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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811‑07642
Name of Fund: BlackRock MuniAssets Fund, Inc. (MUA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniAssets Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882‑0052, Option 4
Date of fiscal year end: 07/31/2023
Date of reporting period: 01/31/2023

Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.

|  | JANUARY 31, 2023

|  | 2023 Semi-Annual Report (Unaudited)

BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock Municipal Income Fund, Inc. (MUI)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock MuniYield Quality Fund, Inc. (MQY)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review
Dear Shareholder,
Significant economic headwinds emerged during the 12‑month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40‑year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10‑year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.
While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six‑ to twelve-month horizon.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC

Total Returns as of January 31, 2023
|  | 6‑Month |  | 12‑Month
U.S. large cap equities (S&P 500® Index) |  | (0.44)% |  | (8.22)%
U.S. small cap equities (Russell 2000® Index) |  | 3.25 |  | (3.38)
International equities (MSCI Europe, Australasia, Far East Index) |  | 9.52 |  | (2.83)
Emerging market equities (MSCI Emerging Markets Index) |  | 4.92 |  | (12.12)
3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index) |  | 1.58 |  | 1.79
U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index) |  | (5.60) |  | (11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  | (2.37) |  | (8.36)
Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index) |  | 0.73 |  | (3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  | 1.46 |  | (5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

|  | Page
The Markets in Review |  | 2
Semi-Annual Report: |  |
Municipal Market Overview |  | 4
The Benefits and Risks of Leveraging |  | 5
Derivative Financial Instruments |  | 5
Fund Summary |  | 6
Financial Statements: |  |
Schedules of Investments |  | 16
Statements of Assets and Liabilities |  | 69
Statements of Operations |  | 71
Statements of Changes in Net Assets |  | 73
Statements of Cash Flows |  | 76
Financial Highlights |  | 79
Notes to Financial Statements |  | 86
Additional Information |  | 98
Glossary of Terms Used in this Report |  | 101

|  | 3

Municipal Market Overview For the Reporting Period Ended January 31, 2023
Municipal Market Conditions
Municipal bonds posted negative total returns during the period alongside rising interest rates spurred by surging inflation and aggressive Fed policy tightening. The market experienced a drawdown on par with some of the worst on record as the U.S. central bank delivered 425bps of rate hikes at the fastest pace in history. However, growing expectations for a pause in policy tightening later in the period offered a reprieve. Strong credit fundamentals, bolstered by robust revenue growth and elevated fund balances, drove positive excess returns versus comparable U.S. Treasuries. Shorter-duration (i.e., less sensitive to interest rates) and higher-rated bonds outperformed.

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

A Closer Look at Yields

|  |  |  | From January 31, 2022, to January 31, 2023, yields on AAA‑rated 30‑year municipal bonds increased by 125 basis points (“bps”) from 1.95% to 3.20%, while ten‑year rates increased by 64 bps from 1.55% to 2.19% and five-year rates increased by 83 bps from 1.22% to 2.05% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12‑month period with the spread between two‑ and 30‑year maturities flattening by 2 bps. However, the curve remained relatively steep compared to the deeply inverted U.S. Treasury curve, which flattened by 150 bps. The selloff experienced in early 2022 helped restore value to the asset class before outperformance in the latter half of the year stretched valuations across the curve. Municipal‑to‑Treasury ratios now sit below their 5‑year averages, most notably in the front end of the curve.

Financial Conditions of Municipal Issuers
Buoyed by successive federal aid injections, vaccine distribution, and the re‑opening of the economy, states and many local governments experienced revenue growth above forecasts in 2021 and 2022. While revenue collections, particularly sales and personal income tax receipts, continue to be robust in an environment of higher inflation, growth may subside as inflation declines or the economy slows. In the meantime, prevailing higher wages, energy costs, and interest rates in the post-Covid recovery will pressure state and local government costs. However, overall credit fundamentals are expected to remain sturdy. At this point, tax receipts could come under pressure although states with significant oil and gas production would benefit should prices remain elevated or rise. While municipal utilities typically benefit from autonomous rate-setting that allows them to adjust for rising fuel costs, rising commodity prices over a prolonged period could test affordability and the political will to raise rates to balance operations. State housing authority bonds, flagship universities, and strong national and regional health systems may also be pressured but are better poised to absorb the impact of the economic shock. Critical providers (safety net hospitals, mass transit systems, airports) with limited resources may still experience fiscal strain from the economic fallout from rising inflation, but aid and the re‑opening of the economy will continue to support operating results through 2023. Work-from-home policies remain headwinds for mass transit farebox revenue and commercial real estate values. BlackRock anticipates that a small subset of the market, mainly non‑rated stand-alone projects, will remain susceptible to credit deterioration.
The opinions expressed are those of BlackRock as of January 31, 2023 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.
The Bloomberg Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

4 |  | 2 0 2 3 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, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA)

Investment Objective
BlackRock Long-Term Municipal Advantage Trust’s (BTA) (the “Fund”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are expected to pay interest or income that is exempt from U.S. federal income tax (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment and, under normal market conditions, the Fund’s municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

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

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

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

| (c) | The distribution rate is not constant and is subject to change. |

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

Market Price and Net Asset Value Per Share Summary

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

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

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

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted slightly positive returns during the six‑month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed. Long-term municipal issues underperformed the broader tax‑exempt market due to their longer duration (interest rate sensitivity.)

6 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

Portfolio income was a large contributor to the Trust’s total return at a time of negative price performance. The Trust’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Positions in short duration bonds, including pre‑refunded issues, contributed to results. Holdings in intermediate-maturity debt also outperformed as demand in that part of the yield curve helped support prices.
On the other hand, positions in longer-dated securities (those with maturities of 25 years and above) hurt performance due to their longer duration. Holdings in bonds with coupons below 5%, which were also hurt by their longer duration, further weighed on results. The Trust’s use of leverage, which magnified the impact of falling prices, was an additional negative. At the sector level, allocations to education and healthcare were the most notable detractors.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector(a)(b) |  | 01/31/23 |
County/City/Special District/School District |  |  | 16.4 | %
Health |  |  | 14.7 |
Transportation |  |  | 13.7 |
Corporate |  |  | 13.5 |
Education |  |  | 12.6 |
Tobacco |  |  | 8.8 |
State |  |  | 8.0 |
Utilities |  |  | 6.7 |
Housing |  |  | 5.2 |
Other* |  |  | 0.4 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31,(a)(c) |  | Percentage |
2023 |  |  | 8.6 | %
2024 |  |  | 7.1 |
2025 |  |  | 4.5 |
2026 |  |  | 9.6 |
2027 |  |  | 11.0 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(d) |  | 01/31/23 |
AAA/Aaa |  |  | 3.0 | %
AA/Aa |  |  | 15.3 |
A |  |  | 26.6 |
BBB/Baa |  |  | 11.4 |
BB/Ba |  |  | 9.7 |
B |  |  | 2.9 |
N/R(e) |  |  | 31.1 |

(a) | Excludes short-term securities. |

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

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

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

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

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

F U N D S U M M A R Y |  | 7

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

Investment Objective
BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from U.S. federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BBB or lower by S&P Global Ratings, or securities that are unrated but are deemed by the investment adviser to be of comparable quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

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

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

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

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

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

Market Price and Net Asset Value Per Share Summary

|  | 01/31/23 |  |  | 07/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 11.38 |  |  | $ | 12.55 |  |  |  | (9.32 | )% |  | $ | 13.18 |  |  | $ | 9.54 |
Net Asset Value |  |  | 11.75 |  |  |  | 12.53 |  |  |  | (6.23 | ) |  |  | 12.66 |  |  |  | 10.54 |

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

|  |  |  |  | Average Annual Total Returns |
|  | 6‑month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV(a)(b) |  |  | (2.23 | )% |  |  | (12.06 | )% |  |  | 1.43 | % |  |  | 3.33 | %
Fund at Market Price(a)(b) |  |  | (5.46 | ) |  |  | (14.17 | ) |  |  | 0.85 |  |  |  | 2.91 |
High Yield Customized Reference Benchmark(c) |  |  | (0.33 | ) |  |  | (5.68 | ) |  |  | 3.19 |  |  |  | N/A |
Bloomberg Municipal High Yield Bond Index(d) |  |  | (0.84 | ) |  |  | (6.63 | ) |  |  | 3.73 |  |  |  | 3.82 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
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.

