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: 811‑07642
| Name of Fund: |
| Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniAssets Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882‑0052, Option 4
Date of fiscal year end: 07/31/2026
Date of reporting period: 07/31/2026
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
July 31, 2026
| 2026 Annual Report |
| BlackRock MuniAssets Fund, Inc. (MUA) |
| BlackRock Municipal 2030 Target Term Trust (BTT) |
| BlackRock MuniHoldings Fund, Inc. (MHD) |
| BlackRock MuniYield Quality Fund, Inc. (MQY) |
| BlackRock MuniYield Quality Fund III, Inc. (MYI) |
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Municipal Market Overview For the Reporting Period Ended July 31, 2026
Municipal Market Conditions
The second half of 2025 was framed by a softening labor market, the longest government shutdown in history, and limited economic data for markets and the Federal Reserve to assess. An increasingly dovish Fed cut rates at three consecutive meetings, lowering the Federal Funds rate from 4.50% to 3.75% and creating a constructive backdrop for fixed income. Municipals entered 2026 with strong momentum as resilient demand offset tariff-related volatility and geopolitical uncertainty. Conditions shifted in late March as an oil-driven inflation shock tied to escalating tensions with Iran triggered a sharp repricing of monetary policy expectations, pressuring returns. Municipals rebounded in the second quarter as attractive valuations and seasonal reinvestment demand absorbed record issuance, generating strong performance despite a more hawkish Federal Reserve. The period ended with a rate-driven selloff in July as markets repriced monetary policy expectations, creating more attractive relative value opportunities across the curve. The long end of the curve, triple-B rated credits, and the hospital, housing, and transportation sectors outperformed during the period.
| Bloomberg Municipal Bond Index(a) | ||
| Total Returns as of July 31, 2026 | ||
| 6 |
months: |
(0.51)% |
| 12 |
months: |
5.27% |
During the 12-months ended July 31, 2026, municipal bond funds experienced net inflows totaling $108 billion (based on data from the Investment Company Institute), with demand concentrated primarily in investment-grade and long-term funds split between open-end funds and ETFs. At the same time, the market absorbed $571 billion in issuance, a 4% increase year-over-year (period ending July 2025). Issuance was driven by an increased need for
infrastructure spending, declining COVID stimulus cash available to municipalities, and increasing construction costs
and project expenses.
infrastructure spending, declining COVID stimulus cash available to municipalities, and increasing construction costs
and project expenses.
A Closer Look at Yields
AAA Municipal Yield Curves
Source: Refinitiv Municipal Market Data.
From July 31, 2025 to July 31, 2026, yields on AAA-rated 30-year municipal bonds decreased by 16 basis points (bps) from 4.67% to 4.51%, ten-year yields increased by 5 bps from 3.32% to 3.37%, five-year yields increased by 38 bps from 2.53% to 2.91%, and two-year yields increased by 24 bps from 2.39% to 2.63% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities narrowing 40 bps to a slope of 188 bps, while the Treasury curve steepened 4 bps.
Municipal curves remain steeper than taxable curves, offering investors who are looking for duration an attractive entry point.
Financial Conditions of Municipal Issuers
Municipal credit fundamentals remain broadly sound, though fiscal conditions are gradually normalizing following several years of exceptional post-pandemic strength. State revenues remain healthy overall, with total state tax collections rising 7.7% year-over-year in 4Q25, but broader trends are becoming less favorable, as 40 states entered FY2026 below their inflation-adjusted long-term revenue growth trend and median rainy day fund capacity declined to 47.8 days of operating expenditures, the first annual decline since the Great Recession. At the local level, fiscal pressures are becoming more pronounced, particularly among K–12 school districts, where the expiration of federal pandemic aid, rising operating costs, and slower growth in state funding have contributed to widening credit dispersion and an increase in downgrades and negative outlooks. Policy developments also warrant attention, as several states are considering property tax reforms that could pressure local government finances. While municipal balance sheets remain strong, credit performance is becoming increasingly issuer-specific, reinforcing the importance of disciplined fiscal management, strong governance, and rigorous fundamental credit analysis.
The opinions expressed are those of BlackRock as of July 31, 2026 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.
(a) 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.
Municipal Market Overview 3
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 Muni Term Preferred Shares (“VMTP Shares”) or Variable Rate Demand Preferred Shares (“VRDP Shares”) (collectively, “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.
4
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026
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 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 federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes (“Municipal Bonds”). The Fund at all times, except during temporary defensive periods, will maintain 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 are unrated. 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.
On January 20, 2025, the Fund’s Board of Directors and the Board of Trustees of BlackRock Long-Term Municipal Advantage Trust (BTA) each approved the reorganization of BTA into MUA, with MUA continuing as the surviving Fund. Subsequently, the preferred shareholders of MUA and common and preferred shareholders of BTA approved the reorganization, which was effective on February 23, 2026.
Fund Information
| Symbol on New York Stock Exchange |
MUA |
| Initial Offering Date |
June 25, 1993 |
| Yield on Closing Market Price as of July 31, 2026 ($10.10)(a) |
6.59% |
| Tax Equivalent Yield(b) |
11.13% |
| Current Monthly Distribution per Common Share(c) |
$0.055500 |
| Current Annualized Distribution per Common Share(c) |
$0.666000 |
| Leverage as of July 31, 2026(d) |
33% |
| (a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) |
Represents 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
| |
07/31/26 |
07/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 10.10 |
$ 10.36 |
(2.51 )% |
$ 11.79 |
$ 10.10 |
| Net Asset Value |
11.09 |
10.74 |
3.26 |
11.47 |
10.74 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A flagship measure of the US municipal tax-exempt non-investment grade bond market. Included in the index are securities from all 50 US States and four other qualifying regions (Washington DC, Puerto Rico, Guam, and the Virgin Islands). The index includes state and local general obligation bonds and revenue bonds.
Fund Summary 5
Fund Summary as of July 31, 2026(continued)
BlackRock MuniAssets Fund, Inc. (MUA)
Performance
Returns for the period ended July 31, 2026 were as follows:
| |
Average Annual Total Returns | ||
| |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
9.83 % |
(0.44 )% |
2.49 % |
| Fund at Market Price(a)(b) |
3.70 |
(3.48 ) |
0.97 |
| High Yield Customized Reference Benchmark(c) |
6.65 |
1.02 |
N/A |
| Bloomberg Municipal High Yield Bond Index |
6.99 |
1.24 |
3.74 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (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 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. |
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.
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:
At the sector level, the other industries, tax-backed state, education, utilities, corporate-backed, and healthcare sectors made the largest contributions to absolute performance. (Other industries incorporate smaller sectors such as hotels, tribal gaming, and development districts.) The Fund also benefited from its holdings in unrated debt and bonds rated below investment grade. Longer-maturity bonds, particularly those maturing in 20 years or more, were also among the strongest contributors to performance. Holdings with coupons between 4.75% and 7.5% further helped results.
While the Fund generated positive returns overall, weakness in a limited number of specific individual holdings detracted.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
6
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026(continued)
BlackRock MuniAssets Fund, Inc. (MUA)
Overview of the Fund’s Total Investments
| SECTOR ALLOCATION | |
| Sector(a) |
Percent of Total Investments(b) |
| State |
24.7 % |
| Health |
12.4 |
| Corporate |
12.3 |
| Transportation |
11.7 |
| Education |
10.9 |
| County/City/Special District/School District |
10.0 |
| Housing |
7.5 |
| Tobacco |
5.1 |
| Utilities |
5.0 |
| Other* |
0.4 |
| CALL/MATURITY SCHEDULE | |
| Calendar Year Ended December 31,(c) |
Percent of Total Investments(b) |
| 2026 |
15.9 % |
| 2027 |
5.3 |
| 2028 |
8.3 |
| 2029 |
6.7 |
| 2030 |
8.9 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(d) |
Percent of Total Investments(b) |
| AAA/Aaa |
1.6 % |
| AA/Aa |
11.5 |
| A |
13.3 |
| BBB/Baa |
9.7 |
| BB/Ba |
8.8 |
| B |
4.4 |
| CCC/Caa |
0.5 |
| N/R |
50.2 |
| (a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| (b) |
Excludes short-term securities. |
| (c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (d) |
For purposes of this report, 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. |
| * |
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 July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
Investment Objective
BlackRock Municipal 2030 Target Term Trust’s (BTT) (the “Fund”) investment objectives are to provide current income that is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., the Fund’s net assets plus the amount of borrowings for investment purposes) in municipal securities, the interest of which is exempt from regular federal income taxes but which may be subject to the federal alternative minimum tax in certain circumstances). Under normal market conditions, the Fund expects to invest at least 80% of its managed assets in municipal securities that at the time of investment are investment grade quality. The Fund actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Fund’s maturity date. The Fund may invest directly in securities or synthetically through the use of derivatives.
There is no assurance that the Fund will achieve its investment objectives, including its investment objective of returning $25.00 per share.
Fund Information
| Symbol on New York Stock Exchange |
BTT |
| Initial Offering Date |
August 30, 2012 |
| Termination Date (on or about) |
December 31, 2030 |
| Yield on Closing Market Price as of July 31, 2026 ($22.40)(a) |
2.49% |
| Tax Equivalent Yield(b) |
4.21% |
| Current Monthly Distribution per Common Share(c) |
$0.046400 |
| Current Annualized Distribution per Common Share(c) |
$0.556800 |
| Leverage as of July 31, 2026(d) |
35% |
| (a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) |
The distribution rate is not constant and is subject to change. |
| (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
| |
07/31/26 |
07/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 22.40 |
$ 22.16 |
1.08 % |
$ 23.07 |
$ 22.16 |
| Net Asset Value |
24.43 |
24.23 |
0.83 |
24.98 |
24.23 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.
8
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026(continued)
BlackRock Municipal 2030 Target Term Trust (BTT)
Performance
Returns for the period ended July 31, 2026 were as follows:
| |
Average Annual Total Returns | ||
| |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
3.32 % |
0.60 % |
2.83 % |
| Fund at Market Price(a)(b) |
3.58 |
(0.35 ) |
2.41 |
| Customized Reference Benchmark(c) |
2.34 |
0.82 |
N/A |
| Bloomberg Municipal Bond Index |
5.27 |
0.51 |
1.95 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond 2030 Index (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade)2030 Total Return Index (10%). The Customized Reference Benchmark commenced on September 30, 2016. |
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.
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:
At the sector level, positions in corporate-backed, healthcare, and transportation bonds made the largest contributions to absolute performance. The Fund also benefited from its significant weightings in A and AA rated securities. Bonds with maturities of less than 10 years, particularly those maturing in the four- to five-year range, contributed positively. Holdings in securities with coupons between 4% and 5% also made a strong contribution to performance.
While the Fund generated positive returns overall, weakness in a limited number of specific individual holdings detracted.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund Summary 9
Fund Summary as of July 31, 2026(continued)
BlackRock Municipal 2030 Target Term Trust (BTT)
Overview of the Fund’s Total Investments
| SECTOR ALLOCATION | |
| Sector(a) |
Percent of Total Investments(b) |
| Corporate |
25.0 % |
| Transportation |
19.1 |
| Health |
17.3 |
| State |
10.6 |
| County/City/Special District/School District |
9.8 |
| Housing |
7.6 |
| Utilities |
5.0 |
| Education |
3.7 |
| Tobacco |
1.9 |
| Construction & Engineering |
— (c) |
| CALL/MATURITY SCHEDULE | |
| Calendar Year Ended December 31,(d) |
Percent of Total Investments(b) |
| 2026 |
17.7 % |
| 2027 |
11.2 |
| 2028 |
13.2 |
| 2029 |
12.7 |
| 2030 |
32.2 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(e) |
Percent of Total Investments(b) |
| AAA/Aaa |
2.4 % |
| AA/Aa |
43.2 |
| A |
32.9 |
| BBB/Baa |
10.1 |
| BB/Ba |
3.5 |
| B |
0.6 |
| N/R |
7.3 |
| (a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| (d) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (e) |
For purposes of this report, 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. |
10
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
Investment Objective
BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide stockholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its total assets in a portfolio of municipal bonds that are commonly referred to as “investment grade” securities. 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.
On January 20, 2025, the Fund’s Board of Directors and the Board of Trustees of each of BlackRock Municipal Income Trust (BFK), BlackRock Municipal Income Quality Trust (BYM) and BlackRock Municipal Income Trust II (BLE) (individually the “Target Fund”) each approved the respective reorganization of BFK, BYM and BLE into MHD, with MHD continuing as the surviving Fund.
On June 6, 2025, the Fund’s Board of Directors and the Board of Directors of BlackRock MuniHoldings Quality Fund II, Inc. (MUE) (the "Target Fund") each approved the reorganization of MUE into MHD, with MHD continuing as the surviving Fund.
Subsequently, the respective common and preferred shareholders of each Target Fund and the preferred shareholders of MHD approved each respective reorganization, which were effective on February 9, 2026.
Fund Information
| Symbol on New York Stock Exchange |
MHD |
| Initial Offering Date |
May 2, 1997 |
| Yield on Closing Market Price as of July 31, 2026 ($11.47)(a) |
6.22% |
| Tax Equivalent Yield(b) |
10.51% |
| Current Monthly Distribution per Common Share(c) |
$0.059500 |
| Current Annualized Distribution per Common Share(c) |
$0.714000 |
| Leverage as of July 31, 2026(d) |
42% |
| (a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) |
Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| |
07/31/26 |
07/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 11.47 |
$ 11.12 |
3.15 % |
$ 12.01 |
$ 11.01 |
| Net Asset Value |
12.49 |
12.10 |
3.22 |
13.06 |
12.07 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.
Fund Summary 11
Fund Summary as of July 31, 2026(continued)
BlackRock MuniHoldings Fund, Inc. (MHD)
Performance
Returns for the period ended July 31, 2026 were as follows:
| |
Average Annual Total Returns | ||
| |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
9.71 % |
(1.68 )% |
1.39 % |
| Fund at Market Price(a)(b) |
9.63 |
(2.96 ) |
0.39 |
| National Customized Reference Benchmark(c) |
5.44 |
0.59 |
N/A |
| Bloomberg Municipal Bond Index |
5.27 |
0.51 |
1.95 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (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. |
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.
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:
The Fund’s total return reflects contributions from income and positive price action, both of which were augmented by the use of leverage. At the sector level, the largest contributions came from transportation (specifically airports), state and local general obligations, healthcare, utilities, and housing. Holdings in bonds with 4% and 5%-plus coupons also helped results.
At a time of robust returns for the Fund and the broader market, all segments of the portfolio contributed positively. A few individual securities finished with losses, however, most notably in the transportation sector.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
12
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026(continued)
BlackRock MuniHoldings Fund, Inc. (MHD)
Overview of the Fund’s Total Investments
| SECTOR ALLOCATION | |
| Sector(a) |
Percent of Total Investments(b) |
| Transportation |
23.7 % |
| County/City/Special District/School District |
17.4 |
| State |
12.0 |
| Corporate |
11.0 |
| Utilities |
10.7 |
| Health |
10.2 |
| Housing |
9.2 |
| Education |
3.4 |
| Tobacco |
2.4 |
| Construction & Engineering |
— (c) |
| CALL/MATURITY SCHEDULE | |
| Calendar Year Ended December 31,(d) |
Percent of Total Investments(b) |
| 2026 |
4.6 % |
| 2027 |
3.0 |
| 2028 |
8.0 |
| 2029 |
4.1 |
| 2030 |
6.0 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(e) |
Percent of Total Investments(b) |
| AAA/Aaa |
11.5 % |
| AA/Aa |
48.3 |
| A |
24.8 |
| BBB/Baa |
5.8 |
| BB/Ba |
1.8 |
| B |
0.5 |
| N/R |
7.3 |
| (a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| (d) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (e) |
For purposes of this report, 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. |
Fund Summary 13
Fund Summary as of July 31, 2026
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 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 an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in “investment grade” securities. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the investment adviser to be of comparable quality, at the time of purchase. 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.
On January 20, 2025, the Fund’s Board of Directors and the Board of Directors/Trustees of each of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Quality Fund II, Inc. (MQT) and BlackRock MuniYield Fund, Inc. (MYD) (each, a “Target Fund”) each approved the respective reorganization of BKN, MQT and MYD into MQY, with MQY continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each Target Fund and preferred shareholders of MQY approved each respective reorganization, which were effective on February 23, 2026.
Fund Information
| Symbol on New York Stock Exchange |
MQY |
| Initial Offering Date |
June 26, 1992 |
| Yield on Closing Market Price as of July 31, 2026 ($11.20)(a) |
6.21% |
| Tax Equivalent Yield(b) |
10.49% |
| Current Monthly Distribution per Common Share(c) |
$0.058000 |
| Current Annualized Distribution per Common Share(c) |
$0.696000 |
| Leverage as of July 31, 2026(d) |
42% |
| (a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| |
07/31/26 |
07/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 11.20 |
$ 10.96 |
2.19 % |
$ 11.87 |
$ 10.85 |
| Net Asset Value |
12.06 |
11.76 |
2.55 |
12.66 |
11.74 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.
14
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026(continued)
BlackRock MuniYield Quality Fund, Inc. (MQY)
Performance
Returns for the period ended July 31, 2026 were as follows:
| |
Average Annual Total Returns | ||
| |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
8.97 % |
(1.20 )% |
1.94 % |
| Fund at Market Price(a)(b) |
8.58 |
(2.40 ) |
1.12 |
| National Customized Reference Benchmark(c) |
5.44 |
0.59 |
N/A |
| Bloomberg Municipal Bond Index |
5.27 |
0.51 |
1.95 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (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. |
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.
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:
The Fund’s total return reflects contributions from income and positive price action, both of which were augmented by the use of leverage. At the sector level, the largest contributions came from transportation (specifically airports), state and local general obligations, healthcare, and utilities. Holdings in bonds with 4% and 5%-plus coupons also helped results.
At a time of robust returns for the Fund and the broader market, all segments of the portfolio contributed positively. A few individual securities finished with losses, however, most notably in the transportation sector.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund Summary 15
Fund Summary as of July 31, 2026(continued)
BlackRock MuniYield Quality Fund, Inc. (MQY)
Overview of the Fund’s Total Investments
| SECTOR ALLOCATION | |
| Sector(a) |
Percent of Total Investments(b) |
| Transportation |
25.3 % |
| County/City/Special District/School District |
15.6 |
| State |
12.2 |
| Corporate |
11.5 |
| Utilities |
11.1 |
| Housing |
9.4 |
| Health |
9.3 |
| Education |
3.6 |
| Tobacco |
2.0 |
| Construction & Engineering |
— (c) |
| CALL/MATURITY SCHEDULE | |
| Calendar Year Ended December 31,(d) |
Percent of Total Investments(b) |
| 2026 |
4.5 % |
| 2027 |
2.9 |
| 2028 |
5.7 |
| 2029 |
5.3 |
| 2030 |
5.5 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(e) |
Percent of Total Investments(b) |
| AAA/Aaa |
10.1 % |
| AA/Aa |
43.7 |
| A |
29.0 |
| BBB/Baa |
7.1 |
| BB/Ba |
2.2 |
| B |
0.6 |
| N/R |
7.3 |
| (a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| (d) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (e) |
For purposes of this report, 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. |
16
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
Investment Objective
BlackRock MuniYield Quality Fund III, Inc.’s (MYI) (the “Fund”) investment objective is to provide stockholders with as high a level of current income exempt from 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 an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax). Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in “investment grade” securities. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of purchase. The Fund may invest directly in securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
On June 6, 2025, the Fund’s Board of Directors and the Board of Directors of each of BlackRock MuniVest Fund, Inc. (MVF) and BlackRock MuniVest Fund II, Inc. (MVT) (each, a “Target Fund”) each approved the respective reorganization of MVF and MVT into MYI, with MYI continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each Target Fund and the preferred shareholders of MYI approved each respective reorganization, which were effective on February 23, 2026. On June 6, 2025, the Fund’s Board of Directors and the Board of Directors of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) each approved the reorganization of MIY into MYI, with MYI continuing as the surviving Fund. The requisite shareholder approvals were not received for MIY, and the reorganization of MIY into MYI did not occur.
Fund Information
| Symbol on New York Stock Exchange |
MYI |
| Initial Offering Date |
March 27, 1992 |
| Yield on Closing Market Price as of July 31, 2026 ($10.66)(a) |
6.25% |
| Tax Equivalent Yield(b) |
10.56% |
| Current Monthly Distribution per Common Share(c) |
$0.055500 |
| Current Annualized Distribution per Common Share(c) |
$0.666000 |
| Leverage as of July 31, 2026(d) |
41% |
| (a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
| (b) |
Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
| (c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
| (d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
| |
07/31/26 |
07/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 10.66 |
$ 10.38 |
2.70 % |
$ 11.30 |
$ 10.37 |
| Net Asset Value |
11.57 |
11.25 |
2.84 |
12.11 |
11.24 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.
Fund Summary 17
Fund Summary as of July 31, 2026(continued)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
Performance
Returns for the period ended July 31, 2026 were as follows:
| |
Average Annual Total Returns | ||
| |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
9.28 % |
(0.66 )% |
2.21 % |
| Fund at Market Price(a)(b) |
9.12 |
(1.61 ) |
1.29 |
| National Customized Reference Benchmark(c) |
5.44 |
0.59 |
N/A |
| Bloomberg Municipal Bond Index |
5.27 |
0.51 |
1.95 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (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. |
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.
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:
The Fund’s total return reflects contributions from income and positive price action, both of which were augmented by the use of leverage. At the sector level, the largest contributions came from transportation (specifically airports), state and local general obligation issues, utilities, and school districts. Holdings in bonds with 4% and 5%-plus coupons also helped results.
At a time of robust returns for the Fund and the broader market, all segments of the portfolio contributed positively. A few individual securities finished with losses, however, most notably in the transportation sector.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
18
2026 BlackRock Annual Report to Shareholders
Fund Summary as of July 31, 2026(continued)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
Overview of the Fund’s Total Investments
| SECTOR ALLOCATION | |
| Sector(a) |
Percent of Total Investments(b) |
| Transportation |
26.7 % |
| County/City/Special District/School District |
15.6 |
| State |
14.4 |
| Utilities |
10.2 |
| Corporate |
9.9 |
| Health |
9.4 |
| Housing |
9.1 |
| Education |
2.8 |
| Tobacco |
1.9 |
| Construction & Engineering |
— (c) |
| CALL/MATURITY SCHEDULE | |
| Calendar Year Ended December 31,(d) |
Percent of Total Investments(b) |
| 2026 |
5.7 % |
| 2027 |
2.9 |
| 2028 |
4.5 |
| 2029 |
4.4 |
| 2030 |
5.5 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(e) |
Percent of Total Investments(b) |
| AAA/Aaa |
8.7 % |
| AA/Aa |
48.7 |
| A |
26.8 |
| BBB/Baa |
5.6 |
| BB/Ba |
2.0 |
| B |
1.0 |
| N/R |
7.2 |
| (a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| (d) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
| (e) |
For purposes of this report, 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. |
Fund Summary 19
Schedule of Investments
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Shares |
Value |
| Common Stocks | |||
| Construction & Engineering — 0.1% |
| ||
| TimberHp By Go Lab, Inc.(a)(b) |
|
169,805 |
$ 322,630 |
| Total Common Stocks — 0.1% (Cost: $ — ) |
322,630 | ||
| |
|
Par (000) |
|
| Corporate Bonds | |||
| Commercial Services & Supplies — 0.3% | |||
| Grand Canyon University, 5.13%, 10/01/28 |
$ |
1,570 |
1,552,714 |
| Total Corporate Bonds — 0.3% (Cost: $1,570,000) |
1,552,714 | ||
| Municipal Bonds | |||
| Alabama — 7.0% |
| ||
| Baldwin County Industrial Development Authority, RB(c)(d) |
|
|
|
| AMT, 4.30%, 03/01/56 |
|
1,645 |
1,630,881 |
| Series A, AMT, 5.00%, 06/01/55 |
|
1,935 |
1,993,678 |
| Black Belt Energy Gas District, RB(c) |
|
|
|
| Series A, 5.25%, 01/01/54 |
|
3,085 |
3,228,502 |
| Series A, 5.25%, 05/01/56 |
|
2,075 |
2,091,626 |
| Series F, 5.50%, 11/01/53 |
|
615 |
639,309 |
| Black Belt Energy Gas District, Refunding RB |
|
|
|
| 4.00%, 06/01/51(c) |
|
1,855 |
1,863,185 |
| Series D, 5.00%, 12/01/55(c) |
|
3,200 |
3,326,164 |
| Series H-1, 5.00%, 01/01/34 |
|
3,000 |
3,104,732 |
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.50%, 10/01/53 |
|
5,965 |
6,196,486 |
| Energy Southeast A Cooperative District, RB, Series B, 5.25%, 07/01/54(c) |
|
285 |
302,176 |
| Hoover Industrial Development Board, RB, AMT, Sustainability Bonds, 6.38%, 11/01/50(c) |
|
3,180 |
3,487,375 |
| MidCity Improvement District, SAB |
|
|
|
| 4.50%, 11/01/42 |
|
255 |
235,458 |
| 4.75%, 11/01/49 |
|
270 |
238,729 |
| Mobile County Industrial Development Authority, RB |
|
|
|
| Series A, AMT, 5.00%, 06/01/54 |
|
6,165 |
5,940,790 |
| Series B, AMT, 4.75%, 12/01/54 |
|
2,490 |
2,326,317 |
| Southeast Energy Authority A Cooperative District, RB(c) |
|
|
|
| Series A, 5.00%, 01/01/56 |
|
1,720 |
1,726,494 |
| Series A-1, 5.50%, 01/01/53 |
|
470 |
496,773 |
| Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(d) |
|
455 |
460,969 |
| |
|
|
39,289,644 |
| Arizona — 3.6% |
| ||
| Arizona Industrial Development Authority, RB(d) |
|
|
|
| 7.10%, 01/01/55 |
|
1,650 |
1,652,459 |
| Series A, 5.00%, 12/15/39 |
|
250 |
247,352 |
| Series B, 5.13%, 07/01/47 |
|
665 |
630,827 |
| Arizona Industrial Development Authority, Refunding RB(d) |
|
|
|
| 5.50%, 07/01/52 |
|
2,630 |
2,292,641 |
| Series A, 5.13%, 07/01/37 |
|
1,320 |
1,320,003 |
| Series A, 5.38%, 07/01/50 |
|
925 |
892,422 |
| Security |
|
Par (000) |
Value |
| Arizona (continued) |
| ||
| Arizona Industrial Development Authority, Refunding RB(d) (continued) |
|
|
|
| Series G, 5.00%, 07/01/47 |
$ |
135 |
$ 126,306 |
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
|
100 |
87,794 |
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(d) |
|
1,255 |
1,171,210 |
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45(d) |
|
255 |
241,027 |
| Industrial Development Authority of the County of Pima, Refunding RB(d) |
|
|
|
| 4.00%, 06/15/51 |
|
2,510 |
1,852,433 |
| 5.00%, 07/01/56 |
|
685 |
529,329 |
| La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(d) |
|
875 |
823,081 |
| Maricopa County Industrial Development Authority, RB |
|
|
|
| 7.38%, 10/01/29(d) |
|
875 |
908,170 |
| 5.25%, 10/01/40(d) |
|
465 |
405,131 |
| 5.50%, 10/01/51(d) |
|
465 |
381,469 |
| Series A, 3.00%, 09/01/51 |
|
5,155 |
3,602,783 |
| Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |
|
375 |
363,593 |
| Sierra Vista Industrial Development Authority, RB(d) |
|
|
|
| 5.00%, 06/15/34 |
|
55 |
54,617 |
| 5.00%, 06/15/44 |
|
515 |
468,127 |
| 5.75%, 06/15/53 |
|
510 |
477,762 |
| 5.00%, 06/15/54 |
|
575 |
480,714 |
| 6.30%, 06/15/54 |
|
230 |
228,215 |
| 6.38%, 06/15/64 |
|
695 |
685,180 |
| |
|
|
19,922,645 |
| Arkansas(d) — 1.0% |
| ||
| Arkansas Development Finance Authority, RB |
|
|
|
| 7.38%, 07/01/56 |
|
100 |
103,165 |
| AMT, 4.88%, 07/01/56(c) |
|
400 |
411,306 |
| AMT, Sustainable Bonds, 7.00%, 07/01/48 |
|
1,900 |
2,081,178 |
| Sustainable Bonds, 7.50%, 07/01/48 |
|
2,800 |
3,093,512 |
| |
|
|
5,689,161 |
| California — 8.8% |
| ||
| California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |
|
140 |
130,650 |
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(d) |
|
205 |
178,958 |
| California Housing Finance Agency, RB, M/F Housing(d) |
|
|
|
| Class I, 5.80%, 04/01/36 |
|
1,380 |
1,348,991 |
| Class II, 6.85%, 04/01/36 |
|
300 |
293,553 |
| Series P-S, Subordinate, 8.00%, 07/01/67(c) |
|
2,560 |
2,573,416 |
| California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65(c)(d) |
|
14,650 |
9,376,000 |
| California Municipal Finance Authority, RB, M/F Housing |
|
|
|
| 6.00%, 02/01/38(c) |
|
2,300 |
2,245,872 |
| 7.10%, 02/01/38(c) |
|
1,100 |
1,083,651 |
| 6.00%, 06/01/38(c)(d) |
|
700 |
688,132 |
| 7.10%, 06/01/38(c)(d) |
|
300 |
295,762 |
| Series A, 6.10%, 12/01/37 |
|
2,100 |
2,066,423 |
| Series A, 6.05%, 07/01/41(d) |
|
1,420 |
1,420,000 |
| Series B, 7.05%, 07/01/41(d) |
|
395 |
392,491 |
| Subordinate, 9.00%, 06/01/56(c)(d) |
|
1,100 |
1,084,149 |
| Subordinate, 8.00%, 08/01/56(c)(d) |
|
280 |
274,517 |
| Subordinate, 9.50%, 08/01/56(c)(d) |
|
705 |
702,858 |
20
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| California Municipal Finance Authority, RB, M/F Housing (continued) |
|
|
|
| Series A-S, Subordinate, 8.00%, 09/01/55(c)(d) |
$ |
1,030 |
$ 1,046,120 |
| California Public Finance Authority, RB, Series A, 6.38%, 06/01/59(d) |
|
3,240 |
3,033,838 |
| California School Finance Authority, RB(d) |
|
|
|
| Series A, 7.00%, 06/01/54 |
|
1,810 |
1,640,761 |
| Series B, 9.00%, 06/01/34 |
|
180 |
181,046 |
| California Statewide Communities Development Authority, RB, M/F Housing(d) |
|
|
|
| Class I, 5.80%, 06/01/36 |
|
775 |
750,137 |
| Class II, 6.85%, 06/01/36 |
|
400 |
387,740 |
| Subordinate, 7.50%, 01/01/37 |
|
455 |
439,481 |
| California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 |
|
1,650 |
1,653,454 |
| CSCDA Community Improvement Authority, RB, M/F Housing(d) |
|
|
|
| Series A, 3.00%, 09/01/56 |
|
2,295 |
1,540,435 |
| Sustainability Bonds, 4.00%, 07/01/58 |
|
380 |
200,192 |
| Series B, Sustainability Bonds, 4.00%, 07/01/58 |
|
635 |
301,110 |
| Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(e) |
|
39,265 |
3,670,280 |
| Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, Sustainability Bonds, 6.75%, 07/01/61(d)(f) |
|
2,535 |
1,301,351 |
| Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |
|
595 |
586,728 |
| Inland Empire Tobacco Securitization Corp., RB, Series C-1, 0.00%, 06/01/36(e) |
|
6,890 |
3,454,582 |
| Rancho Mirage Community Facilities District, ST, Series A, 5.00%, 09/01/49 |
|
270 |
268,468 |
| Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |
|
935 |
853,220 |
| Sacramento Housing Authority, RB, M/F Housing(d) |
|
|
|
| Class IA, 5.80%, 07/01/38 |
|
500 |
476,796 |
| Class IA, 6.80%, 07/01/38 |
|
800 |
764,747 |
| San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38(e) |
|
3,725 |
2,309,310 |
| |
|
|
49,015,219 |
| Colorado — 6.5% |
| ||
| 9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48 |
|
910 |
898,152 |
| Aurora Crossroads Metropolitan District No. 2, Refunding GOL, CAB, Series A-1, 6.25%, 12/01/55(f) |
|
2,200 |
2,066,181 |
| Banning Lewis Ranch Metropolitan District No. 8, GOL, 4.88%, 12/01/51(d) |
|
665 |
547,087 |
| Baseline Metropolitan District No. 1, GO, Series B, Subordinate, 6.75%, 12/15/54 |
|
690 |
685,690 |
| Canyons Metropolitan District No. 5, Refunding GOL, Series B, Subordinate, 6.50%, 12/15/54 |
|
625 |
613,172 |
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(d) |
|
850 |
828,747 |
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 4.13%, 11/15/53 |
|
1,345 |
1,175,841 |
| Series D, AMT, 5.75%, 11/15/45 |
|
790 |
849,184 |
| Colorado Educational & Cultural Facilities Authority, RB, Series B, Subordinate Lien, 8.50%, 02/01/59(d) |
|
3,980 |
4,390,966 |
| Colorado Health Facilities Authority, RB |
|
|
|
| 5.25%, 11/01/39 |
|
145 |
153,832 |
| Security |
|
Par (000) |
Value |
| Colorado (continued) |
| ||
| Colorado Health Facilities Authority, RB (continued) |
|
|
|
| 5.50%, 11/01/47 |
$ |
355 |
$ 372,149 |
| 5.25%, 11/01/52 |
|
775 |
793,432 |
| Series A, 5.00%, 05/15/35 |
|
495 |
456,209 |
| Series A, 5.00%, 05/15/44 |
|
385 |
310,691 |
| Series A, 5.00%, 05/15/49 |
|
1,040 |
789,417 |
| Constitution Heights Metropolitan District, Refunding GOL, 5.00%, 12/01/49 |
|
500 |
473,373 |
| Creekwalk Marketplace Business Improvement District, Refunding RB |
|
|
|
| Series A, 6.00%, 12/01/54 |
|
3,415 |
3,407,447 |
| Series B, 8.00%, 12/15/54 |
|
855 |
838,862 |
| Denver Convention Center Hotel Authority, Refunding RB, Series A, 5.00%, 12/01/40 |
|
1,550 |
1,549,870 |
| Elbert County Independence Water & Sanitation District, Refunding RB, 5.13%, 12/01/33 |
|
1,000 |
1,024,684 |
| Fitzsimons Village Metropolitan District No. 3, Refunding GOL, Series A-1, 4.00%, 12/01/31 |
|
500 |
484,610 |
| Fletcher Regional Improvement Authority, RB, Series A, 5.88%, 12/01/56(d) |
|
500 |
484,755 |
| Gold Hill North Business Improvement District, GOL, Series A, 5.60%, 12/01/54(d) |
|
1,000 |
985,162 |
| Independence Metropolitan District No. 3, GOL, Series B, Subordinate, 7.13%, 12/15/54 |
|
1,000 |
976,821 |
| Inspiration Metropolitan District, GOL, Series B, Subordinate, 5.00%, 12/15/36 |
|
617 |
579,435 |
| Lanterns Metropolitan District No. 2, GOL, Series A, 4.50%, 12/01/50 |
|
520 |
401,086 |
| Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
|
1,290 |
1,015,251 |
| Palisade Metropolitan District No. 2, Refunding RB, CAB, Series B, Convertible, 5.88%, 12/15/54(d)(f) |
|
1,170 |
1,150,086 |
| Pinery Meadows Metropolitan District No. 1, GOL, Series A, 08/01/56(g) |
|
225 |
224,999 |
| Prairie Point Community Authority Board Special Improvement District No. 1, SAB, 5.75%, 12/01/45 |
|
360 |
364,260 |
| Redtail Ridge Metropolitan District, GOL, CAB, 0.00%, 12/01/32(e) |
|
6,581 |
4,270,727 |
| Smith Metropolitan District No. 3, GOL, Series A, 6.00%, 12/01/55 |
|
500 |
499,432 |
| Sojourn at Idlewild Metropolitan District, GOL, Series A, 6.13%, 12/01/55(d) |
|
500 |
511,052 |
| St Vrain Lakes Metropolitan District No. 4, GOL, CAB, Series A, 6.75%, 09/20/54(d)(f) |
|
1,035 |
775,056 |
| Waters’ Edge Metropolitan District No. 2, GOL, 5.00%, 12/01/51 |
|
1,290 |
1,194,311 |
| |
|
|
36,142,029 |
| Connecticut — 1.6% |
| ||
| Aquarion Water Authority, RB, CAB(e) |
|
|
|
| Series C, 0.00%, 08/01/47 |
|
600 |
211,763 |
| Series C, 0.00%, 08/01/48 |
|
700 |
231,203 |
| Series C, 0.00%, 08/01/49 |
|
600 |
185,563 |
| Series C, 0.00%, 08/01/50 |
|
500 |
146,238 |
| Series C, 0.00%, 08/01/51 |
|
400 |
110,498 |
| Series C, 0.00%, 08/01/52 |
|
400 |
104,446 |
| Series C, 0.00%, 08/01/53 |
|
200 |
49,183 |
| Series C, 0.00%, 08/01/54 |
|
200 |
46,424 |
| Series C, 0.00%, 08/01/55 |
|
200 |
43,723 |
| Series E, Subordinate, 0.00%, 08/01/47 |
|
700 |
238,840 |
| Series E, Subordinate, 0.00%, 08/01/49 |
|
600 |
179,674 |
| Series E, Subordinate, 0.00%, 08/01/51 |
|
300 |
79,823 |
| Series E, Subordinate, 0.00%, 08/01/53 |
|
200 |
46,951 |
Schedule of Investments 21
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Connecticut (continued) |
| ||
| Connecticut State Health & Educational Facilities Authority, RB |
|
|
|
| Series A, 5.00%, 01/01/55(d) |
$ |
485 |
$ 405,701 |
| Series A, Sustainability Bonds, 5.38%, 07/01/54 |
|
1,105 |
1,033,155 |
| Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(d) |
|
3,750 |
3,778,378 |
| Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(d) |
|
917 |
923,962 |
| Stamford Housing Authority, Refunding RB |
|
|
|
| Series A, 6.50%, 10/01/55 |
|
600 |
619,710 |
| Series A, 6.25%, 10/01/60 |
|
420 |
424,381 |
| |
|
|
8,859,616 |
| Delaware(d) — 0.4% |
| ||
| Affordable Housing Opportunities Trust, RB, Series AH- 01, Class B, 6.88%, 05/01/39 |
|
1,644 |
1,626,353 |
| Town of Bridgeville Delaware, ST, 5.25%, 07/01/44 |
|
200 |
200,335 |
| Town of Milton Delaware, ST |
|
|
|
| 5.70%, 09/01/44 |
|
150 |
152,112 |
| 5.95%, 09/01/53 |
|
400 |
400,965 |
| |
|
|
2,379,765 |
| District of Columbia — 0.2% |
| ||
| District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46(e) |
|
1,305 |
284,089 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |
|
870 |
749,076 |
| |
|
|
1,033,165 |
| Florida — 18.2% |
| ||
| Alachua County Housing Finance Authority, RB, M/F Housing, Series A, 6.30%, 07/01/55(c)(d) |
|
750 |
756,598 |
| Antillia Community Development District, SAB |
|
|
|
| 5.60%, 05/01/44 |
|
95 |
96,782 |
| 5.88%, 05/01/54 |
|
190 |
191,207 |
| Babcock Ranch Community Independent Special District, SAB |
|
|
|
| Series 2022, 5.00%, 05/01/42 |
|
510 |
512,097 |
| Series 2022, 5.00%, 05/01/53 |
|
385 |
360,798 |
| Bella Collina Community Development District, SAB, 5.30%, 05/01/55 |
|
210 |
205,672 |
| Bella Tara Community Development District, SAB |
|
|
|
| 5.88%, 05/01/45 |
|
500 |
515,753 |
| 6.13%, 05/01/56 |
|
755 |
768,262 |
| Bellehaven Community Development District, SAB, 6.05%, 05/01/55 |
|
610 |
618,898 |
| Berry Bay II Community Development District, SAB, Series 2024, 5.45%, 05/01/54 |
|
420 |
396,466 |
| Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 |
|
1,080 |
1,079,936 |
| Brevard County Health Facilities Authority, Refunding RB(d) |
|
|
|
| 4.00%, 11/15/27 |
|
495 |
491,423 |
| 4.00%, 11/15/29 |
|
535 |
522,342 |
| 4.00%, 11/15/32 |
|
450 |
425,481 |
| 4.00%, 11/15/33 |
|
625 |
585,643 |
| 4.00%, 11/15/35 |
|
675 |
618,540 |
| Buckhead Trails Community Development District, SAB |
|
|
|
| 5.88%, 05/01/54 |
|
310 |
313,125 |
| Series 2022, 5.75%, 05/01/52 |
|
545 |
548,033 |
| Cabot Citrus Farms Community Development District, SAB, 5.25%, 03/01/29 |
|
1,055 |
1,060,194 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Capital Projects Finance Authority, RB, 6.13%, 06/15/44(d) |
$ |
190 |
$ 195,825 |
| Capital Region Community Development District, Refunding SAB |
|
|
|
| Series A-1, 5.13%, 05/01/39 |
|
1,500 |
1,502,618 |
| Series A-2, 4.60%, 05/01/31 |
|
300 |
301,861 |
| Capital Trust Agency, Inc., RB |
|
|
|
| 5.00%, 01/01/55(d) |
|
3,930 |
3,314,680 |
| Series A, 5.75%, 06/01/54(d) |
|
1,390 |
1,215,046 |
| Series A, 5.00%, 12/15/54 |
|
400 |
349,945 |
| Series B, 0.00%, 01/01/60(e) |
|
3,000 |
262,631 |
| Capital Trust Agency, Inc., RB, CAB(d)(e) |
|
|
|
| 0.00%, 07/01/61 |
|
22,860 |
1,931,926 |
| Subordinate, 0.00%, 01/01/61 |
|
5,325 |
433,396 |
| Capital Trust Authority, RB(d) |
|
|
|
| 8.50%, 07/01/57 |
|
1,350 |
1,330,737 |
| Series A, 5.00%, 07/01/44 |
|
260 |
241,980 |
| Series A, 5.25%, 07/01/54 |
|
460 |
407,346 |
| Capital Trust Authority, Refunding RB(d) |
|
|
|
| Series A, 4.75%, 06/15/40 |
|
260 |
246,639 |
| Series A, 5.13%, 06/15/50 |
|
250 |
228,225 |
| Series A, 5.25%, 06/15/59 |
|
805 |
720,335 |
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/53 |
|
970 |
1,033,539 |
| Coastal Ridge Community Development District, SAB |
|
|
|
| 5.75%, 05/01/45 |
|
715 |
734,924 |
| 6.00%, 05/01/55 |
|
550 |
556,575 |
| Coral Creek Community Development District, SAB, 5.75%, 05/01/54 |
|
285 |
284,560 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |
|
5,000 |
4,956,824 |
| County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |
|
350 |
352,901 |
| County of Okaloosa Florida, RB(d) |
|
|
|
| 5.75%, 05/15/55 |
|
190 |
192,211 |
| 5.75%, 05/15/60 |
|
550 |
554,306 |
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) |
|
|
|
| Series A-2, 0.00%, 10/01/47 |
|
745 |
239,290 |
| Series A-2, 0.00%, 10/01/48 |
|
1,400 |
419,816 |
| Series A-2, 0.00%, 10/01/49 |
|
730 |
205,005 |
| Series A-2, 0.00%, 10/01/52 |
|
435 |
100,604 |
| Series A-2, 0.00%, 10/01/54 |
|
2,875 |
590,554 |
| Crosswinds East Community Development District, SAB, 5.75%, 05/01/54 |
|
265 |
265,786 |
| Curiosity Creek Community Development District, SAB(d) |
|
|
|
| 5.40%, 05/01/44 |
|
105 |
105,060 |
| 5.70%, 05/01/55 |
|
170 |
165,257 |
| Cypress Creek Reserve Community Development District, SAB |
|
|
|
| 5.75%, 05/01/45 |
|
100 |
103,279 |
| 6.00%, 05/01/56 |
|
300 |
304,548 |
| Darby Community Development District, SAB, Series A-2, 5.88%, 05/01/35 |
|
200 |
204,205 |
| East Ridge Community Development District, SAB, 6.00%, 05/01/57 |
|
2,000 |
1,967,349 |
| Escambia County Health Facilities Authority, Refunding RB, (AGM-CR), 4.00%, 08/15/45 |
|
2,325 |
2,116,379 |
| Florida Development Finance Corp., RB(d) |
|
|
|
| 5.25%, 06/01/55 |
|
525 |
496,695 |
| Series A, 5.75%, 06/15/29 |
|
430 |
430,331 |
| Series A, 6.00%, 06/15/34 |
|
835 |
835,642 |
22
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Florida Development Finance Corp., RB(d) (continued) |
|
|
|
| Series A, 6.13%, 06/15/44 |
$ |
3,180 |
$ 3,180,862 |
| Series A, 5.13%, 06/15/55 |
|
3,565 |
2,957,364 |
| Series B, 4.50%, 12/15/56 |
|
4,690 |
3,024,131 |
| Series C, 5.75%, 12/15/56 |
|
1,575 |
1,162,352 |
| AMT, 4.55%, 06/01/46(c) |
|
800 |
799,729 |
| Series A, AMT, 4.38%, 10/01/54(c) |
|
1,190 |
1,193,696 |
| Series A, AMT, 10.00%, 07/15/59(c)(h) |
|
3,710 |
1,038,800 |
| Florida Development Finance Corp., Refunding RB |
|
|
|
| AMT, 12.00%, 07/15/32(b)(c)(d)(h) |
|
2,620 |
733,600 |
| AMT, (AGM), 5.00%, 07/01/44 |
|
3,985 |
3,912,585 |
| AMT, (AGM), 5.25%, 07/01/47 |
|
1,000 |
992,182 |
| Florida Local Government Finance Commission, RB, 6.75%, 11/15/55(d) |
|
2,000 |
2,103,120 |
| Gas Worx Community Development District, SAB, 5.75%, 05/01/45(d) |
|
550 |
561,984 |
| Golden Gem Community Development District, SAB, 6.00%, 05/01/55 |
|
2,190 |
2,193,515 |
| Greenbriar Community Development District, SAB |
|
|
|
| 5.65%, 05/01/45 |
|
230 |
235,303 |
| 5.88%, 05/01/54 |
|
275 |
276,924 |
| 5.70%, 05/01/58 |
|
300 |
291,504 |
| Hammock Oaks Community Development District, SAB |
|
|
|
| 5.85%, 05/01/44 |
|
340 |
346,317 |
| 6.15%, 05/01/54 |
|
120 |
120,642 |
| Harbor Reserve Community Development District, SAB, Series 2025, 5.50%, 05/01/45 |
|
2,375 |
2,367,751 |
| Hillcrest Preserve Community Development District, SAB, 5.30%, 05/01/54(d) |
|
340 |
320,654 |
| Hobe-St Lucie Conservancy District, SAB, 5.88%, 05/01/55 |
|
340 |
343,818 |
| Ibis Landing Community Development District, SAB |
|
|
|
| 5.70%, 06/15/45 |
|
155 |
160,637 |
| 5.88%, 06/15/55 |
|
200 |
202,882 |
| Kings Creek I Community Development District, SAB, 6.00%, 05/01/55 |
|
525 |
528,196 |
| Kissimmee Park Community Development District, SAB |
|
|
|
| 5.88%, 05/01/45 |
|
455 |
469,335 |
| 6.13%, 05/01/56 |
|
375 |
381,587 |
| Lakes of Sarasota Community Development District, SAB |
|
|
|
| 3.90%, 05/01/41 |
|
285 |
254,532 |
| Series B-1, 4.13%, 05/01/41 |
|
200 |
182,509 |
| Lakewood Ranch Stewardship District, SAB |
|
|
|
| 5.50%, 05/01/39(d) |
|
90 |
92,072 |
| 5.50%, 05/01/40 |
|
415 |
439,452 |
| 5.80%, 05/01/45 |
|
495 |
523,609 |
| 5.13%, 05/01/46 |
|
975 |
974,968 |
| 5.65%, 05/01/48(d) |
|
65 |
65,691 |
| 6.30%, 05/01/54 |
|
117 |
123,126 |
| 6.00%, 05/01/56 |
|
1,400 |
1,451,431 |
| Series 1B, 4.75%, 05/01/29 |
|
515 |
523,136 |
| Series 1B, 5.30%, 05/01/39 |
|
955 |
965,491 |
| Series 1B, 5.45%, 05/01/48 |
|
1,700 |
1,677,389 |
| Lee County Industrial Development Authority Refunding RB, 5.75%, 10/01/50(d) |
|
275 |
277,425 |
| Lee County Industrial Development Authority, RB, Series B-1, 4.75%, 11/15/29 |
|
505 |
505,967 |
| Malabar Springs Community Development District, SAB, 5.50%, 05/01/54 |
|
295 |
286,379 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Marion Ranch Community Development District, SAB, 5.95%, 05/01/54 |
$ |
330 |
$ 330,766 |
| Midtown Miami Community Development District, Refunding SAB, Series B, 5.00%, 05/01/37 |
|
495 |
476,381 |
| Newfield Community Development District, SAB, 5.90%, 05/01/56 |
|
965 |
972,466 |
| Normandy Community Development District, SAB, 5.55%, 05/01/54(d) |
|
500 |
469,051 |
| North AR-1 Pasco Community Development District, SAB |
|
|
|
| Series A, 5.75%, 05/01/44 |
|
90 |
91,907 |
| Series A, 6.00%, 05/01/54 |
|
125 |
126,137 |
| North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(d) |
|
910 |
925,353 |
| Orange County Health Facilities Authority, Refunding RB, Series A, 5.25%, 10/01/56 |
|
460 |
470,290 |
| Ormond Crossings West Community Development District, SAB |
|
|
|
| 5.75%, 11/01/47 |
|
400 |
394,626 |
| 6.00%, 11/01/57 |
|
500 |
483,689 |
| Palmetto Ridge Community Development District, SAB, 5.80%, 05/01/56 |
|
500 |
485,850 |
| Parrish Lakes Community Development District, SAB, 5.80%, 05/01/54 |
|
515 |
514,208 |
| Parrish Plantation Community Development District, SAB |
|
|
|
| 5.80%, 05/01/44 |
|
100 |
102,686 |
| 6.05%, 05/01/54 |
|
115 |
116,829 |
| Pinery Community Development District, SAB, 5.60%, 05/01/46 |
|
1,250 |
1,242,613 |
| Poitras East Community Development District, SAB, 5.00%, 05/01/43 |
|
935 |
945,394 |
| Reflection Bay Community Development District, SAB, 5.88%, 05/01/55 |
|
245 |
245,892 |
| Seminole Palms Community Development District, SAB, 5.50%, 05/01/55(d) |
|
435 |
421,414 |
| Shadowlawn Community Development District, SAB, 5.85%, 05/01/54 |
|
225 |
219,242 |
| Solaeris Community Development District, SAB, 6.00%, 05/01/45(d) |
|
865 |
888,639 |
| South Broward Hospital District, RB, (BAM-TCRS), 3.00%, 05/01/51 |
|
720 |
524,069 |
| Sunrise Community Development District, SAB, 5.63%, 05/01/45(d) |
|
1,750 |
1,727,784 |
| Tolomato Community Development District, SAB |
|
|
|
| 4.80%, 05/01/44 |
|
280 |
270,882 |
| 5.13%, 05/01/54 |
|
280 |
268,174 |
| Trout Creek Community Development District, SAB |
|
|
|
| 5.00%, 05/01/28 |
|
100 |
101,576 |
| 5.38%, 05/01/38 |
|
430 |
435,313 |
| 5.50%, 05/01/49 |
|
1,670 |
1,673,137 |
| Village Community Development District No. 14, SAB |
|
|
|
| 5.38%, 05/01/42 |
|
1,420 |
1,446,329 |
| 5.50%, 05/01/53 |
|
1,045 |
1,054,441 |
| Village Community Development District No. 16, SAB, 4.88%, 05/01/45 |
|
1,750 |
1,739,126 |
| Volusia County Educational Facility Authority, RB, 5.25%, 06/01/49 |
|
1,385 |
1,374,112 |
| West Villages Improvement District, SAB |
|
|
|
| 4.75%, 05/01/39 |
|
675 |
656,432 |
Schedule of Investments 23
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| West Villages Improvement District, SAB (continued) |
|
|
|
| 5.00%, 05/01/50 |
$ |
1,390 |
$ 1,340,976 |
| 5.63%, 05/01/54 |
|
325 |
318,465 |
| Westside Haines City Community Development District, SAB, 6.00%, 05/01/54 |
|
245 |
247,685 |
| Wildblue Community Development District, SAB, 5.75%, 05/01/56 |
|
175 |
172,420 |
| |
|
|
101,483,081 |
| Georgia — 2.1% |
| ||
| Atlanta Development Authority, TA(d) |
|
|
|
| Series A, 5.00%, 04/01/34 |
|
880 |
892,631 |
| Series A, 5.50%, 04/01/39 |
|
1,360 |
1,379,603 |
| Development Authority of Cobb County, RB, Series A, 6.38%, 06/15/58(d) |
|
365 |
353,395 |
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)(d)(h) |
|
400 |
268,000 |
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
|
855 |
743,433 |
| Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(c) |
|
3,500 |
3,619,133 |
| Main Street Natural Gas, Inc., Refunding RB(c) |
|
|
|
| Series E-1, 5.00%, 12/01/53 |
|
1,195 |
1,258,099 |
| Series E-2, 4.15%, 12/01/53 |
|
1,605 |
1,646,116 |
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 |
|
460 |
462,641 |
| Newnan Housing Authority, RB, M/F Housing, (FHLMC), 6.00%, 08/01/44(c) |
|
1,275 |
1,260,431 |
| |
|
|
11,883,482 |
| Idaho — 0.6% |
| ||
| DBR Series 2026-2 Wilson Creek Trust, RB, M/F Housing, Subordinate, 10.98%, 07/01/66(c) |
|
1,275 |
1,294,090 |
| Idaho Housing & Finance Association, RB, M/F Housing, (FHLMC), 5.75%, 08/01/45(c)(d) |
|
1,185 |
1,180,174 |
| Idaho Housing & Finance Association, Refunding RB, 6.00%, 03/01/61(d) |
|
250 |
250,080 |
| Idaho Housing & Finance Association, Refunding RB, CAB, 0.00%, 03/01/62(d)(e) |
|
960 |
498,155 |
| |
|
|
3,222,499 |
| Illinois — 6.0% |
| ||
| Chicago Board of Education, GO |
|
|
|
| Series A, 6.25%, 12/01/50 |
|
3,195 |
3,322,837 |
| Series C, 5.25%, 12/01/35 |
|
830 |
811,479 |
| Series D, 5.00%, 12/01/46 |
|
3,190 |
2,899,551 |
| Series H, 5.00%, 12/01/36 |
|
1,935 |
1,915,382 |
| Chicago Board of Education, Refunding GO |
|
|
|
| Series B, 6.00%, 12/01/44 |
|
1,710 |
1,777,214 |
| Series C, 5.00%, 12/01/34 |
|
940 |
940,862 |
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 |
|
640 |
561,166 |
| City of Chicago Illinois, GO, Series A, 6.00%, 01/01/50 |
|
2,650 |
2,746,686 |
| City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38 |
|
1,855 |
1,862,981 |
| County of Cook Illinois, RB, 6.50%, 01/01/45 |
|
1,325 |
1,350,513 |
| Illinois Finance Authority, RB(d) |
|
|
|
| Class A, Sustainability Bonds, 5.00%, 07/01/51 |
|
2,000 |
1,423,737 |
| Class A, Sustainability Bonds, 5.00%, 07/01/56 |
|
2,000 |
1,369,386 |
| Illinois Finance Authority, Refunding RB |
|
|
|
| 5.25%, 08/01/35(d) |
|
505 |
507,430 |
| Series A, 4.00%, 07/15/47 |
|
1,815 |
1,624,288 |
| Series C, 4.00%, 02/15/41(i) |
|
45 |
45,301 |
| Security |
|
Par (000) |
Value |
| Illinois (continued) |
| ||
| Illinois Finance Authority, Refunding RB (continued) |
|
|
|
| Series C, 4.00%, 02/15/41 |
$ |
5 |
$ 4,659 |
| Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
|
570 |
606,515 |
| Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |
|
2,295 |
2,146,373 |
| Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |
|
1,575 |
1,549,505 |
| Metropolitan Pier & Exposition Authority, RB, CAB, Series A, 0.00%, 12/15/56(e) |
|
1,315 |
267,435 |
| Metropolitan Pier & Exposition Authority, Refunding RB, Series B, 5.00%, 06/15/52 |
|
225 |
219,229 |
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, 0.00%, 12/15/54(e) |
|
12,685 |
2,884,390 |
| State of Illinois, GO |
|
|
|
| 5.50%, 05/01/30 |
|
530 |
554,944 |
| 5.50%, 05/01/39 |
|
1,055 |
1,108,253 |
| Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 |
|
973 |
974,371 |
| |
|
|
33,474,487 |
| Indiana — 0.5% |
| ||
| City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, 01/01/34(d) |
|
210 |
214,678 |
| Indiana Finance Authority, RB |
|
|
|
| Series A, 6.13%, 10/15/45(d) |
|
250 |
251,325 |
| Series A, 6.38%, 10/15/55(d) |
|
195 |
193,961 |
| Series A, AMT, 6.75%, 05/01/39 |
|
1,575 |
1,725,967 |
| Town of Whitestown, Refunding TA, 6.00%, 09/01/50(d) |
|
500 |
495,427 |
| |
|
|
2,881,358 |
| Iowa — 0.5% |
| ||
| Iowa Finance Authority, Refunding RB |
|
|
|
| Series A, 5.13%, 05/15/59 |
|
1,225 |
1,140,696 |
| Series E, 4.00%, 08/15/46 |
|
1,815 |
1,630,335 |
| |
|
|
2,771,031 |
| Kansas — 0.2% |
| ||
| City of Manhattan Kansas, RB, Series A, 5.50%, 06/01/55 |
|
200 |
201,099 |
| City of Shawnee Kansas, RB(d) |
|
|
|
| 5.00%, 08/01/41 |
|
230 |
205,500 |
| 5.00%, 08/01/56 |
|
850 |
675,694 |
| |
|
|
1,082,293 |
| Kentucky — 0.5% |
| ||
| City of Henderson Kentucky, RB(d) |
|
|
|
| Series A, AMT, 4.70%, 01/01/52 |
|
230 |
215,845 |
| Series B, AMT, 4.45%, 01/01/42 |
|
2,000 |
1,968,176 |
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(f) |
|
565 |
623,652 |
| |
|
|
2,807,673 |
