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    SEC Form N-CSRS filed by Blackrock MuniHoldings New Jersey Quality Fund Inc.

    4/3/24 1:15:29 PM ET
    $MUJ
    Investment Bankers/Brokers/Service
    Finance
    Get the next $MUJ alert in real time by email
    N-CSRS 1 d790947dncsrs.htm BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND, INC. BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND, INC.

    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: 811-08621

     

    Name of Fund:   BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

     

    Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

    Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings New Jersey Quality 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: 07/31/2024

    Date of reporting period: 01/31/2024


    Item 1 –

    Report to Stockholders

    (a) The Report to Shareholders is attached herewith.


     

    LOGO

      JANUARY 31, 2024

     

      

    2024 Semi-Annual Report

    (Unaudited)

     

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

    BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

    BlackRock New York Municipal Income Trust (BNY)

    BlackRock Virginia Municipal Bond Trust (BHV)

     

     

     

     

     

     

    Not FDIC Insured • May Lose Value • No Bank Guarantee


    The Markets in Review

    Dear Shareholder,

    The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

    Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

    The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

    The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

    Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

    Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

    Sincerely,

     

    LOGO

    Rob Kapito

    President, BlackRock Advisors, LLC

    LOGO

    Rob Kapito

    President, BlackRock Advisors, LLC

     

    Total Returns as of January 31, 2024

     

     
        

     

     6-Month 

     

       

     

     12-Month 

     

     
       

    U.S. large cap equities
    (S&P 500® Index)

        6.43%       20.82%  
       

    U.S. small cap equities

    (Russell 2000® Index)

        (2.02)        2.40    
       

    International equities
    (MSCI Europe, Australasia,
    Far East Index)

        3.15         10.01    
       

    Emerging market equities

    (MSCI Emerging Markets Index)

        (6.00)        (2.94)   
       

    3-month Treasury bills
    (ICE BofA 3-Month
    U.S. Treasury Bill Index)

        2.73         5.13    
       

    U.S. Treasury securities
    (ICE BofA 10-Year
    U.S. Treasury Index)

        1.74         (0.38)   
       

    U.S. investment grade bonds  (Bloomberg U.S. Aggregate Bond Index)

        3.15         2.10    
       

    Tax-exempt municipal bonds
    (Bloomberg Municipal Bond Index)

        2.70         2.90    
       

    U.S. high yield bonds
    (Bloomberg U.S. Corporate High Yield 2%
    Issuer Capped Index)

        6.18         9.28    

    Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

     

     

     

     

    2  

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


    Table of Contents

     

     

         

    Page

     

     

    The Markets in Review

         2  

    Semi-Annual Report:

      

    Municipal Market Overview

         4  

    The Benefits and Risks of Leveraging

         5  

    Derivative Financial Instruments

         5  

    Fund Summary

         6  

    Financial Statements:

      

    Schedules of Investments

         20  

    Statements of Assets and Liabilities

         55  

    Statements of Operations

         57  

    Statements of Changes in Net Assets

         59  

    Statements of Cash Flows

         63  

    Financial Highlights

         65  

    Notes to Financial Statements

         78  

    Additional Information

         89  

    Glossary of Terms Used in this Report

         91  

     

     

      3


    Municipal Market Overview For the Reporting Period Ended January 31, 2024

     

     

    Municipal Market Conditions

    Municipals struggled at the start of the period as the Fed continued its tightening policy, raising fed fund rates to 5.25%–5.50%, before pausing in September. Subsequently, falling inflation, weakening economic growth, and the prolonged Fed pause led to more dovish expectations for monetary policy, causing a strong interest rate rally into year-end. As a result, municipals posted their strongest performance since the mid-1980s during the fourth quarter of 2023 before taking a step back to reassess macro expectations at the end of the period. Lower-rated credits and the long-end of the curve performed best.

     

    During the 12-months ended January 31, 2024, municipal bond funds experienced net outflows totaling $20 billion (based on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the same time, the market contended with just $368 billion in issuance, a small increase from the $347 billion issued during the prior 12-month period, as issuers shied away from rising rates and volatility.

     

     

     Bloomberg Municipal Bond Index

    Total Returns as of January 31, 2024

     6 months: 2.70%

    12 months: 2.90%

    A Closer Look at Yields

     

    LOGO

     

    From January 31, 2023, to January 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.20% to 3.52%, ten-year yields increased by 19 bps from 2.19% to 2.38%, five-year yields increased by 31 bps from 2.05% to 2.36%, and two-year yields increased by 47 bps from 2.17% to 2.64% (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 flattening by 15 bps to a slope of 88 bps. Still, the curve remained relatively steep compared to the inverted U.S. Treasury curve.

     

    Outperformance throughout the period pushed relative valuations to extremely rich levels. Municipal-to-Treasury ratios ended well through their 5-year averages across the curve, with intermediate maturities approaching all-time lows.

    Financial Conditions of Municipal Issuers

    With reserves at nearly an all-time high and debt service burden at a 50-year low, states are well-positioned to weather a potential economic slowdown. However, tax receipts are diverging for the states that primarily rely on consumption taxes, compared to their peers that depend on income taxes. State median revenues declined by a slight 1% for the rolling 12-months ending September 2023. States with regimes that favor sales taxes, such as Florida, Nevada, Texas, Tennessee, and Washington, all experienced positive revenue growth, while states that depend on personal income taxes, such as California and New York, experienced much greater declines in receipts, by 23% and 16%, respectively. Particularly in California’s case, the rating agencies have been patient, but the risk of downgrades has increased significantly. Meanwhile spreads remain surprisingly tight, reflecting investor indifference. Personal income tax collections should improve this April, due to a rebound in the financial markets, which should alleviate the strain on New York’s budget, but California will need to enact significant corrective action to address its reported $68 billion deficit. No sector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and can raise user fees or taxes to cover operations. Across all muni sectors, we anticipate borrowing to increase modestly in 2024 due to various potential factors: revenue shortfalls, aversion to fee increases, reluctance to cut programs, no future federal stimulus, preference to maintain liquidity, and deferral of capital expenditures. Patient investors will have better options in 2024 to buy solid credits in the primary market or discounted names in the secondary market.

    The opinions expressed are those of BlackRock as of January 31, 2024 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

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

     

     

    4  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    The Benefits and Risks of Leveraging

     

     

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

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

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

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

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

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

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

    Derivative Financial Instruments

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

     

     

    T H E  B E N E F I T S  A N D  R I S K S  O F  L E V E R A G I N G  /  D E R I V A T I V E  F I N A N C I A L  I N S T R U M E N T S

      5


    Fund Summary as of January 31, 2024

     

       BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

     

    Investment Objective

    BlackRock MuniHoldings New Jersey Quality Fund, Inc.’s (MUJ) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income tax and New Jersey personal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from U.S federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and New Jersey personal income taxes. The municipal obligations in which the Fund primarily invests are either rated investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. Under normal market conditions, the Fund invests at least 80% of its assets in municipal obligations with remaining maturities of one year or more at the time of investment. 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.

    Fund Information

     

    Symbol on New York Stock Exchange

      MUJ

    Initial Offering Date

      March 11, 1998

    Yield on Closing Market Price as of January 31, 2024 ($11.56)(a)

      5.19%

    Tax Equivalent Yield(b)

      10.71%

    Current Monthly Distribution per Common Share(c)

      $0.050000

    Current Annualized Distribution per Common Share(c)

      $0.600000

    Leverage as of January 31, 2024(d)

      38%

     

      (a) 

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

     
      (b) 

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.55%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 11.56      $ 11.20        3.21 %     $ 11.58      $ 9.77  

    Net Asset Value

         13.22        13.03        1.46        13.38        11.75  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         3.80 %       4.19 %       2.07 %       4.08 % 

    Fund at Market Price(a)(b)

         5.60        1.78        2.53        3.76  

    New Jersey Customized Reference Benchmark(c)

         2.72        3.51        2.86        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a) 

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

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

    Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

     

     

    6  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

     

    At a time of positive market performance, all sectors delivered gains. State tax-backed issues were the top performer, aided by holdings in Puerto Rico. All ratings tiers, maturities, and coupons produced positive absolute returns, with the strongest results coming from A rated bonds, securities maturing in 20 years or more, and 4%, 5%, and 5.25% coupons, respectively.

    The Fund’s cash position was above typical levels at the close of the period. The state of New Jersey has improved its budget deficits and reduced its debt outstanding, which has led to lower state-specific supply. With fewer opportunities to source attractive New Jersey tax-exempt bonds, the Fund held a higher cash reserve than it did in the past. However, the cash balance is earned an attractive yield on a historical basis and was less of a drag on performance than it would have been when interest rates were near zero.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    Transportation

        33.1 % 

    State

        18.8  

    Education

        14.3  

    County/City/Special District/School District

        11.7  

    Health

        6.3  

    Tobacco

        5.4  

    Corporate

        5.0  

    Utilities

        3.5  

    Housing

        1.9  

    CALL/MATURITY SCHEDULE

     

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

    2024

        25.5 % 

    2025

        7.3  

    2026

        4.5  

    2027

        8.9  

    2028

        23.3  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        1.7 % 

    AA/Aa

        34.9  

    A

        39.0  

    BBB/Baa

        17.3  

    BB/Ba

        1.1  

    B

        0.3  

    N/R(e)

        5.7  
     

     

    (a) 

    Excludes short-term securities.

     
    (b) 

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

     
    (c) 

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      7


    Fund Summary as of January 31, 2024 

     

       BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

     

    Investment Objective

    BlackRock MuniHoldings New York Quality Fund, Inc.’s (MHN) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income tax and New York State and New York City personal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in investment grade (as rated or, if unrated, considered to be of comparable quality at the time of investment by the Fund’s investment adviser) New York municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and New York State and New York City personal income taxes (“New York Municipal Bonds”), except at times when, in the judgment of its investment adviser, New York Municipal Bonds of sufficient quality and quantity are unavailable for investment by the Fund. At all times, except during temporary defensive periods, the Fund invests at least 65% of its assets in New York Municipal Bonds. The Fund invests, under normal market conditions, at least 80% of its assets in municipal obligations with remaining maturities of one year or more. 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. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

    Fund Information

     

    Symbol on New York Stock Exchange

       MHN

    Initial Offering Date

       September 19, 1997

    Yield on Closing Market Price as of January 31, 2024 ($10.61)(a)

       4.92%

    Tax Equivalent Yield(b)

       10.19%

    Current Monthly Distribution per Common Share(c)

       $0.043500

    Current Annualized Distribution per Common Share(c)

       $0.522000

    Leverage as of January 31, 2024(d)

       40%

     

      (a)

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

     
      (b) 

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 10.61      $ 10.44        1.63 %     $ 10.66      $ 8.70  

    Net Asset Value

         12.22        12.12        0.83        12.41        10.60  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         3.10 %       3.35 %       1.36 %       3.52 % 

    Fund at Market Price(a)(b)

         3.92        0.50        1.25        2.88  

    New York Customized Reference Benchmark(c)

         2.97        3.44        2.08        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a) 

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

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

    Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

     

     

    8  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

     

    Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. With respect to credit tiers, AA rated bonds were the largest contributor due to their sizable weighting in both the New York market and the Fund. BBB rated securities, which consisted mainly of holdings in the transportation and higher education sectors, also aided results. The Fund further benefited from its positions in the tax-backed sector and Puerto Rico.

    The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    Transportation

        32.3 % 

    County/City/Special District/School District

        17.7  

    Utilities

        14.1  

    State

        10.7  

    Education

        9.6  

    Housing

        5.7  

    Health

        4.8  

    Corporate

        3.8  

    Tobacco

        1.3  

    CALL/MATURITY SCHEDULE

     

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

    2024

        8.7 % 

    2025

        8.0  

    2026

        2.4  

    2027

        9.8  

    2028

        10.7  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        8.5 % 

    AA/Aa

        56.3  

    A

        19.5  

    BBB/Baa

        8.8  

    BB/Ba

        0.3  

    B

        0.3  

    N/R(e)

        6.3  
     

     

    (a) 

    Excludes short-term securities.

     
    (b) 

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

     
    (c) 

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.2% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      9


    Fund Summary as of January 31, 2024 

     

       BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

     

    Investment Objective

    BlackRock MuniYield Michigan Quality Fund, Inc.’s (MIY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal and Michigan income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and Michigan income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. 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 October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III (MYI) announced the withdrawal of the merger proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving Fund.

    Fund Information

     

    Symbol on New York Stock Exchange

       MIY

    Initial Offering Date

       October 30, 1992

    Yield on Closing Market Price as of January 31, 2024 ($11.37)(a)

       4.91%

    Tax Equivalent Yield(b)

       8.90%

    Current Monthly Distribution per Common Share(c)

       $0.046500

    Current Annualized Distribution per Common Share(c)

       $0.558000

    Leverage as of January 31, 2024(d)

       38%

     

      (a)

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

     
      (b)

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 44.85%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 11.37      $ 11.12        2.25 %     $ 11.68      $ 9.47  

    Net Asset Value

         13.17        12.94        1.78        13.36        11.44  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         3.98 %       4.22 %       1.89 %       4.20 % 

    Fund at Market Price(a)(b)

         4.46        0.18        2.06        3.71  

    Michigan Customized Reference Benchmark(c)

         2.90        3.21        2.18        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a) 

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

     

     

    10  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

     

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

    Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

    The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers.

    Security selection in the school district sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    County/City/Special District/School District

        23.2 % 

    Education

        20.0  

    Health

        16.0  

    State

        15.9  

    Utilities

        11.3  

    Housing

        6.3  

    Transportation

        5.7  

    Tobacco

        1.6  

    CALL/MATURITY SCHEDULE

     

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

    2024

        14.9 % 

    2025

        6.0  

    2026

        9.5  

    2027

        3.8  

    2028

        13.0  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        0.9 % 

    AA/Aa

        73.9  

    A

        15.0  

    BBB/Baa

        2.6  

    BB/Ba

        0.2  

    N/R(e)

        7.4  
     

     

    (a)

    Excludes short-term securities.

     
    (b)

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

     
    (c)

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.7% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      11


    Fund Summary as of January 31, 2024 

     

       BlackRock MuniYield New York Quality Fund, Inc. (MYN)

     

    Investment Objective

    BlackRock MuniYield New York Quality Fund, Inc.’s (MYN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and New York State and New York City personal income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. 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.

    Fund Information

     

    Symbol on New York Stock Exchange

       MYN

    Initial Offering Date

       February 28, 1992

    Yield on Closing Market Price as of January 31, 2024 ($10.23)(a)

       5.18%

    Tax Equivalent Yield(b)

       10.72%

    Current Monthly Distribution per Common Share(c)

       $0.044200

    Current Annualized Distribution per Common Share(c)

       $0.530400

    Leverage as of January 31, 2024(d)

       36%

     

      (a)

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

     
      (b)

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 10.23      $ 10.08        1.49 %     $ 10.44      $ 8.48  

    Net Asset Value

         11.84        11.70        1.20        12.03        10.26  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         3.47 %       3.80 %       1.51 %       3.52 % 

    Fund at Market Price(a)(b)

         3.77        1.36        1.26        2.72  

    New York Customized Reference Benchmark(c)

         2.97        3.44        2.08        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a) 

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

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

    Municipal bonds posted solid gains in the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

     

     

    12  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock MuniYield New York Quality Fund, Inc. (MYN)

     

    Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. With respect to credit tiers, AA rated bonds were the largest contributor due to their sizable weighting in both the New York market and the Fund. BBB rated securities, which consisted mainly of holdings in the transportation and higher education sectors, also aided results. The Fund further benefited from its positions in the tax-backed sector and Puerto Rico.

    The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    Transportation

        26.3 % 

    County/City/Special District/School District

        20.7  

    Utilities

        15.4  

    State

        13.2  

    Education

        9.3  

    Housing

        5.0  

    Health

        4.6  

    Corporate

        4.1  

    Tobacco

        1.4  

    CALL/MATURITY SCHEDULE

     

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

    2024

        7.6 % 

    2025

        8.8  

    2026

        2.2  

    2027

        8.9  

    2028

        10.2  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        8.8 % 

    AA/Aa

        57.5  

    A

        19.2  

    BBB/Baa

        7.5  

    BB/Ba

        0.5  

    B

        0.3  

    N/R(e)

        6.2  
     

     

    (a) 

    Excludes short-term securities.

     
    (b) 

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

     
    (c) 

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.3% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      13


    Fund Summary as of January 31, 2024 

     

       BlackRock MuniYield Pennsylvania Quality Fund (MPA)

     

    Investment Objective

    BlackRock MuniYield Pennsylvania Quality Fund’s (MPA) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal and Pennsylvania income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and Pennsylvania income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. 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 October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III (MYI) announced the withdrawal of the merger proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving Fund.

    Fund Information

     

    Symbol on New York Stock Exchange

       MPA

    Initial Offering Date

       October 30, 1992

    Yield on Closing Market Price as of January 31, 2024 ($11.83)(a)

       4.87%

    Tax Equivalent Yield(b)

       8.68%

    Current Monthly Distribution per Common Share(c)

       $0.048000

    Current Annualized Distribution per Common Share(c)

       $0.576000

    Leverage as of January 31, 2024(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 and state tax rate of 43.87%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 11.83      $ 11.69        1.20 %     $ 11.83      $ 9.90  

    Net Asset Value

         13.17        13.09        0.61        13.34        11.54  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         2.72 %       2.36 %       1.45 %       3.62 % 

    Fund at Market Price(a)(b)

         3.32        6.34        2.13        3.81  

    Pennsylvania Customized Reference Benchmark(c)

         2.24        2.53        2.06        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a)

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

     
      (b) 

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

     
      (c)

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

     
      (d)

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

     

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

    Past performance is not an indication of future results.

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

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

     

     

    14  

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    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock MuniYield Pennsylvania Quality Fund (MPA)

     

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

    Municipal bonds posted solid gains in the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

    At a time of positive market performance, all sectors delivered gains. Healthcare, state tax-backed, and education made the largest contributions. All ratings tiers, maturities, and coupons delivered positive absolute returns, with the strongest results coming from A and AA bonds, securities maturing in 15 years or more, and 4% and 5% coupons, respectively. Bonds with lower coupons and lower dollar prices generally outperformed higher-coupon issues priced at a premium. The only notable detractors were a few individual positions that posted negative returns due to issuer-specific factors.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    Health

        23.0 % 

    Transportation

        20.4  

    Education

        18.0  

    County/City/Special District/School District

        14.3  

    Utilities

        7.4  

    State

        7.0  

    Housing

        4.2  

    Tobacco

        4.0  

    Corporate

        1.7  

    CALL/MATURITY SCHEDULE

     

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

    2024

        10.7 % 

    2025

        11.5  

    2026

        6.6  

    2027

        10.2  

    2028

        20.4  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        0.9 % 

    AA/Aa

        47.9  

    A

        29.2  

    BBB/Baa

        7.8  

    BB/Ba

        2.6  

    B

        0.6  

    N/R(e)

        11.0  
     

     

    (a) 

    Excludes short-term securities.

     
    (b) 

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

     
    (c) 

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      15


    Fund Summary as of January 31, 2024 

     

       BlackRock New York Municipal Income Trust (BNY)

     

    Investment Objective

    BlackRock New York Municipal Income Trust’s (BNY) (the “Fund”) investment objective is to provide current income exempt from regular U.S. federal income tax and New York State and New York City personal income taxes. The Fund seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Fund invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Fund’s investment adviser to be of comparable quality, at the time of investment. 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.

    Fund Information

     

    Symbol on New York Stock Exchange

       BNY

    Initial Offering Date

       July 27, 2001

    Yield on Closing Market Price as of January 31, 2024 ($10.54)(a)

       4.90%

    Tax Equivalent Yield(b)

       10.14%

    Current Monthly Distribution per Common Share(c)

       $0.043000

    Current Annualized Distribution per Common Share(c)

       $0.516000

    Leverage as of January 31, 2024(d)

       38%

     

      (a) 

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

     
      (b) 

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 10.54      $ 10.35        1.84 %     $ 10.65      $ 8.66  

    Net Asset Value

         12.18        12.05        1.08        12.37        10.43  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         3.22 %       3.43 %       1.08 %       3.55 % 

    Fund at Market Price(a)(b)

         4.00        (1.84 )       0.75        2.62  

    New York Customized Reference Benchmark(c)

         2.97        3.44        2.08        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a) 

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

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

    Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

    Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors, as well. With respect to credit tiers, AA rated bonds were the largest contributor due to their sizable weighting in both the New York market and the Fund. BBB rated securities, which consisted mainly of holdings in the transportation and higher education sectors, also aided results. The Fund further benefited from its positions in the tax-backed sector and Puerto Rico.

     

     

    16  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock New York Municipal Income Trust (BNY)

     

    The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    Transportation

        26.1 % 

    County/City/Special District/School District

        16.7  

    Utilities

        16.1  

    Education

        12.4  

    State

        11.7  

    Health

        5.4  

    Housing

        4.8  

    Corporate

        4.6  

    Tobacco

        2.2  

    CALL/MATURITY SCHEDULE

     

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

    2024

        11.1 % 

    2025

        6.6  

    2026

        2.4  

    2027

        5.9  

    2028

        7.7  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        6.9 % 

    AA/Aa

        52.5  

    A

        21.8  

    BBB/Baa

        8.7  

    BB/Ba

        0.4  

    B

        1.5  

    N/R(e)

        8.2  
     

     

    (a)

    Excludes short-term securities.

     
    (b) 

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

     
    (c) 

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      17


    Fund Summary as of January 31, 2024 

     

       BlackRock Virginia Municipal Bond Trust (BHV)

     

    Investment Objective

    BlackRock Virginia Municipal Bond Trust’s (BHV) (the “Fund”) investment objective is to provide current income exempt from regular U.S. federal income tax and Virginia personal income taxes. The Fund seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax) and Virginia personal income taxes. The Fund invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment or, if unrated, determined to be of comparable quality at the time of investment by the Fund’s investment adviser. 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 October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III (MYI) announced the withdrawal of the merger proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving Fund.

    Fund Information

     

    Symbol on New York Stock Exchange

       BHV

    Initial Offering Date

       April 30, 2002

    Yield on Closing Market Price as of January 31, 2024 ($10.78)(a)

       4.40%

    Tax Equivalent Yield(b)

       8.23%

    Current Monthly Distribution per Common Share(c)

       $0.039500

    Current Annualized Distribution per Common Share(c)

       $0.474000

    Leverage as of January 31, 2024(d)

       37%

     

      (a) 

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

     
      (b) 

    Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 46.55%, 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

     

          01/31/24      07/31/23      Change      High      Low  

    Closing Market Price

       $ 10.78      $ 10.78        0.00 %     $ 11.07      $ 8.91  

    Net Asset Value

         12.49        12.44        0.40        12.69        10.73  

    Performance

    Returns for the period ended January 31, 2024 were as follows:

     

                Average Annual Total Returns  
          6-month      1 Year      5 Years      10 Years  

    Fund at NAV(a)(b)

         2.23 %       0.30 %       0.14 %       2.37 % 

    Fund at Market Price(a)(b)

         1.82        (5.98 )       (3.42 )       0.57  

    Virginia Customized Reference Benchmark(c)

         2.63        2.72        2.03        N/A  

    Bloomberg Municipal Bond Index(d)

         2.70        2.90        2.00        2.78  

     

      (a)

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

     
      (b) 

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

     
      (c) 

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

     
      (d) 

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

     

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

    Past performance is not an indication of future results.

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

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

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

    Municipal bonds posted solid gains in the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

     

     

    18  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Fund Summary as of January 31, 2024 (continued)

     

       BlackRock Virginia Municipal Bond Trust (BHV)

     

    Holdings in long-dated securities, which outperformed the broader market, contributed the most to performance given their high weighting in the Fund. Positions in high-quality bonds, especially in the tax-backed state and local government sectors, were positive contributors. Tobacco sector holdings were also notable contributors given their longer duration (higher interest rate sensitivity). This included non-Virginia state securities that the Fund’s investment adviser determined would accrue higher after-tax income for Virginia-based investors. The Fund’s use of leverage contributed to returns by increasing overall portfolio duration and income. While higher short-term borrowing costs reduced the income benefit of leverage, the adviser actively engaged in tax-loss selling and rotated the proceeds into higher-yielding securities.

    The rally across fixed-income markets in the latter half of the period compressed municipal valuations versus U.S. Treasuries. This was particularly true in high-quality states with scarce new issuance, including Virginia. As a result, very few portfolio holdings produced negative returns during the period.

    The Fund continued to use U.S. Treasury futures in an effort to mitigate interest rate risk, which detracted from performance at a time in which yields fell.

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

    Overview of the Fund’s Total Investments

     

    SECTOR ALLOCATION

     

    Sector(a)(b)   Percentage of
    Total Investments
     

    County/City/Special District/School District

        19.5 % 

    State

        15.8  

    Health

        12.9  

    Housing

        12.1  

    Transportation

        11.2  

    Tobacco

        7.9  

    Corporate

        7.7  

    Utilities

        6.8  

    Education

        6.1  

    CALL/MATURITY SCHEDULE

     

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

    2024

        13.9 % 

    2025

        2.2  

    2026

        8.1  

    2027

        11.8  

    2028

        4.6  

    CREDIT QUALITY ALLOCATION

     

    Credit Rating(a)(d)   Percentage of
    Total Investments
     

    AAA/Aaa

        13.7 % 

    AA/Aa

        48.3  

    A

        12.7  

    BBB/Baa

        3.3  

    B

        4.6  

    N/R(e)

        17.4  
     

     

    (a) 

    Excludes short-term securities.

     
    (b) 

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

     
    (c)

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

     
    (d) 

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

     
    (e) 

    The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3.2% of the Fund’s total investments.

     

     

     

    F U N D S U M M A R Y

      19


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds

       
    New Jersey — 132.9%            
    Corporate — 7.6%            

    New Jersey Economic Development Authority, ARB

       

    Series A, AMT, 5.63%, 11/15/30

      $      1,730     $     1,738,139  

    Series B, AMT, 5.63%, 11/15/30

        6,900       6,953,281  

    New Jersey Economic Development Authority, RB

       

    Series A, (NPFGC), 5.25%, 07/01/25(a)

        950       977,912  

    Series A, (NPFGC), 5.25%, 07/01/26(a)

        1,415       1,490,137  

    AMT, 4.00%, 08/01/59

        1,000       890,131  

    New Jersey Economic Development Authority, Refunding RB

       

    3.38%, 04/01/38

        4,040       3,784,708  

    3.50%, 04/01/42

        3,030       2,734,093  

    AMT, 3.00%, 08/01/41

        19,020       15,742,446  

    AMT, 3.00%, 08/01/43

        23,960       19,332,284  
       

     

     

     
          53,643,131  
    County/City/Special District/School District — 16.0%        

    City of Bayonne New Jersey, Refunding GO, (BAM SAW), 5.00%, 07/01/26(b)

        2,425       2,553,364  

    Clifton Board of Education, GO

       

    (AGM), 2.00%, 08/15/41

        6,150       4,216,207  

    (AGM), 2.25%, 08/15/46

        6,150       3,987,722  

    County of Essex New Jersey, GO, Series B, 3.00%, 09/01/46

        1,700       1,365,393  

    County of Middlesex New Jersey, Refunding COP, 5.00%, 10/15/31

        2,840       3,129,628  

    Essex County Improvement Authority, Refunding RB

       

    (NPFGC GTD), 5.50%, 10/01/27

        250       275,535  

    (NPFGC GTD), 5.50%, 10/01/28

        9,380       10,616,442  

    (NPFGC GTD), 5.50%, 10/01/29

        8,505       9,863,908  

    Ewing Township Board of Education, GO

       

    4.00%, 07/15/38

        2,660       2,728,025  

    4.00%, 07/15/39

        2,320       2,366,540  

    Hudson County Improvement Authority, RB

       

    5.00%, 05/01/46

        5,655       5,806,887  

    Series A-1, (NPFGC GTD), 0.00%, 12/15/32(c)

        1,000       765,795  

    Mercer County Improvement Authority, RB, 5.00%, 09/01/40

        2,480       2,569,461  

    Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(d)(e)

        2,350       29,022  

    Monroe Township Board of Education/Middlesex County, Refunding GO, 5.00%, 03/01/25(b)

        2,750       2,809,970  

    New Jersey Economic Development Authority, RB

       

    5.00%, 06/15/43

        10,690       11,314,573  

    Series B, AMT, 6.50%, 04/01/31

        3,690       3,727,172  

    New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28

        3,548       3,599,561  

    Newark Board of Education, Refunding GO, Sustainability Bonds, (BAM), 3.00%, 07/15/42

        1,500       1,208,797  

    Township of Irvington New Jersey, Refunding GO, Series A, (AGM SAW), 5.00%, 07/15/24(b)

        1,175       1,185,163  

    Union County Improvement Authority, Refunding RB, 5.00%, 03/01/34

        1,000       1,135,463  

    Union County Utilities Authority, Refunding RB, Series A, AMT, (GTD), 5.25%, 12/01/31

        36,835       36,903,307  
       

     

     

     
          112,157,935  
    Education — 21.6%            

    Atlantic County Improvement Authority, RB, Series A, (AGM), 4.00%, 07/01/46

        2,250       2,200,054  
    Security  

    Par

    (000)

        Value  

    Education (continued)

       

    Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/52

      $        780     $       848,866  

    Gloucester County Improvement Authority, RB, 5.00%, 07/01/44

        1,985       2,017,821  

    Middlesex County Improvement Authority, RB, 5.00%, 08/15/53

        3,125       3,401,092  

    New Jersey Economic Development Authority, RB 6.00%, 10/01/33

        4,440       4,447,937  

    Series A, 5.00%, 07/01/27(f)

        275       270,830  

    Series A, 5.13%, 11/01/29(f)

        145       142,163  

    Series A, 5.00%, 01/01/35

        2,000       1,936,137  

    Series A, 5.25%, 07/01/37(f)

        1,030       976,089  

    Series A, 5.00%, 07/01/38

        350       358,142  

    Series A, 6.25%, 11/01/38(f)

        440       445,985  

    Series A, 5.38%, 07/01/47(f)

        1,685       1,507,988  

    Series A, 5.00%, 12/01/48

        4,475       4,569,067  

    Series A, 5.00%, 06/15/49(f)

        970       909,007  

    Series A, 5.00%, 01/01/50

        1,235       1,133,139  

    Series A, 5.00%, 07/01/50

        905       889,160  

    Series A, 6.50%, 11/01/52(f)

        2,490       2,506,405  

    Series A, 5.00%, 06/15/54(f)

        730       671,991  

    Series A, 5.25%, 11/01/54(f)

        4,040       3,480,711  

    Series WW, 5.00%, 06/15/25(b)

        8,615       8,857,924  

    Series WW, 5.25%, 06/15/25(b)

        8,755       9,033,108  

    New Jersey Economic Development Authority, Refunding RB

       

    (AGM), 5.00%, 06/01/37

        6,270       6,525,879  

    (AGM), 5.00%, 06/01/42

        810       835,096  

    Series A, 4.25%, 09/01/27(f)

        160       156,943  

    Series A, 5.63%, 08/01/34(f)

        630       631,946  

    Series A, 5.00%, 09/01/37(f)

        805       782,315  

    Series A, 5.88%, 08/01/44(f)