8 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted slightly positive returns during the six‑month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.
The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) The Fund’s cash position, while limited, also helped results. Cash now offers some income benefit with the Fed having moved short-term interest rates significantly higher. Holdings in tobacco and pre‑refunded bonds generated modest gains in the period, further helping Fund performance.
Higher-quality, short-duration bonds generally performed the best during the period. (Duration is a measure of interest rate sensitivity). On the other hand, holdings in the utilities and education sectors detracted, as did positions in non‑rated bonds and those with maturities of 25 years and above. Lower-coupon bonds (those with coupons below 5%) also detracted, largely as a result of their underperformance in the first half of the period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

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

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31,(a)(c) |  | Percentage |
2023 |  |  | 17.4 | %
2024 |  |  | 6.0 |
2025 |  |  | 4.7 |
2026 |  |  | 6.7 |
2027 |  |  | 6.6 |

CREDIT QUALITY ALLOCATION

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

(a) | Excludes short-term securities. |

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

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

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

(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.3% of the Fund’s total investments. |

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

F U N D S U M M A R Y |  | 9

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

Investment Objective
BlackRock Municipal Income Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser, at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

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

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

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

| (c) | The distribution rate is not constant and is subject to change. |

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

Market Price and Net Asset Value Per Share Summary

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

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

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

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted slightly positive returns during the six‑month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

10 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

Portfolio income was a large contributor to the Fund’s total return at a time of negative price performance. The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Positions in short duration bonds, including pre‑refunded issues, contributed to performance. (Duration is a measure of interest rate sensitivity.) Holdings in intermediate-maturity debt also outperformed as demand in that part of the yield curve helped support prices.
On the other hand, positions in longer-dated securities (those with maturities of 25 years and above) hurt performance due to their longer duration. Holdings in bonds with coupons below 5%, which were also hurt by their longer duration, further weighed on results. The Fund’s use of leverage, which magnified the impact of falling prices, was an additional negative.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector(a)(b) |  | 01/31/23 |
Transportation |  |  | 33.0 | %
State |  |  | 14.2 |
Health |  |  | 12.6 |
County/City/Special District/School District |  |  | 9.9 |
Utilities |  |  | 9.8 |
Corporate |  |  | 7.8 |
Education |  |  | 6.8 |
Tobacco |  |  | 3.4 |
Housing |  |  | 2.4 |
Other* |  |  | 0.1 |

CALL/MATURITY SCHEDULE

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

CREDIT QUALITY ALLOCATION

Credit Rating(a)(d) |  | 01/31/23 |
AAA/Aaa |  |  | 7.7 | %
AA/Aa |  |  | 37.7 |
A |  |  | 34.7 |
BBB/Baa |  |  | 8.6 |
BB/Ba |  |  | 3.0 |
B |  |  | 0.1 |
N/R(e) |  |  | 8.2 |

(a) | Excludes short-term securities. |

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

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

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

(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

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

F U N D S U M M A R Y |  | 11

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

Investment Objective
BlackRock MuniYield Fund, Inc.’s (MYD) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade, or deemed to be of comparable quality by the investment adviser, at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

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

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

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

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

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

Market Price and Net Asset Value Per Share Summary

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

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

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

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted slightly positive returns during the six‑month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

12 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment. (Prices and yields move in opposite directions.) Holdings in higher-quality issues, especially in the state general obligation sector, also helped results. Bonds with short calls and high coupons contributed modestly, as well. (A bond is called when an issuer redeems it prior to its maturity date.)
Positions in issues with maturities of 25 years and above detracted due to their longer duration. (Duration is a measure of interest rate sensitivity). Within this category, bonds with low coupons—especially in the housing sector—detracted the most despite their generally higher quality. Holdings in the longer-duration utilities, local tax‑backed, healthcare and transportation sectors also detracted.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector(a)(b) |  | 01/31/23 |
Transportation |  |  | 21.2 | %
Health |  |  | 16.1 |
State |  |  | 14.7 |
Utilities |  |  | 10.0 |
County/City/Special District/School District |  |  | 9.6 |
Corporate |  |  | 9.0 |
Housing |  |  | 7.4 |
Education |  |  | 6.2 |
Tobacco |  |  | 5.5 |
Other* |  |  | 0.3 |

CALL/MATURITY SCHEDULE

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

CREDIT QUALITY ALLOCATION

Credit Rating(a)(d) |  | 01/31/23 |
AAA/Aaa |  |  | 3.3 | %
AA/Aa |  |  | 41.9 |
A |  |  | 30.2 |
BBB/Baa |  |  | 9.4 |
BB/Ba |  |  | 3.4 |
B |  |  | 1.8 |
N/R(e) |  |  | 10.0 |

(a) | Excludes short-term securities. |

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

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

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

(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.5% of the Fund’s total investments. |

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

F U N D S U M M A R Y |  | 13

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

Investment Objective
BlackRock MuniYield Quality Fund, Inc.’s (MQY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better), or which are deemed to be of comparable quality by the adviser, at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information

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

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

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

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

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

Market Price and Net Asset Value Per Share Summary

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

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

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

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted slightly positive returns during the six‑month period, with the benefit of income offsetting the effect of falling prices. Bond market returns, in general, were dampened by the combination of high inflation and continued interest rate increases by the Fed.

14 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

Portfolio income was a large contributor to the Fund’s total return at a time of negative price performance. Positions in the 10‑year part of the yield curve performed well thanks to the combination of low supply and elevated demand from retail investors. At the sector level, tax‑backed and utility issues delivered positive returns. The Fund’s use of U.S. Treasury futures to manage interest rate risk added value in the rising-rate environment, with all of the contribution occurring in the first half of the period. (Prices and yields move in opposite directions.)
The Fund’s holdings in lower-quality bonds detracted from performance, as did its positions in longer-dated securities. Lower-coupon bonds, while recovering in the latter half of the period, also detracted from performance. The majority of this position was held in the housing sector.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector(a)(b) |  | 01/31/23 |
Transportation |  |  | 28.1 | %
County/City/Special District/School District |  |  | 15.9 |
Health |  |  | 12.4 |
State |  |  | 11.1 |
Utilities |  |  | 8.3 |
Education |  |  | 8.1 |
Housing |  |  | 7.2 |
Corporate |  |  | 5.8 |
Tobacco |  |  | 3.1 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31,(a)(c) |  | Percentage |
2023 |  |  | 8.9 | %
2024 |  |  | 9.4 |
2025 |  |  | 8.1 |
2026 |  |  | 9.0 |
2027 |  |  | 11.1 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(d) |  | 01/31/23 |
AAA/Aaa |  |  | 4.9 | %
AA/Aa |  |  | 38.6 |
A |  |  | 34.3 |
BBB/Baa |  |  | 8.8 |
BB/Ba |  |  | 2.8 |
B |  |  | 0.5 |
CCC/Caa |  |  | 0.1 |
N/R(e) |  |  | 10.0 |