| Louisiana(d) — 0.7% |
| ||
| Louisiana Public Facilities Authority, RB |
|
|
|
| 6.00%, 06/15/59 |
|
770 |
767,217 |
| Series A, 6.50%, 06/01/62 |
|
385 |
327,943 |
| Class R2, AMT, 6.50%, 10/01/53(c) |
|
835 |
873,870 |
| Parish of St. James Louisiana, RB, Series 2, 6.35%, 07/01/40 |
|
1,580 |
1,690,165 |
| |
|
|
3,659,195 |
| Maine — 1.0% |
| ||
| Finance Authority of Maine, RB |
|
|
|
| Series B, 9.50%, 06/01/32 |
|
305 |
259,123 |
24
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Maine (continued) |
| ||
| Finance Authority of Maine, RB (continued) |
|
|
|
| Series A, AMT, 8.50%, 06/01/32 |
$ |
325 |
$ 276,139 |
| AMT, Sustainability Bonds, 8.50%, 06/01/35(b)(h) |
|
1,514 |
783,857 |
| Finance Authority of Maine, Refunding RB, AMT, 4.63%, 12/01/47(c)(d) |
|
675 |
694,384 |
| Maine Health & Higher Educational Facilities Authority, Refunding RB, 4.00%, 07/01/37(d) |
|
4,200 |
3,875,274 |
| |
|
|
5,888,777 |
| Maryland — 1.0% |
| ||
| City of Baltimore Maryland, RB, 4.88%, 06/01/42 |
|
445 |
452,930 |
| Maryland Economic Development Corp., RB |
|
|
|
| 5.00%, 07/01/56 |
|
360 |
345,704 |
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |
|
380 |
380,708 |
| Maryland Health & Higher Educational Facilities Authority, RB, 7.00%, 03/01/55(d) |
|
4,490 |
4,606,662 |
| |
|
|
5,786,004 |
| Massachusetts — 0.4% |
| ||
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |
|
860 |
824,949 |
| Massachusetts Development Finance Agency, Refunding RB, 5.00%, 10/01/57(d) |
|
500 |
474,703 |
| Massachusetts Housing Finance Agency, Refunding RB |
|
|
|
| Series A, AMT, 4.45%, 12/01/42 |
|
310 |
291,098 |
| Series A, AMT, 4.50%, 12/01/47 |
|
1,030 |
931,865 |
| |
|
|
2,522,615 |
| Michigan — 0.8% |
| ||
| Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44 |
|
415 |
396,290 |
| Michigan Finance Authority, RB, 4.00%, 02/15/50 |
|
2,000 |
1,722,690 |
| Michigan Strategic Fund, RB |
|
|
|
| 5.00%, 11/15/42 |
|
510 |
505,218 |
| AMT, 5.00%, 12/31/43 |
|
1,700 |
1,709,231 |
| |
|
|
4,333,429 |
| Minnesota — 0.1% |
| ||
| Minnesota Housing Finance Agency, RB, S/F Housing, Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
|
315 |
333,512 |
| Missouri — 0.5% |
| ||
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 4.38%, 11/15/35 |
|
1,015 |
951,037 |
| Kansas City Industrial Development Authority, ARB |
|
|
|
| Class B, AMT, (AGM), 5.00%, 03/01/49 |
|
425 |
424,227 |
| Class B, AMT, (AGM), 5.00%, 03/01/55 |
|
425 |
421,477 |
| Kansas City Industrial Development Authority, RB(d) |
|
|
|
| Series A-1, 5.00%, 06/01/46 |
|
505 |
506,096 |
| Series A-1, 5.00%, 06/01/54 |
|
325 |
314,089 |
| |
|
|
2,616,926 |
| Montana — 0.1% |
| ||
| Montana Facility Finance Authority, Refunding RB, Series A, 6.13%, 11/15/56 |
|
680 |
683,046 |
| Nebraska — 0.0% |
| ||
| Omaha Airport Authority, ARB, AMT, (AGM), 5.25%, 12/15/54 |
|
275 |
280,893 |
| Security |
|
Par (000) |
Value |
| Nevada — 0.1% |
| ||
| Tahoe-Douglas Visitors Authority, RB |
|
|
|
| 5.00%, 07/01/40 |
$ |
355 |
$ 359,880 |
| 5.00%, 07/01/45 |
|
460 |
462,676 |
| |
|
|
822,556 |
| New Hampshire — 4.4% |
| ||
| New Hampshire Business Finance Authority, RB |
|
|
|
| 5.95%, 12/01/31(d) |
|
419 |
418,752 |
| 5.88%, 12/15/33(d) |
|
1,666 |
1,655,880 |
| 5.38%, 12/15/35(d) |
|
2,318 |
2,300,490 |
| Series A, 4.13%, 08/15/40 |
|
790 |
706,860 |
| Series A, 4.25%, 08/15/46 |
|
885 |
767,887 |
| Series A, 4.50%, 08/15/55 |
|
1,835 |
1,510,100 |
| Series A, Sustainability Bonds, 5.50%, 06/01/55 |
|
6,000 |
6,184,466 |
| New Hampshire Business Finance Authority, RB, CAB(e) |
|
|
|
| 0.00%, 04/01/32(d) |
|
690 |
478,097 |
| 0.00%, 12/15/33(d) |
|
6,305 |
3,599,855 |
| 0.00%, 12/15/41 |
|
2,790 |
1,049,044 |
| New Hampshire Business Finance Authority, RB, M/F Housing |
|
|
|
| 1st Series, Class B, 5.75%, 04/28/42 |
|
1,255 |
1,262,500 |
| 1st Series, Subordinate, 5.13%, 01/28/43(c) |
|
1,410 |
1,387,492 |
| Series 2025, Subordinate, 5.15%, 09/28/37 |
|
2,375 |
2,312,482 |
| Series 2, Sustainability Bonds, 4.25%, 07/20/41 |
|
1,243 |
1,197,092 |
| |
|
|
24,830,997 |
| New Jersey — 5.6% |
| ||
| Middlesex County Improvement Authority, RB, M/F Housing(d) |
|
|
|
| 7.13%, 06/01/61 |
|
1,300 |
1,320,052 |
| Class IA, 5.95%, 06/01/61 |
|
1,100 |
1,121,083 |
| New Jersey Economic Development Authority, RB |
|
|
|
| 5.00%, 06/15/43 |
|
125 |
128,080 |
| Class A, 5.25%, 11/01/47 |
|
2,650 |
2,761,784 |
| Series A, 5.00%, 07/01/37 |
|
260 |
258,001 |
| Series A, 5.25%, 11/01/54(d) |
|
1,675 |
1,431,708 |
| Series B, 6.50%, 04/01/31 |
|
1,150 |
1,151,187 |
| AMT, 5.38%, 01/01/43 |
|
2,155 |
2,156,760 |
| New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(d) |
|
500 |
500,027 |
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
|
785 |
785,154 |
| New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
|
2,655 |
2,447,111 |
| New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
|
1,340 |
1,126,631 |
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 |
|
645 |
505,708 |
| New Jersey Transportation Trust Fund Authority, RB, Series AA, 5.25%, 06/15/41 |
|
1,140 |
1,140,724 |
| New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(e) |
|
8,950 |
6,201,630 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Sub-Series B, 5.00%, 06/01/46 |
|
6,595 |
6,367,652 |
| Series A, AMT, Intermediate Lien, 5.25%, 06/01/46 |
|
1,700 |
1,703,498 |
| |
|
|
31,106,790 |
Schedule of Investments 25
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New York — 11.0% |
| ||
| Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51(b)(h) |
$ |
846 |
$ 16,916 |
| Build NYC Resource Corp., RB |
|
|
|
| 5.50%, 06/01/56(d) |
|
200 |
194,482 |
| 7.00%, 12/15/65(d) |
|
580 |
583,567 |
| Series A, 5.00%, 07/01/32 |
|
745 |
732,257 |
| Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(d) |
|
260 |
260,288 |
| Empire State Development Corp., RB, Series A, 4.00%, 03/15/49 |
|
2,020 |
1,794,982 |
| Empire State Development Corp., Refunding RB, 3.00%, 03/15/48 |
|
9,655 |
7,097,603 |
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
|
3,800 |
2,977,564 |
| Metropolitan Transportation Authority, Refunding RB |
|
|
|
| Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
|
1,725 |
1,733,116 |
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
|
565 |
567,848 |
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
|
840 |
849,574 |
| New York City Housing Development Corp., RB, M/F Housing, Series C-1A, 4.30%, 11/01/47 |
|
2,845 |
2,695,513 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Sub-Series B-1, 4.00%, 11/01/45 |
|
2,000 |
1,861,964 |
| Series A-1, Subordinate, 4.00%, 08/01/48 |
|
555 |
508,553 |
| New York Counties Tobacco Trust IV, Refunding RB |
|
|
|
| Series A, 6.25%, 06/01/41(d) |
|
5,501 |
5,234,727 |
| Series A, 5.00%, 06/01/42 |
|
4,660 |
3,732,517 |
| New York Counties Tobacco Trust VI, Refunding RB |
|
|
|
| Series A-2B, 5.00%, 06/01/45 |
|
215 |
185,393 |
| Series A-2B, 5.00%, 06/01/51 |
|
5,340 |
3,858,938 |
| New York Liberty Development Corp., Refunding RB |
|
|
|
| Class 2, 5.38%, 11/15/40(d) |
|
1,475 |
1,476,748 |
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
2,755 |
1,892,551 |
| New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
565 |
498,500 |
| New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/50 |
|
1,610 |
1,656,099 |
| New York Transportation Development Corp., ARB |
|
|
|
| AMT, 5.63%, 04/01/40 |
|
1,005 |
1,065,173 |
| AMT, 5.00%, 12/01/40 |
|
555 |
570,752 |
| New York Transportation Development Corp., RB |
|
|
|
| AMT, 5.00%, 10/01/35 |
|
1,150 |
1,193,408 |
| AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 |
|
6,620 |
6,577,739 |
| AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
4,695 |
4,725,897 |
| New York Transportation Development Corp., Refunding ARB, Series A, AMT, 5.38%, 08/01/36 |
|
2,220 |
2,300,690 |
| TSASC, Inc., Refunding RB, Series B, 5.00%, 06/01/48 |
|
530 |
491,983 |
| Ulster County Capital Resource Corp., RB, 5.88%, 09/15/59(d) |
|
700 |
699,979 |
| Westchester County Local Development Corp., RB, Senior Lien, 6.38%, 12/01/55(d) |
|
300 |
309,085 |
| Westchester County Local Development Corp., Refunding RB(d) |
|
|
|
| 5.00%, 07/01/41 |
|
1,070 |
1,062,378 |
| 5.00%, 07/01/56 |
|
1,190 |
1,058,051 |
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
|
1,170 |
955,182 |
| |
|
|
61,420,017 |
| Security |
|
Par (000) |
Value |
| North Carolina — 0.4% |
| ||
| North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |
$ |
375 |
$ 396,527 |
| North Carolina Medical Care Commission, RB, 5.25%, 11/01/56 |
|
1,600 |
1,591,424 |
| North Carolina Medical Care Commission, Refunding RB, 5.50%, 04/01/56 |
|
300 |
293,954 |
| |
|
|
2,281,905 |
| North Dakota — 0.4% |
| ||
| City of Grand Forks North Dakota, RB |
|
|
|
| Series A, (AGM), 5.00%, 12/01/48 |
|
1,765 |
1,777,656 |
| Series A, (AGM), 5.00%, 12/01/53 |
|
525 |
525,908 |
| |
|
|
2,303,564 |
| Ohio — 1.8% |
| ||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
|
2,180 |
1,648,411 |
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57(e) |
|
19,695 |
1,309,140 |
| Cleveland-Cuyahoga County Port Authority, Refunding RB(d) |
|
|
|
| Series A, 5.38%, 01/01/39 |
|
285 |
285,412 |
| Series A, 5.88%, 01/01/49 |
|
575 |
568,913 |
| County of Hamilton Ohio, Refunding RB |
|
|
|
| 5.00%, 01/01/46 |
|
875 |
865,756 |
| 4.00%, 08/15/50 |
|
800 |
684,503 |
| County of Hardin Ohio, Refunding RB |
|
|
|
| 5.00%, 05/01/30 |
|
240 |
237,525 |
| 5.25%, 05/01/40 |
|
240 |
223,153 |
| Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(d) |
|
340 |
347,454 |
| Ohio Air Quality Development Authority, RB, AMT, 4.50%, 01/15/48(d) |
|
3,995 |
3,745,947 |
| |
|
|
9,916,214 |
| Oklahoma — 2.4% |
| ||
| Oklahoma Development Finance Authority, RB |
|
|
|
| 7.25%, 09/01/51(d) |
|
6,610 |
6,574,707 |
| Series B, 5.50%, 08/15/52 |
|
2,335 |
2,332,451 |
| Tulsa County Industrial Authority, RB, 5.25%, 07/01/46 |
|
200 |
191,001 |
| Tulsa County Industrial Authority, Refunding RB |
|
|
|
| 5.25%, 11/15/37 |
|
750 |
754,626 |
| 5.25%, 11/15/45 |
|
925 |
924,406 |
| Tulsa Municipal Airport Trust Trustees, Refunding, ARB, AMT, 6.25%, 12/01/40 |
|
2,355 |
2,579,292 |
| |
|
|
13,356,483 |
| Oregon — 0.2% |
| ||
| Clackamas County School District No. 12 North Clackamas, GO, CAB(e) |
|
|
|
| Series A, (GTD), 0.00%, 06/15/38 |
|
560 |
331,122 |
| Series A, (GTD), 0.00%, 06/15/38(i) |
|
65 |
38,865 |
| Oregon State Facilities Authority, RB(d) |
|
|
|
| Series A, 5.00%, 06/15/29 |
|
25 |
25,205 |
| Series A, 5.00%, 06/15/39 |
|
565 |
536,311 |
| |
|
|
931,503 |
| Pennsylvania — 5.0% |
| ||
| Allegheny Community Broadband, Inc., RB(d) |
|
|
|
| 7.75%, 09/01/45 |
|
205 |
202,454 |
26
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Allegheny Community Broadband, Inc., RB(d) (continued) |
|
|
|
| 8.00%, 09/01/51 |
$ |
240 |
$ 231,254 |
| Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
|
5,240 |
4,438,724 |
| Allentown Neighborhood Improvement Zone Development Authority, RB(d) |
|
|
|
| 5.00%, 05/01/42 |
|
4,495 |
4,620,541 |
| Series A, 5.25%, 05/01/32 |
|
100 |
102,199 |
| Series A, 5.25%, 05/01/42 |
|
100 |
102,330 |
| Beaver County Industrial Development Authority, Refunding RB, Series B, 3.75%, 10/01/47 |
|
1,110 |
924,747 |
| Doylestown Hospital Authority, Refunding RB(d) |
|
|
|
| 5.00%, 07/01/31 |
|
275 |
287,319 |
| 5.38%, 07/01/39 |
|
585 |
628,238 |
| Lancaster Municipal Authority, RB, Series B, 5.00%, 05/01/59 |
|
530 |
501,881 |
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
|
95 |
95,850 |
| Pennsylvania Economic Development Financing Authority, RB |
|
|
|
| 5.00%, 06/30/42 |
|
465 |
458,934 |
| 6.88%, 09/01/47(d) |
|
3,855 |
4,201,689 |
| AMT, 5.75%, 06/30/48 |
|
335 |
350,826 |
| AMT, 5.25%, 06/30/53 |
|
1,360 |
1,370,910 |
| Pennsylvania Economic Development Financing Authority, Refunding RB |
|
|
|
| Series B, 5.25%, 12/01/38(c) |
|
910 |
910,658 |
| Series C, 5.25%, 12/01/37(c) |
|
1,585 |
1,586,173 |
| AMT, 5.50%, 11/01/44 |
|
3,430 |
3,429,492 |
| Pennsylvania Higher Education Assistance Agency, RB, Sub-Series 1C, AMT, 5.00%, 06/01/51 |
|
345 |
322,005 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
|
960 |
996,253 |
| Philadelphia Authority for Industrial Development, RB |
|
|
|
| 5.25%, 11/01/52 |
|
355 |
360,074 |
| Series A, 4.00%, 07/01/49 |
|
805 |
726,349 |
| School District of Philadelphia, GOL, Series A, (SAW), 5.50%, 09/01/48 |
|
800 |
847,722 |
| |
|
|
27,696,622 |
| Puerto Rico — 13.6% |
| ||
| Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e) |
|
39,095 |
1,554,214 |
| Commonwealth of Puerto Rico, GO |
|
|
|
| Series A-1, Restructured, 5.63%, 07/01/27 |
|
— (j) |
1 |
| Series A-1, Restructured, 5.63%, 07/01/29 |
|
1,190 |
1,256,442 |
| Series A-1, Restructured, 5.75%, 07/01/31 |
|
2,937 |
3,169,897 |
| Series A-1, Restructured, 4.00%, 07/01/35 |
|
4,100 |
4,063,231 |
| Series A-1, Restructured, 4.00%, 07/01/41 |
|
141 |
131,779 |
| Series A-1, Restructured, 4.00%, 07/01/46 |
|
682 |
616,521 |
| Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(e) |
|
1,765 |
1,281,164 |
| Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(b)(c)(h) |
|
50,615 |
27,690,745 |
| Puerto Rico Electric Power Authority, RB(b)(h) |
|
|
|
| Series A, 7.00%, 07/01/33 |
|
3,295 |
2,475,369 |
| Series A, 6.75%, 07/01/36 |
|
1,335 |
1,002,919 |
| Series A, 5.00%, 07/01/42 |
|
910 |
662,025 |
| Security |
|
Par (000) |
Value |
| Puerto Rico (continued) |
| ||
| Puerto Rico Electric Power Authority, RB(b)(h) (continued) |
|
|
|
| Series A, 7.00%, 07/01/43 |
$ |
375 |
$ 281,719 |
| Series A-1, 10.00%, 07/01/19 |
|
75 |
58,199 |
| Series A-2, 10.00%, 07/01/19 |
|
379 |
293,615 |
| Series A-3, 10.00%, 07/01/19 |
|
323 |
250,333 |
| Series AAA, 5.25%, 07/01/29 |
|
95 |
69,113 |
| Series B-3, 10.00%, 07/01/19 |
|
323 |
250,333 |
| Series C-1, 5.40%, 01/01/18 |
|
887 |
645,622 |
| Series C-2, 5.40%, 07/01/18 |
|
888 |
645,727 |
| Series C-3, 5.40%, 01/01/20 |
|
90 |
65,272 |
| Series C-4, 5.40%, 07/01/20 |
|
90 |
65,272 |
| Series CCC, 5.25%, 07/01/26 |
|
260 |
189,150 |
| Series CCC, 5.25%, 07/01/28 |
|
145 |
105,488 |
| Series D-1, 7.50%, 01/01/20 |
|
761 |
576,286 |
| Series D-4, 7.50%, 07/01/20 |
|
404 |
305,941 |
| Series TT, 5.00%, 07/01/18 |
|
295 |
214,612 |
| Series WW, 5.50%, 07/01/17 |
|
200 |
145,500 |
| Series WW, 5.50%, 07/01/18 |
|
1,175 |
854,812 |
| Series WW, 5.50%, 07/01/19 |
|
145 |
105,488 |
| Series WW, 5.50%, 07/01/20 |
|
1,595 |
1,160,362 |
| Series WW, 5.38%, 07/01/22 |
|
1,310 |
953,025 |
| Series WW, 5.25%, 07/01/33 |
|
120 |
87,300 |
| Series WW, 5.50%, 07/01/38 |
|
205 |
149,137 |
| Series XX, 5.25%, 07/01/35 |
|
645 |
469,237 |
| Series XX, 5.75%, 07/01/36 |
|
860 |
625,650 |
| Puerto Rico Electric Power Authority, Refunding RB(b)(h) |
|
|
|
| Series AAA, 5.25%, 07/01/22 |
|
2,545 |
1,851,487 |
| Series UU, 0.00%, 07/01/17 |
|
60 |
43,650 |
| Series UU, 0.00%, 07/01/18 |
|
55 |
40,013 |
| Series UU, 0.00%, 07/01/20 |
|
495 |
360,112 |
| Series UU, 3.95%, 07/01/31 |
|
580 |
421,950 |
| Series ZZ, 5.25%, 07/01/19 |
|
455 |
331,012 |
| Series ZZ, 5.00%, 12/29/49 |
|
145 |
105,487 |
| Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(b)(h) |
|
1,085 |
789,337 |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Authority, ARB |
|
|
|
| Series A-1, AMT, 6.75%, 01/01/45 |
|
365 |
410,820 |
| Series A-2, AMT, 6.50%, 01/01/42 |
|
275 |
306,196 |
| Series A-2, AMT, 6.75%, 01/01/45 |
|
365 |
410,820 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A-2, Convertible, Restructured, 4.33%, 07/01/40 |
|
72 |
70,300 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB |
|
|
|
| Series A-1, Restructured, (FHLMC, FNMA, GNMA), 4.75%, 07/01/53 |
|
2,505 |
2,378,228 |
| Series A-1, Restructured, 5.00%, 07/01/58 |
|
5,390 |
5,178,702 |
| Series A-2, Restructured, 4.54%, 07/01/53 |
|
21 |
19,341 |
| Series A-2, Restructured, 4.78%, 07/01/58 |
|
3,118 |
2,947,311 |
| Series A-2, Restructured, 4.33%, 07/01/40 |
|
714 |
697,146 |
| Series B-1, Restructured, 4.55%, 07/01/40 |
|
2,402 |
2,377,585 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB(e) |
|
|
|
| Series A-1, Restructured, 0.00%, 07/01/29 |
|
200 |
181,279 |
| Series A-1, Restructured, 0.00%, 07/01/33 |
|
1,023 |
798,467 |
Schedule of Investments 27
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Puerto Rico (continued) |
| ||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB(e) (continued) |
|
|
|
| Series A-1, Restructured, 0.00%, 07/01/46 |
$ |
9,424 |
$ 3,429,215 |
| Series B-1, Restructured, 0.00%, 07/01/46 |
|
883 |
321,307 |
| |
|
|
75,941,265 |
| Rhode Island — 0.3% |
| ||
| Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(b)(h) |
|
4,190 |
1,634,100 |
| Tobacco Settlement Financing Corp., RB, CAB, Series A, 0.00%, 06/01/52(e) |
|
2,060 |
275,976 |
| |
|
|
1,910,076 |
| South Carolina — 2.1% |
| ||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(c) |
|
3,110 |
3,291,596 |
| South Carolina Jobs-Economic Development Authority, RB |
|
|
|
| 5.38%, 04/01/56 |
|
1,600 |
1,625,781 |
| 7.50%, 08/15/62(d) |
|
830 |
735,111 |
| Series A, 5.63%, 10/01/50 |
|
600 |
601,556 |
| South Carolina Jobs-Economic Development Authority, RB, M/F Housing, Series A, 6.75%, 12/01/60(d) |
|
2,140 |
2,090,834 |
| South Carolina Jobs-Economic Development Authority, Refunding RB |
|
|
|
| 6.25%, 07/01/56(d) |
|
2,400 |
2,341,595 |
| Series A, 5.00%, 05/01/43 |
|
1,110 |
1,123,028 |
| |
|
|
11,809,501 |
| Tennessee — 2.0% |
| ||
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |
|
3,000 |
3,016,446 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 4.00%, 10/01/49 |
|
290 |
234,732 |
| Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(d)(e) |
|
3,315 |
1,493,403 |
| Metropolitan Nashville Airport Authority, ARB |
|
|
|
| Series B, AMT, 5.25%, 07/01/56 |
|
1,000 |
1,021,730 |
| Series B, AMT, 5.50%, 07/01/56 |
|
1,800 |
1,874,003 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(c) |
|
3,270 |
3,444,191 |
| |
|
|
11,084,505 |
| Texas — 11.1% |
| ||
| Alamo Heights Independent School District, GO, (PSF), 4.00%, 02/01/51 |
|
610 |
548,834 |
| Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)(d)(h) |
|
1,050 |
52,500 |
| Arlington Higher Education Finance Corp., RB |
|
|
|
| 7.50%, 04/01/62(b)(d)(h) |
|
230 |
115,000 |
| 7.88%, 11/01/62(b)(d)(h) |
|
760 |
456,000 |
| Series A, 5.75%, 08/15/62 |
|
500 |
175,000 |
| Central Texas Regional Mobility Authority, Refunding RB(e) |
|
|
|
| 0.00%, 01/01/28 |
|
1,000 |
957,247 |
| 0.00%, 01/01/29 |
|
2,000 |
1,850,203 |
| 0.00%, 01/01/30 |
|
1,170 |
1,044,002 |
| 0.00%, 01/01/33 |
|
3,690 |
2,912,462 |
| 0.00%, 01/01/34 |
|
4,000 |
3,015,375 |
| City of Anna Texas, SAB, 5.75%, 09/15/54(d) |
|
445 |
448,999 |
| City of Buda Texas, SAB(d) |
|
|
|
| 6.00%, 09/01/55 |
|
575 |
563,781 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| City of Buda Texas, SAB(d) (continued) |
|
|
|
| 6.75%, 09/01/55 |
$ |
1,145 |
$ 1,124,279 |
| City of Celina Texas, SAB |
|
|
|
| 09/01/55(g) |
|
100 |
97,966 |
| 5.63%, 09/01/55(d) |
|
140 |
137,839 |
| City of Corpus Christi Texas, SAB |
|
|
|
| 5.38%, 09/15/31 |
|
200 |
205,594 |
| 6.13%, 09/15/44 |
|
298 |
301,796 |
| 6.50%, 09/15/54 |
|
403 |
402,796 |
| City of Crandall Texas, SAB, 5.50%, 09/15/55(d) |
|
375 |
370,953 |
| City of Fate Texas, SAB, 5.75%, 08/15/54(d) |
|
110 |
111,037 |
| City of Friendswood Texas, SAB, 7.00%, 09/15/54 |
|
1,151 |
1,153,468 |
| City of Gunter Texas, SAB(g) |
|
|
|
| 09/15/56 |
|
900 |
883,212 |
| 09/15/56 |
|
600 |
589,633 |
| City of Houston Texas Airport System Revenue, ARB |
|
|
|
| AMT, 4.00%, 07/15/41 |
|
3,350 |
3,064,479 |
| Series B, AMT, 5.50%, 07/15/38 |
|
710 |
756,281 |
| City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
|
340 |
349,632 |
| City of Houston Texas Airport System Revenue, Refunding RB |
|
|
|
| AMT, 5.00%, 07/01/29 |
|
3,605 |
3,608,560 |
| Series C, AMT, 5.00%, 07/15/27 |
|
1,615 |
1,635,217 |
| City of Kyle Texas, SAB |
|
|
|
| 5.63%, 09/01/51 |
|
100 |
98,872 |
| 5.75%, 09/01/56 |
|
1,100 |
1,075,926 |
| City of Mclendon-Chisholm Texas, SAB, 09/15/56(g) |
|
200 |
195,321 |
| City of Oak Point Texas, SAB |
|
|
|
| 5.10%, 09/15/44(d) |
|
200 |
200,466 |
| 5.25%, 09/15/54(d) |
|
340 |
324,000 |
| 5.88%, 09/15/56 |
|
175 |
171,811 |
| City of Pilot Point Texas, SAB |
|
|
|
| 6.00%, 09/15/46 |
|
300 |
300,391 |
| 6.75%, 09/15/46 |
|
150 |
150,185 |
| 6.25%, 09/15/56 |
|
400 |
394,834 |
| 7.00%, 09/15/56 |
|
150 |
148,202 |
| City of Princeton Texas, SAB(d) |
|
|
|
| 4.38%, 09/01/31 |
|
41 |
40,951 |
| 5.00%, 09/01/44 |
|
100 |
100,510 |
| 5.25%, 09/01/54 |
|
200 |
195,320 |
| 5.38%, 09/01/54 |
|
247 |
242,850 |
| City of San Marcos Texas, SAB(d) |
|
|
|
| 4.00%, 09/01/32 |
|
100 |
96,761 |
| 4.50%, 09/01/51 |
|
480 |
415,105 |
| City of Seagoville Texas, SAB, 6.00%, 09/15/54(d) |
|
295 |
300,904 |
| City of Sinton Texas, SAB(d) |
|
|
|
| 5.13%, 09/01/42 |
|
858 |
860,200 |
| 5.25%, 09/01/51 |
|
1,195 |
1,167,300 |
| City of Terrell Texas, SAB, 7.00%, 09/15/55(d) |
|
1,195 |
1,214,574 |
| Clifton Higher Education Finance Corp., RB, Series A, 6.00%, 06/15/54(d) |
|
400 |
376,369 |
| Club Municipal Management District No. 1, SAB, 5.38%, 09/01/55(d) |
|
320 |
312,203 |
| County of Denton Texas, SAB, 5.88%, 12/31/45(d) |
|
520 |
535,390 |
| Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 |
|
500 |
444,174 |
| DBR Series 2026-3 Terrell Trust, RB, Subordinate, 11.98%, 09/01/66 |
|
795 |
791,244 |
28
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |
$ |
810 |
$ 740,847 |
| Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/54 |
|
210 |
184,212 |
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/37(e)(i) |
|
5,200 |
3,076,443 |
| New Hope Cultural Education Facilities Finance Corp., Refunding RB |
|
|
|
| 5.38%, 01/01/60 |
|
2,500 |
2,503,653 |
| Series A, 6.75%, 10/01/52 |
|
2,250 |
2,307,949 |
| New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(d) |
|
1,650 |
1,216,724 |
| North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |
|
890 |
802,759 |
| Port Arthur Housing Authority, RB, M/F Housing, Subordinate, 7.50%, 10/01/36(d) |
|
595 |
572,519 |
| Port of Beaumont Navigation District, Refunding RB(d) |
|
|
|
| Series A, AMT, 3.63%, 01/01/35 |
|
1,430 |
1,293,382 |
| Series A, AMT, 4.00%, 01/01/50 |
|
2,890 |
2,216,965 |
| San Antonio Education Facilities Corp., RB, Series A, 5.00%, 10/01/41 |
|
85 |
76,651 |
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
|
310 |
314,639 |
| Texas Community Housing & Economic Development Corp., RB, M/F Housing, Series A1, Senior Lien, 6.25%, 01/01/65(d) |
|
2,205 |
2,024,804 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
|
2,160 |
2,263,632 |
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 |
|
3,955 |
4,049,753 |
| Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43(e) |
|
2,205 |
955,079 |
| Texas Water Development Board, RB, 4.45%, 10/15/36 |
|
170 |
176,401 |
| |
|
|
61,862,420 |
| Utah — 2.0% |
| ||
| Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(d) |
|
755 |
764,782 |
| County of Utah, RB |
|
|
|
| Series A, 3.00%, 05/15/50 |
|
1,000 |
722,917 |
| Series B, 4.00%, 05/15/47 |
|
750 |
680,898 |
| Downtown Revitalization Public Infrastructure District, RB, Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 |
|
175 |
184,736 |
| Jordanelle Ridge Public Infrastructure District No. 3, GOL, Series A-1, 5.88%, 03/01/57 |
|
200 |
199,889 |
| Jordanelle Ridge Public Infrastructure District No. 3, GOL, CAB, Series A-2, Convertible, 6.25%, 03/01/57(f) |
|
300 |
211,881 |
| MIDA Mountain Veterans Program Public Infrastructure District, TA, 5.20%, 06/01/54(d) |
|
620 |
602,216 |
| Mida Mountain Village Public Infrastructure District, TA(d) |
|
|
|
| Series 1, 5.50%, 06/01/55 |
|
1,000 |
1,003,288 |
| Series 1, Subordinate, 5.13%, 06/15/54 |
|
1,495 |
1,461,218 |
| Resort Core Public Infrastructure District No. 1, GOL, Series A-1, 5.88%, 03/01/57 |
|
2,150 |
2,174,612 |
| Ridges Estates Infrastructure Financing District, SAB, 6.25%, 12/01/53(d) |
|
2,303 |
2,364,476 |
| Utah City West Public Infrastructure District No. 1, SAB, 5.88%, 12/01/55(d) |
|
250 |
252,904 |
| Security |
|
Par (000) |
Value |
| Utah (continued) |
| ||
| Utah Infrastructure Agency, RB |
|
|
|
| 5.50%, 10/15/44 |
$ |
215 |
$ 223,059 |
| 5.50%, 10/15/48 |
|
200 |
203,017 |
| Wood Ranch Public Infrastructure District, SAB, 5.63%, 12/01/53(d) |
|
164 |
164,212 |
| |
|
|
11,214,105 |
| Vermont — 0.6% |
| ||
| East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(d) |
|
4,000 |
3,308,769 |
| Virginia — 2.3% |
| ||
| Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 |
|
267 |
262,652 |
| Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59(f) |
|
640 |
592,076 |
| Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |
|
2,680 |
2,375,897 |
| James City County Economic Development Authority, RB, Series A, 6.88%, 12/01/58 |
|
780 |
846,988 |
| Lower Magnolia Green Community Development Authority, SAB(d) |
|
|
|
| 5.00%, 03/01/35 |
|
435 |
435,045 |
| 5.00%, 03/01/45 |
|
475 |
470,263 |
| Norfolk Redevelopment & Housing Authority, RB |
|
|
|
| Series A, 4.00%, 01/01/29 |
|
185 |
185,128 |
| Series A, 5.00%, 01/01/49 |
|
1,410 |
1,323,153 |
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
|
3,045 |
2,439,183 |
| Virginia Beach Development Authority, RB |
|
|
|
| Series A, 7.00%, 09/01/53 |
|
840 |
916,957 |
| Series B3, 5.38%, 09/01/29 |
|
580 |
580,696 |
| Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 |
|
2,000 |
1,958,072 |
| Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48 |
|
840 |
740,240 |
| |
|
|
13,126,350 |
| Washington — 1.0% |
| ||
| Washington Health Care Facilities Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 08/01/44 |
|
485 |
492,549 |
| Series A, 5.50%, 09/01/55 |
|
900 |
939,357 |
| Washington State Housing Finance Commission, RB(d) |
|
|
|
| 6.00%, 07/01/59 |
|
100 |
101,601 |
| Series A, 5.75%, 01/01/53 |
|
375 |
363,546 |
| Series A, 5.88%, 01/01/59 |
|
225 |
218,974 |
| Series B2, 3.95%, 07/01/29 |
|
100 |
100,000 |
| Washington State Housing Finance Commission, Refunding RB |
|
|
|
| 5.75%, 01/01/35(d) |
|
315 |
315,010 |
| 6.00%, 01/01/45(d) |
|
850 |
849,961 |
| Series A, 5.00%, 07/01/48 |
|
435 |
439,777 |
| Series C-3, 6.25%, 01/01/56 |
|
1,700 |
1,740,305 |
| |
|
|
5,561,080 |
| West Virginia — 0.3% |
| ||
| Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |
|
1,895 |
1,685,992 |
| Wisconsin — 10.7% |
| ||
| Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 |
|
1,595 |
1,331,927 |
| Public Finance Authority, RB |
|
|
|
| 6.25%, 10/01/31(b)(d)(h) |
|
895 |
89,500 |
Schedule of Investments 29
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Wisconsin (continued) |
| ||
| Public Finance Authority, RB (continued) |
|
|
|
| 5.75%, 12/15/33(d) |
$ |
4,263 |
$ 4,223,408 |
| 5.00%, 06/15/41(d) |
|
510 |
447,696 |
| 7.00%, 10/01/47(b)(d)(h) |
|
895 |
89,500 |
| 5.00%, 06/15/49 |
|
530 |
500,373 |
| 6.00%, 12/01/50(d) |
|
255 |
259,295 |
| 5.00%, 06/15/53 |
|
355 |
328,418 |
| 5.75%, 12/01/54(d) |
|
1,705 |
1,671,239 |
| 5.00%, 06/15/55(d) |
|
1,335 |
1,049,438 |
| 6.00%, 12/01/55(d) |
|
480 |
483,410 |
| 5.00%, 01/01/56(d) |
|
2,180 |
1,798,256 |
| 6.00%, 10/01/60(d) |
|
170 |
166,010 |
| Class A, 5.00%, 06/15/56(d) |
|
725 |
602,746 |
| Class A, 6.45%, 04/01/60(d) |
|
575 |
557,728 |
| Series A, 7.75%, 07/01/43(b)(d)(h) |
|
4,460 |
3,642,412 |
| Series A, 5.00%, 12/15/44(d) |
|
160 |
152,798 |
| Series A, 6.85%, 11/01/46(b)(d)(h) |
|
900 |
315,000 |
| Series A, 7.00%, 11/01/46(b)(d)(h) |
|
570 |
199,500 |
| Series A, 5.63%, 06/15/49(d) |
|
2,740 |
2,722,854 |
| Series A, 5.25%, 12/01/51(b)(d)(h) |
|
1,470 |
929,697 |
| Series A, 5.00%, 06/15/55(d) |
|
3,970 |
3,104,074 |
| Series A, 7.50%, 07/01/59(d) |
|
3,550 |
3,879,761 |
| Series A, 7.25%, 01/01/61(d) |
|
2,325 |
2,446,261 |
| Series A-1, 4.50%, 01/01/35(d) |
|
1,480 |
1,429,570 |
| Series A-4, 5.50%, 11/15/32(d) |
|
2,336 |
2,315,752 |
| Series B, 0.00%, 01/01/35(d)(e) |
|
2,140 |
1,286,804 |
| Series B, 0.00%, 01/01/60(d)(e) |
|
51,965 |
4,549,203 |
| AMT, 5.75%, 12/31/65 |
|
2,525 |
2,605,316 |
| AMT, 6.50%, 12/31/65 |
|
2,100 |
2,297,774 |
| AMT, Sustainability Bonds, 4.00%, 09/30/51 |
|
1,500 |
1,249,651 |
| AMT, Sustainability Bonds, 4.00%, 03/31/56 |
|
1,435 |
1,156,493 |
| Public Finance Authority, RB, CAB(d)(e) |
|
|
|
| 0.00%, 12/15/38 |
|
979 |
447,913 |
| 0.00%, 12/15/40 |
|
639 |
248,807 |
| 0.00%, 12/15/42 |
|
3,195 |
1,008,908 |
| Series B, 0.00%, 01/01/61 |
|
6,360 |
517,633 |
| Public Finance Authority, RB, M/F Housing(d) |
|
|
|
| 8.00%, 02/01/37 |
|
1,005 |
987,819 |
| Class A, Subordinate, 7.50%, 11/01/36 |
|
705 |
681,087 |
| Series A, Subordinate, 7.13%, 07/01/65(c) |
|
1,175 |
1,162,598 |
| Wisconsin Health & Educational Facilities Authority, RB, Series A, 5.75%, 08/15/59 |
|
4,700 |
4,823,106 |
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
|
|
|
| 4.00%, 12/01/46 |
|
1,145 |
1,028,930 |
| 4.00%, 01/01/47 |
|
910 |
782,195 |
| |
|
|
59,570,860 |
| Wyoming — 0.3% |
| ||
| University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
|
1,845 |
1,619,652 |
| Total Municipal Bonds — 139.9% (Cost: $814,215,324) |
781,402,771 | ||
| Municipal Bonds Transferred to Tender Option Bond Trusts(k) | |||
| Alabama — 1.2% |
| ||
| Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53 |
|
6,194 |
6,458,128 |
| Security |
|
Par (000) |
Value |
| Illinois — 1.8% |
| ||
| Chicago O’Hare International Airport, Refunding ARB, Series A, AMT, Senior Lien, 5.50%, 01/01/59 |
$ |
10,000 |
$ 10,251,472 |
| New York — 3.9% |
| ||
| New York City Housing Development Corp., RB, M/F Housing, Series D-1B, Sustainability Bonds, 4.25%, 11/01/45 |
|
9,000 |
8,782,907 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series H-1, Subordinate, 5.00%, 11/01/50 |
|
6,780 |
6,925,552 |
| New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/54(l) |
|
4,578 |
4,671,729 |
| Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55 |
|
1,720 |
1,449,207 |
| |
|
|
21,829,395 |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.9% (Cost: $38,994,987) |
38,538,995 | ||
| |
|
Shares |
|
| Warrants | |||
| Construction & Engineering — 0.2% |
| ||
| Brightline West, (Expires 11/26/35, Strike Price USD 5.00)(a)(b) |
|
692,437 |
1,384,874 |
| Total Warrants — 0.2% (Cost: $ — ) |
1,384,874 | ||
| Total Long-Term Investments — 147.4% (Cost: $854,780,311) |
823,201,984 | ||
| Short-Term Securities | |||
| Money Market Funds — 1.0% |
| ||
| BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.19%(m)(n) |
|
5,674,883 |
5,675,451 |
| Total Short-Term Securities — 1.0% (Cost: $5,675,451) |
5,675,451 | ||
| Total Investments — 148.4% (Cost: $860,455,762) |
828,877,435 | ||
| Other Assets Less Liabilities — 1.0% |
5,420,578 | ||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)% |
(24,860,880 ) | ||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.9)% |
(250,950,942 ) | ||
| Net Assets Applicable to Common Shares — 100.0% |
$ 558,486,191 | ||
| (a) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) |
Non-income producing security. |
| (c) |
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. |
| (d) |
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. |
| (e) |
Zero-coupon bond. |
| (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. |
30
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
| (g) |
When-issued security. |
| (h) |
Issuer filed for bankruptcy and/or is in default. |
| (i) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (j) |
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) |
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 March 15, 2033, is $3,550,052. See Note 4 of the Notes to Financial Statements for details. |
| (m) |
Affiliate of the Fund. |
| (n) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/26 |
Shares Held at 07/31/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 2,459,847 |
$ 3,215,604 (a) |
$ — |
$ — |
$ — |
$ 5,675,451 |
5,674,883 |
$ 142,600 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |
|
|
|
|
| Common Stocks |
$ — |
$ — |
$ 322,630 |
$ 322,630 |
| Corporate Bonds |
— |
1,552,714 |
— |
1,552,714 |
| Municipal Bonds |
— |
781,402,771 |
— |
781,402,771 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
38,538,995 |
— |
38,538,995 |
| Warrants |
— |
— |
1,384,874 |
1,384,874 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
5,675,451 |
— |
— |
5,675,451 |
| |
$5,675,451 |
$821,494,480 |
$1,707,504 |
$828,877,435 |
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 |
$— |
$(24,741,684 ) |
$— |
$(24,741,684 ) |
| VRDP Shares at Liquidation Value |
— |
(251,000,000 ) |
— |
(251,000,000 ) |
| |
$— |
$(275,741,684 ) |
$— |
$(275,741,684 ) |
See notes to financial statements.
Schedule of Investments 31
Schedule of Investments
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Municipal Bonds | |||
| Alabama — 12.4% |
| ||
| Alabama Economic Settlement Authority, RB, Series A, 4.00%, 09/15/33 |
$ |
5,000 |
$ 4,962,792 |
| Alabama Public School and College Authority, Refunding RB, Series A, Sustainability Bonds, 5.00%, 11/01/30 |
|
11,900 |
12,872,182 |
| Baldwin County Industrial Development Authority, RB(a)(b) |
|
|
|
| AMT, 4.30%, 03/01/56 |
|
5,000 |
4,957,086 |
| Series A, AMT, 5.00%, 06/01/55 |
|
5,000 |
5,151,623 |
| Birmingham-Jefferson Civic Center Authority, ST |
|
|
|
| Series A, 5.00%, 07/01/31 |
|
1,100 |
1,134,688 |
| Series A, 5.00%, 07/01/32 |
|
1,150 |
1,184,360 |
| Series A, 5.00%, 07/01/33 |
|
1,600 |
1,645,747 |
| Black Belt Energy Gas District, RB |
|
|
|
| Series A, 5.00%, 05/01/30 |
|
4,380 |
4,391,268 |
| Series A, 5.25%, 01/01/54(a) |
|
10,000 |
10,465,161 |
| Series A, 5.25%, 05/01/55(a) |
|
2,005 |
2,049,561 |
| Series B, 5.25%, 12/01/53(a) |
|
3,500 |
3,721,466 |
| Series E, 5.00%, 05/01/30 |
|
1,675 |
1,736,052 |
| Series E, 5.00%, 07/01/30 |
|
600 |
620,903 |
| Series F, 5.00%, 12/01/30 |
|
1,210 |
1,259,845 |
| Black Belt Energy Gas District, Refunding RB, Series H, 5.00%, 12/01/31 |
|
33,500 |
34,830,097 |
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.00%, 10/01/30 |
|
2,500 |
2,666,532 |
| Energy Southeast A Cooperative District, RB, Series B, 5.25%, 07/01/54(a) |
|
3,095 |
3,281,528 |
| Health Care Authority of the City of Huntsville, Refunding RB, Series A, 5.00%, 06/01/53(a) |
|
20,000 |
21,090,280 |
| Homewood Educational Building Authority, Refunding RB |
|
|
|
| 5.00%, 12/01/33 |
|
1,010 |
1,014,956 |
| 5.00%, 12/01/34 |
|
1,380 |
1,385,927 |
| Hoover Industrial Development Board, RB, AMT, Sustainability Bonds, 6.38%, 11/01/50(a) |
|
1,965 |
2,154,934 |
| Industrial Development Board of the City of Mobile Alabama, RB, 2.75%, 07/15/34(a) |
|
1,625 |
1,607,660 |
| Orange Beach Water Sewer & Fire Protection Authority, RB, 4.00%, 05/15/30 |
|
510 |
526,332 |
| Southeast Energy Authority A Cooperative District, RB |
|
|
|
| Series A, 5.00%, 01/01/56(a) |
|
1,230 |
1,234,644 |
| Series A-2, 4.87%, 01/01/53(a) |
|
30,265 |
30,880,054 |
| Series B-1, 5.00%, 05/01/53(a) |
|
9,375 |
9,632,478 |
| Series E, 5.00%, 10/01/30 |
|
25,000 |
26,499,520 |
| |
|
|
192,957,676 |
| Arizona — 1.1% |
| ||
| Arizona Industrial Development Authority, RB(b) |
|
|
|
| 4.00%, 07/01/29 |
|
355 |
346,738 |
| 4.50%, 07/01/29 |
|
445 |
444,915 |
| Series A, 4.00%, 07/01/29 |
|
2,180 |
2,164,230 |
| Sustainability Bonds, 4.00%, 07/01/30 |
|
335 |
324,937 |
| Chandler Industrial Development Authority, RB(a) |
|
|
|
| AMT, 4.10%, 12/01/37 |
|
3,570 |
3,609,561 |
| AMT, 4.00%, 06/01/49 |
|
5,000 |
5,038,380 |
| Security |
|
Par (000) |
Value |
| Arizona (continued) |
| ||
| Maricopa County Industrial Development Authority, Refunding RB |
|
|
|
| 4.00%, 07/01/29(b) |
$ |
625 |
$ 624,323 |
| 5.00%, 01/01/31 |
|
4,280 |
4,317,551 |
| |
|
|
16,870,635 |
| California — 14.4% |
| ||
| Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(c) |
|
10,530 |
9,102,672 |
| Bay Area Toll Authority, RB, Class A, 3.41%, 04/01/36(a) |
|
3,000 |
3,003,409 |
| Bay Area Toll Authority, Refunding RB, Series E, 2.57%, 04/01/56(a) |
|
3,250 |
3,230,354 |
| California Community Choice Financing Authority, RB(a) |
|
|
|
| Sustainability Bonds, 4.40%, 12/01/53 |
|
6,750 |
6,891,699 |
| Sustainability Bonds, 5.50%, 10/01/54 |
|
2,465 |
2,657,293 |
| Series E-2, Sustainability Bonds, 4.12%, 02/01/54 |
|
9,780 |
9,932,138 |
| Series G, Sustainability Bonds, 5.25%, 11/01/54 |
|
19,785 |
20,654,578 |
| California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/32 |
|
1,600 |
1,639,620 |
| California Housing Finance Agency, RB, M/F Housing |
|
|
|
| 3.60%, 07/01/56(a)(d) |
|
23,400 |
23,400,538 |
| Series 2021-1, Class A, 3.50%, 11/20/35 |
|
3,438 |
3,277,034 |
| California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65(a)(b) |
|
4,130 |
2,643,200 |
| California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33 |
|
4,000 |
4,091,612 |
| California Municipal Finance Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 07/01/30 |
|
1,200 |
1,213,087 |
| Series A, 5.00%, 07/01/31 |
|
1,050 |
1,060,734 |
| California Pollution Control Financing Authority, RB |
|
|
|
| AMT, 5.00%, 07/01/27(b) |
|
2,005 |
2,012,053 |
| Series A, AMT, 4.25%, 11/01/38(a) |
|
8,350 |
8,551,258 |
| California School Finance Authority, RB(b) |
|
|
|
| 5.00%, 06/01/30 |
|
490 |
485,788 |
| Series A, 5.00%, 06/01/29 |
|
130 |
130,073 |
| Series A, 4.00%, 06/01/31 |
|
240 |
185,022 |
| Series A, 5.00%, 06/01/32 |
|
900 |
899,026 |
| City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/34 |
|
1,650 |
1,670,616 |
| City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.00%, 05/15/30 |
|
13,250 |
14,103,830 |
| Compton Unified School District, GO, CAB(c) |
|
|
|
| Series B, (BAM), 0.00%, 06/01/33 |
|
1,000 |
763,478 |
| Series B, (BAM), 0.00%, 06/01/34 |
|
1,125 |
820,493 |
| Series B, (BAM), 0.00%, 06/01/35 |
|
1,000 |
695,189 |
| Series B, (BAM), 0.00%, 06/01/36 |
|
1,000 |
660,809 |
| El Camino Community College District, GO, CAB(c) |
|
|
|
| Series C, Election 2002, 0.00%, 08/01/30 |
|
9,090 |
8,047,725 |
| Series C, Election 2002, 0.00%, 08/01/31 |
|
12,465 |
10,644,196 |
| Series C, Election 2002, 0.00%, 08/01/32 |
|
15,435 |
12,680,786 |
| Monterey Peninsula Community College District, Refunding GO, CAB(c) |
|
|
|
| 0.00%, 08/01/30 |
|
3,500 |
3,049,155 |
| 0.00%, 08/01/31 |
|
5,940 |
4,971,211 |
| M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29 |
|
1,640 |
1,702,751 |
| Norman Y Mineta San Jose International Airport SJC, Refunding RB |
|
|
|
| Series A, AMT, 5.00%, 03/01/30 |
|
500 |
505,047 |
| Series A, AMT, 5.00%, 03/01/31 |
|
1,500 |
1,514,375 |
32
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| Norman Y Mineta San Jose International Airport SJC, Refunding RB (continued) |
|
|
|
| Series A, AMT, 5.00%, 03/01/32 |
$ |
1,000 |
$ 1,009,083 |
| Series A, AMT, 5.00%, 03/01/33 |
|
975 |
983,431 |
| Series A, AMT, 5.00%, 03/01/34 |
|
1,250 |
1,260,258 |
| Northern California Energy Authority, Refunding RB, 5.00%, 12/01/54(a) |
|
23,035 |
24,070,009 |
| Poway Unified School District, GO(c) |
|
|
|
| Series 1-A, Election 2008, 0.00%, 08/01/30 |
|
10,000 |
8,867,014 |
| Series 1-A, Election 2008, 0.00%, 08/01/32 |
|
7,500 |
6,175,769 |
| San Diego County Regional Airport Authority, ARB, Sub- Series B, AMT, 5.00%, 07/01/33 |
|
1,000 |
1,013,371 |
| San Rafael City Elementary School District, GO, Series C, Election 2002, (NPFGC), 0.00%, 08/01/30(c) |
|
6,350 |
5,604,236 |
| Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28 |
|
750 |
738,350 |
| Wiseburn School District, GO, Series A, Election 2007, (NPFGC), 0.00%, 08/01/30(c) |
|
7,505 |
6,641,851 |
| |
|
|
223,254,221 |
| Colorado — 4.6% |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 12/01/30 |
|
12,780 |
13,598,193 |
| Series A, AMT, 5.00%, 12/01/33 |
|
25,000 |
25,775,650 |
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/30(c) |
|
1,000 |
858,346 |
| City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32 |
|
2,500 |
2,501,938 |
| Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(b) |
|
830 |
806,091 |
| Colorado Health Facilities Authority, RB |
|
|
|
| 5.00%, 11/01/30 |
|
1,000 |
1,063,525 |
| Class A, 5.00%, 11/15/60(a) |
|
9,560 |
10,267,207 |
| Series B, 2.63%, 05/15/29 |
|
1,095 |
1,073,945 |
| Series D, 2.71%, 05/15/61(a) |
|
7,000 |
6,999,852 |
| Colorado Health Facilities Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 09/01/29 |
|
5,000 |
5,253,867 |
| Series A, 4.00%, 08/01/37 |
|
3,000 |
2,928,096 |
| |
|
|
71,126,710 |
| Connecticut — 0.6% |
| ||
| Aquarion Water Authority, RB |
|
|
|
| Series A, 5.00%, 08/01/29 |
|
800 |
844,525 |
| Series A, 5.00%, 08/01/30 |
|
1,010 |
1,080,199 |
| Series D, Subordinate, 5.00%, 08/01/30 |
|
255 |
271,343 |
| Capital Region Development Authority, Refunding RB, (SAP), 5.00%, 06/15/31 |
|
1,125 |
1,164,448 |
| Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30(b) |
|
240 |
240,947 |
| Connecticut State Health & Educational Facilities Authority, Refunding RB |
|
|
|
| Series G-1, 5.00%, 07/01/27(b) |
|
225 |
226,550 |
| Series G-1, 5.00%, 07/01/28(b) |
|
300 |
304,078 |
| Series G-1, 5.00%, 07/01/29(b) |
|
300 |
305,178 |
| Series G-1, 5.00%, 07/01/34(b) |
|
355 |
357,051 |
| Series I-1, 5.00%, 07/01/35 |
|
400 |
404,858 |
| State of Connecticut, GO, Series A, 5.00%, 04/15/33 |
|
3,600 |
3,710,038 |
| |
|
|
8,909,215 |
| Delaware — 0.3% |
| ||
| County of Kent Delaware, RB |
|
|
|
| Series A, 5.00%, 07/01/27 |
|
890 |
896,048 |
| Security |
|
Par (000) |
Value |
| Delaware (continued) |
| ||
| County of Kent Delaware, RB (continued) |
|
|
|
| Series A, 5.00%, 07/01/28 |
$ |
935 |
$ 945,165 |
| Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35 |
|
1,370 |
1,311,373 |
| Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30 |
|
2,000 |
2,158,528 |
| |
|
|
5,311,114 |
| District of Columbia — 2.2% |
| ||
| District of Columbia Housing Finance Agency, RB, M/F Housing(a) |
|
|
|
| 3.20%, 09/01/40 |
|
1,690 |
1,689,742 |
| 3.10%, 06/01/44 |
|
4,500 |
4,468,539 |
| Series A-2, 3.60%, 03/01/46 |
|
5,500 |
5,495,695 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |
|
19,735 |
21,019,606 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/30 |
|
1,575 |
1,677,521 |
| |
|
|
34,351,103 |
| Florida — 9.1% |
| ||
| Ave Maria Stewardship Community District, SAB, 4.00%, 05/01/30 |
|
465 |
459,583 |
| Bella Tara Community Development District, SAB, 5.00%, 05/01/30 |
|
885 |
875,460 |
| Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30 |
|
1,000 |
1,041,497 |
| Capital Trust Agency, Inc., RB(b) |
|
|
|
| Series A, 4.00%, 06/15/29 |
|
825 |
810,978 |
| Series A-1, 3.38%, 07/01/31 |
|
1,300 |
1,243,895 |
| Capital Trust Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/30 |
|
12,000 |
12,867,661 |
| Center Lake Ranch West Community Development District, SAB, 4.00%, 05/01/30(b) |
|
225 |
222,762 |
| City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30 |
|
3,750 |
3,766,323 |
| City Of South Miami Health Facilities Authority, Inc., RB, 5.00%, 08/15/65(a) |
|
3,000 |
3,181,021 |
| City Of South Miami Health Facilities Authority, Inc., Refunding RB |
|
|
|
| 5.00%, 08/15/30 |
|
3,245 |
3,306,775 |
| 5.00%, 08/15/31 |
|
3,130 |
3,186,828 |
| 5.00%, 08/15/34 |
|
6,475 |
6,575,478 |
| Connerton East Community Development District, SAB, 4.00%, 06/15/30 |
|
205 |
204,788 |
| County of Lee Florida Airport Revenue, ARB, Series A-2, AMT, 5.00%, 10/01/56(a) |
|
475 |
502,362 |
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/30 |
|
4,285 |
4,539,970 |
| County of Miami-Dade Florida, Refunding RB |
|
|
|
| Series B, 4.00%, 04/01/30 |
|
12,305 |
12,308,612 |
| Series B, 4.00%, 04/01/32 |
|
6,690 |
6,690,912 |
| County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(c) |
|
|
|
| Series B, 0.00%, 06/01/30 |
|
2,000 |
1,748,130 |
| Series B, 0.00%, 06/01/31 |
|
1,295 |
1,085,732 |
| Series B, 0.00%, 06/01/32 |
|
2,495 |
2,002,096 |
| Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31 |
|
1,020 |
1,013,252 |
| Firethorn Community Development District, SAB, 4.10%, 05/01/30 |
|
370 |
366,829 |
Schedule of Investments 33
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Florida Development Finance Corp., RB |
|
|
|
| AMT, 5.00%, 05/01/29(b) |
$ |
1,500 |
$ 1,509,516 |
| AMT, 3.00%, 06/01/32 |
|
2,665 |
2,456,642 |
| AMT, 4.45%, 07/01/37(a)(b) |
|
10,335 |
10,343,732 |
| Florida Development Finance Corp., Refunding RB |
|
|
|
| 4.00%, 09/15/30(b) |
|
430 |
419,169 |
| AMT, 5.00%, 07/01/34 |
|
2,500 |
1,837,500 |
| AMT, (AGM), 5.00%, 07/01/44 |
|
4,685 |
4,599,865 |
| Florida Housing Finance Corp., RB, M/F Housing, 3.10%, 12/01/44(a) |
|
5,000 |
4,911,040 |
| Greater Orlando Aviation Authority, ARB, AMT, 5.25%, 11/01/34 |
|
2,500 |
2,649,309 |
| Harvest Hills South Community Development District, SAB, 4.25%, 05/01/30 |
|
300 |
297,538 |
| Hillsborough County Aviation Authority, ARB |
|
|
|
| AMT, 5.00%, 10/01/30 |
|
2,325 |
2,479,136 |
| Class B, AMT, 5.00%, 10/01/30 |
|
9,145 |
9,751,269 |
| Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(b) |
|
440 |
429,216 |
| Lakewood Ranch Stewardship District, SAB, 5.40%, 05/01/28 |
|
540 |
552,731 |
| Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30 |
|
305 |
299,630 |
| Lee County Industrial Development Authority, RB, Series B-3, 4.13%, 11/15/29 |
|
3,415 |
3,417,541 |
| LT Ranch Community Development District, SAB, 3.40%, 05/01/30 |
|
805 |
789,727 |
| New Port Corners Community Development District, SAB, 4.00%, 06/15/30(b) |
|
190 |
188,194 |
| Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32 |
|
18,130 |
18,164,665 |
| Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31 |
|
850 |
841,031 |
| St Johns County Industrial Development Authority, Refunding RB |
|
|
|
| 4.00%, 12/15/28 |
|
200 |
199,682 |
| 4.00%, 12/15/29 |
|
215 |
213,735 |
| 4.00%, 12/15/30 |
|
195 |
193,011 |
| 4.00%, 12/15/31 |
|
205 |
201,587 |
| Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29 |
|
335 |
336,128 |
| Village Community Development District No. 15, SAB, 4.25%, 05/01/28(b) |
|
350 |
353,034 |
| Village Community Development District No. 16, SAB, 3.55%, 05/01/30 |
|
1,050 |
1,041,278 |
| Village Community Development District No. 5, Refunding SAB |
|
|
|
| 3.50%, 05/01/28 |
|
1,760 |
1,748,643 |
| 4.00%, 05/01/33 |
|
940 |
915,026 |
| 4.00%, 05/01/34 |
|
1,785 |
1,724,883 |
| |
|
|
140,865,402 |
| Georgia — 6.4% |
| ||
| Atlanta Urban Residential Finance Authority, RB, M/F Housing, (HUD SECT 8), 3.15%, 12/01/29(a) |
|
3,550 |
3,541,451 |
| DeKalb County Housing Authority, RB, M/F Housing, Series A, 4.00%, 12/01/33 |
|
6,870 |
6,863,447 |
| DeKalb County Housing Authority, Refunding RB, 4.13%, 12/01/34 |
|
1,460 |
1,425,405 |
| Georgia Ports Authority, ARB, 5.00%, 07/01/30 |
|
1,175 |
1,267,466 |
| Security |
|
Par (000) |
Value |
| Georgia (continued) |
| ||
| Main Street Natural Gas, Inc., RB |
|
|
|
| Series A, 5.00%, 05/15/29 |
$ |
1,250 |
$ 1,294,388 |
| Series A, 5.00%, 05/15/30 |
|
8,000 |
8,251,805 |
| Series A, 4.00%, 09/01/52(a) |
|
15,000 |
15,061,039 |
| Series A, 5.00%, 06/01/53(a) |
|
31,375 |
32,442,945 |
| Series C, 5.00%, 09/01/53(a) |
|
6,290 |
6,605,846 |
| Series D, 5.00%, 05/01/54(a) |
|
9,325 |
9,705,424 |
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34 |
|
8,000 |
8,221,161 |
| Municipal Electric Authority of Georgia, Refunding RB |
|
|
|
| 5.00%, 01/01/29 |
|
2,000 |
2,097,263 |
| 5.00%, 01/01/30 |
|
1,905 |
2,023,834 |
| Series A-R, Subordinate, 5.00%, 01/01/30 |
|
1,250 |
1,327,975 |
| |
|
|
100,129,449 |
| Guam — 0.2% |
| ||
| Territory of Guam, Refunding RB |
|
|
|
| Series F, 5.00%, 01/01/30 |
|
1,160 |
1,213,001 |
| Series F, 5.00%, 01/01/31 |
|
1,250 |
1,317,498 |
| |
|
|
2,530,499 |
| Idaho(b) — 0.1% |
| ||
| Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29 |
|
90 |
90,109 |
| Idaho Housing & Finance Association, RB, M/F Housing, (FHLMC), 5.75%, 08/01/45(a) |
|
1,565 |
1,558,627 |
| |
|
|
1,648,736 |
| Illinois — 4.9% |
| ||
| Chicago Board of Education, Refunding GO |
|
|
|
| Series B, 5.25%, 12/01/30 |
|
515 |
528,115 |
| Series C, 5.25%, 12/01/30 |
|
810 |
830,627 |
| Chicago Housing Authority, RB, M/F Housing |
|
|
|
| Series A, (HUD SEC 8), 5.00%, 01/01/33 |
|
3,000 |
3,051,505 |
| Series A, (HUD SEC 8), 5.00%, 01/01/35 |
|
1,500 |
1,526,575 |
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, Senior Lien, 5.00%, 01/01/30 |
|
2,500 |
2,625,066 |
| City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/30 |
|
1,053 |
1,045,859 |
| Illinois Finance Authority, RB, 6.50%, 03/01/55 |
|
3,533 |
3,196,958 |
| Illinois Finance Authority, Refunding RB |
|
|
|
| Series A, 4.00%, 10/01/32 |
|
1,000 |
1,000,082 |
| Series B, 5.00%, 08/15/30 |
|
3,205 |
3,231,617 |
| Series C, 5.00%, 02/15/30 |
|
12,000 |
12,108,449 |
| Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
|
20,000 |
20,009,934 |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Refunding GO, Series A, 5.00%, 01/01/30 |
|
6,350 |
6,404,355 |
| Metropolitan Pier & Exposition Authority, Refunding RB |
|
|
|
| 5.00%, 12/15/28 |
|
1,200 |
1,227,328 |
| 5.00%, 12/15/30 |
|
1,385 |
1,410,808 |
| Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/30 |
|
10,000 |
10,593,500 |
| State of Illinois, GO, Series B, 5.00%, 09/01/30 |
|
7,500 |
7,991,343 |
| Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(b) |
|
150 |
146,717 |
| |
|
|
76,928,838 |
| Indiana — 1.0% |
| ||
| Indiana Finance Authority, Refunding RB |
|
|
|
| Series A, 4.13%, 12/01/26 |
|
3,665 |
3,670,851 |
| Series A, 5.00%, 09/15/29 |
|
1,165 |
1,188,052 |
34
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Indiana (continued) |
| ||
| Indiana Finance Authority, Refunding RB (continued) |
|
|
|
| Series A, 5.00%, 09/15/30 |
$ |
1,220 |
$ 1,246,962 |
| Series B, 2.46%, 03/01/39(a) |
|
870 |
868,101 |
| Series G-1, 5.00%, 10/01/64(a) |
|
8,335 |
8,768,296 |
| |
|
|
15,742,262 |
| Iowa — 0.1% |
| ||
| PEFA, Inc., Refunding RB, Series A, 5.00%, 04/01/30 |
|
1,025 |
1,066,126 |
| Kansas — 0.1% |
| ||
| City of Shawnee Kansas, RB, 4.00%, 08/01/31(b) |
|
400 |
377,630 |
| Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33 |
|
1,370 |
1,371,605 |
| |
|
|
1,749,235 |
| Kentucky — 1.0% |
| ||
| Kentucky Bond Development Corp., RB |
|
|
|
| 5.00%, 04/30/30 |
|
500 |
529,833 |
| 5.00%, 10/31/30 |
|
500 |
532,639 |
| Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) |
|
6,545 |
6,576,894 |
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, 0.00%, 07/01/30(c) |
|
1,230 |
1,005,934 |
| Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32 |
|
7,300 |
7,325,890 |
| |
|
|
15,971,190 |
| Louisiana — 2.6% |
| ||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 08/15/30 |
|
4,700 |
4,781,063 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, Series A, 2.00%, 06/01/30 |
|
1,250 |
1,167,181 |
| Louisiana Public Facilities Authority, RB(b) |
|
|
|
| Series A, 5.00%, 06/01/29 |
|
340 |
341,810 |
| Series A, 5.00%, 04/01/30 |
|
330 |
330,439 |
| Series A, 5.00%, 06/01/31 |
|
450 |
426,639 |
| AMT, 4.38%, 05/01/53(a) |
|
4,300 |
4,313,869 |
| Parish of St John the Baptist LA, Refunding RB, 3.00%, 06/01/37(a) |
|
18,000 |
17,877,114 |
| Parish of St. James Louisiana, RB(a) |
|
|
|
| 6.10%, 06/01/38(b) |
|
9,875 |
10,723,395 |
| 3.70%, 08/01/41 |
|
1,000 |
1,001,529 |
| |
|
|
40,963,039 |
| Maine — 0.1% |
| ||
| City of Portland Maine General Airport Revenue, Refunding RB, Sustainability Bonds, 4.00%, 01/01/35 |
|
1,000 |
1,001,887 |
| Maryland — 1.9% |
| ||
| City of Baltimore Maryland, Refunding RB, Convertible, 5.00%, 09/01/31 |
|
1,250 |
1,257,638 |
| County of Prince George’s Maryland, TA, 5.00%, 07/01/30(b) |
|
535 |
538,039 |
| Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33 |
|
1,765 |
1,798,947 |
| Maryland Health & Higher Educational Facilities Authority, Refunding RB |
|
|
|
| 5.00%, 07/01/30 |
|
3,525 |
3,761,727 |
| 5.00%, 07/01/33 |
|
1,385 |
1,399,865 |
| 5.00%, 07/01/34 |
|
775 |
785,417 |
| Security |
|
Par (000) |
Value |
| Maryland (continued) |
| ||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB (continued) |
|
|
|
| Series A, 5.00%, 01/01/31 |
$ |
2,865 |
$ 2,867,163 |
| Series A, 5.00%, 01/01/32 |
|
3,010 |
3,012,139 |
| Series A, 5.00%, 01/01/33 |
|
3,165 |
3,167,169 |
| State of Maryland Department of Transportation, ARB, 5.00%, 09/01/29 |
|
5,470 |
5,591,478 |
| State of Maryland, GO, Series 1, 3.00%, 03/15/34 |
|
5,000 |
4,770,966 |
| |
|
|
28,950,548 |
| Massachusetts — 1.6% |
| ||
| Commonwealth of Massachusetts, GOL, Series I, 5.00%, 12/01/33 |
|
5,000 |
5,028,181 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series B, 5.25%, 07/01/30 |
|
1,900 |
2,014,965 |
| Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33 |
|
1,070 |
1,073,138 |
| Massachusetts Development Finance Agency, Refunding RB |
|
|
|
| Series A, 5.00%, 01/01/32 |
|
2,020 |
2,044,728 |
| Series A, 5.00%, 01/01/33 |
|
1,500 |
1,516,113 |
| Series A, 5.00%, 01/01/34 |
|
2,085 |
2,104,715 |
| Series A, 5.00%, 01/01/35 |
|
2,000 |
2,015,746 |
| Massachusetts Housing Finance Agency, RB, M/F Housing, Series C-3, Sustainability Bonds, 3.15%, 06/01/30 |
|
8,500 |
8,361,771 |
| |
|
|
24,159,357 |
| Michigan — 2.4% |
| ||
| City of Detroit Michigan, GO |
|
|
|
| 5.00%, 04/01/27 |
|
580 |
585,983 |
| 5.00%, 04/01/28 |
|
665 |
682,283 |
| 5.00%, 04/01/29 |
|
665 |
681,013 |
| 5.00%, 04/01/30 |
|
510 |
521,521 |
| 5.00%, 04/01/31 |
|
735 |
751,028 |
| 5.00%, 04/01/32 |
|
625 |
638,316 |
| 5.00%, 04/01/33 |
|
830 |
846,776 |
| Michigan Finance Authority, Refunding RB, 2.91%, 04/15/47(a) |
|
12,720 |
12,694,776 |
| Michigan Strategic Fund, RB |
|
|
|
| AMT, 5.00%, 06/30/30 |
|
1,325 |
1,357,893 |
| AMT, 5.00%, 12/31/32 |
|
2,000 |
2,042,271 |
| AMT, Sustainability Bonds, 4.00%, 10/01/61(a) |
|
3,690 |
3,690,826 |
| Wayne County Airport Authority, Refunding RB, Class G, AMT, 5.00%, 12/01/30 |
|
12,500 |
13,284,740 |
| |
|
|
37,777,426 |
| Minnesota — 0.8% |
| ||
| City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29 |
|
625 |
617,509 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, 5.00%, 07/01/29 |
|
3,745 |
3,927,260 |
| Minnesota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.90%, 01/01/30 |
