,540

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

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(677,117	)	$	—	$	—	$	(677,117	)

^(a)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(12,516,504	)	$	—	$	(12,516,504	)
VRDP Shares at Liquidation Value		—		(76,000,000	)		—		(76,000,000	)

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

See notes to financial statements.


24		2 0 2 3 B L A C K R O C K S E M I - A N N U AL 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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds

Education — 0.5%
Grand Canyon University, 5.13%, 10/01/28	$	2,445	$	2,314,413


Total Corporate Bonds — 0.5% (Cost: $2,445,000)				2,314,413


Municipal Bonds

Alabama — 2.1%
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53^(a)		615		659,348
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42		3,745		4,000,106
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		2,140		2,460,705
MidCity Improvement District, SAB 4.25%, 11/01/32		160		150,637
4.50%, 11/01/42		255		223,036
4.75%, 11/01/49		270		232,977
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52^(a)		1,740		1,599,175
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44^(b)		335		301,674


				9,627,658

Alaska — 0.2%
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50		1,000		907,728


Arizona — 3.9%
Arizona Industrial Development Authority, RB 7.10%, 01/01/55^(b)		1,705		1,756,602
Class B, 4.00%, 07/01/61		890		730,916
Series A, 5.00%, 12/15/39^(b)		250		247,392
Series A, 4.00%, 07/01/51		445		381,369
Series A, 4.00%, 07/01/61		910		767,849
Series B, 5.13%, 07/01/47^(b)		665		648,143
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.13%, 07/01/37		960		963,334
Series A, 5.50%, 07/01/52		1,775		1,795,205
Glendale Industrial Development Authority, RB 5.00%, 05/15/41		100		96,581
5.00%, 05/15/56		405		371,995
Industrial Development Authority of the City of Phoenix Arizona, RB^(b)
Series A, 6.50%, 07/01/34		570		586,425
Series A, 6.75%, 07/01/44		1,000		1,043,672
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB^(b)5.00%, 07/01/35		625		627,692
5.00%, 07/01/45		255		245,701
Series A, 5.00%, 07/01/35		260		261,085
Industrial Development Authority of the County of Pima, Refunding RB^(b)4.00%, 06/15/51		665		511,374
5.00%, 07/01/56		475		439,406
4.00%, 06/15/57		890		660,073
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48^(b)		875		844,908


Security	Par (000)		Value

Arizona (continued)
Maricopa County Industrial Development Authority, RB^(b)5.25%, 10/01/40	$	465	$	479,215
5.50%, 10/01/51		465		477,268
AMT, 4.00%, 10/15/47		2,295		1,972,291
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,650		1,751,628


				17,660,124

Arkansas^(b)— 2.6%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		2,815		2,536,484
Series A, AMT, 4.75%, 09/01/49		9,850		9,228,366


				11,764,850

California — 8.4%
California Community Housing Agency, RB, M/F Housing^(b)
Series A, 5.00%, 04/01/49		240		215,469
Series A-2, 4.00%, 08/01/47		1,550		1,283,823
California Municipal Finance Authority, RB
Series A, 5.50%, 08/01/34^(b)		275		277,158
Series A, 6.00%, 08/01/44^(b)		665		670,106
Series A, 3.00%, 02/01/46		315		250,100
Series A, 6.13%, 08/01/49^(b)		580		584,291
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54^(b)		1,780		1,898,268
California School Finance Authority, RB 6.65%, 07/01/33		435		440,258
6.90%, 07/01/43		975		987,953
Series A, 6.40%, 07/01/48		1,570		1,587,644
California Statewide Communities Development Authority, RB, 5.25%, 12/01/38^(b)		580		598,748
California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43		1,650		1,651,180
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56^(b)		3,300		2,713,669
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(b)		890		626,822
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49^(b)		485		403,636
CSCDA Community Improvement Authority, RB, M/F Housing^(b)2.80%, 03/01/47		440		338,600
3.13%, 07/01/56		990		712,655
3.13%, 08/01/56		120		87,701
4.00%, 12/01/56		1,260		934,189
3.25%, 05/01/57		505		372,819
4.00%, 07/01/58		380		284,137
Series A, 3.00%, 09/01/56		1,570		1,083,005
Series B, 4.00%, 07/01/58		435		302,771
Mezzanine Lien, 4.00%, 03/01/57		700		526,634
Mezzanine Lien, 4.00%, 06/01/57		2,630		1,996,044
Series B, Mezzanine Lien, 4.00%, 12/01/59		6,035		4,360,861
Senior Lien, 3.13%, 06/01/57		655		459,568
Series B, Sub Lien, 4.00%, 12/01/59		4,000		2,806,444
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(b)(c)		1,705		624,061
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23^(d)		2,885		2,914,966
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56		5,000		4,618,315


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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB^(b)(e)
Series D, 0.00%, 08/01/26	$	1,250	$	1,064,892
Series D, 0.00%, 08/01/43		1,500		546,870


				38,223,657

Colorado — 3.7%
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48		910		815,413
Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38		1,240		1,217,970
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51^(b)		665		527,413
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		575		515,841
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		1,870		1,809,648
Series A, AMT, 4.13%, 11/15/53		1,025		958,344
Colorado Health Facilities Authority, RB 5.50%, 11/01/47		265		289,365
5.25%, 11/01/52		555		594,563
Series A, 5.00%, 05/15/35		355		328,975
Series A, 5.00%, 05/15/44		385		338,055
Series A, 5.00%, 05/15/49		260		221,160
Series A, 5.00%, 05/15/58		540		441,790
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55		1,735		1,250,413
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50		935		925,995
Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36		769		660,928
Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50^(b)		545		504,413
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50		520		383,367
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		790		623,622
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48		500		481,062
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49		1,211		1,128,253
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48		760		739,038
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		1,065		896,470
Southlands Metropolitan District No. 1, Refunding GO, Series A-1, 5.00%, 12/01/47		410		390,735
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		790		668,614


				16,711,447

Connecticut — 1.3%
Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.00%, 11/15/38		1,300		1,145,143
Connecticut State Health & Educational Facilities Authority, RB^(b)
Series A, 5.00%, 01/01/45		325		313,893
Series A, 5.00%, 01/01/55		435		405,532


Security	Par (000)		Value

Connecticut (continued)
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45^(b)	$	1,375	$	1,378,326
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45^(b)		957		958,488
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30^(b)		1,835		1,923,019


				6,124,401

Delaware — 0.9%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39^(b)(f)		1,217		1,082,254
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49		2,870		2,802,693


				3,884,947

District of Columbia — 0.8%
District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46^(e)		15,400		3,614,934


Florida — 15.6%
Avenir Community Development District, SAB, 5.63%, 05/01/54		655		644,802
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42		510		489,653
Series 2022, 5.00%, 05/01/53		385		352,010
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43		1,290		1,289,798
Brevard County Health Facilities Authority, Refunding RB^(b)4.00%, 11/15/23		125		125,057
4.00%, 11/15/24		440		440,102
4.00%, 11/15/25		460		459,432
4.00%, 11/15/27		495		490,975
4.00%, 11/15/29		435		426,377
4.00%, 11/15/32		450		433,654
4.00%, 11/15/35		675		636,485
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52		400		403,683
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39		1,495		1,506,184
Capital Trust Agency, Inc., RB^(b)5.00%, 01/01/55		2,640		2,043,788
Series A, 5.75%, 06/01/54		940		829,971
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61^(b)(e)		53,225		2,982,942
Charlotte County Industrial Development Authority, RB^(b)
AMT, 5.00%, 10/01/34		245		245,578
AMT, 5.00%, 10/01/49		1,170		1,100,961
AMT, 4.00%, 10/01/51		850		655,415
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44^(b)(g)(h)		630		369,684
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49		5,000		5,191,850
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(e)
Series A-2, 0.00%, 10/01/50		730		157,010
Series A-2, 0.00%, 10/01/51		875		172,768
Series A-2, 0.00%, 10/01/52		875		172,346


26		2 0 2 3 B L A C K R O C K 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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(e)(continued)
Series A-2, 0.00%, 10/01/53	$	2,325	$	407,449
Series A-2, 0.00%, 10/01/54		875		154,060
Florida Development Finance Corp., RB^(b)5.00%, 06/15/56		1,150		1,016,756
6.50%, 06/30/57		500		503,585
Series A, 5.75%, 06/15/29		690		694,462
Series A, 6.00%, 06/15/34		835		840,929
Series A, 6.13%, 06/15/44		3,180		3,186,681
Series A, 5.13%, 06/15/55		3,645		3,139,839
Series B, 4.50%, 12/15/56		3,985		3,178,747
Series C, 5.75%, 12/15/56		1,325		1,167,627
AMT, 5.00%, 05/01/29		2,155		2,027,118
Greeneway Improvement District, SAB, 5.13%, 05/01/43^(b)		1,280		1,242,674
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26		120		119,449
4.95%, 05/01/29^(b)		345		352,378
5.50%, 05/01/39^(b)		315		324,624
3.00%, 05/01/41		275		208,432
5.13%, 05/01/46		735		703,245
5.65%, 05/01/48^(b)		520		531,535
Series 1B, 4.75%, 05/01/29		565		569,548
Series 1B, 5.30%, 05/01/39		645		652,948
Series 1B, 5.45%, 05/01/48		1,150		1,153,924
Laurel Road Community Development District, SAB
Series A-1, 2.60%, 05/01/26		100		97,278
Series A-1, 3.00%, 05/01/31		100		91,313
Series A-1, 3.25%, 05/01/41		190		149,629
Series A-1, 4.00%, 05/01/52		300		240,473
Series A-2, 3.13%, 05/01/31		445		394,565
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		8,125		5,883,743
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48		915		917,816
Midtown Miami Community Development District, Refunding SAB
Series A, 5.00%, 05/01/37		845		845,034
Series B, 5.00%, 05/01/37		495		495,020
North Powerline Road Community Development District, SAB, 5.63%, 05/01/52^(b)		1,305		1,277,604
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		310		266,861
Series A-1, 4.25%, 05/01/51		530		427,376
Series A-2, 4.20%, 05/01/35		370		327,961
Series A-3, 4.75%, 05/01/40		600		520,948
Poitras East Community Development District, SA, 5.00%, 05/01/43⁽ⁱ⁾		690		686,908
Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32		1,000		879,453
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		1,145		940,585
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54		985		857,907
South Broward Hospital District, RB, Series A, 3.00%, 05/01/51		7,355		5,660,386


Security	Par (000)		Value

Florida (continued)
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(c)	$	805	$	722,990
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40^(g)(h)		875		9
Trout Creek Community Development District, SAB 5.38%, 05/01/38		430		433,784
5.50%, 05/01/49		1,105		1,100,838
Village Community Development District No. 14, SAB 5.38%, 05/01/42		1,120		1,117,583
5.50%, 05/01/53		830		822,229
West Villages Improvement District, SAB 4.75%, 05/01/39		455		432,221
5.00%, 05/01/50		940		868,221
Windward at Lakewood Ranch Community Development District, SAB 4.00%, 05/01/42		255		221,194
4.25%, 05/01/52		310		259,882


				70,736,346

Georgia — 1.2%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		765		651,309
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		290		270,370
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		560		599,413
Series A, 5.00%, 05/15/36		560		594,321
Series A, 5.00%, 05/15/37		615		647,292
Series A, 5.00%, 05/15/38		340		356,021
Series A, 5.00%, 05/15/49		1,130		1,158,883
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52		915		948,918


				5,226,527

Idaho — 0.1%
Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55^(b)		580		621,096


Illinois — 7.6%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,650		1,649,929
Series C, 5.25%, 12/01/35		1,655		1,677,592
Series D, 5.00%, 12/01/46		2,155		2,141,185
Series H, 5.00%, 12/01/46		720		720,967
Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35		745		707,541
Series B, 4.00%, 12/01/41		1,665		1,499,073
Series C, 5.00%, 12/01/25		725		743,253
Series D, 5.00%, 12/01/31		1,000		1,042,331
Series G, 5.00%, 12/01/44		2,150		2,156,461
City of Chicago Illinois, Refunding GO
Series A, 6.00%, 01/01/38		1,260		1,338,109
Series B, 4.00%, 01/01/37		1,709		1,624,950
Illinois Finance Authority, RB^(b)
Class A, 5.00%, 07/01/51		2,000		1,509,986
Class A, 5.00%, 07/01/56		2,000		1,474,218
Illinois Finance Authority, Refunding RB 6.60%, 07/01/24		340		334,433
6.00%, 02/01/34		365		370,186
6.13%, 02/01/45		860		870,022


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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46	$	1,795	$	1,778,608
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		2,370		2,416,935
Series A, 5.00%, 06/15/57		1,020		1,025,069
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		2,920		2,602,599
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54^(e)		14,000		2,766,470
Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33		725		846,213
State of Illinois, GO 5.50%, 05/01/30		530		591,144
5.50%, 05/01/39		1,055		1,148,971
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34		1,277		1,276,611


				34,312,856

Indiana — 2.7%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		825		843,518
AMT, 7.00%, 01/01/44		2,000		2,039,814
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)(g)(h)		1,715		1,526,350
City of Whiting Indiana, RB, AMT, 3.00%, 11/01/51		5,000		3,677,375
Indiana Finance Authority, RB
Series A, AMT, 5.00%, 07/01/23^(d)		2,025		2,039,954
Series A, AMT, 6.75%, 05/01/39		1,060		1,236,232
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40^(b)		1,230		1,058,850


				12,422,093

Iowa — 0.2%
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65^(e)		8,820		1,104,299


Kansas �� 0.3%
City of Manhattan Kansas, RB, Series A, 4.00%, 06/01/52		480		347,248
City of Shawnee Kansas, RB^(b)5.00%, 08/01/41		230		230,455
5.00%, 08/01/56		850		797,746


				1,375,449

Kentucky — 0.9%
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52^(b)		230		219,719
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 5.75%, 07/01/23^(d)		4,000		4,035,016


				4,254,735

Louisiana — 2.3%
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44^(b)		2,320		2,177,591
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54^(b)		930		861,298
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62^(b)		280		288,603


Security	Par (000)		Value

Louisiana (continued)
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40^(b)	$	1,580	$	1,715,194
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		5,570		5,608,439


				10,651,125

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b)		1,045		724,064


Maryland — 2.1%
City of Baltimore Maryland, RB, 4.88%, 06/01/42		325		321,844
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(b)		1,900		1,858,333
Maryland Economic Development Corp., RB 5.00%, 07/01/56		360		363,680
Class B, AMT, 5.25%, 06/30/55		1,555		1,604,121
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(b)		3,010		3,182,719
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, (FHA), 2.85%, 01/01/51		2,645		1,973,514


				9,304,211

Massachusetts — 0.2%
Massachusetts Development Finance Agency, RB, 4.00%, 06/01/56		430		364,435
Massachusetts Development Finance Agency, Refunding RB 4.00%, 07/01/50		325		252,417
Series B, 4.00%, 06/01/50		580		507,156


				1,124,008

Michigan — 1.2%
Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44		415		403,847
City of Detroit Michigan, GO 5.00%, 04/01/34		285		293,757
5.00%, 04/01/35		285		293,189
5.00%, 04/01/36		200		205,325
5.00%, 04/01/37		320		327,819
5.00%, 04/01/38		145		148,249
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		2,405		2,336,597
Michigan Strategic Fund, RB 5.00%, 11/15/42		345		335,701
AMT, 5.00%, 12/31/43		1,200		1,216,563


				5,561,047

Minnesota — 0.6%
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55		1,480		1,484,860
Minnesota Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 3.00%, 07/01/43		1,230		1,024,247


				2,509,107


28		2 0 2 3 B L A C K R O C K 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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Missouri — 0.3%
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35	$	685	$	556,553
Series A, 4.75%, 11/15/47		760		589,438


				1,145,991

Nevada — 0.3%
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40		670		684,290
5.00%, 07/01/45		460		463,134


				1,147,424

New Hampshire — 0.8%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		530		474,214
Series A, 4.25%, 08/15/46		595		513,683
Series A, 4.50%, 08/15/55		1,235		1,066,125
New Hampshire Business Finance Authority, Refunding RB^(b)
Series B, 4.63%, 11/01/42		1,015		965,123
Series C, AMT, 4.88%, 11/01/42		485		449,982


				3,469,127

New Jersey — 7.6%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		1,065		1,092,693
5.25%, 11/01/44		770		780,964
New Jersey Economic Development Authority, RB 6.00%, 10/01/43		1,530		1,556,682
Class A, 5.25%, 11/01/47		2,650		2,878,510
Series A, 5.00%, 07/01/32		165		165,967
Series A, 5.00%, 07/01/37		260		260,289
Series A, 5.25%, 11/01/54^(b)		1,675		1,476,824
Series B, 5.00%, 06/15/43		2,245		2,353,878
AMT, 5.38%, 01/01/43		2,155		2,174,718
Series B, AMT, 6.50%, 04/01/31		1,805		1,871,457
New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49^(b)		500		502,813
New Jersey Health Care Facilities Financing Authority, RB 3.00%, 07/01/51		2,655		2,096,441
4.00%, 07/01/51		2,095		2,046,825
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/41		1,140		1,178,915
Series BB, 4.00%, 06/15/46		1,000		964,713
Series S, 5.25%, 06/15/43		2,345		2,491,330
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35^(e)		8,950		5,191,197
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		5,495		5,558,583


				34,642,799

New Mexico — 0.2%
Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40^(b)		1,000		855,072


New York — 17.3%
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51		1,500		1,053,073


Security	Par (000)		Value

New York (continued)
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32	$	745	$	707,373
City of New York New York, GO, Series A-1, 4.00%, 09/01/46		1,195		1,183,270
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		2,890		2,890,095
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		185		147,889
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		1,740		1,737,374
Series C-1, 5.00%, 11/15/50		565		573,229
Series C-1, 5.25%, 11/15/55		840		866,004
New York City Industrial Development Agency, Refunding RB
Series A, (AGM), 3.00%, 01/01/36		100		91,188
Series A, (AGM), 3.00%, 01/01/40		375		319,054
New York City Municipal Water Finance Authority, Refunding RB 5.00%, 06/15/23^(d)		6,670		6,731,171
Series CC, 5.00%, 06/15/47		7,520		7,569,015
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(b)		5,000		5,001,080
Series A, 5.00%, 06/01/42		3,155		3,019,884
New York Counties Tobacco Trust VI, Refunding RB
Series A-2-B, 5.00%, 06/01/45		2,655		2,572,761
Series A-2-B, 5.00%, 06/01/51		1,900		1,827,659
New York Liberty Development Corp., Refunding RB
Class 2, 5.15%, 11/15/34^(b)		455		456,105
Class 2, 5.38%, 11/15/40^(b)		1,080		1,080,376
Series 1, 5.00%, 11/15/44^(b)		6,205		6,189,438
Series A, 2.88%, 11/15/46		3,975		3,015,487
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		1,435		1,401,090
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		6,955		6,825,533
New York State Housing Finance Agency, RB, M/F Housing
Series J-1, (SONYMA HUD SECT 8), 2.45%, 11/01/41		800		604,986
Series J-1, (SONYMA HUD SECT 8), 2.65%, 11/01/46		1,065		771,221
Series J-1, (SONYMA HUD SECT 8), 2.80%, 11/01/51		2,955		2,109,708
Series J-1, (SONYMA HUD SECT 8), 2.88%, 11/01/56		2,000		1,390,436
New York State Urban Development Corp., Refunding RB, 3.00%, 03/15/48		9,655		7,730,372
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		1,175		1,225,027
New York Transportation Development Corp., Refunding RB, AMT, 5.38%, 08/01/36		1,490		1,502,288
State of New York Mortgage Agency, RB, S/F Housing
Series 239, (SONYMA), 2.60%, 10/01/44		3,750		2,779,166
Series 239, (SONYMA), 2.70%, 10/01/47		3,370		2,748,171
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,177		1,198,926


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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Westchester County Local Development Corp., Refunding RB^(b)5.00%, 07/01/41	$	730	$	619,161
5.00%, 07/01/46		895		731,127


				78,668,737

Ohio — 3.1%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55		6,060		5,780,755
Cleveland-Cuyahoga County Port Authority, Refunding TA^(b)4.50%, 12/01/55		210		182,422
Class A, 4.00%, 12/01/55		250		224,578
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46		875		842,022
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30		240		234,194
5.25%, 05/01/40		240		225,682
5.50%, 05/01/50		1,130		1,023,591
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51^(b)		1,125		814,232
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		740		678,187
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47		2,500		2,176,320
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(b)		385		320,687
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(b)		2,315		1,684,609


				14,187,279

Oklahoma — 2.5%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51^(b)		4,615		4,927,708
Series B, 5.00%, 08/15/38		2,990		2,840,844
Series B, 5.25%, 08/15/48		555		509,254
Series B, 5.50%, 08/15/52		2,135		1,992,740
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)		325		269,191
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		750		760,600


				11,300,337

Oregon — 0.7%
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/49		1,765		1,756,415
Oregon State Facilities Authority, RB^(b)
Series A, 5.00%, 06/15/29		115		117,709
Series A, 5.00%, 06/15/39		565		566,595
Salem Hospital Facility Authority, Refunding RB, 4.00%, 05/15/47		1,000		808,576


				3,249,295

Pennsylvania — 2.0%
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		100		80,975
4.00%, 07/01/51		100		78,340


Security	Par (000)			Value

Pennsylvania (continued)
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32	$	1,550		$	1,558,903
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		2,710			2,719,813
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53		5,000			4,834,640


					9,272,671

Puerto Rico — 16.2%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(e)		44,330			3,313,268
Commonwealth of Puerto Rico, GO 1.00%, 11/01/43^(a)		4,994			2,205,820
1.00%, 11/01/51^(a)		9,623			3,175,728
5.07%, 11/01/51^(a)		7,920			3,484,784
Series A1, Restructured, 5.38%, 07/01/25		—	^(j)		2
Series A1, Restructured, 5.63%, 07/01/27		—	^(j)		2
Series A1, Restructured, 5.63%, 07/01/29		3,644			3,880,698
Series A1, Restructured, 5.75%, 07/01/31		2,813			3,050,670
Series A1, Restructured, 4.00%, 07/01/33		625			584,020
Series A1, Restructured, 4.00%, 07/01/35		562			510,562
Series A1, Restructured, 4.00%, 07/01/37		482			426,883
Series A1, Restructured, 4.00%, 07/01/41		656			563,339
Series A1, Restructured, 4.00%, 07/01/46		682			568,025
Commonwealth of Puerto Rico, GO, CAB^(e)
Series A, Restructured, 0.00%, 07/01/24		—	^(j)		1
Series A, Restructured, 0.00%, 07/01/33		805			466,039
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51^(a)		252			81,613
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, 5.00%, 07/01/33^(b)		1,170			1,205,381
Series B, 5.00%, 07/01/28^(b)		1,570			1,614,871
Series B, 5.00%, 07/01/29^(b)		1,150			1,181,671
Series B, Restructured, 0.00%, 07/01/32^(e)		2,520			1,587,044
Series A, Senior Lien, 5.00%, 07/01/35^(b)		1,210			1,232,445
Series A, Senior Lien, 5.00%, 07/01/47^(b)		3,135			3,081,141
Puerto Rico Electric Power Authority, RB 3rd Series, 5.40%, 01/01/23^(a)(g)(h)		90			68,637
Series A, 5.00%, 07/01/29^(g)(h)		660			457,208
Series A, 7.00%, 07/01/33^(g)(h)		3,295			2,520,675
Series A, 5.00%, 07/01/42^(g)(h)		1,315			910,952
Series A, 7.00%, 07/01/43^(g)(h)		375			286,875
Series A-1, 10.00%, 07/01/19		75			57,448
Series A-2, 10.00%, 07/01/19^(g)(h)		379			289,826
Series A-3, 10.00%, 07/01/19^(g)(h)		323			247,103
Series B-3, 10.00%, 07/01/19^(g)(h)		323			247,103
Series C-1, 5.40%, 01/01/18^(g)(h)		887			678,902
Series C-2, 5.40%, 07/01/18^(g)(h)		888			679,012
Series C-4, 5.40%, 07/01/20^(g)(h)		90			68,637
Series CCC, 5.25%, 07/01/26^(g)(h)		260			180,112
Series CCC, 5.25%, 07/01/28^(g)(h)		145			100,447
Series D-1, 7.50%, 01/01/20^(g)(h)		761			581,991
Series TT, 5.00%, 07/01/18^(g)(h)		295			204,358
Series TT, 5.00%, 07/01/25^(g)(h)		100			69,274
Series TT, 5.00%, 07/01/26^(g)(h)		225			155,866