(a) | Excludes short-term securities. |

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

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

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

(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 15

Schedule of Investments (unaudited) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 3.8% |
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42 |  | $ | 1,655 |  |  | $ | 1,767,737 |
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |  |  | 1,040 |  |  |  | 1,195,857 |
Southeast Energy Authority A Cooperative District, RB(a) |  |  |  |  |  |  |  |
Series A, 4.00%, 11/01/51 |  |  | 1,300 |  |  |  | 1,306,250 |
Series A‑1, 5.50%, 01/01/53 |  |  | 470 |  |  |  | 513,784 |
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a) |  |  | 645 |  |  |  | 592,798 |
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |  |  | 160 |  |  |  | 144,083 |
|  |  |  |  |  |  | 5,520,509 |
Arizona — 5.1% |  |  |  |  |  |
Arizona Industrial Development Authority, Refunding RB(b) |  |  |  |  |  |  |  |
Series A, 5.13%, 07/01/37 |  |  | 360 |  |  |  | 361,250 |
Series A, 5.38%, 07/01/50 |  |  | 925 |  |  |  | 925,251 |
Series A, 5.50%, 07/01/52 |  |  | 855 |  |  |  | 864,733 |
Series G, 5.00%, 07/01/47 |  |  | 135 |  |  |  | 129,628 |
Industrial Development Authority of the City of Phoenix Arizona, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/33 |  |  | 870 |  |  |  | 870,211 |
Series A, 5.00%, 07/01/46(b) |  |  | 1,255 |  |  |  | 1,202,816 |
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35(b) |  |  | 125 |  |  |  | 125,522 |
Industrial Development Authority of the County of Pima, Refunding RB(b) 4.00%, 06/15/51 |  |  | 540 |  |  |  | 415,251 |
5.00%, 07/01/56 |  |  | 235 |  |  |  | 217,390 |
4.00%, 06/15/57 |  |  | 415 |  |  |  | 307,787 |
Maricopa County Industrial Development Authority, RB, AMT, 4.00%, 10/15/47(b) |  |  | 835 |  |  |  | 717,587 |
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |  |  | 375 |  |  |  | 378,257 |
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |  |  | 725 |  |  |  | 769,655 |
|  |  |  |  |  |  | 7,285,338 |
Arkansas(b) — 2.8% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 |  |  | 825 |  |  |  | 743,375 |
Series A, AMT, 4.75%, 09/01/49 |  |  | 3,570 |  |  |  | 3,344,697 |
|  |  |  |  |  |  | 4,088,072 |
California — 7.8% |  |  |  |  |  |
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 |  |  | 140 |  |  |  | 135,081 |
California Municipal Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 5.25%, 08/15/39 |  |  | 70 |  |  |  | 70,938 |
Series A, 5.25%, 08/15/49 |  |  | 175 |  |  |  | 176,990 |
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b) |  |  | 850 |  |  |  | 906,477 |
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |  |  | 355 |  |  |  | 362,683 |
City of Los Angeles Department of Airports, RB, AMT, 5.25%, 05/15/47 |  |  | 1,100 |  |  |  | 1,196,153 |
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A‑1, 3.00%, 08/01/56(b) |  |  | 460 |  |  |  | 323,975 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |  |  |
CSCDA Community Improvement Authority, RB, M/F Housing(b) 4.00%, 12/01/56 |  | $ | 665 |  |  | $ | 493,044 |
Series A, 3.00%, 09/01/56 |  |  | 725 |  |  |  | 500,114 |
Series B, 4.00%, 07/01/58 |  |  | 200 |  |  |  | 139,205 |
Mezzanine Lien, 4.00%, 03/01/57 |  |  | 330 |  |  |  | 248,271 |
Series B, Mezzanine Lien, 4.00%, 12/01/59 |  |  | 835 |  |  |  | 603,367 |
Series A, Senior Lien, 4.00%, 12/01/58 |  |  | 1,100 |  |  |  | 854,506 |
Series B, Sub Lien, 4.00%, 12/01/59 |  |  | 285 |  |  |  | 199,959 |
Hastings Campus Housing Finance Authority, RB, CAB, Sub‑Series A, 6.75%, 07/01/61(b)(c) |  |  | 830 |  |  |  | 303,795 |
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |  |  | 595 |  |  |  | 605,076 |
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |  |  | 935 |  |  |  | 930,922 |
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(d) |  |  | 1,265 |  |  |  | 843,205 |
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/38(d) |  |  | 3,725 |  |  |  | 2,125,485 |
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(e) |  |  | 165 |  |  |  | 168,988 |
|  |  |  |  |  |  | 11,188,234 |
Colorado — 5.8% |  |  |  |  |  |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |  |  | 275 |  |  |  | 246,707 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 4.13%, 11/15/53 |  |  | 320 |  |  |  | 299,190 |
Series A, AMT, 5.50%, 11/15/53 |  |  | 340 |  |  |  | 376,697 |
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 |  |  | 790 |  |  |  | 911,927 |
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 |  |  | 145 |  |  |  | 158,785 |
5.50%, 11/01/47 |  |  | 90 |  |  |  | 98,275 |
5.25%, 11/01/52 |  |  | 220 |  |  |  | 235,682 |
Series A, 5.00%, 05/15/35 |  |  | 140 |  |  |  | 129,737 |
Series A, 5.00%, 05/15/44 |  |  | 180 |  |  |  | 158,052 |
Series A, 5.00%, 05/15/49 |  |  | 120 |  |  |  | 102,074 |
Series A, 5.00%, 05/15/58 |  |  | 250 |  |  |  | 204,532 |
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49 |  |  | 1,815 |  |  |  | 1,661,645 |
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 |  |  | 500 |  |  |  | 445,018 |
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |  |  | 1,550 |  |  |  | 1,561,180 |
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A‑1, 4.00%, 12/01/31 |  |  | 500 |  |  |  | 460,875 |
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |  |  | 500 |  |  |  | 394,698 |
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) |  |  | 510 |  |  |  | 429,295 |
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 |  |  | 500 |  |  |  | 423,174 |
|  |  |  |  |  |  | 8,297,543 |
Connecticut(b) — 0.9% |  |  |  |  |  |
Connecticut State Health & Educational Facilities Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/45 |  |  | 160 |  |  |  | 154,532 |