|
420 |
430,306 |
| Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.95%, 07/01/30 |
|
445 |
457,272 |
| Sartell-St Stephen Independent School District No. 748, GO, CAB(c) |
|
|
|
| Series B, 0.00%, 02/01/30 |
|
3,915 |
3,409,435 |
Schedule of Investments 35
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Minnesota (continued) |
| ||
| Sartell-St Stephen Independent School District No. 748, GO, CAB(c) (continued) |
|
|
|
| Series B, 0.00%, 02/01/31 |
$ |
2,190 |
$ 1,825,975 |
| Series B, 0.00%, 02/01/32 |
|
1,450 |
1,155,624 |
| |
|
|
11,823,381 |
| Mississippi — 1.2% |
| ||
| Mississippi Development Bank, Refunding RB |
|
|
|
| Series A, (AGM), 5.00%, 03/01/30 |
|
2,280 |
2,297,670 |
| Series A, (AGM), 5.00%, 03/01/31 |
|
1,595 |
1,607,325 |
| Series A, (AGM), 5.00%, 03/01/32 |
|
2,000 |
2,015,428 |
| Series A, (AGM), 5.00%, 03/01/33 |
|
1,275 |
1,284,830 |
| State of Mississippi Gaming Tax Revenue, RB, Series E, 5.00%, 10/15/33 |
|
12,225 |
12,239,208 |
| |
|
|
19,444,461 |
| Missouri — 0.4% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
|
|
|
| 5.00%, 11/15/30 |
|
5,000 |
5,006,476 |
| Series A, 5.00%, 02/01/30 |
|
485 |
505,209 |
| Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |
|
605 |
583,879 |
| St Louis Land Clearance for Redevelopment Authority, Refunding RB, 3.88%, 10/01/35 |
|
270 |
269,689 |
| |
|
|
6,365,253 |
| Montana — 0.6% |
| ||
| City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a) |
|
10,050 |
9,997,976 |
| Nebraska — 0.0% |
| ||
| Elkhorn School District, GO, 4.00%, 12/15/33 |
|
375 |
379,964 |
| Nevada — 0.3% |
| ||
| County of Clark Nevada, Refunding GOL, Series B, 4.00%, 11/01/34 |
|
5,000 |
5,014,991 |
| State of Nevada Department of Business & Industry, RB |
|
|
|
| Series A, 5.00%, 07/15/27 |
|
85 |
85,034 |
| Series A, 4.50%, 12/15/29(b) |
|
310 |
310,016 |
| |
|
|
5,410,041 |
| New Hampshire — 1.3% |
| ||
| National Finance Authority Affordable Housing Certificates Series 2024-1, RB, Series 2024-1, 4.15%, 10/20/40 |
|
19,045 |
18,552,586 |
| New Hampshire Business Finance Authority, RB, Series A, Sustainability Bonds, 5.00%, 06/01/30 |
|
400 |
421,162 |
| New Hampshire Business Finance Authority, Refunding RB |
|
|
|
| 4.00%, 01/01/28 |
|
285 |
286,577 |
| 4.00%, 01/01/29 |
|
300 |
302,139 |
| |
|
|
19,562,464 |
| New Jersey — 12.5% |
| ||
| Montclair State University, Inc., Refunding RB, Series A, 5.00%, 07/01/30 |
|
5,000 |
5,346,234 |
| New Jersey Economic Development Authority, ARB |
|
|
|
| 5.25%, 09/15/29 |
|
3,545 |
3,549,114 |
| Series A, AMT, 5.63%, 11/15/30 |
|
1,510 |
1,512,065 |
| Series B, AMT, 5.63%, 11/15/30 |
|
1,140 |
1,141,559 |
| New Jersey Economic Development Authority, RB |
|
|
|
| Series A, 4.00%, 07/01/29 |
|
185 |
184,062 |
| Series A, 5.00%, 06/15/32 |
|
4,500 |
4,602,595 |
| Series C, 5.00%, 06/15/32 |
|
3,600 |
3,682,076 |
| Security |
|
Par (000) |
Value |
| New Jersey (continued) |
| ||
| New Jersey Economic Development Authority, RB (continued) |
|
|
|
| AMT, 5.00%, 01/01/28 |
$ |
4,705 |
$ 4,718,367 |
| New Jersey Economic Development Authority, Refunding RB |
|
|
|
| (AGM), 5.00%, 06/01/28 |
|
1,000 |
1,016,217 |
| 5.00%, 01/01/29 |
|
1,225 |
1,257,753 |
| (AGM), 5.00%, 06/01/30 |
|
1,500 |
1,521,712 |
| (AGM), 5.00%, 06/01/31 |
|
1,750 |
1,774,083 |
| (AGM), 4.00%, 06/01/32 |
|
2,125 |
2,129,657 |
| Series MMM, 4.00%, 06/15/35 |
|
5,000 |
5,004,721 |
| Sub-Series A, 4.00%, 07/01/32 |
|
9,855 |
9,838,517 |
| Sub-Series A, 5.00%, 07/01/33 |
|
1,000 |
1,008,610 |
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
|
5,000 |
5,000,979 |
| New Jersey Educational Facilities Authority, Refunding RB, Series C, 5.00%, 07/01/32 |
|
1,500 |
1,525,673 |
| New Jersey Health Care Facilities Financing Authority, Refunding RB |
|
|
|
| 5.00%, 07/01/29 |
|
2,900 |
2,908,828 |
| 5.00%, 07/01/30 |
|
2,400 |
2,407,287 |
| New Jersey Higher Education Student Assistance Authority, RB |
|
|
|
| Series A, AMT, 4.00%, 12/01/32 |
|
175 |
174,966 |
| Series A, AMT, 4.00%, 12/01/33 |
|
145 |
144,939 |
| Series A, AMT, 4.00%, 12/01/34 |
|
70 |
69,952 |
| Series A, AMT, 4.00%, 12/01/35 |
|
70 |
69,932 |
| Series B, AMT, 5.00%, 12/01/30 |
|
10,000 |
10,554,848 |
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
|
|
|
| AMT, 5.00%, 12/01/30 |
|
300 |
316,769 |
| Series A, AMT, 5.00%, 12/01/30 |
|
1,875 |
1,978,265 |
| New Jersey Housing & Mortgage Finance Agency, RB, M/F Housing |
|
|
|
| 3.15%, 12/01/43(a) |
|
3,250 |
3,242,174 |
| Series B, Sustainability Bonds, 3.05%, 11/01/29 |
|
7,000 |
6,955,992 |
| Series D-1, Sustainability Bonds, (FHLMC, FNMA, GNMA), 3.05%, 11/01/29 |
|
485 |
481,951 |
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing |
|
|
|
| Series M, Sustainability Bonds, 3.55%, 04/01/30 |
|
245 |
244,793 |
| Series M, Sustainability Bonds, 3.60%, 10/01/30 |
|
415 |
413,566 |
| New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |
|
10,165 |
9,855,550 |
| New Jersey Transportation Trust Fund Authority, RB |
|
|
|
| Series A, 5.00%, 06/15/30 |
|
2,550 |
2,552,807 |
| Series A, 0.00%, 12/15/30(c) |
|
2,150 |
1,856,864 |
| Series BB, 5.00%, 06/15/30 |
|
1,270 |
1,325,388 |
| Series C, (NPFGC), 0.00%, 12/15/30(c) |
|
35,000 |
30,228,026 |
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 06/15/30 |
|
11,600 |
11,612,769 |
| Newark Housing Authority, Refunding RB, (NPFGC), 5.25%, 01/01/27 |
|
5,000 |
5,035,572 |
| State of New Jersey, GO, Series A, 4.00%, 06/01/30 |
|
21,000 |
21,786,122 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/30 |
|
16,740 |
17,232,794 |
| Series A, 5.00%, 06/01/32 |
|
8,270 |
8,480,892 |
| |
|
|
194,745,040 |
| New Mexico — 1.0% |
| ||
| City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32 |
|
1,000 |
1,000,374 |
36
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New Mexico (continued) |
| ||
| New Mexico Educational Assistance Foundation, RB |
|
|
|
| Series A-1, AMT, (GTD STD LNS), 3.75%, 09/01/31 |
$ |
100 |
$ 100,024 |
| Series A-1, AMT, (GTD STD LNS), 3.88%, 04/01/34 |
|
20 |
19,984 |
| Series A-2, AMT, (GTD STD LNS), 3.80%, 11/01/32 |
|
100 |
100,020 |
| Series A-2, AMT, (GTD STD LNS), 3.80%, 09/01/33 |
|
100 |
97,676 |
| New Mexico Municipal Energy Acquisition Authority, Refunding RB, 5.00%, 06/01/54(a) |
|
12,805 |
13,484,404 |
| |
|
|
14,802,482 |
| New York — 10.0% |
| ||
| City of New York, GO, Series B-1, 5.00%, 12/01/33 |
|
4,000 |
4,025,746 |
| Genesee County Funding Corp., Refunding RB, Series A, 5.00%, 12/01/30 |
|
500 |
526,697 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Refunding RB, CAB, Series A, 0.00%, 11/15/30(c) |
|
13,000 |
11,319,419 |
| Metropolitan Transportation Authority, Refunding RB, Sub-Series C-1, Sustainability Bonds, 5.00%, 11/15/34 |
|
10,000 |
10,260,570 |
| New York City Housing Development Corp., RB, M/F Housing, Series C-2, Sustainability Bonds, 3.75%, 05/01/65(a) |
|
12,075 |
12,150,027 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Sub-Series B-1, 5.00%, 08/01/30 |
|
4,980 |
5,076,410 |
| Series H-1, Subordinate, 5.00%, 11/01/30 |
|
1,400 |
1,515,712 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Subordinate, 5.00%, 11/01/30 |
|
1,800 |
1,948,773 |
| New York State Environmental Facilities Corp., RB(a)(b) |
|
|
|
| AMT, 4.25%, 09/01/50 |
|
2,000 |
2,026,603 |
| AMT, 5.13%, 09/01/50 |
|
2,250 |
2,353,502 |
| New York State Housing Finance Agency, RB, M/F Housing(a) |
|
|
|
| Series A-2, Sustainability Bonds, 3.45%, 06/15/54 |
|
5,580 |
5,592,667 |
| Series F-2, Sustainability Bonds, (SONYMA), 3.13%, 05/01/56 |
|
5,000 |
4,922,109 |
| Series E, Sustainable Bonds, (SONYMA), 3.15%, 11/01/65 |
|
10,000 |
9,856,833 |
| New York Transportation Development Corp., ARB |
|
|
|
| AMT, 5.00%, 01/01/30 |
|
2,590 |
2,649,945 |
| AMT, 5.00%, 01/01/31 |
|
7,595 |
7,758,944 |
| Series A, AMT, 4.00%, 07/01/32 |
|
5,500 |
5,405,805 |
| Series A, AMT, 4.00%, 07/01/33 |
|
6,000 |
5,882,741 |
| New York Transportation Development Corp., RB |
|
|
|
| AMT, 4.00%, 10/01/30 |
|
15,090 |
15,315,814 |
| AMT, 4.00%, 10/31/34 |
|
350 |
347,226 |
| New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31 |
|
2,775 |
2,666,434 |
| New York Transportation Development Corp., Refunding RB, AMT, 5.00%, 08/01/31 |
|
5,000 |
4,999,717 |
| Port Authority of New York & New Jersey, Refunding ARB |
|
|
|
| Series 207, AMT, 4.00%, 03/15/30 |
|
10,445 |
10,532,348 |
| Series 223, AMT, 5.00%, 07/15/30 |
|
3,730 |
3,968,785 |
| Series 246, AMT, 5.00%, 09/01/30 |
|
10,000 |
10,655,082 |
| Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/30 |
|
13,990 |
13,646,383 |
| |
|
|
155,404,292 |
| North Carolina — 3.0% |
| ||
| North Carolina Medical Care Commission, RB |
|
|
|
| 3.45%, 11/01/30 |
|
4,115 |
4,037,272 |
| Security |
|
Par (000) |
Value |
| North Carolina (continued) |
| ||
| North Carolina Medical Care Commission, RB (continued) |
|
|
|
| 4.00%, 09/01/33 |
$ |
180 |
$ 179,740 |
| 4.00%, 09/01/34 |
|
185 |
183,889 |
| Series B, 5.00%, 06/01/55(a) |
|
39,750 |
42,127,328 |
| North Carolina Turnpike Authority, Refunding RB, CAB, Series C, (SAP), 0.00%, 07/01/30(c) |
|
550 |
462,276 |
| |
|
|
46,990,505 |
| Ohio — 1.5% |
| ||
| Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31 |
|
425 |
413,476 |
| County of Franklin, RB, Series 2017, (BAM-TCRS), 4.00%, 12/01/46 |
|
2,935 |
2,669,096 |
| Ohio Air Quality Development Authority, Refunding RB |
|
|
|
| 3.25%, 09/01/29 |
|
4,450 |
4,403,225 |
| 4.00%, 09/01/30(a) |
|
1,650 |
1,658,182 |
| AMT, 4.25%, 11/01/40(a) |
|
2,150 |
2,167,639 |
| Series A, AMT, 4.25%, 11/01/39(a) |
|
1,525 |
1,535,023 |
| Ohio State University, RB, Class A, Sustainability Bonds, 5.00%, 12/01/30 |
|
3,320 |
3,592,856 |
| State of Ohio, RB |
|
|
|
| AMT, (AGM), 5.00%, 12/31/29 |
|
1,625 |
1,627,158 |
| AMT, (AGM), 5.00%, 12/31/30 |
|
4,585 |
4,590,562 |
| |
|
|
22,657,217 |
| Oklahoma — 0.6% |
| ||
| Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30 |
|
2,150 |
2,314,487 |
| Oklahoma City Public Property Authority, RB, 5.00%, 06/01/30 |
|
5,310 |
5,693,607 |
| Oklahoma Housing Finance Agency, RB, M/F Housing, 3.13%, 06/01/45(a) |
|
2,000 |
1,991,601 |
| |
|
|
9,999,695 |
| Oregon — 2.1% |
| ||
| Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35 |
|
7,390 |
7,395,826 |
| Port of Morrow Oregon, ARB, Series A, 5.15%, 10/01/26(b) |
|
17,000 |
17,002,360 |
| Port of Morrow Oregon, Refunding ARB, Series A, 4.00%, 06/01/30 |
|
1,205 |
1,201,152 |
| Port of Morrow Oregon, Refunding GOL, Series D, 4.00%, 12/01/30 |
|
880 |
874,995 |
| State of Oregon Housing & Community Services Department, RB, M/F Housing, Class R, 4.00%, 01/10/48(a) |
|
6,000 |
6,064,728 |
| |
|
|
32,539,061 |
| Pennsylvania — 15.8% |
| ||
| Allegheny County Higher Education Building Authority, Refunding RB, 2.85%, 02/01/33(a) |
|
5,485 |
5,482,274 |
| Allegheny County Hospital Development Authority, RB, Series D2, 2.86%, 11/15/47(a) |
|
5,205 |
5,175,413 |
| Allegheny County Hospital Development Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 04/01/31 |
|
3,075 |
3,148,401 |
| Series A, 5.00%, 04/01/35 |
|
1,000 |
1,017,917 |
| Allentown City School District, Refunding GOL, Series B, (BAM SAW), 5.00%, 02/01/31 |
|
4,000 |
4,203,104 |
| Allentown Neighborhood Improvement Zone Development Authority, RB(b) |
|
|
|
| 5.00%, 05/01/28 |
|
350 |
360,029 |
| 5.00%, 05/01/32 |
|
9,310 |
9,348,269 |
Schedule of Investments 37
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Allentown Neighborhood Improvement Zone Development Authority, RB(b) (continued) |
|
|
|
| 5.00%, 05/01/33 |
$ |
1,900 |
$ 1,936,153 |
| Chester County Health and Education Facilities Authority, Refunding RB |
|
|
|
| 5.00%, 06/01/30 |
|
550 |
579,316 |
| Series A, 5.00%, 12/01/30 |
|
2,180 |
2,047,988 |
| Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(b) |
|
69 |
69,150 |
| City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30 |
|
5,000 |
5,377,927 |
| City of Philadelphia Pennsylvania, Refunding GO, (AGM), 4.00%, 08/01/32 |
|
6,000 |
6,030,849 |
| Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(a) |
|
4,200 |
3,945,859 |
| Commonwealth Financing Authority, RB, 5.00%, 06/01/32 |
|
8,055 |
8,313,328 |
| Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 08/15/30 |
|
7,500 |
8,089,853 |
| Commonwealth of Pennsylvania, Refunding GO, 1st Series, 4.00%, 01/01/29 |
|
1,525 |
1,532,596 |
| County of Lehigh, Refunding RB, 5.00%, 08/15/30 |
|
1,650 |
1,751,795 |
| Cumberland County Municipal Authority, Refunding RB |
|
|
|
| 5.00%, 01/01/29 |
|
385 |
385,273 |
| 5.00%, 01/01/30 |
|
875 |
875,522 |
| 5.00%, 01/01/32 |
|
1,510 |
1,510,785 |
| East Hempfield Township Industrial Development Authority, Refunding RB |
|
|
|
| 5.00%, 12/01/28 |
|
370 |
370,161 |
| 5.00%, 12/01/30 |
|
135 |
135,040 |
| Geisinger Authority, Refunding RB |
|
|
|
| 5.00%, 04/01/43(a) |
|
2,000 |
2,098,119 |
| Series A-2, 5.00%, 02/15/32 |
|
4,000 |
4,039,076 |
| Series A-2, 5.00%, 02/15/34 |
|
1,750 |
1,765,531 |
| Lancaster County Hospital Authority, Refunding RB, 3.00%, 08/15/30 |
|
2,535 |
2,510,001 |
| Lancaster Municipal Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 05/01/29 |
|
190 |
197,002 |
| Series A, 5.00%, 05/01/30 |
|
195 |
203,737 |
| Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29 |
|
12,250 |
12,182,408 |
| Montgomery County Higher Education and Health Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/35 |
|
1,735 |
1,713,717 |
| 4.00%, 09/01/36 |
|
1,500 |
1,452,299 |
| Series A, 5.00%, 09/01/31 |
|
1,750 |
1,799,186 |
| Series A, 5.00%, 09/01/32 |
|
1,315 |
1,349,702 |
| Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 01/01/30 |
|
1,640 |
1,641,179 |
| Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34 |
|
1,400 |
1,425,612 |
| Pennsylvania Economic Development Financing Authority, RB |
|
|
|
| 5.00%, 12/31/29 |
|
5,000 |
5,004,141 |
| 5.00%, 12/31/30 |
|
13,100 |
13,109,947 |
| 5.00%, 12/31/34 |
|
16,500 |
16,508,410 |
| Series A-1, 5.00%, 04/15/30 |
|
2,500 |
2,655,661 |
| Series A-1, 5.00%, 05/15/31 |
|
5,715 |
6,110,574 |
| AMT, 5.00%, 12/31/29 |
|
3,750 |
3,910,574 |
| AMT, 5.00%, 06/30/30 |
|
3,500 |
3,664,260 |
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Pennsylvania Economic Development Financing Authority, Refunding RB |
|
|
|
| 5.00%, 03/15/60(a) |
$ |
3,500 |
$ 3,677,982 |
| Series A, 5.00%, 12/15/30 |
|
3,650 |
3,906,394 |
| Pennsylvania Higher Education Assistance Agency, RB, Series 1A, AMT, 5.00%, 06/01/30 |
|
3,500 |
3,649,588 |
| Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 5.00%, 06/15/30 |
|
6,625 |
6,632,849 |
| Pennsylvania Housing Finance Agency, RB, M/F Housing(a) |
|
|
|
| 2.65%, 09/01/29 |
|
775 |
763,234 |
| (HUD SECT 8), 3.15%, 01/01/46 |
|
7,300 |
7,262,436 |
| Series B, (HUD SECT 8), 3.00%, 02/01/30 |
|
2,750 |
2,740,326 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 137, Sustainability Bonds, 1.90%, 04/01/30 |
|
1,625 |
1,496,942 |
| Series 137, Sustainability Bonds, 1.95%, 10/01/30 |
|
875 |
798,225 |
| Series 149A, Sustainability Bonds, 5.25%, 04/01/30 |
|
200 |
212,741 |
| Series 149A, Sustainability Bonds, 5.25%, 10/01/30 |
|
500 |
533,598 |
| Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32 |
|
8,890 |
8,607,798 |
| Pennsylvania Turnpike Commission, RB |
|
|
|
| Sub-Series B-1, 5.00%, 06/01/31 |
|
3,000 |
3,046,517 |
| Sub-Series B-1, 5.00%, 06/01/32 |
|
4,075 |
4,134,953 |
| Pennsylvania Turnpike Commission, Refunding RB |
|
|
|
| 2nd Sub Series, 5.00%, 12/01/32 |
|
1,000 |
1,022,977 |
| 2nd Sub Series, 5.00%, 12/01/33 |
|
1,815 |
1,855,130 |
| 2nd Sub Series, 5.00%, 12/01/34 |
|
1,500 |
1,531,483 |
| 2nd Sub Series, 5.00%, 12/01/35 |
|
2,005 |
2,044,472 |
| Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29 |
|
165 |
162,674 |
| Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30 |
|
425 |
426,344 |
| School District of Philadelphia, GOL |
|
|
|
| Series A, (SAW), 5.00%, 09/01/26 |
|
3,250 |
3,254,940 |
| Series A, (SAW), 5.00%, 09/01/28 |
|
1,630 |
1,697,342 |
| School District of Philadelphia, Refunding GOL, Series B, (SAW), 5.00%, 09/01/30 |
|
1,665 |
1,783,797 |
| Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30 |
|
5,000 |
5,349,617 |
| Wayne County Hospital & Health Facilities Authority, RB |
|
|
|
| Series A, (GTD), 5.00%, 07/01/31 |
|
105 |
106,383 |
| Series A, (GTD), 4.00%, 07/01/33 |
|
440 |
440,103 |
| West Cornwall Township Municipal Authority, Refunding RB |
|
|
|
| Series A, 4.00%, 11/15/27 |
|
130 |
130,703 |
| Series A, 4.00%, 11/15/28 |
|
105 |
105,897 |
| Series A, 4.00%, 11/15/29 |
|
140 |
141,215 |
| Series A, 4.00%, 11/15/31 |
|
200 |
201,114 |
| Westmoreland County Municipal Authority, Refunding RB |
|
|
|
| (BAM), 5.00%, 08/15/31 |
|
5,000 |
5,097,074 |
| (BAM), 5.00%, 08/15/32 |
|
17,945 |
18,275,692 |
| |
|
|
246,118,678 |
| Puerto Rico — 1.6% |
| ||
| Commonwealth of Puerto Rico, GO |
|
|
|
| Series A-1, Restructured, 5.63%, 07/01/27 |
|
3,486 |
3,554,936 |
| Series A-1, Restructured, 5.63%, 07/01/29 |
|
1,533 |
1,619,202 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB(c) |
|
|
|
| Series A-1, Restructured, 0.00%, 07/01/29 |
|
3,555 |
3,222,230 |
38
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Puerto Rico (continued) |
| ||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB(c) (continued) |
|
|
|
| Series A-1, Restructured, 0.00%, 07/01/31 |
$ |
13,523 |
$ 11,448,910 |
| Series B-1, Restructured, 0.00%, 07/01/33 |
|
6,477 |
5,055,394 |
| |
|
|
24,900,672 |
| Rhode Island — 1.0% |
| ||
| Rhode Island Student Loan Authority, RB |
|
|
|
| Series A, AMT, 5.00%, 12/01/29 |
|
1,950 |
2,039,067 |
| Series A, AMT, 5.00%, 12/01/30 |
|
1,300 |
1,367,338 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/28 |
|
2,750 |
2,752,346 |
| Series A, 5.00%, 06/01/29 |
|
4,500 |
4,503,594 |
| Series A, 5.00%, 06/01/30 |
|
4,215 |
4,218,225 |
| |
|
|
14,880,570 |
| South Carolina — 1.2% |
| ||
| County of Charleston South Carolina, GO, Series A, (SAW), 4.00%, 11/01/30 |
|
4,885 |
4,941,811 |
| Medical University Hospital Authority, RB |
|
|
|
| 5.00%, 05/15/30 |
|
280 |
298,352 |
| 5.00%, 11/15/30 |
|
350 |
374,839 |
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35 |
|
10,000 |
10,232,402 |
| South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31 |
|
2,800 |
2,998,644 |
| |
|
|
18,846,048 |
| Tennessee — 2.0% |
| ||
| Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36 |
|
2,000 |
1,973,496 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Class A, 5.00%, 07/01/29 |
|
7,500 |
7,873,527 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, M/F Housing, 3.05%, 01/01/45(a) |
|
3,100 |
3,035,290 |
| Rutherford County Health & Educational Facilities Board, Refunding RB, 5.00%, 11/15/48(a) |
|
12,000 |
12,801,594 |
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
|
5,000 |
5,208,406 |
| |
|
|
30,892,313 |
| Texas — 12.0% |
| ||
| City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/30 |
|
2,000 |
2,131,212 |
| City of Houston Texas Airport System Revenue, ARB, Series C, AMT, 5.00%, 07/15/28 |
|
3,000 |
3,070,663 |
| City of Houston Texas Airport System Revenue, Refunding RB |
|
|
|
| Sub-Series D, 5.00%, 07/01/33 |
|
7,000 |
7,233,866 |
| AMT, 5.00%, 07/01/29 |
|
8,820 |
8,828,710 |
| Sub-Series A, AMT, 5.00%, 07/01/30 |
|
1,785 |
1,894,810 |
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, Subordinate, 5.00%, 11/15/34 |
|
7,315 |
7,349,186 |
| Clifton Higher Education Finance Corp., Refunding RB, Series A, 3.95%, 12/01/32 |
|
1,335 |
1,322,441 |
| Dallas Fort Worth International Airport, ARB, Series A-2, AMT, 5.00%, 11/01/50(a) |
|
7,500 |
7,862,161 |
| Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32 |
|
2,500 |
2,675,308 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Harris County Cultural Education Facilities Finance Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/28 |
$ |
505 |
$ 500,554 |
| Series A, 5.00%, 01/01/33 |
|
65 |
65,030 |
| Series A, 5.00%, 06/01/33 |
|
3,000 |
2,839,726 |
| Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/26 |
|
430 |
431,965 |
| Lower Colorado River Authority, Refunding RB, Series A, 5.00%, 05/15/30 |
|
3,415 |
3,646,181 |
| Matagorda County Navigation District No. 1, Refunding RB |
|
|
|
| Series A, (AMBAC), 4.40%, 05/01/30 |
|
7,885 |
8,208,749 |
| Series B, (AMBAC), 4.55%, 05/01/30 |
|
12,055 |
12,561,338 |
| Series B-2, 4.00%, 06/01/30 |
|
10,100 |
10,102,954 |
| AMT, 4.25%, 05/01/30 |
|
6,855 |
7,024,970 |
| Midland County Fresh Water Supply District No. 1, RB, CAB(c)(d) |
|
|
|
| Series A, 0.00%, 09/15/31 |
|
6,235 |
5,052,929 |
| Series A, 0.00%, 09/15/32 |
|
14,135 |
10,921,307 |
| Mission Economic Development Corp., RB, AMT, Sustainable Bonds, 5.00%, 12/01/64(a) |
|
4,200 |
4,334,132 |
| New Hope Cultural Education Facilities Finance Corp., RB, Series A, 4.00%, 08/15/29(b) |
|
125 |
124,107 |
| North Texas Tollway Authority, Refunding RB, (AGM), 0.00%, 01/01/30(c) |
|
300 |
269,044 |
| Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/30 |
|
2,000 |
2,153,099 |
| Socorro Independent School District, Refunding GO, Series B, (PSF), 4.00%, 08/15/34 |
|
2,275 |
2,275,753 |
| Spring Branch Independent School District, GO, (PSF), 3.00%, 02/01/33 |
|
5,000 |
4,706,480 |
| State of Texas, Refunding GO, AMT, 5.00%, 08/01/30 |
|
13,830 |
14,716,905 |
| Tarrant County Cultural Education Facilities Finance Corp., RB |
|
|
|
| Class F, 5.00%, 11/15/52(a) |
|
3,585 |
3,797,858 |
| Series B, 5.00%, 07/01/35 |
|
9,435 |
9,736,078 |
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/64(a) |
|
2,580 |
2,719,271 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB |
|
|
|
| 5.00%, 12/15/30 |
|
8,935 |
9,297,644 |
| 5.00%, 12/15/32 |
|
9,080 |
9,515,638 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, RB, Series A, 5.50%, 01/01/54(a) |
|
18,000 |
18,885,042 |
| |
|
|
186,255,111 |
| Utah — 0.4% |
| ||
| City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/30 |
|
5,060 |
5,361,747 |
| Downtown Revitalization Public Infrastructure District, RB |
|
|
|
| Series A, 1st Lien, (AGM), 5.00%, 06/01/30 |
|
700 |
747,901 |
| Series B, 2nd Lien, (AGM), 5.00%, 06/01/30 |
|
760 |
811,724 |
| |
|
|
6,921,372 |
| Vermont — 0.3% |
| ||
| Vermont Economic Development Authority, RB, AMT, 5.00%, 06/01/52(a)(b) |
|
4,000 |
4,026,144 |
| Virginia — 1.4% |
| ||
| Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/30(b) |
|
1,000 |
1,006,039 |
Schedule of Investments 39
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Virginia (continued) |
| ||
| Roanoke Economic Development Authority, RB, 5.00%, 07/01/30 |
$ |
4,665 |
$ 4,997,989 |
| Roanoke Economic Development Authority, Refunding RB, 5.00%, 07/01/53(a) |
|
7,960 |
8,418,417 |
| Virginia Commonwealth Transportation Board, RB, 5.00%, 09/15/30 |
|
5,000 |
5,013,084 |
| Virginia Small Business Financing Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 12/01/29 |
|
805 |
847,714 |
| Series A, 5.00%, 12/01/30 |
|
725 |
770,602 |
| |
|
|
21,053,845 |
| Washington — 3.4% |
| ||
| County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 2.39%, 01/01/40(a) |
|
4,050 |
4,037,155 |
| Port of Seattle Washington, ARB |
|
|
|
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/33 |
|
6,695 |
6,777,716 |
| Series C, AMT, Intermediate Lien, 5.00%, 05/01/34 |
|
6,000 |
6,071,028 |
| Port of Seattle Washington, Refunding ARB |
|
|
|
| Series B, AMT, Intermediate Lien, 5.00%, 07/01/30 |
|
3,000 |
3,185,686 |
| Series C, AMT, Intermediate Lien, 5.00%, 08/01/30 |
|
2,695 |
2,864,402 |
| Washington Economic Development Finance Authority, RB, AMT, 5.88%, 12/01/45(a) |
|
1,000 |
1,013,392 |
| Washington Health Care Facilities Authority, RB, Class B, 5.00%, 10/01/30 |
|
10,000 |
10,638,520 |
| Washington Health Care Facilities Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 09/01/30 |
|
1,600 |
1,698,845 |
| Series B, 5.00%, 08/15/35 |
|
9,485 |
9,632,144 |
| Washington State Convention Center Public Facilities District, RB, Sustainability Bonds, 4.00%, 07/01/31 |
|
4,240 |
4,277,339 |
| Washington State Housing Finance Commission, RB, 5.00%, 07/01/30 |
|
220 |
233,682 |
| Washington State Housing Finance Commission, Refunding RB |
|
|
|
| Series A, 5.00%, 07/01/27 |
|
350 |
356,307 |
| Series A, 5.00%, 07/01/28 |
|
550 |
570,002 |
| Series A, 5.00%, 07/01/29 |
|
775 |
813,995 |
| Series A, 5.00%, 07/01/30 |
|
815 |
865,686 |
| |
|
|
53,035,899 |
| West Virginia — 0.4% |
| ||
| West Virginia Economic Development Authority, Refunding RB, AMT, 3.75%, 04/01/36(a) |
|
3,500 |
3,473,786 |
| West Virginia Hospital Finance Authority, RB |
|
|
|
| Series A, 5.00%, 06/01/31 |
|
1,950 |
1,976,024 |
| Series A, 5.00%, 06/01/33 |
|
1,100 |
1,113,505 |
| |
|
|
6,563,315 |
| Wisconsin — 2.2% |
| ||
| Public Finance Authority, RB(b) |
|
|
|
| 4.00%, 06/15/30 |
|
1,225 |
1,143,689 |
| 5.00%, 07/15/30 |
|
1,539 |
1,539,086 |
| 5.50%, 12/01/30 |
|
350 |
364,401 |
| 5.00%, 01/01/31 |
|
650 |
652,672 |
| Series A, 4.00%, 07/15/29 |
|
300 |
295,464 |
| Series A, 4.00%, 03/01/30 |
|
795 |
785,327 |
| Series A, 3.75%, 06/01/30 |
|
275 |
261,500 |
| Series A, 5.00%, 06/15/31 |
|
680 |
681,843 |
| Security |
|
Par (000) |
Value |
| Wisconsin (continued) |
| ||
| Public Finance Authority, Refunding RB |
|
|
|
| 5.00%, 11/15/30 |
$ |
240 |
$ 253,919 |
| Class A, 3.00%, 12/01/26(b) |
|
125 |
124,026 |
| Class C, 4.00%, 10/01/41(a) |
|
4,230 |
4,273,086 |
| Class B, AMT, 4.00%, 10/01/46(a) |
|
1,750 |
1,776,666 |
| Series B, AMT, 5.25%, 07/01/28 |
|
400 |
400,272 |
| Waunakee Community School District, RB, 3.63%, 04/01/30 |
|
11,820 |
11,844,368 |
| Wisconsin Health & Educational Facilities Authority, RB, Series B-2, 4.20%, 08/15/28 |
|
370 |
370,021 |
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/35 |
|
2,500 |
2,569,144 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series D, (FNMA), 3.00%, 09/01/32 |
|
7,265 |
6,971,405 |
| |
|
|
34,306,889 |
| Total Municipal Bonds — 144.1% (Cost: $2,253,057,957) |
2,240,187,356 | ||
| Municipal Bonds Transferred to Tender Option Bond Trusts(e) | |||
| Colorado(f) — 0.7% |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, 4.25%, 11/15/31 |
|
8,085 |
8,094,005 |
| Series A, 4.25%, 11/15/32 |
|
2,230 |
2,232,615 |
| |
|
|
10,326,620 |
| Florida(f) — 6.1% |
| ||
| County of Broward Florida Airport System Revenue, ARB |
|
|
|
| Series Q-1, 4.00%, 10/01/29 |
|
17,200 |
17,201,909 |
| Series Q-1, 4.00%, 10/01/30 |
|
18,095 |
18,097,036 |
| Series Q-1, 4.00%, 10/01/31 |
|
18,820 |
18,822,110 |
| Series Q-1, 4.00%, 10/01/32 |
|
19,575 |
19,577,188 |
| Series Q-1, 4.00%, 10/01/33 |
|
20,355 |
20,357,284 |
| |
|
|
94,055,527 |
| Georgia — 1.2% |
| ||
| Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53(a) |
|
18,465 |
19,392,200 |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.0% (Cost: $123,499,956) |
123,774,347 | ||
40
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
(Percentages shown are based on Net Assets)
| Security |
|
Shares |
Value |
| Warrants | |||
| Construction & Engineering — 0.0% |
| ||
| Brightline West, (Expires 11/26/35, Strike Price USD 5.00)(g)(h) |
|
195,210 |
$ 390,420 |
| Total Warrants — 0.0% (Cost: $ — ) |
390,420 | ||
| Total Long-Term Investments — 152.1% (Cost: $2,376,557,913) |
2,364,352,123 | ||
| Short-Term Securities | |||
| Money Market Funds — 0.2% |
| ||
| BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.19%(i)(j) |
|
3,642,343 |
3,642,707 |
| Total Short-Term Securities — 0.2% (Cost: $3,642,707) |
3,642,707 | ||
| Total Investments — 152.3% (Cost: $2,380,200,620) |
2,367,994,830 | ||
| Other Assets Less Liabilities — 1.3% |
20,136,231 | ||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)% |
(84,126,286 ) | ||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.2)% |
(749,390,237 ) | ||
| Net Assets Applicable to Common Shares — 100.0% |
$ 1,554,614,538 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Zero-coupon bond. |
| (d) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (e) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details. |
| (f) |
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 October 1, 2029 to November 15, 2032, is $71,728,412. See Note 4 of the Notes to Financial Statements for details. |
| (g) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (h) |
Non-income producing security. |
| (i) |
Affiliate of the Fund. |
| (j) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/26 |
Shares Held at 07/31/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 19,711,831 |
$ — |
$ (16,069,124 )(a) |
$ — |
$ — |
$ 3,642,707 |
3,642,343 |
$ 719,725 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |
$ — |
$ 2,240,187,356 |
$ — |
$ 2,240,187,356 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
123,774,347 |
— |
123,774,347 |
| Warrants |
— |
— |
390,420 |
390,420 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
3,642,707 |
— |
— |
3,642,707 |
| |
$3,642,707 |
$2,363,961,703 |
$390,420 |
$2,367,994,830 |
Schedule of Investments 41
Schedule of Investments (continued)
July 31, 2026
BlackRock Municipal 2030 Target Term Trust (BTT)
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 |
$— |
$(83,414,981 ) |
$— |
$(83,414,981 ) |
| VRDP Shares at Liquidation Value |
— |
(750,000,000 ) |
— |
(750,000,000 ) |
| |
$— |
$(833,414,981 ) |
$— |
$(833,414,981 ) |
See notes to financial statements.
42
2026 BlackRock Annual Report to Shareholders
Schedule of Investments
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Municipal Bonds | |||
| Alabama — 5.3% |
| ||
| Black Belt Energy Gas District, RB(a) |
|
|
|
| Series A, 5.25%, 01/01/54 |
$ |
8,325 |
$ 8,712,247 |
| Series A, 5.25%, 05/01/56 |
|
10,065 |
10,145,646 |
| Series B, 5.25%, 12/01/53 |
|
5,455 |
5,800,170 |
| Series C, 5.50%, 10/01/54 |
|
10,000 |
10,648,892 |
| Series F, 5.50%, 11/01/53 |
|
2,750 |
2,858,700 |
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
|
5,000 |
5,022,062 |
| County of Jefferson Alabama Sewer Revenue, Refunding RB |
|
|
|
| 5.25%, 10/01/49 |
|
10,395 |
10,728,252 |
| 5.50%, 10/01/53 |
|
520 |
540,180 |
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a) |
|
10,480 |
11,377,886 |
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
6,500 |
6,590,375 |
| Mobile County Industrial Development Authority, RB |
|
|
|
| Series A, AMT, 5.00%, 06/01/54 |
|
4,720 |
4,548,342 |
| Series B, AMT, 4.75%, 12/01/54 |
|
1,100 |
1,027,690 |
| Southeast Alabama Gas Supply District, Refunding RB, Series B, 5.00%, 06/01/49(a) |
|
6,435 |
6,677,352 |
| Southeast Energy Authority A Cooperative District, RB(a) |
|
|
|
| Series A, 5.00%, 01/01/56 |
|
7,900 |
7,929,826 |
| Series A-1, 5.50%, 01/01/53 |
|
5,195 |
5,490,922 |
| Series A-2, 4.87%, 01/01/53 |
|
5,090 |
5,193,441 |
| Series B, 5.00%, 01/01/54 |
|
5,350 |
5,601,940 |
| Series B, 5.25%, 03/01/55 |
|
2,375 |
2,421,074 |
| Series B-1, 5.00%, 05/01/53 |
|
4,510 |
4,633,864 |
| |
|
|
115,948,861 |
| Alaska — 0.3% |
| ||
| Municipality of Anchorage Refunding RB, Series A, AMT, 5.50%, 02/01/56 |
|
1,210 |
1,260,916 |
| Municipality of Anchorage, ARB, Series A, AMT, 4.50%, 02/01/60 |
|
7,020 |
6,191,585 |
| |
|
|
7,452,501 |
| Arizona — 3.9% |
| ||
| Arizona Industrial Development Authority, RB(b) |
|
|
|
| 4.38%, 07/01/39 |
|
2,075 |
1,777,894 |
| Series A, 5.00%, 07/01/49 |
|
1,975 |
1,790,922 |
| Series A, 5.00%, 07/01/54 |
|
1,525 |
1,343,944 |
| Arizona Industrial Development Authority, Refunding RB(b) |
|
|
|
| 5.50%, 07/01/52 |
|
130 |
113,324 |
| Series A, 5.38%, 07/01/50 |
|
1,185 |
1,143,265 |
| Series G, 5.00%, 07/01/47 |
|
435 |
406,985 |
| City of Phoenix Civic Improvement Corp., ARB, Junior Lien, 5.00%, 07/01/49 |
|
5,000 |
5,076,402 |
| City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
|
8,335 |
8,852,764 |
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
|
165 |
144,861 |
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |
|
7,345 |
6,854,613 |
| Industrial Development Authority of the County of Pima, RB(b) |
|
|
|
| 5.00%, 07/01/34 |
|
400 |
400,053 |
| 5.00%, 07/01/49 |
|
350 |
320,713 |
| Security |
|
Par (000) |
Value |
| Arizona (continued) |
| ||
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b) |
$ |
985 |
$ 854,048 |
| Maricopa County & Phoenix Industrial Development Authorities, RB, S/F Housing, Series A, (GNMA), 6.50%, 03/01/55 |
|
1,440 |
1,586,839 |
| Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58(b) |
|
620 |
605,157 |
| Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(b) |
|
640 |
576,917 |
| Salt Verde Financial Corp., RB |
|
|
|
| 5.00%, 12/01/32 |
|
17,135 |
17,848,621 |
| 5.00%, 12/01/37 |
|
13,885 |
14,191,763 |
| Town of Queen Creek, COP, 5.50%, 10/01/65 |
|
19,940 |
20,954,792 |
| |
|
|
84,843,877 |
| Arkansas — 0.2% |
| ||
| Arkansas Development Finance Authority, RB, AMT, Sustainability Bonds, 5.70%, 05/01/53 |
|
3,415 |
3,504,488 |
| California — 7.2% |
| ||
| California Community Choice Financing Authority, RB(a) |
|
|
|
| Series B, Sustainability Bonds, 5.00%, 03/01/56 |
|
2,935 |
3,063,729 |
| Series B-2, Sustainability Bonds, 2.61%, 02/01/52 |
|
1,500 |
1,437,630 |
| California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 |
|
265 |
258,278 |
| California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |
|
2,315 |
2,633,079 |
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
|
3,470 |
3,029,194 |
| California Health Facilities Financing Authority, Refunding RB, Sustainability Bonds, 5.00%, 08/01/55 |
|
1,500 |
1,467,996 |
| California Housing Finance Agency, RB, M/F Housing, Class I, 5.80%, 04/01/36(b) |
|
3,270 |
3,196,523 |
| California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 07/01/36(c) |
|
10,100 |
10,461,782 |
| California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65(a)(b) |
|
6,645 |
4,252,800 |
| California Municipal Finance Authority, ARB |
|
|
|
| AMT, Senior Lien, 5.00%, 12/31/43 |
|
800 |
806,645 |
| AMT, Senior Lien, 4.00%, 12/31/47 |
|
780 |
688,132 |
| California Municipal Finance Authority, RB, M/F Housing |
|
|
|
| 6.00%, 02/01/38(a) |
|
3,700 |
3,612,925 |
| 6.00%, 06/01/38(a)(b) |
|
1,100 |
1,081,350 |
| Series A, 6.10%, 12/01/37 |
|
3,700 |
3,640,841 |
| Series A, 6.05%, 07/01/41(b) |
|
2,085 |
2,085,000 |
| California Municipal Finance Authority, RB, S/F Housing, Series 2025-1, Class A-1, 3.45%, 02/20/41(a) |
|
1,327 |
1,200,905 |
| California Public Finance Authority, RB, Series A, 6.38%, 06/01/59(b) |
|
1,325 |
1,240,690 |
| California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b) |
|
1,700 |
1,601,940 |
| California Statewide Communities Development Authority, RB, M/F Housing, Class I, 5.80%, 06/01/36(b) |
|
3,055 |
2,956,990 |
| City of Los Angeles Department of Airports, ARB |
|
|
|
| Series A, AMT, 5.00%, 05/15/42 |
|
11,420 |
11,486,142 |
| AMT, Sustainability Bonds, 5.00%, 05/15/47 |
|
4,420 |
4,490,674 |
Schedule of Investments 43
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 |
$ |
4,425 |
$ 4,636,489 |
| CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 5.00%, 09/01/37(b) |
|
180 |
180,634 |
| Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(d) |
|
1,650 |
1,715,700 |
| Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |
|
2,405 |
2,371,563 |
| Mt San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2008, 6.25%, 08/01/43(d) |
|
1,580 |
1,646,825 |
| Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGM), 0.00%, 08/01/38(e) |
|
8,000 |
4,784,926 |
| Palomar Community College District, GO |
|
|
|
| Series B, Convertible, 6.20%, 08/01/39(d) |
|
2,605 |
3,156,893 |
| Series B, Election 2006, 0.00%, 08/01/30(e) |
|
1,500 |
1,330,623 |
| Pleasanton Unified School District, GO, Election 2022, 4.25%, 08/01/50 |
|
7,630 |
7,420,167 |
| Riverside County Transportation Commission, RB, CAB(e) |
|
|
|
| Series B, Senior Lien, 0.00%, 06/01/41 |
|
5,000 |
2,513,121 |
| Series B, Senior Lien, 0.00%, 06/01/42 |
|
6,000 |
2,850,456 |
| Series B, Senior Lien, 0.00%, 06/01/43 |
|
5,000 |
2,249,079 |
| Sacramento Housing Authority, RB, M/F Housing, Class IA, 5.80%, 07/01/38(b) |
|
2,300 |
2,193,260 |
| Sacramento Metropolitan Fire District, GO, Series A, Election 2024, 4.00%, 08/01/55 |
|
2,940 |
2,684,758 |
| San Diego Community College District, GO, Election 2002, 6.00%, 08/01/33(c)(d) |
|
2,800 |
2,897,725 |
| San Diego County Regional Airport Authority, ARB |
|
|
|
| Series B, AMT, 5.00%, 07/01/47 |
|
1,515 |
1,516,887 |
| Series B, AMT, Subordinate, 5.00%, 07/01/56 |
|
2,150 |
2,154,761 |
| San Diego Unified School District, GO |
|
|
|
| Class A, 0.00%, 07/01/29(e)(f) |
|
5,315 |
4,876,645 |
| Series A, 0.00%, 07/01/29(e)(f) |
|
685 |
628,505 |
| Series C, Election 2008, 0.00%, 07/01/38(e) |
|
2,000 |
1,280,383 |
| Sustainability Bonds, 4.00%, 07/01/53 |
|
7,580 |
7,072,067 |
| San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(e) |
|
1,400 |
1,201,860 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series D, AMT, 5.25%, 05/01/55 |
|
11,105 |
11,445,710 |
| San Marcos Unified School District, GO, CAB(e) |
|
|
|
| Series B, Election 2010, 0.00%, 08/01/33 |
|
3,000 |
2,349,816 |
| Series B, Election 2010, 0.00%, 08/01/34 |
|
3,500 |
2,629,936 |
| Series B, Election 2010, 0.00%, 08/01/36 |
|
4,000 |
2,746,574 |
| Series B, Election 2010, 0.00%, 08/01/43 |
|
2,500 |
1,205,111 |
| Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |
|
1,000 |
1,004,142 |
| Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
|
2,690 |
2,706,299 |
| Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(e) |
|
10,000 |
6,476,622 |
| |
|
|
156,620,782 |
| Colorado — 0.7% |
| ||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
|
250 |
243,749 |
| Security |
|
Par (000) |
Value |
| Colorado (continued) |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 4.13%, 11/15/53 |
$ |
1,290 |
$ 1,127,759 |
| Series D, AMT, 5.75%, 11/15/45 |
|
3,310 |
3,557,974 |
| City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(e) |
|
915 |
553,364 |
| Colorado Health Facilities Authority, RB |
|
|
|
| 5.25%, 11/01/39 |
|
595 |
631,242 |
| 5.50%, 11/01/47 |
|
1,055 |
1,105,965 |
| 5.25%, 11/01/52 |
|
1,920 |
1,965,665 |
| Colorado Health Facilities Authority, Refunding RB |
|
|
|
| Series A, 4.00%, 11/15/46 |
|
1,610 |
1,464,908 |
| Series A, 4.00%, 05/15/52 |
|
1,500 |
1,310,927 |
| Series A, 5.00%, 05/15/52 |
|
3,000 |
3,046,346 |
| Denver Convention Center Hotel Authority, Refunding RB, Series A, 5.00%, 12/01/40 |
|
830 |
829,930 |
| |
|
|
15,837,829 |
| Connecticut — 0.2% |
| ||
| Aquarion Water Authority, RB, CAB(e) |
|
|
|
| Series C, 0.00%, 08/01/53 |
|
425 |
104,514 |
| Series C, 0.00%, 08/01/54 |
|
535 |
124,185 |
| Series C, 0.00%, 08/01/55 |
|
605 |
132,261 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/46 |
|
1,460 |
545,588 |
| Series E, Subordinate, 0.00%, 08/01/51 |
|
755 |
200,888 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/52 |
|
1,005 |
257,659 |
| Series E, Subordinate, 0.00%, 08/01/53 |
|
455 |
106,813 |
| Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53 |
|
1,695 |
1,500,324 |
| State of Connecticut Special Tax Revenue, RB, Series A-2, 5.00%, 07/01/43 |
|
1,420 |
1,518,809 |
| Waterbury Housing Authority, RB, M/F Housing, Series A, (HUD SECT 8), 4.50%, 02/01/42 |
|
930 |
915,578 |
| |
|
|
5,406,619 |
| Delaware — 0.2% |
| ||
| County of Kent Delaware, RB |
|
|
|
| Series A, 5.00%, 07/01/40 |
|
1,100 |
1,096,712 |
| Series A, 5.00%, 07/01/53 |
|
2,585 |
2,358,067 |
| |
|
|
3,454,779 |
| District of Columbia — 3.3% |
| ||
| District of Columbia Housing Finance Agency, RB, M/F Housing, Series A, Sustainability Bonds, (FNMA), 4.88%, 09/01/45 |
|
720 |
710,021 |
| District of Columbia Income Tax Revenue, RB, Series A, 5.00%, 07/01/47 |
|
2,050 |
2,119,517 |
| District of Columbia Income Tax Revenue, Refunding RB, Series A, 5.25%, 06/01/50 |
|
2,865 |
3,021,187 |
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
|
25,305 |
26,055,258 |
| District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 |
|
8,510 |
8,911,841 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.25%, 10/01/48 |
|
1,000 |
1,024,583 |
| Series A, AMT, 5.25%, 10/01/49 |
|
1,190 |
1,219,640 |
| Series A, AMT, 5.50%, 10/01/55 |
|
2,255 |
2,358,002 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
|
|
|
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/34(e) |
|
10,170 |
7,436,234 |
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/35(e) |
|
13,485 |
9,386,542 |
44
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(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, Subordinate, 4.00%, 10/01/49 |
$ |
7,985 |
$ 6,875,141 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
|
|
|
| Series A, 2nd Lien, Sustainability Bonds, 4.38%, 07/15/59 |
|
2,795 |
2,622,729 |
| Sustainability Bonds, 5.00%, 07/15/45 |
|
1,210 |
1,260,497 |
| |
|
|
73,001,192 |
| Florida — 5.9% |
| ||
| Capital Trust Agency, Inc., RB(b) |
|
|
|
| 5.00%, 01/01/55 |
|
305 |
257,246 |
| Series A, 5.00%, 06/01/45 |
|
1,750 |
1,503,117 |
| Series A, 5.50%, 06/01/57 |
|
655 |
561,673 |
| Celebration Pointe Community Development District No. 1, SAB(g)(h) |
|
|
|
| 5.00%, 05/01/32 |
|
180 |
144,000 |
| 5.00%, 05/01/48 |
|
530 |
424,000 |
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB |
|
|
|
| Series B, 5.50%, 09/01/48 |
|
2,920 |
3,137,919 |
| Series B, 5.50%, 09/01/53 |
|
1,700 |
1,811,357 |
| City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47(c) |
|
20 |
21,231 |
| City of Miami Florida, RB, Series A, 5.00%, 03/01/48 |
|
1,800 |
1,850,757 |
| City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45(e) |
|
6,275 |
2,460,454 |
| Collier County Health Facilities Authority, RB, 4.00%, 05/01/52 |
|
1,070 |
880,106 |
| Collier County Industrial Development Authority, RB, Series A, (AGM), 5.00%, 10/01/54 |
|
3,500 |
3,507,428 |
| County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/44 |
|
995 |
1,009,509 |
| County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51 |
|
1,700 |
1,509,613 |
| County of Broward Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |
|
585 |
549,254 |
| County of Lee Florida Airport Revenue, ARB |
|
|
|
| AMT, 5.25%, 10/01/49 |
|
2,050 |
2,098,584 |
| AMT, (AGM), 5.25%, 10/01/54 |
|
4,325 |
4,421,628 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 10/01/44 |
|
3,525 |
3,560,881 |
| Series A, AMT, 5.50%, 10/01/55 |
|
2,840 |
2,952,349 |
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
|
3,120 |
3,143,585 |
| County of Miami-Dade Seaport Department, Refunding RB |
|
|
|
| Series A, AMT, 5.00%, 10/01/38 |
|
950 |
986,576 |
| Series A, AMT, 5.25%, 10/01/52 |
|
1,245 |
1,255,319 |
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) |
|
|
|
| Series A-2, 0.00%, 10/01/46 |
|
260 |
89,711 |
| Series A-2, 0.00%, 10/01/47 |
|
435 |
139,720 |
| County of Pasco Florida, RB |
|
|
|
| (AGM), 5.00%, 09/01/48 |
|
5,085 |
5,151,143 |
| (AGM), 5.75%, 09/01/54 |
|
1,455 |
1,543,615 |
| Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(b) |
|
1,155 |
934,346 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Escambia County Health Facilities Authority, Refunding RB, 5.00%, 08/15/40 |
$ |
1,050 |
$ 1,058,102 |
| Finley Woods Community Development District, SAB |
|
|
|
| 4.00%, 05/01/40 |
|
265 |
240,333 |
| 4.20%, 05/01/50 |
|
450 |
377,590 |
| Florida Development Finance Corp., RB |
|
|
|
| Series A, 5.00%, 06/15/56 |
|
400 |
378,099 |
| AMT, 5.00%, 05/01/29(b) |
|
920 |
925,837 |
| Florida Development Finance Corp., Refunding RB |
|
|
|
| 5.00%, 09/15/40(b) |
|
340 |
329,088 |
| AMT, (AGM), 5.00%, 07/01/44 |
|
8,255 |
8,104,992 |
| AMT, (AGM), 5.25%, 07/01/47 |
|
2,000 |
1,984,364 |
| Florida Housing Finance Corp., RB, S/F Housing |
|
|
|
| Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 |
|
4,410 |
4,449,179 |
| Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 |
|
2,835 |
2,840,477 |
| Florida Housing Finance Corp., Refunding RB, S/F Housing, Series 3, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
4,835 |
4,736,313 |
| Florida State Board of Governors, RB, Series A, (BAM), 4.25%, 10/01/53 |
|
7,000 |
6,341,142 |
| Hillsborough County Industrial Development Authority, Refunding RB |
|
|
|
| Series C, 5.25%, 11/15/49 |
|
3,940 |
4,110,474 |
| Series C, 4.13%, 11/15/51 |
|
5,000 |
4,544,131 |
| Series C, 5.50%, 11/15/54 |
|
3,500 |
3,700,664 |
| Jacksonville Aviation Authority, ARB, AMT, 5.25%, 10/01/55 |
|
3,425 |
3,477,358 |
| Lakewood Ranch Stewardship District, SAB |
|
|
|
| 5.25%, 05/01/37 |
|
180 |
181,114 |
| 5.38%, 05/01/47 |
|
185 |
185,284 |
| 6.30%, 05/01/54 |
|
1,925 |
2,017,171 |
| Lee County Industrial Development Authority, RB |
|
|
|
| Series B-2, 4.38%, 11/15/29 |
|
505 |
505,870 |
| Series B-3, 4.13%, 11/15/29 |
|
525 |
525,391 |
| Orange County Health Facilities Authority, RB |
|
|
|
| 4.00%, 10/01/52 |
|
1,000 |
838,160 |
| Series A, 5.00%, 10/01/53 |
|
5,075 |
5,116,229 |
| Orange County Health Facilities Authority, Refunding RB, Series A, 5.25%, 10/01/56 |
|
8,075 |
8,255,627 |
| Osceola Chain Lakes Community Development District, SAB |
|
|
|
| 4.00%, 05/01/40 |
|
940 |
854,256 |
| 4.00%, 05/01/50 |
|
900 |
733,358 |
| Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49 |
|
3,250 |
2,826,253 |
| Preserve at South Branch Community Development District, SAB, 4.00%, 11/01/50 |
|
500 |
425,165 |
| Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43 |
|
600 |
531,588 |
| Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(g)(h) |
|
5,629 |
3,827,628 |
| Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 |
|
1,895 |
1,904,560 |
| Trout Creek Community Development District, SAB |
|
|
|
| 4.00%, 05/01/40 |
|
630 |
573,122 |
| 4.00%, 05/01/51 |
|
1,050 |
849,473 |
| Two Lakes Community Development District, SAB, 5.00%, 05/01/55 |
|
1,540 |
1,473,625 |
Schedule of Investments 45
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51 |
$ |
1,000 |
$ 699,664 |
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
|
1,045 |
1,035,791 |
| Volusia County Educational Facility Authority, RB, 5.25%, 06/01/49 |
|
260 |
257,956 |
| Westside Community Development District, Refunding SAB(b) |
|
|
|
| 4.10%, 05/01/37 |
|
260 |
247,227 |
| 4.13%, 05/01/38 |
|
260 |
244,259 |
| Westside Community Development District, SAB, 4.00%, 05/01/50 |
|
815 |
672,650 |
| |
|
|
128,284,685 |
| Georgia — 2.5% |
| ||
| City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |
|
1,520 |
1,528,504 |
| County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB, 5.00%, 10/01/48 |
|
3,135 |
3,230,023 |
| Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 |
|
2,615 |
2,314,285 |
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)(g)(h) |
|
1,410 |
944,700 |
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
|
1,460 |
1,269,487 |
| Georgia Housing & Finance Authority, RB, S/F Housing |
|
|
|
| Series C, 5.13%, 12/01/50 |
|
6,640 |
6,732,781 |
| Series G, (FNMA, GNMA), 4.90%, 12/01/50 |
|
5,650 |
5,652,832 |
| Main Street Natural Gas, Inc., RB(a) |
|
|
|
| Series A, 5.00%, 06/01/53 |
|
21,170 |
21,890,587 |
| Series B, 5.00%, 12/01/52 |
|
5,000 |
5,149,440 |
| Main Street Natural Gas, Inc., Refunding RB, Series E-2, 4.15%, 12/01/53(a) |
|
2,830 |
2,902,498 |
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 |
|
1,870 |
1,880,734 |
| |
|
|
53,495,871 |
| Hawaii — 0.3% |
| ||
| State of Hawaii Airports System Revenue, ARB |
|
|
|
| Series B, 5.00%, 07/01/49 |
|
4,090 |
4,286,581 |
| AMT, 5.25%, 08/01/26 |
|
2,475 |
2,475,000 |
| |
|
|
6,761,581 |
| Idaho — 0.6% |
| ||
| Idaho Health Facilities Authority, Refunding RB |
|
|
|
| (AGM-CR), 4.38%, 03/01/53 |
|
2,220 |
2,146,559 |
| Series A, 4.38%, 03/01/53 |
|
895 |
838,519 |
| Idaho Housing & Finance Association, RB |
|
|
|
| (GTD), 5.50%, 05/01/52 |
|
1,250 |
1,263,530 |
| (GTD), 5.50%, 05/01/57 |
|
1,510 |
1,523,348 |
| Series A, 5.00%, 08/15/48 |
|
2,015 |
2,092,796 |
| Series A, 5.25%, 08/15/48 |
|
3,250 |
3,418,820 |
| Power County Industrial Development Corp., RB, 6.45%, 08/01/32 |
|
2,000 |
2,006,090 |
| |
|
|
13,289,662 |
| Illinois — 6.5% |
| ||
| Chicago Board of Education, GO |
|
|
|
| Series A, 5.00%, 12/01/34 |
|
3,200 |
3,209,354 |
| Series A, 5.00%, 12/01/40 |
|
1,730 |
1,644,525 |
| Series A, 6.25%, 12/01/50 |
|
8,435 |
8,772,497 |
| Series C, 5.25%, 12/01/35 |
|
1,845 |
1,803,829 |
| Security |
|
Par (000) |
Value |
| Illinois (continued) |
| ||
| Chicago Board of Education, GO (continued) |
|
|
|
| Series D, 5.00%, 12/01/46 |
$ |
7,085 |
$ 6,439,923 |
| Chicago Board of Education, Refunding GO |
|
|
|
| Series B, 6.00%, 12/01/43 |
|
3,770 |
3,937,161 |
| Series C, 5.00%, 12/01/34 |
|
475 |
475,436 |
| Series G, 5.00%, 12/01/34 |
|
1,025 |
1,025,940 |
| Chicago O’Hare International Airport, ARB |
|
|
|
| Class A, AMT, Senior Lien, 4.50%, 01/01/48 |
|
4,000 |
3,797,620 |
| Class A, AMT, Senior Lien, (AGM), 5.50%, 01/01/53 |
|
3,700 |
3,786,682 |
| Series E, AMT, Senior Lien, 5.50%, 01/01/60 |
|
19,150 |
19,683,982 |
| Series A, Senior Lien, 5.25%, 01/01/61 |
|
14,425 |
14,756,462 |
| Chicago O’Hare International Airport, Refunding ARB |
|
|
|
| Series A, AMT, Senior Lien, 5.25%, 01/01/48 |
|
1,660 |
1,693,259 |
| Series A, AMT, Senior Lien, 4.38%, 01/01/53 |
|
1,390 |
1,268,717 |
| Chicago O’Hare International Airport, Refunding RB, Series C, Senior Lien, 5.25%, 01/01/54 |
|
2,250 |
2,326,997 |
| City of Chicago Illinois Wastewater Transmission Revenue, RB |
|
|
|
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |
|
1,290 |
1,328,910 |
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
|
885 |
908,374 |
| City of Chicago Illinois Waterworks Revenue, RB |
|
|
|
| Series A, 5.50%, 11/01/66 |
|
2,015 |
2,090,841 |
| Series A, 2nd Lien, (AGM), 5.50%, 11/01/62 |
|
3,220 |
3,328,491 |
| Illinois Finance Authority, Refunding RB |
|
|
|
| Series C, 4.00%, 02/15/41(c) |
|
1,100 |
1,107,361 |
| Series C, 4.00%, 02/15/41 |
|
15 |
13,977 |
| Illinois Housing Development Authority, RB, S/F Housing |
|
|
|
| Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42 |
|
480 |
491,158 |
| Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
|
2,365 |
2,516,503 |
| Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |
|
1,470 |
1,577,782 |
| Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 |
|
1,795 |
1,789,453 |
| Illinois State Toll Highway Authority, RB |
|
|
|
| Series A, 5.00%, 01/01/45 |
|
980 |
1,010,723 |
| Series A, 4.00%, 01/01/46 |
|
395 |
369,419 |
| Series B, 5.00%, 01/01/41 |
|
13,000 |
13,009,536 |
| Metropolitan Pier & Exposition Authority, RB, Series A, 5.50%, 06/15/53 |
|
280 |
280,021 |
| Metropolitan Pier & Exposition Authority, RB, CAB(e) |
|
|
|
| (BAM-TCRS), 0.00%, 12/15/56 |
|
2,165 |
460,285 |
| Series A, 0.00%, 12/15/56 |
|
3,020 |
614,185 |
| Metropolitan Pier & Exposition Authority, Refunding RB(e) |
|
|
|
| Series B, (AGM), 0.00%, 06/15/44 |
|
12,445 |
5,451,334 |
| Series B, (AGM), 0.00%, 06/15/47 |
|
22,775 |
8,328,412 |
| State of Illinois, GO |
|
|
|
| 5.50%, 05/01/39 |
|
2,635 |
2,768,005 |
| Series B, 5.25%, 05/01/41 |
|
1,770 |
1,853,986 |
| Series B, 5.25%, 05/01/43 |
|
1,115 |
1,160,363 |
| Series B, 5.25%, 05/01/44 |
|
1,360 |
1,423,322 |
| Series C, 5.50%, 04/01/51 |
|
10,850 |
11,349,912 |
| Series D, 5.00%, 11/01/28 |
|
1,405 |
1,438,978 |
| Series E, 5.00%, 09/01/43 |
|
755 |
782,142 |
| Series F, 5.25%, 09/01/48 |
|
2,620 |
2,679,400 |
| |
|
|
142,755,257 |
46
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Indiana — 0.6% |
| ||
| City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, 01/01/34(b) |
$ |
345 |
$ 352,686 |
| Indiana Finance Authority, RB |
|
|
|
| 5.00%, 06/01/51 |
|
220 |
186,042 |
| 5.00%, 06/01/56 |
|
190 |
156,226 |
| Series A, 5.00%, 10/01/53 |
|
2,995 |
3,040,959 |
| Indiana Finance Authority, Refunding RB |
|
|
|
| Class A, 5.50%, 10/01/50 |
|
665 |
703,812 |
| Series C, 5.25%, 10/01/46 |
|
5,945 |
6,270,794 |
| Series C, 5.25%, 10/01/47 |
|
2,055 |
2,157,947 |
| Indianapolis Local Public Improvement Bond Bank, Refunding ARB, Series B1, 5.25%, 01/01/55 |
|
990 |
1,022,921 |
| |
|
|
13,891,387 |
| Iowa — 0.2% |
| ||
| Iowa Finance Authority, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 07/01/49 |
|
1,270 |
1,254,917 |
| Iowa Finance Authority, Refunding RB, Series A, 5.13%, 05/15/59 |
|
850 |
791,503 |
| University of Iowa Facilities Corp., RB |
|
|
|
| 5.00%, 06/01/47 |
|
1,890 |
1,960,204 |
| 5.00%, 06/01/48 |
|
1,190 |
1,227,589 |
| |
|
|
5,234,213 |
| Kansas — 0.2% |
| ||
| City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
|
400 |
399,395 |
| University of Kansas Hospital Authority, Refunding RB, 5.50%, 03/01/54 |
|
2,820 |
2,989,291 |
| |
|
|
3,388,686 |
| Kentucky — 1.1% |
| ||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
|
150 |
140,768 |
| Kentucky Public Energy Authority, Refunding RB, Series B, 5.00%, 01/01/55(a) |
|
5,420 |
5,643,893 |
| Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) |
|
|
|
| Convertible, 6.45%, 07/01/34 |
|
500 |
562,300 |
| Convertible, 6.60%, 07/01/39 |
|
830 |
922,398 |
| Convertible, 6.75%, 07/01/43 |
|
5,750 |
6,346,903 |
| Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42 |
|
875 |
955,500 |
| Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 |
|
2,000 |
2,051,483 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 |
|
8,020 |
8,069,019 |
| |
|
|
24,692,264 |
| Louisiana — 1.1% |
| ||
| Louisiana Public Facilities Authority, RB |
|
|
|
| 5.25%, 10/01/53 |
|
1,330 |
1,300,085 |
| AMT, 5.75%, 09/01/64 |
|
7,385 |
7,597,461 |
| Louisiana Stadium & Exposition District, Refunding RB |
|
|
|
| Series A, 5.00%, 07/01/48 |
|
3,910 |
3,979,643 |
| Series A, 5.25%, 07/01/53 |
|
6,950 |
7,095,987 |
| Parish of East Baton Rouge Capital Improvements District, RB, 5.00%, 08/01/46 |
|
1,370 |
1,434,468 |
| Port New Orleans Board of Commissioners, ARB, Series E, AMT, 5.00%, 04/01/44 |
|
2,450 |
2,464,981 |
| |
|
|
23,872,625 |
| Security |
|
Par (000) |
Value |
| Maryland — 0.5% |
| ||
| City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
$ |
135 |
$ 135,284 |
| Maryland Economic Development Corp., RB |
|
|
|
| Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40 |
|
525 |
532,033 |
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |
|
1,550 |
1,552,887 |