        1,070       1,071,166  

    Series A, 6.00%, 08/01/49(f)

        555       555,655  

    Series A, 5.13%, 09/01/52(f)

        1,700       1,550,893  

    New Jersey Educational Facilities Authority, RB

       

    Series A, 5.25%, 09/01/53

        2,445       2,664,790  

    Series C, (AGM), 3.25%, 07/01/49

        1,060       795,022  

    Series C, (AGM), 4.00%, 07/01/50

        895       805,399  

    New Jersey Educational Facilities Authority, Refunding RB

       

    Series A, 5.00%, 07/01/39

        15,555       15,663,649  

    Series A, 5.00%, 07/01/44

        14,500       14,532,294  

    Series A, 4.00%, 07/01/47

        2,100       1,920,738  

    Series D, 5.00%, 07/01/38

        1,000       1,001,391  

    Series D, 5.00%, 07/01/43

        600       600,283  

    New Jersey Higher Education Student Assistance Authority, RB

       

    Series 1A-1, AMT, 4.00%, 12/01/29

        930       930,100  

    Series 1A-1, AMT, 4.25%, 12/01/32

        335       351,894  

    Series 1A-1, AMT, 4.50%, 12/01/36

        295       310,394  

    Series B, AMT, 4.00%, 12/01/44

        1,575       1,499,117  

    Series C, AMT, 5.00%, 12/01/53

        985       960,982  

    Sub-Series C, AMT, 4.00%, 12/01/48

        3,210       2,873,184  

    New Jersey Higher Education Student Assistance Authority, Refunding RB

       

    Series B, AMT, 3.00%, 12/01/32

        4,635       4,516,016  

    Series B, AMT, 4.00%, 12/01/41

        3,265       3,255,354  

    Sub-Series C, AMT, 3.63%, 12/01/49

        1,925       1,511,149  

    Series C, AMT, Subordinate, 5.00%, 12/01/52

        18,705       18,930,720  
     

     

     

    20  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Education (continued)

       

    New Jersey Institute of Technology, RB

       

    Series A, 5.00%, 07/01/45

      $     13,000     $    13,222,144  

    Series A, AMT, 5.00%, 07/01/40

        3,000       3,090,750  
       

     

     

     
          152,148,879  
    Health — 9.5%            

    Camden County Improvement Authority, Refunding RB, 5.00%, 02/15/24(b)

        2,590       2,591,708  

    Middlesex County Improvement Authority, RB, AMT, (AMBAC), 5.50%, 09/01/30

        400       400,498  

    New Jersey Economic Development Authority, Refunding RB

       

    5.00%, 01/01/34

        1,230       1,180,733  

    5.00%, 01/01/39

        1,980       1,776,550  

    5.00%, 01/01/49

        1,500       1,237,084  

    New Jersey Health Care Facilities Financing Authority, RB

       

    5.00%, 07/01/42

        2,000       2,069,177  

    2.38%, 07/01/46

        3,735       2,431,002  

    4.00%, 07/01/47

        5,555       5,339,973  

    3.00%, 07/01/51

        14,850       11,562,301  

    4.00%, 07/01/51

        10,000       9,699,437  

    Series A, 5.50%, 07/01/43

        5,505       5,515,305  

    Series B, VRDN, 2.50%, 02/01/24(g)(h)

        10,450       10,450,000  

    New Jersey Health Care Facilities Financing Authority, Refunding RB

       

    5.00%, 07/01/28

        2,820       2,824,343  

    5.00%, 07/01/29

        715       716,114  

    5.00%, 07/01/34

        2,190       2,302,439  

    4.00%, 07/01/41

        3,000       3,011,839  

    Series A, 4.00%, 07/01/43

        3,500       3,494,880  
       

     

     

     
          66,603,383  
    Housing — 2.8%            

    New Jersey Housing & Mortgage Finance Agency, RB, Series A, (AGM), 5.00%, 05/01/27

        1,570       1,571,208  

    New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series H, Sustainability Bonds, 2.15%, 10/01/41

        2,995       2,162,551  

    New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing

       

    Series A, 2.45%, 11/01/45

        860       588,591  

    Series A, 4.00%, 11/01/48

        675       634,744  

    Series A, 2.55%, 11/01/50

        780       518,096  

    Series A, 4.10%, 11/01/53

        400       366,912  

    Series A, 2.63%, 11/01/56

        780       496,419  

    Series D, AMT, 4.25%, 11/01/37

        1,750       1,683,406  

    Series D, AMT, 4.35%, 11/01/42

        1,000       936,128  

    Series A, Sustainability Bonds, 2.65%, 11/01/46

        1,150       823,664  

    Series A, Sustainability Bonds, 2.70%, 11/01/51

        1,150       782,331  

    Series A, Sustainability Bonds, 2.75%, 11/01/56

        1,150       757,840  

    New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing

       

    Series A, 3.75%, 10/01/35

        5,295       5,003,878  

    Series E, 2.40%, 10/01/45

        1,885       1,411,566  

    Newark Housing Authority, RB, M/F Housing, Series A, AMT, 5.00%, 12/01/30

        2,000       2,002,984  
       

     

     

     
          19,740,318  
    State — 20.5%            

    Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39

        13,410       13,524,553  
    Security  

    Par

    (000)

        Value  

    State (continued)

       

    Casino Reinvestment Development Authority, Inc., Refunding RB (continued)

       

    5.25%, 11/01/44

      $     15,755     $    15,843,179  

    Garden State Preservation Trust, RB(c)

       

    Series B, (AGM), 0.00%, 11/01/25

        10,000       9,462,099  

    Series B, (AGM), 0.00%, 11/01/26

        6,000       5,511,420  

    Series B, (AGM), 0.00%, 11/01/27

        4,000       3,566,827  

    Series B, (AGM), 0.00%, 11/01/28

        4,540       3,929,579  

    New Jersey Economic Development Authority, RB 5.00%, 12/15/28(b)

        6,305       7,022,201  

    4.00%, 06/15/49

        5,310       5,065,432  

    Series A, (NPFGC), 5.25%, 07/01/24

        1,785       1,795,485  

    Series A, (NPFGC), 5.25%, 07/01/25

        7,915       8,086,159  

    Series A, (NPFGC), 5.25%, 07/01/26

        6,085       6,327,816  

    Series A, 5.00%, 06/15/42

        2,000       2,100,629  

    Series B, 5.00%, 06/15/35

        3,750       4,100,787  

    Series B, 5.00%, 06/15/43

        3,470       3,672,738  

    New Jersey Economic Development Authority, Refunding RB

       

    4.00%, 07/01/46

        5,025       5,048,633  

    Series N-1, (NPFGC), 5.50%, 09/01/27

        1,000       1,091,171  

    Sub-Series A, 4.00%, 07/01/32

        5,000       5,006,635  

    Sub-Series A, 5.00%, 07/01/33

        5,050       5,226,910  

    Sub-Series A, 4.00%, 07/01/34

        8,570       8,784,042  

    New Jersey Educational Facilities Authority, RB

       

    Series A, 4.00%, 09/01/28

        9,705       9,751,187  

    Series A, 5.00%, 09/01/32

        4,000       4,044,523  

    Series A, 5.00%, 09/01/33

        5,370       5,430,707  

    State of New Jersey, GO

       

    2.00%, 06/01/37

        5,825       4,387,659  

    5.00%, 06/01/38

        5,085       5,511,255  
       

     

     

     
          144,291,626  
    Tobacco — 8.2%            

    Tobacco Settlement Financing Corp., Refunding RB

       

    Series A, 5.00%, 06/01/35

        4,695       4,958,270  

    Series A, 5.00%, 06/01/46

        10,000       10,187,106  

    Series A, 5.25%, 06/01/46

        6,500       6,705,333  

    Sub-Series B, 5.00%, 06/01/46

        35,420       35,782,318  
       

     

     

     
          57,633,027  
    Transportation — 41.4%            

    New Jersey Economic Development Authority, RB

       

    4.00%, 11/01/44

        4,715       4,719,762  

    5.00%, 11/01/52

        1,000       1,067,485  

    Class A, 5.25%, 11/01/47

        7,800       8,599,621  

    AMT, (AGM), 5.00%, 01/01/31

        1,000       1,000,611  

    AMT, 5.13%, 01/01/34

        2,290       2,291,555  

    AMT, 5.38%, 01/01/43

        23,510       23,530,808  

    AMT, 5.63%, 01/01/52

        1,000       1,000,922  

    New Jersey Economic Development Authority, Refunding ARB

       

    AMT, 5.00%, 10/01/37

        8,200       8,354,021  

    AMT, 5.00%, 10/01/47

        6,200       6,211,100  

    New Jersey Transportation Trust Fund Authority, RB

       

    5.00%, 06/15/42

        785       868,135  

    5.25%, 06/15/46

        790       877,725  

    4.50%, 06/15/49

        4,600       4,683,086  

    Class BB, 5.00%, 06/15/36

        3,750       4,264,522  

    Class BB, 4.00%, 06/15/37

        1,550       1,612,817  

    Class BB, 4.00%, 06/15/40

        6,000       6,129,064  

    Class BB, 4.00%, 06/15/50

        8,290       7,914,633  

    Series A, (NPFGC), 5.75%, 06/15/24

        1,205       1,215,837  
     

     

     

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

      21


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Transportation (continued)

       

    New Jersey Transportation Trust Fund Authority, RB (continued)

       

    Series A, 5.00%, 06/15/30

      $      4,250     $     4,455,317  

    Series AA, 5.25%, 06/15/34

        1,305       1,345,734  

    Series AA, 4.00%, 06/15/36

        2,565       2,665,306  

    Series AA, 5.00%, 06/15/38

        11,830       11,918,568  

    Series AA, 5.25%, 06/15/41

        5,000       5,094,165  

    Series AA, 4.00%, 06/15/45

        10,980       10,799,934  

    Series AA, 5.00%, 06/15/45

        5,000       5,349,415  

    Series AA, 4.00%, 06/15/50

        13,535       12,955,563  

    Series B, 5.00%, 06/15/33

        2,450       2,694,526  

    Series BB, 4.00%, 06/15/44

        5,100       5,088,390  

    Series BB, 4.00%, 06/15/50

        10,100       9,671,468  

    Series BB, 5.25%, 06/15/50

        19,575       21,521,251  

    Series C, (AGM), 0.00%, 12/15/32(c)

        14,050       10,597,048  

    Series C, (AMBAC), 0.00%, 12/15/35(c)

        8,300       5,384,652  

    Series C, (AMBAC), 0.00%, 12/15/36(c)

        7,210       4,432,751  

    Series D, 5.00%, 06/15/32

        3,300       3,355,756  

    New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

        6,000       3,890,967  

    New Jersey Transportation Trust Fund Authority, Refunding RB

       

    4.00%, 12/15/39

        4,795       4,885,373  

    Series A, 4.00%, 06/15/35

        1,605       1,689,861  

    Series A, 5.00%, 12/15/35

        2,000       2,182,805  

    Series A, 4.00%, 06/15/36

        3,695       3,859,611  

    Series A, 5.00%, 12/15/36

        500       542,868  

    Series A, 5.25%, 06/15/41

        4,000       4,584,056  

    Series AA, 4.25%, 06/15/44

        6,170       6,277,741  

    New Jersey Turnpike Authority, RB

       

    Series A, 5.00%, 01/01/34

        2,500       2,652,667  

    Series A, 4.00%, 01/01/42

        4,000       4,039,705  

    Series A, 4.00%, 01/01/51

        5,000       4,970,550  

    Series E, 5.00%, 01/01/45

        8,720       8,832,169  

    New Jersey Turnpike Authority, Refunding RB

       

    Series A, (AGM), 5.25%, 01/01/29

        4,000       4,471,975  

    Series A, (BHAC-CR AGM), 5.25%, 01/01/29

        500       563,605  

    Series A, (AGM), 5.25%, 01/01/30

        4,000       4,561,895  

    Series A, 4.00%, 01/01/39

        7,175       7,461,927  

    South Jersey Port Corp., ARB

       

    Series A, 5.00%, 01/01/49

        4,150       4,303,194  

    Series B, AMT, 5.00%, 01/01/42

        12,870       13,234,554  

    South Jersey Transportation Authority, RB

       

    Series A, (AGM-CR), 4.00%, 11/01/50

        4,260       4,079,403  

    Series A, Subordinate, (BAM), 4.00%, 11/01/50

        2,000       1,949,988  
       

     

     

     
          290,706,462  
    Utilities — 5.3%            

    Passaic Valley Sewerage Commission, Refunding RB

       

    Series J, (AGM), 3.00%, 12/01/40

        2,060       1,782,259  

    Series J, (AGM), 3.00%, 12/01/41

        2,110       1,796,981  

    Series J, (AGM), 3.00%, 12/01/42

        2,155       1,808,356  

    Series J, (AGM), 3.00%, 12/01/43

        2,205       1,825,628  

    Series J, (AGM), 3.00%, 12/01/44

        2,255       1,838,873  

    Series J, (AGM), 3.00%, 12/01/45

        2,305       1,852,149  

    Rahway Valley Sewerage Authority, RB(c)

       

    Series A, (NPFGC), 0.00%, 09/01/26

        4,100       3,805,758  

    Series A, (NPFGC), 0.00%, 09/01/28

        6,600       5,791,032  
    Security  

    Par

    (000)

        Value  

    Utilities (continued)

       

    Rahway Valley Sewerage Authority, RB(c) (continued)

       

    Series A, (NPFGC), 0.00%, 09/01/29

      $      9,650     $     8,218,292  

    Series A, (NPFGC), 0.00%, 09/01/31

        6,000       4,799,956  

    Series A, (NPFGC), 0.00%, 09/01/33

        5,000       3,726,546  
       

     

     

     
          37,245,830  
       

     

     

     
    Total Municipal Bonds in New Jersey         934,170,591  
    New York — 6.5%            
    Transportation — 6.5%            

    Port Authority of New York & New Jersey, ARB

       

    Series 93, 6.13%, 06/01/94

        6,000       6,068,967  

    AMT, 5.00%, 11/01/30

        2,000       2,180,360  

    AMT, 5.00%, 11/01/33

        1,030       1,116,364  

    AMT, 4.00%, 11/01/37

        1,715       1,729,328  

    AMT, 4.00%, 09/01/38

        1,085       1,089,882  

    Series 218, AMT, 5.00%, 11/01/32

        3,105       3,373,197  

    Series 218, AMT, 4.00%, 11/01/47

        835       800,463  

    Series 221, AMT, 4.00%, 07/15/40

        1,500       1,485,660  

    Series 221, AMT, 4.00%, 07/15/50

        4,415       4,191,557  

    Port Authority of New York & New Jersey, Refunding ARB

       

    AMT, 5.00%, 01/15/47

        2,720       2,896,296  

    AMT, 5.00%, 01/15/52

        5,000       5,242,664  

    Series 206, AMT, 5.00%, 11/15/42

        4,475       4,626,523  

    Series 206, AMT, 5.00%, 11/15/47

        6,500       6,656,634  

    Series 223, AMT, 4.00%, 07/15/41

        2,530       2,495,353  

    Series 238, AMT, 5.00%, 07/15/39

        1,670       1,831,284  
       

     

     

     
    Total Municipal Bonds in New York         45,784,532  
    Pennsylvania — 2.2%            
    Transportation — 2.2%            

    Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42

        2,460       2,576,262  

    Delaware River Port Authority, RB

       

    5.00%, 01/01/37

        7,330       7,344,756  

    5.00%, 01/01/40

        5,000       5,007,495  
       

     

     

     
    Total Municipal Bonds in Pennsylvania         14,928,513  
    Puerto Rico — 5.1%            
    State — 5.1%            

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        2,878       2,819,778  

    Series A-1, Restructured, 5.00%, 07/01/58

        12,951       12,950,833  

    Series A-2, Restructured, 4.78%, 07/01/58

        2,906       2,840,615  

    Series A-2, Restructured, 4.33%, 07/01/40

        12,863       12,769,743  

    Series B-1, Restructured, 4.75%, 07/01/53

        333       324,653  

    Series B-2, Restructured, 4.78%, 07/01/58

        618       599,918  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

        11,852       3,643,431  
       

     

     

     
    Total Municipal Bonds in Puerto Rico         35,948,971  
       

     

     

     

    Total Municipal Bonds — 146.7%
    (Cost: $1,028,473,222)

          1,030,832,607  
       

     

     

     
     

     

     

    22  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds Transferred to Tender Option Bond Trusts(i)

     

    New Jersey — 4.4%        
    County/City/Special District/School District — 1.7%        

    Union County Utilities Authority, Refunding RB, Series A, 5.00%, 06/15/41

      $ 11,685     $ 11,711,202  
     

     

     

     
    State — 2.7%        

    Garden State Preservation Trust, RB, Series A, 5.75%, 11/01/28

        17,920       19,231,522  
     

     

     

     

    Total Municipal Bonds in New Jersey

     

        30,942,724  
     

     

     

     
    Total Municipal Bonds Transferred to Tender
     Option Bond Trusts — 4.4%
     (Cost: $29,996,637)
        30,942,724  
     

     

     

     
    Total Long-Term Investments — 151.1%
     (Cost: $1,058,469,859)
        1,061,775,331  
     

     

     

     
         Shares         
    Short-Term Securities        
    Money Market Funds — 8.4%        

    BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(j)(k)

        59,230,892       59,236,815  
     

     

     

     
    Total Short-Term Securities — 8.4%
     (Cost: $59,226,733)
        59,236,815  
     

     

     

     
    Total Investments — 159.5%
     (Cost: $1,117,696,592)
        1,121,012,146  
    Other Assets Less Liabilities — 2.5%     17,798,600  

    Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.8)%

     

        (19,430,768 ) 

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (59.2)%

     

        (416,378,416 ) 
     

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 703,001,562  
     

     

     

     

     

    (a)

    Security is collateralized by municipal bonds or U.S. Treasury obligations.

    (b)

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

    (c) 

    Zero-coupon bond.

    (d)

    Issuer filed for bankruptcy and/or is in default.

    (e) 

    Non-income producing security.

    (f)

    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.

    (g) 

    Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

    (h) 

    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.

    (i)

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

    (j)

    Affiliate of the Fund.

    (k) 

    Annualized 7-day yield as of period end.

     

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds, MuniCash, Institutional Class

       $ 104,186,840      $ —      $ (44,958,168 )(a)     $ 5,753      $ 2,390      $ 59,236,815        59,230,892      $ 1,249,013      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (a)

    Represents net amount purchased (sold).

     

     

     

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

      23


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

     

    Fair Value Hierarchy as of Period End

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

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

     

          Level 1        Level 2        Level 3        Total  

    Assets

                     

    Investments

                     

    Long-Term Investments

                     

    Municipal Bonds

       $ —        $ 1,030,832,607        $ —        $ 1,030,832,607  

    Municipal Bonds Transferred to Tender Option Bond Trusts

         —          30,942,724          —          30,942,724  

    Short-Term Securities

                     

    Money Market Funds

         59,236,815          —          —          59,236,815  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ 59,236,815        $ 1,061,775,331        $    —        $ 1,121,012,146  
      

     

     

          

     

     

          

     

     

          

     

     

     

    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

       $ —        $ (19,284,999 )       $ —        $ (19,284,999 ) 

    VRDP Shares at Liquidation Value

         —          (417,100,000 )         —          (417,100,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $    —        $ (436,384,999 )       $    —        $ (436,384,999 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    24  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds

       
    Alabama — 0.3%            
    Corporate — 0.3%            

    Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

      $      1,185     $     1,251,271  
       

     

     

     
    Guam — 0.2%            
    Utilities — 0.2%            

    Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/41

        580       606,824  
       

     

     

     
    New York — 152.9%            
    Corporate — 4.9%            

    New York Liberty Development Corp., RB, 5.50%, 10/01/37

        830       977,085  

    New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35

        5,500       6,455,283  

    New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34

        740       758,155  

    New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(a)

        1,370       1,337,344  

    New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40

        2,215       2,398,402  

    New York Transportation Development Corp., RB

       

    AMT, 5.00%, 10/01/35

        2,165       2,260,211  

    AMT, 5.00%, 10/01/40

        2,400       2,465,826  

    New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31

        1,465       1,340,889  
       

     

     

     
          17,993,195  
    County/City/Special District/School District — 28.5%  

    Battery Park City Authority, RB

       

    Series A, Sustainability Bonds, 5.00%, 11/01/41

        665       762,452  

    Series A, Sustainability Bonds, 5.00%, 11/01/42

        1,290       1,471,017  

    Series A, Sustainability Bonds, 5.00%, 11/01/43

        1,565       1,776,645  

    Series A, Sustainability Bonds, 5.00%, 11/01/48

        1,495       1,659,961  

    City of New York, GO

       

    Series A, 5.00%, 08/01/51

        995       1,097,211  

    Series A-1, 4.00%, 09/01/46

        1,975       2,011,833  

    Series A-1, 5.00%, 08/01/47

        2,410       2,622,794  

    Series B, 5.25%, 10/01/47

        4,605       5,173,165  

    Series F-1, 5.00%, 04/01/45

        4,950       5,234,322  

    Series F-1, 4.00%, 03/01/47

        2,270       2,291,280  

    Series I, 5.00%, 03/01/36

        2,500       2,504,520  

    Sub-Series D-1, 5.50%, 05/01/46

        1,140       1,308,255  

    Sub-Series E-1, 4.00%, 04/01/45

        2,155       2,187,348  

    County of Nassau New York, GO

       

    Series A, 5.00%, 01/15/31

        1,400       1,491,231  

    Series C, 5.00%, 10/01/31

        1,980       2,138,186  

    County of Nassau New York, Refunding GO, Series B, (AGM), 5.00%, 04/01/40

        1,795       1,968,608  

    Ithaca City School District, Refunding GO, (BAM SAW), 2.00%, 06/15/33

        365       312,185  

    Mahopac Central School District, Refunding GO, (SAW), 2.00%, 06/01/32

        555       488,653  

    New York City Industrial Development Agency, RB, (AGC), 0.00%, 03/01/39(b)

        1,380       729,021  

    New York City Industrial Development Agency, Refunding RB, (AGM), 4.00%, 03/01/45

        3,600       3,527,575  
    Security  

    Par

    (000)

        Value  

    County/City/Special District/School District (continued)

     

    New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43

      $      1,660     $     1,744,398  

    New York City Transitional Finance Authority Future Tax Secured Revenue, RB

       

    Series A-1, 5.00%, 08/01/38

        3,440       3,686,020  

    Series A-1, 5.00%, 11/01/38

        950       953,027  

    Series B-1, 5.00%, 08/01/45

        6,575       6,861,571  

    Sub-Series A-3, 4.00%, 08/01/43

        2,790       2,795,548  

    Sub-Series B-1, 5.00%, 11/01/35

        2,100       2,109,690  

    Sub-Series B-1, 5.00%, 11/01/36

        1,690       1,696,526  

    Sub-Series E-1, 5.00%, 02/01/43

        1,645       1,714,738  

    Subordinate, 4.00%, 02/01/39

        1,350       1,397,534  

    Series A, Subordinate, 4.00%, 05/01/53

        1,365       1,341,497  

    Series C, Subordinate, 4.00%, 05/01/45

        1,825       1,816,943  

    Series F-1, Subordinate, 5.00%, 02/01/44

        355       394,055  

    New York City Transitional Finance Authority, RB, Subordinate, 5.25%, 05/01/50

        2,745       3,111,298  

    New York Convention Center Development Corp., RB, CAB(b)

       

    Series B, Sub Lien, 0.00%, 11/15/42

        2,185       889,903  

    Series B, Sub Lien, 0.00%, 11/15/47

        5,600       1,720,862  

    Series B, Sub Lien, 0.00%, 11/15/48

        2,665       780,648  

    Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55

        2,485       539,550  

    Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/56

        3,315       685,388  

    New York Convention Center Development Corp., Refunding RB

       

    5.00%, 11/15/40

        6,150       6,289,333  

    5.00%, 11/15/45

        12,215       12,427,343  

    New York Liberty Development Corp., Refunding RB

       

    Class 1, 5.00%, 11/15/44(c)

        5,075       5,068,656  

    Series A, Sustainability Bonds, 3.00%, 11/15/51

        1,460       1,091,172  

    South Glens Falls Central School District, Refunding GO

       

    Series A, (SAW), 2.00%, 07/15/34

        1,160       981,177  

    Series A, (SAW), 2.00%, 07/15/35

        685       566,056  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

       

    Class A, 4.00%, 05/15/57

        1,300       1,212,939  

    Series A, 4.13%, 05/15/53

        1,705       1,714,301  

    Yonkers Industrial Development Agency, Refunding RB, (SAW), 4.00%, 05/01/41

        1,000       1,012,534  
       

     

     

     
          105,358,969  
    Education — 15.5%            

    Albany Capital Resource Corp., Refunding RB(d)(e)

       

    4.00%, 07/01/41

        740       412,164  

    4.00%, 07/01/51

        765       433,617  

    Build NYC Resource Corp., Refunding RB, Series A, 5.00%, 06/01/43

        450       452,181  

    Dobbs Ferry Local Development Corp., RB, 5.00%, 07/01/39

        750       754,759  

    Dutchess County Local Development Corp., RB

       

    5.00%, 07/01/43

        1,140       1,191,443  

    5.00%, 07/01/48

        285       295,041  

    5.00%, 07/01/52

        1,365       1,439,688  

    Dutchess County Local Development Corp., Refunding RB

       

    5.00%, 07/01/42

        985       1,039,671  

    4.00%, 07/01/46

        1,535       1,538,801  

    4.00%, 07/01/49

        1,655       1,661,420  
     

     

     

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

      25


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Education (continued)

       

    Madison County Capital Resource Corp., RB

       

    Series B, 5.00%, 07/01/40

      $       685     $      708,922  

    Series B, 5.00%, 07/01/43

        2,480       2,551,277  

    Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53

        2,200       2,398,562  

    Monroe County Industrial Development Corp., Refunding RB

       

    Series A, 4.00%, 07/01/39

        350       351,766  

    Series A, 4.00%, 07/01/50

        12,085       12,091,600  

    New York State Dormitory Authority, RB

       

    Series 1, (AMBAC), 5.50%, 07/01/40

        3,500       4,330,587  

    Series A, 5.00%, 07/01/46

        410       415,434  

    Sustainability Bonds, 5.00%, 07/01/48

        500       544,994  

    New York State Dormitory Authority, Refunding RB 5.00%, 07/01/44

        1,900       1,908,312  

    Series A, 5.00%, 07/01/35

        1,030       1,041,928  

    Series A, 5.00%, 07/01/43

        1,520       1,536,291  

    Series A, 5.00%, 07/01/48

        5,600       5,690,574  

    Onondaga County Trust for Cultural Resources, Refunding RB

       

    5.00%, 12/01/38

        1,490       1,637,370  

    5.00%, 12/01/39

        2,650       2,902,571  

    4.00%, 12/01/47

        1,350       1,348,686  

    Orange County Funding Corp., Refunding RB

       

    Series A, 5.00%, 07/01/37

        715       715,917  

    Series A, 5.00%, 07/01/42

        445       445,162  

    Troy Capital Resource Corp., Refunding RB

       

    5.00%, 09/01/35

        450       492,770  

    5.00%, 09/01/36

        2,360       2,557,702  

    5.00%, 09/01/39

        450       475,341  

    4.00%, 09/01/40

        1,320       1,300,281  

    Trust for Cultural Resources of The City of New York, Refunding RB

       

    Series A, 5.00%, 07/01/37

        1,775       1,789,107  

    Series A, 5.00%, 07/01/41

        750       756,358  
       

     

     

     
          57,210,297  
    Health — 7.7%            

    Build NYC Resource Corp., RB

       

    Class A, 5.25%, 07/01/37

        1,250       1,164,382  

    Class A, 5.50%, 07/01/47

        765       694,883  

    Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52

        1,325       1,370,364  

    Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

        240       191,261  

    Monroe County Industrial Development Corp., RB

       

    4.00%, 12/01/41

        500       450,646  

    Series A, 5.00%, 12/01/37

        1,180       1,180,576  

    Monroe County Industrial Development Corp., Refunding RB

       

    4.00%, 12/01/38

        1,150       1,075,544  

    4.00%, 12/01/39

        475       440,193  

    4.00%, 12/01/46

        4,595       3,941,928  

    New York State Dormitory Authority, RB

       

    Series A, 4.00%, 07/01/50

        895       871,382  

    Series C, 4.25%, 05/01/39

        1,000       1,000,294  

    Series D, 4.25%, 05/01/39

        685       685,201  

    New York State Dormitory Authority, Refunding RB

       

    4.00%, 07/01/45

        380       276,065  

    4.00%, 07/01/47

        2,660       2,574,676  

    4.25%, 05/01/52

        3,645       3,535,445  

    5.00%, 05/01/52

        4,875       5,113,906  
    Security  

    Par

    (000)

        Value  

    Health (continued)

       

    New York State Dormitory Authority, Refunding RB (continued)

       

    Series A, 5.00%, 05/01/32

      $      2,645     $    2,701,008  

    Suffolk County Economic Development Corp., RB,

       

    Series C, 5.00%, 07/01/32

        460       463,102  

    Westchester County Local Development Corp., Refunding RB(c)

       

    5.00%, 07/01/41

        510       444,340  

    5.00%, 07/01/56

        570       454,325  
       

     

     

     
          28,629,521  
    Housing — 9.1%            

    New York City Housing Development Corp, RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48

        1,880       1,909,793  

    New York City Housing Development Corp., RB, M/F Housing

       

    Series G, 4.75%, 11/01/48

        1,650       1,675,149  

    Sustainability Bonds, 4.80%, 02/01/53

        5,265       5,323,124  

    Class F-1, Sustainability Bonds, 4.60%, 11/01/42

        225       228,392  

    Series A, Sustainability Bonds, 4.75%, 11/01/48

        365       370,784  

    Series E-1, Sustainability Bonds, (SONYMA), 4.20%, 11/01/42

        920       893,864  

    Series E-1, Sustainability Bonds, 4.85%, 11/01/53

        3,660       3,732,195  

    New York City Housing Development Corp., Refunding RB

       

    Sustainability Bonds, 4.25%, 11/01/43

        3,315       3,277,523  

    Series F-1-A, Sustainability Bonds, 3.30%, 11/01/46

        460       395,932  

    New York City Housing Development Corp., Refunding RB, M/F Housing

       

    Sustainability Bonds, 3.85%, 05/01/58

        1,726       1,447,280  

    Series B-1-A, Sustainability Bonds, 3.75%, 11/01/54

        1,345       1,132,651  

    New York State Housing Finance Agency, RB, M/F Housing

       

    Series A, AMT, 4.65%, 11/15/38

        550       550,131  

    Series B-1, Sustainability Bonds, (SONYMA), 4.85%, 11/01/48

        1,310       1,345,163  

    Series C-1, Sustainability Bonds, (SONYMA), 4.65%, 11/01/48

        515       521,341  

    New York State Housing Finance Agency, Refunding RB, Series C, (FNMA, SONYMA), 3.85%, 11/01/39

        2,005       1,894,359  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing

       

    Series 255, (SONYMA), 4.70%, 10/01/43

        1,055       1,066,799  

    Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48

        3,410       3,454,125  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB

       