30		2 0 2 3 B L A C K R O C K 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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB (continued)
Series WW, 5.50%, 07/01/17^(g)(h)	$	200	$	138,548
Series WW, 5.50%, 07/01/18^(g)(h)		1,175		813,968
Series WW, 5.50%, 07/01/19^(g)(h)		145		100,447
Series WW, 5.50%, 07/01/20		1,595		1,104,919
Series WW, 5.38%, 07/01/22^(g)(h)		1,310		907,488
Series WW, 5.25%, 07/01/33^(g)(h)		120		83,129
Series WW, 5.50%, 07/01/38^(g)(h)		205		142,011
Series XX, 5.25%, 07/01/27^(g)(h)		110		76,201
Series XX, 5.25%, 07/01/35^(g)(h)		645		446,817
Series XX, 5.75%, 07/01/36^(g)(h)		860		595,755
Series XX, 5.25%, 07/01/40^(g)(h)		1,020		706,594
Series A, AMT, 6.75%, 07/01/36^(g)(h)		1,335		1,021,275
Puerto Rico Electric Power Authority, RB, BAB, 6.13%, 07/01/40		1,085		751,622
Puerto Rico Electric Power Authority, Refunding RB^(g)(h)
Series AAA, 5.25%, 07/01/22		2,545		1,763,021
Series AAA, 5.25%, 07/01/29		95		65,810
Series UU, 0.00%, 07/01/17^(a)		60		45,000
Series UU, 0.00%, 07/01/18^(a)		55		41,250
Series UU, 0.00%, 07/01/20^(a)		495		371,250
Series UU, 3.22%, 07/01/31^(a)		580		435,000
Series ZZ, 5.00%, 07/01/17		145		100,447
Series ZZ, 5.25%, 07/01/19		455		315,196
Series ZZ, 5.25%, 07/01/24		345		238,995
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.50%, 07/01/34		745		747,351
Series A-1, Restructured, 4.75%, 07/01/53		2,453		2,336,482
Series A-1, Restructured, 5.00%, 07/01/58		5,234		5,156,798
Series A-2, Restructured, 4.54%, 07/01/53		21		19,320
Series A-2, Restructured, 4.78%, 07/01/58		2,080		1,979,919
Series A-2, Restructured, 4.33%, 07/01/40		6,129		5,861,052
Series B-1, Restructured, 4.55%, 07/01/40		2,402		2,358,125
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(e)
Series A-1, Restructured, 0.00%, 07/01/29		1,079		808,570
Series A-1, Restructured, 0.00%, 07/01/33		1,023		629,646
Series A-1, Restructured, 0.00%, 07/01/46		12,021		3,338,087
Series B-1, Restructured, 0.00%, 07/01/46		883		246,654


				73,765,180

Rhode Island — 2.1%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35^(g)(h)		4,190		628,500
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		980		988,621
Series B, 4.50%, 06/01/45		4,390		4,398,622
Series B, 5.00%, 06/01/50		3,330		3,347,989


				9,363,732

South Carolina — 0.1%
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(b)		605		602,233


Security	Par (000)		Value

Tennessee — 1.5%
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45	$	3,000	$	3,146,736
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(b)(e)		3,270		1,106,372
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		2,520		2,730,765


				6,983,873

Texas — 8.8%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(b)		715		509,030
Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51		715		602,679
7.88%, 11/01/62^(b)		565		588,225
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		370		353,538
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		675		595,845
Central Texas Regional Mobility Authority, Refunding RB^(e)0.00%, 01/01/28		1,000		860,905
0.00%, 01/01/29		2,000		1,664,972
0.00%, 01/01/30		1,170		941,689
0.00%, 01/01/33		3,690		2,628,712
0.00%, 01/01/34		4,000		2,709,884
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38		2,890		2,892,540
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		250		257,181
City of Houston Texas Airport System Revenue, Refunding RB
AMT, 5.00%, 07/01/29		730		732,275
Series A, AMT, 4.00%, 07/01/46		3,000		2,858,598
City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27		1,615		1,657,694
City of San Marcos Texas, SAB^(b)4.00%, 09/01/32		100		94,472
4.50%, 09/01/51		480		411,434
City of Sinton Texas, SAB^(b)5.13%, 09/01/42		858		800,548
5.25%, 09/01/51		1,195		1,092,226
Hidalgo County Regional Mobility Authority, RB
Series A, Senior Lien, 4.00%, 12/01/39		255		242,467
Series A, Senior Lien, 4.00%, 12/01/41		510		478,100
Hidalgo County Regional Mobility Authority, Refunding RB
Series B, Junior Lien, 4.00%, 12/01/37		820		795,398
Series B, Junior Lien, 4.00%, 12/01/38		415		399,002
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		785		778,594
New Hope Cultural Education Facilities Finance Corp., RB^(d)
Series A, 5.88%, 04/01/23		1,210		1,216,167
Series A, 6.00%, 04/01/23		1,845		1,854,777
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		1,650		1,624,135


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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51^(b)	$	1,650	$	1,537,876
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		290		299,352
Series A, 5.75%, 08/15/45		580		593,589
Port Beaumont Navigation District, RB^(b)
AMT, 2.75%, 01/01/36		920		670,543
AMT, 3.00%, 01/01/50		2,360		1,446,949
Port Beaumont Navigation District, Refunding RB^(b)
Series A, AMT, 3.63%, 01/01/35		915		758,627
Series A, AMT, 4.00%, 01/01/50		1,090		812,391
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49		865		867,628
Texas Transportation Commission State Highway 249 System, RB, CAB^(e)0.00%, 08/01/46		1,420		405,928
0.00%, 08/01/47		2,120		567,870
0.00%, 08/01/48		2,235		558,687
0.00%, 08/01/49		2,100		489,649
0.00%, 08/01/50		3,015		657,559
0.00%, 08/01/51		1,770		361,245
0.00%, 08/01/52		1,770		338,135
0.00%, 08/01/53		160		28,665


				40,035,780

Utah — 0.1%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52^(b)		470		419,935


Vermont — 0.8%
East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44^(b)		4,000		3,403,484


Virginia — 2.3%
Albemarle County Economic Development Authority, Refunding RB, 4.00%, 06/01/42		2,030		1,752,264
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55		2,435		2,434,111
Lower Magnolia Green Community Development Authority, SAB^(b)5.00%, 03/01/35		495		497,131
5.00%, 03/01/45		505		490,822
Norfolk Redevelopment & Housing Authority, RB
Series A, 4.00%, 01/01/29		300		277,924
Series A, 5.00%, 01/01/34		485		466,893
Series A, 5.00%, 01/01/49		955		819,391
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		2,370		2,303,474
Virginia Housing Development Authority, RB, M/F Housing, Series K, AMT, (FHLMC, FNMA, GNMA), 2.38%, 12/01/41		1,000		762,042
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48		840		723,908


				10,527,960

Washington — 0.6%
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58		2,115		1,311,886


Security	Par (000)		Value

Washington (continued)
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56^(b)	$	510	$	460,736
Washington State Housing Finance Commission, Refunding RB^(b)5.75%, 01/01/35		315		303,848
6.00%, 01/01/45		850		820,073


				2,896,543

Wisconsin — 6.4%
Public Finance Authority, RB 5.00%, 06/15/39		175		179,887
5.00%, 06/15/41^(b)		345		326,535
5.00%, 01/01/42^(b)		605		584,687
5.00%, 06/15/49		530		534,975
5.63%, 06/15/49^(b)		2,490		2,231,436
5.00%, 04/01/50^(b)		115		107,302
5.00%, 06/15/53		355		357,633
5.00%, 06/15/55^(b)		895		783,199
5.00%, 01/01/56^(b)		1,470		1,306,552
Class A, 5.00%, 06/15/56^(b)		495		411,178
Series A, 6.25%, 10/01/31^(b)		605		509,286
Series A, 5.38%, 06/01/44^(b)		555		491,072
Series A, 6.85%, 11/01/46^(b)(g)(h)		900		625,500
Series A, 7.00%, 11/01/46^(b)(g)(h)		570		396,150
Series A, 7.00%, 10/01/47^(b)		605		499,292
Series A, 5.63%, 06/15/49^(b)		2,920		2,924,549
Series A, 5.25%, 12/01/51^(b)		1,470		1,138,236
Series A, 5.50%, 06/01/54^(b)		680		577,279
Series A, 5.00%, 06/15/55^(b)		4,030		3,244,597
Series A, 4.75%, 06/15/56^(b)		3,000		2,252,694
Series A-1, 4.50%, 01/01/35^(b)		1,225		1,101,257
Series A-1, 5.50%, 12/01/48^(b)(g)(h)		20		4,385
Series B, 0.00%, 01/01/35^(b)(e)		1,650		729,348
Series B, 0.00%, 01/01/60^(b)(e)		35,940		2,140,622
AMT, 4.00%, 09/30/51		1,025		860,481
AMT, 4.25%, 07/01/54		1,595		1,194,599
AMT, 4.00%, 03/31/56		980		802,172
Public Finance Authority, Refunding RB^(b)4.00%, 04/01/32		205		198,282
4.00%, 04/01/42		225		190,496
4.00%, 04/01/52		275		211,625
5.25%, 05/15/52		355		318,606
Wisconsin Health & Educational Facilities Authority, Refunding RB 5.00%, 11/01/46		470		391,058
4.00%, 01/01/47		1,300		1,017,154
4.00%, 01/01/57		350		257,280


				28,899,404


Total Municipal Bonds — 132.8% (Cost: $648,935,963)				603,283,565


Municipal Bonds Transferred to Tender Option Bond Trusts

Georgia — 1.5%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52^(k)		6,508		6,889,138


32		2 0 2 3 B L A C K R O C K 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 MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois — 1.5%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27	$	4	$	3,759
Series C, 4.00%, 02/15/41^(k)		1,495		1,497,861
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40^(k)		5,056		5,247,383


				6,749,003

Massachusetts — 0.5%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45^(k)		2,268		2,276,169


Nebraska — 0.7%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)(k)		3,088		3,260,750


New York^(k)— 3.7%
New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45		9,000		8,720,631
New York City Housing Development Corp., Refunding RB
Series C-1, 4.15%, 11/01/39		1,893		1,857,781
Series C-1, 4.20%, 11/01/44		3,470		3,404,859
Series C-1, 4.30%, 11/01/47		2,840		2,786,672


				16,769,943

Pennsylvania — 0.6%
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42^(k)		2,503		2,658,972


Wisconsin — 0.3%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46^(k)		1,139		1,121,393


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.8% (Cost: $40,119,672)				39,725,368


Total Long-Term Investments — 142.1% (Cost: $691,500,635)				645,323,346


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%^(l)(m)		2,590,067	$	2,590,585


Total Short-Term Securities — 0.6% (Cost: $2,589,808)				2,590,585


Total Investments — 142.7% (Cost: $694,090,443)				647,913,931

Other Assets Less Liabilities — 1.2%				5,822,370

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)%				(24,627,963	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (38.5)%				(174,931,808	)


Net Assets Applicable to Common Shares — 100.0%			$	454,176,530

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(e)	Zero-coupon bond.

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

^(g)	Issuer filed for bankruptcy and/or is in default.

^(h)	Non-income producing security.

⁽ⁱ⁾	When-issued security.

^(j)	Rounds to less than 1,000.

^(k)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

^(l)	Affiliate of the Fund.

^(m)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	15,028,412	$	—	$	(12,437,926	)^(a)	$	4,293	$	(4,194	)	$	2,590,585		2,590,067	$	153,075	$	—

^(a)

Represents net amount purchased (sold).


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 MuniAssets Fund, Inc. (MUA)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		236		03/22/23	$	27,096	$	(361,464	)
U.S. Long Bond		380		03/22/23		49,626		(1,335,696	)
5-Year U.S. Treasury Note		167		03/31/23		18,279		(206,421	)

							$	(1,903,581	)

Derivative Financial Instruments Categorized by Risk Exposure

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


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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	1,903,581	$	—	$	1,903,581

^(a)

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	5,455,232		$	—	$	5,455,232


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(606,995	)	$	—	$	(606,995	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	92,476,618

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds	$	—	$	2,314,413	$	—	$	2,314,413
Municipal Bonds		—		602,201,311		1,082,254		603,283,565
Municipal Bonds Transferred to Tender Option Bond Trusts		—		39,725,368		—		39,725,368


34		2 0 2 3 B L A C K R O C K S E M I - A N N U AL 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 MuniAssets Fund, Inc. (MUA)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	2,590,585		$	—	$	—	$	2,590,585

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

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(1,903,581	)	$	—	$	—	$	(1,903,581	)

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(24,489,313	)	$	—	$	(24,489,313	)
VRDP Shares at Liquidation Value		—		(175,000,000	)		—		(175,000,000	)

	$	—	$	(199,489,313	)	$	—	$	(199,489,313	)

See notes to financial statements.


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)

January 31, 2023

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.3%
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46	$	4,200	$	4,333,630
Black Belt Energy Gas District, RB, 4.00%, 10/01/52^(a)		2,425		2,422,112
Southeast Energy Authority A Cooperative District, RB^(a)
Series A, 4.00%, 11/01/51		8,540		8,581,060
Series A-1, 5.50%, 01/01/53		3,315		3,623,816
Series B, 4.00%, 12/01/51		3,565		3,602,058


				22,562,676

Arizona — 3.6%
Arizona Industrial Development Authority, RB 4.00%, 07/01/29^(b)		500		492,558
4.38%, 07/01/39^(b)		1,015		962,370
Series A, 3.55%, 07/15/29^(b)		1,155		1,110,583
Series A, 5.00%, 07/01/39^(b)		855		824,117
Series A, 5.00%, 07/01/49^(b)		965		880,204
Series A, 4.00%, 02/01/50		10,000		9,505,350
Series A, 5.00%, 07/01/54^(b)		745		665,884
Series B, 4.25%, 07/01/27^(b)		325		323,596
City of Phoenix Civic Improvement Corp., RB, Series B, AMT, Junior Lien, 5.00%, 07/01/36		4,000		4,289,336
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24^(b).		325		327,915
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/25		300		307,214
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29^(b)		300		304,716
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52^(b)		825		747,280
Maricopa County Industrial Development Authority, Refunding RB 4.00%, 07/01/29^(b)		295		289,078
5.00%, 07/01/39^(b)		360		356,436
5.00%, 07/01/54^(b)		820		761,337
Series A, 5.00%, 09/01/32		1,000		1,096,441
Series A, 5.00%, 09/01/33		800		874,254
Series A, 5.00%, 09/01/34		1,000		1,086,664
Series A, 5.00%, 01/01/38		3,000		3,197,397
Phoenix-Mesa Gateway Airport Authority, RB
AMT, 5.00%, 07/01/27		700		701,212
AMT, 5.00%, 07/01/32		1,925		1,928,484
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45		4,970		5,056,230


				36,088,656

Arkansas — 0.4%
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49^(b)		2,245		2,022,879
University of Arkansas, Refunding RB, 5.00%, 03/01/31		2,315		2,438,987

				4,461,866


Security	Par (000)		Value

California — 15.5%
California Community Choice Financing Authority, RB, Series A, 4.00%, 10/01/52^(a)	$	2,750	$	2,783,693
California Community Housing Agency, RB, M/F Housing^(b)3.00%, 08/01/56		215		152,899
Series A, 5.00%, 04/01/49		370		332,182
Series A-2, 4.00%, 08/01/47		2,380		1,971,290
California Municipal Finance Authority, RB
Series A, 4.00%, 10/01/29^(b)		420		403,123
Series A, 3.00%, 02/01/46		485		385,074
California School Finance Authority, RB, 5.00%, 08/01/42^(b)		875		898,314
California State Public Works Board, RB
Series I, 5.50%, 11/01/30		4,500		4,610,516
Series I, 5.50%, 11/01/33		2,000		2,049,902
California State University, Refunding RB, Series A, 5.00%, 11/01/42		3,500		3,793,479
City of Campbell California, GO, Election 2018, 4.00%, 09/01/50		3,025		3,084,538
City of Los Angeles California Wastewater System Revenue, Refunding RB, Series A, Subordinate, 4.00%, 06/01/52		8,500		8,565,960
City of Los Angeles Department of Airports, RB, AMT, 5.00%, 05/15/47		4,000		4,278,008
City of Los Angeles Department of Airports, Refunding RB
AMT, 4.00%, 05/15/39		355		357,607
AMT, 4.00%, 05/15/40		390		391,248
AMT, 4.00%, 05/15/41		450		448,899
Series A, AMT, 5.00%, 05/15/36		5,650		6,265,279
AMT, Subordinate, 5.00%, 05/15/37		9,470		10,424,794
AMT, Subordinate, 5.00%, 05/15/37^(c)		530		617,027
AMT, Subordinate, 4.00%, 05/15/41		6,810		6,614,928
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57^(b)		1,110		816,388
County of Santa Barbara California, COP, Series B, AMT, 5.25%, 12/01/33		10,330		11,565,075
CSCDA Community Improvement Authority, RB, M/F Housing^(b)5.00%, 09/01/37		185		181,195
4.00%, 10/01/56		600		515,786
4.00%, 12/01/56		300		222,426
Series A, 4.00%, 06/01/58		3,585		3,005,603
Senior Lien, 3.13%, 06/01/57		1,005		705,138
Series A, Senior Lien, 4.00%, 12/01/58		4,050		3,146,137
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28^(c)		10,285		11,808,959
Los Angeles Department of Water & Power, Refunding RB, Series C, 5.00%, 07/01/52		5,715		6,385,661
Manteca Financing Authority, RB, Series A, (AGC-ICC), 5.75%, 12/01/36		3,285		3,294,898
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		6,155		6,128,158
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/38		2,705		2,727,062


36		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 Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46	$	1,870	$	1,810,541
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.25%, 05/01/33		6,370		6,409,029
Series A, AMT, 5.00%, 05/01/44		3,430		3,468,961
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB
Series A, AMT, 5.00%, 05/01/47		7,855		8,104,993
Series E, AMT, 5.00%, 05/01/40		3,335		3,572,989
Santa Cruz County Capital Financing Authority, RB, Series A, 4.00%, 06/01/46		3,990		3,973,561
State of California, GO, 5.50%, 04/01/28		15		15,041
State of California, Refunding GO
4.00%, 03/01/36		10,775		11,404,616
4.00%, 09/01/42		5,000		5,253,300


				152,944,277

Colorado — 1.4%
City & County of Denver Colorado Airport System Revenue, RB
Series A, AMT, 5.50%, 11/15/28		2,700		2,753,193
Series A, AMT, 5.50%, 11/15/30		1,040		1,060,723
Series A, AMT, 5.50%, 11/15/31		1,250		1,275,010
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 4.13%, 11/15/53		2,185		2,042,909
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45		1,315		1,517,955
Colorado Health Facilities Authority, RB
5.25%, 11/01/39		1,000		1,095,066
5.50%, 11/01/47		620		677,005
5.25%, 11/01/52		1,555		1,665,847
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50		1,190		1,197,260
Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34		500		529,555
Thompson Crossing Metropolitan District No. 4, Refunding GO, 3.50%, 12/01/29		515		486,481


				14,301,004

Connecticut — 2.0%
Connecticut Housing Finance Authority, Refunding RB, Series C-2, AMT, 2.20%, 11/15/34		1,190		1,055,699
Connecticut State Health & Educational Facilities Authority, RB^(b)
Series A, 5.00%, 01/01/30		130		132,342
Series A-1, 5.00%, 10/01/54		235		201,719
Connecticut State Health & Educational Facilities Authority, Refunding RB
5.00%, 12/01/45		5,000		5,146,005
Series G-1, 5.00%, 07/01/27^(b)		100		101,615
Series G-1, 5.00%, 07/01/28^(b)		100		101,553
Series G-1, 5.00%, 07/01/29^(b)		100		101,409
Series G-1, 5.00%, 07/01/30^(b)		100		101,116
Series G-1, 5.00%, 07/01/32^(b)		150		151,185
Series G-1, 5.00%, 07/01/34^(b)		125		125,612
State of Connecticut, GO
Series A, 5.00%, 04/15/30		5,000		5,647,650


Security	Par (000)		Value

Connecticut (continued)
State of Connecticut, GO (continued)
Series A, 5.00%, 04/15/31	$	4,000	$	4,513,372
Series C, 5.00%, 06/15/38		700		796,132
Series C, 4.00%, 06/15/39		300		306,171
Series C, 4.00%, 06/15/41		300		303,553
Series C, 5.00%, 06/15/42		635		711,108


				19,496,241

Delaware — 0.4%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/29		880		884,330
Series A, 5.00%, 07/01/30		1,030		1,032,628
Series A, 5.00%, 07/01/31		750		750,780
Series A, 5.00%, 07/01/32		375		374,945
Series A, 5.00%, 07/01/33		1,190		1,188,022


				4,230,705

District of Columbia — 0.1%
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37		880		983,809


Florida — 10.2%
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52		2,745		2,906,392
Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/31		1,500		1,589,127
Capital Region Community Development District, Refunding SAB, Series A-1, 4.63%, 05/01/28		500		504,319
Capital Trust Agency, Inc., RB
5.00%, 01/01/55^(b)		945		731,583
Series A, 4.00%, 06/15/29^(b)		560		522,518
Series A, 5.00%, 12/15/29		400		408,203
Series A, 5.00%, 06/01/45^(b)		850		758,308
Series A, 5.50%, 06/01/57^(b)		305		278,626
Series SE, 3.00%, 07/01/31^(b)		125		112,851
Series SE, 4.00%, 07/01/41^(b)		285		238,531
Series SE, 4.00%, 07/01/51^(b)		335		253,190
Series SE, 4.00%, 07/01/56^(b)		280		205,017
Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41		10,000		10,008,390
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29^(b)		895		914,535
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57		20,000		22,777,700
County of Miami-Dade Seaport Department, RB^(c)
Series B, AMT, 6.00%, 10/01/23		8,835		8,997,115
Series B, AMT, 6.25%, 10/01/23		1,405		1,435,390
County of Miami-Dade Seaport Department, Refunding RB
Series A, AMT, 5.25%, 10/01/52^(d)		2,470		2,638,190
Series B-1, AMT, Subordinate, 4.00%, 10/01/46		5,500		5,330,671
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(e)
Series A-2, 0.00%, 10/01/28		500		407,046
Series A-2, 0.00%, 10/01/29		800		626,069
Escambia County Health Facilities Authority, Refunding RB
5.00%, 08/15/35		3,100		3,289,807
Series A, 5.00%, 08/15/31		1,000		1,092,142
Esplanade Lake Club Community Development District, SAB
Series A-1, 3.63%, 11/01/30		370		349,187


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 Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Esplanade Lake Club Community Development District, SAB (continued)
Series A-1, 4.00%, 11/01/40	$	1,080	$	946,699
Series A-1, 4.13%, 11/01/50		385		316,329
Series A-2, 3.63%, 11/01/30		170		160,439
Series A-2, 4.00%, 11/01/40		335		293,652
Series A-2, 4.13%, 11/01/50		380		312,220
Florida Development Finance Corp., RB^(b)
6.50%, 06/30/57		1,270		1,279,105
AMT, 5.00%, 05/01/29		3,080		2,897,227
Florida Development Finance Corp., Refunding RB
5.00%, 06/01/31		450		433,713
5.00%, 06/01/35		225		211,620
Series C, 5.00%, 09/15/50^(b)		475		405,525
Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29		960		917,587
Harbor Bay Community Development District, SAB, Series A-1, 3.30%, 05/01/29		590		563,963
Hills of Minneola Community Development District, SAB, 3.50%, 05/01/31^(b)		1,100		1,024,281
Hillsborough County Aviation Authority, Refunding RB^(c)
Series A, AMT, 5.25%, 10/01/23		3,255		3,308,008
Sub-Series A, AMT, 5.50%, 10/01/23		5,360		5,441,590
Lakewood Ranch Stewardship District, SAB
3.60%, 05/01/24		205		204,133
4.30%, 05/01/27^(b)		520		520,471
3.80%, 05/01/29		595		580,280
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40		85		85,149
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32		5,020		5,270,172
Midtown Miami Community Development District, Refunding SAB, Series A, 4.25%, 05/01/24		470		470,000
Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30		350		333,215
Palm Beach County Health Facilities Authority, RB
Series A, 5.00%, 11/01/47		715		728,900
Series A, 5.00%, 11/01/52		1,020		1,036,046
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/29		1,785		1,835,228
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/33		610		624,095
Seminole Improvement District, RB
5.00%, 10/01/32		265		264,697
5.30%, 10/01/37		300		302,277
Southern Groves Community Development District No. 5, Refunding SAB, 3.25%, 05/01/29		290		274,013
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10^(f)(g)		142		90,783
Talavera Community Development District, SAB
3.50%, 05/01/25		280		277,676
3.85%, 05/01/30		540		520,368


Security	Par (000)		Value

Florida (continued)
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29	$	180	$	176,925
Village Community Development District No. 14, SAB, 5.50%, 05/01/53		2,020		2,001,087


				100,482,380

Georgia — 3.1%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		740		689,909
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/36		1,750		1,636,029
Georgia Ports Authority, RB, 4.00%, 07/01/47		2,500		2,505,830
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/33		5,000		5,258,045
Series A, 5.00%, 05/15/34		5,250		5,497,128
Series A, 5.00%, 06/01/53^(a)(d)		8,750		9,292,719
Municipal Electric Authority of Georgia, RB
5.00%, 01/01/35		1,225		1,280,957
Series A, 5.00%, 07/01/52		3,160		3,277,138
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 5.00%, 01/01/35		925		1,013,286


				30,451,041

Hawaii — 1.5%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		1,350		1,362,779
AMT, 5.25%, 08/01/26		2,500		2,524,510
State of Hawaii Airports System Revenue, RB
Series A, AMT, 5.00%, 07/01/43		5,000		5,252,475
Series A, AMT, 5.00%, 07/01/45		5,985		6,111,541


				15,251,305

Idaho — 1.9%
Idaho Health Facilities Authority, RB
4.00%, 12/01/43		10,000		10,018,480
Series A, 5.00%, 12/01/47		5,000		5,210,970
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51		2,355		1,688,834
Idaho Housing & Finance Association, Refunding RB
(GTD), 4.00%, 05/01/42		1,160		1,114,829
(GTD), 4.00%, 05/01/52		905		808,837