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
|
2,530 |
2,473,236 |
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 08/15/54 |
|
4,810 |
4,924,105 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 |
|
1,480 |
1,503,624 |
| |
|
|
11,121,169 |
| Massachusetts — 2.7% |
| ||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series B, 5.00%, 06/01/52 |
|
3,115 |
3,179,772 |
| Commonwealth of Massachusetts, GOL |
|
|
|
| Series A, 5.00%, 01/01/49 |
|
3,000 |
3,095,195 |
| Series D, 5.00%, 10/01/50 |
|
3,005 |
3,086,785 |
| Massachusetts Development Finance Agency, RB, 5.00%, 10/01/48 |
|
2,800 |
2,513,421 |
| Massachusetts Development Finance Agency, Refunding RB |
|
|
|
| 5.00%, 04/15/40 |
|
400 |
384,384 |
| 5.00%, 07/01/47 |
|
1,815 |
1,829,289 |
| (AGM), 5.50%, 07/01/50 |
|
7,510 |
8,044,541 |
| 5.50%, 07/01/55 |
|
5,660 |
5,929,677 |
| (AGM-CR), 5.50%, 07/01/55 |
|
4,500 |
4,754,132 |
| (AGM), 5.50%, 07/01/55 |
|
4,010 |
4,236,738 |
| 5.50%, 12/01/56 |
|
7,615 |
8,004,701 |
| Series A, 5.00%, 10/01/35 |
|
500 |
495,113 |
| Series P, 5.45%, 05/15/59 |
|
2,010 |
2,103,922 |
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
|
645 |
583,547 |
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
|
8,565 |
8,709,515 |
| Port of Seattle Washington, ARB, Series E, Intermediate Lien, 5.00%, 11/01/49 |
|
1,210 |
1,241,790 |
| |
|
|
58,192,522 |
| Michigan — 1.4% |
| ||
| City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |
|
10 |
10,022 |
| Eastern Michigan University, RB, Series A, 4.00%, 03/01/47(c) |
|
45 |
45,871 |
| Lansing Community College, GOL, 5.00%, 05/01/44 |
|
5,070 |
5,180,877 |
| Michigan Finance Authority, RB, Sustainability Bonds, 5.50%, 02/28/57 |
|
6,650 |
6,798,881 |
| Michigan Finance Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/46 |
|
550 |
475,908 |
| 4.00%, 11/15/46 |
|
1,300 |
1,136,722 |
| 5.00%, 12/01/48 |
|
1,955 |
1,972,377 |
| 5.00%, 12/01/48(c) |
|
45 |
47,219 |
| Michigan State Building Authority, Refunding RB |
|
|
|
| Series I, 5.00%, 10/15/46 |
|
1,000 |
1,004,409 |
| Series I, 4.00%, 10/15/52 |
|
1,265 |
1,111,549 |
| Michigan Strategic Fund, RB |
|
|
|
| AMT, 5.00%, 12/31/43 |
|
6,490 |
6,525,240 |
Schedule of Investments 47
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Michigan (continued) |
| ||
| Michigan Strategic Fund, RB (continued) |
|
|
|
| AMT, 5.00%, 06/30/48 |
$ |
4,305 |
$ 4,225,189 |
| State of Michigan Trunk Line Revenue, RB, 5.25%, 11/15/49 |
|
1,145 |
1,204,101 |
| |
|
|
29,738,365 |
| Minnesota — 0.9% |
| ||
| City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |
|
1,080 |
1,035,700 |
| Duluth Economic Development Authority, Refunding RB |
|
|
|
| Series A, 4.25%, 02/15/48 |
|
9,485 |
8,357,355 |
| Series A, 5.25%, 02/15/58 |
|
5,640 |
5,655,622 |
| Minneapolis-St Paul Metropolitan Airports Commission, ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49 |
|
1,900 |
1,961,889 |
| Minnesota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42 |
|
1,405 |
1,465,178 |
| Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
|
1,375 |
1,455,805 |
| |
|
|
19,931,549 |
| Mississippi — 0.4% |
| ||
| Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |
|
7,010 |
7,203,448 |
| Mississippi Home Corp., RB, Series 2025-06FN, Class PT, 4.55%, 04/01/42 |
|
495 |
498,476 |
| Mississippi Home Corp., RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 4.80%, 12/01/49 |
|
1,970 |
1,970,684 |
| |
|
|
9,672,608 |
| Missouri — 1.3% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
|
|
|
| Series A, 4.00%, 04/01/45 |
|
1,365 |
1,284,722 |
| Series A, 4.00%, 02/15/49 |
|
1,910 |
1,626,763 |
| Series A, 4.25%, 04/01/55 |
|
17,125 |
15,737,988 |
| Series A, Class P, 5.25%, 02/01/54 |
|
330 |
330,115 |
| Series C, 4.00%, 11/15/49 |
|
3,455 |
3,029,045 |
| Kansas City Industrial Development Authority, ARB, Class B, AMT, (AGM), 5.00%, 03/01/55 |
|
3,500 |
3,470,992 |
| Kansas City Industrial Development Authority, RB, M/F Housing, Sustainability Bonds, (FNMA), 4.39%, 09/01/42 |
|
889 |
842,392 |
| Missouri Housing Development Commission, RB, S/F Housing |
|
|
|
| Series A, (FHLMC, FNMA, GNMA), 4.60%, 11/01/49 |
|
170 |
164,859 |
| Series C, (FHLMC, FNMA, GNMA), 4.55%, 11/01/44 |
|
1,330 |
1,315,858 |
| Series C, (FHLMC, FNMA, GNMA), 5.00%, 11/01/55 |
|
1,160 |
1,166,304 |
| |
|
|
28,969,038 |
| Montana — 0.0% |
| ||
| Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47 |
|
150 |
130,300 |
| Security |
|
Par (000) |
Value |
| Nebraska — 0.3% |
| ||
| Omaha Public Power District, RB |
|
|
|
| Series A, 5.25%, 02/01/48 |
$ |
950 |
$ 998,432 |
| Series A, 5.00%, 02/01/56 |
|
4,550 |
4,641,415 |
| |
|
|
5,639,847 |
| Nevada — 0.3% |
| ||
| City of Las Vegas Nevada Special Improvement District No. 611, SAB, 4.13%, 06/01/50 |
|
1,055 |
892,994 |
| City of Las Vegas Nevada Special Improvement District No. 814, SAB |
|
|
|
| 4.00%, 06/01/39 |
|
120 |
113,145 |
| 4.00%, 06/01/44 |
|
305 |
277,194 |
| Las Vegas Valley Water District, GOL, Series A, 5.25%, 06/01/55 |
|
3,145 |
3,286,846 |
| Tahoe-Douglas Visitors Authority, RB |
|
|
|
| 5.00%, 07/01/40 |
|
1,015 |
1,028,953 |
| 5.00%, 07/01/45 |
|
1,350 |
1,357,853 |
| |
|
|
6,956,985 |
| New Hampshire — 2.3% |
| ||
| New Hampshire Business Finance Authority, RB |
|
|
|
| Series A, Sustainability Bonds, 5.50%, 06/01/55 |
|
19,395 |
19,991,286 |
| Sustainable Bonds, 5.50%, 06/01/50 |
|
2,305 |
2,393,811 |
| New Hampshire Business Finance Authority, RB, M/F Housing |
|
|
|
| Class A, 5.10%, 12/20/42 |
|
1,725 |
1,764,443 |
| 1st Series, Class B, 5.75%, 04/28/42 |
|
5,130 |
5,160,657 |
| 1st Series, Subordinate, 5.13%, 01/28/43(a) |
|
2,835 |
2,789,744 |
| Series 2025, Subordinate, 5.15%, 09/28/37 |
|
8,050 |
7,838,097 |
| Class A-1, Sustainability Bonds, 4.09%, 11/20/42(a) |
|
10,347 |
9,810,608 |
| Series 2, Class 3-A, Sustainability Bonds, 4.03%, 10/01/51(a) |
|
1,327 |
1,265,887 |
| |
|
|
51,014,533 |
| New Jersey — 6.4% |
| ||
| Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |
|
500 |
510,047 |
| Middlesex County Improvement Authority, RB, M/F Housing, Class IA, 5.95%, 06/01/61(b) |
|
1,300 |
1,324,917 |
| New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
|
2,340 |
2,343,200 |
| New Jersey Economic Development Authority, RB |
|
|
|
| 5.00%, 06/15/34 |
|
1,000 |
1,048,441 |
| 5.00%, 06/15/36 |
|
1,270 |
1,323,369 |
| 5.00%, 06/15/43 |
|
2,435 |
2,494,993 |
| Class A, 5.25%, 11/01/47 |
|
8,210 |
8,556,319 |
| Series B, 4.50%, 06/15/40 |
|
1,270 |
1,257,053 |
| Series EEE, 5.00%, 06/15/48 |
|
8,325 |
8,449,491 |
| AMT, (AGM), 5.00%, 01/01/31 |
|
2,675 |
2,713,010 |
| AMT, (AGM), 5.13%, 07/01/42 |
|
200 |
201,083 |
| AMT, 5.38%, 01/01/43 |
|
8,725 |
8,732,127 |
| New Jersey Economic Development Authority, Refunding SAB |
|
|
|
| 6.50%, 04/01/28 |
|
7,897 |
8,067,351 |
| 5.75%, 04/01/31 |
|
3,380 |
3,380,662 |
| New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
|
1,810 |
1,521,793 |
| New Jersey Higher Education Student Assistance Authority, Refunding RB |
|
|
|
| Series 1-B, AMT, 4.50%, 12/01/45 |
|
1,525 |
1,509,022 |
48
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New Jersey (continued) |
| ||
| New Jersey Higher Education Student Assistance Authority, Refunding RB (continued) |
|
|
|
| Sub-Series C, AMT, 3.63%, 12/01/49 |
$ |
665 |
$ 521,389 |
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series M, Sustainability Bonds, 5.10%, 10/01/50 |
|
3,670 |
3,701,807 |
| New Jersey Transportation Trust Fund Authority, RB |
|
|
|
| 5.00%, 06/15/48(c) |
|
4,075 |
4,536,368 |
| Series AA, 5.00%, 06/15/45 |
|
1,315 |
1,315,343 |
| Series AA, 5.00%, 06/15/46 |
|
400 |
400,082 |
| Series AA, 4.00%, 06/15/50 |
|
1,730 |
1,576,678 |
| Series AA, 5.00%, 06/15/50 |
|
685 |
700,582 |
| Series AA, 5.25%, 06/15/50 |
|
1,580 |
1,651,688 |
| Series BB, 5.00%, 06/15/46 |
|
3,465 |
3,576,551 |
| Series BB, 4.00%, 06/15/50 |
|
3,000 |
2,734,124 |
| Series CC, 5.25%, 06/15/55 |
|
7,640 |
7,894,648 |
| New Jersey Transportation Trust Fund Authority, RB, CAB(e) |
|
|
|
| Series A, 0.00%, 12/15/35 |
|
5,050 |
3,499,244 |
| Series A, 0.00%, 12/15/38 |
|
5,845 |
3,449,488 |
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
|
7,330 |
7,179,349 |
| New Jersey Turnpike Authority, RB, Series A, 5.25%, 01/01/55 |
|
10,040 |
10,551,824 |
| South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42 |
|
4,000 |
4,018,374 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/46 |
|
7,165 |
7,060,207 |
| Sub-Series B, 5.00%, 06/01/46 |
|
10,200 |
9,848,377 |
| Series A, AMT, Intermediate Lien, 5.25%, 06/01/46 |
|
12,560 |
12,585,841 |
| |
|
|
140,234,842 |
| New Mexico — 0.0% |
| ||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
|
610 |
598,021 |
| New York — 12.0% |
| ||
| Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 |
|
500 |
502,736 |
| City of New York, GO |
|
|
|
| Series A, 5.00%, 08/01/46 |
|
2,265 |
2,346,029 |
| Series C-1, 5.25%, 09/01/50 |
|
7,565 |
7,847,148 |
| Series D, 4.00%, 04/01/50 |
|
1,190 |
1,044,969 |
| Series G-1, 5.25%, 02/01/53 |
|
1,845 |
1,905,091 |
| Empire State Development Corp., Refunding RB, 4.00%, 03/15/49 |
|
1,850 |
1,643,919 |
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
|
3,585 |
2,809,097 |
| Metropolitan Transportation Authority, Refunding RB |
|
|
|
| Series C-1, 5.25%, 11/15/56 |
|
10 |
10,003 |
| Series A, Sustainability Bonds, (BAM), 4.00%, 11/15/48 |
|
2,770 |
2,410,980 |
| Series C-1, Sustainability Bonds, 5.00%, 11/15/26 |
|
65 |
65,425 |
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
|
945 |
949,764 |
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
|
3,720 |
3,762,399 |
| Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
|
1,760 |
1,601,775 |
| New York City Housing Development Corp., RB, M/F Housing |
|
|
|
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.70%, 08/01/54 |
|
2,565 |
2,456,837 |
| Series A-1, Sustainability Bonds, 5.00%, 11/01/60 |
|
4,880 |
4,867,601 |
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York City Housing Development Corp., RB, M/F Housing (continued) |
|
|
|
| Series D, Sustainability Bonds, (HUD SECT 8), 5.00%, 05/01/56 |
$ |
2,485 |
$ 2,486,098 |
| Series F, Sustainability Bonds, (HUD SECT 8), 5.00%, 08/01/55 |
|
11,040 |
11,059,701 |
| Sustainable Bonds, 4.95%, 11/01/56 |
|
13,745 |
13,668,943 |
| New York City Municipal Water Finance Authority, RB, Series BB, 5.25%, 06/15/55 |
|
1,385 |
1,445,748 |
| New York City Municipal Water Finance Authority, Refunding RB |
|
|
|
| Series DD, 4.13%, 06/15/46 |
|
1,835 |
1,715,472 |
| Series DD, 4.13%, 06/15/47 |
|
4,175 |
3,878,322 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Subordinate, 5.25%, 11/01/51 |
|
1,915 |
2,002,166 |
| Series A-1, Subordinate, 4.00%, 08/01/48 |
|
3,560 |
3,262,068 |
| Series A-1, Subordinate, 5.25%, 05/01/52 |
|
3,880 |
4,033,594 |
| Series B, Subordinate, 5.00%, 05/01/46 |
|
1,520 |
1,582,081 |
| Series B-1, Subordinate, 4.00%, 08/01/48 |
|
2,500 |
2,260,401 |
| Series E, Subordinate, 5.00%, 11/01/53 |
|
3,255 |
3,302,784 |
| Series F-1, Subordinate, 4.00%, 02/01/51 |
|
13,955 |
12,606,538 |
| Series G-1, Subordinate, 5.00%, 05/01/47 |
|
1,250 |
1,287,352 |
| New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 |
|
630 |
641,431 |
| New York Counties Tobacco Trust IV, Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/38 |
|
1,335 |
1,157,701 |
| Series A, 6.25%, 06/01/41(b) |
|
8,839 |
8,411,153 |
| New York Counties Tobacco Trust VI, Refunding RB |
|
|
|
| Series A-2B, 5.00%, 06/01/45 |
|
255 |
219,885 |
| Series A-2B, 5.00%, 06/01/51 |
|
6,640 |
4,798,379 |
| Series B, 5.00%, 06/01/41 |
|
550 |
550,124 |
| New York Liberty Development Corp., Refunding RB |
|
|
|
| Class 2, 5.38%, 11/15/40(b) |
|
4,280 |
4,285,074 |
| Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
|
5,835 |
4,098,111 |
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
2,935 |
2,016,203 |
| New York Power Authority, RB, Series A, Sustainability Bonds, (AGM), 5.13%, 11/15/58 |
|
1,305 |
1,354,537 |
| New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
1,160 |
1,023,469 |
| New York State Dormitory Authority, RB |
|
|
|
| Series A, 5.00%, 03/15/44 |
|
1,610 |
1,637,316 |
| Series A, 5.13%, 11/15/55 |
|
700 |
697,804 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Class A, 5.25%, 05/01/54 |
|
9,725 |
9,965,702 |
| Series A, 4.00%, 03/15/54 |
|
6,385 |
5,580,867 |
| New York State Housing Finance Agency, RB, M/F Housing, Series D-1, Sustainable Bonds, (SONYMA), 4.95%, 05/01/56 |
|
4,605 |
4,580,185 |
| New York State Thruway Authority, RB |
|
|
|
| Sustainability Bonds, 4.13%, 03/15/56 |
|
1,675 |
1,504,610 |
| Sustainability Bonds, 4.13%, 03/15/57 |
|
2,415 |
2,149,691 |
| New York Transportation Development Corp., ARB |
|
|
|
| AMT, 5.63%, 04/01/40 |
|
3,695 |
3,916,234 |
| AMT, 5.00%, 12/01/40 |
|
2,250 |
2,313,861 |
| Series A, AMT, 5.00%, 07/01/46 |
|
2,765 |
2,717,438 |
| AMT, Sustainability Bonds, 6.00%, 06/30/55 |
|
7,645 |
8,025,892 |
| AMT, Sustainability Bonds, 6.00%, 06/30/59 |
|
4,435 |
4,643,457 |
| AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 |
|
7,200 |
7,629,121 |
| New York Transportation Development Corp., RB |
|
|
|
| AMT, 5.00%, 10/01/35 |
|
4,630 |
4,804,765 |
Schedule of Investments 49
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York Transportation Development Corp., RB (continued) |
|
|
|
| AMT, 4.00%, 10/31/46 |
$ |
425 |
$ 380,724 |
| AMT, 4.00%, 04/30/53 |
|
605 |
520,998 |
| AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
10,315 |
10,382,882 |
| AMT, Sustainability Bonds, 5.38%, 06/30/60 |
|
5,350 |
5,404,868 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
9,580 |
9,647,950 |
| New York Transportation Development Corp., Refunding RB |
|
|
|
| Series A, AMT, Sustainability Bonds, (AGM), 5.25%, 12/31/54 |
|
3,430 |
3,483,291 |
| Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 |
|
8,275 |
8,371,812 |
| Port Authority of New York & New Jersey, ARB, Series 218, AMT, 4.00%, 11/01/47 |
|
380 |
336,445 |
| Port Authority of New York & New Jersey, Refunding ARB |
|
|
|
| AMT, 5.00%, 01/15/52 |
|
3,000 |
3,021,995 |
| Series 223, AMT, 4.00%, 07/15/41 |
|
1,150 |
1,068,605 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|
|
| Series A, 4.00%, 05/15/48 |
|
6,855 |
6,249,283 |
| Series A, 5.25%, 05/15/52 |
|
1,900 |
1,963,746 |
| Series A, 4.13%, 05/15/53 |
|
4,610 |
4,152,555 |
| Series A, 4.25%, 05/15/58 |
|
7,415 |
6,793,302 |
| Triborough Bridge & Tunnel Authority, RB |
|
|
|
| Series A-1, 4.00%, 11/15/54 |
|
745 |
657,089 |
| Series A-1, 5.50%, 11/15/56 |
|
3,330 |
3,555,009 |
| Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
| Series A-1, 5.00%, 05/15/51 |
|
230 |
235,811 |
| Series C, 5.00%, 05/15/47 |
|
6,930 |
7,179,694 |
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
|
480 |
391,869 |
| |
|
|
261,335,979 |
| North Carolina — 0.4% |
| ||
| North Carolina Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 54-A, (FHLMC, FNMA, GNMA), 4.70%, 07/01/50 |
|
1,445 |
1,421,306 |
| Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |
|
1,560 |
1,649,550 |
| North Carolina Medical Care Commission, RB |
|
|
|
| 5.13%, 10/01/56 |
|
790 |
787,617 |
| 5.25%, 11/01/56 |
|
4,670 |
4,644,969 |
| Series A, 5.13%, 10/01/54 |
|
110 |
110,007 |
| University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
|
460 |
492,107 |
| |
|
|
9,105,556 |
| North Dakota — 0.4% |
| ||
| City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/48 |
|
880 |
886,310 |
| County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 |
|
835 |
837,313 |
| North Dakota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, 4.70%, 07/01/49 |
|
270 |
265,612 |
| Security |
|
Par (000) |
Value |
| North Dakota (continued) |
| ||
| North Dakota Housing Finance Agency, RB, S/F Housing (continued) |
|
|
|
| Series C, Sustainability Bonds, 4.75%, 07/01/49 |
$ |
6,570 |
$ 6,500,947 |
| Series C, Sustainability Bonds, 6.25%, 01/01/55 |
|
515 |
565,210 |
| |
|
|
9,055,392 |
| Ohio — 1.9% |
| ||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB |
|
|
|
| Series A-2, Class 1, 4.00%, 06/01/48 |
|
1,525 |
1,305,184 |
| Series B-2, Class 2, 5.00%, 06/01/55 |
|
11,160 |
8,438,652 |
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57(e) |
|
21,555 |
1,432,776 |
| Columbus Regional Airport Authority, Refunding ARB, Series A, AMT, 5.50%, 01/01/55 |
|
6,175 |
6,391,081 |
| Columbus-Franklin County Finance Authority, RB, M/F Housing, (FNMA), 4.82%, 11/01/43 |
|
2,135 |
2,147,268 |
| County of Cuyahoga, Refunding GOL, 5.50%, 12/01/61 |
|
8,060 |
8,603,707 |
| County of Franklin Ohio, RB, Series CC, 5.00%, 11/15/49 |
|
270 |
287,187 |
| Ohio Housing Finance Agency, RB, M/F Housing(b) |
|
|
|
| 6.00%, 09/01/41 |
|
1,210 |
1,259,437 |
| Series A, 5.63%, 08/01/41 |
|
1,210 |
1,212,008 |
| Ohio Housing Finance Agency, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 09/01/49 |
|
3,055 |
2,960,973 |
| State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39 |
|
1,325 |
1,310,298 |
| State of Ohio, Refunding RB, Series A, (BAM-TCRS), 4.00%, 01/15/50 |
|
4,525 |
3,939,647 |
| University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44 |
|
1,390 |
1,411,470 |
| |
|
|
40,699,688 |
| Oklahoma — 0.5% |
| ||
| Creek County Educational Facilities Authority, RB, (BAM), 4.13%, 09/01/48 |
|
890 |
830,350 |
| Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
|
4,455 |
4,450,137 |
| Oklahoma Turnpike Authority, RB |
|
|
|
| 5.50%, 01/01/53 |
|
4,015 |
4,221,292 |
| Series A, (AGM), 4.25%, 01/01/55 |
|
970 |
912,790 |
| Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |
|
1,435 |
1,434,079 |
| |
|
|
11,848,648 |
| Oregon — 0.2% |
| ||
| Clackamas County School District No. 12 North Clackamas, GO, CAB(e) |
|
|
|
| Series A, (GTD), 0.00%, 06/15/38 |
|
2,740 |
1,620,133 |
| Series A, (GTD), 0.00%, 06/15/38(c) |
|
330 |
197,313 |
| State of Oregon Housing & Community Services Department, RB, M/F Housing, Series K1, (FNMA), 4.33%, 11/01/43 |
|
2,290 |
2,147,870 |
| |
|
|
3,965,316 |
| Pennsylvania — 5.2% |
| ||
| Allegheny County Airport Authority, ARB |
|
|
|
| Series A, AMT, (AGM), 5.50%, 01/01/48 |
|
535 |
556,530 |
| Series A, AMT, (AGM), 5.50%, 01/01/53 |
|
670 |
690,308 |
50
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Allegheny County Airport Authority, ARB (continued) |
|
|
|
| Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
$ |
1,670 |
$ 1,414,632 |
| Allegheny County Hospital Development Authority, Refunding RB, Series A, (AGM-CR), 5.00%, 04/01/47 |
|
4,655 |
4,690,747 |
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB |
|
|
|
| Series A, 5.00%, 10/01/47 |
|
2,225 |
2,238,939 |
| Series C, (AGM), 5.25%, 09/01/54 |
|
5,165 |
5,353,053 |
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB, Series B, (AGM), 4.50%, 09/01/48 |
|
1,415 |
1,398,578 |
| Geisinger Authority, Refunding RB |
|
|
|
| 4.00%, 04/01/50 |
|
3,080 |
2,646,463 |
| Series A-1, 5.00%, 02/15/45 |
|
4,725 |
4,744,419 |
| Lancaster County Hospital Authority, RB, 5.00%, 11/01/51 |
|
2,490 |
2,497,389 |
| Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
|
675 |
664,238 |
| Montgomery County Higher Education and Health Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/51 |
|
1,430 |
1,190,638 |
| Class B, 5.00%, 05/01/57 |
|
2,500 |
2,450,337 |
| 5.00%, 09/01/48 |
|
1,100 |
1,100,863 |
| Series B, (BAM-TCRS), 4.00%, 05/01/52 |
|
2,115 |
1,823,611 |
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
|
1,400 |
1,412,530 |
| Pennsylvania Economic Development Financing Authority, RB |
|
|
|
| 5.00%, 06/30/42 |
|
390 |
384,913 |
| AMT, 5.50%, 06/30/38 |
|
785 |
833,965 |
| AMT, 5.50%, 06/30/40 |
|
2,000 |
2,106,490 |
| AMT, 5.50%, 06/30/43 |
|
515 |
540,836 |
| AMT, 5.75%, 06/30/48 |
|
1,405 |
1,471,374 |
| AMT, 5.25%, 06/30/53 |
|
3,330 |
3,356,712 |
| Pennsylvania Economic Development Financing Authority, Refunding RB |
|
|
|
| Series A, 4.50%, 12/15/51 |
|
7,745 |
7,317,633 |
| Series A, 5.25%, 12/15/51 |
|
7,095 |
7,323,433 |
| AMT, 5.50%, 11/01/44 |
|
2,385 |
2,384,647 |
| Pennsylvania Higher Educational Facilities Authority, RB |
|
|
|
| 4.00%, 08/15/49 |
|
5,000 |
4,373,639 |
| 4.00%, 06/15/55 |
|
1,175 |
1,017,349 |
| Pennsylvania Higher Educational Facilities Authority, Refunding RB |
|
|
|
| 5.50%, 08/15/55 |
|
4,390 |
4,674,318 |
| Series B-1, (AGM), 4.25%, 11/01/48 |
|
3,450 |
3,195,714 |
| Series B-1, (AGM), 4.25%, 11/01/51 |
|
4,635 |
4,177,761 |
| Series B-1, (AGM), 5.00%, 11/01/51 |
|
5,950 |
5,953,543 |
| Series B2, 4.38%, 11/01/54 |
|
1,865 |
1,659,932 |
| Series B2, 5.50%, 11/01/54 |
|
2,280 |
2,329,071 |
| Pennsylvania Housing Finance Agency, RB, Series 2024-26FN, Class PT, 4.63%, 02/01/42 |
|
1,775 |
1,749,306 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 143A, Sustainability Bonds, 5.45%, 04/01/51 |
|
1,820 |
1,857,203 |
| Series 145A, Sustainability Bonds, 4.75%, 10/01/49 |
|
9,985 |
9,878,553 |
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing |
|
|
|
| Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 |
$ |
1,895 |
$ 1,960,052 |
| Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
|
1,130 |
1,122,947 |
| Pennsylvania Turnpike Commission, RB |
|
|
|
| Series A, Subordinate, 4.00%, 12/01/50 |
|
1,075 |
942,674 |
| Series B, Subordinate, 4.00%, 12/01/51 |
|
610 |
530,510 |
| Philadelphia Authority for Industrial Development, RB |
|
|
|
| 5.25%, 11/01/52 |
|
1,725 |
1,749,654 |
| Series A, 4.00%, 07/01/49 |
|
3,000 |
2,706,893 |
| Philadelphia Gas Works Co., Refunding RB, Series A, 5.25%, 08/01/49 |
|
2,420 |
2,512,531 |
| Pittsburgh School District, GOL, (SAW), 3.00%, 09/01/41 |
|
1,165 |
946,056 |
| School District of Philadelphia, GOL, Series A, (SAW), 5.50%, 09/01/48 |
|
400 |
423,861 |
| |
|
|
114,354,845 |
| Puerto Rico — 5.1% |
| ||
| Commonwealth of Puerto Rico, GO |
|
|
|
| Series A-1, Restructured, 5.63%, 07/01/29 |
|
6,720 |
7,095,403 |
| Series A-1, Restructured, 5.75%, 07/01/31 |
|
7,656 |
8,261,154 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB |
|
|
|
| Series A-1, Restructured, (FHLMC, FNMA, GNMA), 4.75%, 07/01/53 |
|
21,485 |
20,397,700 |
| Series A-1, Restructured, 5.00%, 07/01/58 |
|
50,822 |
48,829,681 |
| Series A-2, Restructured, 4.78%, 07/01/58 |
|
9,291 |
8,782,382 |
| Series A-2, Restructured, 4.33%, 07/01/40 |
|
1,000 |
976,395 |
| Series B-1, Restructured, 4.75%, 07/01/53 |
|
391 |
371,212 |
| Series B-2, Restructured, 4.78%, 07/01/58 |
|
1,485 |
1,397,061 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e) |
|
39,635 |
14,422,423 |
| |
|
|
110,533,411 |
| Rhode Island — 0.3% |
| ||
| Rhode Island Health and Educational Building Corp., RB, 5.00%, 11/01/53 |
|
1,870 |
1,880,943 |
| Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing |
|
|
|
| Sustainability Bonds, (GNMA), 4.60%, 10/01/44 |
|
2,970 |
2,936,397 |
| Series A, Sustainability Bonds, (GNMA), 4.45%, 10/01/44 |
|
1,550 |
1,517,244 |
| |
|
|
6,334,584 |
| South Carolina — 2.6% |
| ||
| Charleston County Airport District, ARB, Series A, AMT, 5.25%, 07/01/54 |
|
1,150 |
1,167,540 |
| County of Berkeley South Carolina, SAB |
|
|
|
| 4.25%, 11/01/40 |
|
315 |
296,706 |
| 4.38%, 11/01/49 |
|
470 |
411,652 |
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
|
9,230 |
9,768,949 |
| South Carolina Jobs-Economic Development Authority, RB |
|
|
|
| 5.00%, 01/01/55(b) |
|
3,100 |
2,564,691 |
| 7.50%, 08/15/62(b) |
|
895 |
792,680 |
| Series A, 5.50%, 11/01/48 |
|
2,170 |
2,290,671 |
| Series A, 5.50%, 11/01/49 |
|
8,100 |
8,526,512 |
| Series A, 5.50%, 11/01/50 |
|
2,210 |
2,321,912 |
Schedule of Investments 51
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| South Carolina (continued) |
| ||
| South Carolina Jobs-Economic Development Authority, RB (continued) |
|
|
|
| Series A, 4.50%, 11/01/54 |
$ |
3,310 |
$ 3,135,673 |
| Series A, 5.50%, 11/01/54 |
|
2,285 |
2,386,698 |
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 4.25%, 05/01/48 |
|
1,385 |
1,256,340 |
| South Carolina Public Service Authority, Refunding RB |
|
|
|
| Series A, (AGM), 5.00%, 12/01/55 |
|
1,110 |
1,127,985 |
| Series B, 5.00%, 12/01/46 |
|
3,040 |
3,155,401 |
| Series B, 5.00%, 12/01/51 |
|
675 |
682,975 |
| Series B, (AGM), 5.00%, 12/01/54 |
|
900 |
914,618 |
| South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 |
|
4,870 |
4,919,337 |
| South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing |
|
|
|
| Series A, 4.95%, 07/01/53 |
|
205 |
197,663 |
| Series B-1, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
7,095 |
6,950,185 |
| Series B-1, (FHLMC, FNMA, GNMA), 4.80%, 07/01/56 |
|
4,555 |
4,384,048 |
| |
|
|
57,252,236 |
| Tennessee — 2.2% |
| ||
| Knox County Health Educational & Housing Facility Board, RB |
|
|
|
| Series A-1, (BAM), 5.50%, 07/01/54 |
|
490 |
505,285 |
| Series A-1, (BAM), 5.50%, 07/01/59 |
|
430 |
441,534 |
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |
|
8,775 |
8,699,859 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
|
|
|
| 4.00%, 10/01/49 |
|
675 |
546,358 |
| 4.00%, 10/01/54 |
|
3,235 |
2,905,618 |
| 5.25%, 10/01/58 |
|
5,395 |
5,005,412 |
| Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48 |
|
2,900 |
3,022,243 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Refunding RB, 5.25%, 07/01/55 |
|
5,835 |
6,082,731 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
|
4,705 |
4,955,632 |
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
|
2,560 |
2,666,704 |
| Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) |
|
10,260 |
10,499,307 |
| Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 3A, Sustainability Bonds, 6.25%, 01/01/54 |
|
1,755 |
1,882,806 |
| |
|
|
47,213,489 |
| Texas — 13.3% |
| ||
| Alamo Heights Independent School District, GO, (PSF), 4.00%, 02/01/51 |
|
3,715 |
3,342,492 |
| Arlington Higher Education Finance Corp., RB(b)(g)(h) |
|
|
|
| 7.50%, 04/01/62 |
|
3,915 |
1,957,500 |
| 7.88%, 11/01/62 |
|
3,350 |
2,010,000 |
| Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52 |
|
1,000 |
886,604 |
| Bexar Management And Development Corp., RB, M/F Housing, (FNMA), 4.61%, 07/01/44 |
|
2,285 |
2,234,780 |
| City of Austin Texas Airport System Revenue, ARB |
|
|
|
| Series A, 5.00%, 11/15/41 |
|
1,990 |
1,995,178 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| City of Austin Texas Airport System Revenue, ARB (continued) |
|
|
|
| AMT, 5.25%, 11/15/47 |
$ |
2,500 |
$ 2,573,379 |
| City of Austin Texas Airport System Revenue, Refunding ARB, Series B, AMT, 5.25%, 11/15/56 |
|
13,925 |
14,223,902 |
| City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/53 |
|
5,915 |
6,056,513 |
| City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.13%, 07/15/53 |
|
3,805 |
3,277,325 |
| City of Galveston Texas Wharves & Terminal Revenue, ARB |
|
|
|
| Series A, AMT, 1st Lien, 5.50%, 08/01/43 |
|
100 |
105,479 |
| Series A, AMT, 1st Lien, 5.50%, 08/01/44 |
|
100 |
105,115 |
| City of Houston Texas Airport System Revenue, ARB |
|
|
|
| Series B, AMT, 5.50%, 07/15/36 |
|
300 |
323,755 |
| Series B, AMT, 5.50%, 07/15/37 |
|
780 |
836,343 |
| Series B, AMT, 5.50%, 07/15/39 |
|
1,400 |
1,482,692 |
| City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
10,780 |
11,230,247 |
| City of Houston Texas Airport System Revenue, Refunding RB |
|
|
|
| AMT, 5.00%, 07/01/29 |
|
370 |
370,365 |
| Sub-Series A, AMT, 4.00%, 07/01/48 |
|
3,420 |
2,949,932 |
| City of Houston Texas Hotel Occupancy Tax & Special Revenue, Refunding RB, Series C, 1st Lien, 5.50%, 09/01/58 |
|
15,800 |
16,613,507 |
| City of Houston Texas, GOL |
|
|
|
| Series A, 5.25%, 03/01/49 |
|
3,560 |
3,732,701 |
| Series A, 4.13%, 03/01/51 |
|
1,775 |
1,578,158 |
| City of Houston Texas, Refunding GOL |
|
|
|
| Series A, 5.25%, 03/01/42 |
|
470 |
500,177 |
| Series A, 5.25%, 03/01/43 |
|
810 |
860,780 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 |
|
1,065 |
951,087 |
| Clifton Higher Education Finance Corp., Refunding RB, Series A, (PSF), 4.13%, 08/15/49 |
|
2,595 |
2,321,459 |
| Conroe Independent School District, GO, (PSF), 4.00%, 02/15/50 |
|
7,445 |
6,770,237 |
| Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(e) |
|
10,030 |
8,707,504 |
| County of Harris Texas Toll Road Revenue, Refunding RB |
|
|
|
| Series A, 1st Lien, 4.00%, 08/15/49 |
|
4,970 |
4,320,515 |
| Series A, 1st Lien, 4.00%, 08/15/54 |
|
7,365 |
6,261,370 |
| County of Harris Texas, Refunding GOL, (NPFGC), 0.00%, 08/15/28(e) |
|
10,915 |
10,231,213 |
| Crowley Independent School District, GO, (PSF), 4.25%, 02/01/53 |
|
310 |
289,278 |
| Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47 |
|
1,625 |
1,677,321 |
| Dallas Independent School District, Refunding GO |
|
|
|
| (PSF), 4.00%, 02/15/53 |
|
900 |
799,513 |
| Series B, (PSF), 4.00%, 02/15/55 |
|
2,275 |
2,000,903 |
| Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |
|
1,410 |
1,289,623 |
| Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/54 |
|
1,305 |
1,144,746 |
| EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39 |
|
335 |
318,427 |
| Fort Bend Independent School District, Refunding GO, Series A, (PSF), 4.00%, 08/15/49 |
|
1,735 |
1,566,814 |
52
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46(d) |
$ |
2,365 |
$ 2,450,640 |
| Greenwood Independent School District, GO, (PSF), 4.00%, 02/15/54 |
|
3,220 |
2,837,308 |
| Harris County Cultural Education Facilities Finance Corp., Refunding RB, Class A, 4.13%, 07/01/52 |
|
5,910 |
5,173,701 |
| Harris County Municipal Utility District No. 534, GO |
|
|
|
| (AGM), 5.00%, 09/01/47 |
|
1,750 |
1,765,177 |
| (BAM), 5.00%, 09/01/47 |
|
1,100 |
1,109,540 |
| Harris County-Houston Sports Authority, Refunding RB(e) |
|
|
|
| Series A, Senior Lien, 0.00%, 11/15/38 |
|
4,750 |
2,423,337 |
| Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41 |
|
10,690 |
4,522,563 |
| Hidalgo County Regional Mobility Authority, RB, CAB(e) |
|
|
|
| Series A, 0.00%, 12/01/42 |
|
500 |
219,782 |
| Series A, 0.00%, 12/01/43 |
|
1,000 |
412,629 |
| Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/50 |
|
5,750 |
5,953,006 |
| Longview Independent School District, GO, (PSF), 4.00%, 02/15/49 |
|
3,615 |
3,306,390 |
| Lower Colorado River Authority, Refunding RB, (AGM), 5.00%, 05/15/49 |
|
3,055 |
3,114,814 |
| Midland County Fresh Water Supply District No. 1, RB, CAB(c)(e) |
|
|
|
| Series A, 0.00%, 09/15/36 |
|
2,340 |
1,462,169 |
| Series A, 0.00%, 09/15/37 |
|
10,540 |
6,235,714 |
| Series A, 0.00%, 09/15/38 |
|
10,760 |
6,046,138 |
| Series A, 0.00%, 09/15/40 |
|
12,305 |
6,245,698 |
| Series A, 0.00%, 09/15/41 |
|
6,815 |
3,286,661 |
| New Hope Cultural Education Facilities Finance Corp., RB |
|
|
|
| Series A, 5.50%, 08/15/49 |
|
7,505 |
8,078,133 |
| Series A, 5.00%, 08/15/50(b) |
|
1,655 |
1,372,680 |
| Series A, 5.00%, 08/15/51(b) |
|
1,535 |
1,386,093 |
| North Texas Tollway Authority, RB(c) |
|
|
|
| Series B, 0.00%, 09/01/37(e) |
|
5,030 |
2,642,809 |
| Series C, Convertible, 6.75%, 09/01/45(d) |
|
2,500 |
2,915,748 |
| North Texas Tollway Authority, Refunding RB |
|
|
|
| 4.25%, 01/01/49 |
|
1,995 |
1,799,443 |
| Series B, 5.00%, 01/01/43 |
|
7,695 |
7,725,167 |
| Northwest Independent School District, GO, (PSF), 5.25%, 02/15/55 |
|
6,405 |
6,710,843 |
| Port Authority of Houston of Harris County Texas, ARB |
|
|
|
| 5.00%, 10/01/51 |
|
3,360 |
3,419,531 |
| 1st Lien, 5.00%, 10/01/53 |
|
1,375 |
1,401,821 |
| Prosper Independent School District, GO, (PSF), 4.00%, 02/15/54 |
|
2,860 |
2,528,080 |
| San Antonio Housing Trust Public Facility Corp., RB, Series 2024-11FN, Class PT, 4.45%, 04/01/43 |
|
405 |
390,447 |
| Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
|
1,275 |
1,172,631 |
| Sunnyvale Independent School District, Refunding GO, (PSF), 4.25%, 02/15/55 |
|
1,960 |
1,796,896 |
| Tarrant County Cultural Education Facilities Finance Corp., RB |
|
|
|
| 5.00%, 11/15/51 |
|
2,900 |
2,943,397 |
| Series A, 4.00%, 07/01/53 |
|
5,005 |
4,274,333 |
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |
|
|
|
| 5.00%, 11/15/40 |
|
2,500 |
2,500,128 |
| 5.00%, 10/01/49 |
|
610 |
606,175 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 |
$ |
7,980 |
$ 7,099,121 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 |
|
4,800 |
4,430,132 |
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
|
1,030 |
919,276 |
| Texas Department of Housing & Community Affairs, RB, S/F Housing |
|
|
|
| Series A, (GNMA), 5.13%, 01/01/54 |
|
540 |
551,847 |
| Series A, (GNMA), 5.75%, 03/01/54 |
|
4,250 |
4,559,689 |
| Series C, (GNMA), 5.00%, 09/01/48 |
|
3,650 |
3,690,937 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
|
2,935 |
3,075,815 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, RB, Series B, 5.50%, 01/01/54(a) |
|
2,500 |
2,663,557 |
| Texas Transportation Commission State Highway 249 System, RB, CAB(e) |
|
|
|
| 0.00%, 08/01/35 |
|
270 |
183,122 |
| 0.00%, 08/01/36 |
|
145 |
93,335 |
| 0.00%, 08/01/37 |
|
195 |
118,784 |
| 0.00%, 08/01/38 |
|
200 |
115,346 |
| 0.00%, 08/01/39 |
|
1,000 |
543,949 |
| 0.00%, 08/01/40 |
|
500 |
257,277 |
| 0.00%, 08/01/41 |
|
2,000 |
971,555 |
| 0.00%, 08/01/42 |
|
2,345 |
1,076,398 |
| 0.00%, 08/01/43 |
|
795 |
344,348 |
| 0.00%, 08/01/44 |
|
605 |
247,305 |
| 0.00%, 08/01/45 |
|
1,135 |
437,846 |
| Texas Water Development Board, RB |
|
|
|
| 4.45%, 10/15/36 |
|
675 |
700,417 |
| 4.75%, 10/15/55 |
|
3,870 |
3,789,557 |
| Series A, 4.38%, 10/15/59 |
|
4,780 |
4,379,950 |
| Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48 |
|
3,525 |
3,659,424 |
| Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/53 |
|
1,700 |
1,496,403 |
| Ysleta Independent School District, GO, (PSF), 4.25%, 08/15/56 |
|
6,330 |
5,764,382 |
| |
|
|
289,296,328 |
| Utah — 1.6% |
| ||
| Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(b) |
|
1,242 |
1,258,190 |
| City of Salt Lake City Utah Airport Revenue, ARB |
|
|
|
| Series A, AMT, 5.00%, 07/01/43 |
|
1,790 |
1,807,174 |
| Series A, AMT, 5.00%, 07/01/51 |
|
1,340 |
1,341,179 |
| Series A, AMT, 5.50%, 07/01/55 |
|
9,875 |
10,301,930 |
| County of Utah, RB |
|
|
|
| Series A, 3.00%, 05/15/50 |
|
1,840 |
1,330,167 |
| Series B, 4.00%, 05/15/47 |
|
1,340 |
1,216,537 |
| Downtown Revitalization Public Infrastructure District, RB |
|
|
|
| Series A, 1st Lien, (AGM), 5.50%, 06/01/55 |
|
6,020 |
6,368,270 |
| Series B, 2nd Lien, (AGM), 5.50%, 06/01/50 |
|
3,450 |
3,689,805 |
| Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 |
|
2,135 |
2,253,775 |
| Resort Core Public Infrastructure District No. 1, GOL, Series A-1, 5.63%, 03/01/51 |
|
1,400 |
1,401,790 |
| Utah Charter School Finance Authority, RB, 5.00%, 06/15/39(b) |
|
300 |
286,359 |
| Utah Charter School Finance Authority, Refunding RB |
|
|
|
| 5.00%, 06/15/40(b) |
|
610 |
585,978 |
| (UT), 4.00%, 04/15/42 |
|
400 |
357,299 |
Schedule of Investments 53
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Utah (continued) |
| ||
| Utah Charter School Finance Authority, Refunding RB (continued) |
|
|
|
| 5.00%, 06/15/55(b) |
$ |
835 |
$ 723,014 |
| Utah Housing Corp., RB, S/F Housing, Series E, (FHLMC, FNMA, GNMA), 4.70%, 01/01/50 |
|
1,470 |
1,442,945 |
| |
|
|
34,364,412 |
| Vermont — 0.0% |
| ||
| Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30 |
|
275 |
267,916 |
| Virginia — 1.5% |
| ||
| Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 |
|
601 |
591,212 |
| Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59(d) |
|
1,441 |
1,333,096 |
| Fairfax County Industrial Development Authority, RB, 4.13%, 05/15/54 |
|
7,375 |
6,653,811 |
| Henrico County Economic Development Authority, RB |
|
|
|
| Class A, 5.00%, 10/01/47 |
|
4,580 |
4,603,701 |
| Class A, 5.00%, 10/01/52 |
|
1,170 |
1,157,038 |
| Series A, 5.00%, 11/01/48 |
|
4,145 |
4,231,793 |
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
|
3,190 |
2,555,335 |
| Virginia Housing Development Authority, RB, M/F Housing |
|
|
|
| Series A, 4.60%, 09/01/49 |
|
2,330 |
2,255,068 |
| Series G, 5.05%, 11/01/47 |
|
1,825 |
1,855,482 |
| Series G, 5.15%, 11/01/52 |
|
505 |
512,610 |
| Virginia Housing Development Authority, RB, S/F Housing |
|
|
|
| Series E-2, 4.40%, 10/01/44 |
|
465 |
452,148 |
| Series E-2, 4.55%, 10/01/49 |
|
230 |
221,851 |
| Series H, (FHLMC, FNMA, GNMA), 4.90%, 01/01/57 |
|
2,840 |
2,754,658 |
| Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 |
|
2,490 |
2,437,799 |
| Virginia Small Business Financing Authority, Refunding RB, Series A, 5.25%, 12/01/56 |
|
1,035 |
1,040,305 |
| |
|
|
32,655,907 |
| Washington — 1.3% |
| ||
| County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 2.39%, 01/01/40(a) |
|
615 |
613,049 |
| Port of Seattle Washington, ARB, Series B, AMT, Intermediate Lien, 5.50%, 10/01/50 |
|
2,525 |
2,661,989 |
| Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |
|
5,645 |
5,718,976 |
| Vancouver Housing Authority, RB, M/F Housing, 5.00%, 08/01/40 |
|
4,425 |
4,441,912 |
| Washington Health Care Facilities Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 08/01/44 |
|
875 |
888,619 |
| Series A, 5.50%, 09/01/55 |
|
4,365 |
4,555,883 |
| Washington State Housing Finance Commission, RB, 5.25%, 07/01/51 |
|
1,105 |
1,134,018 |
| Washington State Housing Finance Commission, RB, M/F Housing(a) |
|
|
|
| Series 2025-1, 4.08%, 11/20/41 |
|
3,445 |
3,241,446 |
| Security |
|
Par (000) |
Value |
| Washington (continued) |
| ||
| Washington State Housing Finance Commission, RB, M/F Housing(a) (continued) |
|
|
|
| Series 2, Class 1, Sustainability Bonds, 4.09%, 03/01/50 |
$ |
1,320 |
$ 1,258,541 |
| Washington State Housing Finance Commission, Refunding RB |
|
|
|
| 5.00%, 01/01/43(b) |
|
3,065 |
2,900,046 |
| Series A, 5.00%, 07/01/48 |
|
205 |
207,251 |
| |
|
|
27,621,730 |
| West Virginia — 0.2% |
| ||
| City of Martinsburg West Virginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 |
|
570 |
555,141 |
| West Virginia Hospital Finance Authority, RB, Class A, 4.38%, 06/01/53 |
|
3,000 |
2,753,288 |
| |
|
|
3,308,429 |
| Wisconsin — 2.1% |
| ||
| Public Finance Authority, RB |
|
|
|
| Class A, 5.00%, 06/15/51(b) |
|
855 |
703,242 |
| Class A, 5.00%, 06/15/56(b) |
|
400 |
318,980 |
| Series A, 5.00%, 07/01/55(b) |
|
1,120 |
952,036 |
| Series A-1, 4.50%, 01/01/35(b) |
|
1,340 |
1,294,340 |
| AMT, 5.75%, 06/30/60 |
|
2,655 |
2,745,166 |
| AMT, 6.50%, 06/30/60 |
|
2,050 |
2,243,065 |
| AMT, 5.75%, 12/31/65 |
|
5,990 |
6,180,532 |
| AMT, 6.50%, 12/31/65 |
|
12,015 |
13,146,551 |
| AMT, Sustainability Bonds, 4.00%, 09/30/51 |
|
5,615 |
4,677,862 |
| AMT, Sustainability Bonds, 4.00%, 03/31/56 |
|
1,835 |
1,478,861 |
| Public Finance Authority, RB, M/F Housing, 8.00%, 02/01/37(b) |
|
1,740 |
1,710,253 |
| Public Finance Authority, Refunding RB |
|
|
|
| 5.00%, 09/01/49(b) |
|
710 |
666,299 |
| 5.25%, 11/15/55 |
|
475 |
480,516 |
| Series B, AMT, 5.00%, 07/01/42 |
|
990 |
989,979 |
| Wisconsin Health & Educational Facilities Authority, RB, Series A, 5.75%, 08/15/54 |
|
265 |
273,053 |
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |
|
3,280 |
2,794,241 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
|
1,150 |
1,165,552 |
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 09/01/50 |
|
2,535 |
2,477,500 |
| Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 03/01/51 |
|
695 |
682,123 |
| |
|
|
44,980,151 |
| Wyoming — 0.0% |
| ||
| University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
|
855 |
750,571 |
| Total Municipal Bonds — 107.6% (Cost: $2,328,128,928) |
2,348,881,526 | ||
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
| Alabama — 3.5% |
| ||
| Black Belt Energy Gas District, RB |
|
|
|
| Series B, 5.25%, 12/01/53 |
|
12,500 |
13,290,949 |
| Series C, 5.50%, 10/01/54(j) |
|
20,407 |
21,731,219 |
54
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Alabama (continued) |
| ||
| Black Belt Energy Gas District, RB (continued) |
|
|
|
| Series C-1, 5.25%, 02/01/53 |
$ |
25,895 |
$ 26,997,968 |
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
|
12,450 |
13,516,667 |
| |
|
|
75,536,803 |
| California — 2.3% |
| ||
| California Community Choice Financing Authority, RB, Series E-1, Sustainability Bonds, 5.00%, 02/01/54 |
|
10,000 |
10,413,955 |
| City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46 |
|
8,800 |
8,801,235 |
| City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.25%, 05/15/50 |
|
16,742 |
17,395,219 |
| San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48 |
|
14,500 |
14,648,435 |
| |
|
|
51,258,844 |
| Colorado — 1.3% |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 12/01/43(j) |
|
10,000 |
10,115,674 |
| Series A, AMT, 5.50%, 11/15/53 |
|
17,783 |
18,448,253 |
| |
|
|
28,563,927 |
| District of Columbia — 3.9% |
| ||
| District of Columbia Income Tax Revenue, Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/50 |
|
10,320 |
10,673,512 |
| Series A, 5.25%, 06/01/50 |
|
23,000 |
24,253,857 |
| District of Columbia Water & Sewer Authority, Refunding RB, Series B, 5.00%, 10/01/49 |
|
6,035 |
6,103,738 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
|
|
|
| Series A, 5.00%, 10/01/49 |
|
11,194 |
11,172,867 |
| Series A, AMT, 5.00%, 10/01/50 |
|
6,218 |
6,258,146 |
| Series A, AMT, 5.50%, 10/01/54 |
|
11,620 |
12,062,038 |
| Series A, AMT, 5.50%, 10/01/55 |
|
4,160 |
4,350,018 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 2nd Lien, 5.50%, 07/15/60 |
|
9,280 |
9,777,778 |
| |
|
|
84,651,954 |
| Florida — 4.4% |
| ||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/53 |
|
16,105 |
17,159,941 |
| City of Melbourne Florida Water & Sewer Revenue, RB, Series 2023-ZF, 5.00%, 11/15/50 |
|
6,910 |
7,086,970 |
| City of Tallahassee, RB |
|
|
|
| Series 2025-ZF, 5.25%, 10/01/50 |
|
9,753 |
10,325,998 |
| Series 2025-ZF, 5.25%, 10/01/55 |
|
7,420 |
7,791,545 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/50 |
|
6,149 |
6,287,820 |
| County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/51 |
|
10,510 |
10,733,421 |
| Greater Orlando Aviation Authority, ARB |
|
|
|
| AMT, Subordinate, 5.25%, 10/01/51(j) |
|
10,380 |
10,587,287 |
| Series A, AMT, 5.00%, 10/01/42 |
|
13,280 |
13,356,175 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.25%, 10/01/49 |
$ |
4,915 |
$ 5,163,184 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(j) |
|
6,672 |
6,925,065 |
| |
|
|
95,417,406 |
| Georgia — 3.0% |
| ||
| City of Atlanta Georgia Department of Aviation, ARB, Series B-1, AMT, Sustainability Bonds, 5.50%, 07/01/55 |
|
5,340 |
5,570,954 |
| County of DeKalb Georgia Water & Sewerage Revenue, RB, Series A, 5.00%, 10/01/55 |
|
38,177 |
39,191,939 |
| Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 5.25%, 12/01/50(j) |
|
11,883 |
11,467,053 |
| Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53(j) |
|
9,240 |
9,703,977 |
| |
|
|
65,933,923 |
| Illinois(j) — 1.5% |
| ||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 5.00%, 12/01/49 |
|
21,102 |
21,585,252 |
| Regional Transportation Authority, RB, Series A, 5.00%, 06/01/50 |
|
10,000 |
10,211,803 |
| |
|
|
31,797,055 |
| Indiana — 1.0% |
| ||
| Indiana Finance Authority, RB |
|
|
|
| Series A, 4.00%, 11/01/51 |
|
10,390 |
8,966,978 |
| Series A, 5.00%, 10/01/53 |
|
12,775 |
12,971,037 |
| |
|
|
21,938,015 |
| Maryland — 0.8% |
| ||
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 |
|
17,414 |
17,692,404 |
| Massachusetts — 1.9% |
| ||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series B, 5.00%, 06/01/52 |
|
10,000 |
10,207,937 |
| Commonwealth of Massachusetts, GO, Series 2024, 5.00%, 12/01/51 |
|
8,800 |
9,061,225 |
| Commonwealth of Massachusetts, GOL |
|
|
|
| Series A, 5.00%, 05/01/48 |
|
7,712 |
7,951,562 |
| Series A, 5.00%, 04/01/55 |
|
3,380 |
3,465,048 |
| Series D, 5.00%, 10/01/51 |
|
10,000 |
10,249,334 |
| |
|
|
40,935,106 |
| Michigan — 1.6% |
| ||
| Michigan State Hospital Finance Authority, Refunding RB, Series 2024-ZF, 5.00%, 11/15/47 |
|
10,000 |
10,061,355 |
| Michigan State Housing Development Authority, RB, M/F Housing |
|
|
|
| Series A, 4.05%, 10/01/48 |
|
2,339 |
2,056,378 |
| Series A, 5.00%, 10/01/48 |
|
12,964 |
13,149,532 |
| State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |
|
10,000 |
10,490,461 |
| |
|
|
35,757,726 |
| Minnesota — 0.7% |
| ||
| Minneapolis-St. Paul Metropolitan Airports Commission, ARB, AMT, Subordinate, 5.25%, 01/01/49 |
|
15,240 |
15,736,847 |
Schedule of Investments 55
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Missouri — 0.8% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53(j) |
$ |
5,000 |
$ 4,244,459 |
| Missouri Housing Development Commission, RB, S/F Housing, Series E, 4.60%, 11/01/49 |
|
13,155 |
12,757,590 |
| |
|
|
17,002,049 |
| Nebraska — 0.9% |
| ||
| Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 |
|
5,240 |
5,426,452 |
| Nebraska Investment Finance Authority, RB, S/F Housing, Series E, Sustainability Bonds, (AGM), 4.80%, 09/01/54 |
|
5,904 |
5,759,704 |
| Omaha Public Power District, Refunding RB, Series B, 5.25%, 02/01/48 |
|
8,980 |
9,437,807 |
| |
|
|
20,623,963 |
| Nevada — 1.4% |
| ||
| County of Clark Nevada, GOL, Series A, 5.00%, 05/01/48 |
|
19,650 |
19,894,485 |
| Las Vegas Valley Water District, GOL, Series A, 5.00%, 06/01/49 |
|
9,500 |
9,774,264 |
| |
|
|
29,668,749 |
| New Jersey — 1.9% |
| ||
| New Jersey Transportation Trust Fund Authority, RB, Series AA, 5.00%, 06/15/55 |
|
24,240 |
24,520,791 |
| New Jersey Turnpike Authority, RB |
|
|
|
| Series A, 5.00%, 01/01/48 |
|
10,000 |
10,172,984 |
| Series B, 5.25%, 01/01/49 |
|
5,395 |
5,694,877 |
| |
|
|
40,388,652 |
| New York — 13.4% |
| ||
| City of New York, GO, Series B, 5.25%, 10/01/47 |
|
6,560 |
6,814,035 |
| County of Nassau New York, GOL, Series A, 5.00%, 04/01/55(j) |
|
11,235 |
11,576,582 |
| Empire State Development Corp., RB, Series A, 5.00%, 03/15/50 |
|
8,000 |
8,219,729 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Refunding RB, Series B-1, Sustainability Bonds, 5.00%, 11/15/49 |
|
10,344 |
10,652,805 |
| New York City Housing Development Corp., Series 2025-ZF, 5.00%, 11/01/55 |
|
7,180 |
7,189,906 |
| New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48(j) |
|
5,540 |
5,414,243 |
| New York City Municipal Water Finance Authority, RB |
|
|
|
| Series AA, Subordinate, 5.00%, 06/15/51(j) |
|
14,617 |
15,048,881 |
| Series AA-1, 5.25%, 06/15/52 |
|
10,980 |
11,418,138 |
| Series DD1, 5.00%, 06/15/48 |
|
10,000 |
10,093,344 |
| Series GG, 5.00%, 06/15/48 |
|
10,000 |
10,238,533 |
| New York City Municipal Water Finance Authority, Refunding RB |
|
|
|
| Series DD, 5.25%, 06/15/46 |
|
10,000 |
10,598,206 |
| Series DD, 5.00%, 06/15/47 |
|
9,705 |
10,036,358 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Series 2025-ZF, Subordinate, 5.00%, 05/01/47 |
|
15,000 |
15,495,663 |
| Series C, 5.25%, 05/01/48 |
|
19,586 |
20,408,186 |
| Series C-1, Subordinate, 5.00%, 05/01/50 |
|
4,737 |
4,832,912 |
| Series D, 5.00%, 05/01/50(j) |
|
10,000 |
10,203,772 |
| Series H-1, Subordinate, 5.00%, 11/01/50 |
|
3,060 |
3,125,692 |
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) |
|
|
|
| Sub-Series D-1, 5.25%, 11/01/48 |
$ |
5,000 |
$ 5,206,806 |
| New York Power Authority, RB, Series A, Sustainability Bonds, (AGM), 5.13%, 11/15/63 |
|
3,373 |
3,490,772 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 03/15/47(j) |
|
10,370 |
10,772,713 |
| Series A, 5.25%, 03/15/52(j) |
|
5,000 |
5,193,450 |
| Series A, 5.00%, 03/15/53(j) |
|
14,017 |
14,317,541 |
| Series C, 4.00%, 07/01/49 |
|
8,955 |
7,953,724 |
| Series E, 5.00%, 03/15/46 |
|
8,820 |
8,978,271 |
| New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.13%, 06/30/60 |
|
10,000 |
9,936,159 |
| Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55 |
|
2,820 |
2,376,025 |
| Port Authority of New York & New Jersey, Refunding ARB, AMT, 5.00%, 01/15/47(j) |
|
8,640 |
8,811,644 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|
|
| Series A, 4.13%, 05/15/53 |
|
5,773 |
5,200,362 |
| Series A, 4.25%, 05/15/58 |
|
8,263 |
7,570,521 |
| Triborough Bridge & Tunnel Authority, RB, Series A, 5.50%, 11/15/57 |
|
5,339 |
5,599,579 |
| Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
| Series A-1, 5.00%, 05/15/51(j) |
|
12,685 |
13,005,476 |
| Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
|
7,056 |
7,298,166 |
| Series C, 5.25%, 05/15/52(j) |
|
4,340 |
4,493,279 |
| |
|
|
291,571,473 |
| Oklahoma — 0.4% |
| ||
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |
|
8,126 |
8,543,882 |
| Oregon — 1.7% |
| ||
| Port of Portland Oregon Airport Revenue, Refunding ARB |
|
|
|
| Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
|
29,953 |
31,220,291 |
| Series 30A, AMT, Sustainability Bonds, 5.25%, 07/01/45 |
|
5,320 |
5,571,311 |
| |
|
|
36,791,602 |
| Pennsylvania — 1.9% |
| ||
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
|
3,989 |
4,139,317 |
| Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
|
8,637 |
9,242,184 |
| Series 145A, Sustainability Bonds, 4.75%, 10/01/49 |
|
8,620 |
8,528,105 |
| Series 147 A, Sustainability Bonds, 4.70%, 10/01/49(j) |
|
6,750 |
6,697,987 |
| Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
|
13,290 |
13,720,889 |
| |
|
|
42,328,482 |
| Rhode Island — 0.5% |
| ||
| Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 82-A, Sustainability Bonds, (AGM), 4.60%, 10/01/49 |
|
10,234 |
9,859,099 |
56
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| South Carolina — 2.6% |
| ||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 |
$ |
16,400 |
$ 17,357,612 |
| Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(j) |
|
37,444 |
39,813,106 |
| |
|
|
57,170,718 |
| Tennessee — 1.1% |
| ||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(j) |
|
11,655 |
12,140,794 |
| Tennessee State School Bond Authority, RB, Series A, (SAW), 5.00%, 11/01/52 |
|
12,500 |
12,802,651 |
| |
|
|
24,943,445 |
| Texas — 5.8% |
| ||
| Austin Community College District, Refunding GOL, 5.25%, 08/01/55 |
|
11,740 |
12,218,214 |
| City of Houston Texas Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/53 |
|
6,010 |
6,131,184 |
| Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
14,377 |
14,977,433 |
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB |
|
|
|
| Series A, 5.25%, 02/01/49 |
|
6,702 |
7,016,554 |
| Series A, 5.50%, 02/01/50(j) |
|
11,148 |
11,792,832 |
| County of Bexar Texas, GOL, Series 2025-ZF, 5.25%, 06/15/49 |
|
9,840 |
10,119,383 |
| Crowley Independent School District, GO, (AGM), 5.25%, 02/01/53 |
|
5,967 |
6,167,910 |
| North Texas Municipal Water District, RB, Series 2025- ZF, 5.00%, 06/01/50(j) |
|
16,613 |
16,951,476 |
| San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.25%, 05/15/48 |
|
3,660 |
3,870,759 |
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
|
4,041 |
4,101,590 |
| Terrell Independent School District, GO, (AGM), 5.25%, 08/01/55 |
|
12,920 |
13,471,994 |
| Texas Water Development Board, RB |
|
|
|
| 4.80%, 10/15/52 |
|
7,785 |
7,752,187 |
| Series A, 5.25%, 10/15/51 |
|
11,775 |
12,269,871 |
| |
|
|
126,841,387 |
| Utah — 0.4% |
| ||
| City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.50%, 07/01/53(j) |
|
9,064 |
9,393,786 |
| Washington — 1.8% |
| ||
| Port of Seattle Washington, Refunding ARB |
|
|
|
| Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 |
|
6,240 |
6,423,077 |
| Series C, AMT, 5.00%, 08/01/46 |
|
12,100 |
12,258,567 |
| State of Washington, GO |
|
|
|
| Series 2024-A, 5.00%, 08/01/48 |
|
10,000 |
10,332,647 |
| Series C, 5.00%, 02/01/47 |
|
10,000 |
10,306,657 |
| |
|
|
39,320,948 |
| Wisconsin — 0.4% |
| ||
| Wisconsin Housing & Economic Development Authority Housing Revenue, RB, Series A, 4.45%, 05/01/57 |
|
5,000 |
4,725,833 |
| Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43 |
|
4,000 |
3,780,667 |
| |
|
|
8,506,500 |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 60.9% (Cost: $1,318,914,451) |
1,328,174,745 | ||
| Security |
|
Shares |
Value |
| Warrants | |||
| Construction & Engineering — 0.0% |
| ||
| Brightline West, (Expires 11/26/35, Strike Price USD 5.00)(h)(k) |
|
314,015 |
$ 628,030 |
| Total Warrants — 0.0% (Cost: $ — ) |
628,030 | ||
| Total Long-Term Investments — 168.5% (Cost: $3,647,043,379) |
3,677,684,301 | ||
| Short-Term Securities | |||
| Money Market Funds — 2.0% |
| ||
| BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.19%(l)(m) |
|
43,234,546 |
43,238,870 |
| Total Short-Term Securities — 2.0% (Cost: $43,238,870) |
43,238,870 | ||
| Total Investments — 170.5% (Cost: $3,690,282,249) |
3,720,923,171 | ||
| Other Assets Less Liabilities — 1.7% |
37,186,071 | ||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (39.3)% |
(857,546,031 ) | ||
| VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (32.9)% |
(717,800,000 ) | ||
| Net Assets Applicable to Common Shares — 100.0% |
$ 2,182,763,211 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (d) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (e) |
Zero-coupon bond. |
| (f) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (g) |
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 agreements, which expire between December 1, 2027 to May 1, 2052, is $221,094,183. See Note 4 of the Notes to Financial Statements for details. |
| (k) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (l) |
Affiliate of the Fund. |
| (m) |
Annualized 7-day yield as of period end. |
Schedule of Investments 57
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniHoldings Fund, Inc. (MHD)
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/26 |
Shares Held at 07/31/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 14,829,555 |
$ 28,409,315 (a) |
$ — |
$ — |
$ — |
$ 43,238,870 |
43,234,546 |
$ 683,217 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |
$ — |
$ 2,348,881,526 |
$ — |
$ 2,348,881,526 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
1,328,174,745 |
— |
1,328,174,745 |
| Warrants |
— |
— |
628,030 |
628,030 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
43,238,870 |
— |
— |
43,238,870 |
| |
$43,238,870 |
$3,677,056,271 |
$628,030 |
$3,720,923,171 |
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 |
$— |
$(852,392,605 ) |
$— |
$(852,392,605 ) |
| VMTP Shares at Liquidation Value |
— |
(717,800,000 ) |
— |
(717,800,000 ) |
| |
$— |
$(1,570,192,605 ) |
$— |
$(1,570,192,605 ) |
See notes to financial statements.