    Series 218, AMT, 3.60%, 04/01/33

        855       856,609  

    Series 218, AMT, 3.85%, 04/01/38

        115       115,555  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing

       

    Series 190, 3.80%, 10/01/40

        1,395       1,395,145  

    Series 194, AMT, 3.80%, 04/01/28

        2,065       2,060,931  
       

     

     

     
          33,646,845  
    State — 11.9%            

    New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-3, Subordinate, (SAW), 4.00%, 07/15/38

        2,880       2,940,995  
     

     

     

    26  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    State (continued)

       

    New York State Dormitory Authority, RB

       

    Series A, 5.00%, 03/15/38

      $      3,425     $    3,659,558  

    Series A, 5.00%, 03/15/40

        3,700       3,876,484  

    Series A, 5.00%, 03/15/44

        5,225       5,497,914  

    Series A, 5.00%, 03/15/45

        2,700       2,821,656  

    New York State Dormitory Authority, Refunding RB

       

    Series A, 5.00%, 03/15/46

        1,190       1,311,699  

    Series D, 5.00%, 02/15/48

        1,755       1,883,350  

    New York State Urban Development Corp., RB

       

    Series A, 4.00%, 03/15/45

        5,265       5,269,181  

    Series A, 5.00%, 03/15/46

        3,320       3,678,113  

    Series A, 3.00%, 03/15/50

        3,105       2,417,063  

    New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46

        6,880       6,820,723  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52

        3,315       3,690,742  
       

     

     

     
          43,867,478  
    Tobacco — 2.1%            

    Chautauqua Tobacco Asset Securitization Corp., Refunding RB

       

    4.75%, 06/01/39

        1,875       1,793,416  

    5.00%, 06/01/48

        680       648,681  

    New York Counties Tobacco Trust VI, Refunding RB

       

    Series A-2B, 5.00%, 06/01/45

        260       241,199  

    Series A-2B, 5.00%, 06/01/51

        1,015       918,507  

    Series B, 5.00%, 06/01/41

        575       579,742  

    Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 05/15/40

        1,500       1,500,630  

    TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/35

        260       271,970  

    Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

        1,680       1,679,750  
       

     

     

     
          7,633,895  
    Transportation — 50.7%            

    Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%, 01/01/47

        1,865       1,926,840  

    Hudson Yards Infrastructure Corp., Refunding RB

       

    Series A, 5.00%, 02/15/42

        3,760       3,912,323  

    Series A, (AGM), 4.00%, 02/15/47

        2,425       2,363,577  

    Metropolitan Transportation Authority, RB

       

    Series B, 5.25%, 11/15/38

        1,000       1,005,872  

    Series B, 5.25%, 11/15/44

        1,000       1,006,186  

    Series D-2, Sustainability Bonds, 4.00%, 11/15/48

        1,590       1,485,837  

    Series D-3, Sustainability Bonds, 4.00%, 11/15/49

        2,720       2,536,111  

    Metropolitan Transportation Authority, Refunding RB

       

    Series A, 5.00%, 11/15/48

        3,485       3,820,526  

    Series A, 5.00%, 11/15/49

        1,895       2,074,485  

    Series B, 5.25%, 11/15/55

        1,920       1,943,364  

    Sub-Series C-1, 5.00%, 11/15/34

        1,845       1,909,582  

    Series A-1, Sustainability Bonds, (AGM), 4.00%, 11/15/54

        1,760       1,677,299  

    Series C-1, Sustainability Bonds, 4.75%, 11/15/45

        3,765       3,884,839  

    Sub-Series C-1, Sustainability Bonds, 5.00%, 11/15/34

        1,500       1,617,606  

    MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

        5,410       5,410,056  

    New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28

        705       705,262  

    New York Liberty Development Corp., Refunding RB Series 1, 2.25%, 02/15/41

        1,800       1,377,926  
    Security  

    Par

    (000)

        Value  

    Transportation (continued)

       

    New York Liberty Development Corp., Refunding RB (continued)

       

    Series 1, 3.00%, 02/15/42

      $        925     $      788,887  

    New York State Thruway Authority, RB

       

    Series N, 4.00%, 01/01/43

        5,300       5,360,735  

    Series N, 4.00%, 01/01/44

        2,250       2,265,015  

    Series A, Junior Lien, 5.00%, 01/01/36

        1,400       1,450,379  

    New York State Thruway Authority, Refunding RB

       

    Series A, 5.00%, 03/15/46

        8,230       9,116,194  

    Series A, 5.00%, 03/15/48

        5,000       5,502,531  

    Series K, 5.00%, 01/01/29

        1,750       1,782,934  

    Series O, 4.00%, 01/01/44

        1,640       1,651,351  

    Series P, 5.25%, 01/01/54(f)

        1,065       1,182,565  

    Series B, Subordinate, 4.00%, 01/01/45

        4,950       4,835,923  

    Series B, Subordinate, 4.00%, 01/01/50

        2,645       2,500,829  

    New York Transportation Development Corp., ARB

       

    AMT, 5.00%, 12/01/34

        1,660       1,815,265  

    AMT, 5.00%, 12/01/35

        3,405       3,687,041  

    AMT, 5.00%, 12/01/36

        1,720       1,852,641  

    AMT, 5.00%, 12/01/41

        450       469,951  

    Series A, AMT, 5.00%, 07/01/46

        6,745       6,747,268  

    Series A, AMT, 5.25%, 01/01/50

        8,845       8,846,032  

    New York Transportation Development Corp., RB

       

    AMT, 4.00%, 10/31/46

        1,510       1,368,060  

    AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/43

        2,220       2,393,790  

    AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49

        3,105       3,202,294  

    AMT, Sustainability Bonds, 6.00%, 06/30/54

        5,250       5,773,996  

    New York Transportation Development Corp., Refunding RB

       

    5.00%, 12/01/32

        1,600       1,806,203  

    Series A, AMT, 5.00%, 12/01/25

        2,690       2,741,120  

    Series A, AMT, 5.00%, 12/01/32

        1,000       1,095,755  

    Niagara Frontier Transportation Authority, Refunding ARB

       

    AMT, 5.00%, 04/01/34

        100       105,180  

    AMT, 5.00%, 04/01/35

        90       94,637  

    AMT, 5.00%, 04/01/36

        95       99,414  

    AMT, 5.00%, 04/01/37

        110       114,670  

    AMT, 5.00%, 04/01/38

        55       57,084  

    AMT, 5.00%, 04/01/39

        80       82,882  

    Port Authority of New York & New Jersey, ARB

       

    Series 218, AMT, 5.00%, 11/01/44

        1,850       1,925,962  

    Series 221, AMT, 4.00%, 07/15/55

        7,275       6,672,888  

    Port Authority of New York & New Jersey, Refunding ARB

       

    Series 198, 5.25%, 11/15/56

        760       786,857  

    AMT, 5.00%, 10/15/34

        1,660       1,723,074  

    Series 177, AMT, 4.00%, 01/15/43

        285       274,874  

    Series 223, AMT, 4.00%, 07/15/39

        2,825       2,832,546  

    Series 231, AMT, 5.50%, 08/01/47

        3,190       3,511,129  

    Series 234, AMT, 5.50%, 08/01/52

        1,330       1,460,327  

    Port Authority of New York & New Jersey, Refunding RB

       

    Series 226, AMT, 5.00%, 10/15/39

        3,105       3,332,962  

    Series 242, AMT, 5.00%, 12/01/39

        680       748,067  

    Triborough Bridge & Tunnel Authority, RB

       

    Series A, 5.00%, 11/15/47

        3,735       4,094,036  

    Sub-Series B-1, 5.00%, 11/15/48

        1,530       1,684,895  
     

     

     

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

      27


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  
    Transportation (continued)            

    Triborough Bridge & Tunnel Authority, Refunding RB

       

    5.00%, 11/15/46

      $      4,760     $    5,011,391  

    Series A-1, 5.00%, 05/15/51

        1,460       1,569,377  

    Series B, 5.00%, 11/15/37

        8,225       8,755,050  

    Series C, 5.00%, 05/15/47

        3,925       4,291,900  

    Series C, 4.13%, 05/15/52

        7,080       7,100,084  

    Series C, 5.25%, 05/15/52

        4,650       5,133,959  

    Series C, Sustainability Bonds, 5.25%, 11/15/42

        615       715,767  

    Triborough Bridge & Tunnel Authority, Refunding RB, CAB(b)

       

    Series B, 0.00%, 11/15/28

        3,215       2,826,092  

    Series B, 0.00%, 11/15/32

        7,670       5,653,588  
       

     

     

     
          187,553,142  
    Utilities — 22.5%            

    Long Island Power Authority, RB

       

    5.00%, 09/01/35

        1,000       1,105,866  

    5.00%, 09/01/36

        825       894,079  

    5.00%, 09/01/37

        3,175       3,466,362  

    (BAM-TCRS), 5.00%, 09/01/42

        4,645       4,917,962  

    5.00%, 09/01/47

        1,355       1,421,493  

    Series E, Sustainability Bonds, 5.00%, 09/01/48

        625       696,928  

    Series E, Sustainability Bonds, 5.00%, 09/01/53

        2,335       2,576,687  

    Long Island Power Authority, Refunding RB, Series B, 5.00%, 09/01/41

        750       783,933  

    New York City Municipal Water Finance Authority, RB

       

    Series BB-1, 3.00%, 06/15/50

        2,270       1,739,347  

    Series CC-1, 4.00%, 06/15/52

        5,400       5,315,780  

    Series DD, 5.00%, 06/15/47

        2,250       2,335,566  

    Series GG, 5.00%, 06/15/48

        1,330       1,436,145  

    New York City Municipal Water Finance Authority, Refunding RB

       

    Series AA-3, 5.25%, 06/15/48

        5,860       6,683,187  

    Series BB-1, 4.00%, 06/15/45

        1,585       1,589,361  

    Series DD, 4.13%, 06/15/47

        3,410       3,464,323  

    Series EE, 5.00%, 06/15/45

        2,250       2,491,492  

    Series GG, 5.00%, 06/15/39

        4,220       4,344,685  

    New York Power Authority, RB, Sustainability Bonds, (AGM), 5.00%, 11/15/48

        5,385       5,901,416  

    New York Power Authority, Refunding RB

       

    Series A, Sustainability Bonds, 4.00%, 11/15/50

        7,420       7,243,782  

    Series A, Sustainability Bonds, 4.00%, 11/15/55

        7,160       6,895,913  

    Series A, Sustainability Bonds, 4.00%, 11/15/60

        470       444,152  

    New York State Environmental Facilities Corp., RB, Sustainability Bonds, 5.00%, 08/15/41

        3,630       3,810,458  

    New York State Environmental Facilities Corp., Refunding RB

       

    5.00%, 06/15/51

        2,595       2,824,875  

    Subordinate, 5.00%, 06/15/41

        1,595       1,648,711  

    Series A, Subordinate, 4.00%, 06/15/46

        1,000       983,169  

    Rockland County Solid Waste Management Authority, RB, Series A, AMT, Sustainability Bonds, 4.00%, 12/15/46

        925       872,968  

    Utility Debt Securitization Authority, Refunding RB

       

    Series 2, Sustainability Bonds, 5.00%, 12/15/50

        2,565       2,852,194  

    Series 2, Sustainability Bonds, 5.00%, 06/15/53

        4,035       4,461,360  
       

     

     

     
          83,202,194  
       

     

     

     

    Total Municipal Bonds in New York

          565,095,536  
    Security  

    Par

    (000)

        Value  

    Puerto Rico — 5.4%

       
    State — 5.4%            

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

      $ 2,549     $ 2,497,433  

    Series A-1, Restructured, 5.00%, 07/01/58

        3,762       3,761,952  

    Series A-2, Restructured, 4.78%, 07/01/58

        390       381,225  

    Series A-2, Restructured, 4.33%, 07/01/40

        10,319       10,244,187  

    Series B-1, Restructured, 4.75%, 07/01/53

        460       448,470  

    Series B-2, Restructured, 4.78%, 07/01/58

        601       583,415  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b)

        6,358       1,954,517  
       

     

     

     
    Total Municipal Bonds in Puerto Rico         19,871,199  
       

     

     

     
    South Carolina — 0.9%            
    Corporate — 0.9%            

    Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

        3,280       3,513,225  
       

     

     

     
    Total Municipal Bonds — 159.7%
    (Cost: $574,523,796)
            590,338,055  
       

     

     

     

    Municipal Bonds Transferred to Tender Option Bond Trusts(g)

     

    New York — 1.3%            
    Transportation — 1.3%            

    Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42

        4,500       4,682,301  
       

     

     

     

    Total Municipal Bonds in New York

          4,682,301  
       

     

     

     

    Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.3%
    (Cost: $4,542,678)

     

        4,682,301  
       

     

     

     

    Total Long-Term Investments — 161.0%
    (Cost: $579,066,474)

          595,020,356  
       

     

     

     
         Shares         

    Short-Term Securities

       
    Money Market Funds — 4.3%            

    BlackRock Liquidity Funds New York Money Fund Portfolio, 4.13%(h)(i)

        15,946,141       15,946,141  
       

     

     

     

    Total Short-Term Securities — 4.3%
    (Cost: $15,946,141)

          15,946,141  
       

     

     

     

    Total Investments — 165.3%
    (Cost: $595,012,615)

          610,966,497  

    Other Assets Less Liabilities — 1.1%

          4,329,876  

    Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.6)%

     

        (2,287,529 ) 

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (65.8)%

     

        (243,335,602 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 369,673,242  
       

     

     

     

     

    (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)

    Zero-coupon bond.

    (c) 

    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.

     

     

     

    28  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

     

    (d)

    Issuer filed for bankruptcy and/or is in default.

    (e)

    Non-income producing security.

    (f)

    When-issued security.

    (g) 

    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.

    (h)

    Affiliate of the Fund.

    (i)

    Annualized 7-day yield as of period end.

     

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds New York Money Fund Portfolio

       $ 14,537,162      $ 1,408,979 (a)     $ —      $ —      $ —      $ 15,946,141        15,946,141      $ 302,755      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (a) 

    Represents net amount purchased (sold).

     

    Derivative Financial Instruments Outstanding as of Period End

    Futures Contracts

     

    Description    Number of
    Contracts
         Expiration
    Date
         Notional
    Amount (000)
         Value/
    Unrealized
    Appreciation
    (Depreciation)
     

    Short Contracts

               

    10-Year U.S. Treasury Note

         50        03/19/24      $ 5,618      $ (177,384 ) 

    U.S. Long Bond

         52        03/19/24        6,377        (351,482 ) 

    5-Year U.S. Treasury Note

         38        03/28/24        4,121        (81,594 ) 
               

     

     

     
                $ (610,460 ) 
               

     

     

     

    Derivative Financial Instruments Categorized by Risk Exposure

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

     

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

    Liabilities — Derivative Financial Instruments

                        

    Futures contracts

                        

    Unrealized depreciation on futures contracts(a)

       $ —      $ —      $ —      $ —      $ 610,460      $ —      $ 610,460  
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

     

      (a) 

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

     

     

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

      29


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

     

    For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

     

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

    Net Realized Gain (Loss) from:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $ (273,688 )     $ —      $ (273,688 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Net Change in Unrealized Appreciation (Depreciation) on:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $ (557,305 )     $ —      $ (557,305 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Average Quarterly Balances of Outstanding Derivative Financial Instruments

     

    Futures contracts:

            

    Average notional value of contracts — short

       $ 23,393,762  

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

    Fair Value Hierarchy as of Period End

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

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

     

          Level 1        Level 2        Level 3        Total  

    Assets

                     

    Investments

                     

    Long-Term Investments

                     

    Municipal Bonds

       $ —        $ 590,338,055        $ —        $ 590,338,055  

    Municipal Bonds Transferred to Tender Option Bond Trusts

         —          4,682,301          —          4,682,301  

    Short-Term Securities

                     

    Money Market Funds

         15,946,141          —          —          15,946,141  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ 15,946,141        $ 595,020,356        $ —        $ 610,966,497  
      

     

     

          

     

     

          

     

     

          

     

     

     

    Derivative Financial Instruments(a)

                     

    Liabilities

                     

    Interest Rate Contracts

       $ (610,460 )       $ —        $    —        $ (610,460 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

     

      (a)

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

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

     

          Level 1        Level 2        Level 3        Total  

    Liabilities

                     

    TOB Trust Certificates

       $ —        $ (2,250,000 )       $ —        $ (2,250,000 ) 

    VRDP Shares at Liquidation Value

         —          (243,600,000 )         —          (243,600,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $    —        $ (245,850,000 )       $    —        $ (245,850,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    30  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) 

    January 31, 2024

      

    BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds

       

    Michigan — 152.0%

       
    County/City/Special District/School District — 36.5%        

    Belding Area Schools, GO, (Q-SBLF), 5.25%, 05/01/48

      $     1,620     $    1,782,895  

    Bloomfield Hills School District, GO, 5.00%, 05/01/48

        1,250       1,362,217  

    Byron Center Public Schools, GO, Series II, (Q-SBLF), 5.25%, 05/01/53

        5,000       5,478,588  

    Cedar Springs Public School District, GO

       

    Series II, (Q-SBLF), 5.00%, 05/01/46

        1,100       1,200,262  

    Series II, (Q-SBLF), 4.50%, 05/01/49

        1,950       2,001,662  

    Chippewa Valley Schools, GO, (Q-SBLF), 5.00%, 05/01/43

        4,275       4,563,259  

    City of Lansing Michigan, Refunding GO

       

    Series B, (AGM), 4.00%, 06/01/43

        2,000       1,975,293  

    Series B, (AGM), 4.13%, 06/01/48

        5,325       5,203,570  

    Clarkston Community Schools, GO

       

    Series I, (Q-SBLF), 5.00%, 05/01/45

        8,360       9,213,952  

    Series I, (Q-SBLF), 5.00%, 05/01/47

        4,500       4,919,263  

    Coopersville Area Public Schools, GO

       

    Series I, (Q-SBLF), 4.00%, 05/01/48

        495       478,459  

    Series I, (Q-SBLF), 4.13%, 05/01/52

        600       582,956  

    County of Kalamazoo Michigan, GO, 4.13%, 05/01/47

        1,375       1,373,600  

    Farmington Public School District, Refunding GO

       

    (AGM), 5.00%, 05/01/33

        1,500       1,531,553  

    (AGM), 5.00%, 05/01/34

        1,500       1,531,613  

    (AGM), 5.00%, 05/01/35

        1,000       1,021,116  

    Grand Ledge Public Schools, GO, (Q-SBLF), 5.00%, 05/01/44

        1,585       1,688,035  

    Gull Lake Community School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/48

        4,000       4,180,517  

    Holly Area School District, GO, Series I, (Q-SBLF), 5.25%, 05/01/48

        8,235       9,063,048  

    Hudsonville Public Schools, GO, Series I, (Q-SBLF), 4.00%, 05/01/45

        2,040       2,003,255  

    Hudsonville Public Schools, Refunding GO

       

    (Q-SBLF), 5.00%, 05/01/46

        2,500       2,727,869  

    (Q-SBLF), 5.00%, 05/01/49

        2,375       2,564,721  

    Karegnondi Water Authority, Refunding RB

       

    5.00%, 11/01/41

        4,950       5,089,358  

    5.00%, 11/01/45

        3,000       3,064,501  

    Kentwood Public Schools, GO

       

    5.00%, 05/01/41

        1,120       1,161,598  

    Series II, (AGM), 5.00%, 05/01/46

        3,000       3,262,127  

    Series II, (AGM), 5.00%, 05/01/49

        5,000       5,392,548  

    Michigan Finance Authority, RB

       

    Series H-1, 5.00%, 10/01/39(a)

        5,400       5,466,859  

    2nd Lien, (BAM-TCRS), 4.00%, 11/01/50

        1,500       1,415,225  

    Novi Community School District, GO

       

    5.00%, 05/01/44

        1,175       1,259,216  

    Series II, 4.00%, 05/01/43

        1,320       1,317,858  

    Rockford Public Schools, GO, Series II, (Q-SBLF), 5.00%, 05/01/46

        1,505       1,652,536  

    Southfield Public Schools, GO, (Q-SBLF), 5.00%, 05/01/49

        1,740       1,890,723  

    Three Rivers Community Schools, GO

       

    Series II, (Q-SBLF), 4.13%, 05/01/46

        2,000       2,009,212  

    Series II, (Q-SBLF), 4.25%, 05/01/49

        7,000       7,045,480  

    Trenton Public Schools School District, GO, (Q-SBLF), 5.00%, 05/01/48

        5,000       5,209,278  

    Troy School District, GO (Q-SBLF), 5.00%, 05/01/47

        6,445       7,070,235  
    Security  

    Par

    (000)

        Value  

    County/City/Special District/School District (continued)

     

    Troy School District, GO (continued) (Q-SBLF), 5.00%, 05/01/52

      $     5,710     $    6,179,063  

    Walled Lake Consolidated School District, GO

       

    (Q-SBLF), 5.00%, 05/01/47

        1,000       1,084,578  

    (Q-SBLF), 5.00%, 05/01/49

        2,500       2,696,655  

    Wayne-Westland Community Schools, GO

       

    (Q-SBLF), 5.00%, 11/01/44

        2,360       2,591,629  

    (Q-SBLF), 4.50%, 11/01/46

        5,250       5,434,277  

    West Ottawa Public Schools, GO, (AGM), 4.00%, 11/01/46

        1,730       1,626,075  

    Zeeland Public Schools, GO, Series A, (AGM), 5.00%, 05/01/33

        1,000       1,024,884  
       

     

     

     
          139,391,618  
    Education — 31.4%            

    Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44

        9,595       9,340,246  

    Grand Valley State University, RB, 5.00%, 12/01/43

        1,600       1,671,187  

    Lake Superior State University, RB, (AGM), 5.00%, 01/15/48

        3,750       3,811,112  

    Michigan Finance Authority, Refunding RB 4.00%, 02/01/29

        700       665,545  

    5.00%, 02/01/33

        830       834,341  

    4.00%, 12/01/33

        1,720       1,720,390  

    5.00%, 12/01/36

        1,550       1,552,170  

    5.00%, 09/01/40

        1,000       947,666  

    5.00%, 12/01/40

        2,900       2,901,870  

    5.00%, 12/01/45

        4,400       4,401,959  

    4.00%, 09/01/50

        1,550       1,394,349  

    Series 25-A, AMT, 4.00%, 11/01/28

        5,830       5,833,388  

    Series 25-A, AMT, 4.00%, 11/01/29

        5,060       5,063,037  

    Series 25-A, AMT, 4.00%, 11/01/30

        2,440       2,441,188  

    Series 25-A, AMT, 4.00%, 11/01/31

        3,150       3,150,804  

    Michigan State Building Authority, Refunding RB

       

    Series I, 5.00%, 04/15/41

        2,750       2,852,065  

    Series I, 4.00%, 10/15/49

        7,000       6,859,139  

    Michigan State University, Refunding RB

       

    Series B, 4.00%, 02/15/44

        4,000       3,967,114  

    Series B, 5.00%, 02/15/44

        3,820       4,087,593  

    Series B, 5.00%, 02/15/48

        6,160       6,515,293  

    Series C, 4.00%, 02/15/44

        9,000       8,910,986  

    Michigan Technological University, RB

       

    Series A, 5.00%, 10/01/45

        1,800       1,824,012  

    Series A, (AGM), 5.25%, 10/01/52

        1,675       1,776,434  

    Series C, (AGM), 5.25%, 10/01/48

        2,500       2,709,407  

    Oakland University, RB

       

    5.00%, 03/01/41

        3,635       3,725,815  

    5.00%, 03/01/47

        3,500       3,549,432  

    Wayne State University, RB

       

    Series A, 5.00%, 11/15/43

        8,530       9,065,584  

    Series A, 4.00%, 11/15/48

        2,000       1,912,395  

    Western Michigan University, RB

       

    Series A, (AGM), 5.00%, 11/15/51

        1,815       1,889,237  

    Series A, (AGM), 5.00%, 11/15/53

        5,345       5,552,647  

    Western Michigan University, Refunding RB, 5.00%, 11/15/49

        8,435       8,930,915  
       

     

     

     
          119,857,320  
    Health — 25.3%            

    Grand Traverse County Hospital Finance Authority, RB

       

    Series A, 5.00%, 07/01/44

        2,230       2,238,481  
     

     

     

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

      31


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Health (continued)

       

    Grand Traverse County Hospital Finance Authority, RB (continued)

       

    Series A, 5.00%, 07/01/49

      $     2,610     $    2,694,645  

    Series B, 4.00%, 07/01/49

        2,000       1,911,695  

    Kalamazoo Economic Development Corp., Refunding RB, 5.00%, 05/15/42

        425       384,316  

    Kentwood Economic Development Corp., Refunding RB, 4.00%, 11/15/43

        750       576,688  

    Michigan Finance Authority, RB

       

    Series S, 5.00%, 11/01/44

        3,000       3,024,092  

    Series S, 4.00%, 11/01/46

        1,025       996,380  

    Michigan Finance Authority, Refunding RB 5.00%, 11/15/37

        3,000       3,100,117  

    5.00%, 05/15/38

        4,890       4,942,095  

    4.00%, 12/01/40

        3,000       2,984,304  

    5.00%, 11/15/41

        1,000       1,025,632  

    4.00%, 04/15/42

        3,210       3,199,919  

    5.00%, 12/01/45

        16,195       16,529,614  

    4.00%, 11/15/46

        8,500       8,063,339  

    Series 2, 4.00%, 03/01/51

        4,000       3,817,014  

    Series A, 4.00%, 12/01/40

        3,085       3,087,727  

    Series A, 5.00%, 12/01/42

        2,250       2,330,634  

    Series A, 4.00%, 12/01/49

        1,500       1,440,683  

    Series S, 5.00%, 05/15/34

        1,500       1,526,278  

    Series S, 5.00%, 05/15/35

        4,945       5,034,482  

    Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

        4,000       4,202,869  

    Michigan Strategic Fund, RB, 5.00%, 11/15/42

        3,500       3,170,881  

    Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(a)

        20,000       20,027,107  
       

     

     

     
          96,308,992  
    Housing — 9.9%            

    Michigan State Housing Development Authority, RB, M/F Housing

       

    Series A, 4.45%, 10/01/34

        1,000       1,000,603  

    Series A, 4.63%, 10/01/39

        3,490       3,491,112  

    Series A, 4.30%, 10/01/40

        3,320       3,324,896  

    Series A, 4.00%, 10/01/43

        5,000       4,872,299  

    Series A, 4.75%, 10/01/44

        5,000       5,001,371  

    Series A, 5.00%, 10/01/48

        7,000       7,321,705  

    Series A, 2.55%, 10/01/51

        5,175       3,496,468  

    AMT, (GNMA), 4.75%, 04/20/37

        2,595       2,595,164  

    Michigan State Housing Development Authority, RB, S/F Housing, Series D, Sustainability Bonds, 5.50%, 06/01/53

        6,330       6,619,536  
       

     

     

     
          37,723,154  
    State — 19.7%            

    Michigan Finance Authority, RB

       

    Series F, 5.00%, 04/01/31

        1,000       1,001,645  

    Series F, 5.25%, 10/01/41

        8,595       8,612,865  

    Michigan State Building Authority, Refunding RB

       

    Series I, 4.00%, 10/15/46

        2,000       1,980,969  

    Series I, 5.00%, 10/15/47

        5,000       5,426,561  

    Michigan Strategic Fund, RB

       

    AMT, (AGM), 4.25%, 12/31/38

        14,000       14,013,161  

    AMT, 5.00%, 12/31/43

        15,000       15,127,162  

    State of Michigan Trunk Line Revenue, RB

       

    5.00%, 11/15/42

        3,000       3,415,733  

    4.00%, 11/15/46

        5,590       5,682,567  
    Security  

    Par

    (000)

        Value  

    State (continued)

       

    State of Michigan Trunk Line Revenue, RB (continued)

    5.25%, 11/15/49

      $    10,000     $   11,334,902  

    Series B, 4.00%, 11/15/45

        5,500       5,542,436  

    Series B, 5.00%, 11/15/45

        2,830       3,081,490  
       

     

     

     
          75,219,491  
    Tobacco — 2.6%            

    Michigan Finance Authority, Refunding RB

       

    Series A, Class 1, 4.00%, 06/01/39

        1,250       1,239,839  

    Series A, Class 1, 4.00%, 06/01/49

        3,750       3,358,797  

    Series B-2, Class 2, 0.00%, 06/01/65(b)

        50,000       5,322,494  
       

     

     

     
          9,921,130  
    Transportation — 8.9%            

    Gerald R Ford International Airport Authority, ARB, AMT, (GTD), 5.00%, 01/01/51

        5,435       5,726,561  

    Wayne County Airport Authority, ARB

       

    (AGM), 5.25%, 12/01/48

        3,495       3,877,174  

    Series A, 5.00%, 12/01/42

        1,000       1,049,470  

    Series A, 5.00%, 12/01/46

        5,000       5,377,314  

    Series D, 5.00%, 12/01/45

        4,500       4,594,090  

    Series B, AMT, 5.00%, 12/01/42

        2,000       2,066,368  

    Wayne County Airport Authority, Refunding RB AMT, 5.00%, 12/01/32

        2,940       3,119,229  

    Series F, AMT, 5.00%, 12/01/34

        8,000       8,197,709  
       

     

     

     
          34,007,915  
    Utilities — 17.7%            

    City of Detroit Michigan Water Supply System Revenue, RB, Series A, Senior Lien, (NPFGC), 5.00%, 07/01/34

        10       10,018  

    Downriver Utility Wastewater Authority, Refunding RB, (AGM), 5.00%, 04/01/43

        1,000       1,035,197  

    Great Lakes Water Authority Sewage Disposal System Revenue, RB

       

    Series A, Senior Lien, 5.25%, 07/01/47

        8,000       8,935,746  

    Series A, Senior Lien, 5.25%, 07/01/52

        2,000       2,201,156  

    Great Lakes Water Authority Water Supply System Revenue, RB

       

    Series B, 2nd Lien, 5.00%, 07/01/46

        13,000       13,314,446  

    Series B, Senior Lien, 5.25%, 07/01/48

        2,250       2,540,103  

    Lansing Board of Water & Light, Refunding RB

       

    Series A, 5.00%, 07/01/44

        6,000       6,410,912  

    Series A, 5.00%, 07/01/48

        19,105       20,245,410  

    Series A, 5.25%, 07/01/54

        2,500       2,793,304  

    Michigan Finance Authority, Refunding RB

       

    Series D-1, 5.00%, 07/01/35

        750       773,041  

    Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31

        1,000       1,008,669  

    Series C-3, Senior Lien, (AGM), 5.00%, 07/01/32

        5,250       5,300,488  

    Series C-3, Senior Lien, (AGM), 5.00%, 07/01/33

        3,000       3,024,835  
       

     

     

     
          67,593,325  
       

     

     

     

    Total Municipal Bonds in Michigan

          580,022,945  
    Puerto Rico — 5.3%            
    State — 5.3%            

    Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31

        1,061       1,175,283  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        534       523,197  

    Series A-1, Restructured, 5.00%, 07/01/58

        1,365       1,364,982  

    Series A-2, Restructured, 4.78%, 07/01/58

        103       100,682  
     

     

     

    32  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    State (continued)

       

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

       

    Series A-2, Restructured, 4.33%, 07/01/40

      $     1,109     $ 1,100,960  

    Series B-1, Restructured, 4.75%, 07/01/53

        451       439,696  

    Series B-1, Restructured, 5.00%, 07/01/58

        7,076       7,086,259  

    Series B-2, Restructured, 4.33%, 07/01/40

        5,880       5,813,177  

    Series B-2, Restructured, 4.78%, 07/01/58

        597       579,532  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b)

        6,202       1,906,561  
       

     

     

     

    Total Municipal Bonds in Puerto Rico

          20,090,329  
       

     

     

     

    Total Long-Term Investments — 157.3%
    (Cost: $592,169,545)

          600,113,274  
       

     

     

     

     

    Security   Shares     Value  

    Short-Term Securities

       

    Money Market Funds — 2.2%

       

    BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(c)(d)

        8,307,730     $ 8,308,561  
       

     

     

     

    Total Short-Term Securities — 2.2%
    (Cost: $8,307,729)

          8,308,561  
       

     

     

     

    Total Investments — 159.5%
    (Cost: $600,477,274)

          608,421,835  

    Other Assets Less Liabilities — 1.2%

          4,599,686  

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (60.7)%

     

        (231,559,078 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 381,462,443  
       

     

     

     

     

    (a)

    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.