				18,841,950

Illinois — 15.5%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		2,825		2,951,215
Series A, 5.00%, 12/01/40		720		730,627
Series A, 5.00%, 12/01/47		2,750		2,759,642
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/30		3,065		3,247,144
Series C, 5.00%, 12/01/26		4,730		4,889,926
Series D, 5.00%, 12/01/26		4,185		4,326,499
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25^(e)		815		739,996
Chicago Midway International Airport, Refunding ARB
Series A, AMT, 2nd Lien, 5.00%, 01/01/32		5,000		5,081,300
Series A, AMT, 2nd Lien, 5.00%, 01/01/41		8,020		8,064,768
Chicago Midway International Airport, Refunding RB
Series A, AMT, 2nd Lien, 5.50%, 01/01/30		6,500		6,512,239
Series A, AMT, 2nd Lien, 5.50%, 01/01/32		7,775		7,789,819


38		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Chicago O’Hare International Airport, RB
Class A, AMT, Senior Lien, 5.50%, 01/01/55	$	4,360	$	4,752,369
Series D, Senior Lien, 5.25%, 01/01/42		2,630		2,805,169
Chicago O’Hare International Airport, Refunding RB
Series B, 5.00%, 01/01/32		3,745		3,916,176
Series A, Senior Lien, 4.00%, 01/01/37		3,820		3,905,553
Series B, Senior Lien, 5.00%, 01/01/37		3,460		3,743,973
Series E, Senior Lien, (AGM), 4.00%, 01/01/40		5,000		5,078,645
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB
Series A, 2nd Lien, 5.00%, 12/01/57		1,000		1,052,838
Series A, Senior Lien, 4.00%, 12/01/49		6,190		5,813,815
Cook County Community College District No. 508, GO, 5.13%, 12/01/38		1,000		1,017,280
Illinois Finance Authority, RB 4.00%, 07/01/40		4,870		5,023,761
Series A, 5.00%, 02/15/28		810		840,102
Series A, 5.00%, 02/15/29		400		414,724
Series A, 5.00%, 02/15/30		500		518,150
Series A, 5.00%, 02/15/31		500		518,152
Series A, 5.00%, 02/15/32		500		517,776
Illinois Finance Authority, Refunding RB
5.00%, 03/01/30		550		593,749
5.00%, 03/01/32		920		990,304
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37		1,455		1,516,686
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/34		4,140		4,150,714
Series A, 5.00%, 01/01/40		5,000		5,189,445
Series A, 4.00%, 01/01/46		9,770		9,680,780
Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31		4,220		4,550,460
Metropolitan Pier & Exposition Authority, Refunding RB
5.00%, 12/15/28		1,200		1,280,840
4.00%, 06/15/50		2,725		2,428,795
State of Illinois, GO 5.25%, 07/01/29		5,000		5,048,730
5.00%, 04/01/31		1,000		1,023,084
5.00%, 05/01/31		5,010		5,133,096
5.00%, 11/01/34		5,000		5,224,505
5.50%, 05/01/39		3,500		3,811,752
5.75%, 05/01/45		2,000		2,186,184
Series A, 5.50%, 03/01/42		6,000		6,586,176
Series A, 5.50%, 03/01/47		5,500		5,971,735
Series D, 5.00%, 11/01/28		350		377,225
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		120		129,299


				152,885,217

Indiana — 0.2%
Indiana Finance Authority, RB
Series A, 5.00%, 06/01/41		550		517,954
Series A, 5.00%, 06/01/51		405		360,171
Series A, 5.00%, 06/01/56		360		314,894
Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26		1,270		1,260,283


				2,453,302


Security	Par (000)		Value

Iowa — 0.8%
Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35	$	7,500	$	7,537,943
Iowa Student Loan Liquidity Corp, Refunding RB, Series A, AMT, 5.00%, 12/01/26		775		823,782


				8,361,725

Kansas — 0.2%
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52		2,000		1,910,078


Kentucky — 1.2%
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52^(b)		285		272,260
Kentucky Public Energy Authority, RB^(a)
Series A-1, 4.00%, 08/01/52		8,940		8,930,300
Series C, 4.00%, 02/01/50		2,500		2,521,995


				11,724,555

Louisiana — 0.3%
Lafayette Parish School Board Sale Tax Revenue, RB^(d)
4.00%, 04/01/48		940		924,817
4.00%, 04/01/53		595		579,701
New Orleans Aviation Board, RB, Series A, 5.00%, 01/01/33		1,000		1,044,798


				2,549,316

Maine — 0.1%
Finance Authority of Maine, Refunding RB, Series A-1, AMT, (AGM), 3.00%, 12/01/29		845		837,288


Maryland — 1.0%
City of Baltimore Maryland, RB, 5.00%, 06/01/51		820		795,189
City of Baltimore Maryland, Refunding TA^(b)
Series A, Senior Lien, 2.95%, 06/01/27		175		165,055
Series A, Senior Lien, 3.05%, 06/01/28		190		177,190
Series A, Senior Lien, 3.15%, 06/01/29		200		184,710
City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29^(b)		285		266,705
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		2,500		2,575,490
Maryland Economic Development Corp., Refunding RB
Series A, 5.00%, 06/01/29		1,835		2,015,795
Series A, 5.00%, 06/01/30		1,015		1,112,872
Series A, 5.00%, 06/01/31		1,000		1,094,722
Series A, 5.00%, 06/01/32		1,000		1,092,073


				9,479,801

Massachusetts — 3.7%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, 4.00%, 06/01/50		8,000		7,916,456
Commonwealth of Massachusetts, GO, Series D, 4.00%, 02/01/46		5,000		5,036,645
Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/29		2,700		2,905,875
5.00%, 07/01/30		3,125		3,361,425
5.00%, 07/01/41		4,710		4,890,492
Series A, 5.00%, 01/01/31		1,730		1,791,559
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27		1,000		1,037,444


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 Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts Housing Finance Agency, Refunding RB, Series G, 3.45%, 12/01/30	$	3,100	$	3,123,811
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/51		215		225,581
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/42		6,200		6,228,390


				36,517,678

Michigan — 3.9%
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36		10		10,033
City of Detroit Michigan, GO
5.00%, 04/01/26		265		274,308
5.00%, 04/01/27		210		218,767
5.00%, 04/01/28		235		245,912
5.00%, 04/01/29		235		245,006
5.00%, 04/01/30		180		187,017
5.00%, 04/01/31		265		274,751
5.00%, 04/01/32		225		232,749
5.00%, 04/01/33		295		304,756
Michigan Finance Authority, RB
4.00%, 02/15/47		4,500		4,315,716
4.00%, 02/15/50		9,705		9,200,524
Michigan Finance Authority, Refunding RB
Series A, 4.00%, 12/01/40		10,100		10,037,643
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31		4,000		4,145,420
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.13%, 10/01/36		4,275		3,426,028
Michigan Strategic Fund, RB
AMT, 5.00%, 06/30/33		2,415		2,525,209
AMT, 5.00%, 12/31/33		2,000		2,086,022
Michigan Strategic Fund, Refunding RB
5.00%, 11/15/29		440		449,584
5.00%, 11/15/34		490		494,962


				38,674,407

Minnesota — 0.8%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/33		2,370		2,581,202
Duluth Economic Development Authority, Refunding RB
Series A, 5.00%, 02/15/33		1,000		1,087,902
Series A, 5.00%, 02/15/34		1,185		1,283,580
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29^(b)		200		200,410
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47		2,420		2,593,998


				7,747,092

Mississippi — 1.3%
Mississippi Development Bank, RB
(AGM), 6.75%, 12/01/31		3,775		3,891,360
(AGM), 6.75%, 12/01/33		2,350		2,421,297
(AGM), 6.88%, 12/01/40		6,405		6,590,335


				12,902,992

Missouri — 0.5%
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29		350		301,901


Security	Par (000)		Value

Missouri (continued)
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54	$	2,840	$	2,929,117
St. Louis County Industrial Development Authority, Refunding RB
5.00%, 09/01/27		360		372,471
5.00%, 09/01/32		1,015		1,017,052


				4,620,541

Nebraska — 0.1%
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30		800		849,608


Nevada — 1.6%
City of Las Vegas Nevada Special Improvement District No. 814, SAB
3.50%, 06/01/28		155		155,572
3.25%, 06/01/30		345		330,833
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33		5,000		5,188,800
County of Clark Nevada, GO, 4.00%, 07/01/47		10,000		9,725,070


				15,400,275

New Hampshire^(b)— 0.2%
New Hampshire Business Finance Authority, RB, AMT, 2.95%, 04/01/29		1,000		907,397
New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27		795		767,887


				1,675,284

New Jersey — 15.7%
Camden County Improvement Authority, RB, 6.00%, 06/15/47		940		1,007,224
New Jersey Economic Development Authority, RB
5.00%, 11/01/44		10,500		11,044,393
AMT, 5.13%, 09/15/23		1,655		1,660,091
AMT, 5.50%, 01/01/26		1,500		1,518,733
AMT, 5.50%, 01/01/27		1,000		1,012,606
AMT, (AGM), 5.00%, 01/01/31		2,425		2,453,193
AMT, 5.38%, 01/01/43		7,000		7,064,050
New Jersey Economic Development Authority, Refunding ARB
AMT, 5.00%, 10/01/26		2,135		2,200,807
AMT, 5.00%, 10/01/27		1,680		1,741,994
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26^(c)		1,750		1,964,760
New Jersey Educational Facilities Authority, RB, 5.00%, 06/15/28		10,000		10,309,120
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		6,110		4,824,578
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 5.00%, 12/01/27		1,000		1,094,777
Series B, AMT, 5.00%, 12/01/28		1,000		1,093,863
Series B, Class B, AMT, 4.00%, 12/01/41		4,820		4,860,175
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.00%, 06/15/30		2,000		2,149,468
Series AA, 5.25%, 06/15/31		12,000		12,109,068
Series AA, 5.25%, 06/15/32		2,250		2,383,011
Series AA, 5.00%, 06/15/35		3,000		3,250,980
Series AA, 4.00%, 06/15/39		4,000		4,016,060
Series AA, 5.50%, 06/15/39		8,175		8,258,916


40		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB (continued)
Series BB, 5.00%, 06/15/44	$	5,000	$	5,238,665
Series C, 5.25%, 06/15/32		10,000		10,443,100
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 06/15/30		1,695		1,821,505
Series A, 5.00%, 12/15/33		2,285		2,511,763
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/42		2,000		2,025,648
Series B, 5.00%, 01/01/46		9,105		10,047,495
Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/25		1,345		1,368,129
South Jersey Port Corp., RB
Series B, AMT, 5.00%, 01/01/29		250		264,561
Series B, AMT, 5.00%, 01/01/30		200		210,923
Series B, AMT, 5.00%, 01/01/31		350		368,431
Series B, AMT, 5.00%, 01/01/32		425		445,324
State of New Jersey, GO, 5.00%, 06/01/28		5,000		5,308,710
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/30		850		911,823
Series A, 5.00%, 06/01/33		220		236,492
Series A, 5.00%, 06/01/34		12,000		12,837,048
Sub-Series B, 5.00%, 06/01/46		15,000		15,173,565


				155,231,049

New Mexico — 0.3%
Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33		2,510		2,604,491
City of Santa Fe New Mexico, RB
Series A, 5.00%, 05/15/34		170		166,984
Series A, 5.00%, 05/15/39		310		294,254


				3,065,729

New York — 25.1%
Buffalo & Erie County Industrial Land Development Corp., Refunding RB
Series A, 4.50%, 06/01/27		1,710		1,748,012
Series A, 5.00%, 06/01/35		415		424,975
Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31^(b)		420		422,606
Build NYC Resource Corp., Refunding RB, 5.00%, 08/01/35		665		717,787
City of New York New York, GO
Series A-1, 4.00%, 09/01/46		2,630		2,604,184
Series B, 5.25%, 10/01/39		1,750		2,061,762
Series B, 5.25%, 10/01/40		1,340		1,572,026
Series F-1, 4.00%, 03/01/47		3,645		3,686,338
Series I, 5.00%, 03/01/32		7,000		7,185,185
Hudson Yards Infrastructure Corp., Refunding RB, Series A, (AGM), 4.00%, 02/15/47		25,165		24,810,878
Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36		940		852,595
Metropolitan Transportation Authority, RB
Series A-1, 5.25%, 11/15/39		7,005		7,041,020
Series B, 5.25%, 11/15/38		3,145		3,201,233
Series C, 5.00%, 11/15/38		4,450		4,460,836
Sub-Series A-1, 5.00%, 11/15/40		2,355		2,388,764
Metropolitan Transportation Authority, Refunding RB, Series A, 4.00%, 11/15/51		2,250		2,190,082


Security	Par (000)		Value

New York (continued)
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50	$	4,365	$	4,279,887
New York City Municipal Water Finance Authority, RB
Series AA-1, 5.25%, 06/15/52		1,805		2,045,592
Series CC-1, 4.00%, 06/15/52		2,515		2,484,237
Series CC-1, 5.00%, 06/15/52		5,400		5,929,567
New York City Transitional Finance Authority Building Aid Revenue, RB
Series S1, Subordinate, (SAW), 4.00%, 07/15/45		5,000		5,008,420
Series S-1, Subordinate, (SAW), 5.00%, 07/15/43		5,200		5,583,204
Series S-3, Subordinate, (SAW), 5.25%, 07/15/45		6,625		7,171,629
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series B-1, 5.00%, 08/01/36		9,445		10,291,631
Series E-1, 4.00%, 02/01/49		2,915		2,851,581
Subordinate, 4.00%, 05/01/43		19,900		20,264,608
Series A-1, Subordinate, 4.00%, 08/01/48		3,795		3,771,794
Series F-1, Subordinate, 5.00%, 02/01/47		2,690		2,982,930
New York Convention Center Development Corp., RB, CAB, Class B, Sub Lien, 0.00%, 11/15/40^(e)		7,650		3,306,919
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50		1,535		1,269,473
Series 1, 2.75%, 02/15/44		3,000		2,253,330
Series 1, 5.00%, 11/15/44^(b)		1,730		1,725,661
Series A, 2.88%, 11/15/46		12,020		9,118,528
New York Power Authority, RB, (AGM), 4.00%, 11/15/47		570		567,030
New York Power Authority, Refunding RB
Series A, 4.00%, 11/15/50		3,000		2,958,261
Series A, 4.00%, 11/15/55		10,135		9,895,500
New York State Dormitory Authority, Refunding RB
Series A, 5.00%, 05/01/32		3,060		3,217,269
Series A, 5.00%, 07/01/32		9,000		9,503,649
Series A, 5.00%, 03/15/36		5,500		6,029,589
Series A, 4.00%, 03/15/46		10,000		9,855,010
Series A, 4.00%, 03/15/49		8,685		8,522,964
New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/50		5,000		4,894,815
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49		2,500		2,435,700
New York State Urban Development Corp., Refunding RB, Series A, 3.00%, 03/15/41		8,515		7,626,988
New York Transportation Development Corp., RB
AMT, 4.00%, 10/01/30		2,775		2,757,767
AMT, 5.00%, 10/01/35		1,870		1,949,617
AMT, 5.00%, 12/01/40		1,865		1,937,231
Port Authority of New York & New Jersey, Refunding ARB
Series 223, AMT, 4.00%, 07/15/40		1,475		1,469,737
Series 223, AMT, 4.00%, 07/15/41		1,850		1,833,006
Port Authority of New York & New Jersey, Refunding RB, Series 232, AMT, 4.63%, 08/01/52		1,290		1,334,664
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		1,770		1,311,766
Triborough Bridge & Tunnel Authority, RB, Series D-2, Senior Lien, 5.25%, 05/15/47		3,855		4,395,012


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 Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/37	$	4,400	$	4,732,895
Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/44		4,290		4,911,595


				247,847,339

North Carolina — 0.2%
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47		1,865		1,951,700


Ohio — 3.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, 4.00%, 06/01/48		2,710		2,490,617
Series B-2, 5.00%, 06/01/55		8,340		7,955,693
Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29		1,550		1,441,812
Ohio Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 2.70%, 09/01/46		5,800		5,026,558
Ohio Turnpike & Infrastructure Commission, RB
Series A-1, Junior Lien, 5.25%, 02/15/31		11,145		11,155,844
Series A-1, Junior Lien, 5.25%, 02/15/32		2,250		2,252,189
State of Ohio, RB, 4.00%, 01/01/46		6,000		6,005,220
State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28^(c)		25		27,057


				36,354,990

Oklahoma — 0.5%
Oklahoma City Public Property Authority, Refunding RB
5.00%, 10/01/28		1,265		1,348,407
5.00%, 10/01/29		1,400		1,492,130
Oklahoma Development Finance Authority, RB
Series B, 5.00%, 08/15/29		1,200		1,195,616
Series B, 5.00%, 08/15/33		1,305		1,279,738


				5,315,891

Oregon — 0.1%
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		1,550		1,486,551


Pennsylvania — 3.9%
Allentown Neighborhood Improvement Zone Development Authority, RB^(b)
5.00%, 05/01/23		160		160,473
5.00%, 05/01/28		835		861,566
Bucks County Industrial Development Authority, RB 5.00%, 07/01/35		1,100		1,089,820
5.00%, 07/01/36		1,250		1,234,161
4.00%, 07/01/46		145		117,413
4.00%, 07/01/51		100		78,340
Commonwealth Financing Authority, RB, 5.00%, 06/01/34		3,750		4,104,941
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/49		4,145		3,859,886
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/36		1,545		1,592,824
AMT, 5.00%, 12/31/28		115		120,054
AMT, 5.75%, 06/30/48		2,365		2,619,202


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB (continued)
AMT, 5.25%, 06/30/53	$	3,910	$	4,099,701
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, 4.00%, 02/15/40		1,480		1,492,201
Series A, 4.00%, 02/15/52		950		888,336
Pennsylvania Turnpike Commission, RB, Series B, Subordinate, 4.00%, 12/01/51		3,000		2,886,534
Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/30		2,620		2,908,816
Sub-Series B-2, 5.00%, 06/01/32		5,000		5,497,305
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		745		802,260
School District of Philadelphia, GO
Series A, (SAW), 5.00%, 09/01/30		1,200		1,327,348
Series A, (SAW), 5.00%, 09/01/31		1,000		1,105,578
Series A, (SAW), 5.00%, 09/01/32		1,200		1,324,568


				38,171,327

Puerto Rico — 5.1%
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31		2,753		2,985,606
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-2, Convertiable, Restructured, 4.33%, 07/01/40		1,919		1,834,988
Series A-1, Restructured, 4.50%, 07/01/34		4,365		4,378,776
Series A-1, Restructured, 4.75%, 07/01/53		1,069		1,018,223
Series A-1, Restructured, 5.00%, 07/01/58		8,412		8,287,923
Series A-2, Restructured, 4.78%, 07/01/58		488		464,519
Series A-2, Restructured, 4.33%, 07/01/40		12,484		11,938,225
Series B-1, Restructured, 4.75%, 07/01/53		749		714,082
Series B-2, Restructured, 4.78%, 07/01/58		726		690,135
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(e)
Series A-1, Restructured, 0.00%, 07/01/29		12,336		9,244,228
Series A-1, Restructured, 0.00%, 07/01/33		1,464		901,077
Series A-1, Restructured, 0.00%, 07/01/46		7,903		2,194,568
Series B-1, Restructured, 0.00%, 07/01/27		2,521		2,090,688
Series B-1, Restructured, 0.00%, 07/01/29		4,466		3,347,222


				50,090,260

Rhode Island — 0.3%
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29		1,000		1,030,813
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 09/01/32		2,000		2,033,236


				3,064,049

South Carolina — 3.0%
Charleston County Airport District, RB^(c)
Series A, AMT, 5.50%, 07/01/23		7,170		7,236,133
Series A, AMT, 6.00%, 07/01/23		5,270		5,328,170
South Carolina Jobs-Economic Development Authority, Refunding RB
4.00%, 11/15/27		520		502,184
Series A, 5.00%, 05/01/37		4,480		4,679,109


42		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Carolina (continued)
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/30	$	5,500	$	5,897,870
Series A, 5.00%, 12/01/31		5,660		6,057,219


				29,700,685

Tennessee — 2.8%
Mercer County Improvement Authority, RB
Series B, AMT, 5.00%, 07/01/52		3,800		4,017,489
Series B, AMT, 5.50%, 07/01/52		3,500		3,846,661
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		4,000		4,131,256
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.00%, 10/01/29		350		364,959
5.00%, 10/01/34		450		471,826
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		5,395		5,846,221
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53^(a)(d)		8,800		9,199,353


				27,877,765

Texas — 9.7%
Arlington Higher Education Finance Corp., RB^(b)
7.50%, 04/01/62		1,630		1,743,044
7.88%, 11/01/62		1,410		1,467,959
Belton Independent School District, GO, (PSF), 4.00%, 02/15/52		3,000		2,980,368
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44		5,130		5,348,984
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38		700		700,615
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		410		421,777
City of Houston Texas Airport System Revenue, Refunding RB
Series A, AMT, 5.00%, 07/01/27		400		408,827
Sub-Series A, AMT, 5.00%, 07/01/31		1,430		1,566,920
Sub-Series A, AMT, 5.00%, 07/01/32		1,515		1,652,977
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45		2,720		2,733,818
Katy Independent School District, GO, (PSF), 4.00%, 02/15/47		3,215		3,243,832
Love Field Airport Modernization Corp., RB, AMT, 5.00%, 11/01/28		1,000		1,000,297
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33		3,735		3,765,687
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		1,360		1,348,902
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50^(b)		800		732,110
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 08/15/47		8,590		8,961,492
North Texas Tollway Authority, Refunding RB
Series A, 4.13%, 01/01/40		2,500		2,537,905
Series A, 5.00%, 01/01/40		3,000		3,372,411
Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46		1,740		1,708,898
San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25		2,910		2,915,168


Security	Par (000)		Value

Texas (continued)
State of Texas, GO, Class A, 5.00%, 04/01/44	$	6,000	$	6,322,434
Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51		2,160		2,337,718
Series A, 4.00%, 07/01/53		2,410		2,317,196
Series A, 5.00%, 07/01/53		1,485		1,585,356
Series B, 5.00%, 07/01/33		8,485		9,306,068
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		445		423,581
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB
5.00%, 12/15/29		1,265		1,346,095
5.00%, 12/15/31		1,950		2,085,554
Texas Water Development Board, RB
4.45%, 10/15/36		1,155		1,282,889
5.25%, 10/15/46		4,780		5,121,063
4.00%, 10/15/51		2,000		1,978,382
4.00%, 10/15/54		8,000		7,897,056
Series B, 4.00%, 10/15/43		5,000		5,061,135


				95,676,518

Utah — 0.9%
City of Salt Lake City Utah Airport Revenue, RB, Series A, AMT, 5.00%, 07/01/34		3,500		3,741,920
Utah Charter School Finance Authority, RB^(b)
Series A, 3.63%, 06/15/29		370		355,527
Series A, 5.00%, 06/15/49		320		304,954
Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27^(b)		1,290		1,279,734
Utah State University, RB, Series B, (AGM), 4.00%, 12/01/45		3,000		2,960,607


				8,642,742

Vermont — 0.6%
University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30		5,565		5,711,582


Virginia — 0.2%
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52		2,065		2,188,047


Washington — 0.6%
City of Bellevue Washington, Refunding GO, 4.00%, 12/01/42		1,250		1,283,501
State of Washington, GO, Series C, 5.00%, 02/01/41		2,500		2,714,418
Washington State Housing Finance Commission, Refunding RB^(b)
5.00%, 01/01/27		1,560		1,605,691
5.00%, 01/01/28		750		774,842


				6,378,452

Wisconsin — 1.6%
Public Finance Authority, RB
5.00%, 04/01/30^(b)		500		510,133
5.00%, 06/15/34		430		453,935
5.00%, 10/15/56^(b)		385		341,773
Class A, 5.00%, 06/15/56^(b)		1,000		837,054
Series A, 4.00%, 03/01/30^(b)		445		420,700
Series A, 5.00%, 07/15/39^(b)		165		162,450
Series A, 5.00%, 07/15/49^(b)		630		586,763
Series A, 5.00%, 10/15/50^(b)		1,695		1,565,556
Series A, 5.00%, 07/15/54^(b)		300		273,700
AMT, 4.00%, 09/30/51		1,595		1,338,993
AMT, 4.00%, 03/31/56		1,520		1,244,186


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 Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, Refunding RB
4.00%, 09/01/29^(b)	$	130	$	118,686
5.00%, 09/01/49^(b)		520		428,447
Series B, AMT, 5.25%, 07/01/28		4,765		4,769,260
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51		2,720		2,613,849


				15,665,485


Total Municipal Bonds — 148.1% (Cost: $1,451,223,705)				1,463,105,230


Municipal Bonds Transferred to Tender Option Bond Trusts^(h)

Alabama — 1.2%
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53^(a)		11,280		12,098,635


California — 2.0%
City of Los Angeles Department of Airports, RB, AMT, 5.00%, 05/15/46		12,170		12,943,714
Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52		6,000		6,650,588


				19,594,302

Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		7,310		8,098,849


Georgia — 1.5%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52^(a)		14,235		15,067,827


Illinois — 1.3%
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46		11,860		12,897,169


Maryland — 1.5%
Maryland State Transportation Authority, Refunding RB, 4.00%, 07/01/50		15,000		14,913,428


Michigan — 2.7%
Ascension Health, 5.00%, 11/15/47		10,000		10,336,580
Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45		15,520		15,985,119


				26,321,699

Nebraska — 1.0%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53^(a)		9,062		9,567,872


New Jersey — 0.7%
New Jersey Housing & Mortgage Finance Agency, Refunding RB
Series BB, AMT, 3.65%, 04/01/28		3,840		3,860,232
Series BB, AMT, 3.70%, 10/01/28		2,975		2,990,711


				6,850,943


Security	Par (000)		Value

New York — 1.4%
New York State Dormitory Authority, Refunding RB, Series EE, 4.00%, 03/15/42	$	10,000	$	10,033,780
Port Authority of New York & New Jersey, Refunding ARB, 178th Series, AMT, 5.00%, 12/01/32		4,009		4,079,500


				14,113,280

Pennsylvania — 2.0%
Pennsylvania Turnpike Commission, RB, Series B-1, 5.25%, 06/01/47		18,910		19,857,787


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 16.1% (Cost: $155,086,684)				159,381,791


Total Long-Term Investments — 164.2% (Cost: $1,606,310,389)				1,622,487,021


	Shares

Short-Term Securities

Money Market Funds — 2.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%^(i)(j)		22,079,488		22,083,904


Total Short-Term Securities — 2.2% (Cost: $22,080,812)			22,083,904


Total Investments — 166.4% (Cost: $1,628,391,201)			1,644,570,925
Liabilities in Excess of Other Assets — (0.7)%				(7,493,931	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.9)%				(87,618,382	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (56.8)%				(561,386,838	)


Net Assets Applicable to Common Shares — 100.0%			$	988,071,774

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(d)	When-issued security.