58
2026 BlackRock Annual Report to Shareholders
Schedule of Investments
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Municipal Bonds | |||
| Alabama — 7.0% |
| ||
| Black Belt Energy Gas District, RB |
|
|
|
| Series A, 5.00%, 12/01/34 |
$ |
2,495 |
$ 2,578,934 |
| Series A, 5.25%, 01/01/54(a) |
|
9,325 |
9,758,763 |
| Series A, 5.25%, 05/01/56(a) |
|
8,380 |
8,447,145 |
| Series C, 5.50%, 10/01/54(a) |
|
18,075 |
19,247,872 |
| Series F, 5.50%, 11/01/53(a) |
|
5,295 |
5,504,297 |
| County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.25%, 10/01/49 |
|
10,840 |
11,187,518 |
| Energy Southeast A Cooperative District, RB(a) |
|
|
|
| Series A-1, 5.50%, 11/01/53 |
|
4,900 |
5,175,054 |
| Series B-1, 5.75%, 04/01/54 |
|
14,325 |
15,552,310 |
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
2,565 |
2,600,663 |
| Mobile County Industrial Development Authority, RB, Series A, AMT, 5.00%, 06/01/54 |
|
2,295 |
2,211,535 |
| Southeast Alabama Gas Supply District, Refunding RB, Series B, 5.00%, 06/01/49(a) |
|
11,525 |
11,959,049 |
| Southeast Energy Authority A Cooperative District, RB(a) |
|
|
|
| Series A, 5.00%, 01/01/56 |
|
10,625 |
10,665,115 |
| Series A-1, 5.50%, 01/01/53 |
|
5,480 |
5,792,156 |
| Series B, 5.00%, 01/01/54 |
|
1,230 |
1,287,923 |
| Series B, 5.25%, 03/01/55 |
|
4,655 |
4,745,306 |
| Series B-1, 5.00%, 05/01/53 |
|
9,585 |
9,848,245 |
| |
|
|
126,561,885 |
| Alaska — 0.1% |
| ||
| Municipality of Anchorage Refunding RB, Series A, AMT, 5.50%, 02/01/56 |
|
1,005 |
1,047,289 |
| Municipality of Anchorage, ARB, Series A, AMT, 4.50%, 02/01/60 |
|
1,650 |
1,455,287 |
| |
|
|
2,502,576 |
| Arizona — 5.2% |
| ||
| Arizona Industrial Development Authority, RB |
|
|
|
| 4.38%, 07/01/39(b) |
|
875 |
749,714 |
| 5.00%, 07/01/54(b) |
|
1,160 |
925,926 |
| 7.10%, 01/01/55(b) |
|
250 |
250,373 |
| Series A, 5.00%, 07/01/49(b) |
|
1,990 |
1,804,524 |
| Series A, 5.00%, 07/15/49 |
|
1,000 |
892,286 |
| Series A, 5.00%, 07/01/54(b) |
|
1,530 |
1,348,351 |
| Arizona Industrial Development Authority, Refunding RB |
|
|
|
| 5.50%, 07/01/52(b) |
|
815 |
710,457 |
| Series A, 5.13%, 07/01/37(b) |
|
500 |
500,001 |
| Series A, 5.38%, 07/01/50(b) |
|
1,645 |
1,587,064 |
| Series G, 5.00%, 07/01/47(b) |
|
2,790 |
2,610,319 |
| Series S, 5.00%, 07/01/37 |
|
750 |
752,736 |
| City of Phoenix Civic Improvement Corp., ARB |
|
|
|
| Series B, AMT, Junior Lien, 5.00%, 07/01/44 |
|
7,170 |
7,255,220 |
| Junior Lien, 5.00%, 07/01/49 |
|
2,330 |
2,365,603 |
| City of Phoenix Civic Improvement Corp., RB |
|
|
|
| Series B, (BHAC-CR FGIC), 5.50%, 07/01/41 |
|
100 |
117,268 |
| Junior Lien, 5.25%, 07/01/47 |
|
2,575 |
2,734,957 |
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
|
190 |
166,809 |
| Industrial Development Authority of the City of Phoenix Arizona, RB |
|
|
|
| 5.00%, 07/01/44 |
|
2,000 |
2,001,118 |
| Series A, 5.00%, 07/01/46(b) |
|
5,145 |
4,801,495 |
| Security |
|
Par (000) |
Value |
| Arizona (continued) |
| ||
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45(b) |
$ |
500 |
$ 472,603 |
| Industrial Development Authority of the County of Pima, RB(b) |
|
|
|
| 5.00%, 07/01/39 |
|
500 |
487,354 |
| 5.00%, 07/01/49 |
|
1,150 |
1,053,771 |
| Industrial Development Authority of the County of Pima, RB, S/F Housing, Series C, (GNMA), 6.00%, 07/01/55 |
|
3,090 |
3,364,213 |
| Industrial Development Authority of the County of Pima, Refunding RB(b) |
|
|
|
| 5.00%, 06/15/49 |
|
3,010 |
2,609,833 |
| 5.00%, 06/15/52 |
|
530 |
446,659 |
| Maricopa County Industrial Development Authority, RB, 5.00%, 07/01/47 |
|
1,000 |
911,686 |
| Maricopa County Industrial Development Authority, Refunding RB(b) |
|
|
|
| 5.00%, 07/01/47 |
|
1,000 |
923,936 |
| 5.00%, 07/01/54 |
|
730 |
658,046 |
| McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39 |
|
500 |
500,333 |
| Phoenix-Mesa Gateway Airport Authority, ARB, 5.00%, 07/01/38 |
|
3,600 |
3,602,261 |
| Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.25%, 01/01/53 |
|
4,560 |
4,755,091 |
| Salt Verde Financial Corp., RB |
|
|
|
| 5.50%, 12/01/29 |
|
2,000 |
2,105,705 |
| 5.00%, 12/01/32 |
|
8,555 |
8,911,290 |
| 5.00%, 12/01/37 |
|
11,085 |
11,329,902 |
| Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b) |
|
745 |
697,907 |
| Town of Queen Creek, COP, 5.50%, 10/01/65 |
|
18,810 |
19,767,284 |
| |
|
|
94,172,095 |
| Arkansas — 0.2% |
| ||
| Arkansas Development Finance Authority, RB, AMT, Sustainability Bonds, 5.70%, 05/01/53 |
|
3,245 |
3,330,034 |
| California — 9.2% |
| ||
| California Community Choice Financing Authority, RB(a) |
|
|
|
| Sustainability Bonds, 5.50%, 10/01/54 |
|
2,355 |
2,538,712 |
| Series B, Sustainability Bonds, 5.00%, 03/01/56 |
|
5,305 |
5,537,678 |
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
|
2,845 |
2,483,590 |
| California Housing Finance Agency, RB, M/F Housing, Class I, 5.80%, 04/01/36(b) |
|
2,720 |
2,658,881 |
| California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65(a)(b) |
|
6,560 |
4,198,400 |
| California Municipal Finance Authority, RB, M/F Housing |
|
|
|
| 6.00%, 02/01/38(a) |
|
3,200 |
3,124,691 |
| 6.00%, 06/01/38(a)(b) |
|
900 |
884,741 |
| Series A, 6.10%, 12/01/37 |
|
3,200 |
3,148,835 |
| Series A, 6.05%, 07/01/41(b) |
|
1,735 |
1,735,000 |
| California Municipal Finance Authority, RB, S/F Housing, Series 2025-1, Class A-1, 3.45%, 02/20/41(a) |
|
1,633 |
1,477,693 |
| California Statewide Communities Development Authority, RB, M/F Housing, Class I, 5.80%, 06/01/36(b) |
|
2,545 |
2,463,352 |
| California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43 |
|
3,285 |
3,343,769 |
Schedule of Investments 59
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.00%, 05/15/47 |
$ |
2,415 |
$ 2,453,615 |
| City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 |
|
2,305 |
2,415,165 |
| CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 5.00%, 09/01/37(b) |
|
355 |
356,251 |
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
|
5,000 |
4,257,060 |
| Grossmont-Cuyamaca Community College District, GO, Series C, Election 2002, (AGM), 0.00%, 08/01/30(c) |
|
10,030 |
8,872,959 |
| Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(d) |
|
6,600 |
6,862,799 |
| Mt San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2008, 6.25%, 08/01/43(d) |
|
9,445 |
9,844,469 |
| Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 |
|
2,815 |
2,827,506 |
| Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGM), 0.00%, 08/01/38(c) |
|
12,000 |
7,177,390 |
| Palomar Community College District, GO |
|
|
|
| Series B, Convertible, 6.20%, 08/01/39(d) |
|
4,000 |
4,847,437 |
| Series B, Election 2006, 0.00%, 08/01/30(c) |
|
2,270 |
2,013,675 |
| Poway Unified School District, Refunding GO, 0.00%, 08/01/36(c) |
|
8,750 |
6,120,432 |
| Rio Hondo Community College District, GO(c) |
|
|
|
| Series C, Election 2004, 0.00%, 08/01/37 |
|
4,005 |
2,622,006 |
| Series C, Election 2004, 0.00%, 08/01/38 |
|
5,000 |
3,103,391 |
| Sacramento Housing Authority, RB, M/F Housing, Class IA, 5.80%, 07/01/38(b) |
|
1,900 |
1,811,824 |
| Sacramento Metropolitan Fire District, GO, Series A, Election 2024, 4.00%, 08/01/55 |
|
1,480 |
1,351,511 |
| San Diego Community College District, GO, Election 2002, 6.00%, 08/01/33(d)(e) |
|
4,200 |
4,346,587 |
| San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56 |
|
685 |
686,517 |
| San Diego Unified School District, GO |
|
|
|
| Series C, Election 2008, 0.00%, 07/01/38(c) |
|
5,200 |
3,328,997 |
| Sustainability Bonds, 4.00%, 07/01/53 |
|
9,260 |
8,639,491 |
| San Diego Unified School District, Refunding GO, CAB(c) |
|
|
|
| Series R-1, 0.00%, 07/01/30 |
|
5,000 |
4,451,121 |
| Series R-1, 0.00%, 07/01/31 |
|
4,115 |
3,532,611 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series D, AMT, 5.25%, 05/01/55 |
|
12,300 |
12,677,374 |
| San Mateo County Community College District, GO, Series C, (NPFGC), 0.00%, 09/01/30(c) |
|
12,740 |
11,151,879 |
| State of California, GO |
|
|
|
| 5.50%, 04/01/28 |
|
5 |
5,010 |
| (AMBAC), 5.00%, 04/01/31 |
|
10 |
10,020 |
| Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) |
|
5,500 |
3,649,311 |
| Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |
|
625 |
628,787 |
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| Yosemite Community College District, GO(c) |
|
|
|
| Series D, Election 2004, 0.00%, 08/01/36 |
$ |
17,000 |
$ 11,570,375 |
| Series D, Election 2004, 0.00%, 08/01/37 |
|
2,790 |
1,806,978 |
| |
|
|
167,017,890 |
| Colorado — 0.7% |
| ||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
|
345 |
336,374 |
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 11/15/47 |
|
1,115 |
1,129,692 |
| Series D, AMT, 5.75%, 11/15/45 |
|
870 |
935,177 |
| Colorado Health Facilities Authority, RB |
|
|
|
| 5.50%, 11/01/47 |
|
4,305 |
4,512,968 |
| 5.25%, 11/01/52 |
|
745 |
762,719 |
| Colorado Health Facilities Authority, Refunding RB |
|
|
|
| Series A, 4.00%, 08/01/44 |
|
2,000 |
1,822,378 |
| Series A, 5.00%, 05/15/52 |
|
4,010 |
4,071,949 |
| |
|
|
13,571,257 |
| Connecticut — 0.6% |
| ||
| Aquarion Water Authority, RB, CAB(c) |
|
|
|
| Series C, 0.00%, 08/01/53 |
|
350 |
86,070 |
| Series C, 0.00%, 08/01/54 |
|
445 |
103,294 |
| Series C, 0.00%, 08/01/55 |
|
505 |
110,399 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/46 |
|
1,215 |
454,034 |
| Series E, Subordinate, 0.00%, 08/01/51 |
|
630 |
167,629 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/52 |
|
840 |
215,357 |
| Series E, Subordinate, 0.00%, 08/01/53 |
|
375 |
88,033 |
| Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53 |
|
1,790 |
1,584,413 |
| Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.50%, 07/01/55 |
|
6,770 |
7,138,348 |
| Waterbury Housing Authority, RB, M/F Housing, Series A, (HUD SECT 8), 4.50%, 02/01/42 |
|
1,675 |
1,649,025 |
| |
|
|
11,596,602 |
| District of Columbia — 3.4% |
| ||
| District of Columbia Housing Finance Agency, RB, M/F Housing, Series A, Sustainability Bonds, (FNMA), 4.88%, 09/01/45 |
|
1,280 |
1,262,260 |
| District of Columbia Income Tax Revenue, Refunding RB, Series A, 5.25%, 06/01/50 |
|
5,760 |
6,074,009 |
| District of Columbia Water & Sewer Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 |
|
1,875 |
1,882,158 |
| District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 |
|
3,175 |
3,324,923 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.25%, 10/01/49 |
|
380 |
389,465 |
| Series A, AMT, 5.50%, 10/01/54 |
|
2,530 |
2,626,244 |
| Series A, AMT, 5.50%, 10/01/55 |
|
2,445 |
2,556,681 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
|
|
|
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/31(c) |
|
8,350 |
6,965,587 |
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/32(c) |
|
15,000 |
11,997,384 |
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/33(c) |
|
13,410 |
10,271,357 |
| Series B, Subordinate, 4.00%, 10/01/49 |
|
7,530 |
6,483,383 |
60
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| District of Columbia (continued) |
| ||
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |
|
|
|
| Series A, 2nd Lien, Sustainability Bonds, 4.38%, 07/15/59 |
$ |
3,305 |
$ 3,101,295 |
| Series A, 2nd Lien, Sustainability Bonds, 5.25%, 07/15/59 |
|
2,565 |
2,647,884 |
| Sustainability Bonds, 5.00%, 07/15/45 |
|
1,965 |
2,047,005 |
| |
|
|
61,629,635 |
| Florida — 8.7% |
| ||
| Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |
|
2,725 |
2,751,415 |
| Capital Trust Agency, Inc., RB(b) |
|
|
|
| 5.00%, 01/01/55 |
|
1,360 |
1,147,065 |
| Series A, 5.00%, 06/15/49 |
|
100 |
90,006 |
| Series A, 5.00%, 06/01/55 |
|
1,765 |
1,408,469 |
| Series A, 5.50%, 06/01/57 |
|
630 |
540,235 |
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB |
|
|
|
| Series A, 5.50%, 09/01/48 |
|
5,275 |
5,668,673 |
| Series B, 5.50%, 09/01/48 |
|
4,615 |
4,959,417 |
| City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47(e) |
|
5 |
5,308 |
| City of Miami Florida, RB, Series A, 5.00%, 03/01/48 |
|
3,200 |
3,290,235 |
| City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |
|
2,500 |
2,605,674 |
| County of Broward Florida Airport System Revenue, ARB |
|
|
|
| Series A, AMT, 5.00%, 10/01/42 |
|
5,100 |
5,126,386 |
| Series A, AMT, 5.00%, 10/01/44 |
|
1,740 |
1,765,373 |
| County of Broward Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |
|
445 |
417,809 |
| County of Lee Florida Airport Revenue, ARB, AMT, 5.25%, 10/01/54 |
|
500 |
507,810 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 10/01/44 |
|
2,645 |
2,671,923 |
| Series A, AMT, 5.50%, 10/01/55 |
|
6,000 |
6,237,357 |
| County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |
|
2,900 |
2,596,755 |
| County of Miami-Dade Florida, RB(c) |
|
|
|
| 0.00%, 10/01/32 |
|
5,000 |
4,006,394 |
| 0.00%, 10/01/33 |
|
15,375 |
11,801,304 |
| County of Miami-Dade Seaport Department, Refunding RB |
|
|
|
| Series A, AMT, 5.00%, 10/01/41 |
|
2,000 |
2,053,805 |
| Series A, AMT, 5.25%, 10/01/52 |
|
11,865 |
11,963,339 |
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) |
|
|
|
| Series A-2, 0.00%, 10/01/46 |
|
2,740 |
945,415 |
| Series A-2, 0.00%, 10/01/47 |
|
4,425 |
1,421,287 |
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |
|
1,005 |
1,066,209 |
| Florida Development Finance Corp., RB, AMT, 5.00%, 05/01/29(b) |
|
1,755 |
1,766,134 |
| Florida Development Finance Corp., Refunding RB |
|
|
|
| 5.00%, 09/15/40(b) |
|
710 |
687,214 |
| AMT, (AGM), 5.00%, 07/01/44 |
|
17,735 |
17,412,723 |
| AMT, (AGM), 5.25%, 07/01/47 |
|
4,200 |
4,167,164 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Florida Housing Finance Corp., RB, S/F Housing, Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 |
$ |
5,310 |
$ 5,320,259 |
| Florida Housing Finance Corp., Refunding RB, S/F Housing, Series 3, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
4,030 |
3,947,744 |
| Florida State Board of Governors, RB, Series A, (BAM), 4.25%, 10/01/53 |
|
3,070 |
2,781,044 |
| Greater Orlando Aviation Authority, ARB |
|
|
|
| Series A, AMT, 4.00%, 10/01/52 |
|
3,340 |
2,804,282 |
| AMT, Subordinate, 5.25%, 10/01/51 |
|
4,025 |
4,105,378 |
| Hillsborough County Industrial Development Authority, Refunding RB, Series C, 5.25%, 11/15/49 |
|
825 |
860,696 |
| Jacksonville Aviation Authority, ARB, AMT, 5.25%, 10/01/55 |
|
10,290 |
10,447,304 |
| Lakewood Ranch Stewardship District, SAB |
|
|
|
| 5.25%, 05/01/37 |
|
240 |
241,485 |
| 5.38%, 05/01/47 |
|
260 |
260,399 |
| 4.00%, 05/01/49 |
|
665 |
555,325 |
| 6.30%, 05/01/54 |
|
1,585 |
1,660,892 |
| Lakewood Ranch Stewardship District, SAB, S/F Housing |
|
|
|
| 4.00%, 05/01/40 |
|
600 |
564,152 |
| 4.00%, 05/01/50 |
|
995 |
822,382 |
| Orange County Health Facilities Authority, RB |
|
|
|
| 5.00%, 10/01/47 |
|
1,930 |
1,945,978 |
| Series A, 5.00%, 10/01/53 |
|
10,000 |
10,081,239 |
| Seminole Improvement District, RB |
|
|
|
| 5.00%, 10/01/32 |
|
255 |
259,339 |
| 5.30%, 10/01/37 |
|
440 |
449,411 |
| Storey Creek Community Development District, SAB |
|
|
|
| 4.00%, 12/15/39 |
|
415 |
378,944 |
| 4.13%, 12/15/49 |
|
850 |
715,319 |
| Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 |
|
3,105 |
3,120,664 |
| Two Lakes Community Development District, SAB, 5.00%, 05/01/55 |
|
2,680 |
2,564,490 |
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
|
2,320 |
2,340,960 |
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
|
1,155 |
1,144,821 |
| Volusia County Educational Facility Authority, RB, 5.25%, 06/01/49 |
|
970 |
962,374 |
| |
|
|
157,415,779 |
| Georgia — 1.8% |
| ||
| City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |
|
480 |
482,685 |
| County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB, 5.00%, 10/01/48 |
|
2,490 |
2,565,473 |
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)(f)(g) |
|
1,090 |
730,300 |
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
|
5,635 |
4,899,699 |
| Georgia Housing & Finance Authority, RB, S/F Housing, Series C, 5.13%, 12/01/50 |
|
3,360 |
3,406,950 |
| Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series C, 4.60%, 12/01/54 |
|
2,635 |
2,543,909 |
Schedule of Investments 61
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Georgia (continued) |
| ||
| Main Street Natural Gas, Inc., RB(a) |
|
|
|
| Series A, 5.00%, 06/01/53 |
$ |
8,665 |
$ 8,959,940 |
| Series B, 5.00%, 12/01/52 |
|
5,695 |
5,865,213 |
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
|
1,655 |
1,742,388 |
| Municipal Electric Authority of Georgia, RB, Class A, 5.50%, 07/01/63 |
|
1,930 |
1,959,556 |
| |
|
|
33,156,113 |
| Hawaii — 0.2% |
| ||
| State of Hawaii Airports System Revenue, ARB |
|
|
|
| Series B, 5.00%, 07/01/49 |
|
2,785 |
2,918,858 |
| AMT, 5.25%, 08/01/26 |
|
525 |
525,000 |
| |
|
|
3,443,858 |
| Idaho — 0.9% |
| ||
| Idaho Health Facilities Authority, Refunding RB |
|
|
|
| (AGM-CR), 4.38%, 03/01/53 |
|
3,630 |
3,509,913 |
| Series A, 4.38%, 03/01/53 |
|
3,095 |
2,899,684 |
| Power County Industrial Development Corp., RB, 6.45%, 08/01/32 |
|
10,000 |
10,030,451 |
| |
|
|
16,440,048 |
| Illinois — 9.5% |
| ||
| Chicago Board of Education, GO |
|
|
|
| Series A, 5.00%, 12/01/34 |
|
3,630 |
3,640,611 |
| Series A, 5.00%, 12/01/40 |
|
1,480 |
1,406,877 |
| Series A, 6.25%, 12/01/50 |
|
6,410 |
6,666,474 |
| Series C, 5.25%, 12/01/35 |
|
1,800 |
1,759,833 |
| Series D, 5.00%, 12/01/46 |
|
6,905 |
6,276,310 |
| Chicago Board of Education, Refunding GO |
|
|
|
| Series B, 6.00%, 12/01/43 |
|
2,705 |
2,824,939 |
| Series C, 5.00%, 12/01/34 |
|
370 |
370,339 |
| Series G, 5.00%, 12/01/34 |
|
745 |
745,683 |
| Chicago Midway International Airport, Refunding ARB, Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48 |
|
1,010 |
1,063,884 |
| Chicago O’Hare International Airport, ARB |
|
|
|
| Series E, AMT, Senior Lien, 5.50%, 01/01/60 |
|
1,540 |
1,582,942 |
| Series A, Senior Lien, 5.25%, 01/01/61 |
|
12,035 |
12,311,544 |
| Chicago O’Hare International Airport, Refunding ARB |
|
|
|
| Series A, AMT, Senior Lien, 5.00%, 01/01/48 |
|
7,290 |
7,277,020 |
| Series A, AMT, Senior Lien, 5.25%, 01/01/48 |
|
3,340 |
3,406,918 |
| Series A, AMT, Senior Lien, 4.38%, 01/01/53 |
|
3,610 |
3,295,013 |
| Series A, AMT, Senior Lien, 5.00%, 01/01/53 |
|
3,000 |
2,964,440 |
| Series B, Senior Lien, 5.50%, 01/01/59 |
|
4,510 |
4,722,581 |
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |
|
3,900 |
3,929,514 |
| City of Chicago Illinois Wastewater Transmission Revenue, RB |
|
|
|
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |
|
3,710 |
3,821,905 |
| Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |
|
1,185 |
1,216,297 |
| City of Chicago Illinois Waterworks Revenue, RB |
|
|
|
| Series A, 5.50%, 11/01/66 |
|
1,680 |
1,743,232 |
| Series A, 2nd Lien, (AGM), 5.50%, 11/01/62 |
|
5,430 |
5,612,953 |
| Illinois Finance Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 11/15/45 |
|
4,995 |
4,915,908 |
| Series C, 4.00%, 02/15/41(e) |
|
110 |
110,736 |
| Series C, 4.00%, 02/15/41 |
|
15 |
13,977 |
| Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 |
|
2,920 |
2,910,977 |
| Metropolitan Pier & Exposition Authority, RB(c) |
|
|
|
| Series A, (NPFGC), 0.00%, 12/15/26 |
|
5,000 |
4,944,350 |
| Security |
|
Par (000) |
Value |
| Illinois (continued) |
| ||
| Metropolitan Pier & Exposition Authority, RB(c) (continued) |
|
|
|
| Series A, (NPFGC), 0.00%, 12/15/33 |
$ |
9,950 |
$ 7,493,736 |
| Series A, (NPFGC), 0.00%, 12/15/36 |
|
10,000 |
6,514,811 |
| Metropolitan Pier & Exposition Authority, RB, CAB(c) |
|
|
|
| (NPFGC), 0.00%, 06/15/30(h) |
|
800 |
703,090 |
| (BAM-TCRS), 0.00%, 12/15/56 |
|
2,965 |
630,368 |
| Series A, (NPFGC), 0.00%, 06/15/30 |
|
14,205 |
12,397,286 |
| Metropolitan Pier & Exposition Authority, Refunding RB(c) |
|
|
|
| Series B, (AGM), 0.00%, 06/15/44 |
|
21,980 |
9,627,989 |
| Series B, (AGM), 0.00%, 06/15/47 |
|
30,225 |
11,052,744 |
| Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |
|
5,200 |
5,693,942 |
| State of Illinois, GO |
|
|
|
| 5.50%, 05/01/39 |
|
4,395 |
4,616,844 |
| Series B, 5.25%, 05/01/41 |
|
2,980 |
3,121,400 |
| Series B, 5.25%, 05/01/44 |
|
2,375 |
2,485,580 |
| Series C, 5.50%, 04/01/51 |
|
9,030 |
9,446,055 |
| Series D, 5.00%, 11/01/27 |
|
440 |
451,169 |
| Series F, 5.25%, 09/01/47 |
|
4,725 |
4,854,521 |
| Series F, 5.25%, 09/01/48 |
|
3,880 |
3,967,966 |
| |
|
|
172,592,758 |
| Indiana — 0.9% |
| ||
| City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, 01/01/34(b) |
|
490 |
500,916 |
| Indiana Finance Authority, RB, Series A, 5.00%, 10/01/53 |
|
2,315 |
2,350,525 |
| Indiana Finance Authority, Refunding RB |
|
|
|
| Class A, 5.50%, 10/01/50 |
|
2,460 |
2,603,576 |
| Series C, 5.25%, 10/01/46 |
|
4,945 |
5,215,992 |
| Series C, 5.25%, 10/01/47 |
|
1,715 |
1,800,914 |
| Indianapolis Local Public Improvement Bond Bank, Refunding ARB, Series B1, 5.25%, 01/01/55 |
|
3,695 |
3,817,872 |
| |
|
|
16,289,795 |
| Iowa — 0.4% |
| ||
| Iowa Finance Authority, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 07/01/49 |
|
2,230 |
2,203,515 |
| Series E, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.63%, 07/01/54 |
|
4,510 |
4,321,773 |
| |
|
|
6,525,288 |
| Kansas — 0.2% |
| ||
| City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
|
550 |
549,169 |
| University of Kansas Hospital Authority, Refunding RB, 5.50%, 03/01/54 |
|
2,350 |
2,491,075 |
| |
|
|
3,040,244 |
| Kentucky — 1.6% |
| ||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
|
840 |
788,304 |
| County of Boyle Kentucky, Refunding RB, Series A, 4.25%, 06/01/46 |
|
940 |
840,886 |
| Kentucky Public Energy Authority, Refunding RB(a) |
|
|
|
| Series A-1, 5.25%, 04/01/54 |
|
8,535 |
9,009,214 |
| Series B, 5.00%, 01/01/55 |
|
6,045 |
6,294,711 |
| Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) |
|
|
|
| Convertible, 6.45%, 07/01/34 |
|
1,000 |
1,124,600 |
| Convertible, 6.60%, 07/01/39 |
|
1,395 |
1,550,295 |
62
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Kentucky (continued) |
| ||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) (continued) |
|
|
|
| Convertible, 6.75%, 07/01/43 |
$ |
2,485 |
$ 2,742,966 |
| Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 |
|
3,000 |
3,077,224 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 |
|
3,510 |
3,531,453 |
| |
|
|
28,959,653 |
| Louisiana — 2.2% |
| ||
| Louisiana Public Facilities Authority, RB |
|
|
|
| 5.25%, 10/01/53 |
|
2,530 |
2,473,094 |
| AMT, 5.75%, 09/01/64 |
|
12,015 |
12,360,663 |
| Louisiana Stadium & Exposition District, Refunding RB |
|
|
|
| Series A, 5.00%, 07/01/48 |
|
4,430 |
4,508,905 |
| Series A, 5.25%, 07/01/53 |
|
11,335 |
11,573,095 |
| New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |
|
3,000 |
2,979,086 |
| Port New Orleans Board of Commissioners, ARB |
|
|
|
| Series B, AMT, (AGM), 5.50%, 04/01/51 |
|
2,030 |
2,099,840 |
| Series E, AMT, 5.00%, 04/01/44 |
|
4,315 |
4,341,385 |
| |
|
|
40,336,068 |
| Maine — 0.4% |
| ||
| Maine Health & Higher Educational Facilities Authority, RB, Series B, (AGM), 4.75%, 07/01/53 |
|
3,000 |
2,910,875 |
| Maine State Housing Authority, RB, S/F Housing, Series C, Sustainability Bonds, (HUD SECT 8), 4.75%, 11/15/49 |
|
4,250 |
4,201,736 |
| |
|
|
7,112,611 |
| Maryland — 1.5% |
| ||
| Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32 |
|
435 |
435,270 |
| City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
|
185 |
185,389 |
| City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.50%, 06/01/39(b) |
|
650 |
588,699 |
| City of Baltimore Maryland, TA(b) |
|
|
|
| Series B, 3.70%, 06/01/39 |
|
200 |
185,010 |
| Series B, 3.88%, 06/01/46 |
|
300 |
264,213 |
| County of Prince George’s Maryland, TA, 5.25%, 07/01/48(b) |
|
300 |
299,002 |
| Howard County Housing Commission, RB, M/F Housing, Series A, 5.00%, 06/01/44 |
|
550 |
550,194 |
| Maryland Economic Development Corp., RB |
|
|
|
| 5.00%, 07/01/56 |
|
535 |
513,754 |
| Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
|
7,505 |
7,336,614 |
| Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/37 |
|
500 |
500,059 |
| Maryland Health & Higher Educational Facilities Authority, Refunding RB |
|
|
|
| 4.13%, 07/01/47 |
|
500 |
470,243 |
| Series A, 5.25%, 08/15/54 |
|
5,600 |
5,732,846 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 |
|
10,645 |
10,814,921 |
| |
|
|
27,876,214 |
| Massachusetts — 3.4% |
| ||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB |
|
|
|
| Series B, 5.00%, 06/01/50 |
|
5,000 |
5,154,033 |
| Series B, 5.00%, 06/01/52 |
|
2,835 |
2,893,950 |
| Security |
|
Par (000) |
Value |
| Massachusetts (continued) |
| ||
| Commonwealth of Massachusetts, GO, 5.00%, 02/01/56 |
$ |
11,065 |
$ 11,388,863 |
| Commonwealth of Massachusetts, GOL, Series D, 5.00%, 10/01/50 |
|
2,740 |
2,814,572 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB |
|
|
|
| Series A, 5.25%, 07/01/29 |
|
730 |
781,512 |
| Series A-1, 5.25%, 07/01/29 |
|
3,250 |
3,479,336 |
| Massachusetts Development Finance Agency, RB |
|
|
|
| 5.00%, 10/01/48 |
|
200 |
179,530 |
| Series A, (AMBAC), 5.75%, 01/01/42 |
|
650 |
738,760 |
| Massachusetts Development Finance Agency, Refunding RB |
|
|
|
| 5.00%, 04/15/40 |
|
1,600 |
1,537,537 |
| 4.13%, 10/01/42(b) |
|
550 |
510,456 |
| 5.00%, 07/01/47 |
|
8,500 |
8,517,569 |
| (AGM), 5.50%, 07/01/50 |
|
990 |
1,060,465 |
| 5.50%, 07/01/55 |
|
7,325 |
7,674,008 |
| (AGM), 5.50%, 07/01/55 |
|
990 |
1,045,978 |
| 5.50%, 12/01/56 |
|
6,340 |
6,664,453 |
| Series P, 5.45%, 05/15/59 |
|
1,500 |
1,570,091 |
| Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27 |
|
1,000 |
1,015,709 |
| Massachusetts Housing Finance Agency, Refunding RB |
|
|
|
| Series A, AMT, 4.45%, 12/01/42 |
|
175 |
164,329 |
| Series A, AMT, 4.50%, 12/01/47 |
|
245 |
221,657 |
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
|
2,325 |
2,364,229 |
| Massachusetts State College Building Authority, Refunding RB, Series B, (SAP), 5.50%, 05/01/39 |
|
825 |
964,688 |
| |
|
|
60,741,725 |
| Michigan — 2.2% |
| ||
| Eastern Michigan University, RB, Series A, 4.00%, 03/01/47(e) |
|
60 |
61,161 |
| Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51 |
|
3,740 |
3,792,870 |
| Michigan Finance Authority, RB |
|
|
|
| 4.00%, 02/15/50 |
|
4,375 |
3,768,386 |
| Series A, 4.00%, 11/15/50 |
|
6,525 |
5,477,511 |
| Sustainability Bonds, 5.50%, 02/28/57 |
|
8,135 |
8,317,127 |
| Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 |
|
185 |
169,308 |
| Michigan State Housing Development Authority, RB, S/F Housing, Series D, Sustainability Bonds, 5.10%, 12/01/37 |
|
1,560 |
1,626,699 |
| Michigan Strategic Fund, RB |
|
|
|
| AMT, 5.00%, 12/31/43 |
|
3,660 |
3,679,873 |
| AMT, 5.00%, 06/30/48 |
|
11,165 |
10,958,010 |
| State of Michigan Trunk Line Revenue, RB, 5.25%, 11/15/49 |
|
1,855 |
1,950,749 |
| |
|
|
39,801,694 |
| Minnesota — 0.8% |
| ||
| City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |
|
1,760 |
1,687,807 |
| Duluth Economic Development Authority, Refunding RB |
|
|
|
| Series A, 4.25%, 02/15/48 |
|
2,160 |
1,903,204 |
Schedule of Investments 63
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Minnesota (continued) |
| ||
| Duluth Economic Development Authority, Refunding RB (continued) |
|
|
|
| Series A, 5.25%, 02/15/58 |
$ |
3,125 |
$ 3,133,656 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b) |
|
305 |
285,330 |
| Minneapolis-St Paul Metropolitan Airports Commission, ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49 |
|
6,695 |
6,913,078 |
| |
|
|
13,923,075 |
| Mississippi — 0.2% |
| ||
| Mississippi Home Corp., RB, Series 2025-06FN, Class PT, 4.55%, 04/01/42 |
|
3,495 |
3,519,540 |
| Missouri — 1.7% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
|
|
|
| Series A, 4.00%, 02/15/49 |
|
5,555 |
4,731,239 |
| Series A, 4.25%, 04/01/55 |
|
16,210 |
14,897,097 |
| Kansas City Industrial Development Authority, ARB |
|
|
|
| Class B, AMT, (AGM), 5.00%, 03/01/55 |
|
1,345 |
1,333,853 |
| Series B, AMT, 5.00%, 03/01/39 |
|
3,750 |
3,812,547 |
| Kansas City Industrial Development Authority, RB, M/F Housing, Sustainability Bonds, (FNMA), 4.39%, 09/01/42 |
|
1,560 |
1,478,866 |
| Missouri Housing Development Commission, RB, S/F Housing |
|
|
|
| (FHLMC, FNMA, GNMA), 4.70%, 11/01/56 |
|
2,000 |
1,947,839 |
| Series A, (FHLMC, FNMA, GNMA), 4.60%, 11/01/49 |
|
310 |
300,626 |
| Series C, (FHLMC, FNMA, GNMA), 5.00%, 11/01/55 |
|
1,820 |
1,829,891 |
| |
|
|
30,331,958 |
| Nebraska — 1.5% |
| ||
| Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37 |
|
5,410 |
5,469,193 |
| Omaha Public Power District, RB |
|
|
|
| Series A, 4.25%, 02/01/47 |
|
4,760 |
4,604,808 |
| Series A, 5.25%, 02/01/48 |
|
12,985 |
13,646,984 |
| Series A, 5.00%, 02/01/56 |
|
3,785 |
3,861,045 |
| |
|
|
27,582,030 |
| Nevada — 0.4% |
| ||
| Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49 |
|
1,000 |
879,513 |
| Las Vegas Valley Water District, GOL, Series A, 5.25%, 06/01/55 |
|
5,135 |
5,366,599 |
| State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37 |
|
125 |
123,277 |
| |
|
|
6,369,389 |
| New Hampshire — 2.5% |
| ||
| New Hampshire Business Finance Authority, RB, Series A, Sustainability Bonds, 5.50%, 06/01/55 |
|
16,600 |
17,110,355 |
| New Hampshire Business Finance Authority, RB, M/F Housing |
|
|
|
| Class A, 5.10%, 12/20/42 |
|
1,435 |
1,467,812 |
| 1st Series, Class B, 5.75%, 04/28/42 |
|
4,300 |
4,325,697 |
| 1st Series, Subordinate, 5.13%, 01/28/43(a) |
|
2,365 |
2,327,247 |
| Series 2025, Subordinate, 5.15%, 09/28/37 |
|
6,700 |
6,523,634 |
| Security |
|
Par (000) |
Value |
| New Hampshire (continued) |
| ||
| New Hampshire Business Finance Authority, RB, M/F Housing (continued) |
|
|
|
| Class A-1, Sustainability Bonds, 4.09%, 11/20/42(a) |
$ |
12,184 |
$ 11,552,108 |
| Series 2, Class 3-A, Sustainability Bonds, 4.03%, 10/01/51(a) |
|
2,338 |
2,230,601 |
| |
|
|
45,537,454 |
| New Jersey — 6.3% |
| ||
| Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |
|
1,000 |
1,020,095 |
| Middlesex County Improvement Authority, RB, M/F Housing, Class IA, 5.95%, 06/01/61(b) |
|
1,000 |
1,019,167 |
| New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
|
860 |
861,176 |
| New Jersey Economic Development Authority, RB |
|
|
|
| Class A, 5.25%, 11/01/47 |
|
3,565 |
3,715,381 |
| Series B, 6.50%, 04/01/31 |
|
1,275 |
1,276,316 |
| Series EEE, 5.00%, 06/15/48 |
|
4,560 |
4,628,190 |
| AMT, (AGM), 5.00%, 01/01/31 |
|
900 |
912,788 |
| AMT, 5.13%, 01/01/34 |
|
2,230 |
2,236,545 |
| AMT, (AGM), 5.13%, 07/01/42 |
|
300 |
301,625 |
| AMT, 5.38%, 01/01/43 |
|
2,905 |
2,907,373 |
| New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30(e) |
|
5,360 |
5,413,460 |
| New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |
|
2,935 |
2,467,658 |
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1-B, AMT, 4.50%, 12/01/45 |
|
670 |
662,980 |
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series M, Sustainability Bonds, 5.10%, 10/01/50 |
|
5,775 |
5,825,050 |
| New Jersey Transportation Trust Fund Authority, RB |
|
|
|
| 5.00%, 06/15/48(e) |
|
1,490 |
1,658,696 |
| Series A, 0.00%, 12/15/29(c) |
|
7,530 |
6,745,588 |
| Series AA, 5.00%, 06/15/45 |
|
1,350 |
1,350,352 |
| Series AA, 5.00%, 06/15/46 |
|
600 |
600,123 |
| Series AA, 5.00%, 06/15/50 |
|
8,835 |
9,035,976 |
| Series AA, 5.25%, 06/15/50 |
|
2,590 |
2,707,514 |
| Series BB, 5.00%, 06/15/46 |
|
6,200 |
6,399,600 |
| Series BB, 4.00%, 06/15/50 |
|
7,500 |
6,835,311 |
| Series C, (AMBAC), 0.00%, 12/15/35(c) |
|
7,395 |
5,124,140 |
| New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) |
|
1,600 |
1,108,671 |
| New Jersey Turnpike Authority, RB, Series A, 5.25%, 01/01/55 |
|
8,355 |
8,780,925 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/35 |
|
4,440 |
4,541,354 |
| Series A, 5.00%, 06/01/46 |
|
3,295 |
3,246,808 |
| Sub-Series B, 5.00%, 06/01/46 |
|
11,440 |
11,045,631 |
| Series A, AMT, Intermediate Lien, 5.25%, 06/01/46 |
|
11,280 |
11,303,208 |
| |
|
|
113,731,701 |
| New Mexico — 0.0% |
| ||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
|
595 |
583,315 |
| New York — 13.9% |
| ||
| City of New York, GO, Series G-1, 5.25%, 02/01/53 |
|
1,550 |
1,600,483 |
| Empire State Development Corp., RB, Series A, 5.00%, 03/15/46 |
|
6,000 |
6,265,792 |
64
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
$ |
5,895 |
$ 4,619,142 |
| Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
|
5,205 |
4,514,225 |
| Metropolitan Transportation Authority, Refunding RB |
|
|
|
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
|
1,635 |
1,643,243 |
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
|
2,415 |
2,442,525 |
| Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |
|
3,335 |
3,035,182 |
| New York City Housing Development Corp., RB, M/F Housing |
|
|
|
| Sustainability Bonds, (HUD SECT 8), 5.00%, 05/01/56 |
|
10,000 |
10,002,378 |
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.70%, 08/01/54 |
|
5,205 |
4,985,511 |
| Series A-1, Sustainability Bonds, 5.00%, 11/01/60 |
|
2,860 |
2,852,734 |
| Series D, Sustainability Bonds, (HUD SECT 8), 5.00%, 05/01/56 |
|
5,905 |
5,907,609 |
| Series F, Sustainability Bonds, (HUD SECT 8), 5.00%, 08/01/55 |
|
3,960 |
3,967,067 |
| Sustainable Bonds, 4.95%, 11/01/56 |
|
11,450 |
11,386,643 |
| New York City Municipal Water Finance Authority, RB |
|
|
|
| Series AA-1, 5.25%, 06/15/52 |
|
5,600 |
5,823,458 |
| Series BB, 5.25%, 06/15/55 |
|
1,540 |
1,607,546 |
| New York City Municipal Water Finance Authority, Refunding RB |
|
|
|
| Series DD, 4.13%, 06/15/46 |
|
795 |
743,215 |
| Series DD, 4.13%, 06/15/47 |
|
1,255 |
1,165,819 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Series B, 5.00%, 05/01/51 |
|
4,705 |
4,797,293 |
| Subordinate, 5.25%, 11/01/51 |
|
1,595 |
1,667,600 |
| Series A-1, Subordinate, 5.25%, 05/01/52 |
|
6,340 |
6,590,975 |
| Series B, Subordinate, 5.00%, 05/01/46 |
|
2,480 |
2,581,290 |
| Series F-1, Subordinate, 5.00%, 02/01/43 |
|
2,990 |
3,130,541 |
| Series F-1, Subordinate, 4.00%, 02/01/51 |
|
6,800 |
6,142,921 |
| Series H-1, Subordinate, 5.50%, 11/01/51 |
|
1,455 |
1,547,762 |
| New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |
|
5,502 |
5,235,678 |
| New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51 |
|
1,000 |
694,761 |
| New York Liberty Development Corp., Refunding RB |
|
|
|
| Class 2, 5.38%, 11/15/40(b) |
|
1,760 |
1,762,086 |
| Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
|
11,315 |
7,946,893 |
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
3,345 |
2,297,853 |
| New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
5,385 |
4,751,189 |
| New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47 |
|
1,575 |
1,416,379 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Class A, 5.25%, 05/01/54 |
|
690 |
707,078 |
| Series A, 4.00%, 03/15/54 |
|
3,645 |
3,185,945 |
| Series A-1, 5.00%, 03/15/45 |
|
5,610 |
5,871,909 |
| New York State Housing Finance Agency, RB, M/F Housing, Series D-1, Sustainable Bonds, (SONYMA), 4.95%, 05/01/56 |
|
3,835 |
3,814,334 |
| New York Transportation Development Corp., ARB |
|
|
|
| AMT, 5.00%, 12/01/36 |
|
2,500 |
2,622,246 |
| AMT, 5.63%, 04/01/40 |
|
3,555 |
3,767,851 |
| Series A, AMT, 5.00%, 07/01/46 |
|
1,525 |
1,498,768 |
| AMT, Sustainability Bonds, 6.00%, 06/30/59 |
|
1,775 |
1,858,430 |
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York Transportation Development Corp., ARB (continued) |
|
|
|
| AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 |
$ |
4,155 |
$ 4,402,639 |
| New York Transportation Development Corp., RB |
|
|
|
| AMT, 5.00%, 10/01/35 |
|
5,110 |
5,302,884 |
| AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
11,645 |
11,721,635 |
| AMT, Sustainability Bonds, 5.38%, 06/30/60 |
|
5,590 |
5,546,759 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
25,040 |
25,217,606 |
| New York Transportation Development Corp., Refunding RB, Series A, AMT, Sustainability Bonds, 5.50%, 12/31/60 |
|
7,615 |
7,704,090 |
| Port Authority of New York & New Jersey, ARB, Series 218, AMT, 5.00%, 11/01/49 |
|
8,465 |
8,549,533 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 266, Sustainability Bonds, (SONYMA), 4.65%, 10/01/50 |
|
5,385 |
5,230,287 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|
|
| Series A, 5.25%, 05/15/52 |
|
1,625 |
1,679,519 |
| Series A, 4.25%, 05/15/58 |
|
20,115 |
18,428,492 |
| Series A, 4.50%, 05/15/63 |
|
3,210 |
3,031,358 |
| Triborough Bridge & Tunnel Authority, RB |
|
|
|
| Series A-1, 4.00%, 11/15/54 |
|
715 |
630,629 |
| Series A-1, 5.50%, 11/15/56 |
|
2,765 |
2,951,832 |
| Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 5.00%, 05/15/47 |
|
5,000 |
5,180,155 |
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
|
1,160 |
997,465 |
| |
|
|
253,027,237 |
| North Carolina — 0.8% |
| ||
| North Carolina Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 54-A, (FHLMC, FNMA, GNMA), 4.70%, 07/01/50 |
|
2,935 |
2,886,873 |
| Series 52-A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.00%, 07/01/46 |
|
1,585 |
1,598,520 |
| North Carolina Medical Care Commission, RB |
|
|
|
| 5.13%, 10/01/56 |
|
2,210 |
2,203,334 |
| 5.25%, 11/01/56 |
|
3,890 |
3,869,150 |
| Series A, 5.13%, 10/01/54 |
|
195 |
195,012 |
| University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |
|
3,920 |
4,193,609 |
| |
|
|
14,946,498 |
| North Dakota — 0.4% |
| ||
| North Dakota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, 4.70%, 07/01/49 |
|
480 |
472,198 |
| Series C, Sustainability Bonds, 4.75%, 07/01/49 |
|
5,470 |
5,412,509 |
| Series C, Sustainability Bonds, 6.25%, 01/01/55 |
|
905 |
993,233 |
| |
|
|
6,877,940 |
| Ohio — 2.4% |
| ||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |
|
12,290 |
9,293,103 |
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57(c) |
|
18,815 |
1,250,646 |
| Columbus Regional Airport Authority, Refunding ARB, Series A, AMT, 5.50%, 01/01/55 |
|
4,800 |
4,967,965 |
Schedule of Investments 65
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Ohio (continued) |
| ||
| Columbus-Franklin County Finance Authority, RB, M/F Housing, (FNMA), 4.82%, 11/01/43 |
$ |
3,365 |
$ 3,384,336 |
| County of Cuyahoga, Refunding GOL, 5.50%, 12/01/61 |
|
6,710 |
7,162,640 |
| County of Franklin Ohio, RB, Series CC, 5.00%, 11/15/49 |
|
1,130 |
1,201,930 |
| Ohio Housing Finance Agency, RB, M/F Housing(b) |
|
|
|
| 6.00%, 09/01/41 |
|
1,005 |
1,046,061 |
| Series A, 5.63%, 08/01/41 |
|
1,005 |
1,006,668 |
| Ohio Housing Finance Agency, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 09/01/49 |
|
6,475 |
6,275,712 |
| Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A-2, Junior Lien, 0.00%, 02/15/37(c) |
|
10,000 |
6,593,152 |
| State of Ohio, Refunding RB, Series A, (BAM-TCRS), 4.00%, 01/15/50 |
|
1,055 |
918,526 |
| |
|
|
43,100,739 |
| Oklahoma — 0.5% |
| ||
| Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
|
560 |
559,389 |
| Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.25%, 01/01/56 |
|
2,490 |
2,605,752 |
| Oklahoma Turnpike Authority, RB |
|
|
|
| 5.50%, 01/01/53 |
|
3,140 |
3,301,334 |
| Series A, (AGM), 4.25%, 01/01/55 |
|
2,030 |
1,910,272 |
| Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
|
450 |
452,776 |
| |
|
|
8,829,523 |
| Oregon — 0.5% |
| ||
| Clackamas County School District No. 12 North Clackamas, GO, CAB(c) |
|
|
|
| Series A, (GTD), 0.00%, 06/15/38 |
|
2,885 |
1,705,870 |
| Series A, (GTD), 0.00%, 06/15/38(e) |
|
345 |
206,282 |
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/53 |
|
3,295 |
3,411,184 |
| State of Oregon Housing & Community Services Department, RB, M/F Housing, Series K1, (FNMA), 4.33%, 11/01/43 |
|
4,110 |
3,854,911 |
| |
|
|
9,178,247 |
| Pennsylvania — 7.4% |
| ||
| Allegheny County Airport Authority, ARB |
|
|
|
| Series A, AMT, (AGM), 5.50%, 01/01/48 |
|
6,750 |
7,021,646 |
| Series A, AMT, 5.00%, 01/01/51 |
|
11,210 |
11,149,182 |
| Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
|
1,275 |
1,080,033 |
| Allegheny County Hospital Development Authority, Refunding RB, Series A, (AGM-CR), 5.00%, 04/01/47 |
|
4,095 |
4,126,450 |
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/47 |
|
4,125 |
4,150,842 |
| Lancaster County Hospital Authority, RB, 5.00%, 11/01/51 |
|
1,950 |
1,955,786 |
| Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31(c)(h) |
|
500 |
411,016 |
| Montgomery County Higher Education and Health Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/51 |
|
1,115 |
928,365 |
| Class B, 5.00%, 05/01/57 |
|
3,500 |
3,430,472 |
| 5.00%, 09/01/48 |
|
740 |
740,580 |
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Pennsylvania Economic Development Financing Authority, RB |
|
|
|
| 5.00%, 06/30/42 |
$ |
7,190 |
$ 7,096,208 |
| AMT, 5.50%, 06/30/38 |
|
600 |
637,426 |
| AMT, 5.50%, 06/30/40 |
|
1,000 |
1,053,245 |
| AMT, 5.50%, 06/30/41 |
|
5,000 |
5,282,132 |
| AMT, 5.75%, 06/30/48 |
|
2,335 |
2,445,309 |
| AMT, 5.25%, 06/30/53 |
|
4,695 |
4,732,662 |
| Pennsylvania Economic Development Financing Authority, Refunding RB |
|
|
|
| Series A, 4.50%, 12/15/51 |
|
6,440 |
6,084,643 |
| Series A, 5.25%, 12/15/51 |
|
5,905 |
6,095,120 |
| AMT, 5.50%, 11/01/44 |
|
5,020 |
5,019,256 |
| Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49 |
|
2,500 |
2,186,819 |
| Pennsylvania Higher Educational Facilities Authority, Refunding RB |
|
|
|
| 5.50%, 08/15/55 |
|
610 |
649,507 |
| Series B-1, (AGM), 5.00%, 11/01/51 |
|
1,935 |
1,936,152 |
| Series B2, 4.38%, 11/01/54 |
|
3,770 |
3,355,465 |
| Series B2, 5.50%, 11/01/54 |
|
5,230 |
5,342,563 |
| Pennsylvania Housing Finance Agency, RB, Series 2024-26FN, Class PT, 4.63%, 02/01/42 |
|
3,180 |
3,133,969 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 145A, Sustainability Bonds, 4.75%, 10/01/49 |
|
19,595 |
19,386,104 |
| Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing |
|
|
|
| Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 |
|
3,105 |
3,211,588 |
| Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
|
2,280 |
2,265,770 |
| Pennsylvania Turnpike Commission, RB |
|
|
|
| Series C, 5.25%, 12/01/54 |
|
2,000 |
2,081,198 |
| Series A, Subordinate, 5.00%, 12/01/44 |
|
6,000 |
6,191,029 |
| Series B, Subordinate, 4.00%, 12/01/51 |
|
665 |
578,343 |
| School District of Philadelphia, GOL |
|
|
|
| Series A, (SAW), 5.50%, 09/01/48 |
|
8,280 |
8,773,927 |
| Series B, Sustainability Bonds, (SAW), 5.00%, 09/01/48 |
|
2,070 |
2,122,529 |
| |
|
|
134,655,336 |
| Puerto Rico — 4.1% |
| ||
| Commonwealth of Puerto Rico, GO |
|
|
|
| Series A-1, Restructured, 5.63%, 07/01/29 |
|
2,931 |
3,094,731 |
| Series A-1, Restructured, 5.75%, 07/01/31 |
|
2,646 |
2,854,921 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB |
|
|
|
| Series A-1, Restructured, (FHLMC, FNMA, GNMA), 4.75%, 07/01/53 |
|
9,408 |
8,931,886 |
| Series A-1, Restructured, 5.00%, 07/01/58 |
|
37,893 |
36,407,522 |
| Series A-2, Restructured, 4.54%, 07/01/53 |
|
500 |
460,496 |
| Series A-2, Restructured, 4.78%, 07/01/58 |
|
9,499 |
8,978,995 |
| Series A-2, Restructured, 4.33%, 07/01/40 |
|
1,074 |
1,048,648 |
| Series B-1, Restructured, 4.75%, 07/01/53 |
|
1,271 |
1,206,678 |
| Series B-2, Restructured, 4.78%, 07/01/58 |
|
1,746 |
1,642,605 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
|
27,586 |
10,038,021 |
| |
|
|
74,664,503 |
66
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Rhode Island — 0.5% |
| ||
| Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(f)(g) |
$ |
4,155 |
$ 1,620,450 |
| Rhode Island Health and Educational Building Corp., RB, 5.00%, 11/01/53 |
|
6,955 |
6,995,700 |
| |
|
|
8,616,150 |
| South Carolina — 3.5% |
| ||
| Charleston County Airport District, ARB, Series A, AMT, 5.25%, 07/01/54 |
|
2,340 |
2,375,690 |
| County of Berkeley South Carolina, SAB |
|
|
|
| 4.25%, 11/01/40 |
|
800 |
753,539 |
| 4.38%, 11/01/49 |
|
1,180 |
1,033,508 |
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
|
8,210 |
8,689,390 |
| South Carolina Jobs-Economic Development Authority, RB |
|
|
|
| 5.00%, 01/01/55(b) |
|
3,900 |
3,226,547 |
| 7.50%, 08/15/62(b) |
|
1,860 |
1,647,357 |
| Series A, 5.50%, 11/01/48 |
|
1,715 |
1,810,369 |
| Series A, 5.50%, 11/01/49 |
|
1,275 |
1,342,136 |
| Series A, 5.50%, 11/01/50 |
|
4,720 |
4,959,015 |
| Series A, 4.50%, 11/01/54 |
|
4,690 |
4,442,992 |
| Series A, 5.50%, 11/01/54 |
|
5,530 |
5,776,122 |
| South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 4.25%, 05/01/48 |
|
1,615 |
1,464,975 |
| South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 |
|
5,000 |
4,260,598 |
| South Carolina Public Service Authority, Refunding RB |
|
|
|
| Series B, 5.00%, 12/01/46 |
|
1,925 |
1,998,075 |
| Series B, (AGM), 5.00%, 12/01/54 |
|
1,580 |
1,605,663 |
| South Carolina State Housing Finance & Development Authority, RB, S/F Housing |
|
|
|
| Series B, 4.60%, 07/01/49 |
|
2,195 |
2,114,561 |
| Series B, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 |
|
6,015 |
6,075,937 |
| South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing |
|
|
|
| Series A, 4.95%, 07/01/53 |
|
470 |
453,178 |
| Series B-1, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
5,910 |
5,789,372 |
| Series B-1, (FHLMC, FNMA, GNMA), 4.80%, 07/01/56 |
|
3,795 |
3,652,571 |
| |
|
|
63,471,595 |
| Tennessee — 3.1% |
| ||
| Knox County Health Educational & Housing Facility Board, RB |
|
|
|
| Series A-1, (BAM), 5.50%, 07/01/54 |
|
860 |
886,827 |
| Series A-1, (BAM), 5.50%, 07/01/59 |
|
910 |
934,409 |
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |
|
5,540 |
5,492,560 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |
|
|
|
| 5.25%, 10/01/58 |
|
8,660 |
8,034,637 |
| Series A, 5.00%, 10/01/45 |
|
1,000 |
945,902 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Refunding RB, 5.25%, 07/01/55 |
|
4,860 |
5,066,336 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
|
5,795 |
6,103,696 |
| Security |
|
Par (000) |
Value |
| Tennessee (continued) |
| ||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |
$ |
20,140 |
$ 20,979,459 |
| Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) |
|
7,270 |
7,439,568 |
| |
|
|
55,883,394 |
| Texas — 13.2% |
| ||
| Alamo Heights Independent School District, GO, (PSF), 4.00%, 02/01/51 |
|
2,760 |
2,483,251 |
| Arlington Higher Education Finance Corp., RB(b)(f)(g) |
|
|
|
| 7.50%, 04/01/62 |
|
3,230 |
1,615,000 |
| 7.88%, 11/01/62 |
|
2,790 |
1,674,000 |
| Bexar Management And Development Corp., RB, M/F Housing, (FNMA), 4.61%, 07/01/44 |
|
4,100 |
4,009,890 |
| Canutillo Independent School District, GO, Series A, (PSF), 4.00%, 02/15/49 |
|
2,850 |
2,569,666 |
| Celina Independent School District, GO, (PSF), 5.00%, 02/15/47 |
|
4,530 |
4,684,442 |
| City of Austin Texas Airport System Revenue, ARB |
|
|
|
| Series A, 5.00%, 11/15/41 |
|
3,250 |
3,258,456 |
| AMT, 5.25%, 11/15/47 |
|
5,000 |
5,146,758 |
| City of Austin Texas Airport System Revenue, Refunding ARB, Series B, AMT, 5.25%, 11/15/56 |
|
11,610 |
11,859,210 |
| City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/53 |
|
5,000 |
5,119,622 |
| City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.13%, 07/15/53 |
|
2,905 |
2,502,136 |
| City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 |
|
2,495 |
2,589,334 |
| City of Galveston Texas Wharves & Terminal Revenue, ARB |
|
|
|
| Series A, AMT, 1st Lien, 5.50%, 08/01/43 |
|
600 |
632,871 |
| Series A, AMT, 1st Lien, 5.50%, 08/01/44 |
|
600 |
630,692 |
| City of Houston Texas Airport System Revenue, ARB |
|
|
|
| Series B, AMT, 5.50%, 07/15/36 |
|
500 |
539,592 |
| Series B, AMT, 5.50%, 07/15/37 |
|
1,405 |
1,506,490 |
| Series B, AMT, 5.50%, 07/15/39 |
|
1,600 |
1,694,505 |
| City of Houston Texas Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
|
6,535 |
6,720,140 |
| Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
5,005 |
5,214,043 |
| City of Houston Texas Airport System Revenue, Refunding RB |
|
|
|
| AMT, 5.00%, 07/01/29 |
|
1,110 |
1,111,096 |
| Series A, AMT, 5.00%, 07/01/27 |
|
965 |
976,588 |
| Sub-Series A, AMT, 4.00%, 07/01/48 |
|
12,080 |
10,419,644 |
| City of Houston Texas Hotel Occupancy Tax & Special Revenue, Refunding RB, Series C, 1st Lien, 5.50%, 09/01/58 |
|
13,190 |
13,869,124 |
| City of Houston Texas, GOL |
|
|
|
| Series A, 5.25%, 03/01/49 |
|
850 |
891,235 |
| Series A, 4.13%, 03/01/51 |
|
3,125 |
2,778,447 |
| Conroe Independent School District, GO, (PSF), 4.00%, 02/15/50 |
|
4,675 |
4,251,291 |
| County of Harris Texas Toll Road Revenue, Refunding RB |
|
|
|
| Series A, 1st Lien, 4.00%, 08/15/49 |
|
4,310 |
3,746,764 |
| Series A, 1st Lien, 4.00%, 08/15/54 |
|
6,385 |
5,428,221 |
| Crowley Independent School District, GO, (PSF), 4.25%, 02/01/53 |
|
190 |
177,300 |
| Dallas Fort Worth International Airport, Refunding ARB, Series A-1, AMT, 5.50%, 11/01/50 |
|
1,700 |
1,775,231 |
Schedule of Investments 67
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Dallas Independent School District, Refunding GO, Series B, (PSF), 4.00%, 02/15/55 |
$ |
1,975 |
$ 1,737,047 |
| Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |
|
3,105 |
3,204,566 |
| Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/54 |
|
965 |
846,498 |
| Fort Bend Independent School District, Refunding GO, Series A, (PSF), 4.00%, 08/15/49 |
|
3,415 |
3,083,959 |
| Greenwood Independent School District, GO, (PSF), 4.00%, 02/15/54 |
|
1,030 |
907,586 |
| Harris County Cultural Education Facilities Finance Corp., Refunding RB, Class A, 4.13%, 07/01/52 |
|
3,135 |
2,744,425 |
| Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, 0.00%, 11/15/38(c) |
|
5,000 |
2,550,882 |
| Hidalgo County Regional Mobility Authority, RB, CAB, Series A, 0.00%, 12/01/42(c) |
|
2,500 |
1,098,910 |
| Longview Independent School District, GO, (PSF), 4.00%, 02/15/49 |
|
1,580 |
1,445,117 |
| Lower Colorado River Authority, Refunding RB, (AGM), 5.00%, 05/15/49 |
|
5,445 |
5,551,607 |
| Mansfield Independent School District, GO, (PSF), 5.00%, 02/15/50 |
|
4,500 |
4,653,994 |
| Midland County Fresh Water Supply District No. 1, RB, CAB(c)(e) |
|
|
|
| Series A, 0.00%, 09/15/36 |
|
6,850 |
4,280,280 |
| Series A, 0.00%, 09/15/38 |
|
16,780 |
9,428,828 |
| New Hope Cultural Education Facilities Finance Corp., RB |
|
|
|
| Series A, 5.50%, 08/15/49 |
|
6,075 |
6,538,928 |
| Series A, 5.00%, 08/15/50(b) |
|
1,660 |
1,376,827 |
| North Texas Tollway Authority, RB(e) |
|
|
|
| Series B, 0.00%, 09/01/37(c) |
|
4,110 |
2,159,433 |
| Series C, Convertible, 6.75%, 09/01/45(d) |
|
10,000 |
11,662,992 |
| North Texas Tollway Authority, Refunding RB |
|
|
|
| 4.25%, 01/01/49 |
|
2,055 |
1,853,562 |
| Series B, 5.00%, 01/01/43 |
|
6,205 |
6,229,326 |
| Northwest Independent School District, GO, (PSF), 5.25%, 02/15/55 |
|
5,370 |
5,626,421 |
| Plano Independent School District, GO, 5.00%, 02/15/42 |
|
1,540 |
1,614,808 |
| Port Authority of Houston of Harris County Texas, ARB |
|
|
|
| 5.00%, 10/01/51 |
|
3,740 |
3,806,263 |
| 1st Lien, 5.00%, 10/01/53 |
|
2,775 |
2,829,129 |
| Prosper Independent School District, GO, (PSF), 4.00%, 02/15/54 |
|
2,475 |
2,187,761 |
| San Antonio Housing Trust Public Facility Corp., RB, Series 2024-11FN, Class PT, 4.45%, 04/01/43 |
|
710 |
684,487 |
| Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |
|
2,575 |
2,368,256 |
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 |
|
1,190 |
1,182,539 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 |
|
4,475 |
3,981,024 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 |
|
4,845 |
4,471,665 |
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
|
1,025 |
914,814 |
| Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.13%, 01/01/54 |
|
960 |
981,061 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
$ |
8,210 |
$ 8,603,898 |
| Texas Transportation Commission State Highway 249 System, RB, CAB(c) |
|
|
|
| 0.00%, 08/01/35 |
|
730 |
495,109 |
| 0.00%, 08/01/36 |
|
405 |
260,694 |
| 0.00%, 08/01/37 |
|
530 |
322,850 |
| 0.00%, 08/01/38 |
|
1,125 |
648,823 |
| 0.00%, 08/01/41 |
|
1,950 |
947,266 |
| 0.00%, 08/01/44 |
|
1,645 |
672,424 |
| 0.00%, 08/01/45 |
|
3,575 |
1,379,120 |
| Texas Water Development Board, RB |
|
|
|
| 4.75%, 10/15/55 |
|
4,725 |
4,626,784 |
| Series A, 4.38%, 10/15/59 |
|
9,915 |
9,085,189 |
| |
|
|
238,920,191 |
| Utah — 1.5% |
| ||
| Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(b) |
|
1,072 |
1,085,497 |
| City of Salt Lake City Utah Airport Revenue, ARB |
|
|
|
| Series A, AMT, 5.00%, 07/01/43 |
|
3,710 |
3,745,596 |
| Series A, AMT, 5.00%, 07/01/51 |
|
7,205 |
7,211,338 |
| Series A, AMT, 5.50%, 07/01/55 |
|
1,440 |
1,502,256 |
| Downtown Revitalization Public Infrastructure District, RB |
|
|
|
| Series A, 1st Lien, (AGM), 5.50%, 06/01/55 |
|
5,020 |
5,310,418 |
| Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 |
|
1,785 |
1,884,303 |
| Resort Core Public Infrastructure District No. 1, GOL, Series A-1, 5.63%, 03/01/51 |
|
1,200 |
1,201,535 |
| Utah Charter School Finance Authority, RB, 5.00%, 06/15/39(b) |
|
185 |
176,588 |
| Utah Charter School Finance Authority, Refunding RB |
|
|
|
| 5.25%, 06/15/37(b) |
|
205 |
187,965 |
| 5.00%, 06/15/40(b) |
|
335 |
321,808 |
| (UT), 4.00%, 04/15/42 |
|
600 |
535,948 |
| 5.00%, 06/15/55(b) |
|
935 |
809,603 |
| Utah Housing Corp., RB, S/F Housing, Series E, (FHLMC, FNMA, GNMA), 4.70%, 01/01/50 |
|
2,485 |
2,439,264 |
| |
|
|
26,412,119 |
| Vermont — 0.0% |
| ||
| Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32 |
|
285 |
272,734 |
| Virginia — 1.3% |
| ||
| Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 |
|
293 |
288,228 |
| Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59(d) |
|
702 |
649,433 |
| Fairfax County Industrial Development Authority, RB, 4.13%, 05/15/54 |
|
4,125 |
3,721,623 |
| Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |
|
4,950 |
4,388,318 |
| Henrico County Economic Development Authority, RB, Series A, 5.00%, 11/01/48 |
|
2,710 |
2,766,746 |
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
|
6,415 |
5,138,707 |
| Virginia Housing Development Authority, RB, M/F Housing, Series A, 4.60%, 09/01/50 |
|
3,750 |
3,679,959 |
68
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Virginia (continued) |
| ||
| Virginia Housing Development Authority, RB, S/F Housing |
|
|
|
| Series E-2, 4.40%, 10/01/44 |
$ |
145 |
$ 140,992 |
| Series E-2, 4.55%, 10/01/49 |
|
405 |
390,650 |
| Series H, (FHLMC, FNMA, GNMA), 4.90%, 01/01/57 |
|
2,375 |
2,303,632 |
| Virginia Small Business Financing Authority, Refunding RB, Series A, 5.25%, 12/01/56 |
|
865 |
869,433 |
| |
|
|
24,337,721 |
| Washington — 0.8% |
| ||
| Port of Seattle Washington, ARB, Series B, AMT, Intermediate Lien, 5.00%, 10/01/50 |
|
680 |
684,357 |
| Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |
|
1,815 |
1,838,785 |
| Vancouver Housing Authority, RB, M/F Housing, 5.00%, 08/01/40 |
|
3,580 |
3,593,683 |
| Washington Health Care Facilities Authority, Refunding RB, Series A, 5.50%, 09/01/55 |
|
1,645 |
1,716,936 |
| Washington State Housing Finance Commission, RB, 5.25%, 07/01/51 |
|
925 |
949,292 |
| Washington State Housing Finance Commission, RB, M/F Housing |
|
|
|
| Series 2025-1, 4.08%, 11/20/41(a) |
|
5,439 |
5,117,126 |
| Series 2, Class 1, Sustainability Bonds, 4.09%, 03/01/50 |
|
793 |
756,064 |
| |
|
|
14,656,243 |
| Wisconsin — 2.0% |
| ||
| Public Finance Authority, RB |
|
|
|
| Class A, 5.00%, 06/15/51(b) |
|
555 |
456,490 |
| Series A, 5.00%, 06/01/36(b) |
|
100 |
91,539 |
| Series A, 5.00%, 07/01/40(b) |
|
750 |
715,260 |
| Series A, 5.00%, 06/01/51(b) |
|
320 |
244,526 |
| Series A, 5.00%, 06/01/61(b) |
|
405 |
293,928 |
| Series A-1, 4.50%, 01/01/35(b) |
|
495 |
478,133 |
| AMT, 5.75%, 06/30/60 |
|
5,345 |
5,526,520 |
| AMT, 6.50%, 06/30/60 |
|
3,085 |
3,375,540 |
| AMT, 5.75%, 12/31/65 |
|
1,150 |
1,186,580 |
| AMT, 6.50%, 12/31/65 |
|
12,270 |
13,425,566 |
| Public Finance Authority, RB, M/F Housing, 8.00%, 02/01/37(b) |
|
1,445 |
1,420,297 |
| Public Finance Authority, Refunding RB, 5.00%, 09/01/49(b) |
|
825 |
774,220 |
| Wisconsin Health & Educational Facilities Authority, RB |
|
|
|
| Class A, 5.50%, 02/15/54 |
|
3,145 |
3,235,822 |
| Series A, 5.75%, 08/15/54 |
|
460 |
473,980 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
|
700 |
709,466 |
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 09/01/50 |
|
4,465 |
4,363,723 |
| |
|
|
36,771,590 |
| Total Municipal Bonds — 129.6% (Cost: $2,312,952,253) |
2,350,314,044 | ||
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
| Alabama(a) — 2.6% |
| ||
| Black Belt Energy Gas District, RB |
|
|
|
| Series C, 5.50%, 10/01/54(j) |
|
7,093 |
7,553,231 |
| Security |
|
Par (000) |
Value |
| Alabama (continued) |
| ||
| Black Belt Energy Gas District, RB (continued) |
|
|
|
| Series C-1, 5.25%, 02/01/53 |
$ |
23,827 |
$ 24,842,084 |
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
|
4,095 |
4,445,844 |
| Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54 |
|
9,350 |
9,726,271 |
| |
|
|
46,567,430 |
| California — 0.5% |
| ||
| City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.25%, 05/15/50 |
|
8,583 |
8,918,243 |
| Colorado — 0.4% |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
|
6,872 |
7,129,114 |
| Connecticut — 0.8% |
| ||
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series F-1, Sustainability Bonds, 4.75%, 11/15/49(a) |
|
15,000 |
15,030,261 |
| District of Columbia — 0.7% |
| ||
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, 5.00%, 10/01/49(a) |
|
3,556 |
3,549,557 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 2nd Lien, 5.50%, 07/15/60 |
|
9,060 |
9,545,977 |
| |
|
|
13,095,534 |
| Florida — 7.5% |
| ||
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/53 |
|
3,345 |
3,564,111 |
| City of Tallahassee, RB, Series 2025-ZF, 5.25%, 10/01/50(a) |
|
3,537 |
3,745,290 |
| City of Tampa Florida Water & Wastewater System Revenue, RB |
|
|
|
| Series A, Sustainability Bonds, 5.00%, 10/01/52 |
|
10,000 |
10,314,580 |
| Series A, Sustainability Bonds, 5.25%, 10/01/57 |
|
10,000 |
10,422,696 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/50 |
|
7,540 |
7,709,449 |
| County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/50 |
|
10,000 |
10,247,555 |
| County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, 5.25%, 10/01/31(a) |
|
10,500 |
11,223,290 |
| Greater Orlando Aviation Authority, ARB, AMT, Subordinate, 5.25%, 10/01/51 |
|
12,077 |
12,317,656 |
| Hillsborough County Aviation Authority, ARB, Series 2025-ZL, Class B, AMT, 5.50%, 10/01/54(a) |
|
20,170 |
21,094,220 |
| Hillsborough County Industrial Development Authority, Refunding RB, Series C, 5.25%, 11/15/49 |
|
16,875 |
17,605,140 |
| Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |
|
2,100 |
2,108,637 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(j) |
|
24,765 |
25,704,429 |
| |
|
|
136,057,053 |
| Georgia — 2.3% |
| ||
| City of Atlanta Georgia Department of Aviation, ARB, Series B-1, AMT, Sustainability Bonds, 5.50%, 07/01/55 |
|
10,160 |
10,599,419 |
| County of DeKalb Georgia Water & Sewerage Revenue, RB, Series A, 5.00%, 10/01/55(j) |
|
7,198 |
7,389,933 |
Schedule of Investments 69
Schedule of Investments (continued)
July 31, 2026
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, Series A, 5.25%, 12/01/50(a)(j) |
$ |
8,117 |
$ 7,832,924 |
| Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53(a)(j) |
|
2,970 |
3,119,136 |
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a)(j) |
|
12,635 |
13,302,158 |
| |
|
|
42,243,570 |
| Idaho — 0.4% |
| ||
| Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48(j) |
|
6,825 |
7,179,522 |
| Illinois — 2.3% |
| ||
| Chicago O’Hare International Airport, Refunding ARB, Series A, AMT, Senior Lien, 5.50%, 01/01/59(j) |
|
10,000 |
10,251,473 |
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 5.00%, 12/01/49(j) |
|
10,258 |
10,492,881 |
| City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (FHLMC, FNMA, GNMA), 5.25%, 01/01/58 |
|
9,205 |
9,448,110 |
| Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 |
|
10,785 |
10,783,694 |
| |
|
|
40,976,158 |
| Indiana — 0.6% |
| ||
| Indiana Finance Authority, RB, Series A, 5.00%, 10/01/53 |
|
10,290 |
10,447,903 |
| Maryland — 0.5% |
| ||
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 |
|
8,376 |
8,509,269 |
| Massachusetts — 0.8% |
| ||
| Commonwealth of Massachusetts, GOL, Series A, 5.00%, 05/01/48 |
|
2,438 |
2,513,188 |
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |
|
11,235 |
11,303,693 |
| |
|
|
13,816,881 |
| Michigan — 0.2% |
| ||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48(a) |
|
4,897 |
4,306,090 |
| Missouri — 0.5% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53(j) |
|
5,660 |
4,804,727 |
| Missouri Housing Development Commission, RB, S/F Housing, Series E, 4.60%, 11/01/49(a) |
|
4,322 |
4,190,886 |
| |
|
|
8,995,613 |
| Nebraska — 1.2% |
| ||
| Nebraska Investment Finance Authority, RB, S/F Housing, Series E, Sustainability Bonds, (AGM), 4.80%, 09/01/54 |
|
4,086 |
3,986,360 |
| Omaha Public Power District, RB, Series A, 5.00%, 02/01/46 |
|
11,970 |
12,356,787 |
| Omaha Public Power District, Refunding RB, Series B, 5.25%, 02/01/48(a) |
|
6,080 |
6,389,963 |
| |
|
|
22,733,110 |
| New Jersey — 0.7% |
| ||
| New Jersey Transportation Trust Fund Authority, RB, Series AA, 5.00%, 06/15/55 |
|
13,380 |
13,534,991 |
| New York — 7.9% |
| ||
| City of New York, GO, Series E, 5.25%, 08/01/50 |
|
10,750 |
11,168,236 |
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| Empire State Development Corp., RB, Series A, 5.00%, 03/15/50 |
$ |
10,000 |
$ 10,274,662 |
| Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
|
12,550 |
12,627,308 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Refunding RB, Series B-1, Sustainability Bonds, 5.00%, 11/15/49 |
|
7,061 |
7,271,697 |
| New York City Municipal Water Finance Authority, RB |
|
|
|
| Series AA, Subordinate, 5.00%, 06/15/51 |
|
5,278 |
5,434,013 |
| Series AA-1, 5.25%, 06/15/52 |
|
4,020 |
4,180,411 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Series B, 5.25%, 05/01/55 |
|
7,732 |
8,023,128 |
| Series C, 5.25%, 05/01/48 |
|
3,674 |
3,827,812 |
| Series F-1, 5.25%, 02/01/53(j) |
|
10,000 |
10,329,937 |
| Series H-1, Subordinate, 5.25%, 11/01/48 |
|
11,900 |
12,475,385 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Series A, 4.00%, 03/15/47 |
|
10,000 |
9,006,920 |
| Series A, 5.00%, 03/15/55 |
|
12,500 |
12,736,228 |
| Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |
|
11,000 |
11,201,996 |
| Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 05/15/47 |
|
9,160 |
9,485,297 |
| Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
|
8,475 |
8,766,069 |
| Series C, 4.13%, 05/15/52 |
|
7,020 |
6,391,399 |
| |
|
|
143,200,498 |
| Ohio — 0.6% |
| ||
| Columbus Regional Airport Authority, Refunding ARB, Series A, AMT, 5.50%, 01/01/55(j) |
|
10,000 |
10,349,928 |
| Oklahoma — 0.2% |
| ||
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |
|
2,999 |
3,152,724 |
| Oregon — 0.6% |
| ||
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
|
11,300 |
11,778,065 |
| Pennsylvania — 0.2% |
| ||
| Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
|
3,030 |
3,128,239 |
| Rhode Island — 0.2% |
| ||
| Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 82-A, Sustainability Bonds, (AGM), 4.60%, 10/01/49(a) |
|
3,256 |
3,136,986 |
| South Carolina — 0.5% |
| ||
| Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a)(j) |
|
8,578 |
9,120,667 |
| Tennessee — 0.5% |
| ||
| Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)(j) |
|
8,280 |
8,625,120 |
| Texas — 5.5% |
| ||
| City of Houston Texas Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/53 |
|
2,510 |
2,560,611 |
| Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
9,575 |
9,974,917 |
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50(j) |
|
14,188 |
15,009,305 |
70
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| County of Bexar Texas, GOL, Series 2025-ZF, 5.25%, 06/15/49(a) |
$ |
3,120 |
$ 3,208,586 |
| Crowley Independent School District, GO, (AGM), 5.25%, 02/01/53 |
|
4,033 |
4,168,763 |
| North Texas Municipal Water District, RB, Series 2025- ZF, 5.00%, 06/01/50(a)(j) |
|
7,776 |
7,934,457 |
| Permanent University Fund - Texas A&M University System, Refunding RB, Series A, 5.00%, 07/01/54 |
|
10,000 |
10,245,192 |
| San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.25%, 05/15/48 |
|
6,340 |
6,705,084 |
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
|
14,034 |
14,243,888 |
| Terrell Independent School District, GO, (AGM), 5.25%, 08/01/55(j) |
|
6,260 |
6,527,452 |
| Texas Water Development Board, RB |
|
|
|
| 4.80%, 10/15/52 |
|
2,475 |
2,464,568 |
| Series A, 4.38%, 10/15/59 |
|
18,000 |
16,493,531 |
| |
|
|
99,536,354 |
| Washington — 2.1% |
| ||
| City of Seattle WA Municipal Light & Power Revenue, Refunding RB, 5.00%, 10/01/54 |
|
4,500 |
4,610,771 |
| Port of Seattle Washington, ARB, series B, AMT, Intermediate Lien, 5.50%, 10/01/50 |
|
14,950 |
15,761,081 |
| Port of Seattle Washington, Refunding ARB, Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 |
|
8,040 |
8,275,887 |
| State of Washington, GO, Series 2024-A, 5.00%, 08/01/48 |
|
10,000 |
10,332,647 |
| |
|
|
38,980,386 |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.3% (Cost: $725,811,761) |
730,549,709 | ||
| |
|
Shares |
|
| Warrants | |||
| Construction & Engineering — 0.0% |
| ||
| Brightline West, (Expires 11/26/35, Strike Price USD 5.00)(g)(k) |
|
309,983 |
619,966 |
| Total Warrants — 0.0% (Cost: $ — ) |
619,966 | ||
| Total Long-Term Investments — 169.9% (Cost: $3,038,764,014) |
3,081,483,719 | ||
| Security |
|
Shares |
Value |
| Short-Term Securities | |||
| Money Market Funds — 1.8% |
| ||
| BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.19%(l)(m) |
|
33,712,473 |
$ 33,715,845 |
| Total Short-Term Securities — 1.8% (Cost: $33,715,504) |
33,715,845 | ||
| Total Investments — 171.7% (Cost: $3,072,479,518) |
3,115,199,564 | ||
| Other Assets Less Liabilities — 1.5% |
26,255,880 | ||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.5)% |
(479,957,605 ) | ||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (46.7)% |
(847,356,011 ) | ||
| Net Assets Applicable to Common Shares — 100.0% |
$ 1,814,141,828 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Zero-coupon bond. |
| (d) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (e) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (f) |
Issuer filed for bankruptcy and/or is in default. |
| (g) |
Non-income producing security. |
| (h) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (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 agreements, which expire between February 1, 2029 to May 1, 2052, is $109,413,436. See Note 4 of the Notes to Financial Statements for details. |
| (k) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (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 year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/26 |
Shares Held at 07/31/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 26,665,508 |
$ 7,050,337 (a) |
$ — |
$ — |
$ — |
$ 33,715,845 |
33,712,473 |
$ 799,046 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Schedule of Investments 71
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund, Inc. (MQY)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |
$ — |
$ 2,350,314,044 |
$ — |
$ 2,350,314,044 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
730,549,709 |
— |
730,549,709 |
| Warrants |
— |
— |
619,966 |
619,966 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
33,715,845 |
— |
— |
33,715,845 |
| |
$33,715,845 |
$3,080,863,753 |
$619,966 |
$3,115,199,564 |
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 |
$— |
$(476,885,780 ) |
$— |
$(476,885,780 ) |
| VRDP Shares at Liquidation Value |
— |
(848,100,000 ) |
— |
(848,100,000 ) |
| |
$— |
$(1,324,985,780 ) |
$— |
$(1,324,985,780 ) |
See notes to financial statements.