16 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Connecticut (continued) |  |  |  |  |  |  |  |
Connecticut State Health & Educational Facilities Authority, RB (continued) |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/55 |  | $ | 210 |  |  | $ | 195,774 |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30 |  |  | 860 |  |  |  | 901,251 |
|  |  |  |  |  |  | 1,251,557 |
Delaware — 0.3% |  |  |  |  |  |
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(f) |  |  | 449 |  |  |  | 399,013 |
District of Columbia — 1.3% |  |  |  |  |  |
District of Columbia, Refunding RB, Series A, 6.00%, 07/01/23(e) |  |  | 260 |  |  |  | 263,473 |
District of Columbia, TA, 5.13%, 06/01/41 |  |  | 750 |  |  |  | 751,538 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |  |  | 870 |  |  |  | 819,844 |
|  |  |  |  |  |  | 1,834,855 |
Florida — 11.5% |  |  |  |  |  |
Avenir Community Development District, SAB, 5.63%, 05/01/54 |  |  | 225 |  |  |  | 221,497 |
Brevard County Health Facilities Authority, Refunding RB(b) 4.00%, 11/15/23 |  |  | 100 |  |  |  | 100,046 |
4.00%, 11/15/29 |  |  | 100 |  |  |  | 98,018 |
4.00%, 11/15/33 |  |  | 625 |  |  |  | 598,084 |
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |  |  | 145 |  |  |  | 146,335 |
Capital Region Community Development District, Refunding SAB |  |  |  |  |  |  |  |
Series A‑1, 5.13%, 05/01/39 |  |  | 210 |  |  |  | 211,571 |
Series A‑2, 4.60%, 05/01/31 |  |  | 515 |  |  |  | 517,328 |
Capital Trust Agency, Inc., RB 5.00%, 01/01/55(b) |  |  | 1,290 |  |  |  | 998,669 |
Series A, 5.75%, 06/01/54(b) |  |  | 450 |  |  |  | 397,327 |
Series B, 0.00%, 01/01/60(d) |  |  | 3,000 |  |  |  | 178,713 |
Capital Trust Agency, Inc., RB, CAB(b)(d) 0.00%, 07/01/61 |  |  | 25,215 |  |  |  | 1,413,149 |
Subordinate, 0.00%, 01/01/61 |  |  | 5,815 |  |  |  | 321,958 |
Charlotte County Industrial Development Authority, RB(b) |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/34 |  |  | 120 |  |  |  | 120,283 |
AMT, 5.00%, 10/01/49 |  |  | 560 |  |  |  | 526,956 |
City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 |  |  | 2,000 |  |  |  | 2,058,108 |
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(g) |  |  | 350 |  |  |  | 373,833 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) |  |  |  |  |  |  |  |
Series A‑2, 0.00%, 10/01/46 |  |  | 775 |  |  |  | 207,037 |
Series A‑2, 0.00%, 10/01/47 |  |  | 745 |  |  |  | 193,440 |
Series A‑2, 0.00%, 10/01/48 |  |  | 525 |  |  |  | 128,271 |
Series A‑2, 0.00%, 10/01/49 |  |  | 435 |  |  |  | 102,212 |
Florida Development Finance Corp., RB(b) 5.25%, 06/01/55 |  |  | 525 |  |  |  | 472,953 |
5.00%, 06/15/56 |  |  | 550 |  |  |  | 486,275 |
6.50%, 06/30/57 |  |  | 250 |  |  |  | 251,792 |
Series B, 4.50%, 12/15/56 |  |  | 705 |  |  |  | 562,363 |
Series C, 5.75%, 12/15/56 |  |  | 250 |  |  |  | 220,307 |
Lakes of Sarasota Community Development District, SAB |  |  |  |  |  |  |  |
Series A‑1, 2.75%, 05/01/26 |  |  | 100 |  |  |  | 97,028 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |  |  |
Lakes of Sarasota Community Development District, SAB (continued) |  |  |  |  |  |  |  |
Series A‑1, 3.90%, 05/01/41 |  | $ | 285 |  |  | $ | 239,009 |
Series B‑1, 3.00%, 05/01/26 |  |  | 100 |  |  |  | 97,036 |
Series B‑1, 4.13%, 05/01/41 |  |  | 200 |  |  |  | 167,770 |
Series B‑1, 4.30%, 05/01/51 |  |  | 100 |  |  |  | 83,703 |
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26 |  |  | 100 |  |  |  | 99,541 |
5.13%, 05/01/46 |  |  | 340 |  |  |  | 325,311 |
Series 1B, 4.75%, 05/01/29 |  |  | 270 |  |  |  | 272,173 |
Series 1B, 5.30%, 05/01/39 |  |  | 310 |  |  |  | 313,820 |
Series 1B, 5.45%, 05/01/48 |  |  | 550 |  |  |  | 551,877 |
Palm Beach County Health Facilities Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/47 |  |  | 110 |  |  |  | 112,138 |
Series A, 5.00%, 11/01/52 |  |  | 150 |  |  |  | 152,360 |
Poitras East Community Development District, SA, 5.00%, 05/01/43(g) |  |  | 245 |  |  |  | 243,902 |
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |  |  | 535 |  |  |  | 439,488 |
Tolomato Community Development District, Refunding SAB, Series 2015‑2, 6.61%, 05/01/40(c) |  |  | 310 |  |  |  | 278,418 |
Tolomato Community Development District, SAB, Series 2015‑3, 6.61%, 05/01/40(h)(i) |  |  | 340 |  |  |  | 3 |
Trout Creek Community Development District, SAB 5.00%, 05/01/28 |  |  | 160 |  |  |  | 161,746 |
5.50%, 05/01/49 |  |  | 570 |  |  |  | 567,853 |
Village Community Development District No. 14, SAB 5.38%, 05/01/42 |  |  | 415 |  |  |  | 414,104 |
5.50%, 05/01/53 |  |  | 310 |  |  |  | 307,097 |
West Villages Improvement District, SAB 4.75%, 05/01/39 |  |  | 220 |  |  |  | 208,986 |
5.00%, 05/01/50 |  |  | 450 |  |  |  | 415,638 |
|  |  |  |  |  |  | 16,455,526 |
Georgia — 6.3% |  |  |  |  |  |
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b) |  |  | 355 |  |  |  | 302,242 |
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48 |  |  | 1,025 |  |  |  | 1,001,057 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |  |  | 110 |  |  |  | 102,554 |
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(e) |  |  | 240 |  |  |  | 254,932 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/49 |  |  | 1,770 |  |  |  | 1,815,241 |
Series A, 5.00%, 06/01/53(a)(g) |  |  | 1,230 |  |  |  | 1,306,291 |
Series B, 5.00%, 12/01/52(a) |  |  | 1,190 |  |  |  | 1,259,622 |
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49 |  |  | 865 |  |  |  | 811,449 |
4.00%, 01/01/59 |  |  | 1,640 |  |  |  | 1,457,648 |
Series A, 5.00%, 07/01/52 |  |  | 460 |  |  |  | 477,052 |
Municipal Electric Authority of Georgia, Refunding RB, Sub‑Series A, 4.00%, 01/01/49 |  |  | 320 |  |  |  | 301,436 |
|  |  |  |  |  |  | 9,089,524 |
Illinois — 8.2% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series C, 5.25%, 12/01/35 |  |  | 795 |  |  |  | 805,853 |
Series D, 5.00%, 12/01/46 |  |  | 1,035 |  |  |  | 1,028,380 |
Series H, 5.00%, 12/01/36 |  |  | 935 |  |  |  | 950,727 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series C, 5.00%, 12/01/25 |  |  | 350 |  |  |  | 358,812 |

S C H E D U L E O F I N V E S T M E N T S |  | 17

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |  |  |
Chicago Board of Education, Refunding GO (continued) |  |  |  |  |  |  |  |
Series C, 5.00%, 12/01/27 |  | $ | 415 |  |  | $ | 432,469 |
Series C, 5.00%, 12/01/34 |  |  | 940 |  |  |  | 967,524 |
Chicago O’Hare International Airport, RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 |  |  | 645 |  |  |  | 703,046 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 |  |  | 640 |  |  |  | 601,105 |
City of Chicago Illinois, Refunding GO, Series A, 6.00%, 01/01/38 |  |  | 595 |  |  |  | 631,885 |
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |  |  | 350 |  |  |  | 357,116 |
Illinois Finance Authority, Refunding RB, Series C, 5.00%, 02/15/41 |  |  | 1,500 |  |  |  | 1,563,993 |
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |  |  | 890 |  |  |  | 995,178 |
Metropolitan Pier & Exposition Authority, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 06/15/53 |  |  | 200 |  |  |  | 203,961 |
Series A, 5.00%, 06/15/57 |  |  | 555 |  |  |  | 557,758 |
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50 |  |  | 410 |  |  |  | 365,433 |
Series B, 5.00%, 06/15/52 |  |  | 225 |  |  |  | 226,263 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d) |  |  | 500 |  |  |  | 98,803 |
State of Illinois, GO, 5.00%, 05/01/27 |  |  | 500 |  |  |  | 510,659 |
University of Illinois, RB, Series A, 5.00%, 04/01/44 |  |  | 475 |  |  |  | 480,052 |
|  |  |  |  |  |  | 11,839,017 |
Indiana — 2.6% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 365 |  |  |  | 373,193 |
AMT, 7.00%, 01/01/44 |  |  | 885 |  |  |  | 902,618 |
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(h)(i) |  |  | 810 |  |  |  | 720,900 |
Indiana Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/23(e) |  |  | 160 |  |  |  | 160,962 |
Series A, AMT, 6.75%, 05/01/39 |  |  | 515 |  |  |  | 600,622 |
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) |  |  | 595 |  |  |  | 512,208 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |  |  | 445 |  |  |  | 445,892 |
|  |  |  |  |  |  | 3,716,395 |
Iowa — 0.4% |  |  |  |  |  |
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39 |  |  | 195 |  |  |  | 174,800 |
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d) |  |  | 3,225 |  |  |  | 403,783 |
|  |  |  |  |  |  | 578,583 |
Kentucky — 1.6% |  |  |  |  |  |
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a) |  |  | 1,690 |  |  |  | 1,704,869 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(c) |  |  | 565 |  |  |  | 648,592 |
|  |  |  |  |  |  | 2,353,461 |
Louisiana — 1.4% |  |  |  |  |  |
Lafayette Parish School Board Sale Tax Revenue, RB(g) 4.00%, 04/01/48 |  |  | 130 |  |  |  | 127,900 |
4.00%, 04/01/53 |  |  | 85 |  |  |  | 82,814 |