    (b) 

    Zero-coupon bond.

    (c) 

    Affiliate of the Fund.

    (d) 

    Annualized 7-day yield as of period end.

     

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds, MuniCash, Institutional Class

       $ 18,024,108      $ —      $ (9,718,205 )(a)     $ 1,235      $ 1,423      $ 8,308,561        8,307,730      $ 213,163      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (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. 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

       $ —        $ 600,113,274        $ —        $ 600,113,274  

    Short-Term Securities

                     

    Money Market Funds

         8,308,561          —          —          8,308,561  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ 8,308,561        $ 600,113,274        $    —        $ 608,421,835  
      

     

     

          

     

     

          

     

     

          

     

     

     

     

     

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

      33


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

     

    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

                     

    VRDP Shares at Liquidation Value

       $ —        $ (231,900,000 )       $ —        $ (231,900,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $     —        $ (231,900,000 )       $    —        $ (231,900,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    34  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds

       

    Alabama — 0.4%

       
    Corporate — 0.4%            

    Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

      $     1,920     $    2,027,375  
       

     

     

     
    Guam — 0.2%            
    Utilities — 0.2%            

    Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/41

        710       742,836  
       

     

     

     
    New York — 142.0%            
    Corporate — 5.0%            

    New York Liberty Development Corp., RB, 5.50%, 10/01/37

        1,015       1,194,869  

    New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35

        7,385       8,667,685  

    New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34

        860       881,098  

    New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(a)

        1,590       1,552,100  

    New York Transportation Development Corp., ARB

       

    AMT, 5.00%, 01/01/30

        2,500       2,578,087  

    AMT, 5.63%, 04/01/40

        2,570       2,782,796  

    New York Transportation Development Corp., RB

       

    AMT, 5.00%, 10/01/35

        2,620       2,735,220  

    AMT, 5.00%, 10/01/40

        500       513,714  

    New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31

        1,755       1,606,321  
       

     

     

     
          22,511,890  
    County/City/Special District/School District — 30.7%  

    Battery Park City Authority, RB

       

    Series A, Sustainability Bonds, 5.00%, 11/01/41

        810       928,700  

    Series A, Sustainability Bonds, 5.00%, 11/01/42

        1,585       1,807,412  

    Series A, Sustainability Bonds, 5.00%, 11/01/43

        1,920       2,179,654  

    Series A, Sustainability Bonds, 5.00%, 11/01/48

        1,835       2,037,478  

    City of New York, GO

       

    Series A, 5.00%, 08/01/51

        1,220       1,345,324  

    Series A-1, 4.00%, 09/01/46

        2,285       2,327,615  

    Series A-1, 5.00%, 08/01/47

        2,960       3,221,357  

    Series E1, 5.25%, 04/01/44

        10,000       11,442,699  

    Series F-1, 4.00%, 03/01/47

        2,730       2,755,592  

    Series I, 5.00%, 03/01/36

        3,500       3,506,328  

    Sub-Series D-1, 5.50%, 05/01/46

        1,360       1,560,725  

    Sub-Series E-1, 4.00%, 04/01/45

        2,470       2,507,076  

    County of Nassau New York, GO

       

    Series A, 5.00%, 01/15/31

        1,770       1,885,343  

    Series A, 4.25%, 04/01/52

        5,000       5,147,485  

    County of Nassau New York, Refunding GO

       

    Series A, (AGM), 4.00%, 04/01/49

        4,235       4,155,932  

    Series B, (AGM), 5.00%, 04/01/40

        2,155       2,363,427  

    Erie County Industrial Development Agency, Refunding RB, Series A, (SAW), 5.00%, 05/01/29

        4,060       4,210,126  

    Ithaca City School District, Refunding GO, (BAM SAW), 2.00%, 06/15/33

        450       384,885  

    Mahopac Central School District, Refunding GO, (SAW), 2.00%, 06/01/32

        685       603,112  

    New York City Industrial Development Agency, RB(b)

       

    (AGC), 0.00%, 03/01/39

        5,000       2,641,381  

    (AGC), 0.00%, 03/01/43

        4,330       1,834,139  
    Security  

    Par

    (000)

        Value  

    County/City/Special District/School District (continued)

     

    New York City Industrial Development Agency, Refunding RB, (AGM), 4.00%, 03/01/45

      $     4,395     $    4,306,581  

    New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43

        2,030       2,133,209  

    New York City Transitional Finance Authority Future Tax Secured Revenue, RB

       

    Series A-1, 5.00%, 08/01/38

        4,105       4,398,579  

    Series A-1, 5.00%, 11/01/38

        1,000       1,003,186  

    Series B-1, 5.00%, 08/01/45

        4,425       4,617,864  

    Sub-Series A-3, 4.00%, 08/01/43

        3,320       3,326,602  

    Sub-Series B-1, 5.00%, 11/01/35

        2,510       2,521,582  

    Sub-Series B-1, 5.00%, 11/01/36

        1,690       1,696,526  

    Sub-Series E-1, 5.00%, 02/01/43

        2,010       2,095,212  

    Subordinate, 4.00%, 02/01/39

        1,650       1,708,097  

    Series A, Subordinate, 4.00%, 05/01/53

        1,585       1,557,709  

    Series C, Subordinate, 4.00%, 05/01/45

        2,175       2,165,398  

    Series F-1, Subordinate, 5.00%, 02/01/44

        430       477,307  

    New York City Transitional Finance Authority, RB, Subordinate, 5.25%, 05/01/50

        4,120       4,669,781  

    New York Convention Center Development Corp., RB, CAB(b)

       

    Series B, Sub Lien, 0.00%, 11/15/42

        2,640       1,075,215  

    Series B, Sub Lien, 0.00%, 11/15/47

        6,740       2,071,180  

    Series B, Sub Lien, 0.00%, 11/15/48

        3,550       1,039,888  

    Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/56

        7,275       1,504,132  

    New York Convention Center Development Corp., Refunding RB

       

    5.00%, 11/15/40

        7,370       7,536,973  

    5.00%, 11/15/45

        13,995       14,238,286  

    New York Liberty Development Corp., Refunding RB

       

    Class 1, 5.00%, 11/15/44(c)

        6,110       6,102,363  

    Series A, Sustainability Bonds, 3.00%, 11/15/51

        4,805       3,591,150  

    South Glens Falls Central School District, Refunding GO

       

    Series A, (SAW), 2.00%, 07/15/34

        1,400       1,184,179  

    Series A, (SAW), 2.00%, 07/15/35

        830       685,878  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

       

    Class A, 4.00%, 05/15/57

        1,600       1,492,848  

    Series A, 4.13%, 05/15/53

        1,980       1,990,801  

    Yonkers Industrial Development Agency, Refunding RB, (SAW), 4.00%, 05/01/41

        1,280       1,296,043  
       

     

     

     
          139,332,359  
    Education — 14.4%            

    Albany Capital Resource Corp., Refunding RB(d)(e)

       

    4.00%, 07/01/41

        880       490,141  

    4.00%, 07/01/51

        915       518,640  

    Build NYC Resource Corp., RB, Sustainability Bonds, 5.75%, 06/01/52(c)

        1,000       1,011,486  

    Build NYC Resource Corp., Refunding RB, Series A, 5.00%, 06/01/43

        525       527,544  

    Dutchess County Local Development Corp., RB 5.00%, 07/01/43

        1,370       1,431,822  

    5.00%, 07/01/48

        345       357,155  

    5.00%, 07/01/52

        1,635       1,724,461  

    Dutchess County Local Development Corp., Refunding RB

       

    5.00%, 07/01/42

        1,180       1,245,494  

    4.00%, 07/01/46

        1,825       1,829,520  

    4.00%, 07/01/49

        2,035       2,042,894  
     

     

     

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

      35


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Education (continued)

       

    Madison County Capital Resource Corp., RB

       

    Series B, 5.00%, 07/01/40

      $       815     $      843,462  

    Series B, 5.00%, 07/01/43

        2,940       3,024,498  

    Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53

        2,555       2,785,603  

    Monroe County Industrial Development Corp., Refunding RB

       

    Series A, 4.00%, 07/01/39

        500       502,522  

    Series A, 4.00%, 07/01/50

        14,730       14,738,044  

    New York State Dormitory Authority, RB

       

    Series 1, (AMBAC), 5.50%, 07/01/40

        4,580       5,666,883  

    Series A, 5.00%, 07/01/46

        490       496,495  

    Sustainability Bonds, 5.00%, 07/01/48

        580       632,193  

    New York State Dormitory Authority, Refunding RB

       

    5.00%, 07/01/44

        2,130       2,139,319  

    Series A, 5.00%, 07/01/35

        1,380       1,395,981  

    Series A, 5.00%, 07/01/43

        2,520       2,547,008  

    Series A, 5.00%, 07/01/48

        6,900       7,011,601  

    Onondaga County Trust for Cultural Resources, Refunding RB

       

    5.00%, 12/01/38

        1,835       2,016,493  

    5.00%, 12/01/39

        3,215       3,521,421  

    4.00%, 12/01/47

        1,650       1,648,393  

    Troy Capital Resource Corp., Refunding RB

       

    5.00%, 09/01/35

        550       602,274  

    5.00%, 09/01/39

        550       580,972  

    4.00%, 09/01/40

        985       970,286  

    Trust for Cultural Resources of The City of New York, Refunding RB

       

    Series A, 5.00%, 07/01/37

        2,265       2,283,002  

    Series A, 5.00%, 07/01/41

        825       831,994  
       

     

     

     
          65,417,601  
    Health — 7.1%            

    Build NYC Resource Corp., RB

       

    Class A, 5.25%, 07/01/37

        1,495       1,392,601  

    Class A, 5.50%, 07/01/47

        920       835,675  

    Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52

        1,810       1,871,969  

    Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

        285       227,123  

    Monroe County Industrial Development Corp., RB

       

    4.00%, 12/01/41

        800       721,033  

    Series A, 5.00%, 12/01/32

        830       830,577  

    Series A, 5.00%, 12/01/37

        350       350,171  

    Monroe County Industrial Development Corp., Refunding RB

       

    4.00%, 12/01/38

        1,450       1,356,121  

    4.00%, 12/01/39

        525       486,530  

    4.00%, 12/01/46

        2,870       2,462,097  

    New York State Dormitory Authority, RB

       

    Series A, 4.00%, 07/01/50

        1,100       1,070,972  

    Series C, 4.25%, 05/01/39

        1,000       1,000,293  

    Series D, 4.25%, 05/01/39

        300       300,088  

    New York State Dormitory Authority, Refunding RB

       

    4.00%, 07/01/45

        460       334,184  

    4.00%, 07/01/47

        3,250       3,145,751  

    4.25%, 05/01/52

        4,355       4,224,105  

    5.00%, 05/01/52

        5,910       6,199,628  

    Series A, 5.00%, 05/01/32

        3,525       3,599,641  
    Security  

    Par

    (000)

        Value  

    Health (continued)

       

    Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32

      $       625     $      629,215  

    Westchester County Local Development Corp., Refunding RB(c)

       

    5.00%, 07/01/41

        610       531,465  

    5.00%, 07/01/56

        680       542,001  
       

     

     

     
          32,111,240  
    Housing — 7.8%            

    New York City Housing Development Corp, RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48

        2,305       2,341,528  

    New York City Housing Development Corp., RB, M/F Housing

       

    Sustainability Bonds, 4.80%, 02/01/53

        3,440       3,477,977  

    Class F-1, Sustainability Bonds, 4.60%, 11/01/42

        275       279,146  

    Series A, Sustainability Bonds, 4.75%, 11/01/48

        420       426,656  

    Series E-1, Sustainability Bonds, (SONYMA), 4.20%, 11/01/42

        1,080       1,049,319  

    Series E-1, Sustainability Bonds, 4.85%, 11/01/53

        4,310       4,395,017  

    New York City Housing Development Corp., Refunding RB

       

    Sustainability Bonds, 4.25%, 11/01/43

        3,990       3,944,892  

    Series F-1-A, Sustainability Bonds, 3.30%, 11/01/46

        560       482,003  

    New York City Housing Development Corp., Refunding RB, M/F Housing

       

    Sustainability Bonds, 3.85%, 05/01/58

        2,084       1,746,716  

    Series B-1-A, Sustainability Bonds, 3.75%, 11/01/54

        1,615       1,360,023  

    New York State Housing Finance Agency, RB, M/F Housing

       

    Series A, AMT, 4.65%, 11/15/38

        950       950,226  

    Series B-1, Sustainability Bonds, (SONYMA), 4.85%, 11/01/48

        1,525       1,565,934  

    Series C-1, Sustainability Bonds, (SONYMA), 4.65%, 11/01/48

        625       632,695  

    New York State Housing Finance Agency, Refunding RB, Series C, (FNMA, SONYMA), 3.85%, 11/01/39

        2,415       2,281,734  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing

       

    Series 255, (SONYMA), 4.70%, 10/01/43

        1,220       1,233,645  

    Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48

        3,960       4,011,242  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB

       

    Series 218, AMT, 3.60%, 04/01/33

        1,040       1,041,957  

    Series 218, AMT, 3.85%, 04/01/38

        125       125,603  

    State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing

       

    Series 190, 3.80%, 10/01/40

        1,680       1,680,175  

    Series 194, AMT, 3.80%, 04/01/28

        2,485       2,480,103  
       

     

     

     
          35,506,591  
    State — 12.9%            

    New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-3, Subordinate, (SAW), 4.00%, 07/15/38

        3,425       3,497,538  

    New York State Dormitory Authority, RB

       

    Series A, 5.00%, 03/15/38

        3,970       4,241,881  

    Series A, 5.00%, 03/15/40

        4,580       4,798,459  

    Series A, 5.00%, 03/15/44

        5,275       5,550,525  

    Series A, 5.00%, 03/15/45

        3,300       3,448,691  

    Series C, 4.00%, 03/15/45

        3,900       3,851,323  
     

     

     

    36  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    State (continued)

       

    New York State Dormitory Authority, Refunding RB

       

    Series A, 5.00%, 03/15/46

      $     1,460     $    1,609,312  

    Series B, 5.00%, 02/15/37

        2,130       2,298,529  

    Series D, 5.00%, 02/15/48

        4,835       5,188,602  

    New York State Urban Development Corp., RB

       

    Series A, 4.00%, 03/15/45

        6,400       6,405,082  

    Series A, 5.00%, 03/15/46

        4,070       4,509,012  

    Series A, 3.00%, 03/15/50

        3,855       3,000,894  

    New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46

        5,500       5,452,613  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52

        4,075       4,536,885  
       

     

     

     
          58,389,346  
    Tobacco — 2.1%            

    Chautauqua Tobacco Asset Securitization Corp., Refunding RB

       

    4.75%, 06/01/39

        2,190       2,094,710  

    5.00%, 06/01/48

        820       782,233  

    New York Counties Tobacco Trust VI, Refunding RB

       

    Series A-2B, 5.00%, 06/01/45

        330       306,137  

    Series A-2B, 5.00%, 06/01/51

        1,110       1,004,476  

    Series B, 5.00%, 06/01/41

        655       660,402  

    Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 05/15/40

        2,250       2,250,945  

    TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/35 .

        310       324,272  

    Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

        2,295       2,294,658  
       

     

     

     
          9,717,833  
    Transportation — 38.3%            

    Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%, 01/01/47

        2,535       2,619,056  

    Hudson Yards Infrastructure Corp., Refunding RB

       

    Series A, 5.00%, 02/15/42

        1,525       1,586,780  

    Series A, (AGM), 4.00%, 02/15/47

        2,760       2,690,092  

    Metropolitan Transportation Authority, RB

       

    Series A-1, 4.00%, 11/15/45

        1,125       1,080,007  

    Series B, 5.25%, 11/15/38

        1,220       1,227,164  

    Series D-2, Sustainability Bonds, 4.00%, 11/15/48

        1,950       1,822,253  

    Series D-3, Sustainability Bonds, 4.00%, 11/15/49

        3,320       3,095,548  

    Metropolitan Transportation Authority, Refunding RB

       

    Series A, 5.00%, 11/15/48

        3,490       3,826,007  

    Series A, 5.00%, 11/15/49

        2,200       2,408,374  

    Series B, 5.25%, 11/15/55

        2,350       2,378,596  

    Series A-1, Sustainability Bonds, (AGM), 4.00%, 11/15/54

        2,155       2,053,739  

    Series C-1, Sustainability Bonds, 4.75%, 11/15/45

        4,580       4,725,780  

    MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

        5,655       5,655,058  

    New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28

        800       800,297  

    New York Liberty Development Corp., Refunding RB

       

    Series 1, 2.25%, 02/15/41

        5,700       4,363,433  

    Series 1, 3.00%, 02/15/42

        1,110       946,665  

    New York State Thruway Authority, RB

       

    Series N, 4.00%, 01/01/43

        6,420       6,493,569  

    Series N, 4.00%, 01/01/44

        2,750       2,768,352  

    Series A, Junior Lien, 5.00%, 01/01/36

        1,715       1,776,715  

    New York State Thruway Authority, Refunding RB

       

    Series A, 5.00%, 03/15/46

        1,770       1,960,591  

    Series K, 5.00%, 01/01/29

        2,225       2,266,873  

    Series O, 4.00%, 01/01/44

        2,005       2,018,877  
    Security  

    Par

    (000)

        Value  

    Transportation (continued)

       

    New York State Thruway Authority, Refunding RB (continued)

       

    Series P, 5.25%, 01/01/54(f)

      $     1,240     $    1,376,884  

    Series B, Subordinate, 4.00%, 01/01/45

        5,945       5,807,992  

    Series B, Subordinate, 4.00%, 01/01/50

        3,240       3,063,398  

    New York Transportation Development Corp., ARB

       

    AMT, 5.00%, 12/01/34

        6,115       6,686,954  

    AMT, 5.00%, 12/01/35

        1,595       1,727,116  

    AMT, 5.00%, 12/01/39

        950       997,816  

    AMT, 5.00%, 12/01/41

        550       574,385  

    Series A, AMT, 5.00%, 07/01/46

        8,210       8,212,760  

    Series A, AMT, 5.25%, 01/01/50

        6,685       6,685,780  

    New York Transportation Development Corp., RB

       

    AMT, 4.00%, 10/31/46

        1,815       1,644,390  

    AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/43

        2,725       2,938,323  

    AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49

        3,700       3,815,937  

    AMT, Sustainability Bonds, 6.00%, 06/30/54

        6,275       6,901,300  

    New York Transportation Development Corp., Refunding RB, AMT, 5.00%, 12/01/37

        2,350       2,476,659  

    Niagara Frontier Transportation Authority, Refunding ARB

       

    AMT, 5.00%, 04/01/34

        125       131,475  

    AMT, 5.00%, 04/01/35

        110       115,667  

    AMT, 5.00%, 04/01/36

        120       125,576  

    AMT, 5.00%, 04/01/37

        140       145,943  

    AMT, 5.00%, 04/01/38

        70       72,652  

    AMT, 5.00%, 04/01/39

        95       98,422  

    Port Authority of New York & New Jersey, ARB

       

    Series 221, AMT, 4.00%, 07/15/39

        4,925       4,942,805  

    Series 221, AMT, 4.00%, 07/15/55

        8,850       8,117,534  

    Port Authority of New York & New Jersey, Refunding ARB

       

    5.00%, 10/15/47

        1,000       1,036,266  

    Series 198, 5.25%, 11/15/56

        870       900,744  

    Series 205, 5.00%, 11/15/47

        4,000       4,171,621  

    AMT, 5.00%, 10/15/34

        2,040       2,117,513  

    Series 177, AMT, 4.00%, 01/15/43

        735       708,886  

    Series 231, AMT, 5.50%, 08/01/47

        3,810       4,193,543  

    Series 234, AMT, 5.50%, 08/01/52

        1,630       1,789,724  

    Port Authority of New York & New Jersey, Refunding RB, Series 242, AMT, 5.00%, 12/01/39

        790       869,078  

    Triborough Bridge & Tunnel Authority, RB

       

    Series A, 5.00%, 11/15/47

        4,600       5,042,186  

    Sub-Series B-1, 5.00%, 11/15/48

        1,770       1,949,192  

    Triborough Bridge & Tunnel Authority, Refunding RB

       

    Series A-1, 5.00%, 05/15/51

        1,800       1,934,848  

    Series C, 5.00%, 05/15/47

        4,805       5,254,161  

    Series C, 4.13%, 05/15/52

        4,900       4,913,900  

    Series C, 5.25%, 05/15/52

        5,350       5,906,813  

    Series C, Sustainability Bonds, 5.25%, 11/15/42

        715       832,152  

    Triborough Bridge & Tunnel Authority, Refunding RB,

       

    CAB, Series B, 0.00%, 11/15/32(b)

        9,700       7,149,909  
       

     

     

     
          173,994,130  
    Utilities — 23.7%            

    Long Island Power Authority, RB 5.00%, 09/01/35

        2,000       2,211,733  

    5.00%, 09/01/36

        975       1,056,639  

    5.00%, 09/01/37

        3,825       4,176,011  

    (BAM-TCRS), 5.00%, 09/01/42

        5,700       6,034,959  

    5.00%, 09/01/47

        1,625       1,704,743  

    Series E, Sustainability Bonds, 5.00%, 09/01/48

        565       630,023  
     

     

     

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

      37


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Utilities (continued)

       

    Long Island Power Authority, RB (continued) Series E, Sustainability Bonds, 5.00%, 09/01/53

      $     2,865     $    3,161,545  

    Long Island Power Authority, Refunding RB, Series B, 5.00%, 09/01/41

        930       972,077  

    New York City Municipal Water Finance Authority, RB

       

    Series BB-1, 3.00%, 06/15/50

        2,730       2,091,814  

    Series CC-1, 4.00%, 06/15/52

        6,600       6,497,064  

    Series DD, 5.00%, 06/15/47

        2,750       2,854,581  

    Series GG, 5.00%, 06/15/48

        1,160       1,252,578  

    New York City Municipal Water Finance Authority, Refunding RB

       

    Series AA-3, 5.25%, 06/15/48

        6,970       7,949,114  

    Series BB-1, 4.00%, 06/15/45

        1,935       1,940,324  

    Series DD, 4.13%, 06/15/47

        3,960       4,023,085  

    Series EE, 5.00%, 06/15/45

        2,750       3,045,156  

    Series GG, 5.00%, 06/15/39

        5,090       5,240,390  

    New York Power Authority, RB

       

    Sustainability Bonds, (AGM), 5.00%, 11/15/48

        2,565       2,810,981  

    Sustainability Bonds, (AGM), 5.13%, 11/15/58

        6,430       7,039,932  

    New York Power Authority, Refunding RB

       

    Series A, Sustainability Bonds, 4.00%, 11/15/50

        9,875       9,640,478  

    Series A, Sustainability Bonds, 4.00%, 11/15/55

        8,545       8,229,829  

    Series A, Sustainability Bonds, 4.00%, 11/15/60

        560       529,202  

    New York State Environmental Facilities Corp., RB

       

    Sustainability Bonds, 5.00%, 08/15/41

        1,370       1,438,107  

    Series B, Sustainability Bonds, 5.00%, 03/15/45

        5,145       5,277,138  

    New York State Environmental Facilities Corp., Refunding RB

       

    5.00%, 06/15/51

        3,180       3,461,697  

    Subordinate, 5.00%, 06/15/41

        4,410       4,558,504  

    Rockland County Solid Waste Management Authority, RB, Series A, AMT, Sustainability Bonds, 4.00%, 12/15/46

        1,125       1,061,717  

    Utility Debt Securitization Authority, Refunding RB

       

    Series 2, Sustainability Bonds, 5.00%, 12/15/50

        2,970       3,302,541  

    Series 2, Sustainability Bonds, 5.00%, 06/15/53

        4,880       5,395,648  
       

     

     

     
          107,587,610  
       

     

     

     

    Total Municipal Bonds in New York

          644,568,600  
    Puerto Rico — 5.3%            
    State — 5.3%            

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        724       709,353  

    Series A-1, Restructured, 5.00%, 07/01/58

        1,682       1,681,978  

    Series A-2, Restructured, 4.78%, 07/01/58

        123       120,233  

    Series A-2, Restructured, 4.33%, 07/01/40

        1,378       1,368,010  

    Series B-1, Restructured, 4.75%, 07/01/53

        551       537,189  

    Series B-1, Restructured, 5.00%, 07/01/58

        8,579       8,591,439  

    Series B-2, Restructured, 4.33%, 07/01/40

        7,120       7,039,085  

    Series B-2, Restructured, 4.78%, 07/01/58

        722       700,875  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b)

        10,409       3,199,837  
       

     

     

     

    Total Municipal Bonds in Puerto Rico

          23,947,999  
       

     

     

     
    South Carolina — 0.9%            
    Corporate — 0.9%            

    Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

        3,800       4,070,199  
       

     

     

     

    Total Municipal Bonds — 148.8%
    (Cost: $658,188,132)

          675,357,009  
       

     

     

     
    Security  

    Par

    (000)

        Value  

    Municipal Bonds Transferred to Tender Option Bond Trusts(g)

     

    New York — 6.0%

       
    County/City/Special District/School District — 1.3%  

    City of New York, GO, Series B, 5.25%, 10/01/47

      $     5,395     $    6,060,635  
       

     

     

     
    State — 2.3%            

    New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/44

        10,000       10,522,323  
       

     

     

     
    Transportation — 2.4%            

    Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42

        5,500       5,722,813  

    Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52

        5,000       5,014,183  
       

     

     

     
          10,736,996  
       

     

     

     
    Total Municipal Bonds in New York         27,319,954  
       

     

     

     
    Total Municipal Bonds Transferred to
     Tender Option Bond Trusts — 6.0%
     (Cost: $25,943,563)
            27,319,954  
       

     

     

     
    Total Long-Term Investments — 154.8%
     (Cost: $684,131,695)
            702,676,963  
       

     

     

     
         Shares         

    Short-Term Securities

     

    Money Market Funds — 1.5%

       

    BlackRock Liquidity Funds New York Money Fund Portfolio, 4.13%(h)(i)

        6,625,684       6,625,684  
       

     

     

     

    Total Short-Term Securities — 1.5%

     (Cost: $6,625,684)

          6,625,684  
       

     

     

     

    Total Investments — 156.3%

     (Cost: $690,757,379)

          709,302,647  

    Other Assets Less Liabilities — 1.1%

          5,093,800  

    Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.9)%

     

        (13,113,523 ) 

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.5)%

     

        (247,490,463 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 453,792,461  
       

     

     

     

     

    (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)

    Zero-coupon bond.

    (c)

    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.

    (d)

    Issuer filed for bankruptcy and/or is in default.

    (e) 

    Non-income producing security.

    (f)

    When-issued security.

    (g)

    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.

    (h)

    Affiliate of the Fund.

    (i)

    Annualized 7-day yield as of period end.

     

     

     

    38  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds New York Money Fund Portfolio

       $ 11,465,077      $ —      $ (4,839,393 )(a)     $ —      $ —      $ 6,625,684        6,625,684      $ 211,317      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (a) 

    Represents net amount purchased (sold).