72
2026 BlackRock Annual Report to Shareholders
Schedule of Investments
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Municipal Bonds | |||
| Alabama — 5.8% |
| ||
| Black Belt Energy Gas District, RB(a) |
|
|
|
| Series A, 5.25%, 01/01/54 |
$ |
4,765 |
$ 4,986,649 |
| Series A, 5.25%, 05/01/56 |
|
6,555 |
6,607,522 |
| Series D, 5.00%, 03/01/55 |
|
15,340 |
15,891,307 |
| Series F, 5.50%, 11/01/53 |
|
1,995 |
2,073,857 |
| County of Jefferson Alabama Sewer Revenue, Refunding RB |
|
|
|
| 5.25%, 10/01/49 |
|
8,990 |
9,278,210 |
| 5.50%, 10/01/53 |
|
1,060 |
1,101,136 |
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a) |
|
3,960 |
4,299,277 |
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
1,755 |
1,779,401 |
| Mobile County Industrial Development Authority, RB |
|
|
|
| Series A, AMT, 5.00%, 06/01/54 |
|
5,325 |
5,131,339 |
| Series B, AMT, 4.75%, 12/01/54 |
|
2,140 |
1,999,325 |
| Southeast Alabama Gas Supply District, Refunding RB, Series B, 5.00%, 06/01/49(a) |
|
7,520 |
7,803,215 |
| Southeast Energy Authority A Cooperative District, RB(a) |
|
|
|
| Series A-1, 5.50%, 01/01/53 |
|
685 |
724,020 |
| Series A-2, 4.87%, 01/01/53 |
|
9,645 |
9,841,009 |
| Series B, 5.00%, 01/01/54 |
|
9,000 |
9,423,824 |
| Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |
|
1,480 |
1,499,312 |
| |
|
|
82,439,403 |
| Alaska — 0.2% |
| ||
| Municipality of Anchorage Refunding RB, Series A, AMT, 5.50%, 02/01/56 |
|
785 |
818,032 |
| Municipality of Anchorage, ARB, Series A, AMT, 4.50%, 02/01/60 |
|
1,330 |
1,173,050 |
| |
|
|
1,991,082 |
| Arizona — 2.5% |
| ||
| Arizona Industrial Development Authority, RB(b) |
|
|
|
| 4.38%, 07/01/39 |
|
810 |
694,021 |
| 5.00%, 07/01/54 |
|
945 |
754,310 |
| Series A, 5.00%, 07/01/49 |
|
1,675 |
1,518,883 |
| Series A, 5.00%, 07/01/54 |
|
1,290 |
1,136,845 |
| Arizona Industrial Development Authority, Refunding RB(b) |
|
|
|
| Series A, 5.38%, 07/01/50 |
|
2,500 |
2,411,952 |
| Series G, 5.00%, 07/01/47 |
|
715 |
668,953 |
| City of Phoenix Civic Improvement Corp., ARB, Junior Lien, 5.00%, 07/01/49 |
|
2,060 |
2,091,477 |
| City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |
|
760 |
807,211 |
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
|
90 |
79,015 |
| Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |
|
1,685 |
1,572,501 |
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45(b) |
|
700 |
661,643 |
| Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b) |
|
1,620 |
1,365,260 |
| Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(b) |
|
855 |
770,725 |
| Security |
|
Par (000) |
Value |
| Arizona (continued) |
| ||
| Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 01/01/47 |
$ |
5,000 |
$ 5,184,831 |
| Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b) |
|
2,500 |
2,341,969 |
| Town of Queen Creek, COP, 5.50%, 10/01/65 |
|
11,975 |
12,584,435 |
| |
|
|
34,644,031 |
| Arkansas — 0.2% |
| ||
| Arkansas Development Finance Authority, RB, AMT, Sustainability Bonds, 5.70%, 05/01/53 |
|
2,675 |
2,745,097 |
| California — 9.5% |
| ||
| California Community Choice Financing Authority, RB(a) |
|
|
|
| Sustainability Bonds, 5.00%, 07/01/53 |
|
2,900 |
3,005,787 |
| Sustainability Bonds, 5.50%, 10/01/54 |
|
4,935 |
5,319,976 |
| Series B, Sustainability Bonds, 5.00%, 03/01/56 |
|
3,040 |
3,173,335 |
| Series B-2, Sustainability Bonds, 2.61%, 02/01/52 |
|
3,500 |
3,354,470 |
| Series G, Sustainability Bonds, 5.00%, 11/01/55 |
|
6,125 |
6,244,693 |
| California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |
|
920 |
1,046,407 |
| California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) |
|
1,965 |
1,715,379 |
| California Housing Finance Agency, RB, M/F Housing, Class I, 5.80%, 04/01/36(b) |
|
2,120 |
2,072,363 |
| California Infrastructure & Economic Development Bank, Refunding RB, Class B, AMT, Sustainability Bonds, 12.00%, 01/01/65(a)(b) |
|
5,205 |
3,331,200 |
| California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |
|
1,475 |
1,301,276 |
| California Municipal Finance Authority, RB, M/F Housing |
|
|
|
| 6.00%, 02/01/38(a) |
|
2,400 |
2,343,519 |
| 6.00%, 06/01/38(a)(b) |
|
700 |
688,132 |
| Series A, 6.10%, 12/01/37 |
|
2,400 |
2,361,626 |
| Series A, 6.05%, 07/01/41(b) |
|
1,350 |
1,350,000 |
| California Public Finance Authority, RB, Series A, 6.38%, 06/01/59(b) |
|
2,735 |
2,560,971 |
| California State University, Refunding RB, Series A, 4.63%, 11/01/56 |
|
7,040 |
7,087,313 |
| California Statewide Communities Development Authority, RB, M/F Housing, Class I, 5.80%, 06/01/36(b) |
|
1,980 |
1,916,478 |
| City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.00%, 05/15/47 |
|
1,155 |
1,173,468 |
| City of Los Angeles Department of Airports, Refunding ARB, Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 |
|
4,520 |
4,736,029 |
| CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 5.00%, 09/01/37(b) |
|
230 |
230,810 |
| Grossmont Union High School District, GO, Election 2004, 0.00%, 08/01/31(c) |
|
5,110 |
4,350,715 |
| Long Beach Unified School District, GO, Series B, Election 2008, 0.00%, 08/01/34(c) |
|
5,000 |
3,795,615 |
| Mt San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2008, 6.25%, 08/01/43(d) |
|
3,975 |
4,143,120 |
| Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGM), 0.00%, 08/01/38(c) |
|
7,620 |
4,557,642 |
| Pleasanton Unified School District, GO, Election 2022, 4.25%, 08/01/50 |
|
2,370 |
2,304,823 |
Schedule of Investments 73
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| California (continued) |
| ||
| Poway Unified School District, Refunding GO(c) |
|
|
|
| 0.00%, 08/01/35 |
$ |
7,820 |
$ 5,719,937 |
| 0.00%, 08/01/36 |
|
10,000 |
6,994,779 |
| 0.00%, 08/01/46 |
|
10,000 |
4,034,233 |
| Rio Hondo Community College District, GO(c) |
|
|
|
| Series C, Election 2004, 0.00%, 08/01/37 |
|
8,000 |
5,237,465 |
| Series C, Election 2004, 0.00%, 08/01/38 |
|
12,940 |
8,031,577 |
| Sacramento Housing Authority, RB, M/F Housing, Class IA, 5.80%, 07/01/38(b) |
|
1,500 |
1,430,387 |
| Sacramento Metropolitan Fire District, GO, Series A, Election 2024, 4.00%, 08/01/55 |
|
1,485 |
1,356,077 |
| San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/51 |
|
2,880 |
2,472,749 |
| San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c) |
|
3,485 |
2,991,774 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 05/01/44 |
|
14,215 |
14,455,118 |
| Series D, AMT, 5.25%, 05/01/55 |
|
1,595 |
1,643,936 |
| San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42(c) |
|
2,000 |
1,015,475 |
| State of California, GO, Series 2007-2, (NPFGC-IBC), 5.50%, 04/01/30 |
|
10 |
10,024 |
| Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(c) |
|
6,545 |
4,342,680 |
| |
|
|
133,901,358 |
| Colorado — 1.4% |
| ||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
|
1,025 |
999,371 |
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
|
|
|
| Series D, AMT, 5.75%, 11/15/37 |
|
5,000 |
5,527,518 |
| Series D, AMT, 5.75%, 11/15/45 |
|
425 |
456,839 |
| Colorado Health Facilities Authority, RB |
|
|
|
| 5.50%, 11/01/47 |
|
570 |
597,536 |
| 5.25%, 11/01/52 |
|
3,110 |
3,183,968 |
| Colorado Housing and Finance Authority, RB, M/F Housing, Series A-1, 4.70%, 10/01/54 |
|
3,425 |
3,279,009 |
| Denver Convention Center Hotel Authority, Refunding RB, Series A, 5.00%, 12/01/40 |
|
3,605 |
3,604,697 |
| Miami-Dade County Educational Facilities Authority, RB, 5.00%, 11/01/42 |
|
2,500 |
2,579,949 |
| |
|
|
20,228,887 |
| Connecticut — 0.5% |
| ||
| Aquarion Water Authority, RB, CAB(c) |
|
|
|
| Series C, 0.00%, 08/01/53 |
|
275 |
67,627 |
| Series C, 0.00%, 08/01/54 |
|
345 |
80,082 |
| Series C, 0.00%, 08/01/55 |
|
390 |
85,259 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/46 |
|
950 |
355,006 |
| Series E, Subordinate, 0.00%, 08/01/51 |
|
490 |
130,378 |
| Series E, Subordinate, (BAM), 0.00%, 08/01/52 |
|
655 |
167,927 |
| Series E, Subordinate, 0.00%, 08/01/53 |
|
295 |
69,252 |
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series D, Sustainability Bonds, 6.25%, 05/15/54 |
|
2,295 |
2,461,760 |
| Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.50%, 07/01/55 |
|
3,230 |
3,405,740 |
| |
|
|
6,823,031 |
| Security |
|
Par (000) |
Value |
| District of Columbia — 1.9% |
| ||
| District of Columbia, Refunding GO, Series A, 5.25%, 01/01/48 |
$ |
1,190 |
$ 1,246,192 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.25%, 10/01/49 |
|
1,430 |
1,465,618 |
| Series A, AMT, 5.50%, 10/01/55 |
|
4,800 |
5,019,251 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |
|
|
|
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/33(c) |
|
6,590 |
5,047,595 |
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/34(c) |
|
4,830 |
3,531,663 |
| Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/35(c) |
|
6,515 |
4,534,914 |
| Series B, Subordinate, 4.00%, 10/01/49 |
|
1,790 |
1,541,202 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 2nd Lien, Sustainability Bonds, 4.38%, 07/15/59 |
|
5,195 |
4,874,804 |
| |
|
|
27,261,239 |
| Florida — 9.7% |
| ||
| Capital Trust Agency, Inc., RB(b) |
|
|
|
| 5.00%, 01/01/55 |
|
1,640 |
1,383,225 |
| Series A, 5.00%, 06/01/55 |
|
1,475 |
1,177,049 |
| Series A, 5.50%, 06/01/57 |
|
500 |
428,758 |
| Celebration Pointe Community Development District No. 1, SAB(e)(f) |
|
|
|
| 5.00%, 05/01/32 |
|
1,100 |
880,000 |
| 5.00%, 05/01/48 |
|
3,280 |
2,624,000 |
| City of Fort Lauderdale Florida Water & Sewer Revenue, RB |
|
|
|
| Series B, 5.50%, 09/01/48 |
|
5,595 |
6,012,554 |
| Series B, 5.50%, 09/01/53 |
|
3,370 |
3,590,749 |
| City of Lakeland Florida Department of Electric Utilities, Refunding RB, 4.25%, 10/01/48 |
|
5,000 |
4,733,281 |
| City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/40(c) |
|
2,290 |
1,197,192 |
| Collier County Health Facilities Authority, RB, 4.00%, 05/01/52 |
|
2,115 |
1,739,649 |
| County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/44 |
|
545 |
552,947 |
| County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51 |
|
3,300 |
2,930,425 |
| County of Broward Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |
|
210 |
197,168 |
| County of Lee Florida Airport Revenue, ARB, AMT, 5.25%, 10/01/49 |
|
2,950 |
3,019,914 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.50%, 10/01/55 |
|
10,825 |
11,253,232 |
| County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40 |
|
6,430 |
6,478,606 |
| County of Miami-Dade Florida Water & Sewer System Revenue, RB, Series A, 5.00%, 10/01/55 |
|
3,740 |
3,827,009 |
| County of Miami-Dade Seaport Department, Refunding RB |
|
|
|
| Series A, AMT, 5.00%, 10/01/38 |
|
1,800 |
1,869,303 |
| Series A, AMT, 5.25%, 10/01/52 |
|
5,980 |
6,029,564 |
| Series B-2, AMT, Subordinate, 4.00%, 10/01/50 |
|
3,500 |
3,086,618 |
| County of Pasco Florida, RB |
|
|
|
| (AGM), 5.00%, 09/01/48 |
|
9,915 |
10,043,969 |
| (AGM), 5.75%, 09/01/54 |
|
1,825 |
1,936,150 |
74
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| East Central Regional Wastewater Treatment Facilities Operation Board, Refunding RB, 5.00%, 10/01/44 |
$ |
13,925 |
$ 14,065,283 |
| Florida Development Finance Corp., RB |
|
|
|
| Series A, 5.00%, 06/15/56 |
|
105 |
99,251 |
| AMT, 5.00%, 05/01/29(b) |
|
1,500 |
1,509,516 |
| Florida Development Finance Corp., Refunding RB |
|
|
|
| AMT, (AGM), 5.00%, 07/01/44 |
|
3,560 |
3,495,309 |
| AMT, (AGM), 5.25%, 07/01/47 |
|
800 |
793,746 |
| Florida Housing Finance Corp., RB, S/F Housing |
|
|
|
| Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 |
|
2,580 |
2,602,921 |
| Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 |
|
1,665 |
1,668,217 |
| Florida Housing Finance Corp., Refunding RB, S/F Housing, Series 3, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
3,135 |
3,071,012 |
| Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/34 |
|
5,060 |
5,244,007 |
| Hillsborough County Industrial Development Authority, Refunding RB, Series C, 5.25%, 11/15/49 |
|
920 |
959,806 |
| Jacksonville Aviation Authority, ARB, AMT, 5.25%, 10/01/55 |
|
2,220 |
2,253,937 |
| Kindred Community Development District II, SAB, 5.88%, 05/01/54 |
|
500 |
509,820 |
| Lakewood Ranch Stewardship District, SAB |
|
|
|
| 4.63%, 05/01/27 |
|
100 |
100,872 |
| 5.25%, 05/01/37 |
|
470 |
472,908 |
| 5.38%, 05/01/47 |
|
770 |
771,182 |
| 6.30%, 05/01/54 |
|
1,322 |
1,385,823 |
| Lee County Industrial Development Authority, RB |
|
|
|
| Series B-2, 4.38%, 11/15/29 |
|
1,020 |
1,021,757 |
| Series B-3, 4.13%, 11/15/29 |
|
1,060 |
1,060,789 |
| Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |
|
8,900 |
8,936,604 |
| Orange County Health Facilities Authority, RB |
|
|
|
| 4.00%, 10/01/52 |
|
2,000 |
1,676,320 |
| Series A, 5.00%, 10/01/53 |
|
1,495 |
1,507,145 |
| Orange County Health Facilities Authority, Refunding RB, Series A, 5.25%, 10/01/56 |
|
1,925 |
1,968,060 |
| Parker Road Community Development District, Refunding SAB, 3.88%, 05/01/40 |
|
900 |
774,249 |
| Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48 |
|
605 |
593,549 |
| Seminole Improvement District, RB |
|
|
|
| 5.00%, 10/01/32 |
|
230 |
233,913 |
| 5.30%, 10/01/37 |
|
260 |
265,561 |
| University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51 |
|
1,000 |
699,664 |
| Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54 |
|
790 |
772,288 |
| Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |
|
1,605 |
1,619,500 |
| Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b) |
|
700 |
693,831 |
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| Westside Community Development District, Refunding SAB(b) |
|
|
|
| 4.10%, 05/01/37 |
$ |
640 |
$ 608,559 |
| 4.13%, 05/01/38 |
|
630 |
591,857 |
| |
|
|
137,018,618 |
| Georgia — 2.4% |
| ||
| County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB, 5.00%, 10/01/48 |
|
1,145 |
1,179,705 |
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)(e)(f) |
|
1,005 |
673,350 |
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
|
530 |
460,841 |
| Georgia Housing & Finance Authority, RB, S/F Housing, Series G, (FNMA, GNMA), 4.90%, 12/01/50 |
|
4,350 |
4,352,181 |
| Main Street Natural Gas, Inc., RB |
|
|
|
| Series A, 5.00%, 05/15/37 |
|
1,500 |
1,568,504 |
| Series A, 5.00%, 06/01/53(a) |
|
10,510 |
10,867,741 |
| Series B, 5.00%, 07/01/53(a) |
|
2,915 |
3,048,955 |
| Series C, 5.00%, 09/01/53(a) |
|
2,445 |
2,567,773 |
| Main Street Natural Gas, Inc., Refunding RB(a) |
|
|
|
| Series E-1, 5.00%, 12/01/53 |
|
3,000 |
3,158,408 |
| Series E-2, 4.15%, 12/01/53 |
|
5,565 |
5,707,561 |
| |
|
|
33,585,019 |
| Idaho — 0.7% |
| ||
| Idaho Health Facilities Authority, Refunding RB, Series A, 4.38%, 03/01/53 |
|
1,360 |
1,274,174 |
| Idaho Housing & Finance Association, RB, Series A, 5.25%, 08/15/48 |
|
8,410 |
8,846,855 |
| |
|
|
10,121,029 |
| Illinois — 10.6% |
| ||
| Chicago Board of Education, GO |
|
|
|
| Series A, 5.00%, 12/01/40 |
|
1,000 |
950,593 |
| Series A, 5.75%, 12/01/50 |
|
3,000 |
3,012,642 |
| Series A, 6.25%, 12/01/50 |
|
3,320 |
3,452,838 |
| Series C, 5.25%, 12/01/35 |
|
1,440 |
1,407,866 |
| Series D, 5.00%, 12/01/46 |
|
5,485 |
4,985,593 |
| Chicago Board of Education, Refunding GO |
|
|
|
| Series B, 5.00%, 12/01/36 |
|
1,300 |
1,286,820 |
| Series B, 6.00%, 12/01/43 |
|
2,275 |
2,375,873 |
| Series G, 5.00%, 12/01/34 |
|
1,315 |
1,316,206 |
| Chicago O’Hare International Airport, ARB |
|
|
|
| Class A, AMT, Senior Lien, 4.50%, 01/01/48 |
|
7,000 |
6,645,835 |
| Class A, AMT, Senior Lien, (AGM), 5.50%, 01/01/53 |
|
6,900 |
7,061,651 |
| Series E, AMT, Senior Lien, 5.50%, 01/01/60 |
|
11,020 |
11,327,284 |
| Series A, Senior Lien, 5.25%, 01/01/61 |
|
7,855 |
8,035,495 |
| Chicago O’Hare International Airport, Refunding ARB |
|
|
|
| Series A, AMT, Senior Lien, 5.00%, 01/01/48 |
|
4,250 |
4,242,433 |
| Series B, Senior Lien, 5.50%, 01/01/59 |
|
3,990 |
4,178,070 |
| Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, (AGM-CR), 5.00%, 12/01/46 |
|
4,565 |
4,573,227 |
| City of Chicago Illinois Waterworks Revenue, RB, Series A, 5.50%, 11/01/66 |
|
1,305 |
1,354,118 |
| Illinois Finance Authority, Refunding RB |
|
|
|
| Series C, 4.00%, 02/15/41(g) |
|
1,585 |
1,595,606 |
| Series C, 4.00%, 02/15/41 |
|
15 |
13,977 |
Schedule of Investments 75
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Illinois (continued) |
| ||
| Illinois Housing Development Authority, RB, S/F Housing |
|
|
|
| Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42 |
$ |
920 |
$ 941,387 |
| Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |
|
2,855 |
3,064,331 |
| Illinois State Toll Highway Authority, RB |
|
|
|
| Series A, 5.00%, 01/01/45 |
|
1,000 |
1,031,350 |
| Series A, 4.00%, 01/01/46 |
|
1,105 |
1,033,439 |
| Metropolitan Pier & Exposition Authority, RB(c) |
|
|
|
| Series A, (NPFGC), 0.00%, 12/15/33 |
|
20,000 |
15,062,786 |
| Series A, (NPFGC), 0.00%, 12/15/34 |
|
41,880 |
30,112,842 |
| Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(c) |
|
8,755 |
1,861,338 |
| Metropolitan Pier & Exposition Authority, Refunding RB(c) |
|
|
|
| Series B, (AGM), 0.00%, 06/15/44 |
|
14,605 |
6,397,488 |
| Series B, (AGM), 0.00%, 06/15/47 |
|
8,000 |
2,925,458 |
| State of Illinois, GO |
|
|
|
| Series B, 5.25%, 05/01/43 |
|
2,140 |
2,227,065 |
| Series C, 5.50%, 04/01/51 |
|
7,035 |
7,359,136 |
| Series D, 5.00%, 11/01/27 |
|
6,965 |
7,141,795 |
| Series E, 5.00%, 09/01/43 |
|
3,245 |
3,361,657 |
| |
|
|
150,336,199 |
| Indiana — 1.0% |
| ||
| Avon Community School Building Corp., RB, (ST INTERCEPT), 5.50%, 01/15/43 |
|
1,500 |
1,612,295 |
| Indiana Finance Authority, RB, Series A, 1st Lien, Sustainability Bonds, 4.00%, 10/01/51 |
|
2,025 |
1,792,003 |
| Indiana Finance Authority, Refunding RB |
|
|
|
| Class A, 5.50%, 10/01/50 |
|
2,180 |
2,307,234 |
| Series C, 5.25%, 10/01/46 |
|
3,910 |
4,124,273 |
| Series C, 5.25%, 10/01/47 |
|
1,350 |
1,417,630 |
| Indianapolis Local Public Improvement Bond Bank, Refunding ARB, Series B1, 5.25%, 01/01/55 |
|
3,315 |
3,425,235 |
| |
|
|
14,678,670 |
| Iowa — 0.1% |
| ||
| Iowa Finance Authority, Refunding RB, Series A, 5.13%, 05/15/59 |
|
850 |
791,503 |
| Kansas — 0.5% |
| ||
| City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |
|
1,530 |
1,527,687 |
| Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
|
260 |
226,066 |
| Kansas Development Finance Authority, RB, Series A, 4.13%, 05/01/41 |
|
3,610 |
3,540,775 |
| University of Kansas Hospital Authority, Refunding RB, 5.50%, 03/01/54 |
|
1,830 |
1,939,858 |
| |
|
|
7,234,386 |
| Kentucky — 2.3% |
| ||
| City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
|
475 |
445,767 |
| Kentucky Public Energy Authority, Refunding RB(a) |
|
|
|
| Series A-1, 5.25%, 04/01/54 |
|
11,055 |
11,669,228 |
| Series B, 5.00%, 01/01/55 |
|
8,285 |
8,627,243 |
| Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) |
|
|
|
| Convertible, 6.60%, 07/01/39 |
|
8,225 |
9,140,627 |
| Security |
|
Par (000) |
Value |
| Kentucky (continued) |
| ||
| Kentucky Public Transportation Infrastructure Authority, RB, CAB(d) (continued) |
|
|
|
| Convertible, 6.75%, 07/01/43 |
$ |
1,200 |
$ 1,324,571 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 |
|
1,610 |
1,619,840 |
| |
|
|
32,827,276 |
| Louisiana — 0.6% |
| ||
| Louisiana Public Facilities Authority, RB, AMT, 5.75%, 09/01/64 |
|
2,075 |
2,134,697 |
| Louisiana Public Facilities Authority, Refunding RB, Series A, 4.00%, 12/15/50(g) |
|
60 |
60,934 |
| Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.25%, 07/01/53 |
|
1,555 |
1,587,663 |
| Parish of East Baton Rouge Capital Improvements District, RB, 5.00%, 08/01/46 |
|
2,630 |
2,753,760 |
| Port New Orleans Board of Commissioners, ARB, Series E, AMT, 5.00%, 04/01/44 |
|
1,345 |
1,353,224 |
| |
|
|
7,890,278 |
| Maryland — 0.6% |
| ||
| City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |
|
545 |
546,146 |
| Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |
|
4,165 |
4,071,552 |
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.25%, 07/01/50 |
|
2,000 |
2,049,944 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 |
|
1,050 |
1,066,761 |
| |
|
|
7,734,403 |
| Massachusetts — 1.6% |
| ||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series B, 5.00%, 06/01/52 |
|
1,335 |
1,362,759 |
| Commonwealth of Massachusetts, GOL, Series D, 5.00%, 10/01/50 |
|
6,285 |
6,456,054 |
| Massachusetts Development Finance Agency, Refunding RB |
|
|
|
| 4.13%, 10/01/42(b) |
|
470 |
436,208 |
| 5.50%, 07/01/55 |
|
3,435 |
3,598,665 |
| 5.50%, 12/01/56 |
|
4,935 |
5,187,551 |
| Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |
|
350 |
328,658 |
| Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |
|
1,110 |
1,128,729 |
| Port of Seattle Washington, ARB, Series E, Intermediate Lien, 5.00%, 11/01/49 |
|
3,790 |
3,889,573 |
| |
|
|
22,388,197 |
| Michigan — 3.4% |
| ||
| Great Lakes Water Authority Water Supply System Revenue, RB, Series D, 2nd Lien, 5.50%, 07/01/55 |
|
11,740 |
12,433,613 |
| Michigan Finance Authority, RB, Sustainability Bonds, 5.50%, 02/28/57 |
|
7,065 |
7,223,172 |
| Michigan Finance Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/46 |
|
1,200 |
1,038,345 |
| 4.00%, 11/15/46 |
|
2,640 |
2,308,421 |
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
|
8,405 |
8,525,173 |
| Michigan State Housing Development Authority, RB, S/F Housing, Series D, Sustainability Bonds, 5.50%, 06/01/53 |
|
3,385 |
3,546,111 |
| Michigan Strategic Fund, RB |
|
|
|
| AMT, 5.00%, 12/31/43 |
|
2,845 |
2,860,448 |
| AMT, 5.00%, 06/30/48 |
|
10,080 |
9,893,125 |
| |
|
|
47,828,408 |
76
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Minnesota — 0.6% |
| ||
| Duluth Economic Development Authority, Refunding RB |
|
|
|
| Series A, 4.25%, 02/15/48 |
$ |
1,995 |
$ 1,757,820 |
| Series A, 5.25%, 02/15/58 |
|
1,480 |
1,484,100 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b) |
|
695 |
650,179 |
| Minnesota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42 |
|
2,670 |
2,784,360 |
| Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
|
2,175 |
2,302,819 |
| |
|
|
8,979,278 |
| Missouri — 1.4% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
|
|
|
| Series A, 4.00%, 04/01/45 |
|
7,465 |
7,025,971 |
| Series A, 4.00%, 02/15/49 |
|
2,630 |
2,239,993 |
| Series A, 4.25%, 04/01/55 |
|
4,390 |
4,034,439 |
| Series A, Class P, 5.25%, 02/01/54 |
|
665 |
665,231 |
| Kansas City Industrial Development Authority, ARB, Class B, AMT, (AGM), 5.00%, 03/01/55 |
|
640 |
634,696 |
| Missouri Housing Development Commission, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 4.70%, 11/01/54 |
|
5,830 |
5,692,569 |
| |
|
|
20,292,899 |
| Montana — 0.0% |
| ||
| Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47 |
|
270 |
234,540 |
| Nevada — 0.3% |
| ||
| City of Las Vegas Nevada Special Improvement District No. 814, SAB |
|
|
|
| 4.00%, 06/01/39 |
|
355 |
334,721 |
| 4.00%, 06/01/44 |
|
950 |
863,392 |
| Las Vegas Valley Water District, GOL, Series A, 5.25%, 06/01/55 |
|
1,405 |
1,468,368 |
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 |
|
1,610 |
1,562,536 |
| |
|
|
4,229,017 |
| New Hampshire — 2.2% |
| ||
| New Hampshire Business Finance Authority, RB, Series A, Sustainability Bonds, 5.50%, 06/01/55 |
|
12,955 |
13,353,292 |
| New Hampshire Business Finance Authority, RB, M/F Housing |
|
|
|
| Class A, 5.10%, 12/20/42 |
|
1,115 |
1,140,495 |
| 1st Series, Class B, 5.75%, 04/28/42 |
|
3,395 |
3,415,288 |
| 1st Series, Subordinate, 5.13%, 01/28/43(a) |
|
1,840 |
1,810,628 |
| Series 2025, Subordinate, 5.15%, 09/28/37 |
|
5,250 |
5,111,803 |
| Class A-1, Sustainability Bonds, 4.09%, 11/20/42(a) |
|
7,174 |
6,801,709 |
| |
|
|
31,633,215 |
| New Jersey — 6.8% |
| ||
| Garden State Preservation Trust, RB, Series A, (AGM), 5.75%, 11/01/28 |
|
6,340 |
6,573,448 |
| Middlesex County Improvement Authority, RB, M/F Housing, Class IA, 5.95%, 06/01/61(b) |
|
900 |
917,250 |
| New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30 |
|
1,330 |
1,331,819 |
| New Jersey Economic Development Authority, RB |
|
|
|
| Class A, 5.25%, 11/01/47 |
|
1,740 |
1,813,398 |
| Series EEE, 5.00%, 06/15/48 |
|
2,155 |
2,187,226 |
| AMT, 5.13%, 01/01/34 |
|
2,980 |
2,988,746 |
| Security |
|
Par (000) |
Value |
| New Jersey (continued) |
| ||
| New Jersey Economic Development Authority, RB (continued) |
|
|
|
| AMT, 5.38%, 01/01/43 |
$ |
14,920 |
$ 14,932,188 |
| New Jersey Economic Development Authority, Refunding RB, Series N-1, (NPFGC), 5.50%, 09/01/28 |
|
1,685 |
1,771,532 |
| New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |
|
2,240 |
2,240,438 |
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1-B, AMT, 4.50%, 12/01/45 |
|
305 |
301,804 |
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series M, Sustainability Bonds, 5.10%, 10/01/50 |
|
6,220 |
6,273,907 |
| New Jersey Transportation Trust Fund Authority, RB |
|
|
|
| Series AA, 5.25%, 06/15/41 |
|
780 |
780,496 |
| Series AA, 5.00%, 06/15/50 |
|
1,765 |
1,805,150 |
| Series BB, 5.00%, 06/15/46 |
|
7,310 |
7,545,335 |
| New Jersey Transportation Trust Fund Authority, RB, CAB(c) |
|
|
|
| Series A, 0.00%, 12/15/35 |
|
10,000 |
6,929,196 |
| Series A, 0.00%, 12/15/38 |
|
7,260 |
4,284,564 |
| New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |
|
14,170 |
13,878,770 |
| New Jersey Turnpike Authority, RB, Series A, 5.25%, 01/01/55 |
|
6,605 |
6,941,713 |
| Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/46 |
|
3,565 |
3,512,859 |
| Sub-Series B, 5.00%, 06/01/46 |
|
9,995 |
9,650,444 |
| |
|
|
96,660,283 |
| New Mexico — 0.0% |
| ||
| City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |
|
425 |
416,654 |
| New York — 13.0% |
| ||
| Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) |
|
1,880 |
1,882,085 |
| City of New York, GO |
|
|
|
| Series D, 4.00%, 04/01/50 |
|
2,525 |
2,217,267 |
| Series G-1, 5.25%, 02/01/53 |
|
1,230 |
1,270,061 |
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
|
6,395 |
5,010,927 |
| Metropolitan Transportation Authority, Refunding RB |
|
|
|
| Series A-1, Sustainability Bonds, 5.25%, 11/15/57 |
|
3,050 |
3,052,604 |
| Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |
|
515 |
517,596 |
| Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |
|
760 |
768,662 |
| New York City Housing Development Corp., RB, M/F Housing |
|
|
|
| Series A-1, Sustainability Bonds, 5.00%, 11/01/60 |
|
4,120 |
4,109,532 |
| Series D, Sustainability Bonds, (HUD SECT 8), 5.00%, 05/01/56 |
|
12,555 |
12,560,548 |
| Sustainable Bonds, 4.95%, 11/01/56 |
|
8,920 |
8,870,642 |
| New York City Municipal Water Finance Authority, RB, Series BB, 5.25%, 06/15/55 |
|
2,175 |
2,270,398 |
| New York City Municipal Water Finance Authority, Refunding RB, Series DD, 4.13%, 06/15/46 |
|
370 |
345,899 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Subordinate, 5.25%, 11/01/51 |
|
1,240 |
1,296,442 |
| Series A-1, Subordinate, 5.25%, 05/01/52 |
|
2,280 |
2,370,256 |
| Series C-1, Subordinate, 4.00%, 02/01/43 |
|
20 |
18,864 |
Schedule of Investments 77
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB (continued) |
|
|
|
| Series E, Subordinate, 5.00%, 11/01/53 |
$ |
725 |
$ 735,643 |
| Series F-1, Subordinate, 4.00%, 02/01/51 |
|
3,200 |
2,890,786 |
| Series H-1, Subordinate, 5.00%, 11/01/50 |
|
1,370 |
1,399,411 |
| New York Counties Tobacco Trust IV, Refunding RB |
|
|
|
| Series A, 5.00%, 06/01/38 |
|
5,290 |
4,587,445 |
| Series A, 6.25%, 06/01/41(b) |
|
4,715 |
4,486,773 |
| New York Liberty Development Corp., Refunding RB |
|
|
|
| 3.13%, 09/15/50 |
|
315 |
229,116 |
| Class 2, 5.38%, 11/15/40(b) |
|
1,995 |
1,997,365 |
| Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |
|
9,800 |
6,882,860 |
| Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
415 |
285,085 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Class A, 5.25%, 05/01/54 |
|
2,150 |
2,203,215 |
| Series A, 4.00%, 03/15/54 |
|
4,050 |
3,539,939 |
| New York State Housing Finance Agency, RB, M/F Housing, Series D-1, Sustainable Bonds, (SONYMA), 4.95%, 05/01/56 |
|
2,985 |
2,968,915 |
| New York State Thruway Authority, RB, Sustainability Bonds, 4.13%, 03/15/56 |
|
3,325 |
2,986,764 |
| New York Transportation Development Corp., ARB |
|
|
|
| AMT, 5.63%, 04/01/40 |
|
2,930 |
3,105,430 |
| Series A, AMT, 5.25%, 01/01/50 |
|
2,360 |
2,354,254 |
| AMT, Sustainability Bonds, 6.00%, 06/30/55 |
|
8,790 |
9,227,939 |
| AMT, Sustainability Bonds, 6.00%, 06/30/59 |
|
4,940 |
5,172,193 |
| AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 |
|
4,395 |
4,656,943 |
| New York Transportation Development Corp., RB |
|
|
|
| AMT, 5.00%, 10/01/35 |
|
4,180 |
4,337,780 |
| AMT, 4.00%, 04/30/53 |
|
1,175 |
1,011,856 |
| AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
12,830 |
12,914,433 |
| AMT, Sustainability Bonds, 5.38%, 06/30/60 |
|
9,950 |
10,052,044 |
| AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
5,070 |
5,105,961 |
| New York Transportation Development Corp., Refunding RB, Series A, AMT, Sustainability Bonds, (AGM), 5.25%, 12/31/54 |
|
6,730 |
6,834,562 |
| Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/39 |
|
2,500 |
2,585,741 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|
|
| Series A, 4.00%, 05/15/48 |
|
13,145 |
11,983,491 |
| Series A, 5.25%, 05/15/52 |
|
1,725 |
1,782,874 |
| Series A, 4.13%, 05/15/53 |
|
2,770 |
2,495,136 |
| Triborough Bridge & Tunnel Authority, RB |
|
|
|
| Class A, 5.25%, 12/01/48 |
|
5,125 |
5,402,501 |
| Series A-1, 4.00%, 11/15/54 |
|
1,415 |
1,248,027 |
| Series A-1, 5.50%, 11/15/56 |
|
2,155 |
2,300,614 |
| Series D-2, Senior Lien, Sustainability Bonds, 5.50%, 05/15/52 |
|
6,500 |
6,827,469 |
| Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |
|
2,740 |
2,356,080 |
| |
|
|
183,510,428 |
| North Carolina — 0.2% |
| ||
| North Carolina Medical Care Commission, RB, 5.25%, 11/01/56 |
|
3,015 |
2,998,840 |
| North Dakota — 0.9% |
| ||
| City of Grand Forks North Dakota, RB |
|
|
|
| Series A, (AGM), 5.00%, 12/01/48 |
|
640 |
644,589 |
| Security |
|
Par (000) |
Value |
| North Dakota (continued) |
| ||
| City of Grand Forks North Dakota, RB (continued) |
|
|
|
| Series A, (AGM), 5.00%, 12/01/53 |
$ |
1,125 |
$ 1,126,946 |
| North Dakota Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, 4.70%, 07/01/49 |
|
3,030 |
2,980,752 |
| Series C, Sustainability Bonds, 4.75%, 07/01/49 |
|
8,015 |
7,930,760 |
| |
|
|
12,683,047 |
| Ohio — 1.5% |
| ||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB |
|
|
|
| Series A-2, Class 1, 4.00%, 06/01/48 |
|
830 |
710,362 |
| Series B-2, Class 2, 5.00%, 06/01/55 |
|
10,650 |
8,053,014 |
| Buckeye Tobacco Settlement Financing Authority, Refunding RB, CAB, Series B-3, Class 2, 0.00%, 06/01/57(c) |
|
14,395 |
956,846 |
| County of Cuyahoga, Refunding GOL, 5.50%, 12/01/61 |
|
5,230 |
5,582,803 |
| County of Franklin Ohio, RB, Series CC, 5.00%, 11/15/49 |
|
530 |
563,737 |
| Ohio Housing Finance Agency, RB, M/F Housing(b) |
|
|
|
| 6.00%, 09/01/41 |
|
785 |
817,073 |
| Series A, 5.63%, 08/01/41 |
|
785 |
786,303 |
| State of Ohio, Refunding RB, Series A, (BAM-TCRS), 4.00%, 01/15/50 |
|
4,420 |
3,848,230 |
| |
|
|
21,318,368 |
| Oklahoma — 0.7% |
| ||
| Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |
|
1,625 |
1,623,226 |
| Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.25%, 01/01/56 |
|
3,760 |
3,934,791 |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |
|
4,070 |
4,279,118 |
| |
|
|
9,837,135 |
| Oregon — 0.4% |
| ||
| Clackamas County School District No. 12 North Clackamas, GO, CAB(c) |
|
|
|
| Series A, (GTD), 0.00%, 06/15/38 |
|
2,500 |
1,478,224 |
| Series A, (GTD), 0.00%, 06/15/38(g) |
|
300 |
179,375 |
| Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/53 |
|
3,495 |
3,618,236 |
| |
|
|
5,275,835 |
| Pennsylvania — 9.0% |
| ||
| Allegheny County Airport Authority, ARB |
|
|
|
| Series A, AMT, (AGM), 5.50%, 01/01/48 |
|
1,020 |
1,061,049 |
| Series A, AMT, (AGM), 5.50%, 01/01/53 |
|
1,330 |
1,370,313 |
| Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
|
605 |
512,486 |
| Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b) |
|
3,965 |
4,075,739 |
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB |
|
|
|
| Series A, 5.00%, 10/01/47 |
|
3,650 |
3,672,867 |
| Series C, (AGM), 5.25%, 09/01/54 |
|
7,835 |
8,120,265 |
| City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB, Series B, (AGM), 4.50%, 09/01/48 |
|
2,785 |
2,752,678 |
| Geisinger Authority, Refunding RB, 4.00%, 04/01/50 |
|
5,000 |
4,296,206 |
| Lancaster County Hospital Authority, RB, 5.00%, 11/01/51 |
|
2,940 |
2,948,724 |
78
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Pennsylvania (continued) |
| ||
| Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |
$ |
1,000 |
$ 984,056 |
| Montgomery County Higher Education and Health Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/51 |
|
4,510 |
3,755,089 |
| Class B, 5.00%, 05/01/57 |
|
5,000 |
4,900,674 |
| 5.00%, 09/01/48 |
|
345 |
345,271 |
| Series B, (BAM-TCRS), 4.00%, 05/01/52 |
|
4,585 |
3,953,313 |
| Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |
|
1,545 |
1,558,828 |
| Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40 |
|
4,170 |
4,171,027 |
| Pennsylvania Economic Development Financing Authority, RB |
|
|
|
| 5.00%, 06/30/42 |
|
9,320 |
9,198,422 |
| AMT, 5.50%, 06/30/43 |
|
985 |
1,034,414 |
| AMT, 5.75%, 06/30/48 |
|
1,645 |
1,722,712 |
| Pennsylvania Economic Development Financing Authority, Refunding RB |
|
|
|
| Series A, 4.50%, 12/15/51 |
|
5,015 |
4,738,274 |
| Series A, 5.25%, 12/15/51 |
|
4,600 |
4,748,103 |
| AMT, 5.50%, 11/01/44 |
|
1,035 |
1,034,847 |
| Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 06/15/55 |
|
2,140 |
1,852,874 |
| Pennsylvania Higher Educational Facilities Authority, Refunding RB |
|
|
|
| Series B-1, (AGM), 5.00%, 11/01/51 |
|
2,155 |
2,156,283 |
| Series B2, 4.38%, 11/01/54 |
|
4,875 |
4,338,964 |
| Series B2, 5.50%, 11/01/54 |
|
2,490 |
2,543,591 |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 143A, Sustainability Bonds, 5.45%, 04/01/51 |
|
3,610 |
3,683,792 |
| Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
|
7,435 |
7,955,848 |
| Series 148A, Sustainability Bonds, 4.75%, 10/01/50 |
|
10,000 |
9,754,416 |
| Pennsylvania Turnpike Commission, RB |
|
|
|
| Series B, 5.25%, 12/01/44 |
|
1,500 |
1,599,723 |
| Series C, 5.25%, 12/01/54 |
|
8,000 |
8,324,793 |
| Pennsylvania Turnpike Commission, Refunding RB, Series 2017-3, Subordinate, 5.00%, 12/01/40 |
|
2,330 |
2,361,627 |
| Philadelphia Authority for Industrial Development, RB |
|
|
|
| 5.25%, 11/01/52 |
|
2,440 |
2,474,872 |
| Series A, 4.00%, 07/01/49 |
|
4,315 |
3,893,414 |
| Philadelphia Gas Works Co., Refunding RB, Series A, 5.25%, 08/01/49 |
|
4,580 |
4,755,121 |
| School District of Philadelphia, GOL, Series A, (SAW), 5.50%, 09/01/48 |
|
710 |
752,354 |
| |
|
|
127,403,029 |
| Puerto Rico — 3.1% |
| ||
| Commonwealth of Puerto Rico, GO |
|
|
|
| Series A-1, Restructured, 5.63%, 07/01/29 |
|
1,435 |
1,514,951 |
| Series A-1, Restructured, 5.75%, 07/01/31 |
|
1,295 |
1,397,299 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB |
|
|
|
| Series A-1, Restructured, (FHLMC, FNMA, GNMA), 4.75%, 07/01/53 |
|
3,122 |
2,964,004 |
| Series A-1, Restructured, 5.00%, 07/01/58 |
|
20,922 |
20,101,818 |
| Series A-2, Restructured, 4.78%, 07/01/58 |
|
6,288 |
5,943,775 |
| Series A-2, Restructured, 4.33%, 07/01/40 |
|
152 |
148,412 |
| Security |
|
Par (000) |
Value |
| Puerto Rico (continued) |
| ||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB (continued) |
|
|
|
| Series B-1, Restructured, 4.75%, 07/01/53 |
$ |
937 |
$ 889,581 |
| Series B-2, Restructured, 4.78%, 07/01/58 |
|
1,261 |
1,186,326 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) |
|
24,961 |
9,082,834 |
| |
|
|
43,229,000 |
| Rhode Island — 0.4% |
| ||
| Rhode Island Health and Educational Building Corp., RB, 5.00%, 11/01/53 |
|
6,170 |
6,206,106 |
| South Carolina — 3.6% |
| ||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
|
3,235 |
3,423,895 |
| Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a) |
|
7,215 |
7,671,465 |
| South Carolina Jobs-Economic Development Authority, RB |
|
|
|
| 7.50%, 08/15/62(b) |
|
1,290 |
1,142,522 |
| Series A, 5.50%, 11/01/48 |
|
1,420 |
1,498,965 |
| Series A, 5.50%, 11/01/49 |
|
8,520 |
8,968,627 |
| Series A, 5.50%, 11/01/50 |
|
670 |
703,928 |
| South Carolina Jobs-Economic Development Authority, Refunding RB, 5.00%, 11/15/47 |
|
1,050 |
1,050,141 |
| South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |
|
650 |
569,787 |
| South Carolina Public Service Authority, Refunding RB |
|
|
|
| Series A, 5.25%, 12/01/50 |
|
6,455 |
6,714,430 |
| Series A, (AGM), 5.00%, 12/01/55 |
|
3,465 |
3,521,143 |
| Series B, 5.00%, 12/01/46 |
|
5,920 |
6,144,728 |
| Series B, 5.00%, 12/01/51 |
|
2,110 |
2,134,930 |
| South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing |
|
|
|
| Series B-1, (FHLMC, FNMA, GNMA), 4.75%, 07/01/51 |
|
4,600 |
4,506,110 |
| Series B-1, (FHLMC, FNMA, GNMA), 4.80%, 07/01/56 |
|
2,955 |
2,844,097 |
| |
|
|
50,894,768 |
| South Dakota — 0.2% |
| ||
| South Dakota Housing Development Authority, Refunding RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.70%, 05/01/50 |
|
3,410 |
3,309,435 |
| Tennessee — 1.1% |
| ||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 4.00%, 10/01/54 |
|
7,775 |
6,983,363 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Refunding RB, 5.25%, 07/01/55 |
|
3,830 |
3,992,606 |
| Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.50%, 07/01/42 |
|
2,000 |
2,128,088 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |
|
1,640 |
1,727,362 |
| |
|
|
14,831,419 |
| Texas — 11.8% |
| ||
| Alamo Heights Independent School District, GO, (PSF), 4.00%, 02/01/51 |
|
2,415 |
2,172,846 |
Schedule of Investments 79
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Arlington Higher Education Finance Corp., RB(b)(e)(f) |
|
|
|
| 7.50%, 04/01/62 |
$ |
2,645 |
$ 1,322,500 |
| 7.88%, 11/01/62 |
|
2,250 |
1,350,000 |
| Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52 |
|
1,500 |
1,329,906 |
| City of Austin Texas Airport System Revenue, Refunding ARB, Series B, AMT, 5.25%, 11/15/56 |
|
9,040 |
9,234,045 |
| City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/53 |
|
3,935 |
4,029,143 |
| City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.13%, 07/15/53 |
|
8,025 |
6,912,098 |
| City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.25%, 03/01/49 |
|
3,410 |
3,538,930 |
| City of Houston Texas Airport System Revenue, ARB |
|
|
|
| Series B, AMT, 5.50%, 07/15/36 |
|
300 |
323,755 |
| Series B, AMT, 5.50%, 07/15/37 |
|
1,035 |
1,109,763 |
| Series B, AMT, 5.50%, 07/15/38 |
|
310 |
330,207 |
| Series B, AMT, 5.50%, 07/15/39 |
|
600 |
635,439 |
| City of Houston Texas Airport System Revenue, Refunding ARB |
|
|
|
| Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |
|
1,745 |
1,794,437 |
| Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
9,770 |
10,178,063 |
| City of Houston Texas Airport System Revenue, Refunding RB |
|
|
|
| AMT, 5.00%, 07/01/29 |
|
1,830 |
1,831,807 |
| Series A, AMT, 5.00%, 07/01/27 |
|
690 |
698,286 |
| City of Houston Texas Hotel Occupancy Tax & Special Revenue, Refunding RB, Series C, 1st Lien, 5.50%, 09/01/58 |
|
10,260 |
10,788,265 |
| City of Houston Texas, GOL |
|
|
|
| Series A, 5.25%, 03/01/49 |
|
6,090 |
6,385,436 |
| Series A, 4.13%, 03/01/51 |
|
2,000 |
1,778,206 |
| City of Houston Texas, Refunding GOL, Series A, 5.25%, 03/01/42 |
|
905 |
963,106 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 |
|
2,135 |
1,906,640 |
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series E, 5.25%, 02/01/49 |
|
4,500 |
4,722,323 |
| Clifton Higher Education Finance Corp., Refunding RB, Series A, (PSF), 4.13%, 08/15/49 |
|
1,155 |
1,033,251 |
| Conroe Independent School District, GO, (PSF), 4.00%, 02/15/50 |
|
13,865 |
12,608,373 |
| County of Harris Texas, GOL, 4.00%, 09/15/49 |
|
3,480 |
3,122,250 |
| Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 |
|
1,600 |
1,421,356 |
| Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |
|
2,795 |
2,556,380 |
| Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/54 |
|
850 |
745,620 |
| EP Royal Estates PFC, RB, M/F Housing, 4.25%, 10/01/39 |
|
665 |
632,101 |
| Fort Bend Independent School District, Refunding GO, Series A, (PSF), 4.00%, 08/15/49 |
|
6,600 |
5,960,214 |
| Hurst-Euless-Bedford Independent School District, GO, (PSF), 4.00%, 08/15/50 |
|
6,475 |
5,834,446 |
| Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/50 |
|
1,345 |
1,392,486 |
| Longview Independent School District, GO, (PSF), 4.00%, 02/15/49 |
|
1,120 |
1,024,387 |
| Security |
|
Par (000) |
Value |
| Texas (continued) |
| ||
| Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/36(c)(g) |
$ |
5,810 |
$ 3,630,427 |
| New Hope Cultural Education Facilities Finance Corp., RB |
|
|
|
| Series A, 5.50%, 08/15/49 |
|
6,420 |
6,910,275 |
| Series A, 5.00%, 08/15/50(b) |
|
1,385 |
1,148,738 |
| Northwest Independent School District, GO |
|
|
|
| (PSF), 5.00%, 02/15/49 |
|
7,635 |
7,871,278 |
| (PSF), 5.25%, 02/15/55 |
|
4,225 |
4,426,746 |
| Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |
|
3,070 |
3,115,941 |
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/40 |
|
3,250 |
3,250,166 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 |
|
2,855 |
2,635,006 |
| Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
|
880 |
785,401 |
| Texas Department of Housing & Community Affairs, RB, S/F Housing, Series C, (GNMA), 5.00%, 09/01/48 |
|
1,620 |
1,638,169 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
|
5,740 |
6,015,393 |
| Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 |
|
3,335 |
3,614,395 |
| Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/53 |
|
3,300 |
2,904,783 |
| Ysleta Independent School District, GO, (PSF), 4.25%, 08/15/56 |
|
9,670 |
8,805,936 |
| |
|
|
166,418,719 |
| Utah — 1.8% |
| ||
| Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(b) |
|
862 |
873,332 |
| City of Salt Lake City Utah Airport Revenue, ARB |
|
|
|
| Series A, AMT, 5.00%, 07/01/43 |
|
2,610 |
2,635,042 |
| Series A, AMT, 5.25%, 07/01/48 |
|
5,780 |
5,824,252 |
| Series A, AMT, 5.50%, 07/01/55 |
|
4,685 |
4,887,548 |
| County of Utah, RB, Series B, 4.00%, 05/15/47 |
|
2,650 |
2,405,838 |
| Downtown Revitalization Public Infrastructure District, RB |
|
|
|
| Series A, 1st Lien, (AGM), 5.50%, 06/01/55 |
|
3,960 |
4,189,094 |
| Series B, 2nd Lien, (AGM), 5.50%, 06/01/50 |
|
1,550 |
1,657,739 |
| Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 |
|
1,405 |
1,483,163 |
| Resort Core Public Infrastructure District No. 1, GOL, Series A-1, 5.63%, 03/01/51 |
|
900 |
901,151 |
| Utah Charter School Finance Authority, RB, 5.00%, 06/15/39(b) |
|
190 |
181,361 |
| |
|
|
25,038,520 |
| Virginia — 1.2% |
| ||
| Ballston Quarter Community Development Authority, TA, Series A-1, 5.50%, 03/01/46 |
|
724 |
712,209 |
| Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59(d) |
|
1,739 |
1,608,781 |
| Henrico County Economic Development Authority, RB, Series A, 5.00%, 11/01/48 |
|
2,845 |
2,904,572 |
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
|
6,320 |
5,062,608 |
| Virginia Housing Development Authority, RB, M/F Housing, Series A, 4.60%, 09/01/49 |
|
1,035 |
1,001,715 |
80
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Virginia (continued) |
| ||
| Virginia Housing Development Authority, RB, S/F Housing, Series H, (FHLMC, FNMA, GNMA), 4.90%, 01/01/57 |
$ |
1,835 |
$ 1,779,858 |
| Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 |
|
2,555 |
2,501,437 |
| Virginia Small Business Financing Authority, Refunding RB, Series A, 5.25%, 12/01/56 |
|
670 |
673,434 |
| |
|
|
16,244,614 |
| Washington — 1.3% |
| ||
| County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 2.39%, 01/01/40(a) |
|
1,325 |
1,320,798 |
| Port of Seattle Washington, ARB, Series B, AMT, Intermediate Lien, 5.50%, 10/01/50 |
|
2,525 |
2,661,988 |
| Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.00%, 08/01/47 |
|
4,350 |
4,393,977 |
| Vancouver Housing Authority, RB, M/F Housing, 5.00%, 08/01/40 |
|
1,040 |
1,043,975 |
| Washington Health Care Facilities Authority, Refunding RB |
|
|
|
| 4.00%, 09/01/50 |
|
2,000 |
1,693,454 |
| Series A, 5.00%, 08/01/44 |
|
1,750 |
1,777,238 |
| Series A, 5.50%, 09/01/55 |
|
1,285 |
1,341,193 |
| Washington State Housing Finance Commission, RB, 5.25%, 07/01/51 |
|
720 |
738,908 |
| Washington State Housing Finance Commission, RB, M/F Housing |
|
|
|
| Series 2025-1, 4.08%, 11/20/41(a) |
|
2,016 |
1,896,785 |
| Series 2, Class 1, Sustainability Bonds, 4.09%, 03/01/50 |
|
1,753 |
1,671,793 |
| Washington State Housing Finance Commission, Refunding RB, Series A, 5.00%, 07/01/48 |
|
400 |
404,392 |
| |
|
|
18,944,501 |
| Wisconsin — 2.5% |
| ||
| Public Finance Authority, RB |
|
|
|
| Class A, 4.25%, 06/15/31(b) |
|
270 |
257,125 |
| Class A, 5.00%, 06/15/41(b) |
|
895 |
793,591 |
| Class A, 5.00%, 06/15/51(b) |
|
590 |
485,278 |
| Series A, 5.00%, 06/01/36(b) |
|
200 |
183,078 |
| Series A, 5.00%, 06/01/51(b) |
|
680 |
519,619 |
| Series A, 5.00%, 06/01/61(b) |
|
870 |
631,401 |
| AMT, 5.75%, 06/30/60 |
|
205 |
211,962 |
| AMT, 6.50%, 06/30/60 |
|
1,240 |
1,356,781 |
| AMT, 5.75%, 12/31/65 |
|
10,320 |
10,648,262 |
| AMT, 6.50%, 12/31/65 |
|
5,880 |
6,433,768 |
| Public Finance Authority, RB, M/F Housing, 8.00%, 02/01/37(b) |
|
1,130 |
1,110,682 |
| Public Finance Authority, Refunding RB |
|
|
|
| 5.00%, 09/01/49(b) |
|
845 |
792,989 |
| 5.25%, 11/15/55 |
|
925 |
935,742 |
| Series B, AMT, 5.00%, 07/01/42 |
|
1,000 |
999,979 |
| Wisconsin Health & Educational Facilities Authority, RB, Class A, 5.50%, 02/15/54 |
|
6,120 |
6,296,734 |
| Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |
|
3,000 |
2,555,708 |
| Security |
|
Par (000) |
Value |
| Wisconsin (continued) |
| ||
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing |
|
|
|
| Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |
$ |
1,400 |
$ 1,418,932 |
| Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 03/01/51 |
|
305 |
299,349 |
| |
|
|
35,930,980 |
| Wyoming — 0.1% |
| ||
| University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
|
1,690 |
1,483,584 |
| Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43 |
|
500 |
495,638 |
| |
|
|
1,979,222 |
| Total Municipal Bonds — 119.6% (Cost: $1,667,590,327) |
1,690,967,966 | ||
| Municipal Bonds Transferred to Tender Option Bond Trusts(h) | |||
| Alabama — 2.3% |
| ||
| Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series B, 5.00%, 11/15/46 |
|
11,790 |
11,793,957 |
| Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |
|
10,000 |
10,856,761 |
| Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54 |
|
10,000 |
10,402,432 |
| |
|
|
33,053,150 |
| Colorado — 0.7% |
| ||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 4.13%, 11/15/47 |
|
10,300 |
9,335,775 |
| District of Columbia — 3.2% |
| ||
| District of Columbia Income Tax Revenue, Refunding RB, Series A, 5.00%, 06/01/50 |
|
4,560 |
4,716,203 |
| Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
|
|
|
| Series A, AMT, 5.00%, 10/01/50 |
|
12,097 |
12,174,207 |
| Series A, AMT, 5.50%, 10/01/54 |
|
5,180 |
5,377,053 |
| Series A, AMT, 5.50%, 10/01/55 |
|
8,340 |
8,720,950 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 2nd Lien, 5.50%, 07/15/60 |
|
13,660 |
14,392,721 |
| |
|
|
45,381,134 |
| Florida — 4.3% |
| ||
| Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/49 |
|
14,090 |
14,322,624 |
| City of Melbourne Florida Water & Sewer Revenue, RB, Series 2023-ZF, 5.00%, 11/15/50 |
|
3,090 |
3,169,137 |
| City of Tallahassee, RB, Series 2025-ZF, 5.25%, 10/01/55 |
|
3,320 |
3,486,244 |
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |
|
10,500 |
10,430,339 |
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/50 |
|
2,735 |
2,796,855 |
| Greater Orlando Aviation Authority, ARB, AMT, Subordinate, 5.25%, 10/01/51(i) |
|
9,759 |
9,953,382 |
Schedule of Investments 81
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Florida (continued) |
| ||
| JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.25%, 10/01/49 |
$ |
9,830 |
$ 10,326,369 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(i) |
|
5,793 |
6,012,781 |
| |
|
|
60,497,731 |
| Georgia — 0.2% |
| ||
| County of DeKalb Georgia Water & Sewerage Revenue, RB, Series A, 5.00%, 10/01/55(i) |
|
3,500 |
3,593,092 |
| Illinois — 2.1% |
| ||
| Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Second Lien, (BAM), 5.00%, 12/01/46 |
|
10,000 |
10,274,778 |
| Illinois State Toll Highway Authority, RB |
|
|
|
| Series A, 5.00%, 01/01/44 |
|
8,000 |
8,199,514 |
| Series A, 5.00%, 01/01/46 |
|
10,470 |
10,831,372 |
| |
|
|
29,305,664 |
| Massachusetts — 2.4% |
| ||
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Sustainability Bonds, 5.00%, 06/01/53 |
|
10,010 |
10,241,257 |
| Commonwealth of Massachusetts, GO, Series 2024, 5.00%, 12/01/51 |
|
16,200 |
16,680,892 |
| Commonwealth of Massachusetts, GOL, Series A, 5.00%, 04/01/55 |
|
6,620 |
6,786,574 |
| |
|
|
33,708,723 |
| Michigan — 0.2% |
| ||
| Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |
|
2,551 |
2,587,292 |
| Minnesota — 0.6% |
| ||
| Minneapolis-St. Paul Metropolitan Airports Commission, ARB, AMT, Subordinate, 5.25%, 01/01/49 |
|
8,110 |
8,373,735 |
| Missouri — 0.8% |
| ||
| Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53(i) |
|
10,000 |
8,488,917 |
| Missouri Housing Development Commission, RB, S/F Housing, Series E, 4.60%, 11/01/49 |
|
3,043 |
2,951,022 |
| |
|
|
11,439,939 |
| New Jersey — 0.9% |
| ||
| New Jersey Transportation Trust Fund Authority, RB, Series AA, 5.00%, 06/15/55 |
|
7,380 |
7,465,488 |
| New Jersey Turnpike Authority, RB, Series B, 5.25%, 01/01/49 |
|
5,255 |
5,547,232 |
| |
|
|
13,012,720 |
| New York — 13.9% |
| ||
| City of New York, GO, Series B, 5.25%, 10/01/47 |
|
2,940 |
3,053,851 |
| Empire State Development Corp., Refunding RB |
|
|
|
| 5.00%, 03/15/41 |
|
7,790 |
8,235,571 |
| 5.00%, 03/15/43 |
|
10,000 |
10,502,326 |
| 5.00%, 03/15/44 |
|
8,280 |
8,657,337 |
| New York City Housing Development Corp., Series 2025-ZF, 5.00%, 11/01/55 |
|
4,200 |
4,205,795 |
| New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48(i) |
|
2,460 |
2,404,158 |
| New York City Municipal Water Finance Authority, RB, Series AA, Subordinate, 5.00%, 06/15/51(i) |
|
6,135 |
6,316,681 |
| Security |
|
Par (000) |
Value |
| New York (continued) |
| ||
| New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
| Series B, 5.25%, 05/01/55 |
$ |
7,173 |
$ 7,442,644 |
| Series C, 5.25%, 05/01/48 |
|
4,240 |
4,417,913 |
| Series C-1, Subordinate, 5.00%, 05/01/50 |
|
8,413 |
8,585,046 |
| Series H-1, Subordinate, 5.00%, 11/01/50 |
|
11,060 |
11,297,435 |
| Sub-Series D-1, 5.25%, 11/01/43 |
|
12,040 |
12,814,342 |
| Sub-Series D-1, 5.50%, 11/01/45 |
|
5,900 |
6,353,669 |
| New York Power Authority, RB, Series A, Sustainability Bonds, (AGM), 5.13%, 11/15/63 |
|
6,627 |
6,857,427 |
| New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/41 |
|
9,795 |
9,998,239 |
| New York State Dormitory Authority, Refunding RB |
|
|
|
| Series A, 5.00%, 03/15/47(i) |
|
4,630 |
4,809,803 |
| Series A, 5.00%, 03/15/53(i) |
|
3,118 |
3,185,079 |
| Series E, 5.00%, 03/15/46 |
|
3,940 |
4,010,702 |
| New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.13%, 06/30/60 |
|
10,000 |
9,936,159 |
| Port Authority of New York & New Jersey, Refunding ARB, AMT, 5.00%, 01/15/47(i) |
|
3,860 |
3,936,684 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |
|
|
|
| Series A, 4.13%, 05/15/53 |
|
10,572 |
9,522,740 |
| Series A, 4.25%, 05/15/58 |
|
16,737 |
15,333,396 |
| Series A-1, 4.13%, 05/15/64 |
|
5,150 |
4,464,134 |
| Triborough Bridge & Tunnel Authority, RB |
|
|
|
| Series A, 5.50%, 11/15/57 |
|
14,906 |
15,634,779 |
| Series D-2, Senior Lien, Sustainability Bonds, 5.25%, 05/15/47 |
|
9,810 |
10,340,566 |
| Triborough Bridge & Tunnel Authority, Refunding RB, Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
|
3,758 |
3,886,842 |
| |
|
|
196,203,318 |
| Ohio — 1.5% |
| ||
| Columbus Regional Airport Authority, Refunding ARB, Series A, AMT, 5.50%, 01/01/55(i) |
|
20,000 |
20,699,856 |
| Oregon — 1.3% |
| ||
| Port of Portland Oregon Airport Revenue, Refunding ARB |
|
|
|
| Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 |