^(e)	Zero-coupon bond.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

⁽ⁱ⁾	Affiliate of the Fund.

^(j)	Annualized 7-day yield as of period end.


44		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MUI)

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	5,321,995	$	16,754,665	^(a)	$	—	$	4,152	$	3,092	$	22,083,904		22,079,488	$	68,531	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		424		03/22/23	$	48,681	$	(802,785	)
U.S. Long Bond		577		03/22/23		75,353		(2,428,696	)
5-Year U.S. Treasury Note		486		03/31/23		53,194		(743,938	)

							$	(3,975,419	)

Derivative Financial Instruments Categorized by Risk Exposure

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


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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	3,975,419	$	—	$	3,975,419

^(a)

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	14,296,442	$	—	$	14,296,442


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	746,813	$	—	$	746,813

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	181,551,070

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


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 Municipal Income Fund, Inc. (MUI)

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	1,463,105,230	$	—	$	1,463,105,230
Municipal Bonds Transferred to Tender Option Bond Trusts		—			159,381,791		—		159,381,791
Short-Term Securities
Money Market Funds		22,083,904			—		—		22,083,904

	$	22,083,904		$	1,622,487,021	$	—	$	1,644,570,925

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(3,975,419	)	$	—	$	—	$	(3,975,419	)

^(a)

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


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(87,180,947	)	$	—	$	(87,180,947	)
VRDP Shares at Liquidation Value		—		(561,700,000	)		—		(561,700,000	)

	$	—	$	(648,880,947	)	$	—	$	(648,880,947	)

See notes to financial statements.


46		2 0 2 3 B L A C K R O C K S E M I - A N N U AL 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 MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.6%
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53^(a)	$	830	$	889,851
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44		1,665		1,721,407
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		3,175		3,274,638
Series D, Sub Lien, 6.00%, 10/01/42		7,410		7,914,762
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53^(a)		1,405		1,535,885


				15,336,543

Arizona — 4.0%
Glendale Industrial Development Authority, RB
5.00%, 05/15/41		190		183,503
5.00%, 05/15/56		750		688,879
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46^(b)		3,575		3,426,348
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44		5,905		5,809,646
Salt Verde Financial Corp., RB
5.00%, 12/01/32		7,365		7,988,462
5.00%, 12/01/37		5,000		5,307,965


				23,404,803

Arkansas — 0.8%
Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49^(b)		4,900		4,590,761


California — 6.2%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42		6,490		6,587,447
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46		2,010		2,450,855
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/23^(c)		2,560		2,585,147
Series A, 4.00%, 08/15/48		4,805		4,786,385
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		305		309,085
Series A, 5.25%, 08/15/49		770		778,755
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45^(b)		1,650		1,650,975
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		1,605		1,639,735
California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43		3,285		3,287,349
City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42		2,815		2,804,452
City of Los Angeles Department of Airports, Refunding RB
AMT, Subordinate, 5.00%, 11/15/31		10		11,642
AMT, Subordinate, 5.00%, 05/15/46		2,415		2,576,262
Series D, AMT, Subordinate, 4.00%, 05/15/51		1,335		1,211,515
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57^(b)		500		367,743
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
4.00%, 10/01/56		235		202,016


Security	Par (000)		Value

California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing^(b) (continued)
4.00%, 12/01/56	$	340	$	252,083
Series A, 4.00%, 06/01/58		1,410		1,182,120
Senior Lien, 3.13%, 06/01/57		1,215		852,480
Series A, Senior Lien, 4.00%, 12/01/58		715		555,429
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56		1,215		1,122,251
State of California, GO, (AMBAC), 5.00%, 04/01/31		10		10,024
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23^(c)		740		757,886


				35,981,636

Colorado — 3.1%
Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43		2,635		2,965,645
Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47		4,265		4,096,622
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		3,580		3,966,400
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45		870		1,004,274
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		355		387,640
5.25%, 11/01/52		745		798,107
Colorado Health Facilities Authority, Refunding RB
Series A, 4.00%, 08/01/44		3,735		3,484,456
Series A, 4.00%, 11/15/50		1,125		1,092,510


				17,795,654

Connecticut — 0.2%
Connecticut Housing Finance Authority, RB, M/F Housing, Series A-1, 3.50%, 11/15/51		955		950,178


Delaware — 1.6%
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44		3,065		3,079,139
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49		3,720		3,632,759
Delaware Transportation Authority, RB, 5.00%, 06/01/55		2,430		2,497,595


				9,209,493

District of Columbia — 7.3%
District of Columbia, Refunding RB 5.00%, 04/01/35		910		977,025
Catholic Health Services, 5.00%, 10/01/48		4,875		5,021,889
District of Columbia, TA, 5.13%, 06/01/41		4,440		4,449,106
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39		795		795,833
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31^(d)		8,350		6,119,281
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32^(d)		15,000		10,670,865


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia (continued)
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB (continued)
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33^(d)	$	13,410	$	9,197,450
Class B, Subordinate, (AGM), 4.00%, 10/01/53		1,625		1,579,325
Series B, Subordinate, 4.00%, 10/01/49		3,780		3,562,079


				42,372,853

Florida — 3.8%
Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44		4,825		4,896,130
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45		445		452,607
Capital Projects Finance Authority, RB
Series A-1, 5.00%, 10/01/32		405		428,005
Series A-1, 5.00%, 10/01/33		455		478,465
Series A-1, 5.00%, 10/01/34		455		475,246
Series A-1, 5.00%, 10/01/35		150		155,386
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		2,790		2,838,103
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/52		5,000		5,490,530
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52^(e)		980		1,046,731
Florida Development Finance Corp., RB
Series A, 5.00%, 06/15/40		455		459,243
Series A, 5.00%, 06/15/50		1,510		1,483,199
Series A, 5.00%, 06/15/55		905		883,956
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52		2,655		2,645,952


				21,733,553

Georgia — 5.3%
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52		2,400		2,301,859
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48		6,660		6,504,429
Georgia Housing & Finance Authority, RB, S/F Housing
3.60%, 12/01/44		3,030		2,659,901
Series A, 4.00%, 06/01/49		1,245		1,299,942
Series B, 2.50%, 06/01/50		1,485		996,849
Georgia Ports Authority, RB, 4.00%, 07/01/52		1,450		1,436,727
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		1,040		1,113,195
Series A, 5.00%, 05/15/36		1,040		1,103,738
Series A, 5.00%, 05/15/37		1,145		1,205,121
Series A, 5.00%, 05/15/38		630		659,686
Series A, 5.00%, 05/15/49		2,100		2,153,676
Series A, 5.00%, 06/01/53^(e)		4,470		4,747,252
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49		3,290		2,884,491
Municipal Electric Authority of Georgia, Refunding RB
Sub-Series A, 4.00%, 01/01/49		1,285		1,210,453
Series A, Subordinate, 4.00%, 01/01/51		465		432,067


				30,709,386


Security	Par (000)		Value

Idaho — 1.7%
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32	$	10,000	$	10,017,990


Illinois — 9.6%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,115		1,114,952
Series C, 5.25%, 12/01/35		3,095		3,137,250
Series D, 5.00%, 12/01/46		4,040		4,014,102
Series H, 5.00%, 12/01/36		460		467,737
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		1,365		1,399,367
Series D, 5.00%, 12/01/25		1,735		1,778,682
Series D, 5.00%, 12/01/31		1,000		1,042,331
Series G, 5.00%, 12/01/34		455		468,710
Chicago O’Hare International Airport, Refunding RB
Series A, Senior Lien, 4.00%, 01/01/36		460		475,714
Series A, Senior Lien, 4.00%, 01/01/38		1,500		1,496,734
Series B, Senior Lien, 5.00%, 01/01/53		3,035		3,188,131
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		1,635		1,668,241
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		500		499,298
Series A, 5.00%, 02/15/50		270		262,264
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/37		5,815		6,117,345
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		1,835		1,844,120
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50		570		508,041
Series B, (AGM), 0.00%, 06/15/44^(d)		10,925		4,146,693
Series B, (AGM), 0.00%, 06/15/47^(d)		27,225		8,823,541
State of Illinois, GO
5.50%, 07/01/38		4,000		4,042,056
5.00%, 02/01/39		3,195		3,219,263
Series A, 5.00%, 04/01/38		2,510		2,517,967
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28		1,000		1,088,560
University of Illinois, RB, Series A, 5.00%, 04/01/44		2,045		2,066,751


				55,387,850

Indiana — 2.4%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,635		1,671,699
AMT, 7.00%, 01/01/44		3,950		4,028,633
Indiana Finance Authority, RB^(c)
Series A, AMT, 5.00%, 07/01/23		3,925		3,953,985
Series A, AMT, 5.25%, 07/01/23		840		847,174
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52		590		579,716
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		2,580		2,585,173


				13,666,380

Kansas — 0.1%
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52		530		506,171


48		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Kentucky — 1.0%
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45	$	2,625	$	2,737,316
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43^(f)		2,485		2,852,658


				5,589,974

Louisiana — 0.3%
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53^(e)		760		740,459
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		1,025		1,032,073


				1,772,532

Maryland — 0.8%
Maryland Health & Higher Educational Facilities Authority, RB
Series 2017, 5.00%, 12/01/46		880		920,485
Series B, 4.00%, 04/15/50		1,250		1,188,652
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47		3,650		2,517,212


				4,626,349

Massachusetts — 2.9%
Commonwealth of Massachusetts, GO
Series C, 5.00%, 10/01/47		2,740		3,084,709
Series C, 5.00%, 10/01/52		2,835		3,150,527
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A-1, 5.25%, 07/01/29		3,250		3,840,723
Massachusetts Housing Finance Agency, RB, M/F Housing
Series C-1, 3.15%, 12/01/49		1,165		903,137
Series C-1, 3.25%, 12/01/54		4,280		3,192,987
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46		2,325		2,472,526


				16,644,609

Michigan — 4.8%
Great Lakes Water Authority Sewage Disposal System Revenue, RB
Series B, 2nd Lien, 5.25%, 07/01/47		1,125		1,231,781
Series B, 2nd Lien, 5.50%, 07/01/52		2,655		2,926,622
Series A, Senior Lien, 5.25%, 07/01/52		2,655		2,875,572
Great Lakes Water Authority Water Supply System Revenue, RB
Series A, Senior Lien, 5.25%, 07/01/52		2,655		2,871,045
Series B, Senior Lien, 5.50%, 07/01/52		2,655		2,930,140
Michigan Finance Authority, RB
4.00%, 02/15/50		4,730		4,484,130
4.00%, 02/15/44		1,710		1,670,289
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		3,110		3,021,545
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56		1,995		1,315,914
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		2,105		2,278,961
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		2,255		2,286,124


				27,892,123

Minnesota — 2.1%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		2,160		2,132,015


Security	Par (000)		Value

Minnesota (continued)
Duluth Economic Development Authority, Refunding RB (continued)
Series A, 5.25%, 02/15/53	$	1,190	$	1,240,213
Series A, 5.25%, 02/15/58		3,125		3,250,531
Minnesota Housing Finance Agency, RB, S/F Housing
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42		705		582,331
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52^(e)		3,630		3,621,876
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52^(e)		1,290		1,262,998


				12,089,964

Missouri — 3.0%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		2,445		2,367,868
Health & Educational Facilities Authority of the State of Missouri, Refunding RB 5.50%, 05/01/43		510		513,394
Series A, 4.00%, 07/01/46		1,250		1,228,130
Series C, 5.00%, 11/15/42		5,470		5,749,353
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54		2,680		2,764,096
Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52^(e)		4,700		4,688,372


				17,311,213

Nebraska — 1.5%
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51		8,700		8,558,555


New Hampshire^(b)— 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		3,205		3,047,506
Series C, AMT, 4.88%, 11/01/42		1,665		1,544,786


				4,592,292

New Jersey — 11.0%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		3,490		3,580,750
5.25%, 11/01/44		3,180		3,225,280
Hudson County Improvement Authority, RB, 4.00%, 10/01/46		1,640		1,623,898
New Jersey Economic Development Authority, RB
4.00%, 11/01/38		1,075		1,078,816
4.00%, 11/01/39		860		860,011
Class A, 5.25%, 11/01/47		3,565		3,872,410
Series EEE, 5.00%, 06/15/48		12,340		12,845,200
Series B, AMT, 6.50%, 04/01/31		2,005		2,078,820
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		3,040		3,053,160
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		2,710		2,647,684
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, Class B, AMT, 4.00%, 12/01/41		2,570		2,591,421
Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52		2,595		2,682,973
New Jersey Transportation Trust Fund Authority, RB Series C, (AMBAC), 0.00%, 12/15/35^(d)		7,395		4,289,263


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 MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB (continued)
Series S, 5.00%, 06/15/46	$	2,415	$	2,520,374
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45		5,425		5,577,036
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 06/01/46		5,120		5,333,678
Sub-Series B, 5.00%, 06/01/46		5,625		5,690,087


				63,550,861

New Mexico — 0.7%
New Mexico Mortgage Finance Authority, RB, S/F Housing
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53		2,240		2,207,970
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53		1,590		1,664,651


				3,872,621

New York — 16.1%
City of New York New York, GO
Series A-1, 4.00%, 09/01/46		1,640		1,623,902
Series C, 5.00%, 08/01/43		2,330		2,593,178
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		4,070		4,070,134
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		4,960		5,048,685
Series B, 5.25%, 11/15/39		1,765		1,790,817
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		3,335		3,329,967
Series C-1, 5.00%, 11/15/50		1,085		1,100,803
Series C-1, 5.25%, 11/15/55		1,605		1,654,686
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50		3,335		3,269,971
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55		2,220		1,604,039
Series F-1, (FHA), 2.40%, 11/01/46		5,310		3,666,401
Series F-1, (FHA), 2.50%, 11/01/51		2,685		1,783,734
New York City Industrial Development Agency, Refunding RB
Series A, (AGM), 3.00%, 01/01/36		180		164,139
Series A, (AGM), 3.00%, 01/01/40		685		582,806
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45		1,545		1,538,513
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51		840		831,571
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(b)		3,400		3,400,734
New York Liberty Development Corp., Refunding RB
Class 2, 5.15%, 11/15/34^(b)		705		706,712
Class 2, 5.38%, 11/15/40^(b)		1,760		1,760,612
Series 1, 5.00%, 11/15/44^(b)		8,145		8,124,572
Series A, 2.88%, 11/15/46		7,060		5,355,808
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		2,765		2,699,660
New York State Dormitory Authority, Refunding RB
Series A, 4.00%, 03/15/44		2,270		2,252,083
Series A, 4.00%, 03/15/47		7,890		7,735,119
Series D, 4.00%, 02/15/47		6,450		6,329,933


Security	Par (000)		Value

New York (continued)
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48	$	3,750	$	4,037,813
New York State Urban Development Corp., Refunding RB, Series E, 4.00%, 03/15/46		6,135		6,087,245
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		2,230		2,324,944
Series A, AMT, 5.00%, 07/01/46		1,525		1,520,753
Triborough Bridge & Tunnel Authority, RB
Series A, 5.00%, 11/15/49		1,790		1,922,439
Series A, 4.00%, 11/15/54		2,065		2,013,189
Series A, 5.00%, 11/15/54		1,725		1,847,006
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		411		418,534


				93,190,502

North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency,
Refunding RB, Series B, 5.00%, 10/01/25		5,290		5,654,365
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52		1,315		1,325,273
North Carolina Medical Care Commission, RB
Series A, 4.00%, 10/01/40		240		210,983
Series A, 5.00%, 10/01/40		360		363,595
Series A, 4.00%, 10/01/45		220		187,470
Series A, 5.00%, 10/01/45		640		642,698
Series A, 4.00%, 10/01/50		270		223,382
Series A, 5.00%, 10/01/50		720		720,804


				9,328,570

North Dakota — 0.2%
North Dakota Housing Finance Agency, RB, Series B, 3.00%, 07/01/52		1,290		1,261,927


Ohio — 3.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, 4.00%, 06/01/48		3,375		3,101,784
Series B-2, 5.00%, 06/01/55		5,355		5,108,241
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44		4,160		4,069,254
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		840		869,997
Series A, 4.00%, 12/01/44		1,060		1,045,955
Series CC, 5.00%, 11/15/49		1,130		1,260,991
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		1,245		1,187,956
Series A, 3.75%, 08/15/50		2,190		1,984,863
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46		665		653,146
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		545		499,476
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,685		1,692,914


				21,474,577

Oklahoma — 1.9%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/57		2,460		2,267,175
Oklahoma Turnpike Authority, RB
Series A, 4.00%, 01/01/48		4,320		4,355,320
Series C, 4.00%, 01/01/42		4,115		4,218,472


				10,840,967


50		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oregon — 0.2%
State of Oregon, GO, 3.00%, 12/01/51	$	1,005	$	1,031,591


Pennsylvania — 3.5%
Montgomery County Higher Education and Health Authority, Refunding RB
Class B, 4.00%, 05/01/52		920		845,135
Series A, 5.00%, 09/01/43		1,870		1,946,032
Series A, 5.00%, 09/01/48		740		764,148
Series A, 4.00%, 09/01/49		1,185		1,103,988
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		1,765		1,773,781
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		3,210		3,221,623
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 2022, 4.25%, 10/01/52		2,365		2,442,702
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/44		2,305		2,357,432
Series A, Subordinate, (BAM), 4.00%, 12/01/50		1,550		1,519,195
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51		4,515		4,446,539


				20,420,575

Puerto Rico — 5.2%
Commonwealth of Puerto Rico, GO
Series A1, Restructured, 5.63%, 07/01/29		2,931		3,121,807
Series A1, Restructured, 5.75%, 07/01/31		2,646		2,869,292
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		3,817		3,635,693
Series A-1, Restructured, 5.00%, 07/01/58		12,161		11,981,625
Series A-2, Restructured, 4.78%, 07/01/58		6,236		5,935,949
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		9,662		2,683,021


				30,227,387

Rhode Island — 3.5%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35^(g)(h)		4,155		623,250
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 76-A, 3.00%, 10/01/51		2,475		2,401,955
Tobacco Settlement Financing Corp., Refunding RB
Series B, 4.50%, 06/01/45		7,130		7,144,003
Series B, 5.00%, 06/01/50		9,875		9,928,345


				20,097,553

South Carolina — 4.3%
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/48		3,030		3,117,049
South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49		1,330		1,269,483
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54		8,090		8,230,054
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/50		5,000		5,040,910
Series E, 5.25%, 12/01/55		4,550		4,664,997


Security	Par (000)		Value

South Carolina (continued)
South Carolina State Housing Finance & Development Authority, RB, S/F Housing
Series A, 3.00%, 01/01/52	$	850	$	832,985
Series A, AMT, 4.00%, 01/01/52		1,780		1,816,561


				24,972,039

Tennessee — 2.6%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		330		305,442
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45		2,665		2,795,351
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		1,440		1,487,252
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58		2,025		2,040,252
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53^(e)		7,325		7,657,416
Tennessee Housing Development Agency, RB, S/F Housing, Series 1, 3.75%, 07/01/52^(e)		990		997,652


				15,283,365

Texas — 8.2%
Arlington Higher Education Finance Corp., RB
7.50%, 04/01/62		885		946,376
7.88%, 11/01/62^(b)		755		786,035
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44		3,755		3,915,290
City of Houston Texas Airport System Revenue, RB, Series B-1, AMT, 5.00%, 07/15/30		3,600		3,653,849
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29		1,765		1,770,500
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		2,440		2,591,714
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		1,525		1,548,088
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33		460		460,237
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31^(c)(d)		4,110		2,053,196
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42		5,700		5,640,526
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		2,695		2,886,722
Tarrant County Cultural Education Facilities Finance Corp., RB
Series A, 4.00%, 07/01/53		1,280		1,230,710
Series A, 5.00%, 07/01/53		1,570		1,676,101
Series B, 5.00%, 07/01/48		9,585		10,005,130
Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57		2,435		2,468,359
Texas Water Development Board, RB
4.00%, 10/15/45		2,735		2,746,873
Series A, 4.00%, 10/15/49		3,180		3,183,180


				47,562,886


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 MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utah — 1.0%
City of Salt Lake City Utah Airport Revenue, RB
Series A, AMT, 5.00%, 07/01/47	$	1,920	$	1,979,850
Series A, AMT, 5.00%, 07/01/48		1,845		1,909,258
County of Utah, RB, Series A, 3.00%, 05/15/50		2,065		1,657,683


				5,546,791

Virginia — 2.0%
Hampton Roads Transportation Accountability Commission, RB
Series A, 4.00%, 07/01/52		5,495		5,417,553
Series A, Senior Lien, 4.00%, 07/01/50		1,115		1,088,827
Series A, Senior Lien, 4.00%, 07/01/55		4,950		4,948,193


				11,454,573

Washington — 1.2%
Port of Seattle Washington, RB
Series A, AMT, 5.00%, 05/01/43		3,120		3,242,588
Series C, AMT, 5.00%, 04/01/40		1,565		1,596,788
Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47		1,330		1,469,874
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		715		674,491


				6,983,741

Wisconsin — 1.2%
Public Finance Authority, RB^(b)
Series A, 5.00%, 07/15/39		190		187,063
Series A, 5.00%, 07/15/49		720		670,586
Series A, 5.00%, 07/15/54		345		314,755
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/15/49		6,205		5,940,748


				7,113,152

Wyoming — 0.6%
Wyoming Community Development Authority, RB, S/F Housing
Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52		1,825		1,814,159
Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50		1,610		1,578,541


				3,392,700


Total Municipal Bonds — 134.6% (Cost: $779,228,736)				778,347,240


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 1.2%
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		6,494		6,833,509


Colorado — 2.2%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48^(j)		4,775		5,044,253
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		7,820		7,769,268


				12,813,521

District of Columbia — 1.8%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		10,265		10,268,434


Security	Par (000)		Value

Georgia — 1.6%
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52	$	8,998	$	9,524,154


Illinois — 0.5%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27		6		5,802
Series C, 4.00%, 02/15/41		2,994		2,999,830


				3,005,632

Massachusetts — 0.7%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45		4,333		4,349,145


Nebraska — 0.8%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53		4,303		4,542,890


New York — 3.4%
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46		13,980		13,954,731
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		5,400		5,608,564


				19,563,295

Pennsylvania — 0.9%
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42		4,877		5,180,872


Texas — 0.9%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23		5,060		5,060,000


Virginia — 2.3%
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		3,692		3,705,146
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		10,088		9,558,707


				13,263,853

Wisconsin — 1.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46		5,950		5,858,769


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3% (Cost: $101,958,447)				100,264,074


Total Long-Term Investments — 151.9% (Cost: $881,187,183)				878,611,314


52		2 0 2 3 B L A C K R O C K 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 Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 3.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%^(k)(l)		17,665,817	$	17,669,350


Total Short-Term Securities — 3.0% (Cost: $17,664,433)				17,669,350


Total Investments — 154.9% (Cost: $898,851,616)				896,280,664
Liabilities in Excess of Other Assets — (1.0)%				(5,735,704	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)%				(60,971,841	)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.4)%				(251,110,021	)


Net Assets Applicable to Common Shares — 100.0%			$	578,463,098

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(d)	Zero-coupon bond.

^(e)	When-issued security.

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

^(g)	Issuer filed for bankruptcy and/or is in default.

^(h)	Non-income producing security.

⁽ⁱ⁾	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

^(j)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $3,313,957. See Note 4 of the Notes to Financial Statements for details.

^(k)	Affiliate of the Fund.

^(l)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	12,963,148	$	4,707,405	^(a)	$	—	$	(4,048	)	$	2,845	$	17,669,350		17,665,817	$	122,987	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		314		03/22/23	$	36,051	$	(505,925	)
U.S. Long Bond		540		03/22/23		70,521		(1,982,186	)
5-Year U.S. Treasury Note		226		03/31/23		24,736		(283,784	)

							$	(2,771,895	)


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 MuniYield Fund, Inc. (MYD)

Derivative Financial Instruments Categorized by Risk Exposure

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


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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	2,771,895	$	—	$	2,771,895

^(a)

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	7,200,769		$	—	$	7,200,769


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(631,141	)	$	—	$	(631,141	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	129,242,094

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	778,347,240	$	—	$	778,347,240
Municipal Bonds Transferred to Tender Option Bond Trusts		—			100,264,074		—		100,264,074
Short-Term Securities
Money Market Funds		17,669,350			—		—		17,669,350

	$	17,669,350		$	878,611,314	$	—	$	896,280,664

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(2,771,895	)	$	—	$	—	$	(2,771,895	)

^(a)

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


54		2 0 2 3 B L A C K R O C K S E M I - A N N U AL 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 Fund, Inc. (MYD)


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(60,534,975	)	$	—	$	(60,534,975	)
VRDP Shares at Liquidation Value		—		(251,400,000	)		—		(251,400,000	)

	$	—	$	(311,934,975	)	$	—	$	(311,934,975	)

See notes to financial statements.