Security |  | Par (000) |  |  | Value |
Louisiana (continued) |  |  |  |  |  |  |  |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) |  | $ | 445 |  |  | $ | 412,127 |
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b) |  |  | 105 |  |  |  | 108,226 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.25%, 05/15/33 |  |  | 360 |  |  |  | 366,862 |
Series A, 5.25%, 05/15/35 |  |  | 945 |  |  |  | 951,521 |
|  |  |  |  |  |  | 2,049,450 |
Maine — 0.2% |  |  |  |  |  |
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b) |  |  | 380 |  |  |  | 263,296 |
Maryland — 2.1% |  |  |  |  |  |
City of Baltimore Maryland, RB, 4.88%, 06/01/42 |  |  | 120 |  |  |  | 118,835 |
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) |  |  | 925 |  |  |  | 904,715 |
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |  |  | 380 |  |  |  | 391,474 |
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |  |  | 1,480 |  |  |  | 1,564,925 |
|  |  |  |  |  |  | 2,979,949 |
Massachusetts — 2.5% |  |  |  |  |  |
Massachusetts Development Finance Agency, RB |  |  |  |  |  |  |  |
Series A, 6.50%, 11/15/23(b)(e) |  |  | 1,000 |  |  |  | 1,030,950 |
Series A, 5.00%, 01/01/47 |  |  | 860 |  |  |  | 872,483 |
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/50 |  |  | 150 |  |  |  | 116,500 |
Massachusetts Housing Finance Agency, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 4.45%, 12/01/42 |  |  | 385 |  |  |  | 376,391 |
Series A, AMT, 4.50%, 12/01/47 |  |  | 1,275 |  |  |  | 1,256,889 |
|  |  |  |  |  |  | 3,653,213 |
Michigan — 2.4% |  |  |  |  |  |
City of Detroit Michigan, GO 5.00%, 04/01/34 |  |  | 140 |  |  |  | 144,302 |
5.00%, 04/01/35 |  |  | 140 |  |  |  | 144,023 |
5.00%, 04/01/36 |  |  | 95 |  |  |  | 97,529 |
5.00%, 04/01/37 |  |  | 155 |  |  |  | 158,787 |
5.00%, 04/01/38 |  |  | 70 |  |  |  | 71,568 |
Michigan Finance Authority, RB, 4.00%, 02/15/50 |  |  | 2,000 |  |  |  | 1,896,038 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56 |  |  | 460 |  |  |  | 303,419 |
Michigan Strategic Fund, RB 5.00%, 11/15/42 |  |  | 165 |  |  |  | 160,553 |
AMT, 5.00%, 12/31/43 |  |  | 500 |  |  |  | 506,901 |
|  |  |  |  |  |  | 3,483,120 |
Minnesota — 0.9% |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 |  |  | 655 |  |  |  | 681,312 |
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |  |  | 520 |  |  |  | 577,464 |
|  |  |  |  |  |  | 1,258,776 |
Missouri — 1.1% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43 |  |  | 115 |  |  |  | 115,766 |
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.38%, 11/15/35 |  |  | 330 |  |  |  | 268,120 |

18 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Missouri (continued) |  |  |  |  |  |  |  |
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB (continued) |  |  |  |  |  |  |  |
Series A, 4.75%, 11/15/47 |  | $ | 365 |  |  | $ | 283,086 |
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 |  |  | 850 |  |  |  | 876,672 |
|  |  |  |  |  |  | 1,543,644 |
New Hampshire — 1.0% |  |  |  |  |  |
New Hampshire Business Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 4.13%, 08/15/40 |  |  | 260 |  |  |  | 232,633 |
Series A, 4.25%, 08/15/46 |  |  | 290 |  |  |  | 250,366 |
Series A, 4.50%, 08/15/55 |  |  | 600 |  |  |  | 517,955 |
New Hampshire Business Finance Authority, Refunding RB(a)(b) |  |  |  |  |  |  |  |
Series A, 3.63%, 07/01/43 |  |  | 130 |  |  |  | 108,394 |
Series B, AMT, 3.75%, 07/01/45 |  |  | 375 |  |  |  | 301,494 |
|  |  |  |  |  |  | 1,410,842 |
New Jersey — 11.4% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39 |  |  | 475 |  |  |  | 487,351 |
5.25%, 11/01/44 |  |  | 1,160 |  |  |  | 1,176,517 |
New Jersey Economic Development Authority, RB 5.00%, 06/15/43(b)(g) |  |  | 70 |  |  |  | 161,696 |
5.00%, 06/15/43(b) |  |  | 125 |  |  |  | 131,062 |
AMT, 5.13%, 09/15/23 |  |  | 385 |  |  |  | 386,184 |
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(e) |  |  | 1,225 |  |  |  | 1,375,466 |
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |  |  | 785 |  |  |  | 743,131 |
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |  |  | 1,340 |  |  |  | 1,215,529 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub‑Series C, Class C, AMT, 3.63%, 12/01/49 |  |  | 645 |  |  |  | 543,254 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series AA, 5.00%, 06/15/45 |  |  | 585 |  |  |  | 596,341 |
Series S, 5.25%, 06/15/43 |  |  | 2,535 |  |  |  | 2,693,187 |
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |  |  | 1,300 |  |  |  | 1,434,568 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/35 |  |  | 730 |  |  |  | 776,354 |
Series A, 5.25%, 06/01/46 |  |  | 1,700 |  |  |  | 1,770,948 |
Sub‑Series B, 5.00%, 06/01/46 |  |  | 2,825 |  |  |  | 2,857,688 |
|  |  |  |  |  |  | 16,349,276 |
New York — 14.8% |  |  |  |  |  |
City of New York New York, GO |  |  |  |  |  |  |  |
Series A‑1, 4.00%, 09/01/46 |  |  | 390 |  |  |  | 386,172 |
Series B, 5.25%, 10/01/39 |  |  | 245 |  |  |  | 288,647 |
Series B, 5.25%, 10/01/40 |  |  | 190 |  |  |  | 222,899 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 910 |  |  |  | 910,030 |
Metropolitan Transportation Authority, RB |  |  |  |  |  |  |  |
Series B, 5.25%, 11/15/38 |  |  | 1,125 |  |  |  | 1,145,115 |
Series B, 5.25%, 11/15/39 |  |  | 400 |  |  |  | 405,851 |
Metropolitan Transportation Authority, Refunding RB, Series C‑1, 4.75%, 11/15/45 |  |  | 985 |  |  |  | 983,514 |