|
7,232 |
7,537,874 |
| Series 30A, AMT, Sustainability Bonds, 5.25%, 07/01/45 |
|
10,560 |
11,058,844 |
| |
|
|
18,596,718 |
| Pennsylvania — 3.0% |
| ||
| Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
| Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
|
8,052 |
8,356,442 |
| Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |
|
3,838 |
4,106,730 |
| Series 145A, Sustainability Bonds, 4.75%, 10/01/49 |
|
17,380 |
17,194,717 |
| Series 147 A, Sustainability Bonds, 4.70%, 10/01/49(i) |
|
3,000 |
2,976,883 |
| Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |
|
10,005 |
10,329,383 |
| |
|
|
42,964,155 |
| South Carolina — 2.0% |
| ||
| Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |
|
26,458 |
28,131,741 |
82
2026 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Texas — 3.8% |
| ||
| Austin Community College District, Refunding GOL, 5.25%, 08/01/55 |
$ |
5,260 |
$ 5,474,259 |
| City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, 5.50%, 07/01/55 |
|
7,858 |
8,186,254 |
| City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB |
|
|
|
| Series A, 5.25%, 02/01/49 |
|
13,298 |
13,923,229 |
| Series A, 5.50%, 02/01/50(i) |
|
2,474 |
2,617,335 |
| Dallas Area Rapid Transit, Refunding RB, Series B, Senior Lien, 5.00%, 12/01/47 |
|
9,480 |
9,695,173 |
| North Texas Municipal Water District, RB, Series 2025- ZF, 5.00%, 06/01/50(i) |
|
10,356 |
10,566,412 |
| Terrell Independent School District, GO, (AGM), 5.25%, 08/01/55(i) |
|
3,220 |
3,357,571 |
| |
|
|
53,820,233 |
| Utah — 0.3% |
| ||
| City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.50%, 07/01/53(i) |
|
4,061 |
4,209,577 |
| Washington — 2.0% |
| ||
| City of Everett Washington Water & Sewer Revenue, Series 2025-ZF, 5.25%, 12/01/50 |
|
10,370 |
10,742,228 |
| Port of Seattle Washington, Refunding ARB |
|
|
|
| Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 |
|
11,970 |
12,321,190 |
| Series C, AMT, 5.00%, 08/01/46 |
|
5,390 |
5,460,634 |
| |
|
|
28,524,052 |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.5% (Cost: $636,649,502) |
643,438,605 | ||
| |
|
Shares |
|
| Warrants | |||
| Construction & Engineering — 0.0% |
| ||
| Brightline West, (Expires 11/26/35, Strike Price USD 5.00)(f)(j) |
|
245,960 |
491,920 |
| Total Warrants — 0.0% (Cost: $ — ) |
491,920 | ||
| Total Long-Term Investments — 165.1% (Cost: $2,304,239,829) |
2,334,898,491 | ||
| Security |
|
Shares |
Value |
| Short-Term Securities | |||
| Money Market Funds — 3.5% |
| ||
| BlackRock Liquidity Funds, MuniCash, Institutional Shares, 2.19%(k)(l) |
|
50,161,688 |
$ 50,166,704 |
| Total Short-Term Securities — 3.5% (Cost: $50,166,265) |
50,166,704 | ||
| Total Investments — 168.6% (Cost: $2,354,406,094) |
2,385,065,195 | ||
| Other Assets Less Liabilities — 1.6% |
23,111,794 | ||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.7)% |
(406,140,058 ) | ||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (41.5)% |
(587,511,595 ) | ||
| Net Assets Applicable to Common Shares — 100.0% |
$ 1,414,525,336 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Zero-coupon bond. |
| (d) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (e) |
Issuer filed for bankruptcy and/or is in default. |
| (f) |
Non-income producing security. |
| (g) |
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. |
| (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 July 1, 2031 to June 1, 2046, is $62,200,889. See Note 4 of the Notes to Financial Statements for details. |
| (j) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (k) |
Affiliate of the Fund. |
| (l) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 07/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 07/31/26 |
Shares Held at 07/31/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 8,057,737 |
$ 42,108,967 (a) |
$ — |
$ — |
$ — |
$ 50,166,704 |
50,161,688 |
$ 439,344 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Schedule of Investments 83
Schedule of Investments (continued)
July 31, 2026
BlackRock MuniYield Quality Fund III, Inc. (MYI)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |
$ — |
$ 1,690,967,966 |
$ — |
$ 1,690,967,966 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
643,438,605 |
— |
643,438,605 |
| Warrants |
— |
— |
491,920 |
491,920 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
50,166,704 |
— |
— |
50,166,704 |
| |
$50,166,704 |
$2,334,406,571 |
$491,920 |
$2,385,065,195 |
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 |
$— |
$(403,859,326 ) |
$— |
$(403,859,326 ) |
| VRDP Shares at Liquidation Value |
— |
(587,700,000 ) |
— |
(587,700,000 ) |
| |
$— |
$(991,559,326 ) |
$— |
$(991,559,326 ) |
84
2026 BlackRock Annual Report to Shareholders
Statements of Assets and Liabilities July 31, 2026
| |
MUA |
BTT |
MHD |
MQY |
| ASSETS |
|
|
|
|
| Investments, at value — unaffiliated(a) |
$ 823,201,984 |
$ 2,364,352,123 |
$ 3,677,684,301 |
$ 3,081,483,719 |
| Investments, at value — affiliated(b) |
5,675,451 |
3,642,707 |
43,238,870 |
33,715,845 |
| Receivables: |
|
|
|
|
| Investments sold |
1,672,249 |
18,082,303 |
9,670,956 |
3,345,064 |
| Dividends — affiliated |
8,764 |
61,125 |
60,999 |
66,435 |
| Interest — unaffiliated |
10,107,264 |
22,411,496 |
40,471,037 |
33,508,326 |
| Deferred offering costs |
— |
— |
— |
7,469 |
| Prepaid expenses |
86,760 |
544,600 |
— |
1,112,821 |
| Total assets |
840,752,472 |
2,409,094,354 |
3,771,126,163 |
3,153,239,679 |
| ACCRUED LIABILITIES |
|
|
|
|
| Bank overdraft |
115,088 |
— |
38,148 |
25,734 |
| Payables: |
|
|
|
|
| Investments purchased |
2,819,416 |
16,954,129 |
— |
— |
| Accounting services fees |
30,733 |
79,440 |
67,216 |
46,943 |
| Custodian fees |
2,225 |
8,025 |
1,960 |
4,100 |
| Income dividend distributions — Common Shares |
2,794,692 |
2,952,219 |
10,394,633 |
8,725,062 |
| Interest expense and fees |
119,196 |
711,305 |
5,153,426 |
3,071,825 |
| Investment advisory fees |
394,503 |
812,069 |
1,771,461 |
1,348,179 |
| Directors’ and Officer’s fees |
30,859 |
7,774 |
382,182 |
747,574 |
| Other accrued expenses |
181,761 |
67,522 |
13,469 |
602,683 |
| Professional fees |
71,061 |
64,828 |
130,675 |
112,696 |
| Reorganization costs |
— |
— |
208,543 |
163,763 |
| Transfer agent fees |
14,121 |
17,287 |
8,634 |
7,501 |
| Total accrued liabilities |
6,573,655 |
21,674,598 |
18,170,347 |
14,856,060 |
| OTHER LIABILITIES |
|
|
|
|
| TOB Trust Certificates |
24,741,684 |
83,414,981 |
852,392,605 |
476,885,780 |
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
250,950,942 |
749,390,237 |
— |
847,356,011 |
| VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
— |
— |
717,800,000 |
— |
| Total other liabilities |
275,692,626 |
832,805,218 |
1,570,192,605 |
1,324,241,791 |
| Total liabilities |
282,266,281 |
854,479,816 |
1,588,362,952 |
1,339,097,851 |
| Commitments and contingent liabilities |
|
|
|
|
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 558,486,191 |
$ 1,554,614,538 |
$ 2,182,763,211 |
$ 1,814,141,828 |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
|
|
|
|
| Paid-in capital(f)(g)(h) |
$ 656,070,681 |
$ 1,554,345,174 |
$ 2,602,498,493 |
$ 2,097,796,686 |
| Accumulated earnings (loss) |
(97,584,490) |
269,364 |
(419,735,282) |
(283,654,858) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 558,486,191 |
$ 1,554,614,538 |
$ 2,182,763,211 |
$ 1,814,141,828 |
| Net asset value per Common Share |
$ 11.09 |
$ 24.43 |
$ 12.49 |
$ 12.06 |
| (a) Investments, at cost—unaffiliated |
$854,780,311 |
$2,376,557,913 |
$3,647,043,379 |
$3,038,764,014 |
| (b) Investments, at cost—affiliated |
$5,675,451 |
$3,642,707 |
$43,238,870 |
$33,715,504 |
| (c) Preferred Shares outstanding |
|
7,500 |
7,178 |
8,481 |
| (d) Preferred Shares authorized |
|
7,650 |
8,478 |
16,755 |
| (e) Par value per Preferred Share |
$0.10 |
$0.001 |
$0.10 |
$0.10 |
| (f) Common Shares outstanding |
|
63,625,411 |
174,699,711 |
150,432,112 |
| (g) Common Shares authorized |
|
Unlimited |
199,991,522 |
199,983,245 |
| (h) Par value per Common Share |
$0.10 |
$0.001 |
$0.10 |
$0.10 |
See notes to financial statements.
Financial Statements 85
Statements of Assets and Liabilities (continued) July 31, 2026
| |
MYI |
| ASSETS |
|
| Investments, at value — unaffiliated(a) |
$ 2,334,898,491 |
| Investments, at value — affiliated(b) |
50,166,704 |
| Receivables: |
|
| Investments sold |
11,158,951 |
| Dividends — affiliated |
57,335 |
| Interest — unaffiliated |
25,095,285 |
| Prepaid expenses |
333,968 |
| Total assets |
2,421,710,734 |
| ACCRUED LIABILITIES |
|
| Bank overdraft |
23,131 |
| Payables: |
|
| TOB Trust |
4,888,797 |
| Accounting services fees |
45,539 |
| Custodian fees |
3,460 |
| Income dividend distributions — Common Shares |
6,787,295 |
| Interest expense and fees |
2,280,732 |
| Investment advisory fees |
1,036,094 |
| Directors’ and Officer’s fees |
566,070 |
| Other accrued expenses |
1,481 |
| Professional fees |
107,285 |
| Reorganization costs |
63,605 |
| Transfer agent fees |
10,988 |
| Total accrued liabilities |
15,814,477 |
| OTHER LIABILITIES |
|
| TOB Trust Certificates |
403,859,326 |
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
587,511,595 |
| Total other liabilities |
991,370,921 |
| Total liabilities |
1,007,185,398 |
| Commitments and contingent liabilities |
|
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 1,414,525,336 |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
|
| Paid-in capital(f)(g)(h) |
$ 1,620,822,627 |
| Accumulated loss |
(206,297,291) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 1,414,525,336 |
| Net asset value per Common Share |
$ 11.57 |
| (a) Investments, at cost—unaffiliated |
$2,304,239,829 |
| (b) Investments, at cost—affiliated |
$50,166,265 |
| (c) Preferred Shares outstanding |
5,877 |
| (d) Preferred Shares authorized |
26,364 |
| (e) Par value per Preferred Share |
$0.10 |
| (f) Common Shares outstanding |
122,293,607 |
| (g) Common Shares authorized |
199,973,636 |
| (h) Par value per Common Share |
$0.10 |
See notes to financial statements.
86
2026 BlackRock Annual Report to Shareholders
Statements of Operations Year Ended July 31, 2026
| |
MUA |
BTT |
MHD |
MQY |
| INVESTMENT INCOME |
|
|
|
|
| Dividends — affiliated |
$142,600 |
$719,725 |
$683,217 |
$799,046 |
| Interest — unaffiliated |
38,147,681 |
82,766,014 |
114,532,433 |
106,052,398 |
| Total investment income |
38,290,281 |
83,485,739 |
115,215,650 |
106,851,444 |
| EXPENSES |
|
|
|
|
| Investment advisory |
3,952,287 |
9,610,958 |
13,171,205 |
11,163,262 |
| Liquidity fees |
1,509,643 |
5,421,391 |
— |
4,789,818 |
| Portfolio investment fees |
290,167 |
— |
— |
— |
| Remarketing fees on Preferred Shares |
208,107 |
750,000 |
— |
511,040 |
| Accounting services |
98,216 |
238,060 |
195,721 |
188,808 |
| Offering |
68,105 |
— |
— |
3,373 |
| Professional |
52,433 |
91,188 |
107,465 |
96,103 |
| Reorganization |
52,107 |
— |
3,965 |
102,925 |
| Transfer agent |
51,037 |
49,899 |
68,311 |
101,508 |
| Directors and Officer |
30,688 |
91,889 |
97,767 |
126,048 |
| Printing and postage |
21,477 |
18,496 |
25,897 |
62,334 |
| Registration |
18,178 |
23,542 |
41,915 |
42,034 |
| Custodian |
7,047 |
24,565 |
12,011 |
15,920 |
| Miscellaneous |
115,346 |
123,734 |
104,155 |
140,824 |
| Total expenses excluding interest expense, fees and amortization of offering costs |
6,474,838 |
16,443,722 |
13,828,412 |
17,343,997 |
| Interest expense, fees and amortization of offering costs(a) |
6,180,602 |
22,306,509 |
32,534,755 |
25,429,431 |
| Total expenses |
12,655,440 |
38,750,231 |
46,363,167 |
42,773,428 |
| Less fees waived and/or reimbursed by the Manager |
(6,181 ) |
(31,516 ) |
(199,196 ) |
(34,042 ) |
| Total expenses after fees waived and/or reimbursed |
12,649,259 |
38,718,715 |
46,163,971 |
42,739,386 |
| Net investment income |
25,641,022 |
44,767,024 |
69,051,679 |
64,112,058 |
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
| Investments — unaffiliated |
(668,923 ) |
1,151,191 |
(5,204,321 ) |
(2,732,848 ) |
| |
(668,923 ) |
1,151,191 |
(5,204,321 ) |
(2,732,848 ) |
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments — unaffiliated |
15,978,798 |
1,982,455 |
(12,314,213 ) |
(4,951,847 ) |
| Unfunded commitments |
(1,856,076 ) |
— |
— |
— |
| |
14,122,722 |
1,982,455 |
(12,314,213 ) |
(4,951,847 ) |
| Net realized and unrealized gain (loss) |
13,453,799 |
3,133,646 |
(17,518,534 ) |
(7,684,695 ) |
| NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$39,094,821 |
$47,900,670 |
$51,533,145 |
$56,427,363 |
| (a) Related to TOB Trusts, VMTP and/or VRDP Shares. | ||||
See notes to financial statements.
Financial Statements 87
Statements of Operations (continued) Year Ended July 31, 2026
| |
MYI |
| INVESTMENT INCOME |
|
| Dividends — affiliated |
$439,344 |
| Interest — unaffiliated |
86,277,413 |
| Total investment income |
86,716,757 |
| EXPENSES |
|
| Investment advisory |
9,113,820 |
| Reorganization |
227,929 |
| Accounting services |
168,712 |
| Professional |
99,296 |
| Directors and Officer |
92,715 |
| Transfer agent |
92,197 |
| Registration |
37,709 |
| Printing and postage |
15,561 |
| Custodian |
13,024 |
| Miscellaneous |
89,513 |
| Total expenses excluding interest expense, fees and amortization of offering costs |
9,950,476 |
| Interest expense, fees and amortization of offering costs(a) |
24,435,406 |
| Total expenses |
34,385,882 |
| Less fees waived and/or reimbursed by the Manager |
(16,980 ) |
| Total expenses after fees waived and/or reimbursed |
34,368,902 |
| Net investment income |
52,347,855 |
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
| Net realized loss from: |
|
| Investments — unaffiliated |
(5,857,957 ) |
| Foreign currency transactions |
(2 ) |
| |
(5,857,959 ) |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated |
9,369,591 |
| Net realized and unrealized gain |
3,511,632 |
| NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$55,859,487 |
| (a) Related to TOB Trusts and VRDP Shares. | |
See notes to financial statements.
88
2026 BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets
| |
MUA |
BTT | ||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
| | ||||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
| OPERATIONS |
|
|
|
|
| Net investment income |
$25,641,022 |
$20,821,431 |
$44,767,024 |
$40,402,833 |
| Net realized gain (loss) |
(668,923 ) |
(4,850,960 ) |
1,151,191 |
2,223,380 |
| Net change in unrealized appreciation (depreciation) |
14,122,722 |
(34,335,330 ) |
1,982,455 |
11,823,880 |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
39,094,821 |
(18,364,859 ) |
47,900,670 |
54,450,093 |
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
|
|
|
|
| From net investment income |
(27,947,493 ) |
(19,613,908 ) |
(35,474,521 ) |
(36,332,887 ) |
| Return of capital |
(974,781 ) |
(6,008,533 ) |
— |
— |
| Decrease in net assets resulting from distributions to Common Shareholders |
(28,922,274 ) |
(25,622,441 ) |
(35,474,521 ) |
(36,332,887 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
|
|
| Net proceeds from the issuance of common shares due to reorganization |
134,930,157 |
— |
— |
— |
| Reinvestment of common distributions |
— |
388,589 |
— |
— |
| Redemption of shares resulting from a repurchase offer |
— |
— |
(6,859,931 ) |
(35,713,944 ) |
| Redemption of common shares due to reorganization |
(397 ) |
— |
— |
— |
| Net increase (decrease) in net assets derived from capital share transactions |
134,929,760 |
388,589 |
(6,859,931 ) |
(35,713,944 ) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
| Total increase (decrease) in net assets applicable to Common Shareholders |
145,102,307 |
(43,598,711 ) |
5,566,218 |
(17,596,738 ) |
| Beginning of year |
413,383,884 |
456,982,595 |
1,549,048,320 |
1,566,645,058 |
| End of year |
$558,486,191 |
$413,383,884 |
$1,554,614,538 |
$1,549,048,320 |
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Financial Statements 89
Statements of Changes in Net Assets (continued)
| |
MHD |
MQY | ||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
| | ||||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
| OPERATIONS |
|
|
|
|
| Net investment income |
$69,051,679 |
$28,593,496 |
$64,112,058 |
$38,253,822 |
| Net realized loss |
(5,204,321 ) |
(18,507,944 ) |
(2,732,848 ) |
(22,406,269 ) |
| Net change in unrealized appreciation (depreciation) |
(12,314,213 ) |
(52,185,964 ) |
(4,951,847 ) |
(69,799,833 ) |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
51,533,145 |
(42,100,412 ) |
56,427,363 |
(53,952,280 ) |
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
|
|
|
|
| From net investment income |
(73,690,146 ) |
(25,675,872 ) |
(72,567,620 ) |
(34,416,057 ) |
| Return of capital |
— |
(10,823,259 ) |
(222,139 ) |
(15,580,140 ) |
| Decrease in net assets resulting from distributions to Common Shareholders |
(73,690,146 ) |
(36,499,131 ) |
(72,789,759 ) |
(49,996,197 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
|
|
| Net proceeds from the issuance of common shares due to reorganization |
1,573,880,910 |
— |
986,045,882 |
— |
| Redemption of common shares due to reorganization |
(2,653 ) |
— |
(2,379 ) |
— |
| Net increase in net assets derived from capital share transactions |
1,573,878,257 |
— |
986,043,503 |
— |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
| Total increase (decrease) in net assets applicable to Common Shareholders |
1,551,721,256 |
(78,599,543 ) |
969,681,107 |
(103,948,477 ) |
| Beginning of year |
631,041,955 |
709,641,498 |
844,460,721 |
948,409,198 |
| End of year |
$2,182,763,211 |
$631,041,955 |
$1,814,141,828 |
$844,460,721 |
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
90
2026 BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets (continued)
| |
MYI | |
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
| | ||
| INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
| OPERATIONS |
|
|
| Net investment income |
$52,347,855 |
$33,883,797 |
| Net realized loss |
(5,857,959 ) |
(17,088,032 ) |
| Net change in unrealized appreciation (depreciation) |
9,369,591 |
(56,608,140 ) |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
55,859,487 |
(39,812,375 ) |
| DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
|
|
| From net investment income |
(59,215,087 ) |
(30,405,458 ) |
| Return of capital |
(543,916 ) |
(13,861,731 ) |
| Decrease in net assets resulting from distributions to Common Shareholders |
(59,759,003 ) |
(44,267,189 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
| Net proceeds from the issuance of common shares due to reorganization |
670,412,291 |
— |
| Redemption of common shares due to reorganization |
(1,996 ) |
— |
| Net increase in net assets derived from capital share transactions |
670,410,295 |
— |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
|
|
| Total increase (decrease) in net assets applicable to Common Shareholders |
666,510,779 |
(84,079,564 ) |
| Beginning of year |
748,014,557 |
832,094,121 |
| End of year |
$1,414,525,336 |
$748,014,557 |
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Financial Statements 91
Statements of Cash Flows Year Ended July 31, 2026
| |
MUA |
BTT |
MHD |
MQY |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
|
|
| Net increase in net assets resulting from operations |
$39,094,821 |
$47,900,670 |
$51,533,145 |
$56,427,363 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
|
|
|
| Proceeds from sales of long-term investments and principal paydowns/payups |
124,237,703 |
540,569,133 |
374,081,052 |
389,838,278 |
| Purchases of long-term investments |
(118,273,448 ) |
(573,806,539 ) |
(406,687,062 ) |
(437,576,335 ) |
| Net proceeds from sales (purchases) of short-term securities |
(3,215,604 ) |
16,069,124 |
(28,409,315 ) |
(7,050,337 ) |
| Amortization of premium and accretion of discount on investments and other fees |
(4,102,776 ) |
13,190,970 |
(2,453,934 ) |
(6,118,011 ) |
| Net realized (gain) loss on investments |
668,923 |
(1,151,191 ) |
5,204,321 |
2,732,848 |
| Net unrealized (appreciation) depreciation on investments |
(14,122,722 ) |
(1,982,455 ) |
12,314,213 |
4,951,847 |
| (Increase) Decrease in Assets |
|
|
|
|
| Receivables |
|
|
|
|
| Dividends — affiliated |
7,148 |
8,317 |
(8,488 ) |
13,265 |
| Interest — unaffiliated |
(928,946 ) |
(1,033,198 ) |
(5,608,301 ) |
(3,430,993 ) |
| Prepaid expenses |
295,995 |
779,271 |
2,313 |
(380,692 ) |
| Deferred offering costs. |
— |
— |
— |
(7,469 ) |
| Increase (Decrease) in Liabilities |
|
|
|
|
| Payables |
|
|
|
|
| Accounting services fees |
(26,168 ) |
(40,741 ) |
(103,186 ) |
(130,704 ) |
| Custodian fees |
(2,691 ) |
(4,087 ) |
(12,200 ) |
(8,619 ) |
| Interest expense and fees |
22,452 |
58,099 |
3,928,297 |
2,397,237 |
| Investment advisory fees |
29,428 |
7,492 |
(343,030 ) |
268,739 |
| Directors’ and Officer’s fees |
530 |
(338 ) |
47,839 |
22,391 |
| Other accrued expenses |
51,422 |
(3,884 ) |
(22,257 ) |
257,456 |
| Professional fees |
7,974 |
21,873 |
43,030 |
30,270 |
| Reorganization costs |
(301,538 ) |
— |
(783,978 ) |
(584,980 ) |
| Transfer agent fees |
(29,718 ) |
(15,570 ) |
(83,734 ) |
(64,284 ) |
| Net cash provided by operating activities |
23,412,785 |
40,566,946 |
2,638,725 |
1,587,270 |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
|
|
|
| Cash dividends paid to Common Shareholders |
(26,922,974 ) |
(32,719,904 ) |
(70,762,289 ) |
(68,921,971 ) |
| Repayments of TOB Trust Certificates |
(800,766 ) |
— |
(35,539,053 ) |
(20,771,400 ) |
| Net payments on Common Shares redeemed |
— |
(7,291,430 ) |
— |
— |
| Proceeds from TOB Trust Certificates |
— |
— |
55,590,473 |
57,001,965 |
| Increase in bank overdraft |
109,711 |
— |
32,773 |
18,587 |
| Amortization of deferred offering costs |
5,470 |
(555,612 ) |
— |
97,739 |
| Net cash used for financing activities |
(27,608,559 ) |
(40,566,946 ) |
(50,678,096 ) |
(32,575,080 ) |
| CASH |
|
|
|
|
| Net decrease in restricted and unrestricted cash |
(4,195,774 ) |
— |
(48,039,371 ) |
(30,987,810 ) |
| Restricted and unrestricted cash at beginning of year |
4,195,774 |
— |
48,039,371 |
30,987,810 |
| Restricted and unrestricted cash at end of year |
$— |
$— |
$— |
$— |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
| Cash paid during the year for interest expense |
$6,152,680 |
$22,804,022 |
$28,606,458 |
$22,934,455 |
| Fair value of investments acquired through reorganization |
212,114,221 |
— |
2,642,891,849 |
1,647,695,043 |
| Net proceeds from the issuance of common shares due to reorganization |
134,930,157 |
— |
1,573,880,910 |
986,045,882 |
| Net proceeds from the issuance of preferred shares due to reorganization |
76,000,000 |
— |
503,799,998 |
397,800,000 |
See notes to financial statements.
92
2026 BlackRock Annual Report to Shareholders
Statements of Cash Flows (continued) Year Ended July 31, 2026
| |
MYI |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
| Net increase in net assets resulting from operations |
$55,859,487 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
| Proceeds from sales of long-term investments and principal paydowns/payups |
394,200,932 |
| Purchases of long-term investments |
(365,384,412 ) |
| Net purchases of short-term securities |
(42,108,967 ) |
| Amortization of premium and accretion of discount on investments and other fees |
(3,903,394 ) |
| Net realized loss on investments |
5,857,957 |
| Net unrealized (appreciation) depreciation on investments |
(9,369,591 ) |
| (Increase) Decrease in Assets |
|
| Receivables |
|
| Dividends — affiliated |
(18,953 ) |
| Interest — unaffiliated |
(520,689 ) |
| Prepaid expenses |
(23,720 ) |
| Increase (Decrease) in Liabilities |
|
| Payables |
|
| Accounting services fees |
(76,084 ) |
| Custodian fees |
(6,132 ) |
| Interest expense and fees |
1,437,438 |
| Investment advisory fees |
152,735 |
| Directors’ and Officer’s fees |
(14,793 ) |
| Other accrued expenses |
(15,918 ) |
| Professional fees |
22,774 |
| Reorganization costs |
(406,404 ) |
| Transfer agent fees |
(42,838 ) |
| Net cash provided by operating activities |
35,639,428 |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
| Cash dividends paid to Common Shareholders |
(56,342,750 ) |
| Repayments of TOB Trust Certificates |
(63,194,730 ) |
| Proceeds from TOB Trust Certificates |
51,497,505 |
| Increase in bank overdraft |
23,131 |
| Amortization of deferred offering costs |
29,462 |
| Net cash used for financing activities |
(67,987,382 ) |
| CASH |
|
| Net decrease in restricted and unrestricted cash |
(32,347,954 ) |
| Restricted and unrestricted cash at beginning of year |
32,347,954 |
| Restricted and unrestricted cash at end of year |
$— |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
| Cash paid during the year for interest expense |
$22,968,506 |
| Fair value of investments acquired through reorganization |
1,111,418,985 |
| Net proceeds from the issuance of common shares due to reorganization |
670,412,291 |
| Net proceeds from the issuance of preferred shares due to reorganization |
231,300,000 |
See notes to financial statements.
Financial Statements 93
Financial Highlights (For a share outstanding throughout each period)
| |
MUA | |||||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
| | ||||||
| Net asset value, beginning of period |
$10.74 |
$11.89 |
$11.28 |
$12.53 |
$12.42 |
$14.77 |
| Net investment income(a) |
0.59 |
0.54 |
0.50 |
0.50 |
0.15 |
0.57 |
| Net realized and unrealized gain (loss) |
0.43 |
(1.02 ) |
0.72 |
(1.04 ) |
0.10 |
(2.20 ) |
| Net increase (decrease) from investment operations |
1.02 |
(0.48 ) |
1.22 |
(0.54 ) |
0.25 |
(1.63 ) |
| Distributions to Common Shareholders(b) |
|
|
|
|
|
|
| From net investment income |
(0.64 ) |
(0.51 ) |
(0.53 ) |
(0.50 ) |
(0.14 ) |
(0.58 ) |
| From net realized gain |
— |
— |
— |
(0.18 ) |
— |
(0.14 ) |
| Return of capital |
(0.03 ) |
(0.16 ) |
(0.08 ) |
(0.03 ) |
— |
— |
| Total distributions to Common Shareholders |
(0.67 ) |
(0.67 ) |
(0.61 ) |
(0.71 ) |
(0.14 ) |
(0.72 ) |
| Net asset value, end of period |
$11.09 |
$10.74 |
$11.89 |
$11.28 |
$12.53 |
$12.42 |
| Market price, end of period |
$10.10 |
$10.36 |
$11.52 |
$10.24 |
$12.55 |
$11.90 |
| Total Return Applicable to Common Shareholders(c) |
|
|
|
|
|
|
| Based on net asset value |
9.83 % |
(4.09 )% |
11.58 % |
(3.85 )% |
2.00 %(d) |
(11.63 )% |
| Based on market price |
3.70 % |
(4.52 )% |
19.09 % |
(12.86 )% |
6.63 %(d) |
(18.05 )% |
| Ratios to Average Net Assets Applicable to Common Shareholders(e) |
|
|
|
|
|
|
| Total expenses |
2.59 %(f) |
2.69 %(g) |
2.77 % |
2.58 % |
1.67 %(h)(i) |
0.98 % |
| Total expenses after fees waived and/or reimbursed |
2.59 %(f) |
2.59 %(g) |
2.74 % |
2.57 % |
1.67 %(h)(i) |
0.98 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense, reorganization cost and/or portfolio investment fees(j)(k) |
1.24 % |
1.23 % |
0.97 % |
0.89 % |
0.88 %(h)(i) |
0.77 % |
| Net investment income to Common Shareholders |
5.24 % |
4.70 % |
4.41 % |
4.33 % |
4.75 %(i) |
3.90 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of period (000) |
$558,486 |
$413,384 |
$456,983 |
$436,199 |
$481,717 |
$475,526 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$251,000 |
$175,000 |
$175,000 |
$175,000 |
$175,000 |
$175,000 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$302,539 |
$313,578 (l) |
$354,586 (l) |
$334,645 |
$321,536 |
$371,729 (m) |
| TOB Trust Certificates, end of period (000) |
$24,742 |
$18,552 |
$4,500 |
$10,897 |
$42,444 |
$41,712 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(n) |
$33,715 |
$32,712 |
$141,427 |
$57,083 |
$16,471 |
N/A |
| Portfolio turnover rate |
17 % |
33 % |
18 % |
21 % |
5 % |
24 % |
| (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) |
Includes non-recurring expenses of reorganization costs, offering costs and portfolio investment fees. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.51% and 2.51%, respectively. |
| (g) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.55% and 2.45%, respectively. |
| (h) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.69%, 1.69% and 0.90%, respectively. |
| (i) |
Annualized. |
| (j) |
Interest expense and fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (k) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: |
94
2026 BlackRock Annual Report to Shareholders
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
| | ||||||
| Expense ratios |
0.89 % |
0.90 % |
0.86 % |
0.88 % |
0.88 % |
0.77 % |
| (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 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. |
| (n) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including 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.
Financial Highlights 95
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
BTT | ||||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
| | |||||
| Net asset value, beginning of year |
$24.23 |
$23.88 |
$23.55 |
$24.27 |
$27.32 |
| Net investment income(a) |
0.70 |
0.62 |
0.55 |
0.60 |
0.93 |
| Net realized and unrealized gain (loss) |
0.06 |
0.29 |
0.36 |
(0.62 ) |
(3.23 ) |
| Net increase (decrease) from investment operations |
0.76 |
0.91 |
0.91 |
(0.02 ) |
(2.30 ) |
| Distributions to Common Shareholders from net investment income(b) |
(0.56 ) |
(0.56 ) |
(0.58 ) |
(0.70 ) |
(0.75 ) |
| Net asset value, end of year |
$24.43 |
$24.23 |
$23.88 |
$23.55 |
$24.27 |
| Market price, end of year |
$22.40 |
$22.16 |
$21.12 |
$21.00 |
$23.65 |
| Total Return Applicable to Common Shareholders(c) |
|
|
|
|
|
| Based on net asset value |
3.32 % |
4.13 % |
4.27 % |
0.29 % |
(8.41 )% |
| Based on market price |
3.58 % |
7.68 % |
3.42 % |
(8.22 )% |
(7.17 )% |
| Ratios to Average Net Assets Applicable to Common Shareholders(d) |
|
|
|
|
|
| Total expenses |
2.47 % |
2.69 % |
2.97 % |
2.52 % |
1.17 % |
| Total expenses after fees waived and/or reimbursed |
2.47 % |
2.69 % |
2.96 % |
2.52 % |
1.17 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and amortization of offering costs(e) |
1.05 % |
1.04 % |
0.65 % |
0.64 % |
0.65 % |
| Net investment income to Common Shareholders |
2.85 % |
2.58 % |
2.33 % |
2.54 % |
3.64 % |
| Supplemental Data |
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of year (000) |
$1,554,615 |
$1,549,048 |
$1,566,645 |
$1,660,240 |
$1,711,088 |
| RVMTP Shares outstanding at $5,000,000 liquidation value, end of year (000) |
$— |
$— |
$— |
$750,000 |
$750,000 |
| Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of year |
$— |
$— |
$— |
$15,128,727 (f) |
$13,753,263 (f) |
| VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$750,000 |
$750,000 |
$750,000 |
$— |
$— |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |
$286,535 (g) |
$285,868 (g) |
$291,155 (g) |
$— |
$— |
| TOB Trust Certificates, end of year (000) |
$83,415 |
$83,415 |
$69,570 |
$69,570 |
$227,400 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of year(h) |
$28,621 |
$28,561 |
$34,297 |
$35,641 |
$11,822 |
| Portfolio turnover rate |
24 % |
22 % |
10 % |
13 % |
17 % |
| (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) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (e) |
Interest expense and 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. |
| (f) |
Calculated by subtracting the Trust’s total liabilities (not including RVMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the RVMTP Shares, and by multiplying the results by 5,000,000. |
| (g) |
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. |
| (h) |
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.
96
2026 BlackRock Annual Report to Shareholders
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
MHD | |||||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
| | ||||||
| Net asset value, beginning of period |
$12.10 |
$13.61 |
$13.62 |
$14.35 |
$14.27 |
$17.30 |
| Net investment income(a) |
0.63 |
0.55 |
0.48 |
0.48 |
0.16 |
0.72 |
| Net realized and unrealized gain (loss) |
0.47 |
(1.36 ) |
0.07 |
(0.69 ) |
0.10 |
(3.02 ) |
| Net increase (decrease) from investment operations |
1.10 |
(0.81 ) |
0.55 |
(0.21 ) |
0.26 |
(2.30 ) |
| Distributions to Common Shareholders(b) |
|
|
|
|
|
|
| From net investment income |
(0.71 ) |
(0.49 ) |
(0.53 ) |
(0.50 ) |
(0.18 ) |
(0.73 ) |
| From net realized gain |
— |
— |
— |
— |
— |
(0.00 )(c) |
| Return of capital |
— |
(0.21 ) |
(0.03 ) |
(0.02 ) |
— |
— |
| Total distributions to Common Shareholders |
(0.71 ) |
(0.70 ) |
(0.56 ) |
(0.52 ) |
(0.18 ) |
(0.73 ) |
| Net asset value, end of period |
$12.49 |
$12.10 |
$13.61 |
$13.62 |
$14.35 |
$14.27 |
| Market price, end of period |
$11.47 |
$11.12 |
$12.04 |
$11.84 |
$13.32 |
$12.87 |
| Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
| Based on net asset value |
9.71 % |
(5.72 )% |
4.86 %(e) |
(0.82 )% |
1.93 %(f) |
(13.64 )% |
| Based on market price |
9.63 % |
(2.05 )% |
6.71 % |
(7.12 )% |
4.91 %(f) |
(17.48 )% |
| Ratios to Average Net Assets Applicable to Common Shareholders(g) |
|
|
|
|
|
|
| Total expenses |
3.31 % |
3.16 %(h) |
3.14 % |
3.25 % |
2.19 %(i) |
1.52 % |
| Total expenses after fees waived and/or reimbursed |
3.30 % |
3.08 %(h) |
3.07 % |
3.24 % |
2.18 %(i) |
1.50 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs and/or reorganization costs(j) |
0.97 % |
0.86 % |
0.81 % |
0.94 % |
0.96 %(i) |
0.93 % |
| Net investment income to Common Shareholders |
4.93 % |
4.19 % |
3.62 % |
3.55 % |
4.44 %(i) |
4.30 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of period (000) |
$2,182,763 |
$631,042 |
$709,641 |
$719,018 |
$765,773 |
$761,147 |
| VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$717,800 |
$214,000 |
$214,000 |
$347,800 |
$347,800 |
$347,800 |
| Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$239,012 (k) |
$244,649 (k) |
$324,228 (k) |
$291,952 (k) |
$249,559 (k) |
$318,846 (l) |
| TOB Trust Certificates, end of period (000) |
$852,393 |
$222,259 |
$102,482 |
$26,783 |
$164,222 |
$176,042 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$4,403 |
$4,802 |
$10,013 |
$40,832 |
$7,781 |
N/A |
| Portfolio turnover rate |
16 % |
45 % |
54 % |
38 % |
4 % |
15 % |
| (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) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.12% and 3.04%, respectively. |
| (i) |
Annualized. |
| (j) |
Interest expense and fees, amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
| (k) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
| (l) |
Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. |
| (m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. |
See notes to financial statements.
Financial Highlights 97
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
MQY | |||||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
| | ||||||
| Net asset value, beginning of period |
$11.76 |
$13.20 |
$13.22 |
$13.89 |
$13.74 |
$16.57 |
| Net investment income(a) |
0.60 |
0.53 |
0.50 |
0.54 |
0.16 |
0.72 |
| Net realized and unrealized gain (loss) |
0.40 |
(1.27 ) |
0.12 |
(0.64 ) |
0.17 |
(2.79 ) |
| Net increase (decrease) from investment operations |
1.00 |
(0.74 ) |
0.62 |
(0.10 ) |
0.33 |
(2.07 ) |
| Distributions to Common Shareholders(b) |
|
|
|
|
|
|
| From net investment income |
(0.70 ) |
(0.48 ) |
(0.56 ) |
(0.51 ) |
(0.18 ) |
(0.76 ) |
| Return of capital |
(0.00 )(c) |
(0.22 ) |
(0.08 ) |
(0.06 ) |
— |
— |
| Total distributions to Common Shareholders |
(0.70 ) |
(0.70 ) |
(0.64 ) |
(0.57 ) |
(0.18 ) |
(0.76 ) |
| Net asset value, end of period |
$12.06 |
$11.76 |
$13.20 |
$13.22 |
$13.89 |
$13.74 |
| Market price, end of period |
$11.20 |
$10.96 |
$12.39 |
$11.86 |
$13.12 |
$12.80 |
| Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
| Based on net asset value |
8.97 % |
(5.56 )% |
5.38 %(e) |
(0.11 )% |
2.44 %(f) |
(12.93 )% |
| Based on market price |
8.58 % |
(6.23 )% |
10.25 % |
(5.12 )% |
3.86 %(f) |
(15.58 )% |
| Ratios to Average Net Assets Applicable to Common Shareholders(g) |
|
|
|
|
|
|
| Total expenses |
3.28 %(h) |
3.23 %(i) |
3.20 % |
2.85 % |
1.90 %(j)(k) |
1.33 % |
| Total expenses after fees waived and/or reimbursed |
3.27 %(h) |
3.20 %(i) |
3.17 % |
2.85 % |
1.90 %(j)(k) |
1.33 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs and/or reorganization costs(l)(m) |
1.32 % |
1.27 % |
0.88 % |
0.86 % |
0.89 %(j)(k) |
0.85 % |
| Net investment income to Common Shareholders |
4.91 % |
4.20 % |
3.90 % |
4.11 % |
4.84 %(k) |
4.45 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of period (000) |
$1,814,142 |
$844,461 |
$948,409 |
$960,317 |
$1,017,461 |
$1,006,613 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$848,100 |
$450,300 |
$450,300 |
$450,300 |
$450,300 |
$450,300 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$236,918 (n) |
$243,980 (n) |
$284,531 (n) |
$289,952 (n) |
$253,932 (n) |
$323,543 (o) |
| TOB Trust Certificates, end of period (000) |
$476,886 |
$136,212 |
$63,655 |
$55,257 |
$210,679 |
$230,928 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period(p) |
$6,581 |
$10,499 |
$22,959 |
$26,527 |
$7,966 |
N/A |
| Portfolio turnover rate |
18 % |
49 % |
39 % |
37 % |
8 % |
17 % |
| (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 less 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) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.27% and 3.26%, respectively. |
| (i) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.17% and 3.15%, respectively. |
| (j) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.92%, 1.92% and 0.92%, respectively. |
| (k) |
Annualized. |
| (l) |
Interest expense and 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. |
| (m) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: |
98
2026 BlackRock Annual Report to Shareholders
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Period from 05/01/22 to 07/31/22 |
Year Ended 04/30/22 |
| | ||||||
| Expense ratios |
0.91 % |
0.84 % |
0.82 % |
0.86 % |
0.89 % |
0.85 % |
| (n) |
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. |
| (o) |
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. |
| (p) |
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.
Financial Highlights 99
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
MYI | ||||
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
| | |||||
| Net asset value, beginning of year |
$11.25 |
$12.52 |
$12.51 |
$13.04 |
$15.64 |
| Net investment income(a) |
0.58 |
0.51 |
0.46 |
0.47 |
0.60 |
| Net realized and unrealized gain (loss) |
0.41 |
(1.11 ) |
0.16 |
(0.49 ) |
(2.58 ) |
| Net increase (decrease) from investment operations |
0.99 |
(0.60 ) |
0.62 |
(0.02 ) |
(1.98 ) |
| Distributions to Common Shareholders(b) |
|
|
|
|
|
| From net investment income |
(0.66 ) |
(0.46 ) |
(0.52 ) |
(0.51 ) |
(0.62 ) |
| Return of capital |
(0.01 ) |
(0.21 ) |
(0.09 ) |
(0.00 )(c) |
— |
| Total distributions to Common Shareholders |
(0.67 ) |
(0.67 ) |
(0.61 ) |
(0.51 ) |
(0.62 ) |
| Net asset value, end of year |
$11.57 |
$11.25 |
$12.52 |
$12.51 |
$13.04 |
| Market price, end of year |
$10.66 |
$10.38 |
$11.37 |
$11.13 |
$12.24 |
| Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
| Based on net asset value |
9.28 % |
(4.60 )% |
5.73 % |
0.48 % |
(12.66 )% |
| Based on market price |
9.12 % |
(3.07 )% |
7.92 % |
(4.76 )% |
(15.20 )% |
| Ratios to Average Net Assets Applicable to Common Shareholders(e) |
|
|
|
|
|
| Total expenses |
3.21 %(f) |
3.28 %(g) |
3.48 % |
3.15 % |
1.55 % |
| Total expenses after fees waived and/or reimbursed |
3.21 %(f) |
3.23 %(g) |
3.43 % |
3.15 % |
1.55 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs and/or reorganization costs(h)(i) |
0.91 % |
0.84 % |
0.83 % |
0.89 % |
1.14 % |
| Net investment income to Common Shareholders |
4.89 % |
4.23 % |
3.75 % |
3.80 % |
4.18 % |
| Supplemental Data |
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of year (000) |
$1,414,525 |
$748,015 |
$832,094 |
$844,604 |
$888,808 |
| VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |
$587,700 |
$356,400 |
$356,400 |
$356,400 |
$356,400 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of year(j) |
$242,657 |
$243,115 |
$269,274 |
$260,885 |
$248,593 |
| TOB Trust Certificates, end of year (000) |
$403,859 |
$166,265 |
$135,165 |
$168,574 |
$241,747 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of year(k) |
$5,957 |
$7,641 |
$9,791 |
$8,123 |
$6,150 |
| Portfolio turnover rate |
19 % |
46 % |
24 % |
49 % |
15 % |
| (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 less 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) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (f) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.19% and 3.19%, respectively. |
| (g) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.25% and 3.20%, respectively. |
| (h) |
Interest expense and 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 and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: |
| |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
Year Ended 07/31/24 |
Year Ended 07/31/23 |
Year Ended 07/31/22 |
| | |||||
| Expense ratios |
0.91 % |
0.84 % |
0.83 % |
0.89 % |
0.86 % |
| (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) |
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.
100
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements
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 MuniAssets Fund, Inc. |
MUA |
Maryland |
Diversified |
| BlackRock Municipal 2030 Target Term Trust |
BTT |
Delaware |
Diversified |
| BlackRock MuniHoldings Fund, Inc. |
MHD |
Maryland |
Diversified |
| BlackRock MuniYield Quality Fund, Inc. |
MQY |
Maryland |
Diversified |
| BlackRock MuniYield Quality Fund III, Inc. |
MYI |
Maryland |
Diversified |
The Boards of Directors and Boards 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.
Reorganizations: The Board and shareholders of each Acquiring Fund and each Target Fund approved the respective reorganizations of the Target Funds into the Acquiring Funds. As a result, each Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the respective Target Funds in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of the Acquiring Fund. The reorganizations were as follows:
| Acquiring Funds |
Target Funds |
Herein Referred To As |
| MUA(a) |
BlackRock Long-Term Municipal Advantage Trust |
BTA |
| MHD(b) |
BlackRock Municipal Income Trust |
BFK |
| |
BlackRock Municipal Income Quality Trust |
BYM |
| |
BlackRock Municipal Income Trust II |
BLE |
| |
BlackRock MuniHoldings Quality Fund II, Inc. |
MUE |
| MQY(a) |
BlackRock Investment Quality Municipal Trust, Inc. |
BKN |
| |
BlackRock MuniYield Quality Fund II, Inc. |
MQT |
| |
BlackRock MuniYield Fund, Inc. |
MYD |
| MYI(a) |
BlackRock MuniVest Fund, Inc. |
MVF |
| |
BlackRock MuniVest Fund II, Inc. |
MVT |
| (a) |
The reorganizations were effective after the close of business on February 20, 2026. |
| (b) |
The reorganizations were effective after the close of business on February 6, 2026. |
Each Common Shareholder of each Target Fund received Common Shares of the respective 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 the effective date of the reorganization, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
Each Preferred Shareholder of each Target Fund received Preferred Shares of the Acquiring Fund in an amount equal to the aggregate liquidation preference of the Target Fund Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.
Each 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 |
MUA’s Share Class |
Shares of MUA |
| BTA |
Common |
13,439,892 |
0.88368101 |
Common |
11,876,542 (a) |
| BTA |
VRDP |
760 |
1 |
VRDP |
760 |
| Target Funds |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MHD’s Share Class |
Shares of MHD |
| BFK |
Common |
43,854,836 |
0.84835577 |
Common |
37,204,440 (a) |
| BYM |
Common |
25,903,340 |
0.93562479 |
Common |
24,235,766 (a) |
| BLE |
Common |
47,727,056 |
0.88854453 |
Common |
42,407,542 (a) |
| MUE |
Common |
21,918,068 |
0.85365094 |
Common |
18,710,347 (a) |
| BFK |
VMTP |
1,541 |
1 |
VMTP |
1,541 |
| BYM |
VMTP |
976 |
1 |
VMTP |
976 |
| BLE |
VMTP |
1,741 |
1 |
VMTP |
1,741 |
Notes to Financial Statements 101
Notes to Financial Statements (continued)
| Target Funds |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MHD’s Share Class |
Shares of MHD |
| MUE |
VMTP |
780 |
1 |
VMTP |
780 |
| Target Funds |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MQY’s Share Class |
Shares of MQY |
| BKN |
Common |
17,205,846 |
0.98736579 |
Common |
16,988,422 (a) |
| MQT |
Common |
22,154,712 |
0.88115868 |
Common |
19,521,769 (a) |
| MYD |
Common |
45,733,511 |
0.92029684 |
Common |
42,088,303 (a) |
| BKN |
VMTP |
678 |
1 |
VRDP |
678 |
| MQT |
VMTP |
786 |
1 |
VRDP |
786 |
| MYD |
VRDP |
2,514 |
1 |
VRDP |
2,514 |
| Target Funds |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
MYI’s Share Class |
Shares of MYI |
| MVF |
Common |
55,902,307 |
0.63218946 |
Common |
35,340,743 (a) |
| MVT |
Common |
20,861,423 |
0.98198836 |
Common |
20,485,613 (a) |
| MVF |
VMTP |
1,536 |
1 |
VRDP |
1,536 |
| MVT |
VMTP |
777 |
1 |
VRDP |
777 |
| (a) |
Net of fractional shares redeemed. |
Each Target Fund’s net assets and composition of net assets on the effective date of the reorganizations were as follows:
| Target Funds |
Net assets applicable to Common Shareholders |
Paid-in-capital |
Accumulated gain (loss) |
| BTA |
$ 134,930,157 |
$ 151,924,069 |
$ (16,993,912 ) |
| BFK |
477,777,047 |
564,525,641 |
(86,748,594 ) |
| BYM |
311,233,734 |
346,889,431 |
(35,655,697 ) |
| BLE |
544,593,969 |
635,404,916 |
(90,810,947 ) |
| MUE |
240,276,160 |
276,484,749 |
(36,208,589 ) |
| BKN |
213,125,137 |
232,434,195 |
(19,309,058 ) |
| MQT |
244,908,022 |
268,116,564 |
(23,208,542 ) |
| MYD |
528,012,723 |
595,602,549 |
(67,589,826 ) |
| MVF |
424,402,547 |
497,401,354 |
(72,998,807 ) |
| MVT |
246,009,744 |
277,118,363 |
(31,108,619 ) |
For financial reporting purposes, assets received and shares issued by each of the Acquiring Funds were recorded at fair value. However, the cost basis of the investments received from each of the Target Funds was carried forward to align ongoing reporting of the respective 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 Funds before the reorganizations and the aggregate net assets applicable to Common Shareholders immediately after the reorganizations were as follows:
| |
Net assets applicable to Common Shareholders | |
| Acquiring Funds |
Prior to the Reorganization |
After the Reorganization |
| MUA |
$ 437,152,125 |
$ 572,082,282 |
| MHD |
669,596,033 |
2,243,476,943 |
| MQY |
901,175,515 |
1,887,221,397 |
| MYI |
798,195,617 |
1,468,607,908 |
Each Target Fund’s fair value and cost of financial instruments prior to the reorganizations were as follows:
| Target Funds |
Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value |
| BTA |
$ 212,114,221 |
$ 215,105,906 |
$ 6,990,013 |
$ 76,000,000 |
| BFK |
804,687,550 |
783,337,883 |
183,974,987 |
154,100,000 |
| BYM |
520,345,739 |
504,290,128 |
121,843,531 |
97,600,000 |
102
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
| Target Funds |
Fair Value of Investments |
Cost of Investments |
TOB Trust Certificates |
Preferred Shares Value |
| BLE |
$ 910,852,865 |
$ 895,956,625 |
$ 210,086,628 |
$ 174,100,000 |
| MUE |
407,005,695 |
401,204,013 |
94,176,616 |
77,999,998 |
| BKN |
356,624,948 |
339,944,033 |
82,216,133 |
67,800,000 |
| MQT |
410,015,505 |
394,125,366 |
96,832,301 |
78,600,000 |
| MYD |
881,054,590 |
852,479,960 |
125,395,033 |
251,400,000 |
| MVF |
710,493,046 |
697,545,614 |
151,126,558 |
153,600,000 |
| MVT |
400,925,939 |
389,622,297 |
94,466,927 |
77,700,000 |
The purpose of these transactions was to combine multiple funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event.
Assuming the reorganizations had been completed on August 1, 2025, the beginning of the fiscal reporting period of each Acquiring Fund, the pro forma results of operations for the year ended July 31, 2026, are as follows:
| Acquiring Funds |
Net investment income (loss) |
Net realized and change in unrealized gain/loss on investments |
Net increase in net assets resulting from operations |
| MUA |
$ 29,104,265 |
$ 21,831,977 |
$ 50,936,242 |
| MHD |
107,297,456 |
78,963,871 |
186,261,327 |
| MQY |
90,297,346 |
61,016,896 |
151,314,242 |
| MYI |
69,870,255 |
51,830,010 |
121,700,265 |
Because the combined investment portfolios of each Acquiring Fund have been managed as a single integrated portfolio since the reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that have been included in the respective Acquiring Fund’s Statements of Operations since the reorganization date.
Reorganization costs incurred by each Acquiring Fund in connection with the reorganizations were expensed by such Fund.
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 date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. The Funds capitalize certain transaction costs directly associated with the acquisition or transfer of an investment. The Funds expense any portfolio investment fees associated with unconsummated transactions. Portfolio investment fees that are paid outside of a private investment’s commitment, if any, are typically treated as a Fund expense.
Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
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 quarterly and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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 9.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s 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.
Notes to Financial Statements 103
Notes to Financial Statements (continued)
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.
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.
Recent Accounting Standard: The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds’ adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund’s financial position or results of operations.
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.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.
•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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 NAV.
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 as of the measurement date.
104
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
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:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine 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 involves 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available 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 at the measurement date. 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 that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
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.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
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
Notes to Financial Statements 105
Notes to Financial Statements (continued)
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. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
Municipal Bonds Transferred to TOB Trusts: The 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, MQY and MYI 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 |
| MUA |
$ 544,183 |
$ 80,879 |
$ 26,738 |
$ 651,800 |
| BTT |
2,093,707 |
331,017 |
147,724 |
2,572,448 |
| MHD |
13,504,885 |
1,927,283 |
777,746 |
16,209,914 |
| MQY |
7,571,421 |
1,122,621 |
411,148 |
9,105,190 |
| MYI |
7,378,988 |
1,086,779 |
382,745 |
8,848,512 |
For the year ended July 31, 2026, 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 |
| MUA |
$ 38,538,995 |
$ 24,741,684 |
2.19% — 2.41% |
$ 21,481,825 |
3.03 % |
| BTT |
123,774,347 |
83,414,981 |
2.20 — 2.26 |
83,414,981 |
3.08 |
| MHD |
1,328,174,745 |
852,392,605 |
2.16 — 3.00 |
546,649,726 |
2.96 |
| MQY |
730,549,709 |
476,885,780 |
2.16 — 2.41 |
306,536,056 |
2.97 |
106
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
| 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 |
| MYI |
$ 643,438,605 |
$ 403,859,326 |
2.16% — 3.00% |
$ 297,869,891 |
2.97 % |
| (a) |
The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
| (b) |
TOB Trusts may be structured on a non-recourse or recourse basis. When a fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at July 31, 2026, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at July 31, 2026. |
5.