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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 1.9%
Black Belt Energy Gas District, RB^(a)
4.00%, 10/01/52	$	4,950	$	4,944,104
Series C-1, 5.25%, 02/01/53		4,705		5,046,461
Series F, 5.50%, 11/01/53		2,920		3,130,561
Homewood Educational Building Authority, Refunding RB
Series A, 5.00%, 12/01/34		1,145		1,237,223
Series A, 5.00%, 12/01/47		1,010		1,047,041
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53^(a)		2,665		2,913,263


				18,318,653

Arizona — 8.4%
Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 12/01/42		2,785		2,832,977
Arizona Industrial Development Authority, RB 4.38%, 07/01/39^(b)		875		829,629
5.00%, 07/01/54^(b)		615		592,716
7.10%, 01/01/55^(b)		250		257,566
Series A, 5.00%, 07/01/39^(b)		1,280		1,233,766
Series A, (BAM), 5.00%, 06/01/49		2,500		2,660,952
Series A, 5.00%, 07/01/49^(b)		1,445		1,318,026
Series A, 5.00%, 07/15/49^(b)		1,000		960,414
Series A, 5.00%, 12/15/49^(b)		250		235,704
Series A, 5.00%, 07/01/54^(b)		1,110		992,122
Arizona Industrial Development Authority, Refunding RB
Series A, 5.13%, 07/01/37^(b)		500		501,737
Series A, 5.38%, 07/01/50^(b)		1,645		1,645,446
Series A, 5.50%, 07/01/52^(b)		600		606,830
Series G, 5.00%, 07/01/47^(b)		2,360		2,266,081
Series S, (SD CRED PROG), 5.00%, 07/01/37		750		774,958
City of Buckeye Arizona Excise Tax Revenue, RB, (NPFGC), 5.00%, 07/01/43		4,000		4,191,632
City of Goodyear Arizona Water & Sewer Revenue, RB, 2nd Series, Subordinate, (AGM), 4.00%, 07/01/45		250		250,885
City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B, (AGM), 5.00%, 07/01/40		3,500		3,662,680
City of Phoenix Civic Improvement Corp., RB
Series B, (BHAC-CR FGIC), 5.50%, 07/01/41		100		126,129
Series B, AMT, 5.00%, 07/01/44		4,515		4,695,523
Series B, AMT, Junior Lien, 5.00%, 07/01/49		5,960		6,130,045
Series A, Junior Lien, 4.00%, 07/01/39		1,300		1,329,659
City of Phoenix Civic Improvement Corp., Refunding RB
AMT, Senior Lien, 5.00%, 07/01/32		700		705,933
Series D, Junior Lien, 4.00%, 07/01/40		1,000		1,001,850
Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23^(b)(c)		500		505,938
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		825		757,767
Industrial Development Authority of the City of Phoenix Arizona, RB 6.63%, 07/01/23^(c)		500		507,491
Series A, 5.00%, 07/01/44		2,000		2,007,316
Series A, 6.75%, 07/01/44^(b)		440		459,216


Security	Par (000)		Value

Arizona (continued)
Industrial Development Authority of the City of Phoenix Arizona, RB (continued)
Series A, 5.00%, 07/01/46^(b)	$	1,570	$	1,504,718
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB 5.00%, 07/01/45^(b)		500		481,768
5.00%, 07/01/46		500		502,333
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49^(b)		1,150		1,086,638
Industrial Development Authority of the County of Pima, Refunding RB 5.00%, 06/15/49^(b)		1,985		1,822,659
5.00%, 06/15/52^(b)		530		480,071
Series A, 4.00%, 09/01/29		1,000		1,000,368
Kyrene Elementary School District No. 28, GO
Series B, 5.50%, 07/01/29		480		484,989
Series B, 5.50%, 07/01/30		400		404,157
Maricopa County Industrial Development Authority, RB
5.00%, 07/01/47		1,000		1,005,990
4.00%, 07/01/50		1,500		1,434,811
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39^(b)		545		539,604
5.00%, 07/01/47^(b)		1,000		946,362
5.00%, 07/01/54^(b)		1,500		1,392,690
Series A, 5.00%, 09/01/37		1,525		1,621,659
Series A, 4.13%, 09/01/38		550		554,777
Series A, 4.13%, 09/01/42		750		752,403
Series A, 5.00%, 09/01/42		1,000		1,050,041
Maricopa County Unified School District No. 11-Peoria, GO, (AGM), 5.00%, 07/01/35		1,250		1,327,437
McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39		500		530,275
Phoenix-Mesa Gateway Airport Authority, RB, AMT, 5.00%, 07/01/38		3,600		3,606,527
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26		200		203,718
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/41		2,000		2,114,252
Salt Verde Financial Corp., RB 5.50%, 12/01/29		2,000		2,202,368
5.00%, 12/01/32		155		168,121
5.00%, 12/01/37		6,610		7,017,130
Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39		1,400		1,444,682
Town of Queen Creek Arizona Excise Tax Revenue, RB, Series A, 5.00%, 08/01/42		750		814,813
University of Arizona, Refunding RB, 5.00%, 06/01/39		2,050		2,184,597


				82,720,946

Arkansas^(b)— 0.4%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		2,135		1,923,763
Series A, AMT, 4.75%, 09/01/49		2,450		2,295,381


				4,219,144

California — 14.5%
ABC Unified School District, GO, Series C, (NPFGC-IBC FGIC), 0.00%, 08/01/34^(d)		1,215		867,144


56		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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Alvord Unified School District, Refunding GO, Series B, Election 2007, (AGM), 0.00%, 08/01/41^(d)	$	1,175	$	538,235
Anaheim Public Financing Authority, RB, Series A, (AGM), 6.00%, 09/01/24		2,430		2,516,071
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42		2,000		2,030,030
California Community Housing Agency, RB, M/F Housing^(b)3.00%, 08/01/56		440		312,909
Series A, 5.00%, 04/01/49		320		287,292
Series A-2, 4.00%, 08/01/47		2,050		1,697,960
California Health Facilities Financing Authority, Refunding RB, Sub-Series A-2, 5.00%, 11/01/47		1,770		2,059,402
California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36^(e)		3,050		2,826,872
Series 2021-1, Class A, 3.50%, 11/20/35		1,236		1,188,963
California State Public Works Board, RB
Series F, 5.25%, 09/01/33		835		849,792
Series I, 5.50%, 11/01/31		1,000		1,024,733
California Statewide Communities Development Authority, Refunding RB^(b)
Series A, 5.00%, 06/01/36		1,360		1,362,214
Series A, 5.00%, 06/01/46		1,680		1,621,682
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34		5,000		5,210,795
City of Los Angeles Department of Airports, Refunding RB, Series D, AMT, Subordinate, 4.00%, 05/15/51		8,175		7,418,829
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57^(b)		1,660		1,220,905
CSCDA Community Improvement Authority, RB, M/F Housing^(b)5.00%, 09/01/37		375		367,287
4.00%, 10/01/56		590		507,189
4.00%, 12/01/56		575		426,316
Series A, 4.00%, 06/01/58		3,700		3,102,017
Senior Lien, 3.13%, 06/01/57		2,065		1,448,866
Series A, Senior Lien, 4.00%, 12/01/58		4,840		3,759,828
Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31^(d)		5,000		4,029,540
Grossmont-Cuyamaca Community College District, GO, Series C, Election 2002, (AGC), 0.00%, 08/01/30^(d)		10,030		8,139,355
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34		4,125		4,967,317
Kern Community College District, GO, Series C, 5.50%, 11/01/23^(c)		1,620		1,655,778
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42		3,555		3,914,656
Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertiable, Election 2008, 6.25%, 08/01/28^(f)		4,445		4,399,870
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41		2,050		2,126,764
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/36^(d)		8,750		5,401,314
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		5,405		5,381,429


Security	Par (000)		Value

California (continued)
Regents of the University of California Medical Center Pooled Revenue, Refunding RB
Series J, 5.25%, 05/15/23^(c)	$	2,905	$	2,926,997
Series J, 5.25%, 05/15/38		825		831,729
Rio Hondo Community College District, GO^(d)
Series C, Election 2004, 0.00%, 08/01/37		4,005		2,408,523
Series C, Election 2004, 0.00%, 08/01/38		5,000		2,861,455
San Bernardino Community College District, GO, Series B, 6.38%, 08/01/34		10,000		10,595,900
San Diego Community College District, GO, CAB^(d)
Election 2006, 0.00%, 08/01/31		2,145		1,336,734
Election 2006, 0.00%, 08/01/32		2,680		1,568,467
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38^(d)		3,800		2,180,554
San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24^(c)(d)		7,295		3,714,693
San Diego Unified School District, Refunding GO, CAB^(d)
Series R-1, 0.00%, 07/01/30		5,000		4,124,575
Series R-1, 0.00%, 07/01/31		3,005		2,396,313
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.50%, 05/01/28		1,065		1,070,825
Series A, AMT, 5.25%, 05/01/33		830		835,085
San Mateo County Community College District, GO,
Series C, (NPFGC), 0.00%, 09/01/30^(d)		12,740		10,470,726
State of California, GO, 5.50%, 04/01/28		5		5,014
Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36^(d)		5,500		3,437,049
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		625		650,929
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36^(d)		15,000		9,387,735


				143,464,657

Colorado — 2.0%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		345		309,505
City & County of Denver Colorado Airport System Revenue, RB
Series A, AMT, 5.50%, 11/15/28		1,000		1,019,701
Series A, AMT, 5.50%, 11/15/30		330		336,576
Series A, AMT, 5.50%, 11/15/31		400		408,003
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		2,955		3,273,942
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37^(d).		1,760		969,487
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48		3,035		2,977,274
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46		2,555		2,505,484
Colorado Health Facilities Authority, Refunding RB
Series A, 4.00%, 08/01/44		1,060		988,895
Series A, 3.25%, 08/01/49		1,610		1,246,512
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45		5,420		5,461,908


				19,497,287


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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Connecticut — 0.0%
Connecticut Housing Finance Authority, RB, S/F Housing, Series A-1, 3.80%, 11/15/39	$	260	$	256,794
Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54^(b)		205		175,968


				432,762

Delaware — 0.2%
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48		1,605		1,655,524


District of Columbia — 0.7%
District of Columbia, RB
Series B-1, (NPFGC-IBC FGIC), 5.00%, 02/01/31		435		435,789
Series C, 4.00%, 05/01/45		3,280		3,313,092
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		2,875		2,709,253


				6,458,134

Florida — 10.7%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39		3,775		3,878,941
Capital Trust Agency, Inc., RB^(b)5.00%, 01/01/55		825		638,684
Series A, 5.00%, 06/01/55		1,285		1,088,162
Series A, 5.50%, 06/01/57		460		420,222
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47		4,215		4,361,041
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57		5,055		5,757,064
City of Tampa Florida, RB, CAB^(d)
Series A, 0.00%, 09/01/49		1,725		473,663
Series A, 0.00%, 09/01/53		1,840		423,783
County of Broward Florida Airport System Revenue, RB
Series A, AMT, 4.00%, 10/01/49		3,315		3,083,053
Series A, AMT, 5.00%, 10/01/49		300		316,570
County of Broward Florida Port Facilities Revenue, RB, AMT, 5.25%, 09/01/47		3,650		3,940,635
County of Miami-Dade Florida Aviation Revenue, Refunding RB 5.00%, 10/01/41		3,800		3,968,655
AMT, 5.00%, 10/01/34		450		459,013
County of Miami-Dade Seaport Department, RB^(c)
Series A, 5.38%, 10/01/23		1,170		1,190,350
Series B, AMT, 6.00%, 10/01/23		3,765		3,833,215
Series B, AMT, 6.25%, 10/01/23		1,500		1,532,445
County of Miami-Dade Seaport Department, Refunding RB
Series A, AMT, 5.00%, 10/01/42^(e)		1,315		1,398,037
Series A, AMT, 5.25%, 10/01/52^(e)		1,040		1,110,817
Series A-1, AMT, (AGM), 4.00%, 10/01/45		2,885		2,785,413
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(d)
Series A-2, 0.00%, 10/01/38		1,000		443,234
Series A-2, 0.00%, 10/01/41		1,900		699,926
Series A-2, 0.00%, 10/01/42		2,210		764,519
Series A-2, 0.00%, 10/01/43		2,010		651,712
Series A-2, 0.00%, 10/01/44		2,055		643,813
Series A-2, 0.00%, 10/01/45		2,725		773,998
Florida Development Finance Corp., RB^(b)6.50%, 06/30/57		1,230		1,238,818


Security	Par (000)		Value

Florida (continued)
Florida Development Finance Corp., RB^(b) (continued)
AMT, 5.00%, 05/01/29	$	1,275	$	1,199,339
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40^(b)		710		638,746
Greater Orlando Aviation Authority, RB
Series A, AMT, 5.00%, 10/01/40		3,890		4,022,945
Series A, AMT, 4.00%, 10/01/52		3,260		3,118,718
Sub-Series A, AMT, 5.00%, 10/01/47		16,620		17,307,885
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23^(c)		1,995		2,025,368
Lakewood Ranch Stewardship District, SAB 5.25%, 05/01/37		240		243,233
3.85%, 05/01/39		450		389,880
5.38%, 05/01/47		260		261,252
4.00%, 05/01/49		675		542,227
Lakewood Ranch Stewardship District, SAB, S/F Housing 4.00%, 05/01/40		365		320,453
4.00%, 05/01/50		605		487,164
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40		25		25,044
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		6,595		6,769,767
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52		6,605		6,255,774
Orange County Health Facilities Authority, Refunding RB 5.00%, 08/01/41		1,325		1,378,792
5.00%, 08/01/47		3,845		3,998,715
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47		335		338,029
Palm Beach County Health Facilities Authority, RB
Series B, 4.00%, 11/15/41		160		141,170
Series B, 5.00%, 11/15/42		300		303,968
Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42		4,140		4,390,520
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23^(c)		2,820		2,842,856
Seminole Improvement District, RB 5.00%, 10/01/32		255		254,708
5.30%, 10/01/37		290		292,201
Storey Creek Community Development District, SAB 4.00%, 12/15/39		415		368,772
4.13%, 12/15/49		350		290,999
Village Community Development District No. 14, SAB, 5.50%, 05/01/53		1,955		1,936,695


				106,021,003

Georgia — 3.4%
Development Authority for Fulton County, RB, 4.00%, 07/01/49		1,855		1,767,639
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		715		666,601
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51		2,875		2,741,134
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54		430		356,179


58		2 0 2 3 B L A C K R O C K 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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Georgia Housing & Finance Authority, RB, S/F Housing
3.70%, 06/01/49^(e)	$	1,420	$	1,328,181
3.60%, 12/01/44		1,615		1,417,736
Georgia Ports Authority, RB, 4.00%, 07/01/52		1,345		1,332,688
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/37		1,475		1,552,448
Series A, 5.00%, 05/15/38		910		952,880
Series A, 5.00%, 05/15/43		1,620		1,646,859
Series A, 5.00%, 05/15/49		1,230		1,261,439
Series A, 5.00%, 06/01/53^(a)(e)		7,360		7,816,504
Municipal Electric Authority of Georgia, RB 5.00%, 01/01/56		1,370		1,396,892
Class A, 5.50%, 07/01/63		1,275		1,327,696
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25		7,475		8,049,185
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24^(c)		330		339,278


				33,953,339

Hawaii — 0.5%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		485		489,591
AMT, 5.25%, 08/01/26		525		530,147
State of Hawaii Airports System Revenue, RB, Series A, AMT, 5.00%, 07/01/48		3,890		4,012,177


				5,031,915

Illinois — 11.4%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		3,665		3,828,745
Series A, 5.00%, 12/01/40		4,090		4,150,368
Series A, 5.00%, 12/01/47		1,265		1,269,435
Series C, 5.25%, 12/01/35		970		983,241
Series D, 5.00%, 12/01/46		1,230		1,222,137
Series H, 5.00%, 12/01/36		295		299,962
Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/30		2,225		2,357,225
Series C, 5.00%, 12/01/25		415		425,448
Series D, 5.00%, 12/01/25		530		543,344
Series G, 5.00%, 12/01/34		290		298,738
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25^(d)		590		535,703
Chicago Midway International Airport, Refunding ARB
Series A, AMT, 2nd Lien, 5.00%, 01/01/34		1,475		1,486,816
Series A, AMT, 2nd Lien, 5.00%, 01/01/41		2,070		2,081,555
Chicago Midway International Airport, Refunding RB, Series B, 5.00%, 01/01/46		7,060		7,225,070
Chicago O’Hare International Airport, RB, Series D, Senior Lien, 5.25%, 01/01/42		6,885		7,343,569
Chicago O’Hare International Airport, Refunding RB
Series B, AMT, 5.00%, 01/01/31		2,500		2,504,265
Series A, AMT, Senior Lien, 5.00%, 01/01/48		1,950		2,020,083
Series A, AMT, Senior Lien, 4.38%, 01/01/53		2,780		2,815,570
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49		1,610		1,643,644
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		2,575		2,711,058
Cook County Community College District No. 508, GO 5.50%, 12/01/38		1,000		1,020,331


Security	Par (000)		Value

Illinois (continued)
Cook County Community College District No. 508, GO (continued)
5.25%, 12/01/43	$	1,500	$	1,527,466
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/45		2,945		2,983,462
Series B, 4.00%, 08/15/41		1,100		1,094,877
Series C, 4.13%, 08/15/37		2,430		2,366,572
Series C, 5.00%, 08/15/44		820		825,309
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		320		327,329
Illinois State Toll Highway Authority, RB
Series B, 5.00%, 01/01/40		2,460		2,607,354
Series C, 5.00%, 01/01/38		3,245		3,412,468
Metropolitan Pier & Exposition Authority, RB
Series A, (NPFGC), 0.00%, 12/15/26^(d)		5,000		4,319,790
Series A, (NPFGC), 0.00%, 12/15/33^(d)		9,950		6,456,963
Series A, 5.00%, 06/15/57		3,005		3,019,935
Metropolitan Pier & Exposition Authority, RB, CAB^(d)
(BAM-TCRS), 0.00%, 12/15/56		2,965		599,713
Series A, (NPFGC), 0.00%, 06/15/30		14,205		10,729,818
Series A, (NPFGC), 0.00%, 06/15/30^(g)		800		642,963
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50		1,690		1,506,299
Series B, (AGM), 0.00%, 06/15/44^(d)		8,075		3,064,947
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54^(d)		4,140		927,087
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33		3,200		3,863,811
State of Illinois, GO 5.25%, 02/01/30		2,010		2,055,689
5.25%, 02/01/32		2,330		2,382,017
5.50%, 07/01/33		2,920		2,951,989
5.25%, 02/01/34		1,610		1,646,210
5.50%, 07/01/38		2,700		2,728,388
5.50%, 05/01/39		2,785		3,033,066
Series D, 5.00%, 11/01/27		440		474,518


				112,314,347

Indiana — 0.5%
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34		1,350		1,380,302
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23^(c)		3,285		3,307,872


				4,688,174

Iowa — 0.2%
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39		345		309,262
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65^(d)		10,850		1,358,464


				1,667,726

Kansas — 0.0%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43		550		535,841


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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Kentucky — 0.3%
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52^(b)	$	555	$	530,191
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52^(a)		2,000		1,997,830


				2,528,021

Louisiana — 1.7%
Jefferson Sales Tax District, RB
Series B, (AGM), 5.00%, 12/01/34		330		364,198
Series B, (AGM), 5.00%, 12/01/35		440		482,773
Series B, (AGM), 5.00%, 12/01/36		395		430,003
Series B, (AGM), 5.00%, 12/01/37		495		531,105
Lake Charles Harbor & Terminal District, RB, Series B, AMT, (AGM), 5.50%, 01/01/29		1,500		1,534,300
Louisiana Public Facilities Authority, Refunding RB 5.00%, 05/15/42		4,600		4,788,007
5.00%, 05/15/47		1,895		1,947,450
New Orleans Aviation Board, RB
Series B, AMT, 5.00%, 01/01/45		4,620		4,674,959
Series B, AMT, 5.00%, 01/01/48		1,990		2,021,878


				16,774,673

Maine — 0.0%
Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44		465		389,482


Maryland — 3.9%
Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32		500		505,141
Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44		250		251,072
City of Baltimore Maryland, RB
Series A, 5.00%, 01/01/24^(c)		1,000		1,023,051
Series A, 5.00%, 07/01/41		100		106,549
Series A, 5.00%, 07/01/46		3,040		3,192,882
Series A, 4.00%, 07/01/49		3,380		3,272,881
Series C, 5.00%, 01/01/24^(c)		1,000		1,022,549
City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46		750		664,645
Series A, 4.50%, 09/01/33		185		185,180
Series A, 5.00%, 09/01/38		250		254,126
City of Baltimore Maryland, Refunding TA^(b)
Series A, Senior Lien, 3.50%, 06/01/39		650		554,325
Series A, Senior Lien, 3.63%, 06/01/46		1,095		883,165
City of Baltimore Maryland, TA^(b)
Series B, 3.70%, 06/01/39		200		175,050
Series B, 3.88%, 06/01/46		300		252,179
County of Anne Arundel Maryland, Refunding RB, 3.25%, 09/01/28		360		360,152
County of Baltimore Maryland, Refunding RB, 4.00%, 01/01/50		500		467,496
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43^(b)		235		229,846
County of Howard Maryland, TA 6.10%, 02/15/44		250		252,802
Series A, 4.50%, 02/15/47^(b)		500		461,399
County of Prince George’s Maryland, TA, 5.25%, 07/01/48^(b)		300		296,050
Howard County Housing Commission, RB, M/F Housing
5.00%, 12/01/42		500		524,207
4.00%, 06/01/46		500		481,724


Security	Par (000)		Value

Maryland (continued)
Howard County Housing Commission, RB, M/F Housing (continued)
Series A, 5.00%, 06/01/44	$	550	$	557,263
Maryland Community Development Administration, RB, M/F Housing, Series D, 3.70%, 07/01/35		500		495,647
Maryland Community Development Administration, Refunding RB, Series D, 3.25%, 09/01/50		425		420,741
Maryland Economic Development Corp., RB 5.00%, 07/01/56		390		393,987
AMT, 5.00%, 06/01/49		250		250,747
Class B, AMT, 5.25%, 06/30/55		2,920		3,012,240
Maryland Economic Development Corp., Refunding RB 5.00%, 07/01/37		500		500,097
(AGM), 5.00%, 06/01/43		1,350		1,396,105
Series A, 5.00%, 06/01/35		100		107,201
Maryland Health & Higher Educational Facilities Authority, RB 4.00%, 07/01/48		300		293,824
Series 2017, 5.00%, 12/01/46		250		261,502
Series A, 5.00%, 05/15/42		2,330		2,425,376
Series B, 4.00%, 04/15/45		250		243,125
Maryland Health & Higher Educational Facilities Authority, Refunding RB 4.00%, 07/01/24^(c)		100		102,219
5.00%, 07/01/24^(c)		700		725,205
5.00%, 06/01/29		500		500,263
5.00%, 07/01/34		510		557,675
5.00%, 07/01/35		200		208,571
5.00%, 07/01/40		1,000		1,019,306
4.00%, 07/01/41		500		499,593
5.00%, 08/15/42		1,000		1,018,081
4.13%, 07/01/47		500		493,522
Series A, 5.00%, 01/01/28		100		103,968
Series A, 5.00%, 01/01/45		500		505,451
Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/42		1,500		1,609,497
Maryland State Transportation Authority Passenger Facility Charge Revenue, RB, AMT, 4.00%, 06/01/29		1,925		1,925,862
Montgomery County Housing Opportunities Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39		2,830		2,673,320
Washington Suburban Sanitary Commission, RB, Second Series, (GTD), 4.00%, 06/01/41		875		888,958


				38,605,817

Massachusetts — 4.3%
Commonwealth of Massachusetts, GO
Series A, 5.00%, 03/01/46		4,495		4,612,180
Series C, 5.00%, 07/01/45		1,000		1,046,500
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.25%, 07/01/29		730		862,685
Massachusetts Development Finance Agency, RB 5.00%, 10/01/46		500		504,408
5.00%, 07/01/47		580		585,536
5.00%, 10/01/48		200		185,742
Series A, 5.25%, 01/01/42		500		516,788
Series A, (AMBAC), 5.75%, 01/01/42		650		817,472
Series A, 5.00%, 01/01/47		5,945		6,031,292