    Derivative Financial Instruments Outstanding as of Period End

    Futures Contracts

     

    Description    Number of
    Contracts
         Expiration
    Date
         Notional
    Amount (000)
         Value/
    Unrealized
    Appreciation
    (Depreciation)
     

    Short Contracts

               

    10-Year U.S. Treasury Note

         59        03/19/24      $ 6,629      $ (209,313 ) 

    U.S. Long Bond

         65        03/19/24        7,971        (439,353 ) 

    5-Year U.S. Treasury Note

         43        03/28/24        4,663        (92,330 ) 
               

     

     

     
                $ (740,996 ) 
               

     

     

     

    Derivative Financial Instruments Categorized by Risk Exposure

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

     

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

    Liabilities — Derivative Financial Instruments

                        

    Futures contracts

                        

    Unrealized depreciation on futures contracts(a)

       $ —      $ —      $ —      $ —      $ 740,996      $ —      $ 740,996  
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

     

      (a)

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

    For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

     

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

    Net Realized Gain (Loss) from:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $ (321,218 )     $ —      $ (321,218 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Net Change in Unrealized Appreciation (Depreciation) on:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $ (677,467 )     $ —      $ (677,467 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Average Quarterly Balances of Outstanding Derivative Financial Instruments

     

    Futures contracts:

            

    Average notional value of contracts — short

       $ 27,651,094  

     

     

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

      39


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield New York Quality Fund, Inc. (MYN)

     

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

    Fair Value Hierarchy as of Period End

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

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

     

          Level 1        Level 2        Level 3        Total  

    Assets

                     

    Investments

                     

    Long-Term Investments

                     

    Municipal Bonds

       $ —        $ 675,357,009        $ —        $ 675,357,009  

    Municipal Bonds Transferred to Tender Option Bond Trusts

         —          27,319,954          —          27,319,954  

    Short-Term Securities

                     

    Money Market Funds

         6,625,684          —          —          6,625,684  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ 6,625,684        $ 702,676,963        $ —        $ 709,302,647  
      

     

     

          

     

     

          

     

     

          

     

     

     

    Derivative Financial Instruments(a)

                     

    Liabilities

                     

    Interest Rate Contracts

       $ (740,996 )       $ —        $    —        $ (740,996 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

     

      (a) 

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

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

     

          Level 1        Level 2        Level 3        Total  

    Liabilities

                     

    TOB Trust Certificates

       $ —        $ (12,949,999 )       $ —        $ (12,949,999 ) 

    VRDP Shares at Liquidation Value

         —          (247,700,000 )         —          (247,700,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $    —        $ (260,649,999 )       $    —        $ (260,649,999 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    40  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  

    Municipal Bonds

       

    Pennsylvania — 139.0%

       
    Corporate — 2.6%            

    Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24

      $       500     $     499,786  

    Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29

        1,900       1,849,579  

    Montgomery County Industrial Development Authority, Refunding RB, 4.10%, 04/01/53(a)

        855       869,424  

    Pennsylvania Economic Development Financing Authority, RB, Series A, AMT, Sustainability Bonds, 3.25%, 08/01/39(b)

        1,350       1,002,881  

    Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

        135       133,570  
       

     

     

     
          4,355,240  
    County/City/Special District/School District — 21.6%  

    Altoona Area School District, GO, Series A, (AGM SAW), 5.00%, 12/01/36

        1,180       1,229,693  

    Bethlehem Area School District, GO

       

    Series A, (BAM SAW), 5.00%, 08/01/34

        1,610       1,663,793  

    Series A, (BAM SAW), 5.00%, 08/01/35

        1,210       1,250,155  

    Borough of West Chester Pennsylvania, Refunding GO, 3.50%, 11/15/35

        1,095       1,096,189  

    Boyertown Area School District, GO

       

    (SAW), 5.00%, 10/01/36

        610       611,817  

    (SAW), 5.00%, 10/01/38

        920       922,740  

    Bristol Township School District, GO, (BAM SAW), 5.00%, 06/01/42

        1,685       1,767,838  

    Chester County Industrial Development Authority, SAB(b)

       

    4.25%, 03/01/35

        710       647,400  

    4.75%, 03/01/50

        1,515       1,300,129  

    City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42

        1,705       1,676,400  

    City of Philadelphia Pennsylvania, Refunding GO, Series A, 5.00%, 08/01/37

        1,360       1,432,703  

    City of Pittsburgh Pennsylvania, GO, 5.00%, 09/01/43

        100       108,031  

    Coatesville School District, GO, CAB(c)

       

    Series A, (BAM SAW), 0.00%, 10/01/34

        160       102,293  

    Series A, (BAM SAW), 0.00%, 10/01/35

        1,435       868,554  

    Series A, (BAM SAW), 0.00%, 10/01/37

        1,395       744,249  

    Coatesville School District, Refunding GO, CAB(c)

       

    Series B, (BAM SAW), 0.00%, 10/01/33

        275       191,163  

    Series B, (BAM SAW), 0.00%, 10/01/34

        550       351,632  

    Series C, (BAM SAW), 0.00%, 10/01/33

        360       241,549  

    Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

        120       120,141  

    Pennsylvania Economic Development Financing Authority, RB

       

    AMT, 5.00%, 06/30/32

        925       986,550  

    AMT, 5.50%, 06/30/43

        2,500       2,757,985  

    AMT, 6.00%, 06/30/61

        1,305       1,470,539  

    School District of Philadelphia, GO

       

    Series A, (SAW), 5.00%, 09/01/44

        1,000       1,051,609  

    Series A, (SAW), 5.50%, 09/01/48

        2,500       2,776,107  

    Series D, (AGM SAW), 3.00%, 09/01/44

        2,345       1,910,140  

    Shaler Area School District, GO, (XLCA SAW), 0.00%, 09/01/30(c)

        6,145       5,000,707  
    Security   Par
    (000)
        Value  
    County/City/Special District/School District (continued)  

    Springfield School District/Delaware County, GO, (SAW), 5.00%, 03/01/36

      $       870     $     947,301  

    State Public School Building Authority, RB(c)

       

    (AGM SAW), 0.00%, 12/15/24

        1,980       1,924,984  

    (AGM SAW), 0.00%, 12/15/25

        1,770       1,668,625  
       

     

     

     
          36,821,016  
    Education — 21.2%            

    Berks County Municipal Authority, Refunding RB

       

    5.00%, 10/01/39

        590       554,877  

    5.00%, 10/01/49

        430       382,960  

    Chester County Industrial Development Authority, RB, Sustainability Bonds, 4.00%, 12/01/51

        3,600       3,439,093  

    Delaware County Authority, RB, 5.00%, 08/01/40

        3,505       3,588,221  

    East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25(d)

        1,255       1,291,655  

    Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46

        285       243,504  

    Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

        1,160       1,173,449  

    Pennsylvania Higher Education Assistance Agency, RB

       

    Series A, 2.63%, 06/01/42

        975       852,129  

    Series B, AMT, Subordinate, 3.13%, 06/01/48

        350       268,266  

    Series B, AMT, Subordinate, 5.00%, 06/01/50

        520       502,000  

    Pennsylvania Higher Educational Facilities Authority, RB

       

    Series AT-1, 4.00%, 06/15/34(d)

        25       25,726  

    Series AT-2, 4.00%, 06/15/34

        1,975       2,005,438  

    Pennsylvania Higher Educational Facilities Authority, Refunding RB

       

    5.00%, 05/01/37

        1,325       1,060,026  

    5.00%, 05/01/41

        500       509,997  

    Series A, 5.00%, 11/01/31

        845       890,622  

    Series A, (AGM), 4.00%, 05/01/50

        4,645       4,202,209  

    Philadelphia Authority for Industrial Development, RB

       

    4.00%, 06/15/29

        280       263,493  

    5.00%, 06/15/39

        335       307,826  

    4.00%, 12/01/48

        3,300       3,184,855  

    5.00%, 06/15/49

        935       800,938  

    5.00%, 06/15/50

        575       503,114  

    5.25%, 11/01/52

        1,355       1,418,496  

    Philadelphia Authority for Industrial Development, Refunding RB

       

    5.00%, 06/15/40(b)

        300       289,209  

    Series 2015, 5.00%, 04/01/45

        2,170       2,203,143  

    Series A, 5.25%, 06/15/52

        375       333,360  

    Sports & Exhibition Authority of Pittsburgh & Allegheny County, RB, Series A, VRDN, (AGM), 4.52%, 02/07/24(a)(e)

        2,275       2,275,000  

    Swarthmore Borough Authority, Refunding RB, 5.00%, 09/15/47

        1,950       2,172,215  

    University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.91%, 02/15/24(a)(f)

        1,380       1,379,787  
       

     

     

     
          36,121,608  
    Health — 34.1%            

    Allegheny County Hospital Development Authority, RB

       

    Series B, (NPFGC), 6.00%, 07/01/26

        2,000       2,133,310  

    Series D2, 5.25%, 11/15/47(a)

        1,040       1,019,987  
     

     

     

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

      41


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  
    Health (continued)            

    Allegheny County Hospital Development Authority, Refunding RB

       

    Series A, 4.00%, 04/01/37

      $     1,700     $   1,706,017  

    Series A, (AGM-CR), 4.00%, 04/01/44

        3,440       3,367,199  

    Series A, 5.00%, 04/01/47

        700       714,167  

    Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46

        1,000       781,220  

    Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/52

        1,000       1,027,190  

    Cumberland County Municipal Authority, Refunding RB

       

    5.00%, 01/01/25(d)

        255       259,643  

    5.00%, 01/01/29(d)

        580       646,602  

    4.00%, 01/01/36

        395       374,914  

    4.13%, 01/01/38

        160       148,641  

    5.00%, 01/01/38

        1,290       1,293,582  

    Doylestown Hospital Authority, RB, 5.00%, 07/01/49(d)

        500       472,238  

    DuBois Hospital Authority, Refunding RB, 4.00%, 07/15/48

        2,060       1,861,093  

    Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45

        4,395       4,488,169  

    General Authority of Southcentral Pennsylvania, Refunding RB, Series A, 5.00%, 06/01/24(d)

        7,000       7,042,618  

    Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

        825       819,719  

    Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35

        575       581,566  

    Lancaster Industrial Development Authority, RB

       

    4.00%, 12/01/44

        420       358,305  

    4.00%, 12/01/49

        565       460,938  

    Montgomery County Higher Education and Health Authority, Refunding RB

       

    4.00%, 09/01/49

        665       616,819  

    Series A, 5.00%, 09/01/37

        840       874,326  

    Montgomery County Industrial Development Authority, RB

       

    Series C, 4.00%, 11/15/43

        200       179,064  

    Series C, 5.00%, 11/15/45

        915       928,481  

    Montgomery County Industrial Development Authority, Refunding RB

       

    5.25%, 01/01/40

        220       196,953  

    5.00%, 12/01/46

        400       400,239  

    Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48

        2,345       2,252,742  

    Northampton County General Purpose Authority, Refunding RB

       

    5.00%, 08/15/46

        1,000       1,009,963  

    5.00%, 08/15/48

        1,125       1,150,579  

    Pennsylvania Economic Development Financing Authority, RB

       

    Series A-2, 4.00%, 05/15/53

        1,020       943,230  

    Series B, 4.00%, 03/15/40

        8,000       8,033,226  

    Pennsylvania Higher Educational Facilities Authority, RB, 3.00%, 08/15/47

        1,600       1,265,207  

    Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45

        2,000       2,005,477  

    Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41

        3,000       3,091,946  

    St Mary Hospital Authority, Refunding RB

       

    5.00%, 12/01/28(d)

        2,495       2,776,452  
    Security   Par
    (000)
        Value  
    Health (continued)            

    St Mary Hospital Authority, Refunding RB (continued)

       

    5.00%, 12/01/48

      $     1,255     $   1,309,491  

    Wayne County Hospital & Health Facilities Authority, RB, Series A, (GTD), 4.00%, 07/01/46

        1,595       1,514,677  
       

     

     

     
          58,105,990  
    Housing — 6.4%            

    Pennsylvania Housing Finance Agency, RB, S/F Housing

       

    Series 137, Sustainability Bonds, 2.60%, 04/01/46

        2,730       1,926,218  

    Series 143A, Sustainability Bonds, 5.38%, 10/01/46

        1,650       1,753,149  

    Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing

       

    Series 142-A, Sustainability Bonds, 5.00%, 10/01/43

        1,000       1,044,465  

    Series 142-A, Sustainability Bonds, 5.00%, 10/01/50

        2,030       2,091,856  

    Series 2022, Sustainability Bonds, 4.15%, 10/01/42

        2,100       2,094,101  

    Philadelphia Authority for Industrial Development, RB, M/F Housing(g)(h)

       

    Series A, 3.50%, 12/01/36

        810       350,186  

    Series A, 4.00%, 12/01/46

        2,970       1,284,015  

    Series A, 4.00%, 12/01/51

        805       348,024  
       

     

     

     
          10,892,014  
    State — 5.2%            

    Allentown Neighborhood Improvement Zone Development Authority, RB(b)

       

    5.00%, 05/01/32

        1,260       1,275,557  

    5.00%, 05/01/42

        1,505       1,518,199  

    Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38

        6,000       6,156,995  
       

     

     

     
          8,950,751  
    Tobacco — 6.0%            

    Commonwealth Financing Authority, RB

       

    5.00%, 06/01/34

        4,175       4,468,354  

    5.00%, 06/01/35

        1,295       1,381,375  

    (AGM), 4.00%, 06/01/39

        4,300       4,316,835  
       

     

     

     
          10,166,564  
    Transportation — 30.8%            

    Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53

        500       542,470  

    City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/37

        1,100       1,139,033  

    Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42

        2,110       2,209,721  

    Delaware River Port Authority, RB, 5.00%, 01/01/37

        2,285       2,289,600  

    Pennsylvania Economic Development Financing Authority, RB

       

    5.00%, 06/30/42

        9,380       9,388,837  

    AMT, 5.25%, 06/30/53

        2,480       2,663,758  

    Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51

        3,920       3,796,052  

    Pennsylvania Turnpike Commission, RB

       

    Sub-Series B-1, 5.00%, 06/01/42

        385       399,882  

    Sub-Series B-1, 5.25%, 06/01/47

        1,000       1,040,682  

    Series 1, Subordinate, 5.00%, 12/01/40

        2,035       2,256,881  

    Series A, Subordinate, 4.00%, 12/01/46

        1,000       968,936  

    Series A, Subordinate, 4.00%, 12/01/50

        2,500       2,375,365  

    Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50

        1,385       1,346,943  

    Pennsylvania Turnpike Commission, RB, CAB(c)

       

    Sub-Series A-3, (AGM), 0.00%, 12/01/40

        1,975       972,677  

    Sub-Series A-3, 0.00%, 12/01/42

        4,760       2,050,751  
     

     

     

    42  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  
    Transportation (continued)            

    Pennsylvania Turnpike Commission, Refunding RB

       

    Series B, 5.25%, 12/01/52

      $       775     $     855,341  

    Series B-2, (AGM), 5.00%, 06/01/35

        1,850       1,975,073  

    Series 2017-3, Subordinate, 5.00%, 12/01/40

        2,345       2,459,590  

    VRDN, 4.70%, 02/07/24(a)(e)

        2,500       2,500,000  

    Southeastern Pennsylvania Transportation Authority, RB

       

    5.25%, 06/01/47

        2,305       2,552,752  

    5.25%, 06/01/52

        8,000       8,762,387  
       

     

     

     
          52,546,731  
    Utilities — 11.1%            

    Bucks County Water and Sewer Authority, RB

       

    Series A, (AGM), 5.00%, 12/01/37

        780       793,364  

    Series A, (AGM), 5.00%, 12/01/40

        1,000       1,017,084  

    City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB

       

    Series A, 5.00%, 10/01/43

        3,040       3,218,597  

    Series A, 5.25%, 10/01/52

        810       844,601  

    Series C, 5.50%, 06/01/52

        1,900       2,112,701  

    City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB

       

    Series B, (AGM), 4.50%, 09/01/48

        1,240       1,280,829  

    Series B, (AGM), 5.50%, 09/01/53

        2,480       2,775,143  

    New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47

        1,195       977,473  

    Oxford Area Sewer Authority, Refunding RB, Sustainability Bonds, (BAM), 3.00%, 07/01/46

        1,255       999,576  

    Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, VRDN, 4.90%, 02/07/24(a)(e)

        1,000       1,000,000  

    Philadelphia Gas Works Colorado, Refunding RB

       

    5.00%, 08/01/30

        800       823,539  

    5.00%, 08/01/31

        600       616,328  

    5.00%, 08/01/32

        800       821,783  

    5.00%, 08/01/33

        400       410,898  

    5.00%, 08/01/34

        700       719,082  

    Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40

        580       584,362  
       

     

     

     
          18,995,360  
       

     

     

     

    Total Municipal Bonds in Pennsylvania

          236,955,274  

    Puerto Rico — 5.2%

       

    State — 5.2%

       

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        265       259,639  

    Series A-1, Restructured, 5.00%, 07/01/58

        629       628,992  

    Series A-2, Restructured, 4.78%, 07/01/58

        46       44,965  

    Series A-2, Restructured, 4.33%, 07/01/40

        519       515,237  

    Series B-1, Restructured, 4.75%, 07/01/53

        208       202,786  

    Series B-1, Restructured, 5.00%, 07/01/58

        3,258       3,262,724  

    Series B-2, Restructured, 4.33%, 07/01/40

        2,701       2,670,305  

    Series B-2, Restructured, 4.78%, 07/01/58

        274       265,983  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

        3,575       1,098,993  
       

     

     

     

    Total Municipal Bonds in Puerto Rico

          8,949,624  
       

     

     

     

    Total Municipal Bonds — 144.2%
    (Cost: $248,568,447)

          245,904,898  
       

     

     

     
    Security   Par
    (000)
        Value  

    Municipal Bonds Transferred to Tender Option Bond Trusts(i)

     

    Pennsylvania — 6.7%            
    Education — 6.0%            

    Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 06/15/38

      $ 10,160     $ 10,204,692  
       

     

     

     
    Health — 0.7%            

    Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 06/15/38

        1,175       1,180,169  
       

     

     

     

    Total Municipal Bonds in Pennsylvania

          11,384,861  
       

     

     

     

    Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.7%
    (Cost: $11,285,849)

          11,384,861  
       

     

     

     

    Total Long-Term Investments — 150.9%
    (Cost: $259,854,296)

          257,289,759  
       

     

     

     
         Shares         

    Short-Term Securities

       

    Money Market Funds — 0.9%

       

    BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(j)(k)

        1,576,764       1,576,921  
       

     

     

     

    Total Short-Term Securities — 0.9%
    (Cost: $1,576,900)

     

        1,576,921  
       

     

     

     

    Total Investments — 151.8%
    (Cost: $261,431,196)

     

        258,866,680  

    Other Assets Less Liabilities — 1.0%

     

        1,607,834  

    Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)%

     

        (7,594,047 ) 

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.3)%

     

        (82,382,708 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 170,497,759  
       

     

     

     

     

    (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)

    Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

    (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) 

    Affiliate of the Fund.

    (k) 

    Annualized 7-day yield as of period end.

     

     

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

     

     

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

      43


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

     

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds, MuniCash, Institutional Class

       $ 17,292,797      $ —      $ (15,716,453 )(a)     $ 2,106      $ (1,529 )     $ 1,576,921        1,576,764      $ 109,753      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (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. 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

       $ —        $ 245,904,898        $ —        $ 245,904,898  

    Municipal Bonds Transferred to Tender Option Bond Trusts

         —          11,384,861          —          11,384,861  

    Short-Term Securities

                     

    Money Market Funds

         1,576,921          —          —          1,576,921  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $  1,576,921        $ 257,289,759        $     —        $  258,866,680  
      

     

     

          

     

     

          

     

     

          

     

     

     

    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

       $ —        $ (7,560,000 )       $ —        $ (7,560,000 ) 

    VRDP Shares at Liquidation Value

         —          (82,600,000 )         —          (82,600,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $     —        $  (90,160,000 )       $     —        $  (90,160,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    44  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  

    Municipal Bonds

       
    Alabama — 0.2%            
    Corporate — 0.2%            

    Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

      $       645     $     681,071  
       

     

     

     
    Guam — 0.2%            
    Utilities — 0.2%            

    Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/41

        460       481,274  
       

     

     

     
    New York — 150.1%            
    Corporate — 6.1%            

    Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(a)

        420       423,284  

    New York Liberty Development Corp., RB, 5.50%, 10/01/37

        655       771,073  

    New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35

        5,160       6,056,229  

    New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34

        575       589,107  

    New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(b)

        1,040       1,015,210  

    New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40

        1,670       1,808,276  

    New York Transportation Development Corp., RB

       

    AMT, 5.00%, 10/01/35

        930       970,899  

    AMT, 5.00%, 10/01/40

        2,750       2,825,426  

    New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31

        1,180       1,080,033  

    Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(a)

        2,710       2,376,652  
       

     

     

     
          17,916,189  
    County/City/Special District/School District — 26.3%  

    Battery Park City Authority, RB

       

    Series A, Sustainability Bonds, 5.00%, 11/01/41

        525       601,936  

    Series A, Sustainability Bonds, 5.00%, 11/01/42

        1,015       1,157,428  

    Series A, Sustainability Bonds, 5.00%, 11/01/43

        1,235       1,402,017  

    Series A, Sustainability Bonds, 5.00%, 11/01/48

        1,170       1,299,100  

    City of New York, GO

       

    Series A, 5.00%, 08/01/51

        785       865,639  

    Series A-1, 4.00%, 09/01/46

        540       550,071  

    Series A-1, 5.00%, 08/01/47

        1,895       2,062,321  

    Series B, 5.25%, 10/01/39

        525       607,818  

    Series B, 5.25%, 10/01/40

        405       466,688  

    Series C, 5.00%, 08/01/43

        385       420,148  

    Series D, 5.38%, 06/01/32

        25       25,054  

    Series D-1, 4.00%, 03/01/42

        545       549,441  

    Series E-1, 5.00%, 03/01/39

        1,620       1,731,612  

    Series F-1, 5.00%, 03/01/44

        2,000       2,193,858  

    Series F-1, 4.00%, 03/01/47

        1,945       1,963,233  

    Series I, 5.00%, 03/01/36

        2,250       2,254,068  

    Sub-Series E-1, 4.00%, 04/01/45

        1,650       1,674,768  

    Sub-Series F-1, 5.00%, 04/01/43

        930       986,636  

    City of New York, Refunding GO, Series B, 4.00%, 08/01/32

        1,790       1,802,745  

    County of Nassau New York, GO

       

    Series B, (AGM), 5.00%, 07/01/45

        1,000       1,057,739  

    Series C, 5.00%, 10/01/29

        500       540,670  

    Series C, 5.00%, 10/01/31

        1,420       1,533,447  
    Security   Par
    (000)
        Value  
    County/City/Special District/School District (continued)  

    Hudson Yards Infrastructure Corp., Refunding RB, Series A, Sustainability Bonds, 4.00%, 02/15/43

      $     2,095     $   2,123,700  

    New York City Industrial Development Agency, RB(c)

       

    (AGC), 0.00%, 03/01/35

        500       336,430  

    (AGC), 0.00%, 03/01/39

        1,000       528,276  

    (AGC), 0.00%, 03/01/42

        3,710       1,663,162  

    (AGC), 0.00%, 03/01/45

        2,000       757,165  

    New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43

        1,310       1,376,603  

    New York City Transitional Finance Authority Future Tax Secured Revenue, RB

       

    Series D-1, 5.00%, 02/01/32

        5,000       5,015,930  

    Series E-1, 4.00%, 02/01/49

        1,880       1,874,181  

    Sub-Series A-3, 4.00%, 08/01/43

        1,035       1,037,058  

    Sub-Series B-1, 5.00%, 11/01/35

        425       426,961  

    Sub-Series B-1, 5.00%, 11/01/36

        340       341,313  

    Sub-Series E-1, 5.00%, 02/01/43

        1,290       1,344,688  

    Series A, Subordinate, 4.00%, 05/01/53

        1,050       1,031,921  

    Series A-1, Subordinate, 5.00%, 08/01/41

        1,000       1,128,748  

    Series A-1, Subordinate, 4.00%, 08/01/48

        2,000       1,992,868  

    Series F-1, Subordinate, 4.00%, 02/01/51

        1,500       1,514,345  

    New York City Transitional Finance Authority, RB, Subordinate, 5.25%, 05/01/50

        915       1,037,099  

    New York Convention Center Development Corp., RB, CAB(c)

       

    Series A, Senior Lien, 0.00%, 11/15/47

        3,000       954,767  

    Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55

        4,000       868,490  

    New York Convention Center Development Corp., Refunding RB

       

    5.00%, 11/15/40

        5,755       5,885,384  

    5.00%, 11/15/45

        7,290       7,416,728  

    New York Liberty Development Corp., Refunding RB(a)

       

    Class 1, 5.00%, 11/15/44

        2,730       2,726,587  

    Class 2, 5.38%, 11/15/40

        680       680,850  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

       

    Series A, 4.00%, 05/15/48

        3,110       3,095,514  

    Series A, 4.13%, 05/15/53

        1,315       1,322,173  

    Series A, 4.50%, 05/15/63

        5,000       5,085,749  
       

     

     

     
          77,313,127  
    Education — 19.6%            

    Albany Capital Resource Corp., Refunding RB(d)(e)

     

     

    4.00%, 07/01/41

        595       331,401  

    4.00%, 07/01/51

        615       348,594  

    Amherst Development Corp., Refunding RB

       

    5.00%, 10/01/43

        535       542,438  

    5.00%, 10/01/48

        410       413,653  

    Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35

        345       353,681  

    Build NYC Resource Corp., RB(a)

       

    5.00%, 02/01/33

        350       338,939  

    5.75%, 02/01/49

        455       430,291  

    Series A, 5.13%, 05/01/38

        660       643,177  

    Series A, 5.50%, 05/01/48

        270       261,544  

    Build NYC Resource Corp., Refunding RB

       

    5.00%, 06/01/33

        300       306,403  

    5.00%, 06/01/35

        350       357,474  

    5.00%, 06/01/40

        690       698,700  

    5.00%, 11/01/47

        515       592,314  

    Series A, 5.00%, 06/01/38

        750       755,127  
     

     

     

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

      45


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  
    Education (continued)            

    County of Cattaraugus New York, RB

       

    5.00%, 05/01/34

      $       170     $     170,599  

    5.00%, 05/01/39

        125       125,187  

    Dobbs Ferry Local Development Corp., RB

       

    5.00%, 07/01/39

        1,000       1,006,345  

    5.00%, 07/01/44

        500       502,192  

    Dutchess County Local Development Corp., RB

       

    5.00%, 07/01/43

        905       945,839  

    5.00%, 07/01/48

        225       232,927  

    4.00%, 07/01/49

        3,000       2,862,148  

    Dutchess County Local Development Corp., Refunding RB

       

    5.00%, 07/01/42

        755       796,905  

    4.00%, 07/01/46

        1,170       1,172,898  

    4.00%, 07/01/49

        1,310       1,315,082  

    Hempstead Town Local Development Corp., Refunding RB

       

    5.00%, 10/01/34

        310       313,575  

    5.00%, 10/01/35

        935       945,789  

    4.00%, 07/01/37

        220       224,285  

    5.00%, 07/01/47

        320       329,589  

    Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53

        1,695       1,847,983  

    Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

        7,610       7,614,156  

    New York State Dormitory Authority, RB

       

    Series 1, (AMBAC), 5.50%, 07/01/40

        1,440       1,781,727  

    Series A, 5.25%, 07/01/24(f)

        2,000       2,017,772  

    Series A, 5.50%, 07/01/24(f)

        2,000       2,019,811  

    Sustainability Bonds, 5.00%, 07/01/48

        385       419,645  

    New York State Dormitory Authority, Refunding RB

       

    5.00%, 07/01/44

        2,130       2,139,319  

    Series A, 5.00%, 07/01/24(f)

        500       503,933  

    Series A, 5.00%, 07/01/35

        3,445       3,484,894  

    Series A, 5.00%, 07/01/37

        835       853,417  

    Series A, 5.00%, 07/01/43

        2,960       2,991,724  

    Series A, 4.00%, 07/01/47

        1,285       1,184,726  

    Onondaga County Trust for Cultural Resources, Refunding RB

       

    5.00%, 05/01/40

        1,065       1,109,884  

    4.00%, 12/01/47

        6,000       5,994,158  

    Orange County Funding Corp., Refunding RB

       

    Series A, 5.00%, 07/01/37

        540       540,692  

    Series A, 5.00%, 07/01/42

        335       335,122  

    Schenectady County Capital Resource Corp., Refunding RB, 5.25%, 07/01/52

        715       783,616  

    Troy Capital Resource Corp., Refunding RB

       

    4.00%, 08/01/35

        890       899,140  

    5.00%, 09/01/36

        1,850       2,004,978  

    Trust for Cultural Resources of The City of New York, Refunding RB

       

    Series A, 5.00%, 07/01/37

        1,105       1,113,782  

    Series A, 5.00%, 07/01/41

        500       504,239  
       

     

     

     
          57,461,814  
    Health — 8.4%            

    Buffalo & Erie County Industrial Land Development Corp., RB, 5.25%, 07/01/35

        335       315,835  

    Build NYC Resource Corp., RB

       

    Class A, 5.25%, 07/01/37

        1,010       940,821  

    Class A, 5.50%, 07/01/47

        620       563,173  
    Security   Par
    (000)
        Value  
    Health (continued)            

    Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52

      $       680     $     703,281  

    Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

        305       243,061  

    Monroe County Industrial Development Corp., RB

       

    4.00%, 12/01/41

        600       540,775  

    Series A, 5.00%, 12/01/32

        420       420,292  

    Monroe County Industrial Development Corp., Refunding RB

       

    4.00%, 12/01/36

        2,800       2,695,639  

    4.00%, 12/01/46

        2,150       1,844,428  

    New York State Dormitory Authority, RB

       

    Series A, 4.00%, 07/01/50

        710       691,264  

    Series D, 4.25%, 05/01/39

        1,000       1,000,294  

    New York State Dormitory Authority, Refunding RB

       

    4.00%, 07/01/38

        890       716,626  

    4.00%, 07/01/39

        1,165       924,928  

    4.00%, 07/01/47

        2,090       2,022,960  

    4.25%, 05/01/52

        3,000       2,909,831  

    5.00%, 05/01/52

        2,210       2,318,304  

    Series A, 5.00%, 05/01/43

        3,430       3,473,294  

    Oneida County Local Development Corp., RB, Class A, (AGM), 4.00%, 12/01/46

        1,100       1,043,186  

    Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32

        530       533,574  

    Tompkins County Development Corp., Refunding RB, 5.00%, 07/01/44

        110       109,789  

    Westchester County Healthcare Corp., Refunding RB, Series B, Senior Lien, 6.00%, 11/01/30

        85       85,075  

    Westchester County Local Development Corp., Refunding RB(a)

       

    5.00%, 07/01/41

        410       357,214  

    5.00%, 07/01/56

        465       370,633  
       

     

     

     
          24,824,277  
    Housing — 7.5%            

    New York City Housing Development Corp, RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48

        1,490       1,513,613  

    New York City Housing Development Corp., RB, M/F Housing

       

    Series C-1A, 4.20%, 11/01/44

        1,000       996,462  

    Sustainability Bonds, 3.15%, 11/01/44

        200       168,237  

    Sustainability Bonds, 4.80%, 02/01/53

        4,115       4,160,428  

    Class F-1, Sustainability Bonds, 4.30%, 11/01/37

        1,000       1,008,793  

    Series A, Sustainability Bonds, 4.75%, 11/01/48

        280       284,437  

    Series E-1, Sustainability Bonds, 4.85%, 11/01/53

        2,835       2,890,922  

    New York City Housing Development Corp., Refunding RB, Sustainability Bonds, 4.25%, 11/01/43

        4,895       4,839,661  

    New York State Housing Finance Agency, RB, M/F Housing

       

    Series E, (FNMA, SONYMA), 4.15%, 11/01/47

        1,485       1,386,533  

    Series B-1, Sustainability Bonds, (SONYMA), 4.85%, 11/01/48

        1,015       1,042,245  

    Series C-1, Sustainability Bonds, (SONYMA), 4.65%, 11/01/48

        405       409,986  
     

     

     

    46  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  
    Housing (continued)            

    State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing

       

    Series 255, (SONYMA), 4.70%, 10/01/43

      $      810     $     819,059  

    Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48

        2,630       2,664,032  
       

     

     

     
          22,184,408  
    State — 13.4%            

    New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/45

        1,290       1,272,534  

    New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series S-3, Subordinate, (SAW), 4.00%, 07/15/38

        4,410       4,503,399  

    New York State Dormitory Authority, RB

       

    Series A, 4.00%, 03/15/47

        2,350       2,299,031  

    Series C, 4.00%, 03/15/45

        1,225       1,209,710  

    New York State Dormitory Authority, Refunding RB

       

    Series A, 5.00%, 03/15/46

        935       1,030,621  

    Series A, 4.00%, 03/15/47

        1,170       1,158,300  

    Series E, 5.00%, 03/15/41

        2,200       2,347,000  

    New York State Urban Development Corp., RB

       

    Series A, 4.00%, 03/15/45

        1,470       1,471,167  

    Series A, 5.00%, 03/15/46

        2,610       2,891,529  

    Series A, 4.00%, 03/15/49

        2,720       2,683,470  

    New York State Urban Development Corp., Refunding RB

       

    4.00%, 03/15/45

        3,425       3,467,109  

    4.00%, 03/15/46

        5,000       4,956,921  

    Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.25%, 05/15/52

        9,110       10,142,582  
       

     

     

     
          39,433,373  
    Tobacco — 3.4%            

    Chautauqua Tobacco Asset Securitization Corp., Refunding RB

       

    4.75%, 06/01/39

        400       382,596  

    5.00%, 06/01/48

        550       524,668  

    New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a)

        1,400       1,400,486  

    New York Counties Tobacco Trust VI, Refunding RB

       

    Series A-2B, 5.00%, 06/01/51

        2,340       2,117,544  

    Series C, 4.00%, 06/01/51

        2,250       1,818,672  

    Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 05/15/40

        630       630,265  

    TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41

        910       917,605  

    Westchester Tobacco Asset Securitization Corp., Refunding RB

       