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, majority-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.
For such services, each Fund, except BTT, 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 |
MHD |
MQY |
MYI |
| Investment advisory fees |
0.55 % |
0.55 % |
0.50 % |
0.50 % |
For purposes of calculating these fees, “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 such services, BTT pays the Manager a monthly fee at an annual rate equal to 0.40% of the average daily value of the Fund’s managed assets. For purposes of calculating these fees, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
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, 2028. 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 year ended July 31, 2026, the amounts waived were as follows:
| Fund Name |
Fees Waived and/or Reimbursed by the Manager |
| MUA |
$ 6,181 |
| BTT |
31,516 |
| MHD |
28,837 |
| MQY |
34,042 |
| MYI |
16,980 |
The Manager 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, 2028. 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 year ended July 31, 2026, there were no fees waived by the Manager pursuant to this arrangement.
With respect to each Fund, except BTT, the Manager voluntarily agreed to waive a portion of its investment advisory fee attributable to each Fund’s outstanding preferred shares for each month in which the monthly dividend on the Fund’s preferred shares exceeds the calculated value of the Fund’s gross monthly income attributable to investments from the proceeds of the preferred shares (determined by multiplying the Fund’s gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares to (ii) 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). This voluntary waiver may be reduced or discontinued at any time without notice. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2026, the amount waived was $170,359 for MHD.
Notes to Financial Statements 107
Notes to Financial Statements (continued)
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.
6.
PURCHASES AND SALES
For the year ended July 31, 2026, purchases and sales of investments, excluding short-term securities, were as follows:
| Fund Name |
Purchases |
Sales |
| MUA |
$ 119,118,495 |
$ 125,012,893 |
| BTT |
576,980,518 |
558,451,436 |
| MHD |
378,338,805 |
378,774,842 |
| MQY |
431,577,990 |
390,482,961 |
| MYI |
337,761,548 |
393,534,841 |
7.
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.
Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2026, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses, retained income and amortization methods for premiums on fixed income securities were reclassified to the following accounts:
| Fund Name |
Paid-in Capital |
Accumulated Earnings (Loss) |
| MUA |
$ (123,685 ) |
$ 123,685 |
| BTT |
4,662,108 |
(4,662,108 ) |
| MHD |
(1,294,352 ) |
1,294,352 |
| MQY |
(1,604,046 ) |
1,604,046 |
| MYI |
(254,828 ) |
254,828 |
The tax character of distributions paid was as follows:
| Fund Name |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
| MUA |
|
|
| Tax-exempt income |
$ 33,218,342 |
$ 23,858,081 |
| Ordinary income |
252,483 |
1,152,877 |
| Return of capital |
974,781 |
6,008,533 |
| |
$ 34,445,606 |
$ 31,019,491 |
| BTT |
|
|
| Tax-exempt income |
$ 54,969,869 |
$ 59,342,370 |
| Ordinary income |
71,844 |
35,160 |
| |
$ 55,041,713 |
$ 59,377,530 |
| MHD |
|
|
| Tax-exempt income |
$ 89,915,675 |
$ 34,508,923 |
| Ordinary income |
99,312 |
21,617 |
| Return of capital |
— |
10,823,259 |
| |
$ 90,014,987 |
$ 45,353,799 |
| MQY |
|
|
| Tax-exempt income |
$ 88,664,430 |
$ 48,097,410 |
| Ordinary income |
129,692 |
94,736 |
| Return of capital |
222,139 |
15,580,140 |
| |
$ 89,016,261 |
$ 63,772,286 |
108
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
| Fund Name |
Year Ended 07/31/26 |
Year Ended 07/31/25 |
| MYI |
|
|
| Tax-exempt income |
$ 74,333,462 |
$ 43,973,992 |
| Ordinary income |
439,057 |
66,042 |
| Return of capital |
543,916 |
13,861,731 |
| |
$ 75,316,435 |
$ 57,901,765 |
As of July 31, 2026, the tax components of accumulated earnings (loss) were as follows:
| Fund Name |
Undistributed Tax-Exempt Income |
Undistributed Ordinary Income |
Non-Expiring Capital Loss Carryforwards(a) |
Net Unrealized Gains (Losses)(b) |
Total |
| MUA |
$ — |
$ — |
$ (63,980,679 ) |
$ (33,603,811 ) |
$ (97,584,490 ) |
| BTT |
17,837,368 |
275,309 |
(5,241,472 ) |
(12,601,841 ) |
269,364 |
| MHD |
— |
— |
(442,422,241 ) |
22,686,959 |
(419,735,282 ) |
| MQY |
— |
— |
(315,970,267 ) |
32,315,409 |
(283,654,858 ) |
| MYI |
— |
— |
(228,846,707 ) |
22,549,416 |
(206,297,291 ) |
| (a) |
Subject to limitations, amounts available to offset future realized capital gains. |
| (b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums on fixed income securities, treatment of residual interests in tender option bond trusts, the accrual of income on securities in default and the deferral of compensation to trustees. |
During the year ended July 31, 2026, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
| Fund Name |
Utilized |
| BTT |
$ 543,914 |
As of July 31, 2026, 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) |
| MUA |
$ 834,916,783 |
$ 22,506,615 |
$ (53,287,647 ) |
$ (30,781,032 ) |
| BTT |
2,297,181,690 |
13,298,028 |
(25,899,869 ) |
(12,601,841 ) |
| MHD |
2,840,168,838 |
73,643,212 |
(45,353,167 ) |
28,290,045 |
| MQY |
2,596,201,507 |
81,350,883 |
(39,312,291 ) |
42,038,592 |
| MYI |
1,951,307,198 |
58,229,875 |
(28,331,204 ) |
29,898,671 |
8.
PRINCIPAL RISKS
In the normal course of business, each Fund invests 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or 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.
Notes to Financial Statements 109
Notes to Financial Statements (continued)
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.
Illiquidity Risk: 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 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.
There is no assurance that BTT will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BTT approaches its scheduled termination date, it is expected that the maturity of BTT’s portfolio securities will shorten, which is likely to reduce BTT’s income and distributions to shareholders.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. 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.
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.
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.
Geographic/Asset Class 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 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
110
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
9.
CAPITAL SHARE TRANSACTIONS
As of the close of business on July 17, 2026, MUA announced the terms of a transferrable rights offering to its Common Shareholders of record as of July 28, 2026, entitling the holders of those rights to subscribe for shares of MUA’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). Refer to the Subsequent Events note for results of the Offer.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
| |
Year Ended | |
| Fund Name |
07/31/26 |
07/31/25 |
| MUA |
— |
32,344 |
MUA, MHD, MQY and MYI have adopted a discount management program (the "Program"), which consists of one measurement period beginning on January 1, 2026 and ending on September 30, 2026. Under the Program, each Fund intends to offer to repurchase a portion of its common shares via tender offer if the Fund’s common shares trade at an average daily discount to NAV of more than 10% during the 9-month measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for a Fund’s shares or the discount at which a Fund’s shares may trade relative to its NAV.
MUA filed a registration statement with the SEC seeking the ability to issue additional Common Shares through a Shelf Offering, which was declared effective on July 17, 2026. MUA may not sell any Common Shares in the Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. Under the Shelf Offering, the Fund, 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). See Additional Information - Shelf Offering Program for additional information. Initial costs incurred by MUA in connection with its Shelf Offering 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.
BTT participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2025. Under the Repurchase Program, BTT could repurchase up to 5% of its outstanding common shares, based on common shares outstanding on March 31, 2025, subject to certain conditions. On November 14, 2025, the Board reauthorized BTT’s Repurchase Program. BTT may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2025) through November 30, 2026. The Repurchase Program has an accretive effect as shares are purchased at a discount to BTT’s NAV.
The total cost of the shares repurchased is reflected in BTT’s Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:
| |
BTT | |
| |
Shares |
Amounts |
| Year Ended July 31, 2026 |
306,341 |
$ 6,859,931 |
| Year Ended July 31, 2025 |
1,680,200 |
35,713,944 |
For the year ended July 31, 2026, Common Shares of MUA issued and outstanding increased by 11,876,577 as a result of the reorganization of BTA with and into MUA.
For the year ended July 31, 2026, Common Shares of MUA issued and outstanding decreased by 35 as a result of a redemption of fractional shares from the reorganization of BTA with and into MUA.
For the year ended July 31, 2026, Common Shares of MHD issued and outstanding increased by 122,558,304 as a result of the reorganization of BFK, BYM, BLE and MUE with and into MHD.
Notes to Financial Statements 111
Notes to Financial Statements (continued)
For the year ended July 31, 2026, Common Shares of MHD issued and outstanding decreased by 209 as a result of a redemption of fractional shares from the reorganization of BFK, BYM, BLE and MUE with and into MHD.
For the year ended July 31, 2026, Common Shares of MQY issued and outstanding increased by 78,598,686 as a result of the reorganization of BKN, MQT and MYD with and into MQY.
For the year ended July 31, 2026, Common Shares of MQY issued and outstanding decreased by 192 as a result of a redemption of fractional shares from the reorganization of BKN, MQT and MYD with and into MQY.
For the year ended July 31, 2026, Common Shares of MYI issued and outstanding increased by 55,826,524 as a result of the reorganization of MVF and MVT with and into MYI.
For the year ended July 31, 2026, Common Shares of MYI issued and outstanding decreased by 168 as a result of a redemption of fractional shares from the reorganization of MVF and MVT with and into MYI.
For the year ended July 31, 2025, shares issued and outstanding remained constant for MHD, MQY and MYI.
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, (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
Each Fund except MHD (for purposes of this section, each a “VRDP Fund”) has 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 |
| MUA |
12/15/21 |
1,750 |
$ 175,000,000 |
12/15/51 |
| |
02/23/26 |
760 |
76,000,000 |
12/15/51 |
| BTT |
07/31/24 |
7,500 |
750,000,000 |
12/31/30 |
| MQY |
04/19/21 |
2,251 |
225,100,000 |
10/01/41 |
| |
06/05/24 |
2,252 |
225,200,000 |
06/01/54 |
| |
02/23/26 |
3,978 |
397,800,000 |
02/01/56 |
| MYI |
05/19/11 |
3,564 |
356,400,000 |
06/01/41 |
| |
02/23/26 |
2,313 |
231,300,000 |
06/01/41 |
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:
| |
MUA |
BTT |
MQY |
MYI |
| Expiration date |
04/27/27 |
07/28/27 |
06/02/27 |
07/04/27 |
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
112
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
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), the Fund may incur nominal or no remarketing fees.
Ratings: As of period end, the VRDP Shares were assigned the following ratings:
| Fund Name |
Series |
Moody’s Investors Service, Inc. Long-Term Ratings |
Moody’s Investors Service, Inc. Short-Term Ratings |
Fitch Ratings, Inc. Long-Term Ratings |
S&P Global Long-Term Ratings |
S&P Global Short-Term Ratings |
| MUA |
W-7 |
Aa2 |
P-1 |
N/A |
N/A |
A-1 |
| BTT |
W-7 |
Aa1 |
P-1 |
N/A |
AAA |
A-1 |
| MQY |
W-7 |
Aa1 |
P-1 |
AA |
N/A |
A-1 |
| |
W-7A |
Aa1 |
P-1 |
AA |
N/A |
A-1 |
| |
W-7B |
Aa1 |
P-1 |
N/A |
N/A |
A-1 |
| MYI |
W-7 |
Aa1 |
N/A |
AA |
N/A |
N/A |
Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Moody’s and S&P Global Ratings. The liquidity provider may be terminated prior to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.
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 a special rate period:
| Fund Name |
Commencement Date |
Expiration Date as of Period Ended 07/31/26 |
| MYI |
06/22/22 |
06/16/27 |
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 year ended July 31, 2026, the annualized dividend rate for the VRDP Shares were as follows:
| |
MUA |
BTT |
MQY |
MYI |
| Dividend rates |
2.65 % |
2.61 % |
2.60 % |
3.40 % |
During the year ended July 31, 2026, issued and outstanding VRDP Shares increased by 760 for MUA, 3,978 for MQY and 2,313 for MYI due to the Fund reorganizations.
For the year ended July 31, 2026, VRDP Shares issued and outstanding remained constant for BTT.
VMTP Shares
MHD has issued Series W-7 VMTP 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 VMTP Shares are subject to certain restrictions on transfer, and MHD may also
Notes to Financial Statements 113
Notes to Financial Statements (continued)
be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:
| Fund Name |
Issue Date |
Shares Issued |
Aggregate Principal |
Term Redemption Date |
Moody’s Rating |
Fitch Rating |
| MHD |
12/20/23 |
2,140 |
$ 214,000,000 |
04/01/27 |
Aa1 |
AA |
| |
02/09/26 |
5,038 |
503,800,000 |
04/01/27 |
Aa1 |
AA |
Redemption Terms: MHD is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, MHD is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, MHD is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.
Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of MHD. With respect to MHD, the redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If MHD redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 1% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.
Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread plus the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or a percentage of the daily Secured Overnight Financing Rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.
The dividend rate on VMTP Shares is subject to a step-up spread if MHD fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.
For the year ended July 31, 2026, the average annualized dividend rates for the VMTP Shares were as follows:
| |
MHD |
| Dividend rates |
3.61 % |
During the year ended July 31, 2026, issued and outstanding VMTP Shares for MHD increased by 5,038 due to the Fund reorganization.
Offering Costs: The Funds incurred costs in connection with the issuance of VRDP and VMTP 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 and VMTP Shares with the exception of any upfront fees paid by a VRDP and VMTP 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 and VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and VMTP 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 and VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:
| Fund Name |
Dividends |
Deferred Offering Costs Amortization |
| MUA |
$ 5,523,332 |
$ 5,470 |
| BTT |
19,567,192 |
166,869 |
| MHD |
16,324,841 |
— |
| MQY |
16,226,502 |
97,739 |
| MYI |
15,557,432 |
29,462 |
10.
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 |
| MUA |
06/05/26 |
07/15/26 |
08/03/26 |
|
$ 0.055500 |
114
2026 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
| Fund Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
|
Dividend Per Common Share |
| |
06/05/26 |
08/14/26 |
09/01/26 |
|
$ 0.055500 |
| |
06/05/26 |
09/15/26 |
10/01/26 |
|
0.055500 |
| |
09/10/26 |
10/15/26 |
11/02/26 |
|
0.055500 |
| |
09/10/26 |
11/13/26 |
12/01/26 |
|
0.055500 |
| |
09/10/26 |
12/11/26 |
12/22/26 |
|
0.055500 |
| BTT |
06/05/26 |
07/15/26 |
08/03/26 |
|
0.046400 |
| |
06/05/26 |
08/14/26 |
09/01/26 |
|
0.046400 |
| |
06/05/26 |
09/15/26 |
10/01/26 |
|
0.046400 |
| |
09/10/26 |
10/15/26 |
11/02/26 |
|
0.046400 |
| |
09/10/26 |
11/13/26 |
12/01/26 |
|
0.046400 |
| |
09/10/26 |
12/11/26 |
12/22/26 |
|
0.046400 |
| MHD |
06/05/26 |
07/15/26 |
08/03/26 |
|
0.059500 |
| |
06/05/26 |
08/14/26 |
09/01/26 |
|
0.059500 |
| |
06/05/26 |
09/15/26 |
10/01/26 |
|
0.059500 |
| |
09/10/26 |
10/15/26 |
11/02/26 |
|
0.059500 |
| |
09/10/26 |
11/13/26 |
12/01/26 |
|
0.059500 |
| |
09/10/26 |
12/11/26 |
12/22/26 |
|
0.059500 |
| MQY |
06/05/26 |
07/15/26 |
08/03/26 |
|
0.058000 |
| |
06/05/26 |
08/14/26 |
09/01/26 |
|
0.058000 |
| |
06/05/26 |
09/15/26 |
10/01/26 |
|
0.058000 |
| |
09/10/26 |
10/15/26 |
11/02/26 |
|
0.058000 |
| |
09/10/26 |
11/13/26 |
12/01/26 |
|
0.058000 |
| |
09/10/26 |
12/11/26 |
12/22/26 |
|
0.058000 |
| MYI |
06/05/26 |
07/15/26 |
08/03/26 |
|
0.055500 |
| |
06/05/26 |
08/14/26 |
09/01/26 |
|
0.055500 |
| |
06/05/26 |
09/15/26 |
10/01/26 |
|
0.055500 |
| |
09/10/26 |
10/15/26 |
11/02/26 |
|
0.055500 |
| |
09/10/26 |
11/13/26 |
12/01/26 |
|
0.055500 |
| |
09/10/26 |
12/11/26 |
12/22/26 |
|
0.055500 |
The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:
| |
|
|
Preferred Shares(a)(b) | ||
| Fund Name |
|
|
Shares |
Series |
Declared |
| MUA |
|
|
VRDP |
W-7 |
$ 468,235 |
| BTT |
|
|
VRDP |
W-7 |
1,387,192 |
| MHD |
|
|
VMTP |
W-7 |
2,052,121 |
| MQY |
|
|
VRDP |
W-7 |
419,919 |
| |
|
|
VRDP |
W-7A |
416,527 |
| |
|
|
VRDP |
W-7B |
742,088 |
| MYI |
|
|
VRDP |
W-7 |
1,465,225 |
| (a) |
Dividends declared for period August 1, 2026 to August 31, 2026. |
| (b) |
Series W-7B Shares were issued on February 23, 2026 in connection with the reorganizations. |
MUA’s rights offering expired on August 20, 2026. MUA received from the Offer gross proceeds of $166,338,755 for the issuance of 16,784,940 Common Shares. The rights offering resulted in $(0.91) or (6.29)% NAV dilution since the Common Shares were issued below MUA’s NAV. MUA received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
Notes to Financial Statements 115
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees/Directors of BlackRock MuniAssets Fund, Inc., BlackRock Municipal 2030 Target Term Trust, BlackRock MuniHoldings Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund III, Inc.:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock MuniAssets Fund, Inc., BlackRock Municipal 2030 Target Term Trust, BlackRock MuniHoldings Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund III, Inc. (the “Funds”), including the schedules of investments, as of July 31, 2026, the related statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2026, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Fund |
Financial Highlights |
| BlackRock MuniAssets Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniYield Quality Fund, Inc. |
For each of the four years in the period ended July 31, 2026, for the period from May 1, 2022 through July 31, 2022, and for the year ended April 30, 2022. |
| BlackRock Municipal 2030 Target Term Trust, BlackRock MuniYield Quality Fund III, Inc. |
For each of the five years in the period ended July 31, 2026. |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 22, 2026
Boston, Massachusetts
September 22, 2026
We have served as the auditor of one or more BlackRock investment companies since 1992.
116
2026 BlackRock Annual Report to Shareholders
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as tax-exempt interest dividends for the fiscal year ended July 31, 2026:
| Fund Name |
Exempt-Interest Dividends |
| MUA |
$ 30,423,650 |
| BTT |
64,756,589 |
| MHD |
84,689,120 |
| MQY |
79,939,368 |
| MYI |
67,546,167 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2026:
| Fund Name |
Interest Dividends |
| MUA |
$ 252,709 |
| BTT |
346,800 |
| MHD |
99,312 |
| MQY |
129,685 |
| MYI |
439,057 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2026:
| Fund Name |
Interest- Related Dividends |
| MUA |
$ 252,483 |
| BTT |
346,800 |
| MHD |
99,312 |
| MQY |
129,685 |
| MYI |
439,057 |
Important Tax Information 117
Disclosure of Investment Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”), of BlackRock MuniAssets Fund, Inc. (“MUA”), BlackRock Municipal 2030 Target Term Trust (“BTT”), BlackRock MuniHoldings Fund, Inc. (“MHD”), BlackRock MuniYield Quality Fund, Inc. (“MQY”) and BlackRock MuniYield Quality Fund III, Inc. (“MYI”) (collectively, the “Funds” and each, a “Fund”) met on May 7, 2026 (the “May Meeting”) and June 4-5, 2026 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements” or the “Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment advisor.
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings during the year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also provided additional information to the Board in response to specific questions and requests from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any material outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for applicable services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s development and application of applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; (o) each Fund’s market discount/premium compared to peer funds; and (p) distributions.
Prior to and in preparation for the May Meeting, the Board prepared and submitted questions, requested specific materials, and received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees, as applicable; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made or benefits that inure to BlackRock or its affiliates, including relating to, as applicable, securities lending and cash management activities of a Fund. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
118
2026 BlackRock Annual Report to Shareholders
Disclosure of Investment Advisory Agreements (continued)
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. Throughout the year, the Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team (including the tenure of or changes in the portfolio management team); research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks, the role of BlackRock’s Risk & Quantitative Analysis Group, and BlackRock’s policies and procedures for third-party vendor oversight. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to a Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with MUA’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and net asset value; and services related to the valuation and pricing of the Fund’s portfolio holdings; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2025, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered MUA’s performance relative to MUA’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, MUA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MUA, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BTT’s performance relative to BTT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTT generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTT, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered MHD’s performance relative to MHD’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, MHD generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MHD, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed MHD’s underperformance relative to the Performance Metrics.
The Board reviewed and considered MQY’s performance relative to MQY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, MQY generally performed near expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MQY, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered MYI’s performance relative to MYI’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, MYI generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MYI, and that BlackRock has explained its rationale for this belief to the Board.
Disclosure of Investment Advisory Agreements 119
Disclosure of Investment Advisory Agreements (continued)
C. Consideration of the Advisory/Management Fees and the Estimated Costs of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2025 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability information for other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that MUA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MUA’s outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MUA’s gross monthly income attributable to investments from the proceeds of the preferred shares.
The Board noted that BTT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that MHD’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MHD’s outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MHD’s gross monthly income attributable to investments from the proceeds of the preferred shares.
The Board noted that MQY’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MQY’s outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MQY’s gross monthly income attributable to investments from the proceeds of the preferred shares.
The Board noted that MYI’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MYI’s outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MYI’s gross monthly income attributable to investments from the proceeds of the preferred shares.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
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Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although MUA may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of MUA’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also noted the revenue received by BlackRock and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BlackRock and/or its affiliates. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts. Throughout the year, the Board also received information and reporting, as applicable, regarding BlackRock’s soft dollar, brokerage, and trade execution practices.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2027. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
Disclosure of Investment Advisory Agreements 121
Investment Objectives, Policies and Risks
Recent Changes
The following information is a summary of certain changes since July 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Effective September 9, 2026, BlackRock MuniAssets Fund, Inc (MUA) amended its policy to invest at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond counsel to the issuer, is exempt from Federal income taxes to include derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. Previously, the Fund included a separate sentence stating that such derivatives may be counted towards its 80% policy.
Effective September 9, 2026, BlackRock Municipal 2030 Target Term Trust (BTT) amended its policy to invest at least 80% of its Managed Assets in municipal securities, the interest of which is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) to include derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. Previously, the Fund included a separate sentence stating that such derivatives may be counted towards its 80% policy.
Effective September 9, 2026, BlackRock MuniHoldings Fund, Inc. (MHD) amended its policy to invest at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) to include derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. Previously, the Fund included a separate sentence stating that such derivatives may be counted towards its 80% policy.
Except as noted above, during each Fund’s most recent fiscal year, there were no material changes in the Fund’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.
Investment Objectives and Policies
BlackRock MuniAssets Fund, Inc. (MUA)
The Fund’s investment objective is to provide high current income exempt from 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 Federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond counsel to the issuer, is exempt from Federal income taxes (“Municipal Bonds”); and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For the purposes of the foregoing 80% policy, “assets” are the Fund’s net assets, plus the amount of any borrowings for investment purposes. The Fund at all times, except during temporary defensive periods, will maintain at least 65% of its assets in Municipal Bonds which are rated in any one of the medium and lower rating categories of a nationally recognized statistical rating organization or are unrated. These ratings are currently Baa (Moody’s Investor Service Inc. (“Moody’s”)) or BBB (S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”)) or lower. These are fundamental policies of the Fund and, therefore, may not be changed without the approval of a majority of the Fund’s outstanding common stock and the outstanding preferred stock, including the Fund’s outstanding Variable Rate Demand Preferred Shares (the “VRDP Shares”), voting together as a single class, and of the holders of a majority of the outstanding preferred stock, including the VRDP Shares, voting as a separate class. A majority of the outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less. The Fund is not intended as, and you should not construe it to be, a complete investment program. There can be no assurance that the Fund’s investment objective will be achieved or that the Fund’s investment program will be successful.
The Fund has the authority to invest as much as 35% of its total assets in Municipal Bonds in the higher rating categories of nationally recognized statistical rating organizations (ratings of A or higher by Moody’s, S&P or Fitch or comparable unrated securities). In addition, the Fund reserves the right to temporarily invest more than 20% of its total assets in short-term municipal securities, or short-term taxable money market securities (including commercial paper, certificates of deposit and repurchase agreements) for defensive purposes when, in the opinion of BlackRock Advisors, LLC (the “Manager”), prevailing market or financial conditions warrant. The Fund does not invest more than 25% of its total assets (taken at market value) in Municipal Bonds whose issuers are located in the same state. “Total assets” of the Fund means the Fund’s net assets plus the amount of any borrowings for investment purposes.
Ordinarily, the Fund does not intend to realize significant interest income that is subject to Federal income taxes. However, the Fund may invest all or a portion of its assets in certain tax-exempt securities classified as “private activity bonds” (“PABs”) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to a Federal alternative minimum tax.
The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes (“Non-Municipal Tax-Exempt Securities”), which could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund’s investment restrictions and applicable law.
The Fund ordinarily does not intend to realize significant investment income not exempt from federal income taxes. From time to time, the Fund may realize taxable capital gains.
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Investments in lower rated Municipal Bonds generally provide a higher yield and are less affected by interest rate fluctuations than higher rated tax-exempt securities of similar maturity but are subject to greater overall market risk and are also subject to a greater degree of risk with respect to the ability of the issuer to meet its principal and interest obligations.
The Fund seeks to reduce risk through investing in multiple issuers, credit analysis and monitoring of current developments regarding the obligor and trends in both the economy and financial markets. The Manager will use various means to research the stability and/or potential for improvement of various municipal issuers in connection with the proposed purchase of their securities by the Fund. Evaluation of each Municipal Bond may include the analysis of financial performance, debt structure, economic factors and the administrative structure of the issuer. Additionally, the priority of liens and the overall structure of the particular issue may be factors that will determine suitability for purchase. Further investigation may be performed and may include, among other things, discussions with project management, corporate officers and industry experts as well as site inspections, area analysis, and project and financial projection analysis. All purchases and sales also may be subject to the review of market data, economic projections and the performance of the financial markets. Certain economic indicators also may be monitored. Additionally, the Manager will vary the average maturity of the Fund’s portfolio securities based upon its assessment of economic and market conditions.
Leverage: The Fund currently leverages its assets through the use of VRDP Shares and residual interest municipal tender option bonds (“TOB Residuals”), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax. The Fund currently does not intend to borrow money or issue debt securities. Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund’s investment objective and policies.
The Fund may enter into derivative securities transactions that have leverage embedded in them.
The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.
BlackRock MuniYield Quality Fund, Inc. (MQY)
The Fund’s investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing, as a fundamental policy, at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) (“Municipal Bonds”). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in “investment grade” securities. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities. The Fund’s investment objective and its policy of investing at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in Municipal Bonds are fundamental policies that may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended). There can be no assurance that the Fund’s investment objective will be realized.
The Fund may invest in certain tax-exempt securities classified as “private activity bonds” (or industrial development bonds, under pre-1986 law) (“PABs”) (in general, bonds that benefit non- governmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund’s total assets invested in PABs will vary from time to time. The Fund also will not invest more than 25% of its total assets (taken at market value at the time of each investment) in Municipal Bonds whose issuers are located in the same state.
“Investment grade” securities are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody’s Investors Service, Inc. (“Moody’s”) (currently Aaa, Aa, A and Baa), S&P Global Ratings (“S&P”) (currently AAA, AA, A and BBB) or Fitch Ratings, Inc. (“Fitch”) (currently AAA, AA, A and BBB) or are considered by BlackRock Advisors, LLC (the “Manager”) to be of comparable quality. In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG1 through MIG 3 for Moody’s and F1+ through F3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody’s and F1+ through F3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG 3 and Prime-3 for Moody’s; and BBB and F3 for Fitch), while considered “investment grade,” may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of Municipal Bonds with respect to the foregoing requirements, the Manager takes into account the nature of any letters of credit or similar credit enhancement to which particular Municipal Bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. Insurance is expected to protect the Fund against losses caused by a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its stockholders against losses caused by declines in a bond’s market value. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.
The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase, subject to the Fund’s other investment policies. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories. Below investment grade securities and comparable unrated securities involve substantial risk of loss, are considered speculative with respect to the issuer’s ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to adverse economic and business developments.
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Investment Objectives, Policies and Risks (continued)
All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be considered violated as a result of subsequent market movements or if an investment rating is subsequently downgraded to a rating that would have precluded the Fund’s initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.
The average maturity of the Fund’s portfolio securities varies from time to time based upon an assessment of economic and market conditions by BlackRock Advisors, LLC (the “Manager”). The Fund’s portfolio at any given time may include both long-term and intermediate-term municipal bonds.
For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term obligations being referred to herein as “Temporary Investments”). In addition, the Fund reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in the opinion of the Manager, prevailing market or financial conditions warrant. Taxable money market obligations will yield taxable income. The Fund also may invest in variable rate demand obligations (“VRDOs”) and VRDOs in the form of participation interests (“Participating VRDOs”) in variable rate tax-exempt obligations held by a financial institution. The Fund’s hedging strategies are not fundamental policies and may be modified by the Board of Directors of the Fund without the approval of the Fund’s stockholders. The Fund is also authorized to invest in indexed and inverse floating rate obligations for hedging purposes and to seek to enhance return.
The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund’s investment restrictions and applicable law. Non-Municipal Tax-Exempt Securities are subject to the same risks associated with an investment in Municipal Bonds as well as many of the risks associated with investments in derivatives. If the Internal Revenue Service were to issue any adverse ruling or take an adverse position with respect to the taxation on these types of securities, there is a risk that the interest paid on such securities would be deemed taxable at the federal level.
The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.
Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of Municipal Bonds for investment by the Fund.
Leverage: The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares (“VRDP Shares”) and residual interest municipal tender option bonds (“TOB Residuals”), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax. The Fund currently does not intend to borrow money or issue debt securities.
Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.
The Fund may enter into derivative securities transactions that have leverage embedded in them.
The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.
BlackRock MuniYield Quality Fund III, Inc. (MYI)
The Fund’s investment objective is to provide stockholders with as high a level of current income exempt from 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 an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) (“Municipal Bonds”). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in “investment grade” securities. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities. The Fund’s investment objective and its policy of investing at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in Municipal Bonds are fundamental policies that may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)). There can be no assurance that the Fund’s investment objective will be realized.
The Fund may invest in certain tax-exempt securities classified as “private activity bonds” (or industrial development bonds, under pre-1986 law) (“PABs”) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund’s total assets invested in PABs will vary from time to time. The Fund also will not invest more than 25% of its total assets (taken at market value at the time of each investment) in Municipal Bonds whose issuers are located in the same state.
Under normal market conditions, the Fund expects to invest primarily in a portfolio of long-term Municipal Bonds that are commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody’s Investors Service, Inc. (“Moody’s”) (currently Aaa, Aa, A and Baa), S&P Global Ratings (“S&P”) (currently AAA, AA, A and BBB) or Fitch Ratings, Inc. (“Fitch”) (currently AAA, AA, A and BBB) or are considered by BlackRock
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Advisors, LLC (the “Manager”) to be of comparable quality. In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG 1 through MIG 3 for Moody’s and F1+ through F3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody’s and F1+ through F3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG 3 and Prime-3 for Moody’s; and BBB and F3 for Fitch), while considered “investment grade,” may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of Municipal Bonds with respect to the foregoing requirements, the Manager takes into account the nature of any letters of credit or similar credit enhancement to which particular Municipal Bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. Insurance is expected to protect the Fund against losses caused by a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its stockholders against losses caused by declines in a bond’s market value. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.
The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, which are securities rated at the time of purchase Ba or below by Moody’s, BB or below by S&P or Fitch, or securities determined by the Manager to be of comparable quality. Below investment grade quality is regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Such securities commonly are referred to as “high yield” or “junk” bonds.
All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be considered violated as a result of subsequent market movements or if an investment rating is subsequently downgraded to a rating that would have precluded the Fund’s initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.
The average maturity of the Fund’s portfolio securities varies from time to time based upon an assessment of economic and market conditions by the Manager. The Fund’s portfolio at any given time may include both long-term and intermediate-term municipal bonds.
The net asset value of the shares of common stock of a closed-end investment company, such as the Fund, which invests primarily in fixed income securities, changes as the general levels of interest rates fluctuate. When interest rates decline, the value of a fixed income portfolio can be expected to rise. Conversely, when interest rates rise, the value of a fixed income portfolio can be expected to decline. Prices of longer term securities generally fluctuate more in response to interest rate changes than do shorter term securities. These changes in net asset value are likely to be greater in the case of a fund having a leveraged capital structure, such as the Fund.
For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term obligations being referred to herein as “Temporary Investments”). In addition, the Fund reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in the opinion of the Manager, prevailing market or financial conditions warrant. Taxable money market obligations will yield taxable income. The Fund also may invest in variable rate demand obligations (“VRDOs”) and VRDOs in the form of participation interests (“Participating VRDOs”) in variable rate tax-exempt obligations held by a financial institution. The Fund’s hedging strategies are not fundamental policies and may be modified by the Board of Directors of the Fund without the approval of the Fund’s stockholders. The Fund is also authorized to invest in indexed and inverse floating rate obligations for hedging purposes and to seek to enhance return.
The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund’s investment restrictions and applicable law. Non-Municipal Tax-Exempt Securities are subject to the same risks associated with an investment in Municipal Bonds as well as many of the risks associated with investments in derivatives. If the Internal Revenue Service were to issue any adverse ruling or take an adverse position with respect to the taxation on these types of securities, there is a risk that the interest paid on such securities would be deemed taxable at the federal level.
The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.
Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of Municipal Bonds for investment by the Fund.
The Fund may purchase and sell futures contracts, enter into various interest rate transactions and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. These derivative transactions may be used for duration management and other risk management purposes, subject to the Fund’s investment restrictions.
Leverage: The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares (“VRDP Shares”) and residual interest municipal tender option bonds (“TOB Residuals”), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.
The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Fund’s investment restrictions. The Fund may enter into “dollar roll” transactions.
The Fund may enter into derivative securities transactions that have leverage embedded in them.
The Fund may leverage its portfolio by entering into one or more credit facilities.
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The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. Certain short-term borrowings (such as for cash management purposes) are not subject to the 1940 Act’s limitations on leverage if (i) repaid within 60 days, and (ii) not in excess of 5% of the Fund’s total assets.
BlackRock Municipal 2030 Target Term Trust (BTT)
The Fund’s investment objectives are to provide current income that is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial public offering price per common share) to holders of common shares on or about December 31, 2030. There can be no assurance that the Fund’s investment objectives, including to return $25.00 per common share to holders of common shares on or about December 31, 2030, will be achieved or that the Fund’s investment program will be successful.
As a fundamental policy, under normal market conditions, the Fund will invest at least 80% of its Managed Assets in municipal securities, the interest of which is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances); and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For the purposes of the foregoing policy, “Managed Assets” are the Fund’s net assets plus the amount of borrowings for investment purposes.
Under normal market conditions, the Fund expects to invest at least 80% of its Managed Assets in municipal securities that at the time of investment are investment grade quality. Investment grade quality securities means that such securities are rated, at the time of investment, within the four highest rating categories of Moody’s Investors Service, Inc. (“Moody’s”) (currently Aaa, Aa, A and Baa), S&P Global Ratings (“S&P”) (currently AAA, AA, A and BBB) or Fitch Ratings, Inc. (“Fitch”) (currently AAA, AA, A and BBB) or are unrated but judged to be of comparable quality by BlackRock Advisors, LLC (the “Manager”). Municipal securities rated Baa by Moody’s are investment grade, but Moody’s considers municipal securities rated Baa to have speculative characteristics. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for issuers of municipal securities that are rated BBB or Baa (or that have equivalent ratings) to make principal and interest payments than is the case for issuers of higher grade municipal securities. In the case of short term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG-1 through MIG-3 for Moody’s and F-1+ through F-3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody’s and F-1+ through F-3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG-3 and Prime-3 for Moody’s and BBB and F-3 for Fitch), while considered “investment grade,” may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of municipal securities with respect to the foregoing requirements, the Manager takes into account the nature of any letters of credit or similar credit enhancement to which particular municipal securities are entitled and the creditworthiness of the financial institution that provided such credit enhancement.
The Fund may invest up to 20% of its Managed Assets in municipal securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below by Moody’s, S&P or Fitch) or securities that are unrated but judged to be of comparable quality by the Manager. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories.
The Fund may invest 25% or more of its Managed Assets in municipal securities of issuers in the same state (or U.S. Territory) or in the same economic sector.
The foregoing credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining whether to retain or sell a security that a rating agency has downgraded, the Manager may consider such factors as the Manager’s assessment of the credit quality of the issuer of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.
The Fund may also invest in securities of other open- or closed-end investment companies that invest primarily in municipal securities of the types in which the Fund may invest directly and in tax-exempt preferred shares that pay dividends exempt from regular federal income tax. Additionally, the Fund may purchase municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of companies which provide these credit enhancements will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund’s income. The insurance feature does not guarantee the market value of the insured obligations or the net asset value of the common shares. The Fund may purchase insured municipal securities and may purchase insurance for municipal securities in its portfolio.
The Fund may invest in certain tax-exempt securities classified as “private activity bonds” (or industrial development bonds, under pre-1986 law) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to the federal alternative minimum tax. The percentage of the Fund’s Managed Assets invested in private activity bonds will vary from time to time. The Fund has not established any limit on the percentage of its portfolio that may be invested in municipal securities subject to the alternative minimum tax provisions of federal tax law, and the Fund expects that a portion of the income it produces will be includable in alternative minimum taxable income.
The Fund seeks to return $25.00 per common share to holders of common shares on or about December 31, 2030 (when the Fund will terminate) by actively managing its portfolio of municipal obligations, which will have an average final maturity on or about such date, and by retaining each year a percentage of its net investment income, but continue to maintain its status as a regulated investment company for federal income tax purposes. The purpose of retaining a portion of the net investment income is to enhance the Fund’s ability to return to investors $25.00 per common share outstanding upon the Fund’s termination. Such retained net investment income will generally serve to increase the net asset value of the Fund. However, if the Fund realizes any capital losses on dispositions of securities that are not offset by capital gains on the disposition of other securities, the Fund may return less than $25.00 for each common share outstanding at the end of the Fund’s term. In addition, the leverage used by the Fund may increase the possibility of incurring capital losses and the difficulty of subsequently incurring capital gains to offset such losses. However, the Manager believes that they will be able to manage the Fund’s assets so that the Fund will not realize capital losses which are not offset by capital gains over the life of the Fund on the disposition of its other
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assets and retained net investment income. Although neither the Manager nor the Fund can guarantee these results, their achievement should enable the Fund, on or about December 31, 2030, to have available for distribution to holders of its common shares $25.00 for each common share then outstanding. There is no assurance that the Fund will be able to achieve its investment objective of returning $25.00 per common share to holders of common shares on or about December 31, 2030.
The Fund intends to actively manage the maturity of its securities, which are expected to have a dollar weighted average effective maturity approximately equal to the Fund’s maturity date. As a result, over time the maturity of the Fund’s portfolio is expected to shorten in relation to the remaining term of the Fund.
Federal tax legislation has limited the types and volume of bonds the interest on which qualifies for a federal income tax exemption. As a result, this legislation and legislation that may be enacted in the future may affect the availability of municipal securities for investment by the Fund. The Fund ordinarily does not intend to realize significant investment income not exempt from regular federal income tax. From time to time, the Fund may realize taxable capital gains.
During temporary defensive periods, including the period during which the net proceeds of this offering are being invested, and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives under these circumstances. The Fund intends to invest in taxable short-term investments only if suitable tax-exempt short-term investments are not available at reasonable prices and yields. If the Fund invests in taxable short-term investments, a portion of the dividends would be subject to regular federal income tax.
The Fund cannot change its investment objectives without the approval of the holders of a majority of the outstanding common shares. A “majority of the outstanding” means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy, or (2) more than 50% of the shares, whichever is less.
Leverage: The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares (“VRDP Shares”) and residual interest municipal tender option bonds (“TOB Residuals”), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.
The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Fund’s investment restrictions. The Fund may enter into “dollar roll” transactions.
The Fund may enter into derivative securities transactions that have leverage embedded in them.
The Fund may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.
BlackRock MuniHoldings Fund, Inc. (MHD)
The Fund’s investment objective is to provide stockholders with current income exempt from federal income taxes. There can be no assurance that the Fund’s investment objective will be realized. The Fund’s investment policies provide that it seeks to achieve its investment objective by investing, as a fundamental policy at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities.
The Fund’s investment objective and its policy of investing at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in municipal bonds are fundamental policies that may not be changed without the approval of the holders of a majority of the outstanding common stock and the outstanding preferred stock, including the Fund’s outstanding variable rate muni term preferred shares (“VMTP Shares”), voting together as a single class, and of the holders of a majority of the outstanding preferred stock, including the VMTP Shares, voting as a separate class. A majority of the outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less.
The Fund’s investment policies provide that it will invest at least 75% of its total assets in a portfolio of municipal bonds that are commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the four highest quality ratings as determined by either Moody’s Investor Service Inc. (“Moody’s”) (currently Aaa, Aa, A and Baa), S&P Global Ratings (“S&P”) (currently AAA, AA, A and BBB) or Fitch Ratings (“Fitch”) (currently AAA, AA, A and BBB). In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG-1 through MIG-3 for Moody’s and F-1+ through F-3 for Fitch. In the case of tax exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody’s and F-1+ through F-3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG-3 and Prime-3 for Moody’s and BBB and F-3 for Fitch), while considered “investment grade,” may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of municipal bonds with respect to the foregoing requirements, BlackRock Advisors, LLC (the “Manager”) takes into account the nature of any letters of credit or similar credit enhancement to which particular municipal bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.
The Fund may invest up to 25% of its total assets in municipal bonds that are rated below Baa by Moody’s or below BBB by S&P or Fitch or, if unrated, are considered by the Manager to possess similar credit characteristics. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to
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Investment Objectives, Policies and Risks (continued)
the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories. Below investment grade securities and comparable unrated securities involve substantial risk of loss, are considered speculative with respect to the issuer’s ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to adverse economic and business developments.
The foregoing credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining whether to retain or sell a security that a rating agency has downgraded, the Manager may consider such factors as the Manager’s assessment of the credit quality of the issuer of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.
The Fund may also purchase municipal bonds that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of companies which provide these credit enhancements will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund’s income. The insurance feature does not guarantee the market value of the insured obligations or the net asset value of the common stock. The Fund may purchase insured bonds and may purchase insurance for bonds in its portfolio.
The Fund may invest in certain tax exempt securities classified as “private activity bonds” (or industrial development bonds, under pre-1986 law) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund’s total assets invested in private activity bonds will vary from time to time. The Fund has not established any limit on the percentage of its portfolio that may be invested in municipal bonds subject to the federal alternative minimum tax provisions of federal tax law, and the Fund expects that a portion of the income it produces will be includable in alternative minimum taxable income.
The Fund also may not invest more than 25% of its total assets (taken at market value at the time of each investment) in municipal bonds whose issuers are located in the same state.
The average maturity of the Fund’s portfolio securities varies from time to time based upon an assessment of economic and market conditions by the Manager. The Fund’s portfolio at any given time may include both long-term, intermediate-term and short-term municipal bonds.
The Fund’s stated expectation is that it will invest in municipal bonds that, in the Manager’s opinion, are underrated or undervalued. Underrated municipal bonds are those whose ratings do not, in the opinion of the Manager, reflect their true higher creditworthiness. Undervalued municipal bonds are bonds that, in the opinion of the Manager, are worth more than the value assigned to them in the marketplace. The Manager may at times believe that bonds associated with a particular municipal market sector (for example, but not limited to electric utilities), or issued by a particular municipal issuer, are undervalued. The Manager may purchase those bonds for the Fund’s portfolio because they represent a market sector or issuer that the Manager considers undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. Municipal bonds of particular types (for example, but not limited to hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. The Fund’s investment in underrated or undervalued municipal bonds will be based on the Manager’s belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. Any capital appreciation realized by the Fund will generally result in capital gain distributions subject to federal capital gains taxation.
The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.
Federal tax legislation has limited the types and volume of bonds the interest on which qualifies for a federal income tax exemption. As a result, this legislation and legislation that may be enacted in the future may affect the availability of municipal bonds for investment by the Fund.
Leverage: The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of VMTP Shares and residual interest municipal tender option bonds (“TOB Residuals”), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.
The Fund currently does not intend to borrow money or issue debt securities. Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred stock.
The Fund may enter into derivative securities transactions that have leverage embedded in them.
The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.
Risk Factors
This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.
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Investment and Market Discount Risk: An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Fund’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Fund should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Fund’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund. During periods in which the Fund may use leverage, the Fund’s investment, market discount and certain other risks will be magnified.
Limited Term Risk (BTT): The Fund will terminate on or about December 31, 2030 in accordance with the terms of its Declaration of Trust, unless the Fund’s Board of Trustees and shareholders approve an amendment to the Fund’s Declaration of Trust to extend the Fund’s termination date. The Fund seeks to return $25.00 per common share (the initial public offering price per common share) to holders of common shares on or about December 31, 2030. The Fund’s limited term may cause it to sell securities when it otherwise would not, which could cause the Fund’s returns to decrease. In addition, the Fund’s limited term may cause it to invest in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Fund or the Fund’s ability to pay dividends on the VRDP Shares.
Debt Securities Risk: Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:
•Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
•Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.
The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.
Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.
•Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
•Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.
Municipal Securities Risks: Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:
•General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.
•Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.
•Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.
•Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.
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Investment Objectives, Policies and Risks (continued)
•Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.
•Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
•Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.
Taxability Risk: The Fund intends to minimize the payment of taxable income to shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the treatment of dividends previously paid or to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased U.S. federal income tax liabilities. Alternatively, the Fund might enter into an agreement with the IRS to pay an agreed upon amount in lieu of the IRS adjusting individual shareholders’ income tax liabilities. If the Fund agrees to enter into such an agreement, the Fund’s yield could be adversely affected. Further, shareholders at the time the Fund enters into such an agreement that were not shareholders when the dividends in question were paid would bear some cost for a benefit they did not receive. Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of municipal securities for investment by the Fund. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.
Insurance Risk: Insurance guarantees that interest payments on a municipal security will be made on time and that the principal will be repaid when the security matures. However, insurance does not protect against losses caused by declines in a municipal security’s value. The Fund cannot be certain that any insurance company will make the payments it guarantees. If a municipal security’s insurer fails to fulfill its obligations or loses its credit rating, the value of the security could drop.
High Yield Bonds Risk: Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.
U.S. Government Obligations Risk (MYI): Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.
Variable Rate Demand Obligations Risk (MQY and MYI): Variable rate demand obligations are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.
Defensive Investing Risk (MQY): For defensive purposes, the Fund may, as part of its proprietary volatility control process, allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depositary institution holding the cash.
Repurchase Agreements and Purchase and Sale Contracts Risk (MUA): If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.
Reverse Repurchase Agreements Risk (MYI): Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk (MYI): Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.
Economic Sector and Geographic Risk (BTT): The Fund, as a fundamental policy, may not invest 25% or more of the value of its Managed Assets in any one industry. However, this limitation does not apply to securities of the U.S. Government, any state government or their respective agencies, or instrumentalities and securities backed by the credit of any federal or state governmental entity. As such, the Fund may invest 25% of more of its Managed Assets in municipal securities of issuers in the same state (or U.S. Territory) or in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting a particular state or economic sector.
Leverage Risk: The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.
130
2026 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful.
Leverage involves risks and special considerations for common shareholders, including:
•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
•the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;
•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;
•leverage may increase operating costs, which may reduce total return.
Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
Investment Companies and ETFs Risk (BTT): Subject to the limitations set forth in the Investment Company Act of 1940, as amended, and the rules thereunder, the Fund may acquire shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.
Derivatives Risk: The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:
•Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.
•Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value.
•Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
•Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.
•Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
•Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
•Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
•Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
•Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
•Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.
Investment Objectives, Policies and Risks 131
Investment Objectives, Policies and Risks (continued)
Indexed and Inverse Securities Risk (MQY and MYI): Indexed and inverse securities provide a potential return based on a particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate.
Tender Option Bonds Risk: The Fund’s participation in tender option bond transactions may reduce the Fund’s returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The Fund may invest special purpose trusts formed for the purpose of holding municipal bonds contributed by one or more funds (“TOB Trusts”) on either a non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in excess of the value of its TOB Residuals.
Dollar Rolls Risk (BTT): Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.
Illiquid Investments Risk: The 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. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could dispose of such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to dispose of other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. 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.
Risk of Investing in the United States: Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.
Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.
Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.
Shareholder Activism: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund’s corporate governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Fund’s Board of Directors/Trustees (the “Board”), or to seek other actions such as a termination of the Fund’s investment advisory contract with its current investment manager or commencing litigation. If the Fund becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Fund may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Fund. Further, the Fund’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.
132
2026 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)
The following information is presented for MUA, in conformance with annual reporting requirements for funds that have filed a shelf offering registration statement pursuant to General Instruction A.2 of Form N-2.
Summary of Expenses
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in MUA’s common shares.
MUA | |
Shareholder Transaction Expenses |
|
Maximum sales load ( |
|
Offering expenses borne by the Fund (as a percentage of offering price)(a) |
|
Dividend reinvestment plan fees |
$0.02 per share for open market purchases of common shares(b) |
Estimated Annual Expenses ( |
|
Investment advisory fees(c)(d) |
|
Other expenses(e) |
|
Miscellaneous(e) |
|
Interest expense(f) |
|
Total annual expenses(e) |
|
Fee waivers(d) |
(g) |
Fund operating expenses after fee waivers |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by MUA. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
MUA currently pays the Manager a monthly fee in arrears at an annual rate equal to 0.55% of the average daily value of the Fund’s net assets. For purposes of calculating these fees,
“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 MUA’s NAV.
(d)
MUA and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of MUA’s assets attributable to investments in any equity and fixed-income mutual funds and ETFs managed by the Manager or its affiliates
that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees MUA pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically approved by the Manager and MUA (including by a majority of MUA’s Directors who are not “interested persons” (as defined in the Investment Company Act) of MUA (the “Independent Directors”)). The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by MUA (upon the vote of a majority of the Directors or a majority of the outstanding voting securities of MUA), upon 90 days’ written notice by MUA to the Manager.
(e)
Other expenses are based on estimated amounts for the current fiscal period.
(f)
Assumes the use of leverage in the form of tender option bond transactions and preferred shares representing 33% of managed assets, which is the total assets of MUA, including any
assets attributable to VRDP Shares and TOB Trusts, if any, 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), at an annual cost of leverage to MUA of 2.27%, which is based on current market conditions. The actual amount of interest expense
borne by MUA will vary over time in accordance with the level of MUA’s use of tender option bond transactions and variations in market interest rates, as well as preferred shares
transactions and changes to agreement terms with counterparties. Interest expense is required to be treated as an expense of MUA for accounting purposes.
MUA uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOBs. Both forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by MUA when it invests the proceeds from the leverage. In order to help a shareholder to better understand the costs associated with MUA’s leverage strategy, the total annual fund operating expenses after fee waivers (excluding interest expense, offering, reorganization cost and/or portfolio investment fees) are 1.24%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time in accordance with the level of MUA’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of MUA for accounting purposes.
(g)
The following example illustrates MUA’s expenses (including the sales load of $10.00 and offering costs of $0.13) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.59% of net assets attributable to common shares and (ii) a 5% annual return:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Total expenses incurred |
$ |
$ |
$ |
$ |
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. MUA’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update 133
Shareholder Update (unaudited)(continued)
Share Price Data
The following table summarizes MUA’s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.
| |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
| |||
| During Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
Trading Volume |
| July 31, 2026 |
$ |
$ |
$ |
$ |
( )% |
( )% |
9,699,822 |
| April 30, 2026 |
|
|
|
|
( ) |
( ) |
6,275,293 |
| January 31, 2026 |
|
|
|
|
( ) |
( ) |
7,503,742 |
| October 31, 2025 |
|
|
|
|
|
( ) |
6,841,579 |
| July 31, 2025 |
|
|
|
|
( ) |
( ) |
6,410,863 |
| April 30, 2025 |
|
|
|
|
( ) |
( ) |
9,107,679 |
| January 31, 2025 |
|
|
|
|
|
( ) |
6,032,797 |
| October 31, 2024 |
|
|
|
|
|
( ) |
6,128,229 |
As of July 31, 2026, MUA’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.10 , $11.09 , and (8.93 )%, respectively.
Common shares of MUA have historically traded at both a premium and discount to NAV.
Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.
Senior Securities
The following table sets forth information regarding MUA’s outstanding senior securities as of the end of each of MUA’s last ten fiscal years, as applicable. MUA’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.
| Fiscal Year Ended* |
Total Amount Outstanding (000) |
Asset Coverage |
Liquidation Preference(a) |
Average Market Value (000) |
Type of Senior Security |
| July 31, 2026 |
$ |
$ (b) |
$ |
$ (c) |
TOBs |
| July 31, 2026 |
|
(d) |
|
|
VRDP Shares |
| July 31, 2025 |
|
(b) |
|
(c) |
TOBs |
| July 31, 2025 |
|
(d) |
|
|
VRDP Shares |
| July 31, 2024 |
|
(b) |
|
(c) |
TOBs |
| July 31, 2024 |
|
(d) |
|
|
VRDP Shares |
| July 31, 2023 |
|
(b) |
|
(c) |
TOBs |
| July 31, 2023 |
|
(d) |
|
|
VRDP Shares |
| July 31, 2022 |
|
(b) |
|
(c) |
TOBs |
| July 31, 2022 |
|
(d) |
|
|
VRDP Shares |
| April 30, 2022 |
|
(e) |
|
|
VRDP Shares |
| (a) |
Represents the amount to which a holder of preferred shares would be entitled upon the liquidation of VRDP Shares in preference to common shareholders, expressed as a dollar amount per preferred share. VRDP Shares are considered debt of the issuer; therefore, the liquidation preference approximates fair value. |
| (b) |
Calculated by subtracting 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. |
| (c) |
|
| (d) |
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. Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. |
| (e) |
Calculated by subtracting 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. |
| * |
|
134
2026 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand MUA’s financial performance for the periods presented. Certain information reflects financial results for a single common share of MUA.
| |
MUA | ||||
| |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
| |
04/30/21 |
04/30/20 |
04/30/19 |
04/30/18 |
04/30/17 |
| Net asset value, beginning of year |
$12.83 |
$14.14 |
$14.01 |
$14.07 |
$14.45 |
| Net investment income(a) |
0.62 |
0.63 |
0.67 |
0.68 |
0.70 |
| Net realized and unrealized gain (loss) |
1.96 |
(1.29 ) |
0.12 |
(0.06 ) |
(0.38 ) |
| Net increase (decrease) from investment operations |
2.58 |
(0.66 ) |
0.79 |
0.62 |
0.32 |
| Distributions to Common Shareholders(b) |
|
|
|
|
|
| From net investment income |
(0.64 ) |
(0.63 ) |
(0.66 ) |
(0.68 ) |
(0.70 ) |
| From net realized gain |
— |
(0.02 ) |
— |
— |
— |
| Total distributions to Common Shareholders |
(0.64 ) |
(0.65 ) |
(0.66 ) |
(0.68 ) |
(0.70 ) |
| Net asset value, end of year |
$14.77 |
$12.83 |
$14.14 |
$14.01 |
$14.07 |
| Market price, end of year |
$15.26 |
$12.48 |
$14.98 |
$13.21 |
$14.82 |
| Total Return Applicable to Common Shareholders(c) |
|
|
|
|
|
| Based on net asset value |
20.41 % |
(5.03 )% |
5.97 % |
4.47 % |
2.23 % |
| Based on market price |
27.89 % |
(12.80 )% |
19.07 % |
(6.48 )% |
5.56 % |
| Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
| Total expenses |
0.81 % |
0.98 % |
1.01 % |
0.93 % |
0.87 % |
| Total expenses after fees waived and/or reimbursed |
0.80 % |
0.98 % |
1.01 % |
0.93 % |
0.87 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs and/or reorganization costs(d)(e) |
0.71 % |
0.69 % |
0.70 % |
0.69 % |
0.69 % |
| Net investment income to Common Shareholders |
4.39 % |
4.43 % |
4.77 % |
4.83 % |
4.93 % |
| Supplemental Data |
|
|
|
|
|
| Net assets applicable to Common Shareholders, end of year (000) |
$552,373 |
$463,431 |
$509,645 |
$504,470 |
$505,306 |
| TOB Trust Certificates, end of year (000) |
$68,781 |
$69,232 |
$71,659 |
$71,925 |
$67,507 |
| Portfolio turnover rate |
19 % |
21 % |
19 % |
15 % |
11 % |
| (a) |
Based on average Common Shares outstanding. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (d) |
Interest expense and 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. |
| (e) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: |
| |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
| |
04/30/21 |
04/30/20 |
04/30/19 |
04/30/18 |
04/30/17 |
| Expense ratios |
0.71 % |
— % |
— % |
— % |
— % |
Shareholder Update 135
Automatic Dividend Reinvestment Plan
Pursuant to MUA, BTT, MHD, MQY and MYI’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Fund’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.
After BTT declares a dividend or determines to make a capital gain distribution or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts by the purchase of outstanding shares on the open market or on BTT’s primary exchange (“open-market purchases”). BTT will not issue any new shares under the Reinvestment Plan.
After MUA, MHD, MQY and MYI declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Fund’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BTT, MQY and MYI that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in MUA and MHD that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.
136
2026 BlackRock Annual Report to Shareholders
Director and Officer Information
| Independent Directors(a) | ||||
| Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years |
| R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Director (Since 2007) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. |
50 RICs consisting of 83 Portfolios |
ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) |
| W. Carl Kester 1951 |
Vice Chair of the Board (Since 2022) Director (Since 2007) |
Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. |
52 RICs consisting of 85 Portfolios |
None |
| Cynthia L. Egan 1955 |
Director (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. |
52 RICs consisting of 85 Portfolios |
Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products) |
| Lorenzo A. Flores 1964 |
Director (Since 2021) |
Chief Financial Officer, Lattice Semiconductor Corporation (LSCC) since 2025; Chief Financial Officer, Intel Foundry from 2024 to 2025; Vice Chairman, Kioxia, Inc. from 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. |
50 RICs consisting of 83 Portfolios |
None |
| Stayce D. Harris 1959 |
Director (Since 2021) |
Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. |
50 RICs consisting of 83 Portfolios |
KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer) |
| J. Phillip Holloman 1955 |
Director (Since 2021) |
Board Chairman, Vestis Corporation since 2023; Interim Executive Chairman, President and Chief Executive Officer of Vestis Corporation from April 2025 to July 2025; President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. |
50 RICs consisting of 83 Portfolios |
Vestis Corporation (uniforms and facilities services) |
Director and Officer Information 137
Director and Officer Information (continued)
| Independent Directors(a) (continued) | ||||
| Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years |
| Arthur P. Steinmetz 1958 |
Director (Since 2023) |
Trustee of Denison University since 2020; Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014. |
52 RICs consisting of 85 Portfolios |
None |
| Interested Directors(a)(d) | ||||
| Name Year of Birth(b) |
Position(s) Held (Length of Service)(c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years |
| Robert Fairbairn 1965 |
Director (Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Operating Committee; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. |
76 RICs consisting of 255 Portfolios |
None |
| John M. Perlowski 1964 |
Director (Since 2015) President and Chief Executive Officer (Since 2010) |
Senior Managing Director of BlackRock, Inc. since 2026; Managing Director of BlackRock, Inc. from 2009 to 2025; Member of BlackRock’s Global Executive Committee since 2025; Head of BlackRock Global Business Operations Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. |
78 RICs consisting of 257 Portfolios |
None |
| (a) |
The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| (b) |
Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. |
| (c) |
Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. Certain other Independent Directors became members of the boards of the closed-end funds in the Fixed Income Complex as follows: Cynthia L. Egan, 2016. |
| (d) |
Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
138
2026 BlackRock Annual Report to Shareholders
Director and Officer Information (continued)
| Officers Who Are Not Directors(a) | ||
| Name Year of Birth(b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past 5 Years |
| Stephen Minar 1984 |
Vice President (Since 2025) |
Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| Trent Walker 1974 |
Chief Financial Officer (Since 2021) |
Managing Director of BlackRock, Inc. since 2019. |
| Jay M. Fife 1970 |
Treasurer (Since 2007) |
Managing Director of BlackRock, Inc. since 2007. |
| Charles Park 1967 |
Chief Compliance Officer (Since 2026; and from 2014- 2023) |
Managing Director of BlackRock, Inc. (since 2006); Chief Compliance Officer of BlackRock Advisors, LLC (since 2014) and BlackRock Fund Advisors (since 2006); Chief Compliance Officer of the iShares Complex (since 2026 and 2006-2023); Chief Compliance Officer of the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2026 and 2014-2023). |
| Janey Ahn 1975 |
Secretary (Since 2012) |
Managing Director of BlackRock, Inc. since 2018. |
| (a) |
The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| (b) |
Officers of the Fund serve at the pleasure of the Board. |
| Effective March 9, 2026, Catherine A. Lynch resigned as a Director of the Funds. |
| Effective March 17, 2026, Walter O’Connor is no longer a portfolio manager of the Funds. |
| Effective July 31, 2026, Charles Park has succeeded Aaron Wasserman as Chief Compliance Officer. |
| Effective September 8, 2026, Frank Mahoney was appointed as a Director of the Funds. |
Director and Officer Information 139
Additional Information
Proxy Results
The Annual Meeting of Shareholders was held on July 22, 2026 for shareholders of record on May 26, 2026 to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.
Shareholders elected the Class I Directors as follows:
| |
Lorenzo A. Flores |
R. Glenn Hubbard |
John M. Perlowski |
W. Carl Kester(a) | ||||
| Fund Name |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
| MUA |
42,507,238 |
1,391,295 |
30,305,579 |
13,592,954 |
42,543,462 |
1,355,071 |
2,060 |
450 |
| MQY |
122,514,199 |
5,999,072 |
94,947,003 |
33,566,268 |
122,536,357 |
5,976,914 |
6,967 |
1,511 |
| MYI |
103,366,463 |
4,479,092 |
74,853,208 |
32,992,347 |
103,526,129 |
4,319,426 |
5,877 |
0 |
| BTT |
53,188,968 |
2,104,922 |
52,944,395 |
2,349,495 |
53,213,022 |
2,080,868 |
6,685 |
0 |
| MHD |
145,486,716 |
4,762,795 |
117,300,677 |
32,948,834 |
145,475,108 |
4,774,403 |
7,178 |
0 |
| (a) |
Voted on by holders of Preferred Shares only. |
For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Robert Fairbairn, Stayce D. Harris, J. Phillip Holloman, Arthur P. Steinmetz, and Cynthia L. Egan.
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 the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ 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. The ESG characteristics utilized in the Funds’ 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. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital. 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, other than MUA are not continuously offered, which means that the Statement of Additional Information of each Fund, other than MUA 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, 2025. 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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds’ portfolios.
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, shareholder 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.
140
2026 BlackRock Annual Report to Shareholders
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
The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Funds. The BAIS Guidelines are available at www.blackrock.com.
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 July 17, 2026, MUA’s registration statement with the SEC to issue additional Common Shares through a Shelf Offering was declared effective. MUA may not sell any Common Shares in a Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. 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 MUA, 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, when available.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Canton, MA 02021
VRDP Liquidity Provider
Bank of America, N.A.(a)
New York, NY 10036
New York, NY 10036
Additional Information 141
Additional Information (continued)
Fund and Service Providers (continued)
Barclays Bank PLC(b)
New York, New York 10019
New York, New York 10019
Royal Bank of Canada(c)
New York, NY 10281
New York, NY 10281
The Toronto-Dominion Bank(c),(d)
New York, NY 10019
New York, NY 10019
VRDP Remarketing Agent
BofA Securities, Inc.(a)
New York, NY 10036
New York, NY 10036
Barclays Capital Inc.(b)
New York, New York 10019
New York, New York 10019
RBC Capital Markets, LLC(c)
New York, NY 10281
New York, NY 10281
TD Securities (USA) LLC(c),(d)
New York, NY 10019
New York, NY 10019
(a) For MUA.
(b) For BTT.
(c) For MQY.
(d) For MYI.
(b) For BTT.
(c) For MQY.
(d) For MYI.
VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent
The Bank of New York Mellon
New York, NY 10286
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Boston, MA 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Wilmington, DE 19809
142
2026 BlackRock Annual Report to Shareholders
Glossary of Terms Used in this Report
| Portfolio Abbreviation | |
| AGM |
Assured Guaranty Municipal Corp. |
| AGM-CR |
AGM Insured Custodial Receipt |
| AMBAC |
AMBAC Assurance Corp. |
| AMT |
Alternative Minimum Tax |
| ARB |
Airport Revenue Bonds |
| BAB |
Build America Bond |
| BAM |
Build America Mutual Assurance Co. |
| BAM-TCRS |
Build America Mutual Assurance Co. - Transferable Custodial Receipts |
| BHAC-CR |
Berkshire Hathaway Assurance Corp. - Custodian Receipt |
| CAB |
Capital Appreciation Bonds |
| COP |
Certificates of Participation |
| CR |
Custodian Receipt |
| FGIC |
Financial Guaranty Insurance Co. |
| FHLMC |
Federal Home Loan Mortgage Corp. |
| FNMA |
Federal National Mortgage Association |
| GNMA |
Government National Mortgage Association |
| GO |
General Obligation Bonds |
| GOL |
General Obligation Ltd. |
| 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 |
| RB |
Revenue Bonds |
| S/F |
Single-Family |
| SAB |
Special Assessment Bonds |
| SAN |
State Aid Notes |
| SAP |
Subject to Appropriations |
| SAW |
State Aid Withholding |
| SONYMA |
State of New York Mortgage Agency |
| ST |
Special Tax |
| TA |
Tax Allocation |
| UT |
Unlimited Tax |
Glossary of Terms Used in this Report 143
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-07/26-AR