60		2 0 2 3 B L A C K R O C K 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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/37	$	150	$	152,103
4.00%, 07/01/39		2,545		2,443,200
5.00%, 04/15/40		1,000		1,005,968
4.13%, 10/01/42^(b)		550		497,045
4.00%, 12/01/42		485		438,509
5.00%, 12/01/42		525		536,916
5.00%, 09/01/43		500		509,795
4.00%, 07/01/44		250		252,267
5.00%, 07/01/47		7,685		7,914,743
Series A, 4.00%, 06/01/29^(c)		420		466,203
Series A, 5.00%, 06/01/29^(c)		250		292,131
Series A-2, 4.00%, 07/01/41		100		100,649
Series E, 4.00%, 07/01/38		500		477,501
Series P, 5.45%, 05/15/59		1,500		1,699,686
Massachusetts Educational Financing Authority, RB
AMT, 5.00%, 01/01/27		1,000		1,037,444
Series B, AMT, 2.63%, 07/01/36		30		29,154
AMT, Subordinate, 3.75%, 07/01/47		2,135		1,749,624
Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33		80		78,582
Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27		1,000		1,128,046
Massachusetts Housing Finance Agency, RB, M/F Housing
Series A, 3.80%, 12/01/43		500		458,347
Series A, 3.85%, 06/01/46		130		115,864
Series A-1, (FHA), 3.10%, 06/01/60		1,245		867,375
Series D-1, 2.55%, 12/01/50		295		212,276
Massachusetts Housing Finance Agency, RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44		465		424,530
Massachusetts Housing Finance Agency, Refunding RB
Series A, AMT, 4.45%, 12/01/42		1,125		1,099,845
Series A, AMT, 4.50%, 12/01/47		300		295,739
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/43		1,780		1,787,763
Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39		825		1,050,247


				42,284,155

Michigan — 5.6%
Eastern Michigan University, RB
Series A, (AGM), 4.00%, 03/01/44		1,455		1,457,425
Series A, 4.00%, 03/01/47		1,455		1,334,522
Michigan Finance Authority, RB 4.00%, 02/15/47		5,510		5,284,354
4.00%, 02/15/50		6,975		6,612,433
Series A, 4.00%, 11/15/50		5,680		5,395,671
Michigan Finance Authority, Refunding RB 4.00%, 11/15/46		3,420		3,283,221
Series A, 4.00%, 12/01/40		7,000		6,956,782
Michigan State Building Authority, Refunding RB, 4.00%, 04/15/54		3,765		3,671,315
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 4.05%, 10/01/48		1,855		1,743,147


Security	Par (000)		Value

Michigan (continued)
Michigan State Housing Development Authority, RB, M/F Housing (continued)
Series A-1, 3.35%, 10/01/49	$	3,465	$	2,776,473
Series A, AMT, 2.45%, 10/01/46		2,275		1,567,966
Series A, AMT, 4.15%, 10/01/53		1,885		1,723,493
Series A, AMT, 2.70%, 10/01/56		8,210		5,415,365
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39		675		589,336
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		6,310		6,397,091
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23^(c)		900		917,057


				55,125,651

Minnesota — 0.2%
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47		1,615		1,731,118


Missouri — 0.6%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 11/15/42		1,015		997,861
Kansas City Industrial Development Authority, RB, Series B, AMT, 5.00%, 03/01/39		2,505		2,680,685
Missouri Housing Development Commission, RB, S/F Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46		2,610		1,995,554


				5,674,100

Montana — 0.0%
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37		170		161,540


Nevada — 1.0%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38		7,265		7,888,838
Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49		2,000		1,892,566


				9,781,404

New Hampshire — 0.4%
New Hampshire Business Finance Authority, Refunding RB^(a)(b)
Series A, 3.63%, 07/01/43		265		220,956
Series B, AMT, 3.75%, 07/01/45		1,075		864,283
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, (FHA), 4.00%, 07/01/52		3,200		2,978,656


				4,063,895

New Jersey — 9.4%
Camden County Improvement Authority, RB, 6.00%, 06/15/62		655		689,313
Hudson County Improvement Authority, RB, 5.00%, 05/01/46		1,930		2,010,707
New Jersey Economic Development Authority, RB
Series WW, 5.25%, 06/15/25^(c)		40		42,754
Series WW, 5.25%, 06/15/33		370		391,920
Series WW, 5.00%, 06/15/34		485		511,053
Series WW, 5.00%, 06/15/36		2,205		2,310,456
Series WW, 5.25%, 06/15/40		715		743,159
AMT, (AGM), 5.00%, 01/01/31		900		910,463
AMT, 5.13%, 01/01/34		1,620		1,633,652
AMT, 5.38%, 01/01/43		2,115		2,134,352
New Jersey Economic Development Authority, Refunding RB Series BBB, 5.50%, 12/15/26^(c)		5,360		6,017,779


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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority, Refunding RB (continued)
Sub-Series A, 4.00%, 07/01/32	$	1,510	$	1,537,727
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		2,135		1,936,682
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 3.25%, 12/01/39		4,755		4,539,132
Series B, Class B, AMT, 4.00%, 12/01/41		3,180		3,206,505
Sub-Series C, Class C, AMT, 3.63%, 12/01/49		1,725		1,452,890
New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33		2,195		2,195,748
New Jersey Transportation Trust Fund Authority, RB
Series A, (NPFGC), 5.75%, 06/15/25		2,000		2,140,010
Series A, 0.00%, 12/15/29^(d)		7,530		5,996,749
Series AA, 5.25%, 06/15/33		3,525		3,556,510
Series AA, 5.00%, 06/15/38		4,325		4,391,609
Series AA, 4.13%, 06/15/39		1,210		1,219,693
Series AA, 5.50%, 06/15/39		7,190		7,263,805
Series AA, 4.00%, 06/15/40		1,060		1,055,233
Series AA, 5.00%, 06/15/50		2,650		2,785,275
Series BB, 4.00%, 06/15/50		4,900		4,644,362
Series D, 5.00%, 06/15/32		1,610		1,675,474
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36		180		192,747
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/42		1,740		1,762,314
Series A, 4.00%, 01/01/48		3,310		3,279,949
New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 01/01/37		5,505		5,627,448
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/34		2,180		2,332,064
Series A, 5.00%, 06/01/35		3,220		3,424,464
Sub-Series B, 5.00%, 06/01/46		8,970		9,073,792


				92,685,790

New Mexico — 0.0%
City of Santa Fe New Mexico, RB
Series A, 5.00%, 05/15/44		200		180,627
Series A, 5.00%, 05/15/49		270		233,749


				414,376

New York — 9.3%
City of New York New York, GO
Series A-1, 5.00%, 08/01/47		930		1,029,891
Series B, 5.25%, 10/01/41		1,955		2,288,161
Metropolitan Transportation Authority, Refunding RB
Series B, 5.00%, 11/15/29		540		572,911
Series C-1, 5.00%, 11/15/56		6,550		6,625,168
New York City Housing Development Corp., RB, M/F Housing
Series I-1, (FHA), 2.55%, 11/01/45		2,385		1,741,820
Series I-1, (FHA), 2.70%, 11/01/55		1,050		705,140
New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47		7,060		7,106,017
New York City Transitional Finance Authority Building Aid Revenue, RB
Series S-1, Subordinate, (SAW), 4.00%, 07/15/42		2,910		2,910,457


Security	Par (000)		Value

New York (continued)
New York City Transitional Finance Authority Building Aid Revenue, RB (continued)
Series S-3, Subordinate, (SAW), 4.00%, 07/15/46	$	2,680	$	2,666,774
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series A-3, 5.00%, 08/01/40		7,285		7,869,497
Subordinate, 3.00%, 05/01/46		1,495		1,238,346
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(b)		1,100		1,100,238
New York Liberty Development Corp., Refunding RB
Series 1, 5.00%, 11/15/44^(b)		2,630		2,623,404
Series A, 2.88%, 11/15/46		14,350		10,886,097
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		2,795		2,728,951
New York State Housing Finance Agency, RB, Series B, (SONYMA), 3.88%, 11/01/48		400		358,625
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50		510		490,579
New York State Urban Development Corp., Refunding RB
4.00%, 03/15/41		3,300		3,327,971
4.00%, 03/15/46		5,960		5,768,481
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		3,460		3,607,313
AMT, 5.00%, 12/01/36		1,650		1,769,653
Series A, AMT, 5.25%, 01/01/50		6,045		6,065,251
Port Authority of New York & New Jersey, RB 221st Series, AMT, 4.00%, 07/15/40		1,000		992,142
Series 221, AMT, 4.00%, 07/15/55		5,155		4,813,028
Port Authority of New York & New Jersey, Refunding RB
186th Series, AMT, 5.00%, 10/15/36		570		590,137
Series 197, AMT, 5.00%, 11/15/35		905		963,896
Series 207, AMT, 4.00%, 09/15/43		1,090		1,069,885
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		3,040		2,252,978
Triborough Bridge & Tunnel Authority, RB
Series A, 5.00%, 11/15/49		665		714,202
Series D-2, Senior Lien, 5.25%, 05/15/47		6,030		6,874,688


				91,751,701

North Carolina — 0.1%
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51		790		759,096
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52		445		428,589


				1,187,685

Ohio — 2.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55		11,660		11,122,707
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43		6,920		6,980,488
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		260		238,282
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		350		366,113


62		2 0 2 3 B L A C K R O C K 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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Ohio Turnpike & Infrastructure Commission, RB
Series A-1, Junior Lien, 5.25%, 02/15/31	$	1,000	$	1,000,973
Series A-1, Junior Lien, 5.25%, 02/15/32		950		950,924
Series A-1, Junior Lien, 5.25%, 02/15/33		1,325		1,326,289
Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A-2, Junior Lien, 0.00%, 02/15/37^(d)		10,040		6,111,469
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50		1,055		973,266


				29,070,511

Oklahoma — 0.3%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		760		709,360
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		1,640		1,653,408
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		450		456,360


				2,819,128

Oregon — 0.3%
Clackamas Community College District, GO
Series A, 5.00%, 06/15/39		605		654,099
Series A, 5.00%, 06/15/40		440		474,221
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38^(d)		2,355		1,218,960
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		1,090		1,045,381


				3,392,661

Pennsylvania — 9.9%
Allegheny County Airport Authority, RB
Series A, AMT, 5.00%, 01/01/51		3,600		3,722,396
Series A, AMT, 5.00%, 01/01/56		3,925		4,046,757
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23^(c)		1,500		1,512,165
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		225		182,193
4.00%, 07/01/51		200		156,680
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39		2,495		2,514,521
Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57		4,930		5,138,820
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.00%, 12/31/34		10,710		10,953,695
AMT, 5.00%, 12/31/38		13,195		13,325,195
AMT, 5.50%, 06/30/41		3,290		3,618,405
AMT, 5.00%, 06/30/42		2,455		2,467,214
AMT, 5.75%, 06/30/48		2,855		3,161,870
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, 4.00%, 11/15/42		2,245		2,215,743
AMT, 5.50%, 11/01/44		1,000		1,003,621
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		575		441,669
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		1,000		980,528
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45		6,850		6,950,311
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49		3,635		2,939,148


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Refunding RB, Series 119, AMT, 3.50%, 10/01/36	$	1,180	$	1,154,817
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		1,480		1,548,573
Series A-1, 5.00%, 12/01/41		3,510		3,669,838
Series B, 5.00%, 12/01/40		1,375		1,437,711
Series C, 5.50%, 12/01/23^(c)		1,315		1,345,252
Series C, 5.00%, 12/01/39		4,775		4,927,146
Series B, Subordinate, 4.00%, 12/01/51		665		639,848
Sub-Series A-1, Subordinate, 5.00%, 12/01/41		5,155		5,313,527
Pennsylvania Turnpike Commission, Refunding RB 3rd Series, 4.00%, 12/01/38		4,915		4,950,201
Series A-1, 5.00%, 12/01/40		1,805		1,883,119
Philadelphia Authority for Industrial Development, RB, Class A, 4.00%, 07/01/44^(c)		2,900		2,957,785
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		2,130		2,211,021


				97,369,769

Puerto Rico — 4.8%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		2,864		2,727,960
Series A-1, Restructured, 5.00%, 07/01/58		17,311		17,055,663
Series A-2, Restructured, 4.54%, 07/01/53		500		460,000
Series A-2, Restructured, 4.78%, 07/01/58		1,528		1,454,479
Series A-2, Restructured, 4.33%, 07/01/40		19,762		18,898,045
Series B-1, Restructured, 4.75%, 07/01/53		1,377		1,312,805
Series B-2, Restructured, 4.78%, 07/01/58		1,335		1,269,050
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(d)		16,341		4,537,699


				47,715,701

Rhode Island — 1.9%
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 75-A, 2.35%, 10/01/44		3,925		2,846,854
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37^(e)		820		807,194
Rhode Island Turnpike & Bridge Authority, RB, Series A, 3.00%, 10/01/38		375		334,228
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		1,105		1,159,201
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		525		532,385
Series B, 4.50%, 06/01/45		10,575		10,595,769
Series B, 5.00%, 06/01/50		2,630		2,644,207


				18,919,838

South Carolina — 6.2%
Charleston County Airport District, RB^(c)
Series A, AMT, 5.50%, 07/01/23		5,225		5,273,455
Series A, AMT, 6.00%, 07/01/23		1,955		1,976,579
County of Berkeley South Carolina, SAB 4.25%, 11/01/40		485		418,231
4.38%, 11/01/49		715		576,067
County of Charleston South Carolina, RB, 5.25%, 12/01/23^(c)		2,505		2,555,987
South Carolina Jobs-Economic Development Authority, RB 5.00%, 11/01/43		3,090		3,247,843
5.00%, 01/01/55^(b)		2,290		2,014,735


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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Carolina (continued)
South Carolina Jobs-Economic Development Authority, RB (continued) 7.50%, 08/15/62^(b)	$	1,455	$	1,448,345
South Carolina Jobs-Economic Development Authority, Refunding RB
Series A, 5.00%, 05/01/38		5,885		6,118,782
Series A, 4.25%, 05/01/48		1,685		1,624,222
South Carolina Ports Authority, RB
AMT, 5.00%, 07/01/48		530		550,413
AMT, 5.00%, 07/01/55		2,790		2,879,132
Series B, AMT, 4.00%, 07/01/49		2,690		2,567,602
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		16,210		16,490,627
Series A, 4.00%, 12/01/55		1,950		1,802,752
Series E, 5.50%, 12/01/53		1,730		1,759,817
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38		4,930		5,023,591
South Carolina State Housing Finance & Development Authority, RB, S/F Housing
Series A, 2.25%, 07/01/46		4,755		3,513,051
Series B, 4.35%, 07/01/47		1,690		1,693,022


				61,534,253

Tennessee — 3.9%
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40		3,550		3,472,063
Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/52		3,795		4,012,203
Tennergy Corp., RB^(a)
Series A, 4.00%, 12/01/51		4,650		4,662,378
Series A, 5.50%, 10/01/53		3,805		4,123,239
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52^(a)		12,955		13,909,136
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53^(a)(e)		7,530		7,871,719


				38,050,738

Texas — 8.3%
Arlington Higher Education Finance Corp., RB^(b)7.50%, 04/01/62		1,545		1,652,149
7.88%, 11/01/62		1,335		1,389,877
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		385		302,757
Central Texas Turnpike System, RB
Series C, 5.00%, 08/15/37		3,290		3,405,252
Series C, 5.00%, 08/15/42		2,325		2,359,924
City of Austin Texas Airport System Revenue, RB, AMT, 5.00%, 11/15/44		1,000		1,012,403
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38		1,330		1,331,169
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		765		786,975
City of Houston Texas Airport System Revenue, Refunding RB
Series A, AMT, 5.00%, 07/01/27		740		756,330
Series A, AMT, 4.00%, 07/01/46		2,780		2,648,967
City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48		11,670		10,860,475


Security	Par (000)		Value

Texas (continued)
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43	$	2,910	$	3,110,703
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33		2,300		2,344,671
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24^(c)(d)		8,085		3,989,907
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27^(c)(d)		5,000		2,841,255
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50^(b)		1,210		1,107,317
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		3,620		3,636,724
Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46		1,575		1,546,847
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42		4,435		4,388,725
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		1,355		1,451,395
Tarrant County Cultural Education Facilities Finance Corp., RB 5.00%, 11/15/51		4,305		4,659,202
Series A, 4.00%, 07/01/53		1,895		1,822,027
Series A, 5.00%, 07/01/53		2,325		2,482,124
Series B, 5.00%, 07/01/36		2,390		2,555,718
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39		1,850		1,889,444
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		690		656,788
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 4.25%, 09/01/43		735		736,627
Series A, (GNMA), 3.63%, 09/01/44		2,025		1,871,278
Series A, (GNMA), 3.75%, 09/01/49		1,365		1,320,169
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		5,395		5,788,630
Texas Private Activity Bond Surface Transportation Corp., RB
AMT, 5.00%, 06/30/58		1,795		1,815,152
AMT, Senior Lien, 5.00%, 12/31/45		3,020		3,041,243
Texas Transportation Commission State Highway 249 System, RB, CAB^(d)0.00%, 08/01/35		310		179,855
0.00%, 08/01/36		170		92,399
0.00%, 08/01/37		225		114,583
0.00%, 08/01/38		810		388,357
0.00%, 08/01/41		1,950		786,310
0.00%, 08/01/44		1,010		334,006
0.00%, 08/01/45		1,775		546,047


				82,003,781

Utah — 0.6%
City of Salt Lake City Utah Airport Revenue, RB
Series A, AMT, 5.00%, 07/01/47		2,935		3,026,490
Series A, AMT, 5.00%, 07/01/48		1,055		1,091,744
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49^(b)		485		462,195


64		2 0 2 3 B L A C K R O C K 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, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utah (continued)
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55^(b)	$	935	$	846,720
Utah Housing Corp., RB, S/F Housing, Series D2, Class III, (FHA), 4.00%, 01/01/36		455		453,890


				5,881,039

Virginia — 0.8%
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		4,920		4,781,896
Virginia Housing Development Authority, RB, M/F Housing, Series C, 3.70%, 08/01/48		3,045		2,670,057


				7,451,953

Washington — 2.0%
King County Housing Authority, Refunding RB, 3.00%, 06/01/40		490		415,189
Port of Seattle Washington, RB
Series C, AMT, 5.00%, 04/01/40		2,395		2,443,647
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		2,655		2,757,287
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44		1,140		1,110,921
Washington Health Care Facilities Authority, RB, 4.00%, 10/01/45		1,670		1,570,091
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38		8,075		8,353,482
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		3,094		2,909,082


				19,559,699

Wisconsin — 2.0%
Public Finance Authority, RB 5.00%, 10/15/41^(b)		570		552,326
5.00%, 10/15/56^(b)		225		199,737
Class A, 6.00%, 06/15/52		505		495,759
Class A, 6.13%, 06/15/57		570		561,302
Series A, 5.00%, 07/15/39^(b)		250		246,136
Series A, 5.00%, 07/01/40^(b)		450		433,155
Series A, 5.00%, 10/15/40^(b)		1,130		1,090,917
Series A, 5.00%, 07/15/49^(b)		955		889,457
Series A, 5.00%, 07/15/54^(b)		455		415,112
Series A, 5.00%, 10/15/55^(b)		1,545		1,409,737
Series A-1, 4.50%, 01/01/35^(b)		605		543,886
Public Finance Authority, Refunding RB^(b)5.00%, 09/01/49		335		276,019
5.25%, 05/15/52		1,015		910,944
5.00%, 09/01/54		455		365,666
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing
Series A, 1.80%, 03/01/31		400		357,422
Series A, 1.85%, 09/01/31		320		283,006
Series A, 1.90%, 03/01/32		600		533,720
Series A, 1.95%, 09/01/32		450		398,367
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing
Series A, (HUD SECT 8), 2.05%, 11/01/36		1,165		918,508
Series A, (HUD SECT 8), 2.45%, 11/01/46		1,210		837,541


Security	Par (000)		Value

Wisconsin (continued)
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing (continued)
Series A, 4.15%, 11/01/48	$	5,080	$	4,939,320
Series A, 4.45%, 05/01/57		3,395		3,304,045


				19,962,082


Total Municipal Bonds — 135.5% (Cost: $1,332,037,583)				1,337,870,013


Municipal Bonds Transferred to Tender Option Bond Trusts^(h)

Arizona — 0.9%
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43		4,000		4,139,890
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41		5,085		5,099,216


				9,239,106

California — 0.2%
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		1,980		2,083,194


Colorado — 0.6%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48⁽ⁱ⁾		5,517		5,828,465


District of Columbia — 0.3%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		3,052		3,053,204


Florida — 1.8%
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57		7,850		8,940,251
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46		1,920		1,891,001
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31		6,300		7,443,658


				18,274,910

Georgia — 0.5%
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49		5,503		5,147,035


Illinois — 2.3%
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33		2,850		2,855,050
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 08/15/51		7,124		7,619,091
Series C, 4.00%, 02/15/27^(c)		2		2,292
Series C, 4.00%, 02/15/41		912		913,695
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/38		5,014		5,025,848
Series A, 5.00%, 01/01/40		6,451		6,695,474


				23,111,450

Kansas — 1.3%
Wyandotte County Unified School District No.500 Kansas City, GO, Series A, 5.50%, 09/01/47^(c)		11,167		12,423,312


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Louisiana — 0.4%
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25^(c)	$	3,600	$	3,737,114


Maryland — 0.9%
City of Baltimore Maryland, RB
Series A, 5.00%, 07/01/41		6,653		7,088,862
Series A, 5.00%, 07/01/46		1,269		1,333,212


				8,422,074

Michigan — 1.0%
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44		4,671		4,773,394
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45		2,050		2,132,201
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,748		2,582,396


				9,487,991

Nevada — 0.3%
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48		2,739		2,890,437


New York — 4.4%
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44		8,220		8,296,253
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		6,314		6,275,309
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35		3,945		4,101,019
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47		6,600		6,464,304
Port Authority of New York & New Jersey, Refunding RB, 5.25%, 10/15/57		5,090		5,384,189
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51		7,270		7,821,197
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52		5,520		5,415,655


				43,757,926

Ohio⁽ⁱ⁾— 0.6%
Northeast Ohio Regional Sewer District, Refunding RB
4.00%, 11/15/24^(c)		3,319		3,411,712
4.00%, 11/15/24		2,006		2,061,623


				5,473,335

Pennsylvania — 0.8%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36⁽ⁱ⁾		6,042		6,281,138
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42		1,514		1,608,321


				7,889,459

Texas — 1.0%
County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43		2,703		2,701,107
Houston Community College System, GO, 4.00%, 02/15/23^(c)		3,480		3,481,627
Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43		2,985		3,016,394
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38		879		886,247


				10,085,375


Security	Par (000)		Value

Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57	$	11,880	$	11,754,256


Wisconsin — 0.2%
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.30%, 11/01/53		1,605		1,524,399


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.7% (Cost: $180,492,275)				184,183,042


Total Long-Term Investments — 154.2% (Cost: $1,512,529,858)				1,522,053,055


	Shares

Short-Term Securities

Money Market Funds — 2.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%^(j)(k)		25,427,432		25,432,517


Total Short-Term Securities — 2.6% (Cost: $25,425,865)				25,432,517


Total Investments — 156.8% (Cost: $1,537,955,723)				1,547,485,572

Liabilities in Excess of Other Assets — (0.7)%				(6,380,900	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)%				(103,871,831	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.6)%				(450,209,049	)


Net Assets Applicable to Common Shares — 100.0%			$	987,023,792

^(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(d)	Zero-coupon bond.

^(e)	When-issued security.

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

^(g)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(h)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

⁽ⁱ⁾

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2023 to June 1, 2026, is $11,636,989. See Note 4 of the Notes to Financial Statements for details.

^(j)	Affiliate of the Fund.

^(k)	Annualized 7-day yield as of period end.


66		2 0 2 3 B L A C K R O C K 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, Inc. (MQY)

Affiliates


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	1,416,913	$	24,014,882	^(a)	$	—	$	(5,930	)	$	6,652	$	25,432,517		25,427,432	$	107,721	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		311		03/22/23	$	35,707	$	(555,838	)
U.S. Long Bond		457		03/22/23		59,681		(1,784,980	)
5-Year U.S. Treasury Note		283		03/31/23		30,975		(401,953	)

							$	(2,742,771	)

Derivative Financial Instruments Categorized by Risk Exposure

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


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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	2,742,771	$	—	$	2,742,771

^(a)

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	7,930,619	$	—	$	7,930,619


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	3,408,081	$	—	$	3,408,081

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	126,638,235

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock MuniYield Quality Fund, Inc. (MQY)

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	1,337,870,013	$	—	$	1,337,870,013
Municipal Bonds Transferred to Tender Option Bond Trusts		—			184,183,042		—		184,183,042
Short-Term Securities
Money Market Funds		25,432,517			—		—		25,432,517

	$	25,432,517		$	1,522,053,055	$	—	$	1,547,485,572

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(2,742,771	)	$	—	$	—	$	(2,742,771	)

^(a)

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



	Level 1		Level 2			Level 3		Total

Liabilities
Loan for TOB Trust Certificates	$	—	$	(3,700,960	)	$	—	$	(3,700,960	)
TOB Trust Certificates		—		(99,568,749	)		—		(99,568,749	)
VRDP Shares at Liquidation Value		—		(450,300,000	)		—		(450,300,000	)

	$	—	$	(553,569,709	)	$	—	$	(553,569,709	)

See notes to financial statements.