    Sub-Series C, 4.00%, 06/01/42

        890       889,867  

    Sub-Series C, 5.13%, 06/01/51

        1,225       1,234,711  
       

     

     

     
          9,916,414  
    Transportation — 40.2%            

    Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%, 01/01/47

        915       945,340  

    Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/39

        2,440       2,545,697  

    Metropolitan Transportation Authority, RB

       

    Series A-1, 4.00%, 11/15/46

        2,000       1,904,007  

    Series B, 5.25%, 11/15/38

        780       784,580  

    Series D-2, Sustainability Bonds, 4.00%, 11/15/48

        1,255       1,172,783  

    Series D-3, Sustainability Bonds, 4.00%, 11/15/49

        2,150       2,004,647  

    Metropolitan Transportation Authority, Refunding RB Series A, 5.00%, 11/15/49

        3,715       4,066,867  
    Security   Par
    (000)
        Value  
    Transportation (continued)            

    Metropolitan Transportation Authority, Refunding RB (continued)

       

    Series A, 4.00%, 11/15/51

      $     7,335     $   7,390,992  

    Series B, 5.00%, 11/15/37

        1,000       1,039,063  

    Sub-Series C-1, 5.00%, 11/15/34

        1,860       1,925,107  

    Series A-1, Sustainability Bonds, (AGM), 4.00%, 11/15/54

        1,395       1,329,450  

    Series A-1, Sustainability Bonds, 5.25%, 11/15/57

        1,000       1,029,644  

    MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

        5,160       5,160,053  

    New York City Industrial Development Agency, Refunding RB, Series A, AMT, 5.00%, 07/01/28

        970       970,360  

    New York Liberty Development Corp., Refunding RB, Series 1, 3.00%, 02/15/42

        1,015       865,644  

    New York State Thruway Authority, RB

       

    Series A, Junior Lien, 5.00%, 01/01/41

        365       373,293  

    Series A, Junior Lien, 5.00%, 01/01/46

        1,285       1,313,910  

    New York State Thruway Authority, Refunding RB

       

    Series A, 4.00%, 03/15/42

        500       509,815  

    Series L, 5.00%, 01/01/33

        90       97,788  

    Series O, 4.00%, 01/01/44

        1,295       1,303,963  

    Series P, 5.25%, 01/01/54(g)

        820       910,520  

    Series B, Subordinate, 4.00%, 01/01/45

        7,305       7,136,650  

    Series B, Subordinate, 4.00%, 01/01/50

        3,720       3,517,235  

    New York Transportation Development Corp., ARB

       

    AMT, 5.00%, 12/01/34

        1,300       1,421,593  

    AMT, 5.00%, 12/01/35

        5,000       5,414,157  

    AMT, 5.00%, 12/01/36

        1,995       2,148,848  

    AMT, 5.00%, 12/01/40

        1,040       1,094,661  

    AMT, 4.00%, 12/01/42

        2,000       1,883,151  

    Series A, AMT, (AGM-CR), 4.00%, 07/01/41

        1,100       1,060,787  

    Series A, AMT, 5.00%, 07/01/46

        1,040       1,040,350  

    Series A, AMT, 5.25%, 01/01/50

        8,440       8,440,985  

    New York Transportation Development Corp., RB

       

    AMT, 4.00%, 10/31/46

        2,000       1,812,000  

    AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/42

        1,000       1,081,546  

    AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49

        2,425       2,500,986  

    AMT, Sustainability Bonds, 6.00%, 06/30/54

        4,095       4,503,717  

    Port Authority of New York & New Jersey, ARB

       

    Series 218, AMT, 5.00%, 11/01/44

        1,450       1,509,538  

    Series 221, AMT, 4.00%, 07/15/45

        1,105       1,070,074  

    Port Authority of New York & New Jersey, Refunding ARB

       

    Series 198, 5.25%, 11/15/56

        655       678,146  

    AMT, 5.00%, 10/15/34

        1,300       1,349,395  

    AMT, 5.00%, 01/15/47

        1,970       2,097,685  

    AMT, 5.00%, 01/15/52

        2,795       2,930,649  

    Series 177, AMT, 4.00%, 01/15/43

        1,120       1,080,208  

    Series 231, AMT, 5.50%, 08/01/47

        3,000       3,302,002  

    Series 234, AMT, 5.50%, 08/01/52

        1,040       1,141,910  

    Port Authority of New York & New Jersey, Refunding RB, Series 242, AMT, 5.00%, 12/01/39

        530       583,052  

    Triborough Bridge & Tunnel Authority, RB

       

    Series A, 5.00%, 11/15/49

        9,500       10,181,673  

    Series A, 4.00%, 11/15/56

        1,555       1,503,716  

    Sub-Series B-1, 5.00%, 11/15/48

        1,175       1,293,955  

    Triborough Bridge & Tunnel Authority, Refunding RB

       

    Series B, 5.00%, 11/15/37

        725       771,722  

    Series C, 5.25%, 05/15/52

        5,000       5,520,386  
     

     

     

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

      47


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

    (Percentages shown are based on Net Assets)

     

    Security   Par
    (000)
        Value  
    Transportation (continued)            

    Triborough Bridge & Tunnel Authority, Refunding RB (continued)

       

    Series C, Sustainability Bonds, 5.25%, 11/15/42

      $       470     $      547,009  

    Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series B, 0.00%, 11/15/32(c)

        2,335       1,721,138  
       

     

     

     
          117,982,447  
    Utilities — 25.2%            

    Long Island Power Authority, RB

       

    (AGM), 0.00%, 06/01/28(c)

        3,515       3,105,495  

    5.00%, 09/01/36

        340       368,469  

    5.00%, 09/01/39

        3,500       3,770,121  

    (BAM-TCRS), 5.00%, 09/01/42

        3,655       3,869,785  

    5.00%, 09/01/47

        2,195       2,302,714  

    Series C, (AGC), 5.25%, 09/01/29

        4,000       4,516,241  

    Series E, Sustainability Bonds, 5.00%, 09/01/48

        440       490,637  

    Series E, Sustainability Bonds, 5.00%, 09/01/53

        1,835       2,024,934  

    New York City Municipal Water Finance Authority, RB

       

    Series CC-1, 4.00%, 06/15/52

        5,000       4,922,018  

    Series FF-1, Subordinate, 4.00%, 06/15/49

        9,535       9,451,691  

    New York City Municipal Water Finance Authority, Refunding RB

       

    Series AA-3, 5.25%, 06/15/48

        4,560       5,200,568  

    Series BB-1, 4.00%, 06/15/45

        1,250       1,253,439  

    Series DD, 4.13%, 06/15/46

        4,000       4,106,629  

    Series DD, 4.13%, 06/15/47

        2,630       2,671,897  

    Series GG, 5.00%, 06/15/39

        690       710,387  

    New York Power Authority, RB, Sustainability Bonds, (AGM), 5.00%, 11/15/48

        4,180       4,580,858  

    New York Power Authority, Refunding RB

       

    Series A, Sustainability Bonds, 4.00%, 11/15/55

        8,925       8,595,813  

    Series A, Sustainability Bonds, 4.00%, 11/15/60

        585       552,828  

    New York State Environmental Facilities Corp., RB, Series B, Sustainability Bonds, 5.00%, 09/15/40

        635       652,708  

    New York State Environmental Facilities Corp., Refunding RB, 5.00%, 06/15/51

        2,035       2,215,268  

    Rockland County Solid Waste Management Authority, RB, Series A, AMT, Sustainability Bonds, 4.00%, 12/15/46

        730       688,937  

    Utility Debt Securitization Authority, Refunding RB Restructured, Sustainability Bonds, 5.00%, 12/15/44

        2,000       2,242,821  

    Series 2, Sustainability Bonds, 5.00%, 12/15/50

        1,965       2,185,014  

    Series 2, Sustainability Bonds, 5.00%, 06/15/53

        3,170       3,504,960  
       

     

     

     
          73,984,232  
       

     

     

     

    Total Municipal Bonds in New York

          441,016,281  
    Puerto Rico — 5.0%            
    State — 5.0%            

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        2,089       2,046,739  

    Series A-1, Restructured, 5.00%, 07/01/58

        6,063       6,062,922  

    Series A-2, Restructured, 4.78%, 07/01/58

        1,544       1,509,260  

    Series A-2, Restructured, 4.33%, 07/01/40

        3,004       2,982,221  

    Series B-1, Restructured, 4.75%, 07/01/53

        5       4,875  

    Series B-2, Restructured, 4.78%, 07/01/58

        126       122,314  

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

        5,916       1,818,641  
       

     

     

     

    Total Municipal Bonds in Puerto Rico

          14,546,972  
       

     

     

     
    Security   Par
    (000)
        Value  
    South Carolina — 0.9%            
    Corporate — 0.9%            

    Patriots Energy Group Financing Agency, RB,

       

    Series A1, 5.25%, 10/01/54(b)

      $     2,520     $    2,699,185  
       

     

     

     

    Total Municipal Bonds — 156.4%
    (Cost: $447,340,723)

     

        459,424,783  
       

     

     

     
    Municipal Bonds Transferred to Tender Option Bond
     Trusts(h)

     

    New York — 0.9%            
    Transportation — 0.9%            

    Port Authority of New York & New Jersey, RB, AMT, Series 221, 4.00%, 07/15/55

        2,860       2,623,294  
       

     

     

     

    Total Municipal Bonds in New York

     

        2,623,294  
       

     

     

     

    Total Municipal Bonds Transferred to Tender Option Bond Trusts — 0.9%
    (Cost: $2,758,270)

     

        2,623,294  
       

     

     

     

    Total Long-Term Investments — 157.3%
    (Cost: $450,098,993)

          462,048,077  
       

     

     

     
         Shares         

    Short-Term Securities

       
    Money Market Funds — 3.2%            

    BlackRock Liquidity Funds New York Money Fund Portfolio, 4.13%(i)(j)

        9,475,423       9,475,423  
       

     

     

     

    Total Short-Term Securities — 3.2%
    (Cost: $9,475,423)

     

        9,475,423  
       

     

     

     

    Total Investments — 160.5%
    (Cost: $459,574,416)

     

        471,523,500  

    Other Assets Less Liabilities — 1.0%

     

        2,742,745  

    Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.5)%

     

        (1,432,139 ) 

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (61.0)%

     

        (179,083,432 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 293,750,674  
       

     

     

     

     

    (a) 

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

    (b) 

    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.

    (c) 

    Zero-coupon bond.

    (d) 

    Issuer filed for bankruptcy and/or is in default.

    (e) 

    Non-income producing security.

    (f) 

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

    (g) 

    When-issued security.

    (h) 

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

    (i) 

    Affiliate of the Fund.

    (j) 

    Annualized 7-day yield as of period end.

     

     

     

    48  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
        

    Value at

    01/31/24

         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds New York Money Fund Portfolio

       $ 10,042,561      $ —      $ (567,138 )(a)     $ —      $ —      $ 9,475,423        9,475,423      $ 197,380      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (a)

    Represents net amount purchased (sold).

     

    Derivative Financial Instruments Outstanding as of Period End

    Futures Contracts

     

    Description    Number of
    Contracts
         Expiration
    Date
         Notional
    Amount (000)
         Value/
    Unrealized
    Appreciation
    (Depreciation)
     

    Short Contracts

               

    10-Year U.S. Treasury Note

         39        03/19/24      $ 4,382      $ (138,359 ) 

    U.S. Long Bond

         44        03/19/24        5,396        (297,408 ) 

    5-Year U.S. Treasury Note

         27        03/28/24        2,928        (57,975 ) 
               

     

     

     
                $ (493,742 ) 
               

     

     

     

    Derivative Financial Instruments Categorized by Risk Exposure

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

     

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

    Liabilities — Derivative Financial Instruments

                        

    Futures contracts

                        

    Unrealized depreciation on futures contracts(a)

       $ —      $ —      $ —      $ —      $ 493,742      $ —      $ 493,742  
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

     

      (a) 

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

     

    For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

     

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

    Net Realized Gain (Loss) from:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $  (201,588 )     $ —      $ (201,588 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Net Change in Unrealized Appreciation (Depreciation) on:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $  (450,979 )     $ —      $ (450,979 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Average Quarterly Balances of Outstanding Derivative Financial Instruments

     

       

    Futures contracts:

     

    Average notional value of contracts — short

      $ 18,173,828  

     

     

     

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

      49


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock New York Municipal Income Trust (BNY)

     

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

    Fair Value Hierarchy as of Period End

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

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

     

          Level 1        Level 2        Level 3        Total  

    Assets

                     

    Investments

                     

    Long-Term Investments

                     

    Municipal Bonds

       $ —        $ 459,424,783        $ —        $ 459,424,783  

    Municipal Bonds Transferred to Tender Option Bond Trusts

         —          2,623,294          —          2,623,294  

    Short-Term Securities

                     

    Money Market Funds

         9,475,423          —          —          9,475,423  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $  9,475,423        $  462,048,077         $     —        $  471,523,500   
      

     

     

          

     

     

          

     

     

          

     

     

     

    Derivative Financial Instruments(a)

                     

    Liabilities

                     

    Interest Rate Contracts

       $ (493,742 )       $ —        $ —        $ (493,742 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

     

      (a) 

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

     

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

     

          Level 1        Level 2        Level 3        Total  

    Liabilities

                     

    TOB Trust Certificates

       $          —        $ (1,430,000 )       $ —        $ (1,430,000 ) 

    VRDP Shares at Liquidation Value

         —          (179,400,000 )         —          (179,400,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ —        $ (180,830,000 )       $     —        $ (180,830,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    50  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited)

    January 31, 2024

      

    BlackRock Virginia Municipal Bond Trust (BHV)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Municipal Bonds

       
    Alabama(a) — 6.8%            
    Corporate — 6.8%            

    Black Belt Energy Gas District, RB, Series A, 5.25%, 01/01/54

      $   1,015     $   1,093,016  

    Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49

        250       249,845  
       

     

     

     

    Total Municipal Bonds in Alabama

          1,342,861  
       

     

     

     
    California — 1.9%            
    Tobacco — 1.9%            

    California County Tobacco Securitization Agency, RB, Series D, 0.00%, 06/01/55(b)

        4,680       366,796  
       

     

     

     
    District of Columbia — 11.2%            
    Tobacco — 3.2%            

    District of Columbia Tobacco Settlement Financing Corp., RB, Series C, 0.00%, 06/15/55(b)

        6,000       635,995  
       

     

     

     
    Transportation — 8.0%            

    Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/37

        1,500       1,584,810  
       

     

     

     

    Total Municipal Bonds in District of Columbia

          2,220,805  
       

     

     

     
    Iowa — 5.1%            
    Corporate — 5.1%            

    PEFA, Inc., RB, 5.00%, 09/01/49(a)

        1,000       1,020,507  
       

     

     

     
    Puerto Rico — 5.6%            
    State — 5.6%            

    Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

       

    Series A-1, Restructured, 4.75%, 07/01/53

        127       124,431  

    Series A-1, Restructured, 5.00%, 07/01/58

        478       477,994  

    Series A-2, Restructured, 4.78%, 07/01/58

        129       126,097  

    Series A-2, Restructured, 4.33%, 07/01/40

        391       388,165  
       

     

     

     

    Total Municipal Bonds in Puerto Rico

          1,116,687  
    Virginia — 123.4%            
    County/City/Special District/School District — 30.1%  

    Albemarle County Economic Development Authority, RB, Series A, 5.00%, 06/01/42

        500       563,514  

    Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36(c)(d)

        235       188,352  

    City of Alexandria Virginia, GO, Series B, 4.00%, 12/15/52

        1,375       1,354,767  

    Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

        4,000       3,860,650  
       

     

     

     
          5,967,283  
    Education — 9.4%            

    Virginia College Building Authority, Refunding RB

       

    (NPFGC), 5.25%, 01/01/26

        215       222,077  

    (NPFGC), 5.25%, 01/01/31

        1,000       1,130,393  

    Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38

        500       501,602  
       

     

     

     
          1,854,072  
    Health — 19.9%            

    Danville Industrial Development Authority, Refunding RB, (AMBAC), 5.25%, 10/01/28(e)

        265       274,476  

    Henrico County Economic Development Authority, RB, 5.00%, 10/01/52

        1,000       1,010,630  
    Security  

    Par

    (000)

        Value  

    Health (continued)

       

    Henrico County Economic Development Authority, Refunding RB

       

    4.25%, 06/01/26

      $     145     $     143,056  

    4.00%, 10/01/50

        250       213,321  

    Isle Wight County Industrial Development Authority, RB, (AGM), 5.25%, 07/01/53

        250       274,449  

    Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25

        200       196,976  

    Rockingham County Economic Development Authority, Refunding RB, Series A, 3.00%, 11/01/46

        820       637,218  

    Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48

        250       183,131  

    Winchester Economic Development Authority, Refunding RB, 5.00%, 01/01/44

        1,000       1,017,167  
       

     

     

     
          3,950,424  
    Housing — 18.6%            

    Virginia Housing Development Authority, RB, M/F Housing

       

    Series B, 5.00%, 03/01/65

        1,000       1,014,149  

    Series F, 5.25%, 10/01/38

        250       250,242  

    Series F, 5.35%, 11/01/58

        1,000       1,045,550  

    Series G, 5.15%, 11/01/52

        600       620,982  

    Virginia Housing Development Authority, RB, S/F Housing, Series C, 4.88%, 07/01/48

        750       763,042  
       

     

     

     
          3,693,965  
    State — 18.6%            

    Cherry Hill Community Development Authority, SAB, 5.40%, 03/01/45(f)

        250       251,067  

    Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26

        500       495,333  

    Lower Magnolia Green Community Development Authority, SAB, 5.00%, 03/01/35(f)

        235       235,605  

    Virginia College Building Authority, RB

       

    4.00%, 02/01/42

        1,000       1,026,722  

    4.00%, 02/01/43

        500       511,679  

    (SAW), 4.00%, 09/01/47

        605       608,565  

    Virginia Resources Authority, RB, Class B, 5.25%, 11/01/47

        500       567,083  
       

     

     

     
          3,696,054  
    Tobacco — 7.1%            

    Tobacco Settlement Financing Corp., Refunding RB

       

    Series B-1, 5.00%, 06/01/47

        985       928,346  

    Series B-2, Convertible, 5.20%, 06/01/46

        500       486,000  
       

     

     

     
          1,414,346  
    Transportation — 9.3%            

    Fairfax County Economic Development Authority, RB, 5.00%, 04/01/36

        775       833,660  

    Virginia Small Business Financing Authority, RB

       

    AMT, 5.00%, 12/31/52

        500       501,348  

    AMT, 5.00%, 12/31/56

        500       500,750  
       

     

     

     
          1,835,758  
    Utilities — 10.4%            

    City of Norfolk Virginia Water Revenue, RB, 5.00%, 11/01/45

        500       560,591  
     

     

     

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

      51


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock Virginia Municipal Bond Trust (BHV)

    (Percentages shown are based on Net Assets)

     

    Security  

    Par

    (000)

        Value  

    Utilities (continued)

       

    County of Henrico Virginia Water & Sewer Revenue, RB, 4.00%, 05/01/46

      $ 1,000     $ 1,006,020  

    Fairfax County Water Authority, RB, 4.00%, 04/01/47

        500       501,790  
       

     

     

     
          2,068,401  
       

     

     

     

    Total Municipal Bonds in Virginia

          24,480,303  
       

     

     

     

    Total Long-Term Investments — 154.0%
    (Cost: $30,062,946)

          30,547,959  
       

     

     

     
         Shares         

    Short-Term Securities

       
    Money Market Funds — 3.3%            

    BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(g)(h)

        650,724       650,789  
       

     

     

     

    Total Short-Term Securities — 3.3%
    (Cost: $650,688)

          650,789  
       

     

     

     

    Total Investments — 157.3%
    (Cost: $30,713,634)

          31,198,748  

    Other Assets Less Liabilities — 0.9%

          194,644  

    VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (58.2)%

     

        (11,555,470 ) 
       

     

     

     

    Net Assets Applicable to Common Shares — 100.0%

     

      $ 19,837,922  
       

     

     

     

     

    (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) 

    Zero-coupon bond.

    (c) 

    Issuer filed for bankruptcy and/or is in default.

    (d) 

    Non-income producing security.

    (e)

    Security is collateralized by municipal bonds or U.S. Treasury obligations.

    (f)

    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.

    (g)

    Affiliate of the Fund.

    (h)

    Annualized 7-day yield as of period end.

     

     

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

    Affiliates

    Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

     

    Affiliated Issuer    Value at
    07/31/23
         Purchases
    at Cost
         Proceeds
    from Sale
         Net
    Realized
    Gain (Loss)
         Change in
    Unrealized
    Appreciation
    (Depreciation)
         Value at
    01/31/24
         Shares
    Held at
    01/31/24
         Income      Capital Gain
    Distributions
    from
    Underlying
    Funds
     

    BlackRock Liquidity Funds, MuniCash, Institutional Class

       $ 4,819,412      $ —      $ (4,168,906 )(a)     $ 716      $ (433 )     $ 650,789        650,724      $ 23,265      $ —  
               

     

     

        

     

     

        

     

     

           

     

     

        

     

     

     

     

      (a) 

    Represents net amount purchased (sold).

    Derivative Financial Instruments Outstanding as of Period End

    Futures Contracts

     

    Description    Number of
    Contracts
         Expiration
    Date
         Notional
    Amount (000)
         Value/
    Unrealized
    Appreciation
    (Depreciation)
     

    Short Contracts

               

    10-Year U.S. Treasury Note

         3        03/19/24      $ 337      $ (10,643 ) 

    U.S. Long Bond

         3        03/19/24        368        (20,278 ) 

    5-Year U.S. Treasury Note

         2        03/28/24        217        (4,294 ) 
               

     

     

     
                $ (35,215 ) 
               

     

     

     

     

     

    52  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock Virginia Municipal Bond Trust (BHV)

     

    Derivative Financial Instruments Categorized by Risk Exposure

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

     

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

    Liabilities — Derivative Financial Instruments

                        

    Futures contracts

                        

    Unrealized depreciation on futures contracts(a)

       $ —      $ —      $ —      $ —      $ 35,215      $ —      $ 35,215  
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

     

      (a) 

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

    For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

     

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

    Net Realized Gain (Loss) from:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $ (57,701 )     $ —      $ (57,701 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Net Change in Unrealized Appreciation (Depreciation) on:

                        

    Futures contracts

       $ —      $ —      $ —      $ —      $  (35,215 )     $ —      $ (35,215 ) 
      

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

        

     

     

     

    Average Quarterly Balances of Outstanding Derivative Financial Instruments

     

    Futures contracts:

            

    Average notional value of contracts — short

       $ 1,263,157  

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

    Fair Value Hierarchy as of Period End

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

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

     

          Level 1        Level 2        Level 3        Total  

    Assets

                     

    Investments

                     

    Long-Term Investments

                     

    Municipal Bonds

       $ —        $ 30,547,959        $ —        $ 30,547,959  

    Short-Term Securities

                     

    Money Market Funds

         650,789          —          —          650,789  
      

     

     

          

     

     

          

     

     

          

     

     

     
       $  650,789        $ 30,547,959        $     —        $ 31,198,748  
      

     

     

          

     

     

          

     

     

          

     

     

     

    Derivative Financial Instruments(a)

                     

    Liabilities

                     

    Interest Rate Contracts

       $ (35,215 )       $ —        $ —        $ (35,215 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

     

      (a)

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

     

     

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

      53


    Schedule of Investments (unaudited) (continued)

    January 31, 2024

      

    BlackRock Virginia Municipal Bond Trust (BHV)

     

    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

                     

    VRDP Shares at Liquidation Value

       $     —        $ (11,600,000 )       $     —        $ (11,600,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     
       $ —        $ (11,600,000 )       $ —        $ (11,600,000 ) 
      

     

     

          

     

     

          

     

     

          

     

     

     

    See notes to financial statements.

     

     

    54  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


     

    Statements of Assets and Liabilities (unaudited) 

    January 31, 2024

     

         MUJ     MHN     MIY     MYN  

    ASSETS

           

    Investments, at value — unaffiliated(a)

      $  1,061,775,331     $  595,020,356     $  600,113,274     $  702,676,963  

    Investments, at value — affiliated(b)

        59,236,815       15,946,141       8,308,561       6,625,684  

    Cash pledged for futures contracts

        —       382,000       —       492,000  

    Receivables:

           

    Investments sold

        12,883,885       832,344       —       991,993  

    Dividends — affiliated

        126,411       37,829       20,665       15,868  

    Interest — unaffiliated

        8,024,719       6,227,860       6,153,496       7,242,322  

    Prepaid expenses

        46,819       16,121       103,342       205,687  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total assets

        1,142,093,980       618,462,651       614,699,338       718,250,517  
     

     

     

       

     

     

       

     

     

       

     

     

     

    ACCRUED LIABILITIES

           

    Bank overdraft

        1,320       —       —       —  

    Payables:

           

    Investments purchased

        —       1,177,272       —       1,370,721  

    Accounting services fees

        38,734       26,170       26,091       28,972  

    Custodian fees

        3,384       1,767       1,951       1,963  

    Income dividend distributions — Common Shares

        2,659,255       1,315,511       1,346,861       1,693,444  

    Interest expense and fees

        145,769       37,529       —       163,524  

    Investment advisory fees

        477,614       285,677       253,986       302,289  

    Directors’ and Officer’s fees

        33,330       178,908       1,271       246,644  

    Other accrued expenses

        14,555       13,320       7,103       6,404  

    Professional fees

        37,627       25,287       28,890       40,114  

    Transfer agent fees

        17,415       12,798       11,664       6,628  

    Variation margin on futures contracts

        —       129,568       —       156,891  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total accrued liabilities

        3,429,003       3,203,807       1,677,817       4,017,594  
     

     

     

       

     

     

       

     

     

       

     

     

     

    OTHER LIABILITIES

           

    TOB Trust Certificates

        19,284,999       2,250,000       —       12,949,999  

    VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

        416,378,416       243,335,602       231,559,078       247,490,463  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total other liabilities

        435,663,415       245,585,602       231,559,078       260,440,462  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total liabilities

        439,092,418       248,789,409       233,236,895       264,458,056  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Commitments and contingent liabilities

           

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

      $ 703,001,562     $ 369,673,242     $ 381,462,443     $ 453,792,461  
     

     

     

       

     

     

       

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

           

    Paid-in capital(f)(g)(h)

      $ 749,522,390     $ 421,507,815     $ 410,659,190     $ 508,571,267  

    Accumulated loss

        (46,520,828 )      (51,834,573 )      (29,196,747 )      (54,778,806 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

      $ 703,001,562     $ 369,673,242     $ 381,462,443     $ 453,792,461  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value per Common Share

      $ 13.22     $ 12.22     $ 13.17     $ 11.84  
     

     

     

       

     

     

       

     

     

       

     

     

     

    (a) Investments, at cost — unaffiliated

      $ 1,058,469,859     $ 579,066,474     $ 592,169,545     $ 684,131,695  

    (b) Investments, at cost — affiliated

      $ 59,226,733     $ 15,946,141     $ 8,307,729     $ 6,625,684  

    (c)  Preferred Shares outstanding

        4,171       2,436       2,319       2,477  

    (d) Preferred Shares authorized

        12,291       14,956       8,919       14,637  

    (e) Par value per Preferred Share

      $ 0.10     $ 0.10     $ 0.10     $ 0.10  

    (f)  Common Shares outstanding

        53,185,098       30,241,637       28,964,750       38,313,208  

    (g) Common Shares authorized

        199,987,709       199,985,044       199,991,081       199,985,363  

    (h) Par value per Common Share

      $ 0.10     $ 0.10     $ 0.10     $ 0.10  

    See notes to financial statements.

     

     

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

      55


     

    Statements of Assets and Liabilities (unaudited) (continued)

    January 31, 2024

     

         MPA     BNY     BHV  

    ASSETS

         

    Investments, at value — unaffiliated(a)

      $  257,289,759     $  462,048,077     $  30,547,959  

    Investments, at value — affiliated(b)

        1,576,921       9,475,423       650,789  

    Cash pledged for futures contracts

        —       328,000       22,000  

    Receivables:

         

    Investments sold

        —       199,088       —  

    Dividends — affiliated

        6,922       22,216       2,132  

    Interest — unaffiliated

        2,423,298       4,570,218       293,823  

    Prepaid expenses

        83,601       8,927       2,015  
     

     

     

       

     

     

       

     

     

     

    Total assets

        261,380,501       476,651,949       31,518,718  
     

     

     

       

     

     

       

     

     

     

    ACCRUED LIABILITIES

         

    Payables:

         

    Investments purchased

        100,608       906,444       —  

    Accounting services fees

        14,458       21,284       2,903  

    Custodian fees

        978       1,516       274  

    Income dividend distributions — Common Shares

        621,582       1,037,036       62,735  

    Interest expense and fees

        34,047       2,139       —  

    Investment advisory fees

        107,850       220,415       13,772  

    Directors’ and Officer’s fees

        10,533       45,313       10,942  

    Other accrued expenses

        6,662       10,299       7,090  

    Professional fees

        32,999       29,406       16,756  

    Transfer agent fees

        10,317       9,662       3,381  

    Variation margin on futures contracts

        —       104,329       7,473  
     

     

     

       

     

     

       

     

     

     

    Total accrued liabilities

        940,034       2,387,843       125,326  
     

     

     

       

     

     

       

     

     

     

    OTHER LIABILITIES

         

    TOB Trust Certificates

        7,560,000       1,430,000       —  

    VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

        82,382,708       179,083,432       11,555,470  
     

     

     

       

     

     

       

     

     

     

    Total other liabilities

        89,942,708       180,513,432       11,555,470  
     

     

     

       

     

     

       

     

     

     

    Total liabilities

        90,882,742       182,901,275       11,680,796  
     

     

     

       

     

     

       

     

     

     

    Commitments and contingent liabilities

         

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

      $ 170,497,759     $ 293,750,674     $ 19,837,922  
     

     

     

       

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

         

    Paid-in capital(f)(g)(h)

      $ 189,038,534     $ 330,016,555     $ 22,621,684  

    Accumulated loss

        (18,540,775 )      (36,265,881 )      (2,783,762 ) 
     

     

     

       

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

      $  170,497,759     $  293,750,674     $  19,837,922  
     

     

     

       

     

     

       

     

     

     

    Net asset value per Common Share

      $ 13.17     $ 12.18     $ 12.49  
     

     

     

       

     

     

       

     

     

     

    (a) Investments, at cost — unaffiliated

      $ 259,854,296     $ 450,098,993     $ 30,062,946  

    (b) Investments, at cost — affiliated

      $ 1,576,900     $ 9,475,423     $ 650,688  

    (c)  Preferred Shares outstanding

        826       1,794       116  

    (d) Preferred Shares authorized

        1,000,000       Unlimited       Unlimited  

    (e) Par value per Preferred Share

      $ 0.05     $ 0.001     $ 0.001  

    (f)  Common Shares outstanding

        12,949,630       24,117,105       1,588,241  

    (g) Common Shares authorized

        Unlimited       Unlimited       Unlimited  

    (h) Par value per Common Share

      $ 0.10     $ 0.001     $ 0.001  

    See notes to financial statements.