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |  |  |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |  |  |  |  |  |  |  |
Sub‑Series B‑1, 4.00%, 11/01/45 |  | $ | 5,000 |  |  | $ | 5,036,485 |
Series A‑1, Subordinate, 4.00%, 08/01/48 |  |  | 555 |  |  |  | 551,606 |
New York Counties Tobacco Trust IV, Refunding RB |  |  |  |  |  |  |  |
Series A, 6.25%, 06/01/41(b) |  |  | 900 |  |  |  | 900,194 |
Series A, 5.00%, 06/01/42 |  |  | 1,505 |  |  |  | 1,440,547 |
New York Counties Tobacco Trust VI, Refunding RB, Series A‑2‑B, 5.00%, 06/01/51 |  |  | 1,000 |  |  |  | 961,926 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 2, 5.15%, 11/15/34(b) |  |  | 160 |  |  |  | 160,389 |
Class 2, 5.38%, 11/15/40(b) |  |  | 395 |  |  |  | 395,137 |
Series 1, 5.00%, 11/15/44(b) |  |  | 1,415 |  |  |  | 1,411,451 |
Series A, 2.88%, 11/15/46 |  |  | 950 |  |  |  | 720,682 |
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 |  |  | 565 |  |  |  | 551,649 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 560 |  |  |  | 583,843 |
AMT, 5.00%, 12/01/40 |  |  | 555 |  |  |  | 576,495 |
Series A, AMT, 5.00%, 07/01/46 |  |  | 1,000 |  |  |  | 997,215 |
New York Transportation Development Corp., Refunding RB, AMT, 5.38%, 08/01/36 |  |  | 730 |  |  |  | 736,020 |
Westchester County Local Development Corp., Refunding RB 5.00%, 07/01/41 |  |  | 340 |  |  |  | 288,376 |
5.00%, 07/01/46 |  |  | 415 |  |  |  | 339,014 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub‑Series C, 4.00%, 06/01/42 |  |  | 1,295 |  |  |  | 1,300,131 |
|  |  |  |  |  |  | 21,293,388 |
North Carolina — 0.4% |  |  |  |  |  |
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |  |  | 560 |  |  |  | 620,892 |
Ohio — 3.8% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B‑2, 5.00%, 06/01/55 |  |  | 2,385 |  |  |  | 2,275,099 |
Cleveland-Cuyahoga County Port Authority, Refunding TA(b) 4.50%, 12/01/55 |  |  | 95 |  |  |  | 82,524 |
Class A, 4.00%, 12/01/55 |  |  | 120 |  |  |  | 107,797 |
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |  |  | 800 |  |  |  | 763,346 |
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |  |  | 300 |  |  |  | 274,941 |
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) |  |  | 185 |  |  |  | 154,096 |
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) |  |  | 805 |  |  |  | 585,793 |
State of Ohio, RB, AMT, 5.00%, 06/30/53 |  |  | 1,220 |  |  |  | 1,225,730 |
|  |  |  |  |  |  | 5,469,326 |
Oklahoma — 4.2% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b) |  |  | 2,205 |  |  |  | 2,354,409 |
Series B, 5.00%, 08/15/38 |  |  | 1,450 |  |  |  | 1,377,667 |
Series B, 5.25%, 08/15/48 |  |  | 270 |  |  |  | 247,745 |
Series B, 5.50%, 08/15/52 |  |  | 1,035 |  |  |  | 966,036 |

S C H E D U L E O F I N V E S T M E N T S |  | 19

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oklahoma (continued) |  |  |  |  |  |  |  |
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b) |  | $ | 155 |  |  | $ | 128,383 |
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |  |  | 925 |  |  |  | 930,034 |
|  |  |  |  |  |  | 6,004,274 |
Oregon — 0.4% |  |  |  |  |  |
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) |  |  | 625 |  |  |  | 323,503 |
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52 |  |  | 235 |  |  |  | 225,380 |
|  |  |  |  |  |  | 548,883 |
Pennsylvania — 5.3% |  |  |  |  |  |
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46 |  |  | 100 |  |  |  | 80,975 |
4.00%, 07/01/51 |  |  | 100 |  |  |  | 78,340 |
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49 |  |  | 640 |  |  |  | 605,624 |
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 |  |  | 1,240 |  |  |  | 1,143,859 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 12/31/38 |  |  | 465 |  |  |  | 469,588 |
AMT, 5.75%, 06/30/48 |  |  | 335 |  |  |  | 371,008 |
AMT, 5.25%, 06/30/53 |  |  | 560 |  |  |  | 587,170 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 720 |  |  |  | 722,607 |
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |  |  | 805 |  |  |  | 789,325 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 12/01/42 |  |  | 1,685 |  |  |  | 1,789,858 |
Series A, 5.00%, 12/01/44 |  |  | 520 |  |  |  | 531,828 |
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |  |  | 355 |  |  |  | 382,285 |
|  |  |  |  |  |  | 7,552,467 |
Puerto Rico — 6.7% |  |  |  |  |  |
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d) |  |  | 9,585 |  |  |  | 716,392 |
Commonwealth of Puerto Rico, GO 5.07%, 11/01/51(a) |  |  | 2,806 |  |  |  | 1,234,426 |
Series A1, Restructured, 5.75%, 07/01/31 |  |  | 784 |  |  |  | 850,324 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series B, Restructured, 0.00%, 07/01/32(d) |  |  | 892 |  |  |  | 561,912 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A‑2, Convertiable, Restructured, 4.33%, 07/01/40 |  |  | 72 |  |  |  | 68,848 |
Series A‑1, Restructured, 4.75%, 07/01/53 |  |  | 1,529 |  |  |  | 1,456,373 |
Series A‑1, Restructured, 5.00%, 07/01/58 |  |  | 2,376 |  |  |  | 2,340,954 |
Series A‑2, Restructured, 4.78%, 07/01/58 |  |  | 1,038 |  |  |  | 988,056 |
Series A‑2, Restructured, 4.33%, 07/01/40 |  |  | 851 |  |  |  | 813,796 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) |  |  | 1,914 |  |  |  | 531,495 |
|  |  |  |  |  |  | 9,562,576 |
Rhode Island — 2.7% |  |  |  |  |  |
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |  |  | 395 |  |  |  | 388,831 |

Security |  | Par (000) |  |  | Value |
Rhode Island (continued) |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/40 |  | $ | 420 |  |  | $ | 423,695 |
Series B, 4.50%, 06/01/45 |  |  | 1,630 |  |  |  | 1,633,201 |
Series B, 5.00%, 06/01/50 |  |  | 1,360 |  |  |  | 1,367,347 |
|  |  |  |  |  |  | 3,813,074 |
South Carolina — 3.4% |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |  |  | 225 |  |  |  | 223,971 |
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |  |  | 1,110 |  |  |  | 1,145,242 |
South Carolina Public Service Authority, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 12/01/54 |  |  | 1,840 |  |  |  | 1,871,854 |
Series E, 5.00%, 12/01/48 |  |  | 420 |  |  |  | 422,122 |
Series E, 5.50%, 12/01/53 |  |  | 750 |  |  |  | 762,926 |
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 430 |  |  |  | 440,868 |
|  |  |  |  |  |  | 4,866,983 |
Tennessee — 1.2% |  |  |  |  |  |
Mercer County Improvement Authority, RB |  |  |  |  |  |  |  |
Series B, AMT, 5.25%, 07/01/35 |  |  | 230 |  |  |  | 257,021 |
Series B, AMT, 5.50%, 07/01/36 |  |  | 190 |  |  |  | 214,572 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 |  |  | 290 |  |  |  | 231,551 |
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(d) |  |  | 450 |  |  |  | 152,253 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |  |  | 750 |  |  |  | 812,728 |
|  |  |  |  |  |  | 1,668,125 |
Texas — 9.9% |  |  |  |  |  |
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |  |  | 335 |  |  |  | 238,497 |
Arlington Higher Education Finance Corp., RB 7.50%, 04/01/62(b) |  |  | 230 |  |  |  | 245,951 |
7.88%, 11/01/62(b) |  |  | 195 |  |  |  | 203,016 |
Series A, 5.75%, 08/15/62 |  |  | 500 |  |  |  | 467,058 |
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |  |  | 180 |  |  |  | 171,992 |
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |  |  | 325 |  |  |  | 286,888 |
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 |  |  | 285 |  |  |  | 224,119 |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |  |  | 125 |  |  |  | 128,591 |
City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 |  |  | 800 |  |  |  | 821,149 |
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/34(d) |  |  | 3,000 |  |  |  | 1,724,520 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(d)(e) |  |  | 5,200 |  |  |  | 2,797,688 |
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |  |  | 430 |  |  |  | 426,491 |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 |  |  | 600 |  |  |  | 590,594 |
Newark Higher Education Finance Corp., RB(b) |  |  |  |  |  |  |  |
Series A, 5.50%, 08/15/35 |  |  | 135 |  |  |  | 139,353 |
Series A, 5.75%, 08/15/45 |  |  | 275 |  |  |  | 281,443 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 1,890 |  |  |  | 1,898,732 |