68		2 0 2 3 B L A C K R O C K S E M I - A N N U AL R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2023


	BTA			MUA			MUI			MYD


ASSETS
Investments, at value — unaffiliated^(a)	$	228,724,640		$	645,323,346		$	1,622,487,021		$	878,611,314
Investments, at value — affiliated^(b)		2,933,540			2,590,585			22,083,904			17,669,350
Cash		78,237			259,381			172,744			78,729
Cash pledged for futures contracts		674,000			2,297,000			3,921,000			3,206,000
Receivables:
Investments sold		60,927			187,840			22,982			110,798
Dividends — affiliated		4,978			12,856			20,241			26,721
Interest — unaffiliated		2,391,257			6,323,895			16,009,877			8,457,151
Due from broker		—			—			17,871			—
Deferred offering costs		—			61,500			—			—
Prepaid expenses		27,400			120,388			192,319			12,330


Total assets		234,894,979			657,176,791			1,664,927,959			908,172,393


ACCRUED LIABILITIES
Payables:
Investments purchased		2,192,286			683,880			22,538,073			14,131,454
Accounting services fees		12,230			44,984			80,268			56,239
Capital shares redeemed		—			—			349,280			—
Custodian fees		2,124			3,493			8,140			3,730
Income dividend distributions — Common Shares		584,635			1,759,194			2,511,613			1,900,248
Interest expense and fees		88,719			138,650			437,435			436,866
Investment advisory fees		119,506			301,977			757,627			373,119
Offering costs		—			58,570			—			—
Directors’ and Officer’s fees		25,765			4,081			601,782			337,913
Other accrued expenses		10,441			22,542			26,227			16,752
Professional fees		39,109			28,149			63,879			77,411
Transfer agent fees		8,937			29,026			15,010			29,675
Variation margin on futures contracts		149,015			504,594			899,066			700,892


Total accrued liabilities		3,232,767			3,579,140			28,288,400			18,064,299


OTHER LIABILITIES
TOB Trust Certificates		12,516,504			24,489,313			87,180,947			60,534,975
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs^(c)(d)(e)		75,657,943			174,931,808			561,386,838			251,110,021


Total other liabilities		88,174,447			199,421,121			648,567,785			311,644,996


Total liabilities		91,407,214			203,000,261			676,856,185			329,709,295


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	143,487,765		$	454,176,530		$	988,071,774		$	578,463,098


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(f)(g)(h)	$	156,422,945		$	517,271,323		$	1,052,745,335		$	625,618,269
Accumulated loss		(12,935,180	)		(63,094,793	)		(64,673,561	)		(47,155,171	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	143,487,765		$	454,176,530		$	988,071,774		$	578,463,098


Net asset value per Common Share	$	10.68		$	11.75		$	13.43		$	12.35


^(a)Investments, at cost — unaffiliated	$	234,411,583		$	691,500,635		$	1,606,310,389		$	881,187,183
^(b)Investments, at cost — affiliated	$	2,933,128		$	2,589,808		$	22,080,812		$	17,664,433
^(c)Preferred Shares outstanding		760			1,750			5,617			2,514
^(d)Preferred Shares authorized		Unlimited			1,750			18,417			16,234
^(e)Par value per Preferred Share	$	0.001		$	0.10		$	0.10		$	0.10
^(f)Common Shares outstanding		13,439,892			38,663,595			73,579,059			46,840,551
^(g)Common Shares authorized		Unlimited			199,998,250			199,981,583			199,983,766
^(h)Par value per Common Share	$	0.001		$	0.10		$	0.10		$	0.10

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		69

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2023


	MQY


ASSETS
Investments, at value — unaffiliated^(a)	$	1,522,053,055
Investments, at value — affiliated^(b)		25,432,517
Cash pledged for futures contracts		2,923,000
Receivables:
Investments sold		39,202
Dividends — affiliated		37,277
Interest — unaffiliated		13,756,098
Prepaid expenses		972,773


Total assets		1,565,213,922


ACCRUED LIABILITIES
Bank overdraft		780,796
Payables:
Investments purchased		18,106,197
Accounting services fees		80,039
Custodian fees		7,129
Income dividend distributions — Common Shares		3,442,406
Interest expense and fees		602,122
Investment advisory fees		646,050
Directors’ and Officer’s fees		281,149
Other accrued expenses		18,531
Professional fees		44,772
Transfer agent fees		46,261
Variation margin on futures contracts		655,920


Total accrued liabilities		24,711,372


OTHER LIABILITIES
TOB Trust Certificates		99,568,749
Loan for TOB Trust Certificates		3,700,960
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs^(c)(d)(e)		450,209,049


Total other liabilities		553,478,758


Total liabilities		578,190,130


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	987,023,792


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital^(f)(g)(h)	$	1,045,072,593
Accumulated loss		(58,048,801	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	987,023,792


Net asset value per Common Share	$	13.48


^(a)Investments, at cost — unaffiliated	$	1,512,529,858
^(b)Investments, at cost — affiliated	$	25,425,865
^(c)Preferred Shares outstanding		4,503
^(d)Preferred Shares authorized		14,503
^(e)Par value per Preferred Share	$	0.10
^(f)Common Shares outstanding		73,242,678
^(g)Common Shares authorized		199,985,497
^(h)Par value per Common Share	$	0.10

See notes to financial statements.


70		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended January 31, 2023


	BTA			MUA			MUI			MYD


INVESTMENT INCOME
Dividends — affiliated	$	33,645		$	153,075		$	68,531		$	122,987
Interest — unaffiliated		5,581,025			15,330,899			32,867,616			18,339,789


Total investment income		5,614,670			15,483,974			32,936,147			18,462,776


EXPENSES
Investment advisory		694,654			1,811,549			4,513,376			2,232,738
Professional		33,712			64,447			53,090			42,910
Accounting services		14,642			50,465			94,350			63,228
Transfer agent		11,960			24,468			30,655			29,380
Directors and Officer		5,610			12,388			77,662			29,048
Printing and postage		4,752			9,681			5,498			8,107
Registration		4,144			10,248			20,199			7,867
Liquidity fees		3,902			8,985			28,840			12,908
Remarketing fees on Preferred Shares		3,831			8,822			28,316			12,673
Custodian		2,923			5,092			14,215			5,574
Miscellaneous		32,356			22,539			80,379			34,249


Total expenses excluding interest expense, fees and amortization of offering costs		812,486			2,028,684			4,946,580			2,478,682
Interest expense, fees and amortization of offering costs^(a)		1,465,828			3,539,915			10,297,069			5,014,122


Total expenses		2,278,314			5,568,599			15,243,649			7,492,804
Less:
Fees waived and/or reimbursed by the Manager		(1,714	)		(8,163	)		(3,593	)		(6,594	)


Total expenses after fees waived and/or reimbursed		2,276,600			5,560,436			15,240,056			7,486,210


Net investment income		3,338,070			9,923,538			17,696,091			10,976,566


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,955,024	)		(17,857,567	)		(58,894,642	)		(35,040,368	)
Investments — affiliated		2,279			4,293			4,152			(4,048	)
Futures contracts		2,483,337			5,455,232			14,296,442			7,200,769


		(3,469,408	)		(12,398,042	)		(44,594,048	)		(27,843,647	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,735,222	)		(9,683,204	)		29,842,950			12,010,038
Investments — affiliated		260			(4,194	)		3,092			2,845
Futures contracts		189,346			(606,995	)		746,813			(631,141	)


		(2,545,616	)		(10,294,393	)		30,592,855			11,381,742


Net realized and unrealized loss		(6,015,024	)		(22,692,435	)		(14,001,193	)		(16,461,905	)


NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(2,676,954	)	$	(12,768,897	)	$	3,694,898		$	(5,485,339	)

^(a)	Related to TOB Trusts and/or VRDP Shares.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		71

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2023


	MQY


INVESTMENT INCOME
Dividends — affiliated	$	107,721
Interest — unaffiliated		33,895,422


Total investment income		34,003,143


EXPENSES
Investment advisory		3,908,017
Accounting services		90,139
Professional		83,564
Registration		40,627
Transfer agent		37,982
Directors and Officer		37,507
Custodian		10,740
Printing and postage		5,911
Miscellaneous		11,264


Total expenses excluding interest expense, fees and amortization of offering costs		4,225,751
Interest expense, fees and amortization of offering costs^(a)		8,845,071


Total expenses		13,070,822
Less:
Fees waived and/or reimbursed by the Manager		(5,661	)


Total expenses after fees waived and/or reimbursed		13,065,161


Net investment income		20,937,982


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(38,891,313	)
Investments — affiliated		(5,930	)
Futures contracts		7,930,619


		(30,966,624	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,778,374	)
Investments — affiliated		6,652
Futures contracts		3,408,081


		1,636,359


Net realized and unrealized loss		(29,330,265	)


NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	(8,392,283	)

^(a)	Related to TOB Trusts and/or VRDP Shares.

See notes to financial statements.


72		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BTA										MUA

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income		$	3,338,070		$	2,016,252		$	8,733,495		$	9,923,538		$	5,574,960		$	21,674,239
Net realized gain (loss)			(3,469,408	)		850,948			805,867			(12,398,042	)		3,766,936			3,896,638
Net change in unrealized appreciation (depreciation)			(2,545,616	)		271,828			(30,583,646	)		(10,294,393	)		155,267			(88,707,665	)


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations			(2,676,954	)		3,139,028			(21,044,284	)		(12,768,897	)		9,497,163			(63,136,788	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to Common Shareholders			(3,970,250	)		(2,196,989	)		(8,677,591	)		(17,549,967	)		(5,232,689	)		(27,559,514	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of common shares			—			—			—			2,613,331			1,844,863			12,810,577
Reinvestment of common distributions			21,507			14,277			127,234			164,753			81,818			1,039,293


Net increase in net assets derived from capital share transactions			21,507			14,277			127,234			2,778,084			1,926,681			13,849,870


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders			(6,625,697	)		956,316			(29,594,641	)		(27,540,780	)		6,191,155			(76,846,432	)
Beginning of period			150,113,462			149,157,146			178,751,787			481,717,310			475,526,155			552,372,587


End of period		$	143,487,765		$	150,113,462		$	149,157,146		$	454,176,530		$	481,717,310		$	475,526,155

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		73

Statements of Changes in Net Assets (continued)


		MUI									MYD

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income		$	17,696,091		$	10,029,152		$	22,730,839		$	10,976,566		$	6,531,002		$	29,819,545
Net realized gain (loss)			(44,594,048	)		(14,312,908	)		(5,232,138	)		(27,843,647	)		3,151,565			1,406,427
Net change in unrealized appreciation (depreciation)			30,592,855			29,849,550			(113,330,106	)		11,381,742			2,804,901			(124,406,956	)


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations			3,694,898			25,565,794			(95,831,405	)		(5,485,339	)		12,487,468			(93,180,984	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to Common Shareholders			(19,398,443	)		(11,967,097	)		(24,815,980	)		(12,550,127	)		(7,249,093	)		(30,564,427	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of common shares due to reorganization			—			—			497,273,284			—			—			—
Redemption of shares resulting from share repurchase program (including transaction costs)			(3,480,795	)		—			—			(870,440	)		—			—
Redemption of common shares due to reorgnization			—			—			(138	)		—			—			—


Net increase (decrease) in net assets derived from capital share transactions			(3,480,795	)		—			497,273,146			(870,440	)		—			—


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders			(19,184,340	)		13,598,697			376,625,761			(18,905,906	)		5,238,375			(123,745,411	)
Beginning of period			1,007,256,114			993,657,417			617,031,656			597,369,004			592,130,629			715,876,040


End of period		$	988,071,774		$	1,007,256,114		$	993,657,417		$	578,463,098		$	597,369,004		$	592,130,629

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


74		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	MQY

	Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	20,937,982		$	12,080,054		$	52,517,330
Net realized gain (loss)		(30,966,624	)		2,376,324			(6,019,147	)
Net change in unrealized appreciation (depreciation)		1,636,359			9,208,730			(198,334,347	)


Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(8,392,283	)		23,665,108			(151,836,164	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to Common Shareholders		(22,044,581	)		(12,817,468	)		(55,356,148	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		—			—			1,173,646


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		(30,436,864	)		10,847,640			(206,018,666	)
Beginning of period		1,017,460,656			1,006,613,016			1,212,631,682


End of period	$	987,023,792		$	1,017,460,656		$	1,006,613,016

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		75

Statements of Cash Flows (unaudited)

Six Months Ended January 31, 2023


	BTA			MUA			MUI			MYD


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(2,676,954	)	$	(12,768,897	)	$	3,694,898		$	(5,485,339	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		56,060,046			79,101,328			613,168,634			247,757,180
Purchases of long-term investments		(38,818,071	)		(78,300,030	)		(528,691,015	)		(203,930,212	)
Net proceeds from sales (purchases) of short-term securities		(2,425,944	)		12,437,926			(16,754,665	)		(4,707,405	)
Amortization of premium and accretion of discount on investments and other fees		(215,345	)		(631,402	)		4,485,044			1,084,314
Net realized loss on investments		5,952,745			17,853,274			58,890,490			35,044,416
Net unrealized (appreciation) depreciation on investments		2,734,962			9,687,398			(29,846,042	)		(12,012,883	)

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(2,544	)		(1,763	)		(17,878	)		(16,607	)
From the Manager		—			—			5,262			—
Interest — unaffiliated		180,948			(218,337	)		261,000			526,956
Variation margin on futures contracts		444			—			—			—

Prepaid expenses		21,837			(7,693	)		59,781			16,283
Deferred offering costs		—			2,069			—			—
Increase (Decrease) in Liabilities
Payables
Accounting services fees		(7,126	)		(29,321	)		(70,127	)		(38,755	)
Custodian fees		(1,167	)		(2,210	)		(2,953	)		(3,490	)
Interest expense and fees		37,508			80,702			146,485			240,902
Investment advisory fees		(123,813	)		(272,205	)		(818,902	)		(355,360	)
Directors’ and Officer’s fees		1,113			(468	)		2,113			(15,472	)
Other accrued expenses		386			2,630			(1,782	)		(2,056	)
Professional fees		(34,655	)		(78,843	)		(53,871	)		(37,455	)
Transfer agent fees		(2,782	)		(12,079	)		(23,176	)		(9,294	)
Variation margin on futures contracts		138,432			440,851			855,449			612,945


Net cash provided by operating activities		20,820,020			27,282,930			105,288,745			58,668,668


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(4,096,471	)		(17,375,036	)		(20,875,863	)		(13,066,243	)
Payments for offering costs		—			(4,372	)		—			—
Repayments of TOB Trust Certificates		(21,173,788	)		(17,955,674	)		(151,542,360	)		(55,620,677	)
Net payments on Common Shares redeemed		—			—			(3,131,515	)		(870,440	)
Proceeds from TOB Trust Certificates		4,568,960			6,395,446			70,954,333			8,864,066
Decrease in bank overdraft		(2,564	)		—			(8,163	)		—
Amortization of deferred offering costs		8,080			2,756			8,438			8,072
Proceeds from issuance of Common Shares		—			2,613,331			—			—


Net cash used for financing activities		(20,695,783	)		(26,323,549	)		(104,595,130	)		(60,685,222	)


CASH
Net increase (decrease) in restricted and unrestricted cash		124,237			959,381			693,615			(2,016,554	)
Restricted and unrestricted cash at beginning of period		628,000			1,597,000			3,418,000			5,301,283


Restricted and unrestricted cash at end of period	$	752,237		$	2,556,381		$	4,111,615		$	3,284,729


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,420,240		$	3,456,457		$	10,142,146		$	4,765,148


NON-CASH FINANCING ACTIVITIES
Reinvestment of common distributions	$	21,507		$	164,753		$	—		$	—


76		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2023


	BTA		MUA		MUI		MYD


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	78,237	$	259,381	$	172,744	$	78,729
Cash pledged
Futures contracts		674,000		2,297,000		3,921,000		3,206,000
Due from broker		—		—		17,871		—


	$	752,237	$	2,556,381	$	4,111,615	$	3,284,729

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		77

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2023


	MQY


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(8,392,283	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		416,797,878
Purchases of long-term investments		(297,053,316	)
Net purchases of short-term securities		(24,014,882	)
Amortization of premium and accretion of discount on investments and other fees		25,488
Net realized loss on investments		38,897,243
Net unrealized depreciation on investments		1,771,722

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(33,416	)
Interest — unaffiliated		594,109
Prepaid expenses		11,857

Increase (Decrease) in Liabilities
Payables
Accounting services fees		(53,630	)
Custodian fees		(6,001	)
Interest expense and fees		262,057
Investment advisory fees		(679,707	)
Directors’ and Officer’s fees		(2,640	)
Other accrued expenses		(7,590	)
Professional fees		(20,756	)
Transfer agent fees		(14,714	)
Variation margin on futures contracts		520,616


Net cash provided by operating activities		128,602,035


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(22,703,765	)
Repayments of TOB Trust Certificates		(130,839,525	)
Proceeds from TOB Trust Certificates		19,729,439
Proceeds from Loan for TOB Trust Certificates		3,700,960
Increase in bank overdraft		780,796
Amortization of deferred offering costs		31,060


Net cash used for financing activities		(129,301,035	)


CASH
Net decrease in restricted and unrestricted cash		(699,000	)
Restricted and unrestricted cash at beginning of period		3,622,000


Restricted and unrestricted cash at end of period	$	2,923,000


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	8,551,954


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash pledged
Futures contracts		2,923,000


	$	2,923,000

See notes to financial statements.


78		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BTA

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18

Net asset value, beginning of period		$	11.17		$	11.10		$	13.31		$	11.20		$	12.47		$	12.28		$	12.27


Net investment income^(a)			0.25			0.15			0.65			0.67			0.60			0.62			0.65

Net realized and unrealized gain (loss)			(0.44	)		0.08			(2.21	)		2.05			(1.26	)		0.20			0.01


Net increase (decrease) from investment operations			(0.19	)		0.23			(1.56	)		2.72			(0.66	)		0.82			0.66


Distributions to Common Shareholders from net investment income^(b)			(0.30	)		(0.16	)		(0.65	)		(0.61	)		(0.61	)		(0.63	)		(0.65	)


Net asset value, end of period		$	10.68		$	11.17		$	11.10		$	13.31		$	11.20		$	12.47		$	12.28


Market price, end of period		$	10.15		$	12.10		$	10.43		$	13.20		$	10.92		$	11.88		$	11.20


Total Return Applicable to Common Shareholders^(c)

Based on net asset value			(1.47	)%^(d)		2.11	%^(d)		(12.33	)%		24.80	%		(5.70	)%		7.34	%		5.76	%


Based on market price			(13.55	)%^(d)		17.71	%^(d)		(16.93	)%		26.94	%		(3.49	)%		12.12	%		1.50	%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)

Total expenses			3.28	%^(f)		2.31	%^(f)(g)		1.72	%		1.73	%		2.54	%		2.67	%		2.33	%


Total expenses after fees waived and/or reimbursed			3.28	%^(f)		2.31	%^(f)(g)		1.72	%		1.73	%		2.54	%		2.67	%		2.33	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(h)(i)			1.17	%^(f)		1.16	%^(f)(g)		1.15	%		1.14	%		1.13	%		1.13	%		1.14	%


Net investment income to Common Shareholders			4.81	%^(f)		5.49	%^(f)		4.95	%		5.32	%		4.71	%		5.11	%		5.21	%


Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)		$	143,488		$	150,113		$	149,157		$	178,752		$	150,344		$	167,431		$	164,787


VRDP Shares outstanding at $100,000 liquidation value, end of period (000)		$	76,000		$	76,000		$	76,000		$	76,000		$	76,000		$	76,000		$	76,000


Asset coverage per VRDP Shares at $100,000 liquidation value, end of period		$	262,101	^(j)	$	239,633	^(j)	$	296,259	^(k)	$	335,200	^(k)	$	297,821	^(k)	$	320,304	^(k)	$	316,825	^(k)


TOB Trust Certificates, end of period (000)		$	12,517		$	31,506		$	31,735		$	38,607		$	36,908		$	34,595		$	36,025


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(l)		$	18,508		$	8,166			N/A			N/A			N/A			N/A			N/A


Portfolio turnover rate			16	%		8	%		17	%		27	%		34	%		31	%		44	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.40%, 2.39% and 1.24%, respectively.

^(h)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

⁽ⁱ⁾	The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:


	Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Expense ratios		1.16	%		1.15	%		1.14	%		1.13	%		1.12	%		1.12	%		1.47	%

^(j)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(k)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(l)

Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.


F I N A N C I A L H I GH LIGHTS		79

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MUA

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18

Net asset value, beginning of period		$	12.53		$	12.42		$	14.77		$	12.83		$	14.14		$	14.01		$	14.07


Net investment income^(a)			0.26			0.15			0.57			0.62			0.63			0.67			0.68

Net realized and unrealized gain (loss)			(0.58	)		0.10			(2.20	)		1.96			(1.29	)		0.12			(0.06	)


Net increase (decrease) from investment operations			(0.32	)		0.25			(1.63	)		2.58			(0.66	)		0.79			0.62


Distributions to Common Shareholders^(b)

From net investment income			(0.30	)		(0.14	)		(0.58	)		(0.64	)		(0.63	)		(0.66	)		(0.68	)

From net realized gain			(0.16	)		—			(0.14	)		—			(0.02	)		—			—


Total distributions to Common Shareholders			(0.46	)		(0.14	)		(0.72	)		(0.64	)		(0.65	)		(0.66	)		(0.68	)


Net asset value, end of period		$	11.75		$	12.53		$	12.42		$	14.77		$	12.83		$	14.14		$	14.01


Market price, end of period		$	11.38		$	12.55		$	11.90		$	15.26		$	12.48		$	14.98		$	13.21


Total Return Applicable to Common Shareholders^(c)

Based on net asset value			(2.23	)%^(d)		2.00	%^(d)		(11.63	)%		20.41	%		(5.03	)%		5.97	%		4.47	%


Based on market price			(5.46	)%^(d)		6.63	%^(d)		(18.05	)%		27.89	%		(12.80	)%		19.07	%		(6.48	)%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)

Total expenses			2.48	%^(f)		1.67	%^(f)(g)		0.98	%		0.81	%		0.98	%		1.01	%		0.93	%


Total expenses after fees waived and/or reimbursed			2.48	%^(f)		1.67	%^(f)(g)		0.98	%		0.80	%		0.98	%		1.01	%		0.93	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(h)			0.90	%^(f)(i)		0.88	%^(f)(g)		0.77	%		0.71	%		0.69	%		0.70	%		0.69	%


Net investment income to Common Shareholders			4.43	%^(f)		4.75	%^(f)		3.90	%		4.39	%		4.43	%		4.77	%		4.83	%


Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)		$	454,177		$	481,717		$	475,526		$	552,373		$	463,431		$	509,645		$	504,470


VRDP Shares outstanding at $100,000 liquidation value, end of period (000)		$	175,000		$	175,000		$	175,000		$	—		$	—		$	—		$	—


Asset coverage per VRDP Shares at $100,000 liquidation value, end of period		$	327,670	^(j)	$	321,536	^(j)	$	371,729	^(k)	$	—		$	—		$	—		$	—


TOB Trust Certificates, end of period (000)		$	24,489		$	42,444		$	41,712		$	68,781		$	69,232		$	71,659		$	71,925


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(l)		$	26,689		$	16,471			N/A			N/A			N/A			N/A			N/A


Portfolio turnover rate			11	%		5	%		24	%		19	%		21	%		19	%		15	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

⁽ⁱ⁾	For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.89%.

^(j)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(k)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(l)

See notes to financial statements.


80		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MUI

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18

Net asset value, beginning of period		$	13.64		$	13.45		$	16.11		$	14.62		$	15.40		$	14.93		$	15.17


Net investment income^(a)			0.24			0.14			0.56			0.64			0.56			0.56			0.59

Net realized and unrealized gain (loss)			(0.19	)		0.21			(2.57	)		1.48			(0.81	)		0.47			(0.23	)


Net increase (decrease) from investment operations			0.05			0.35			(2.01	)		2.12			(0.25	)		1.03			0.36


Distributions to Common Shareholders^(b)

From net investment income			(0.26	)		(0.16	)		(0.65	)		(0.63	)		(0.53	)		(0.53	)		(0.60	)

From net realized gain			—			—			—			—			—			(0.03	)		(0.00	)^(c)


Total distributions to Common Shareholders			(0.26	)		(0.16	)		(0.65	)		(0.63	)		(0.53	)		(0.56	)		(0.60	)


Net asset value, end of period		$	13.43		$	13.64		$	13.45		$	16.11		$	14.62		$	15.40		$	14.93


Market price, end of period		$	12.01		$	12.44		$	12.26		$	15.09		$	13.13		$	13.85		$	13.01


Total Return Applicable to Common Shareholders^(d)

Based on net asset value			0.76	%^(e)		2.73	%^(e)		(12.79	)%		15.08	%		(1.41	)%		7.68	%		2.76	%


Based on market price			(1.20	)%^(e)		2.79	%^(e)		(15.13	)%		20.02	%		(1.56	)%		11.13	%		(2.69	)%


Ratios to Average Net Assets Applicable to Common Shareholders^(f)

Total expenses			3.20	%^(g)		2.25	%^(g)(h)		1.67	%⁽ⁱ⁾		1.58	%		2.31	%		2.63	%		2.17	%


Total expenses after fees waived and/or reimbursed			3.20	%^(g)		2.25	%^(g)(h)		1.67	%⁽ⁱ⁾		1.58	%		2.31	%		2.63	%		2.17	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(j)			1.04	%^(g)(k)		1.07	%^(g)(h)		1.02	%⁽ⁱ⁾		0.98	%		0.97	%		1.01	%		0.97	%


Net investment income to Common Shareholders			3.72	%^(g)		4.06	%^(g)		3.63	%		4.05	%		3.59	%		3.73	%		3.87	%


Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)		$	988,072		$	1,007,256		$	993,657		$	617,032		$	559,934		$	589,887		$	571,769


VRDP Shares outstanding at $100,000 liquidation value, end of period (000)		$	561,700		$	561,700		$	561,700		$	—		$	—		$	—		$	—


Asset coverage per VRDP Shares at $100,000 liquidation value, end of period		$	252,273	^(l)	$	237,229	^(l)	$	276,902	^(m)	$	—		$	—		$	—		$	—


VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	—		$	—		$	—		$	287,100		$	287,100		$	287,100		$	287,100


Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	—		$	—		$	—		$	314,919	^(m)	$	295,031	^(m)	$	305,464	^(m)	$	299,153	^(m)


TOB Trust Certificates, end of period (000)		$	87,181		$	172,298		$	180,858		$	93,069		$	92,014		$	93,421		$	79,136


Asset coverage per $1,000 of TOB Trust Certificates, end of period⁽ⁿ⁾		$	18,773		$	10,104			N/A			N/A			N/A			N/A			N/A


Portfolio turnover rate			32	%		14	%		25	%		13	%		20	%		24	%		34	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)

⁽ⁱ⁾

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.62%, 1.61% and 0.96%, respectively.