     

     

    56  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


     

    Statements of Operations (unaudited) 

    Six Months Ended January 31, 2024

     

         MUJ     MHN     MIY     MYN  

    INVESTMENT INCOME

           

    Dividends — affiliated

      $ 1,249,013     $ 302,755     $ 213,163     $ 211,317  

    Interest — unaffiliated

        22,992,051       12,499,966       12,541,336       14,582,173  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total investment income

        24,241,064       12,802,721       12,754,499       14,793,490  
     

     

     

       

     

     

       

     

     

       

     

     

     

    EXPENSES

           

    Investment advisory

        2,800,162       1,660,637       1,475,207       1,749,217  

    Accounting services

        73,026       48,760       48,392       53,692  

    Professional

        34,354       36,118       37,043       37,007  

    Directors and Officer

        23,337       23,391       11,781       30,039  

    Transfer agent

        21,908       17,044       16,050       24,216  

    Liquidity fees

        21,405       12,502       —       —  

    Remarketing fees on Preferred Shares

        21,017       12,275       —       —  

    Registration

        14,347       5,339       5,151       6,783  

    Custodian

        6,002       3,669       3,303       4,207  

    Printing and postage

        4,435       6,473       5,826       6,650  

    Reorganization

        —       —       58,228       —  

    Miscellaneous

        35,931       33,941       34,072       34,775  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses excluding interest expense, fees and amortization of offering costs

        3,055,924       1,860,149       1,695,053       1,946,586  

    Interest expense, fees and amortization of offering costs(a)

        9,707,665       5,522,647       5,220,517       5,876,306  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses

        12,763,589       7,382,796       6,915,570       7,822,892  

    Less:

           

    Fees waived and/or reimbursed by the Manager

        (35,500 )      (165,783 )      (6,119 )      (5,015 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

        12,728,089       7,217,013       6,909,451       7,817,877  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income

        11,512,975       5,585,708       5,845,048       6,975,613  
     

     

     

       

     

     

       

     

     

       

     

     

     

    REALIZED AND UNREALIZED GAIN (LOSS)

           

    Net realized gain (loss) from:

           

    Investments — unaffiliated

        (1,259,633 )      (8,524,393 )      (1,912,121 )      (9,243,148 ) 

    Investments — affiliated

        5,753       —       1,235       —  

    Futures contracts

        —       (273,688 )      —       (321,218 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     
        (1,253,880 )      (8,798,081 )      (1,910,886 )      (9,564,366 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net change in unrealized appreciation (depreciation) on:

           

    Investments — unaffiliated

        11,586,378       12,883,227       8,819,744       16,193,581  

    Investments — affiliated

        2,390       —       1,423       —  

    Futures contracts

        —       (557,305 )      —       (677,467 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     
        11,588,768       12,325,922       8,821,167       15,516,114  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net realized and unrealized gain

        10,334,888       3,527,841       6,910,281       5,951,748  
     

     

     

       

     

     

       

     

     

       

     

     

     

    NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

      $  21,847,863     $ 9,113,549     $  12,755,329     $  12,927,361  
     

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Related to TOB Trusts and/or VRDP Shares.

    See notes to financial statements.

     

     

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

      57


     

    Statements of Operations (unaudited) (continued)

    Six Months Ended January 31, 2024

     

         MPA     BNY     BHV  

    INVESTMENT INCOME

         

    Dividends — affiliated

      $ 109,753     $ 197,380     $ 23,265  

    Interest — unaffiliated

        5,189,536       9,676,788       680,280  
     

     

     

       

     

     

       

     

     

     

    Total investment income

        5,299,289       9,874,168       703,545  
     

     

     

       

     

     

       

     

     

     

    EXPENSES

         

    Investment advisory

        626,541       1,275,025       101,794  

    Reorganization

        84,737       —       88,821  

    Professional

        46,524       36,127       27,630  

    Accounting services

        26,708       39,227       6,837  

    Transfer agent

        16,745       14,552       10,997  

    Directors and Officer

        6,341       12,645       1,550  

    Printing and postage

        6,051       6,926       6,266  

    Registration

        4,249       4,118       4,231  

    Custodian

        1,484       3,374       870  

    Liquidity fees

        —       9,207       —  

    Remarketing fees on Preferred Shares

        —       9,040       —  

    Miscellaneous

        32,925       33,403       30,828  
     

     

     

       

     

     

       

     

     

     

    Total expenses excluding interest expense, fees and amortization of offering costs

        852,305       1,443,644       279,824  

    Interest expense, fees and amortization of offering costs(a)

        2,029,705       4,057,018       272,175  
     

     

     

       

     

     

       

     

     

     

    Total expenses

        2,882,010       5,500,662       551,999  

    Less:

         

    Fees waived and/or reimbursed by the Manager

        (3,054 )      (4,684 )      (21,050 ) 
     

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

        2,878,956       5,495,978       530,949  
     

     

     

       

     

     

       

     

     

     

    Net investment income

        2,420,333       4,378,190       172,596  
     

     

     

       

     

     

       

     

     

     

    REALIZED AND UNREALIZED GAIN (LOSS)

         

    Net realized gain (loss) from:

         

    Investments — unaffiliated

        (889,624 )      (7,602,503 )      (391,959 ) 

    Investments — affiliated

        2,106       —       716  

    Futures contracts

        —       (201,588 )      (57,701 ) 
     

     

     

       

     

     

       

     

     

     
        (887,518 )      (7,804,091 )      (448,944 ) 
     

     

     

       

     

     

       

     

     

     

    Net change in unrealized appreciation (depreciation) on:

         

    Investments — unaffiliated

        2,319,729       11,604,374       647,470  

    Investments — affiliated

        (1,529 )      —       (433 ) 

    Futures contracts

        —       (450,979 )      (35,215 ) 
     

     

     

       

     

     

       

     

     

     
        2,318,200       11,153,395       611,822  
     

     

     

       

     

     

       

     

     

     

    Net realized and unrealized gain

        1,430,682       3,349,304       162,878  
     

     

     

       

     

     

       

     

     

     

    NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

      $  3,851,015     $ 7,727,494     $ 335,474  
     

     

     

       

     

     

       

     

     

     

     

    (a) 

    Related to TOB Trusts and/or VRDP Shares.

    See notes to financial statements.

     

     

    58  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


     

    Statements of Changes in Net Assets

     

        MUJ           MHN  
        

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
       

     Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
     

    INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

     

           

    OPERATIONS

               

    Net investment income

        $ 11,512,975     $ 25,888,130       $ 5,585,708     $ 12,747,461  

    Net realized loss

          (1,253,880 )      (23,825,884 )        (8,798,081 )      (27,492,600 ) 

    Net change in unrealized appreciation (depreciation)

                11,588,768       (4,106,873 )        12,325,922       12,860,750  
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

          21,847,863       (2,044,627 )        9,113,549       (1,884,389 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

               

    From net investment income

          (13,344,908 )(b)      (24,162,075 )        (6,767,633 )(b)      (11,461,512 ) 

    Return of capital

          —       (5,140,445 )        —       (2,133,697 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Decrease in net assets resulting from distributions to Common Shareholders

          (13,344,908 )      (29,302,520 )        (6,767,633 )      (13,595,209 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    CAPITAL SHARE TRANSACTIONS

               

    Reinvestment of common distributions

          —       255,161         —       —  

    Redemption of shares resulting from share repurchase program (including transaction costs)

          (5,349,075 )      (9,439,913 )        (2,806,910 )      (6,123,353 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net decrease in net assets derived from capital share transactions

          (5,349,075 )      (9,184,752 )        (2,806,910 )      (6,123,353 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

               

    Total increase (decrease) in net assets applicable to Common Shareholders

          3,153,880       (40,531,899 )        (460,994 )      (21,602,951 ) 

    Beginning of period

          699,847,682       740,379,581         370,134,236       391,737,187  
       

     

     

       

     

     

         

     

     

       

     

     

     

    End of period

        $  703,001,562     $  699,847,682       $  369,673,242     $  370,134,236  
       

     

     

       

     

     

         

     

     

       

     

     

     

     

    (a) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

     
    (b) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

     

    See notes to financial statements.

     

     

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

      59


     

    Statements of Changes in Net Assets (continued)

     

        MIY           MYN  
        

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
       

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
     

    INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

     

           

    OPERATIONS

               

    Net investment income

              $ 5,845,048     $ 12,474,439       $ 6,975,613     $ 15,421,162  

    Net realized loss

          (1,910,886 )      (23,484,347 )        (9,564,366 )      (32,048,655 ) 

    Net change in unrealized appreciation (depreciation)

          8,821,167       6,665,531         15,516,114       14,650,705  
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

          12,755,329       (4,344,377 )        12,927,361       (1,976,788 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

               

    From net investment income

          (6,714,770 )(b)      (12,905,708 )        (8,326,992 )(b)      (14,186,413 ) 

    Return of capital

          —       (1,655,675 )        —       (2,141,070 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Decrease in net assets resulting from distributions to Common Shareholders

          (6,714,770 )      (14,561,383 )        (8,326,992 )      (16,327,483 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    CAPITAL SHARE TRANSACTIONS

               

    Reinvestment of common distributions

          —       247,171         —       —  

    Redemption of shares resulting from share repurchase program (including transaction costs)

          (2,750,841 )      (3,374,623 )        (3,787,717 )      (8,585,038 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net decrease in net assets derived from capital share transactions

          (2,750,841 )      (3,127,452 )        (3,787,717 )      (8,585,038 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

               

    Total increase (decrease) in net assets applicable to Common Shareholders

          3,289,718       (22,033,212 )        812,652       (26,889,309 ) 

    Beginning of period

          378,172,725       400,205,937         452,979,809       479,869,118  
       

     

     

       

     

     

         

     

     

       

     

     

     

    End of period

        $  381,462,443     $  378,172,725       $  453,792,461     $  452,979,809  
       

     

     

       

     

     

         

     

     

       

     

     

     

     

    (a) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

     
    (b) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

     

    See notes to financial statements.

     

     

    60  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


     

    Statements of Changes in Net Assets (continued)

     

        MPA           BNY  
        

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
       

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
     

    INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

     

           

    OPERATIONS

               

    Net investment income

        $ 2,420,333     $ 5,317,952       $ 4,378,190     $ 9,747,989  

    Net realized loss

                (887,518 )      (9,201,722 )        (7,804,091 )      (22,643,836 ) 

    Net change in unrealized appreciation (depreciation)

          2,318,200       (1,498,982 )        11,153,395       11,435,975  
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

          3,851,015       (5,382,752 )        7,727,494       (1,459,872 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

               

    From net investment income

          (3,010,979 )(b)      (5,216,562 )        (5,034,868 )(b)      (8,824,872 ) 

    Return of capital

          —       (987,610 )        —       (1,802,990 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Decrease in net assets resulting from distributions to Common Shareholders

          (3,010,979 )      (6,204,172 )        (5,034,868 )      (10,627,862 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    CAPITAL SHARE TRANSACTIONS

               

    Reinvestment of common distributions

          —       11,593         —       —  

    Redemption of shares resulting from share repurchase program (including transaction costs)

          (809,297 )      (3,289,985 )        (1,898,566 )      (3,263,323 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    Net decrease in net assets derived from capital share transactions

          (809,297 )      (3,278,392 )        (1,898,566 )      (3,263,323 ) 
       

     

     

       

     

     

         

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

               

    Total increase (decrease) in net assets applicable to Common Shareholders

          30,739       (14,865,316 )        794,060       (15,351,057 ) 

    Beginning of period

          170,467,020       185,332,336         292,956,614       308,307,671  
       

     

     

       

     

     

         

     

     

       

     

     

     

    End of period

        $  170,497,759     $  170,467,020       $  293,750,674     $  292,956,614  
       

     

     

       

     

     

         

     

     

       

     

     

     

     

    (a) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

     
    (b) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

     

    See notes to financial statements.

     

     

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

      61


     

    Statements of Changes in Net Assets (continued)

     

               BHV  
        

    Six Months Ended

    01/31/24

    (unaudited)

       

    Year Ended

    07/31/23

     

    INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

     

     

    OPERATIONS

         

    Net investment income

        $ 172,596     $ 562,047  

    Net realized loss

                 (448,944 )      (1,468,928 ) 

    Net change in unrealized appreciation (depreciation)

          611,822       95,252  
       

     

     

       

     

     

     

    Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

          335,474       (811,629 ) 
       

     

     

       

     

     

     

    DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

         

    From net investment income

          (294,883 )(b)       (521,222 ) 

    Return of capital

          —       (95,859 ) 
       

     

     

       

     

     

     

    Decrease in net assets resulting from distributions to Common Shareholders

          (294,883 )      (617,081 ) 
       

     

     

       

     

     

     

    CAPITAL SHARE TRANSACTIONS

         

    Reinvestment of common distributions

          —       728  

    Redemption of shares resulting from share repurchase program (including transaction costs)

          (158,886 )      (75,425 ) 
       

     

     

       

     

     

     

    Net decrease in net assets derived from capital share transactions

          (158,886 )      (74,697 ) 
       

     

     

       

     

     

     

    NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

         

    Total decrease in net assets applicable to Common Shareholders

          (118,295 )      (1,503,407 ) 

    Beginning of period

          19,956,217       21,459,624  
       

     

     

       

     

     

     

    End of period

        $  19,837,922     $  19,956,217  
       

     

     

       

     

     

     

     

    (a) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

     
    (b) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

     

    See notes to financial statements.

     

     

    62  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


     

    Statements of Cash Flows (unaudited) 

    Six Months Ended January 31, 2024

     

         MUJ     MHN     MIY     MYN  

    CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

           

    Net increase in net assets resulting from operations

      $ 21,847,863     $ 9,113,549     $ 12,755,329     $ 12,927,361  

    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

        44,584,669       185,580,063       106,250,399       201,349,689  

    Purchases of long-term investments

        (81,020,341 )      (176,045,919 )      (108,504,132 )      (195,684,034 ) 

    Net proceeds from sales (purchases) of short-term securities

        44,958,168       (1,408,979 )      9,718,205       4,839,393  

    Amortization of premium and accretion of discount on investments and other fees

        (378,343 )      648,660       1,112,827       755,333  

    Net realized loss on investments

        1,253,880       8,552,436       1,910,957       9,276,326  

    Net unrealized appreciation on investments

        (11,588,768 )      (12,883,227 )      (8,821,167 )      (16,193,581 ) 

    (Increase) Decrease in Assets

           

    Receivables

           

    Dividends — affiliated

        112,341       4,967       2,280       20,456  

    Interest — unaffiliated

        (451,293 )      40,475       328,858       (175,985 ) 

    Prepaid expenses

        9,613       12,969       6,501       8,868  

    Increase (Decrease) in Liabilities

           

    Payables

           

    Accounting services fees

        (21,590 )      (14,155 )      (14,367 )      (15,532 ) 

    Custodian fees

        (2,030 )      (1,552 )      (1,534 )      (1,763 ) 

    Interest expense and fees

        (3,899 )      (62,355 )      (64,525 )      (70,525 ) 

    Investment advisory fees

        2,254       (3,766 )      (1,937 )      (3,000 ) 

    Directors’ and Officer’s fees

        (4,911 )      (33,504 )      (912 )      (37,268 ) 

    Other accrued expenses

        (2,170 )      (1,422 )      360       1,084  

    Professional fees

        (31,480 )      (33,072 )      (28,412 )      (32,366 ) 

    Transfer agent fees

        (3,180 )      (2,746 )      (4,301 )      (9,979 ) 

    Variation margin on futures contracts

        —       99,720       —       120,893  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash provided by operating activities

        19,260,783       13,562,142       14,644,429       17,075,370  
     

     

     

       

     

     

       

     

     

       

     

     

     

    CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

           

    Cash dividends paid to Common Shareholders

        (10,860,018 )      (5,560,281 )      (5,420,538 )      (6,731,449 ) 

    Repayments of TOB Trust Certificates

        (2,774,999 )      (5,033,906 )      (6,333,877 )      (6,281,093 ) 

    Net payments on Common Shares redeemed

        (5,541,175 )      (2,888,475 )      (2,844,672 )      (3,920,704 ) 

    Decrease in bank overdraft

        (106,122 )      (50,346 )      (51,064 )      (76,138 ) 

    Amortization of deferred offering costs

        21,531       7,866       5,722       11,014  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash used for financing activities

        (19,260,783 )      (13,525,142 )      (14,644,429 )      (16,998,370 ) 
     

     

     

       

     

     

       

     

     

       

     

     

     

    CASH

           

    Net increase in restricted and unrestricted cash

        —       37,000       —       77,000  

    Restricted and unrestricted cash at beginning of period

        —       345,000       —       415,000  
     

     

     

       

     

     

       

     

     

       

     

     

     

    Restricted and unrestricted cash at end of period

      $ —     $ 382,000     $ —     $ 492,000  
     

     

     

       

     

     

       

     

     

       

     

     

     

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

           

    Cash paid during the period for interest expense

      $ 9,690,033     $ 5,577,136     $ 5,279,320     $ 5,935,817  
     

     

     

       

     

     

       

     

     

       

     

     

     

    RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

           

    Cash pledged

           

    Futures contracts

        —       382,000       —       492,000  
     

     

     

       

     

     

       

     

     

       

     

     

     
      $ —     $ 382,000     $ —     $ 492,000  
     

     

     

       

     

     

       

     

     

       

     

     

     

    See notes to financial statements.

     

     

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

      63


     

    Statements of Cash Flows (unaudited) (continued)

    Six Months Ended January 31, 2024

     

         MPA     BNY     BHV  

    CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

         

    Net increase in net assets resulting from operations

      $ 3,851,015     $ 7,727,494     $ 335,474  

    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

        16,996,571       127,685,180       7,666,699  

    Purchases of long-term investments

        (25,258,084 )      (123,039,148 )      (9,473,102 ) 

    Net proceeds from sales of short-term securities

        15,716,453       567,138       4,168,906  

    Amortization of premium and accretion of discount on investments and other fees

        137,743       465,005       (12,110 ) 

    Net realized loss on investments

        883,668       7,645,597       391,243  

    Net unrealized appreciation on investments

        (2,318,200 )      (11,604,374 )      (647,037 ) 

    (Increase) Decrease in Assets

         

    Receivables

         

    Dividends — affiliated

        32,577       7,035       8,695  

    Interest — unaffiliated

        (194,016 )      166,971       (24,313 ) 

    Prepaid expenses

        418       52,809       11,247  

    Increase (Decrease) in Liabilities

         

    Payables

         

    Accounting services fees

        (7,616 )      (11,327 )      (1,540 ) 

    Custodian fees

        (937 )      (1,276 )      (479 ) 

    Interest expense and fees

        (59,690 )      (36,521 )      (5,439 ) 

    Investment advisory fees

        (2,055 )      (2,027 )      (688 ) 

    Directors’ and Officer’s fees

        (830 )      (14,203 )      (232 ) 

    Other accrued expenses

        1,498       1,320       1,929  

    Professional fees

        (16,168 )      (22,579 )      (11,758 ) 

    Transfer agent fees

        (4,781 )      (3,511 )      (520 ) 

    Variation margin on futures contracts

        —       79,954       7,473  
     

     

     

       

     

     

       

     

     

     

    Net cash provided by operating activities

        9,757,566       9,663,537       2,414,448  
     

     

     

       

     

     

       

     

     

     

    CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

         

    Cash dividends paid to Common Shareholders

        (2,411,858 )      (4,042,763 )      (232,796 ) 

    Repayments of TOB Trust Certificates

        (6,500,000 )      (3,568,266 )      (2,000,000 ) 

    Net payments on Common Shares redeemed

        (834,838 )      (1,973,314 )      (158,886 ) 

    Decrease in bank overdraft

        (19,518 )      (41,876 )      (2,314 ) 

    Amortization of deferred offering costs

        8,648       9,682       1,548  
     

     

     

       

     

     

       

     

     

     

    Net cash used for financing activities

        (9,757,566 )      (9,616,537 )      (2,392,448 ) 
     

     

     

       

     

     

       

     

     

     

    CASH

         

    Net increase in restricted and unrestricted cash

        —       47,000       22,000  

    Restricted and unrestricted cash at beginning of period

        —       281,000       —  
     

     

     

       

     

     

       

     

     

     

    Restricted and unrestricted cash at end of period

      $ —     $ 328,000     $ 22,000  
     

     

     

       

     

     

       

     

     

     

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

         

    Cash paid during the period for interest expense

      $ 2,080,747     $ 4,083,857     $ 276,066  
     

     

     

       

     

     

       

     

     

     

    RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

         

    Cash pledged

         

    Futures contracts

        —       328,000       22,000  
     

     

     

       

     

     

       

     

     

     
      $ —     $ 328,000     $ 22,000  
     

     

     

       

     

     

       

     

     

     

    See notes to financial statements.

     

     

    64  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights

    (For a share outstanding throughout each period)

     

        MUJ  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Net asset value, beginning of period

       

      

         $ 13.03     $ 13.58     $ 16.29     $ 15.83     $ 15.95     $ 15.28  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.22       0.48       0.64       0.73       0.69       0.66  

    Net realized and unrealized gain (loss)

           0.22       (0.49 )      (2.59 )      0.48       (0.16 )      0.64  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.44       (0.01 )      (1.95 )      1.21       0.53       1.30  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                  

    From net investment income

           (0.25 )(c)       (0.45 )      (0.76 )      (0.75 )      (0.65 )      (0.63 ) 

    Return of capital

           —       (0.09 )      —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.25 )      (0.54 )      (0.76 )      (0.75 )      (0.65 )      (0.63 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 13.22     $ 13.03     $ 13.58     $ 16.29     $ 15.83     $ 15.95  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 11.56     $ 11.20     $ 13.36     $ 15.63     $ 14.21     $ 14.43  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                  

    Based on net asset value

           3.80 %(e)       0.52 %      (12.14 )%      8.22 %      3.98 %      9.44 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           5.60 %(e)       (12.17 )%      (9.91 )%      15.67 %      3.17 %      17.28 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                  

    Total expenses

           3.75 %(g)       3.17 %      1.77 %(h)       1.44 %      2.14 %      2.49 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           3.74 %(g)       3.17 %      1.74 %(h)       1.44 %      2.14 %      2.49 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j)

           0.89 %(g)       0.89 %      0.95 %(h)       0.89 %      0.92 %      0.92 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           3.38 %(g)       3.71 %      4.37 %      4.59 %      4.39 %      4.28 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                  

    Net assets applicable to Common Shareholders, end of period (000)

         $ 703,002     $ 699,848     $ 740,380     $ 490,103     $ 476,309     $ 481,024  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 417,100     $ 417,100     $ 417,100     $ 237,100     $ 237,100     $ 237,100  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 261,097 (k)    $ 259,361 (k)    $ 245,762 (k)    $ 306,707 (l)    $ 300,890 (l)    $ 302,878 (l) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ 19,285     $ 22,060     $ 90,838     $ 61,534     $ 71,300     $ 59,415  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(m)

         $ 59,044     $ 51,599     $ 13,734       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           6 %      17 %      20 %      10 %      13 %      8 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c)

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f)

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.71%, 1.70% and 0.92%, respectively

    (i) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (j) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                 
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Expense ratios

                  0.88 %      0.88 %      0.94 %      0.88 %      0.91 %      0.91 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (k) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

    (l) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

     

     

    F I N A N C I A L  H I G H L I G H T S

      65


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (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 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.

     

     

    66  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        MHN  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       

    Period from
    09/01/21
    to 07/31/22
     
     
     
       
    Year Ended
    08/31/21
     
     
       
    Year Ended
    08/31/20
     
     
       
    Year Ended
    08/31/19
     
     
       
    Year Ended
    08/31/18
     
     

    Net asset value, beginning of period

                $ 12.12     $ 12.58     $ 15.21     $ 14.92     $ 15.31     $ 14.27     $ 14.93  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.18       0.41       0.51       0.63       0.60       0.55       0.60  

    Net realized and unrealized gain (loss)

           0.14       (0.43 )      (2.56 )      0.31       (0.43 )      1.02       (0.64 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.32       (0.02 )      (2.05 )      0.94       0.17       1.57       (0.04 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                    

    From net investment income

           (0.22 )(c)       (0.37 )      (0.58 )      (0.65 )      (0.56 )      (0.53 )      (0.62 ) 

    Return of capital

           —       (0.07 )      —       —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.22 )      (0.44 )      (0.58 )      (0.65 )      (0.56 )      (0.53 )      (0.62 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 12.22     $ 12.12     $ 12.58     $ 15.21     $ 14.92     $ 15.31     $ 14.27  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 10.61     $ 10.44     $ 11.23     $ 14.74     $ 13.79     $ 13.74     $ 12.35  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                    

    Based on net asset value

           3.10 %(e)       0.53 %      (13.49 )%(e)      6.70 %      1.54 %      11.88 %      0.22 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           3.92 %(e)       (3.00 )%      (20.31 )%(e)      11.88 %      4.57 %      16.02 %      (9.82 )% 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                    

    Total expenses

           4.16 %(g)       3.52 %      1.78 %(g)       1.57 %      2.15 %      2.62 %      2.45 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           4.07 %(g)       3.43 %      1.70 %(g)       1.51 %      2.09 %      2.55 %      2.36 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i)

           0.95 %(g)       0.95 %      0.94 %(g)       0.95 %      0.94 %      0.94 %      0.94 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           3.15 %(g)       3.47 %      4.05 %(g)       4.17 %      4.03 %      3.82 %      4.15 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                    

    Net assets applicable to Common Shareholders, end of period (000)

         $ 369,673     $ 370,134     $ 391,737     $ 473,389     $ 464,504     $ 476,549     $ 444,369  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 243,600     $ 243,600     $ 243,600     $ 243,600     $ 243,600     $ 243,600     $ 243,600  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 250,365 (j)    $ 247,532 (j)    $ 239,843 (j)    $ 294,330 (k)     $ 290,683 (k)     $ 295,628 (k)     $ 282,417 (k)  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ 2,250     $ 7,284     $ 36,527     $ 56,376     $ 63,384     $ 55,899     $ 64,262  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

         $ 273,448     $ 85,220     $ 18,386       N/A       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           30 %      43 %      29 %      14 %      10 %      23 %      15 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f) 

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (i) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                   
        

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
        Period from
    09/01/21
    to 07/31/22
        Year Ended
    08/31/21
        Year Ended
    08/31/20
        Year Ended
    08/31/19
        Year Ended
    08/31/18
     

    Expense ratios

                  0.94 %      0.94 %      0.93 %      0.94 %      0.93 %      0.93 %      0.94 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (j) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

    (k) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

     

     

    F I N A N C I A L  H I G H L I G H T S

      67


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (l) 

    Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

    See notes to financial statements.

     

     

    68  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        MIY  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Net asset value, beginning of period

                $ 12.94     $ 13.56     $ 16.04     $ 15.88     $ 15.70     $ 15.04  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.20       0.42       0.61       0.68       0.63       0.62  

    Net realized and unrealized gain (loss)

           0.26       (0.55 )      (2.42 )      0.14       0.14       0.66  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.46       (0.13 )      (1.81 )      0.82       0.77       1.28  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                  

    From net investment income

           (0.23 )(c)       (0.43 )      (0.67 )      (0.66 )      (0.59 )      (0.62 ) 

    Return of capital

           —       (0.06 )      —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.23 )      (0.49 )      (0.67 )      (0.66 )      (0.59 )      (0.62 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 13.17     $ 12.94     $ 13.56     $ 16.04     $ 15.88     $ 15.70  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 11.37     $ 11.12     $ 13.67     $ 15.80     $ 14.24     $ 14.24  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                  

    Based on net asset value

           3.98 %(e)       (0.40 )%      (11.35 )%      5.61 %      5.52 %      9.42 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           4.46 %(e)       (15.09 )%      (9.28 )%      16.02 %      4.31 %      15.80 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                  

    Total expenses

           3.75 %(g)(h)(i)      3.27 %      1.66 %      1.44 %      2.07 %      2.46 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           3.75 %(g)(h)(i)      3.27 %      1.66 %      1.44 %      2.07 %      2.46 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(j)(k)

           0.90 %(g)(h)(i)      0.91 %      0.88 %      0.85 %      1.20 %      1.09 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           3.19 %(g)       3.31 %      4.10 %      4.32 %      4.06 %      4.11 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                  

    Net assets applicable to Common Shareholders, end of period (000)

         $ 381,462     $ 378,173     $ 400,206     $ 473,464     $ 468,752     $ 464,366  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 231,900     $ 231,900     $ 231,900     $ 231,900     $ 231,900     $ 231,900  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 264,494 (l)    $ 258,740 (l)    $ 246,506 (l)    $ 304,167 (m)    $ 302,135 (m)    $ 300,244 (m) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ —     $ 6,334     $ 41,267     $ 41,267     $ 41,362     $ 64,527  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(n)

           N/A     $ 97,262     $ 16,309       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           18 %      37 %      22 %      7 %      9 %      15 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f) 

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 3.77%, 3.77% and 0.92%, respectively.

    (i) 

    Includes unannualized non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 3.74%, 3.74% and 0.89%, respectively.

    (j) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (k) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                 
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Expense ratios

                  0.90 %      0.91 %      0.88 %      0.85 %      0.88 %      0.90 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (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.

     

     

    F I N A N C I A L  H I G H L I G H T S

      69


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (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.

     

     

    70  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        MYN  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Net asset value, beginning of period

                $ 11.70     $ 12.12     $ 14.73     $ 14.52     $ 14.38     $ 13.74  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.18       0.39       0.52       0.60       0.56       0.52  

    Net realized and unrealized gain (loss)

           0.18       (0.39 )      (2.53 )      0.22       0.10       0.63  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.36       —       (2.01 )      0.82       0.66       1.15  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                  

    From net investment income

           (0.22 )(c)       (0.37 )      (0.60 )      (0.61 )      (0.52 )      (0.51 ) 

    Return of capital

           —       (0.05 )      —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.22 )      (0.42 )      (0.60 )      (0.61 )      (0.52 )      (0.51 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 11.84     $ 11.70     $ 12.12     $ 14.73     $ 14.52     $ 14.38  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 10.23     $ 10.08     $ 10.94     $ 14.56     $ 13.26     $ 13.19  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                  

    Based on net asset value

           3.47 %(e)       0.64 %      (13.74 )%      6.10 %      5.11 %      9.15 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           3.77 %(e)       (3.94 )%      (21.23 )%      14.84 %      4.65 %      15.69 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                  

    Total expenses

           3.59 %(g)       3.07 %      1.59 %      1.47 %      2.05 %      2.45 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           3.59 %(g)       3.07 %      1.59 %      1.47 %      2.05 %      2.45 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i)

           0.89 %(g)       0.89 %      1.24 %      1.27 %      1.21 %      1.08 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           3.20 %(g)       3.42 %      3.91 %      4.17 %      3.91 %      3.80 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                  

    Net assets applicable to Common Shareholders, end of period (000)

         $ 453,792     $ 452,980     $ 479,869     $ 583,221     $ 574,856     $ 569,102  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 247,700     $ 247,700     $ 247,700     $ 247,700     $ 247,700     $ 247,700  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 274,100 (j)    $ 269,699 (j)    $ 256,882 (j)    $ 335,455 (k)    $ 332,077 (k)    $ 329,755 (k) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ 12,950     $ 19,231     $ 58,179     $ 103,573     $ 111,089     $ 104,473  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

         $ 55,153     $ 37,423     $ 13,502       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           29 %      40 %      31 %      11 %      11 %      19 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f)

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (i) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                 
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Expense ratios

                  0.89 %      0.89 %      0.88 %      0.90 %      0.89 %      1.08 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (j) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

    (k) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

    (l)

    Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

    See notes to financial statements.