20 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |  |  |
Port Beaumont Navigation District, RB, AMT, 2.75%, 01/01/36(b) |  | $ | 710 |  |  | $ | 517,484 |
Port Beaumont Navigation District, Refunding RB(b) |  |  |  |  |  |  |  |
Series A, AMT, 3.63%, 01/01/35 |  |  | 325 |  |  |  | 269,458 |
Series A, AMT, 4.00%, 01/01/50 |  |  | 390 |  |  |  | 290,672 |
San Antonio Education Facilities Corp., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 10/01/41 |  |  | 85 |  |  |  | 78,316 |
Series A, 5.00%, 10/01/51 |  |  | 115 |  |  |  | 98,801 |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |  |  | 310 |  |  |  | 335,506 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55 |  |  | 1,025 |  |  |  | 1,026,919 |
Texas Transportation Commission State Highway 249 System, RB, CAB, 0.00%, 08/01/43(d) |  |  | 2,205 |  |  |  | 782,682 |
Texas Water Development Board, RB, 4.45%, 10/15/36 |  |  | 170 |  |  |  | 188,823 |
|  |  |  |  |  |  | 14,234,743 |
Utah — 0.1% |  |  |  |  |  |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) |  |  | 225 |  |  |  | 201,033 |
Vermont — 0.3% |  |  |  |  |  |
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |  |  | 400 |  |  |  | 402,649 |
Virginia — 2.1% |  |  |  |  |  |
Ballston Quarter Community Development Authority, TA |  |  |  |  |  |  |  |
Series A, 5.00%, 03/01/26 |  |  | 190 |  |  |  | 183,134 |
Series A, 5.13%, 03/01/31 |  |  | 510 |  |  |  | 433,844 |
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |  |  | 245 |  |  |  | 244,911 |
Norfolk Redevelopment & Housing Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/34 |  |  | 235 |  |  |  | 226,227 |
Series A, 5.00%, 01/01/49 |  |  | 455 |  |  |  | 390,390 |
Tobacco Settlement Financing Corp., Refunding RB, Series B‑1, 5.00%, 06/01/47 |  |  | 1,025 |  |  |  | 996,228 |
Virginia Housing Development Authority, RB, M/F Housing, Series G, 4.90%, 11/01/42 |  |  | 500 |  |  |  | 530,361 |
|  |  |  |  |  |  | 3,005,095 |
Washington — 0.4% |  |  |  |  |  |
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 04/01/40 |  |  | 350 |  |  |  | 357,109 |
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58 |  |  | 425 |  |  |  | 263,618 |
|  |  |  |  |  |  | 620,727 |
Wisconsin — 5.2% |  |  |  |  |  |
Public Finance Authority, RB 5.00%, 06/15/41(b) |  |  | 165 |  |  |  | 156,169 |
5.00%, 01/01/42(b) |  |  | 290 |  |  |  | 280,263 |
5.00%, 06/15/55(b) |  |  | 440 |  |  |  | 385,036 |
5.00%, 01/01/56(b) |  |  | 710 |  |  |  | 631,056 |
Class A, 5.00%, 06/15/56(b) |  |  | 230 |  |  |  | 191,052 |
Series A, 6.25%, 10/01/31(b)(h)(i) |  |  | 290 |  |  |  | 244,120 |
Series A, 5.00%, 11/15/41 |  |  | 95 |  |  |  | 96,398 |
Series A, 7.00%, 10/01/47(b) |  |  | 290 |  |  |  | 239,330 |
Series A, 5.00%, 10/15/50(b) |  |  | 530 |  |  |  | 489,525 |
Series A, 4.75%, 06/15/56(b) |  |  | 735 |  |  |  | 551,910 |
Series A‑1, 4.50%, 01/01/35(b) |  |  | 600 |  |  |  | 539,391 |
Series A‑1, 5.50%, 12/01/48(b)(h)(i) |  |  | 9 |  |  |  | 2,109 |
Series B, 0.00%, 01/01/35(b)(d) |  |  | 1,030 |  |  |  | 455,290 |

Security |  | Par (000) |  |  | Value |
Wisconsin (continued) |  |  |  |  |  |  |  |
Public Finance Authority, RB (continued) |  |  |  |  |  |  |  |
Series B, 0.00%, 01/01/60(b)(d) |  | $ | 16,025 |  |  | $ | 954,465 |
AMT, 4.00%, 09/30/51 |  |  | 475 |  |  |  | 398,760 |
AMT, 4.25%, 07/01/54 |  |  | 750 |  |  |  | 561,724 |
AMT, 4.00%, 03/31/56 |  |  | 455 |  |  |  | 372,437 |
Public Finance Authority, RB, CAB, Series B, 0.00%, 01/01/61(b)(d) |  |  | 6,655 |  |  |  | 414,673 |
Public Finance Authority, Refunding RB(b) 4.00%, 04/01/52 |  |  | 255 |  |  |  | 196,234 |
5.25%, 05/15/52 |  |  | 165 |  |  |  | 148,084 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 11/01/46 |  |  | 230 |  |  |  | 191,369 |
|  |  |  |  |  |  | 7,499,395 |
Total Municipal Bonds — 142.3% (Cost: $209,510,334) |  |  |  |  |  |  | 204,252,823 |
Municipal Bonds Transferred to Tender Option Bond Trusts(j) |
Alabama — 1.2% |  |  |  |  |  |  |  |
Black Belt Energy Gas District, RB, Series C‑1, 5.25%, 02/01/53(a) |  |  | 1,604 |  |  |  | 1,720,672 |
California — 2.3% |  |  |  |  |  |
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46 |  |  | 2,700 |  |  |  | 2,774,930 |
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |  |  | 495 |  |  |  | 520,799 |
|  |  |  |  |  |  | 3,295,729 |
Florida — 1.5% |  |  |  |  |  |
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(k) |  |  | 2,321 |  |  |  | 2,197,320 |
Georgia — 1.7% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a) |  |  | 2,230 |  |  |  | 2,360,467 |
Iowa — 1.2% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |  |  | 1,810 |  |  |  | 1,741,301 |
Nebraska — 3.5% |  |  |  |  |  |
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |  |  | 4,771 |  |  |  | 5,037,390 |
New York — 2.7% |  |  |  |  |  |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 2,340 |  |  |  | 2,325,173 |
Port Authority of New York & New Jersey, Refunding ARB, Series 221, AMT, 4.00%, 07/15/55 |  |  | 1,720 |  |  |  | 1,605,899 |
|  |  |  |  |  |  | 3,931,072 |
Rhode Island — 1.7% |  |  |  |  |  |
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |  |  | 2,450 |  |  |  | 2,407,227 |

S C H E D U L E O F I N V E S T M E N T S |  | 21

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
West Virginia — 1.3% |  |  |  |  |  |  |  |
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(k) |  | $ | 1,891 |  |  | $ | 1,780,639 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.1% (Cost: $24,901,249) |  |  |  |  |  |  | 24,471,817 |
Total Long-Term Investments — 159.4% (Cost: $234,411,583) |  |  |  | 228,724,640 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.0% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m) |  |  | 2,932,953 |  |  |  | 2,933,540 |
Total Short-Term Securities — 2.0% (Cost: $2,933,128) |  |  |  |  |  |  | 2,933,540 |
Total Investments — 161.4% (Cost: $237,344,711) |  |  |  |  |  |  | 231,658,180 |
Other Assets Less Liabilities — 0.1% |  |  |  |  |  |  | 92,751 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.8)% |  |  |  | (12,605,223 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.7)% |  |  |  | (75,657,943 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 143,487,765 |

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

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

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

(d) | Zero-coupon bond.

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

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

(g) | When-issued security.

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

(i) | Non‑income producing security.

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

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

(l) | Affiliate of the Fund.

(m) | Annualized 7‑day yield as of period end.