^(j)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

^(k)	For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.03%.


F I N A N C I A L H I GH L I GH T S		81

Financial Highlights (continued)

(For a share outstanding throughout each period)

^(l)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(m)	Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP/VMTP Shares, and by multiplying the results by 100,000.

⁽ⁿ⁾

See notes to financial statements.


82		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MYD

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18

Net asset value, beginning of period		$	12.73		$	12.62		$	15.26		$	13.38		$	14.56		$	14.38		$	14.71


Net investment income^(a)			0.23			0.14			0.64			0.69			0.66			0.73			0.79

Net realized and unrealized gain (loss)			(0.34	)		0.12			(2.63	)		1.86			(1.16	)		0.17			(0.30	)


Net increase (decrease) from investment operations			(0.11	)		0.26			(1.99	)		2.55			(0.50	)		0.90			0.49


Distributions to Common Shareholders from net investment income^(b)			(0.27	)		(0.15	)		(0.65	)		(0.67	)		(0.68	)		(0.72	)		(0.82	)


Net asset value, end of period		$	12.35		$	12.73		$	12.62		$	15.26		$	13.38		$	14.56		$	14.38


Market price, end of period		$	11.19		$	11.72		$	11.43		$	14.62		$	12.29		$	14.15		$	13.12


Total Return Applicable to Common Shareholders^(c)

Based on net asset value			(0.48	)%^(d)		2.21	%^(d)		(13.39	)%		19.61	%		(3.66	)%		6.80	%		3.47	%


Based on market price			(2.06	)%^(d)		3.90	%^(d)		(18.13	)%		24.76	%		(8.94	)%		13.76	%		(5.85	)%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)

Total expenses			2.69	%^(f)		1.87	%^(f)(g)		1.35	%		1.36	%		2.07	%		2.27	%		2.00	%


Total expenses after fees waived and/or reimbursed			2.68	%^(f)		1.87	%^(f)(g)		1.35	%		1.36	%		2.07	%		2.27	%		2.00	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(h)(i)			0.89	%^(f)		0.89	%^(f)(g)		0.86	%		0.87	%		0.85	%		0.88	%		0.89	%


Net investment income to Common Shareholders			3.93	%^(f)		4.47	%^(f)		4.26	%		4.66	%		4.49	%		5.10	%		5.33	%


Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)		$	578,463		$	597,369		$	592,131		$	715,876		$	627,798		$	682,832		$	674,077


VRDP Shares outstanding at $100,000 liquidation value, end of period (000)		$	251,400		$	251,400		$	251,400		$	251,400		$	251,400		$	251,400		$	251,400


Asset coverage per VRDP Shares at $100,000 liquidation value, end of period		$	285,443	^(j)	$	262,525	^(j)	$	335,533	^(k)	$	384,756	^(k)	$	349,719	^(k)	$	371,612	^(k)	$	368,129	^(k)


TOB Trust Certificates, end of period (000)		$	60,535		$	116,156		$	137,078		$	145,316		$	147,785		$	136,925		$	167,150


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(l)		$	14,704		$	8,305			N/A			N/A			N/A			N/A			N/A


Portfolio turnover rate			24	%		4	%		14	%		14	%		19	%		17	%		9	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

⁽ⁱ⁾	The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:


	Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Expense ratios		0.88	%		0.88	%		0.85	%		0.86	%		0.85	%��		0.88	%		0.88	%

^(j)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(k)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(l)

See notes to financial statements.


F I N A N C I A L H I GH L I GH T S		83

Financial Highlights (continued)

(For a share outstanding throughout each period)


	MQY

	Six Months Ended 01/31/23 (unaudited)				Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18

Net asset value, beginning of period		$	13.89		$	13.74		$	16.57		$	14.79		$	15.67		$	15.22		$	15.56


Net investment income^(a)			0.29			0.16			0.72			0.75			0.67			0.69			0.77

Net realized and unrealized gain (loss)			(0.40	)		0.17			(2.79	)		1.80			(0.91	)		0.47			(0.29	)


Net increase (decrease) from investment operations			(0.11	)		0.33			(2.07	)		2.55			(0.24	)		1.16			0.48


Distributions to Common Shareholders^(b)

From net investment income			(0.30	)		(0.18	)		(0.76	)		(0.77	)		(0.64	)		(0.69	)		(0.82	)

From net realized gain			—			—			—			—			��			(0.02	)		—


Total distributions to Common Shareholders			(0.30	)		(0.18	)		(0.76	)		(0.77	)		(0.64	)		(0.71	)		(0.82	)


Net asset value, end of period		$	13.48		$	13.89		$	13.74		$	16.57		$	14.79		$	15.67		$	15.22


Market price, end of period		$	12.28		$	13.12		$	12.80		$	15.92		$	13.88		$	13.99		$	13.83


Total Return Applicable to Common Shareholders^(c)

Based on net asset value			(0.43	)%^(d)		2.44	%^(d)		(12.93	)%		17.56	%		(1.44	)%		8.42	%		3.28	%


Based on market price			(3.97	)%^(d)		3.86	%^(d)		(15.58	)%		20.35	%		3.60	%		6.53	%		(3.55	)%


Ratios to Average Net Assets Applicable to Common Shareholders^(e)

Total expenses			2.74	%^(f)		1.90	%^(f)(g)		1.33	%		1.48	%^(h)		2.20	%		2.48	%		2.05	%


Total expenses after fees waived and/or reimbursed			2.74	%^(f)		1.90	%^(f)(g)		1.33	%		1.47	%^(h)		2.20	%		2.48	%		2.05	%


Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs^(i)(j)			0.88	%^(f)		0.89	%^(f)(g)		0.85	%		0.95	%^(h)		0.90	%		0.93	%		0.91	%


Net investment income to Common Shareholders			4.39	%^(f)		4.84	%^(f)		4.45	%		4.64	%		4.15	%		4.55	%		4.91	%


Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)		$	987,024		$	1,017,461		$	1,006,613		$	1,212,632		$	454,276		$	481,212		$	467,334


VRDP Shares outstanding at $100,000 liquidation value, end of period (000)		$	450,300		$	450,300		$	450,300		$	450,300		$	176,600		$	176,600		$	176,600


Asset coverage per VRDP Shares at $100,000 liquidation value, end of period		$	278,301	^(k)	$	253,932	^(k)	$	323,543	^(l)	$	369,294	^(l)	$	357,235	^(l)	$	372,487	^(l)	$	364,628	^(l)


TOB Trust Certificates, end of period (000)		$	103,270		$	210,679		$	230,928		$	268,075		$	129,475		$	134,198		$	139,144


Asset coverage per $1,000 of TOB Trust Certificates, end of period^(m)		$	14,917		$	7,966			N/A			N/A			N/A			N/A			N/A


Portfolio turnover rate			20	%		8	%		17	%		8	%		18	%		21	%		20	%

^(a)	Based on average Common Shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)

Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.42%, 1.41% and 0.90%, respectively.

⁽ⁱ⁾	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

^(j)	The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:


84		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	Six Months Ended 01/31/23 (unaudited)			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Expense ratios		0.88	%		0.89	%		0.85	%		0.94	%		0.90	%		0.93	%

^(k)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(l)	Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

^(m)

See notes to financial statements.


F I N A N C I A L H I GH L I GH T S		85

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:


Fund Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Long-Term Municipal Advantage Trust	BTA	Delaware	Diversified
BlackRock MuniAssets Fund, Inc.	MUA	Maryland	Diversified
BlackRock Municipal Income Fund, Inc.	MUI	Maryland	Diversified
BlackRock MuniYield Fund, Inc.	MYD	Maryland	Diversified
BlackRock MuniYield Quality Fund, Inc.	MQY	Maryland	Diversified

The Boards of Directors and Board of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors.” The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

Prior Year Reorganization: The Board and shareholders of MUI (the “Acquiring Fund”) and the Board and shareholders of BlackRock MuniHoldings Investment Quality Fund (“MFL”), (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of the Acquiring Fund.

Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on April 8, 2022, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.

Each Preferred Shareholder of the Target Fund received Preferred Shares of the Acquiring Fund in an amount equal to the aggregate liquidation preference of the Target Fund’s Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.

The reorganization was accomplished by a tax-free exchange of Common Shares and Preferred Shares of the Acquiring Fund in the following amounts and at the following conversion ratios:


Target Fund	Target Fund’s Share Class	Shares Prior to Reorganization	Conversion Ratio	MUI’s Share Class	Shares of MUI
MFL	Common	37,896,208	0.93874076	Common	35,574,705^(a)
MFL	VRDP	2,746	1	VRDP	2,746

^(a)

Net of fractional shares redeemed.

The Target Fund’s net assets and composition of net assets on April 8, 2022, the valuation date of the reorganization were as follows:


		MFL
Net assets applicable to Common Shareholders		$497,273,284
Paid-in-capital		513,150,872
Accumulated loss		(15,877,588)

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets applicable to Common Shareholders of the Acquiring Fund before the reorganization was $535,317,061. The aggregate net assets applicable to Common Shareholders of the Acquiring Fund immediately after the reorganization amounted to $1,032,590,345. The Target Fund’s fair value and cost of financial instruments prior to the reorganization was as follows:


Target Fund	Fair Value of Investments	Cost of Investments	TOB Trust Certificates	Preferred Shares Value
MFL	$846,552,183	$858,217,170	$88,413,120	$274,600,000

The purpose of these transactions was to combine two funds managed by the Manager with similar investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on April 11, 2022.


86		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Assuming the reorganization had been completed on May 1, 2021, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended April 30, 2022, are as follows:

•

Net investment income (loss): $42,471,276

•

Net realized and change in unrealized gain/loss on investments: $(198,977,307)

•

Net decrease in net assets resulting from operations: $(156,506,031)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since April 11, 2022.

Reorganization costs incurred by MUI in connection with the reorganization were expensed by MUI. The Manager reimbursed MUI $42,542, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.


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)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.


	Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.
Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).


88		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third-party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. MUA, MYD and MQY management believes that a fund’s restrictions on borrowings do not apply to the Funds’ TOB Trust transactions.Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:


Fund Name	Interest Expense	Liquidity Fees	Other Expenses	Total
BTA	$ 210,511	$ 41,515	$ 18,538	$ 270,564
MUA	369,757	71,957	23,091	464,805


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

Notes to Financial Statements (unaudited) (continued)


Fund Name	Interest Expense	Liquidity Fees	Other Expenses	Total
MUI	$ 1,267,948	$ 241,052	$ 71,725	$ 1,580,725
MYD	878,549	168,707	56,758	1,104,014
MQY	1,644,885	312,666	102,264	2,059,815

For the six months ended January 31, 2023, the following table is a summary of each Fund’s TOB Trusts:


Fund Name		Underlying Municipal Bonds Transferred to TOB Trusts	^(a)		Liability for TOB Trust Certificates	^(b)	Range of Interest Rates on TOB Trust Certificates at Period End		Average TOB Trust Certificates Outstanding	Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BTA	$	24,471,817		$	12,516,504		1.69% — 1.96%	$	19,904,559	2.70%
MUA		39,725,368			24,489,313		1.67 — 1.81		33,503,019	2.75
MUI		159,381,791			87,180,947		1.69 — 1.96		119,558,930	2.62
MYD		100,264,074			60,534,975		1.67 — 1.81		80,064,361	2.73
MQY		184,183,042			99,568,749		1.69 — 1.96		151,152,869	2.70

^(a)

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments.

^(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2023, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2023.

For the six months ended January 31, 2023, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

Fund Name

Loans
Outstanding
at Period End

Range of

Interest Rates

on Loans at

Period End

Average
Loans
Outstanding

Daily Weighted

Average Rate

of Interest and

Other Expenses

on Loans

MQY

$ 3,700,960

0.25 — 0.25%

$ 245,870

0.70%

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.


90		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For such services, each Fund, except MUI and BTA, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:


	MUA			MYD			MQY
Investment advisory fees		0.55	%		0.50	%		0.50	%

For such services, BTA pays the Manager a monthly fee of 1.00% at an annual rate equal to a percentage of the average weekly value of the Fund’s net assets.

For such services, MUI pays the Manager a monthly fee of 0.55% of (i) the average daily value of MUI’s net assets and (ii) the proceeds of any outstanding debt securities and borrowings used for leverage.

For purposes of calculating these fees, with respect to each Fund other than BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV.

For purposes of calculating this fee, with respect to BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).

Distribution Fees: MUA has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of MUA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of MUA’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended January 31, 2023 amounted to $5,284.

Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived were as follows:


Fund Name		Fees Waived and/or Reimbursed by the Manager
BTA		$ 1,714
MUA		8,163
MUI		3,593
MYD		6,594
MQY		5,661

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended January 31, 2023, there were no fees waived by the Manager pursuant to this arrangement.

Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:


Fund Name	Purchases	Sales
BTA	$ 36,940,862	$ 56,116,740
MUA	68,816,179	79,269,167
MUI	520,857,796	610,899,532
MYD	204,937,501	247,862,962
MQY	306,739,588	414,347,125

8.	*INCOME TAX INFORMATION*

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.


N O T E S T O F I N A N C I A L S T A T E M E N T S		91

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


Fund Name		Non-Expiring
BTA		$ 4,492,973
MUA		3,646,950
MUI		33,957,408
MYD		12,564,077
MQY		36,591,325

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


Fund Name	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
BTA	$ 224,755,354	$ 5,095,179	$ (11,385,974)	$ (6,290,795)
MUA	669,352,353	12,953,181	(60,784,497)	(47,831,316)
MUI	1,541,361,897	42,712,026	(30,659,364)	12,052,662
MYD	837,876,357	26,253,020	(31,155,583)	(4,902,563)
MQY	1,434,864,015	51,058,551	(44,449,474)	6,609,077

9.	*PRINCIPAL RISKS*

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.

A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

As short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.

The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the


92		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


N O T E S T O F I N A N C I A L S T A T E M E N T S		93

Notes to Financial Statements (unaudited) (continued)

10.

CAPITAL SHARE TRANSACTIONS

Each Fund, except for BTA, is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BTA is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value of each Fund’s Common Shares is $0.10, except for BTA, which is $0.001. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:


Fund Name	Six Months Ended 01/31/23	Period from 05/01/22 to 07/31/22	Year Ended 04/30/22
BTA	2,033	1,294	9,324
MUA	13,454	6,820	68,542
MQY	—	—	70,961

For the period ended July 31, 2022, shares issued and outstanding remained constant for MUI.

For the period ended July 31, 2022 and year ended April 30, 2022, shares issued and outstanding remained constant for MYD.

For the year ended April 30, 2022, Common Shares of MUI issued and outstanding increased by 35,574,715 as a result of the reorganization of MFL with and into MUI.

For the year ended April 30, 2022, Common Shares of MUI issued and outstanding decreased by 10 as a result of a redemption of fractional shares from the reorganization of MFL with and into MUI.

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, subject to certain conditions. From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts. For the six months ended January 31, 2023, BTA, MUA and MQY did not repurchase any shares. For the period ended July 31, 2022 and year ended April 30, 2022, the Funds did not repurchase any shares.

The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:


	MUI
	Shares		Amounts
Six Months Ended January 31, 2023		291,912	$	3,480,795


	MYD
	Shares		Amounts
Six Months Ended January 31, 2023		79,144	$	870,440

MUA has filed a prospectus with the SEC allowing it to issue an additional 5,500,000 Common Shares through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, MUA, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,767,963 Common Shares remain available for issuance under the Shelf Offering. During the period ended January 31, 2023, MUA issued 209,413 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by MUA in connection with its Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

Preferred Shares

A Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board,


94		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

The Funds (for purposes of this section, each a “VRDP Fund”) have issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

Fund Name

Issue
Date

Shares
Issued

Aggregate
Principal

Maturity
Date

BTA

10/29/15

760

76,000,000

11/01/45

MUA

12/15/21

1,750

175,000,000

12/15/51

MUI

04/07/22

2,871

287,100,000

04/07/52

04/11/22

2,746

274,600,000

04/07/52

MYD

06/30/11

2,514

251,400,000

07/01/41

MQY

09/15/11

1,766

176,600,000

10/01/41

04/19/21

2,737

273,700,000

10/01/41

Redemption Terms: A VRDP Fund is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a VRDP Fund is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, a VRDP Fund is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Fund. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:

BTA

MUA

MUI

MYD

MQY

Expiration date

11/30/24

04/30/24

11/30/24

07/06/23

The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Fund is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: A VRDP Fund may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Fund may incur nominal or no remarketing fees.

Ratings: As of period end, the VRDP Shares were assigned the following ratings:


Fund Name	Moody’s Investors Service, Inc. Long-Term Ratings		Fitch Ratings, Inc. Long-Term Ratings
BTA		Aa2		A
MUA		Aa2		N/A
MUI		Aa1		AA
MYD		Aa1		AA
MQY		Aa1		AA

Special Rate Period: A VRDP Fund has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period end, the following VRDP Funds have commenced/are set to commence a special rate period:


Fund Name	Commencement Date		Expiration Date as of Period Ended 01/31/23
BTA		10/29/15		11/15/24
MUA		12/15/21		04/15/24
MUI		04/07/22		11/15/24
MYD		04/17/14		11/15/24


N O T E S T O F I N A N C I A L S T A T E M E N T S		95

Notes to Financial Statements (unaudited) (continued)


Fund Name	Commencement Date		Expiration Date as of Period Ended 01/31/23
MQY		10/22/15		06/21/23

Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.

Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the six months ended January 31, 2023, the annualized dividend rate for the VRDP Shares were as follows:


	BTA			MUA			MUI			MYD			MQY
Dividend rates		3.12	%		3.51	%		3.10	%		3.10	%		3.00	%

For the six months ended January 31, 2023, VRDP Shares issued and outstanding of each VRDP Fund remained constant.

Offering Costs: The Funds incurred costs in connection with the issuance of VRDP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP Shares with the exception of any upfront fees paid by a VRDP Fund to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VRDP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:


Fund Name	Dividends Accrued		Deferred Offering Costs Amortization
BTA	$	1,187,184	$	8,080
MUA		3,072,354		2,756
MUI		8,707,906		8,438
MYD		3,902,036		8,072
MQY		6,754,196		31,060

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

BTA

02/01/23

02/15/23

03/01/23

0.043500

03/01/23

03/15/23

04/03/23

0.043500

MUA

02/01/23

02/15/23

03/01/23

0.045500

03/01/23

03/15/23

04/03/23

0.040500

MUI

02/01/23

02/15/23

03/01/23

0.034000

03/01/23

03/15/23

04/03/23

0.034000

MYD

02/01/23

02/15/23

03/01/23

0.040500

03/01/23

03/15/23

04/03/23

0.036500


96		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Fund Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

MQY

02/01/23

02/15/23

03/01/23

0.047000

03/01/23

03/15/23

04/03/23

0.043500

The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:

Preferred Shares^(a)

Fund Name

Shares

Series

Declared

BTA

VRDP

W-7

235,517

MUA

VRDP

W-7

559,760

MUI

VRDP

W-7

1,740,654

MYD

VRDP

W-7

779,064

MQY

VRDP

W-7

1,360,893

^(a)

Dividends declared for period February 1, 2023 to February 28, 2023.


N O T E S T O F I N A N C I A L S T A T E M E N T S		97

Additional Information

Fund Certification

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Environmental, Social and Governance (“ESG”) Integration

Although a Fund does not seek to implement a specific sustainability strategy unless otherwise disclosed, Fund management will consider ESG characteristics as part of the investment process for actively managed Funds. These considerations will vary depending on a Fund’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Fund management will consider such ESG characteristics it deems relevant or additive, if any, when making investment decisions for a Fund. The ESG characteristics utilized in a Fund’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund’s exposure to certain companies or industries and a Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to a Fund’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Funds, other than MUA, do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.

MUA’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800)-882-0052.

The following information is a summary of certain changes since July 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.

Effective August 1, 2022, the State of Delaware enacted new control beneficial interest acquisition provisions of the Delaware Statutory Trust Act (the “Delaware CBIA Statute”) that automatically applies to Delaware statutory trusts that are registered as closed-end management investment companies under the Investment Company Act of 1940, such as BTA. In general, the Delaware CBIA Statute limits the right of holders who acquire “control beneficial interests” of a statutory trust to vote those beneficial interests on matters under the Delaware Statutory Trust Act or the governing instrument of BTA unless approved by disinterested shareholders holding two-thirds of the votes entitled to be cast. The Delaware CBIA Statute generally defines “control beneficial interests” to include beneficial interests that, in the absence of the Delaware CBIA Statute, if aggregated with all other beneficial interests of the statutory trust that are either (i) owned by the acquiring person (or an associate) or (ii) in respect of which the acquiring person (or an associate) is entitled to exercise or direct the exercise of voting power, would entitle that person to exercise or direct the exercise of voting power of beneficial interests in the election of trustees, within any of certain specified ranges of voting power starting at 10%. The Delaware CBIA Statute requires acquiring persons to disclose to the statutory trust any control beneficial interest acquisition within 10 days of such acquisition. The Delaware CBIA Statute allows a statutory trust’s governing instrument or board of trustees to provide exemptions from the statute’s limitations to acquisitions of beneficial interests, including as to any series or classes of beneficial interests. After careful consideration of a number of factors including, among other factors, the potential impact to BTA’s use of leverage through preferred shares, the Fund’s Board of Directors approved the adoption of an amendment to the Fund’s Statement of Preferences governing the preferred shares which provides for acquisitions of the Fund’s outstanding preferred shares to be exempt from the limitations of the Delaware CBIA Statute. The foregoing is only a summary of certain aspects of the Delaware CBIA Statute. Shareholders should consult their own legal counsel to determine the application of the Delaware CBIA Statute with respect to their beneficial interests of BTA and any subsequent acquisitions of beneficial interests.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.


98		2 0 2 3 BL 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

Additional Information (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for MUA only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for MUA only, prospectuses, are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including for MUA only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, MUA may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, MUA may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above MUA’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow MUA to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

On August 26, 2021, MUA filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of MUA are not offers to sell MUA Common Shares or solicitations of an offer to buy MUA Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of MUA contains important information about the Fund, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of MUA carefully and in its entirety before investing. Copies of the final prospectus for MUA can be obtained from BlackRock at blackrock.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.


A D D I T I O N A L I N F O R M A T I O N		99

Additional Information (continued)

BlackRock Privacy Principles (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Liquidity Provider

Bank of America, N.A.^(a)

New York, NY 10036

Wells Fargo Bank, N.A.^(b)

San Francisco, CA 94104

^(a)For BTA, MUA, MUI and MYD.

^(b)For MQY.

VRDP Remarketing Agent

BofA Securities, Inc.^(a)

New York, NY 10036

Wells Fargo Securities, LLC^(b)

Charlotte, NC 28202

VRDP Tender and Paying Agent

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809


100		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation



AGC		Assured Guaranty Corp.

AGC-ICC		Assured Guaranty Corp. – Insured Custody Certificate

AGM		Assured Guaranty Municipal Corp.

AGM-CR		AGM Insured Custodial Receipt

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAB		Build America Bond

BAM		Build America Mutual Assurance Co.

BAM-TCRS		Build America Mutual Assurance Co.- Transferable Custodial Receipts

BHAC-CR		Berkshire Hathaway Assurance Corp. - Custodian Receipt

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

CR		Custodian Receipt

FGIC		Financial Guaranty Insurance Co.

FHA		Federal Housing Administration

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

HUD SECT 8		U.S. Department of Housing and Urban Development Section 8

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

NPFGC-IBC		National Public Finance Guarantee Corp. — Insured Bond Certificate

PSF		Permanent School Fund

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAP		Subject to Appropriations

SAW		State Aid Withholding

SONYMA		State of New York Mortgage Agency

ST		Special Tax

TA		Tax Allocation


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		101

THIS PAGE INTENTIONALLY LEFT BLANK.

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEMYMA-01/23-SAR

(b) Not Applicable


Item 2	–	Code of Ethics – Not Applicable to this semi-annual report

Item 3	–	Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4	–	Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5	–	Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6	–	Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7	–	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8	–	Portfolio Managers of Closed-End Management Investment Companies – (a) Not applicable to this semi-annual report. (b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9	–	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10	–	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11	–	Controls and Procedures (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12	–	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report


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

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 Long-Term Municipal Advantage Trust

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Long-Term Municipal Advantage 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 Long-Term Municipal Advantage Trust

Date: March 23, 2023

By:		/s/ Trent Walker
		Trent Walker
		Chief Financial Officer (principal financial officer) of
		BlackRock Long-Term Municipal Advantage Trust

Date: March 23, 2023

BlackRock Long-Term Municipal Advantage Trust (BTA) N-CSRSCertified semi-annual shareholder report (management investment company)