     

     

    F I N A N C I A L  H I G H L I G H T S

      71


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        MPA  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Net asset value, beginning of period

                $ 13.09     $ 13.92     $ 16.64     $ 16.09     $ 16.06     $ 15.27  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.19       0.40       0.59       0.69       0.65       0.63  

    Net realized and unrealized gain (loss)

           0.12       (0.76 )      (2.65 )      0.52       (0.05 )      0.80  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.31       (0.36 )      (2.06 )      1.21       0.60       1.43  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                  

    From net investment income

           (0.23 )(c)       (0.40 )      (0.66 )      (0.66 )      (0.57 )      (0.64 ) 

    Return of capital

           —       (0.07 )      —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.23 )      (0.47 )      (0.66 )      (0.66 )      (0.57 )      (0.64 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 13.17     $ 13.09     $ 13.92     $ 16.64     $ 16.09     $ 16.06  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 11.83     $ 11.69     $ 13.54     $ 16.23     $ 14.09     $ 14.18  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                  

    Based on net asset value

           2.72 %(e)       (2.05 )%      (12.45 )%      8.09 %      4.33 %      10.32 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           3.32 %(e)       (10.08 )%      (12.69 )%      20.40 %      3.47 %      12.18 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                  

    Total expenses

           3.46 %(g)(h)(i)      3.02 %      1.63 %      1.48 %      2.13 %      2.55 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           3.46 %(g)(h)(i)      3.01 %      1.63 %      1.48 %      2.12 %      2.55 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(j)(k)

           0.99 %(g)(h)(i)      0.95 %      1.24 %      1.25 %      1.23 %      0.99 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           2.95 %(g)       3.10 %      3.85 %      4.24 %      4.08 %      4.11 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                  

    Net assets applicable to Common Shareholders, end of period (000)

         $ 170,498     $ 170,467     $ 185,332     $ 221,384     $ 214,155     $ 214,359  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 82,600     $ 82,600     $ 82,600     $ 82,600     $ 82,600     $ 82,600  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 289,106 (l)    $ 276,357 (l)     $ 248,524 (l)    $ 368,019 (m)    $ 359,268 (m)    $ 359,514 (m) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ 7,560     $ 14,060     $ 42,183     $ 44,012     $ 54,482     $ 52,814  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(n)

         $ 34,450     $ 18,983     $ 7,346       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           7 %      31 %      18 %      13 %      12 %      21 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f) 

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 3.51%, 3.51% and 1.04%, respectively.

    (i) 

    Includes unannualized non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 3.41%, 3.41% and 0.94%, respectively.

    (j) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (k) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                 
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Expense ratios

                  0.99 %      0.95 %      0.93 %      0.92 %      0.93 %      0.96 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (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.

     

     

    72  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (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.

     

     

    F I N A N C I A L  H I G H L I G H T S

      73


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        BNY  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Net asset value, beginning of period

                $ 12.05     $ 12.51     $ 15.30     $ 15.09     $ 15.09     $ 14.52  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.18       0.40       0.57       0.66       0.61       0.58  

    Net realized and unrealized gain (loss)

           0.16       (0.43 )      (2.73 )      0.28       (0.05 )      0.52  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.34       (0.03 )      (2.16 )      0.94       0.56       1.10  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                  

    From net investment income

           (0.21 )(c)       (0.36 )      (0.63 )      (0.73 )      (0.56 )      (0.53 ) 

    Return of capital

           —       (0.07 )      —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.21 )      (0.43 )      (0.63 )      (0.73 )      (0.56 )      (0.53 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 12.18     $ 12.05     $ 12.51     $ 15.30     $ 15.09     $ 15.09  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 10.54     $ 10.35     $ 11.46     $ 15.49     $ 14.10     $ 13.81  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                  

    Based on net asset value

           3.22 %(e)       0.46 %      (14.24 )%      6.55 %      4.12 %      8.33 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           4.00 %(e)       (5.81 )%      (22.40 )%      15.45 %      6.30 %      14.88 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                  

    Total expenses

           3.92 %(g)       3.40 %      1.78 %      1.74 %(h)       2.36 %      2.73 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           3.92 %(g)       3.40 %      1.78 %      1.74 %(h)       2.36 %      2.73 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j)

           1.03 %(g)       1.03 %      1.03 %      1.16 %(h)       1.16 %      1.14 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           3.12 %(g)       3.37 %      4.12 %      4.35 %      4.06 %      3.98 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                  

    Net assets applicable to Common Shareholders, end of period (000)

         $ 293,751     $ 292,957     $ 308,308     $ 376,645     $ 195,844     $ 195,868  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 179,400     $ 179,400     $ 179,400     $ 179,400     $ —     $ —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 262,446 (k)    $ 258,872 (k)    $ 237,449 (k)    $ 309,947 (l)    $ —     $ —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ —     $ —     $ —     $ —     $ 94,500     $ 94,500  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

         $ —     $ —     $ —     $ —     $ 307,243 (l)    $ 307,268 (l) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ 1,430     $ 4,998     $ 44,907     $ 72,273     $ 42,523     $ 35,517  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(m)

         $ 331,653     $ 95,444     $ 11,853       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           27 %      37 %      35 %      12 %      17 %      23 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f) 

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.69%, 1.69% and 1.11%, respectively.

    (i) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

    (j) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                 
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       
    Year Ended
    07/31/22
     
     
       
    Year Ended
    07/31/21
     
     
       
    Year Ended
    07/31/20
     
     
       
    Year Ended
    07/31/19
     
     

    Expense ratios

                  1.02 %      1.02 %      1.02 %      — %      — %      — % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (k) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

    (l) 

    Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP/VMTP Shares, and by multiplying the results by 100,000.

     

     

    74  

    2 0 2 4  B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (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 VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

    See notes to financial statements.

     

     

    F I N A N C I A L  H I G H L I G H T S

      75


    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

        BHV  
         

    Six Months Ended

    01/31/24

    (unaudited)

     

     

     

       
    Year Ended
    07/31/23
     
     
       

    Period from
    09/01/21
    to 07/31/22
     
     
     
       
    Year Ended
    08/31/21
     
     
       
    Year Ended
    08/31/20
     
     
       
    Year Ended
    08/31/19
     
     
       
    Year Ended
    08/31/18
     
     

    Net asset value, beginning of period

                $ 12.44     $ 13.32     $ 15.73     $ 15.38     $ 15.64     $ 14.97     $ 15.75  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income(a)

           0.11       0.35       0.46       0.54       0.55       0.58       0.69  

    Net realized and unrealized gain (loss)

           0.13       (0.85 )      (2.37 )      0.36       (0.26 )      0.74       (0.69 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net increase (decrease) from investment operations

           0.24       (0.50 )      (1.91 )      0.90       0.29       1.32       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distributions to Common Shareholders(b)

                    

    From net investment income

           (0.19 )(c)       (0.32 )      (0.50 )      (0.55 )      (0.55 )      (0.65 )      (0.78 ) 

    Return of capital

           —       (0.06 )      —       —       —       —       —  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total distributions to Common Shareholders

           (0.19 )      (0.38 )      (0.50 )      (0.55 )      (0.55 )      (0.65 )      (0.78 ) 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net asset value, end of period

         $ 12.49     $ 12.44     $ 13.32     $ 15.73     $ 15.38     $ 15.64     $ 14.97  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Market price, end of period

         $ 10.78     $ 10.78     $ 14.41     $ 18.75     $ 16.09     $ 16.54     $ 16.56  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total Return Applicable to Common Shareholders(d)

                    

    Based on net asset value

           2.23 %(e)       (3.42 )%      (12.61 )%(e)       5.76 %      1.87 %      8.94 %      (0.20 )% 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Based on market price

           1.82 %(e)       (22.64 )%      (20.69 )%(e)       20.50 %      0.77 %      4.15 %      (6.91 )% 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Ratios to Average Net Assets Applicable to Common Shareholders(f)

                    

    Total expenses

           5.34 %(g)(h)(i)      4.43 %      2.60 %(g)(j)       2.28 %      2.86 %      3.37 %      2.94 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed

           5.12 %(g)(h)(i)      4.20 %      2.38 %(g)(j)       2.06 %      2.64 %      3.15 %      2.72 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(k)(l)

           2.26 %(g)(h)(i)      1.74 %      1.55 %(g)(j)       1.43 %      1.69 %      1.82 %      1.70 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net investment income to Common Shareholders

           1.81 %(g)       2.82 %      3.52 %(g)       3.49 %      3.63 %      3.88 %      4.51 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Supplemental Data

                    

    Net assets applicable to Common Shareholders, end of period (000)

         $ 19,838     $ 19,956     $ 21,460     $ 25,326     $ 24,728     $ 25,119     $ 24,006  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    VRDP Shares outstanding at $100,000 liquidation value, end of period (000)

         $ 11,600     $ 11,600     $ 11,600     $ 11,600     $ 11,600     $ 11,600     $ 11,600  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per VRDP Shares at $100,000 liquidation value, end of period

         $ 271,017 (m)    $ 246,737 (m)    $ 246,984 (m)    $ 318,324 (n)     $ 313,171 (n)     $ 316,539 (n)     $ 306,947 (n)  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    TOB Trust Certificates, end of period (000)

         $ —     $ 2,000     $ 3,000     $ 4,876     $ 4,876     $ 5,396     $ 5,396  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Asset coverage per $1,000 of TOB Trust Certificates, end of period(o)

           N/A     $ 16,755     $ 12,003       N/A       N/A       N/A       N/A  
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Portfolio turnover rate

           26 %      31 %      39 %      10 %      28 %      17 %      26 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (a) 

    Based on average Common Shares outstanding.

    (b) 

    Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

    (c) 

    A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

    (d) 

    Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

    (e) 

    Not annualized.

    (f) 

    Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

    (g) 

    Annualized.

    (h) 

    Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 5.80%, 5.58% and 2.72%, respectively.

    (i) 

    Includes unannualized non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 4.87%, 4.65% and 1.79% 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 2.62%, 2.40% and 1.57%, respectively.

    (k) 

    Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

     

     

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    Financial Highlights (continued)

    (For a share outstanding throughout each period)

     

    (l) 

    The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

     

                   
        

    Six Months Ended

    01/31/24

    (unaudited)

        Year Ended
    07/31/23
        Period from
    09/01/21
    to 07/31/22
        Year Ended
    08/31/21
        Year Ended
    08/31/20
        Year Ended
    08/31/19
        Year Ended
    08/31/18
     

    Expense ratios

                  2.26 %      1.74 %      1.55 %      1.43 %      1.40 %      1.42 %      1.32 % 
        

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    (m)

    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.

    (n)

    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.

    (o) 

    Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

    See notes to financial statements.

     

     

    F I N A N C I A L  H I G H L I G H T S

      77


    Notes to Financial Statements (unaudited)

     

    1.

    ORGANIZATION

    The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:

     

    Fund Name   Herein Referred To As    Organized    Diversification
    Classification

    BlackRock MuniHoldings New Jersey Quality Fund, Inc.

      MUJ    Maryland    Non-diversified

    BlackRock MuniHoldings New York Quality Fund, Inc.

      MHN    Maryland    Non-diversified

    BlackRock MuniYield Michigan Quality Fund, Inc.

      MIY    Maryland    Non-diversified

    BlackRock MuniYield New York Quality Fund, Inc.

      MYN    Maryland    Non-diversified

    BlackRock MuniYield Pennsylvania Quality Fund

      MPA    Massachusetts    Non-diversified

    BlackRock New York Municipal Income Trust

      BNY    Delaware    Diversified

    BlackRock Virginia Municipal Bond Trust

      BHV    Delaware    Non-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.

    On October 30, 2023, the Board of Directors/Trustees of each of MIY, MPA, BHV and BlackRock Investment Quality Municipal Trust, Inc. (BKN) (collectively, the “Target Funds”) and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) announced the withdrawal of merger proposals that were previously approved by the Boards pursuant to which each of the Target Funds would have been merged into MYI, with MYI continuing as the surviving Fund. While the Board of Directors believe that the mergers would have benefited shareholders for the reasons discussed in the proxy statement, it was determined that the proxy solicitation process and associated costs would be more burdensome and expensive as a result of opposition from an activist shareholder, making the mergers no longer in the best interests of each Fund’s shareholders.

    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.

     

    2.

    SIGNIFICANT ACCOUNTING POLICIES

    The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

    Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

    Bank Overdraft: The Funds had outstanding cash disbursements exceeding 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 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 10.

    Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

    The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

     

     

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    Notes to Financial Statements (unaudited) (continued)

     

    Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

    Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

     

    3.

    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

    Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

    Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

     

      •  

    Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

     

      •  

    Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

     

      •  

    Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

    If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

    Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

     

      •  

    Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

     

      •  

    Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

     

      •  

    Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

    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 privately held companies or funds 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.

     

     

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

      79


    Notes to Financial Statements (unaudited) (continued)

     

    4.

    SECURITIES AND OTHER INVESTMENTS

    Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

    Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. 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. MIY’s, MYN’s and MPA’s 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  

    MUJ

      $  355,776      $  48,344      $ 11,640      $  415,760  

    MHN

        68,665        7,349        2,051        78,065  

    MIY

        35,705        3,427        1,275        40,407  

    MYN

        268,079        28,195        7,653        303,927  

    MPA

        153,413        20,506        4,540        178,459  

    BNY

        47,068        5,082        1,529        53,679  

    BHV

        10,440        1,043        376        11,859  

     

     

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    Notes to Financial Statements (unaudited) (continued)

     

    For the six months ended January 31, 2024, 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
     
     
     
     
     

    MUJ

      $ 30,942,724      $ 19,284,999        4.58% — 4.67%      $ 19,405,651        4.26 % 

    MHN

        4,682,301        2,250,000        4.58 — 4.58         3,782,058        4.11  

    MIY

        —        —        —         1,945,386        4.13  

    MYN

        27,319,954        12,949,999        4.58 — 4.58         14,861,636        4.07  

    MPA

        11,384,861        7,560,000        4.61 — 4.61         8,445,870        4.20  

    BNY

        2,623,294        1,430,000        4.62 — 4.62         2,570,626        4.15  

    BHV

        —        —        —         576,087        4.10  

     

      (a) 

    The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments.

     
      (b)

    TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024.

     

     

    5.

    DERIVATIVE FINANCIAL INSTRUMENTS

    The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

    Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

    Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

    Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

     

    6.

    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

    Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

    For such services, each Fund, except BNY and BHV, 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:

     

         MUJ      MHN      MIY      MYN      MPA  

    Investment advisory fees

        0.50 %       0.55 %       0.49 %       0.50 %       0.49 % 

    For purposes of calculating these fees, for each Fund except for BNY and BHV, “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.

     

     

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

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    Notes to Financial Statements (unaudited) (continued)

     

    For such services, BNY and BHV, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Fund’s managed assets:

     

          BNY      BHV  

    Investment advisory fees

         0.55 %       0.65 % 

    For purposes of calculating these fees, for BNY and BHV, “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 BHV, the Manager voluntarily agreed to waive a portion of its investment advisory fees to the annual rate of 0.13% of the Fund’s average weekly managed assets. This voluntary waiver may be reduced or discontinued at any time. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. During the six months ended January 31, 2024, the Manager waived $20,359 pursuant to this agreement.

    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, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived were as follows:

     

    Fund Name   

    Fees Waived and/or Reimbursed

    by the Manager

     

    MUJ

       $ 35,500  

    MHN

         7,403  

    MIY

         6,119  

    MYN

         5,015  

    MPA

         3,054  

    BNY

         4,684  

    BHV

         691  

    The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended January 31, 2024, there were no fees waived by the Manager pursuant to this arrangement.

    The Manager, for MHN, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets 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). The voluntary waiver may be reduced or discontinued at any time without notice. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024 the waiver was $158,380.

    Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

     

    7.

    PURCHASES AND SALES

    For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

     

    Fund Name   Purchases    Sales

    MUJ

      $  81,020,341    $  56,748,803

    MHN

      173,585,908    186,412,407

    MIY

      108,504,132    106,250,399

    MYN

      195,968,675    202,341,682

    MPA

      25,358,692    16,996,571

    BNY

      121,053,372    127,884,268

    BHV

      8,409,839    7,666,699

     

    8.

    INCOME TAX INFORMATION

    It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

    Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

    Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, 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.

     

     

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    Notes to Financial Statements (unaudited) (continued)

     

    As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

     

     

     
    Fund Name    Non-Expiring
    Capital Loss
    Carryforwards
     

     

     

    MUJ

       $ (46,287,545 ) 

    MHN

         (57,244,033 ) 

    MIY

         (34,354,147 ) 

    MYN

         (61,783,947 ) 

    MPA

         (14,441,556 ) 

    BNY

         (39,177,228 ) 

    BHV

         (2,701,411 ) 

     

     

    As of January 31, 2024, 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)

     

     

     

    MUJ

       $ 1,098,708,416      $ 29,250,106      $ (26,231,375 )     $ 3,018,731  

    MHN

         592,565,857        21,532,635        (5,992,455 )       15,540,180  

    MIY

         600,438,898        11,791,307        (3,808,370 )       7,982,937  

    MYN

         677,481,293        26,284,580        (8,154,221 )       18,130,359  

    MPA

         253,896,521        4,706,189        (7,296,029 )       (2,589,840 ) 

    BNY

         458,075,251        16,146,967        (4,622,460 )       11,524,507  

    BHV

         30,658,224        976,617        (471,308 )       505,309  

     

     

     

    9.

    PRINCIPAL RISKS

    In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

    The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.

    A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

    As short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.

    The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

    TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

    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.

     

     

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

      83


    Notes to Financial Statements (unaudited) (continued)

     

    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.

    Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

    A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

    With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

    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.

    The Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

    Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

    Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

    The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

    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.

     

    10.

    CAPITAL SHARE TRANSACTIONS

    MPA, BNY and BHV are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. MUJ, MHN, MIY and MYN are authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Fund’s Common Shares is $0.10, except for BNY and BHV for which it is $0.001. The par value for MUJ’s, MHN’s, MIY’s and MYN’s Preferred Shares outstanding is $0.10. The par value for MPA’s Preferred Shares outstanding is $0.05. The par value for BNY’s and BHV;s Preferred Shares outstanding is $0.001. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders. MPA is authorized to issue 1 million Preferred Shares.

     

     

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    Notes to Financial Statements (unaudited) (continued)

     

    Common Shares

    For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

     

    Fund Name   Six Months Ended
    01/31/24
       Year Ended
    07/31/23

    MUJ

      —    19,764

    MIY

      —    19,146

    MPA

      —    834

    BHV

      —    53

    The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts.

    The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

     

         MUJ
         Shares    Amounts

    Six Months Ended January 31, 2024

      507,049    $5,349,075

    Year Ended July 31, 2023

      830,265    9,439,913
        
         MHN
         Shares    Amounts

    Six Months Ended January 31, 2024

      293,363    $2,806,910

    Year Ended July 31, 2023

      597,023    6,123,353
        
         MIY
         Shares    Amounts

    Six Months Ended January 31, 2024

      267,446    $2,750,841

    Year Ended July 31, 2023

      302,870    3,374,623
        
         MYN
         Shares    Amounts

    Six Months Ended January 31, 2024

      408,538    $3,787,717

    Year Ended July 31, 2023

      864,838    8,585,038
        
         MPA
         Shares    Amounts

    Six Months Ended January 31, 2024

      75,192    $   809,297

    Year Ended July 31, 2023

      291,383    3,289,985
        
         BNY
         Shares    Amounts

    Six Months Ended January 31, 2024

      201,069    $ 1,898,566

    Year Ended July 31, 2023

      319,475    3,263,323
        
         BHV
         Shares    Amounts

    Six Months Ended January 31, 2024

      16,336    $ 158,886

    Year Ended July 31, 2023

      7,063    75,425

    Preferred Shares

    A Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

     

     

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

      85


    Notes to Financial Statements (unaudited) (continued)

     

    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 (for purposes of this section, each a “VRDP Fund”) have issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

     

    Fund Name   Issue
    Date
       Shares
    Issued
       Aggregate
    Principal
       Maturity
    Date

    MUJ

      06/30/11    1,727    $172,700,000    07/01/41
      04/13/15    644    64,400,000    07/01/41
      04/11/22    1,800    180,000,000    07/01/41

    MHN

      06/30/11    2,436    243,600,000    07/01/41

    MIY

      04/21/11    1,446    144,600,000    05/01/41
      09/14/15    873    87,300,000    05/01/41

    MYN

      04/21/11    2,477    247,700,000    05/01/41

    MPA

      05/19/11    663    66,300,000    06/01/41
      04/13/15    163    16,300,000    06/01/41

    BNY

      03/31/21    945    94,500,000    03/31/51
      04/12/21    849    84,900,000    03/31/51

    BHV

      06/14/12    116    11,600,000    07/01/42

    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:

     

         MUJ    MHN    MIY    MYN    MPA    BNY    BHV

    Expiration date

      11/30/24    11/30/24    07/07/24    07/07/24    07/07/24    11/30/24    07/07/24

    The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Fund is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

    Remarketing: A VRDP Fund may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Fund may incur nominal or no remarketing fees.

    Ratings: As of period end, the VRDP Shares were assigned the following ratings:

     

    Fund Name   Moody’s Investors
    Service, Inc.
    Long-Term
    Ratings
       Fitch Ratings, Inc.
    Long-Term
    Ratings

    MUJ

      Aa2    AA

    MHN

      Aa2    AA

    MIY

      Aa2    AA

    MYN

      Aa2    AA

    MPA

      Aa2    AA

    BNY

      Aa2    AA

    BHV

      Aa2    AA

     

     

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    Notes to Financial Statements (unaudited) (continued)

     

    Special Rate Period: A VRDP Fund has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period end, the following VRDP Funds have commenced/are set to commence a special rate period:

     

    Fund Name    Commencement
    Date
         Expiration Date as
    of Period Ended
    01/31/24
     

    MUJ

         04/17/14        11/15/24  

    MHN

         04/17/14        11/15/24  

    MIY

         06/25/20        06/19/24  

    MYN

         06/22/22        06/19/24  

    MPA

         06/22/22        06/19/24  

    BNY

         03/31/21        11/15/24  

    BHV

         06/25/20        06/19/24  

    Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

    During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.

    Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

    For the six months ended January 31, 2024, the annualized dividend rate for the VRDP Shares were as follows:

     

          MUJ      MHN      MIY      MYN      MPA      BNY      BHV  

    Dividend rates

         4.42 %       4.44 %       4.44 %       4.46 %       4.44 %       4.43 %       4.44 % 

    For the six months ended January 31, 2024, VRDP Shares issued and outstanding of each VRDP Fund remained constant.

    Offering Costs: The Funds incurred costs in connection with the issuance of VRDP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP Shares with the exception of any upfront fees paid by a VRDP Fund to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

    Financial Reporting: The VRDP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

     

    Fund Name    Dividends Accrued      Deferred Offering
    Costs Amortization
     

    MUJ

       $ 9,270,374      $ 21,531  

    MHN

         5,434,653        7,866  

    MIY

         5,173,106        5,722  

    MYN

         5,558,556        11,014  

    MPA

         1,842,598        8,648  

    BNY

         3,992,543        9,683  

    BHV

         258,767        1,549  

     

     

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

      87


    Notes to Financial Statements (unaudited) (continued)

     

    11.

    SUBSEQUENT EVENTS

    Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

    The Funds declared and paid or will pay distributions to Common Shareholders as follows:

     

    Fund Name    Declaration
    Date
         Record
    Date
         Payable/
    Paid Date
         Dividend Per
    Common Share
     

    MUJ

         11/14/23        01/12/24        02/01/24      $ 0.050000  
         11/14/23        02/15/24        03/01/24        0.050000  
         03/01/24        03/15/24        04/01/24        0.050000  

    MHN

         11/14/23        01/12/24        02/01/24        0.043500  
         11/14/23        02/15/24        03/01/24        0.043500  
         03/01/24        03/15/24        04/01/24        0.043500  

    MIY

         11/14/23        01/12/24        02/01/24        0.046500  
         11/14/23        02/15/24        03/01/24        0.046500  
         03/01/24        03/15/24        04/01/24        0.046500  

    MYN

         11/14/23        01/12/24        02/01/24        0.044200  
         11/14/23        02/15/24        03/01/24        0.044200  
         03/01/24        03/15/24        04/01/24        0.044200  

    MPA

         11/14/23        01/12/24        02/01/24        0.048000  
         11/14/23        02/15/24        03/01/24        0.048000  
         03/01/24        03/15/24        04/01/24        0.048000  

    BNY

         11/14/23        01/12/24        02/01/24        0.043000  
         11/14/23        02/15/24        03/01/24        0.043000  
         03/01/24        03/15/24        04/01/24        0.043000  

    BHV

         11/14/23        01/12/24        02/01/24        0.039500  
         11/14/23        02/15/24        03/01/24        0.039500  
           03/01/24        03/15/24        04/01/24        0.039500  

    The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:

     

          Preferred Shares(a)  
    Fund Name    Shares      Series      Declared  

    MUJ

         VRDP        W-7      $ 1,420,989  

    MHN

         VRDP        W-7        829,904  

    MIY

         VRDP        W-7        793,719  

    MYN

         VRDP        W-7        847,797  

    MPA

         VRDP        W-7        282,713  

    BNY

         VRDP        W-7        611,185  

    BHV

         VRDP        W-7        39,703  

     

      (a)

    Dividends declared for period February 1, 2024 to February 29, 2024.

     

     

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    Additional Information

     

    Fund Certification

    The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

    Environmental, Social and Governance (“ESG”) Integration

    Although 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 a 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 do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.

    The following information is a summary of certain changes since July 31, 2023. 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.

    In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

    Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

    Electronic Delivery

    Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports 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, 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.

     

     

    A D D I T I O N A L  I N F O R M A T I O N

      89


    Additional Information (continued)

     

    Availability of Quarterly Schedule of Investments

    The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

    Availability of Proxy Voting Policies, Procedures and Voting Records

    A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

    Availability of Fund Updates

    BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

    BlackRock Privacy Principles

    BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

    If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

    BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

    BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

    We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

    Fund and Service Providers

     

    Investment Adviser

    BlackRock Advisors, LLC

    Wilmington, DE 19809

    Accounting Agent and Custodian

    State Street Bank and Trust Company

    Boston, MA 02114

    Transfer Agent

    Computershare Trust Company, N.A.

    Canton, MA 02021

    VRDP Liquidity Provider

    Bank of America, N.A.(a)

    New York, NY 10036

    The Toronto-Dominion Bank(b)

    New York, NY 10019

    (a) For MUJ, MHN and BNY.

    (b) For MIY, MYN, MPA and BHV.

    VRDP Remarketing Agent

    BofA Securities, Inc.(a)

    New York, NY 10036

    TD Securities (USA) LLC(b)

    New York, NY 10019

    VRDP Tender and Paying Agent

    The Bank of New York Mellon

    New York, NY 10286

    Independent Registered Public Accounting Firm

    Deloitte & Touche LLP

    Boston, MA 02116

    Legal Counsel

    Willkie Farr & Gallagher LLP

    New York, NY 10019

    Address of the Funds

    100 Bellevue Parkway

    Wilmington, DE 19809

     

     

     

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    Glossary of Terms Used in this Report

     

    Portfolio Abbreviation

    AGC    Assured Guaranty Corp.
    AGM    Assured Guaranty Municipal Corp.
    AGM-CR    AGM Insured Custodial Receipt
    AMBAC    AMBAC Assurance Corp.
    AMT    Alternative Minimum Tax
    ARB    Airport Revenue Bonds
    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
    FNMA    Federal National Mortgage Association
    GNMA    Government National Mortgage Association
    GO    General Obligation Bonds
    GTD    GTD Guaranteed
    M/F    Multi-Family
    NPFGC    National Public Finance Guarantee Corp.
    Q-SBLF    Qualified School Bond Loan Fund
    RB    Revenue Bond
    S/F    Single-Family
    SAB    Special Assessment Bonds
    SAW    State Aid Withholding
    SONYMA    State of New York Mortgage Agency
    ST    Special Tax
    TA    Tax Allocation
    VRDN    Variable Rate Demand Note

     

     

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

      91


    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.

    MY7-01/24-SAR

     

    LOGO   LOGO


    (b) Not Applicable


    Item 2 –

    Code of Ethics – Not Applicable to this semi-annual report

     

    Item 3 –

    Audit Committee Financial Expert – Not Applicable to this semi-annual report

     

    Item 4 –

    Principal Accountant Fees and Services – Not Applicable to this semi-annual report

     

    Item 5 –

    Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

     

    Item 6 –

    Investments

    (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

    (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

     

    Item 7 –

    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

     

    Item 8 –

    Portfolio Managers of Closed-End Management Investment Companies

    (a) Not Applicable to this semi-annual report.

    (b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

     

    Item 9 –

    Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

     

    Period

      (a) Total
    Number of
    Shares
    Purchased1
       (b) Average
    Price Paid per
    Share
      

    (c) Total Number of Shares

    Purchased as Part of
    Publicly Announced

    Plans or Programs1

       (d) Maximum Number of
    Shares that May Yet Be
    Purchased Under the
    Plans or Programs1

    August 1-31, 2023

      109,273    $10.9348    109,273    1,786,583

    September 1-30, 2023

      106,738    $10.4676    106,738    1,679,845

    October 1-31, 2023

      149,965    $9.9449    149,965    1,529,880

    November 1-30, 2023

      141,073    $10.9015    141,073    1,388,807

    December 1-31, 2023

      0    $—     0    2,659,255

    January 1-31, 2024

      0    $—     0    2,659,255

    Total:

      507,049    10.5344    507,049    2,659,255

     

      1

    On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. On November 15, 2023, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2023, the Fund may

     

    2


      repurchase through November 30, 2024, up to 5% of its common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions.

     

    Item 10 –

    Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

     

    Item 11 –

    Controls and Procedures

    (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

    (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

     

    Item 12 –

    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

     

    Item 13 –

    Recovery of Erroneously Awarded Compensation – Not Applicable

     

    Item 14 –

    Exhibits attached hereto

    (a)(1) Code of Ethics – Not Applicable to this semi-annual report

    (a)(2) Section 302 Certifications are attached

    (a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

    (a)(4) Change in Registrant’s independent public accountant – Not Applicable

    (b) Section 906 Certifications are attached

     

    3


    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    BlackRock MuniHoldings New Jersey Quality Fund, Inc.

     

       By:     

    /s/ John M. Perlowski       

           John M. Perlowski
           Chief Executive Officer (principal executive officer) of
           BlackRock MuniHoldings New Jersey Quality Fund, Inc.

    Date: March 22, 2024

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

     

       By:     

    /s/ John M. Perlowski       

           John M. Perlowski
           Chief Executive Officer (principal executive officer) of
           BlackRock MuniHoldings New Jersey Quality Fund, Inc.

    Date: March 22, 2024

     

       By:     

    /s/ Trent Walker          

           Trent Walker
           Chief Financial Officer (principal financial officer) of
           BlackRock MuniHoldings New Jersey Quality Fund, Inc.

    Date: March 22, 2024

     

     

    4

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