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

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

| (a) | Represents net amount purchased (sold). |

22 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA)

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10‑Year U.S. Treasury Note |  |  | 67 |  |  |  | 03/22/23 |  |  | $ | 7,692 |  |  | $ | (126,855 | )
U.S. Long Bond |  |  | 110 |  |  |  | 03/22/23 |  |  |  | 14,365 |  |  |  | (463,010 | )
5‑Year U.S. Treasury Note |  |  | 57 |  |  |  | 03/31/23 |  |  |  | 6,239 |  |  |  | (87,252 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (677,117 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

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

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

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,483,337 |  |  | $ | — |  |  | $ | 2,483,337 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 189,346 |  |  | $ | — |  |  | $ | 189,346 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Long-Term Municipal Advantage Trust (BTA)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 2,933,540 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,933,540 |
|  | $ | 2,933,540 |  |  | $ | 228,325,627 |  |  | $ | 399,013 |  |  | $ | 231,658,180 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  | $ | (677,117 | ) |  | $ | — |  |  | $ | — |  |  | $ | (677,117 | )

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (12,516,504 | ) |  | $ | — |  |  | $ | (12,516,504 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (76,000,000 | ) |  |  | — |  |  |  | (76,000,000 | )
|  | $ | — |  |  | $ | (88,516,504 | ) |  | $ | — |  |  | $ | (88,516,504 | )

See notes to financial statements.

24 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Corporate Bonds |
Education — 0.5% |  |  |  |  |  |  |  |
Grand Canyon University, 5.13%, 10/01/28 |  | $ | 2,445 |  |  | $ | 2,314,413 |
Total Corporate Bonds — 0.5% (Cost: $2,445,000) |  |  |  |  |  |  | 2,314,413 |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 2.1% |  |  |  |  |  |  |  |
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a) |  |  | 615 |  |  |  | 659,348 |
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42 |  |  | 3,745 |  |  |  | 4,000,106 |
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |  |  | 2,140 |  |  |  | 2,460,705 |
MidCity Improvement District, SAB 4.25%, 11/01/32 |  |  | 160 |  |  |  | 150,637 |
4.50%, 11/01/42 |  |  | 255 |  |  |  | 223,036 |
4.75%, 11/01/49 |  |  | 270 |  |  |  | 232,977 |
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a) |  |  | 1,740 |  |  |  | 1,599,175 |
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |  |  | 335 |  |  |  | 301,674 |
|  |  |  |  |  |  | 9,627,658 |
Alaska — 0.2% |  |  |  |  |  |
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 |  |  | 1,000 |  |  |  | 907,728 |
Arizona — 3.9% |  |  |  |  |  |
Arizona Industrial Development Authority, RB 7.10%, 01/01/55(b) |  |  | 1,705 |  |  |  | 1,756,602 |
Class B, 4.00%, 07/01/61 |  |  | 890 |  |  |  | 730,916 |
Series A, 5.00%, 12/15/39(b) |  |  | 250 |  |  |  | 247,392 |
Series A, 4.00%, 07/01/51 |  |  | 445 |  |  |  | 381,369 |
Series A, 4.00%, 07/01/61 |  |  | 910 |  |  |  | 767,849 |
Series B, 5.13%, 07/01/47(b) |  |  | 665 |  |  |  | 648,143 |
Arizona Industrial Development Authority, Refunding RB(b) |  |  |  |  |  |  |  |
Series A, 5.13%, 07/01/37 |  |  | 960 |  |  |  | 963,334 |
Series A, 5.50%, 07/01/52 |  |  | 1,775 |  |  |  | 1,795,205 |
Glendale Industrial Development Authority, RB 5.00%, 05/15/41 |  |  | 100 |  |  |  | 96,581 |
5.00%, 05/15/56 |  |  | 405 |  |  |  | 371,995 |
Industrial Development Authority of the City of Phoenix Arizona, RB(b) |  |  |  |  |  |  |  |
Series A, 6.50%, 07/01/34 |  |  | 570 |  |  |  | 586,425 |
Series A, 6.75%, 07/01/44 |  |  | 1,000 |  |  |  | 1,043,672 |
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b) 5.00%, 07/01/35 |  |  | 625 |  |  |  | 627,692 |
5.00%, 07/01/45 |  |  | 255 |  |  |  | 245,701 |
Series A, 5.00%, 07/01/35 |  |  | 260 |  |  |  | 261,085 |
Industrial Development Authority of the County of Pima, Refunding RB(b) 4.00%, 06/15/51 |  |  | 665 |  |  |  | 511,374 |
5.00%, 07/01/56 |  |  | 475 |  |  |  | 439,406 |
4.00%, 06/15/57 |  |  | 890 |  |  |  | 660,073 |
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) |  |  | 875 |  |  |  | 844,908 |

Security |  | Par (000) |  |  | Value |
Arizona (continued) |  |  |  |  |  |  |  |
Maricopa County Industrial Development Authority, RB(b) 5.25%, 10/01/40 |  | $ | 465 |  |  | $ | 479,215 |
5.50%, 10/01/51 |  |  | 465 |  |  |  | 477,268 |
AMT, 4.00%, 10/15/47 |  |  | 2,295 |  |  |  | 1,972,291 |
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |  |  | 1,650 |  |  |  | 1,751,628 |
|  |  |  |  |  |  | 17,660,124 |
Arkansas(b) — 2.6% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 |  |  | 2,815 |  |  |  | 2,536,484 |
Series A, AMT, 4.75%, 09/01/49 |  |  | 9,850 |  |  |  | 9,228,366 |
|  |  |  |  |  |  | 11,764,850 |
California — 8.4% |  |  |  |  |  |
California Community Housing Agency, RB, M/F Housing(b) |  |  |  |  |  |  |  |
Series A, 5.00%, 04/01/49 |  |  | 240 |  |  |  | 215,469 |
Series A‑2, 4.00%, 08/01/47 |  |  | 1,550 |  |  |  | 1,283,823 |
California Municipal Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 08/01/34(b) |  |  | 275 |  |  |  | 277,158 |
Series A, 6.00%, 08/01/44(b) |  |  | 665 |  |  |  | 670,106 |
Series A, 3.00%, 02/01/46 |  |  | 315 |  |  |  | 250,100 |
Series A, 6.13%, 08/01/49(b) |  |  | 580 |  |  |  | 584,291 |
California Public Finance Authority, RB, Series A, 6.25%, 07/01/54(b) |  |  | 1,780 |  |  |  | 1,898,268 |
California School Finance Authority, RB 6.65%, 07/01/33 |  |  | 435 |  |  |  | 440,258 |
6.90%, 07/01/43 |  |  | 975 |  |  |  | 987,953 |
Series A, 6.40%, 07/01/48 |  |  | 1,570 |  |  |  | 1,587,644 |
California Statewide Communities Development Authority, RB, 5.25%, 12/01/38(b) |  |  | 580 |  |  |  | 598,748 |
California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 |  |  | 1,650 |  |  |  | 1,651,180 |
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) |  |  | 3,300 |  |  |  | 2,713,669 |
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A‑1, 3.00%, 08/01/56(b) |  |  | 890 |  |  |  | 626,822 |
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) |  |  | 485 |  |  |  | 403,636 |
CSCDA Community Improvement Authority, RB, M/F Housing(b) 2.80%, 03/01/47 |  |  | 440 |  |  |  | 338,600 |
3.13%, 07/01/56 |  |  | 990 |  |  |  | 712,655 |
3.13%, 08/01/56 |  |  | 120 |  |  |  | 87,701 |
4.00%, 12/01/56 |  |  | 1,260 |  |  |  | 934,189 |
3.25%, 05/01/57 |  |  | 505 |  |  |  | 372,819 |
4.00%, 07/01/58 |  |  | 380 |  |  |  | 284,137 |
Series A, 3.00%, 09/01/56 |  |  | 1,570 |  |  |  | 1,083,005 |
Series B, 4.00%, 07/01/58 |  |  | 435 |  |  |  | 302,771 |
Mezzanine Lien, 4.00%, 03/01/57 |  |  | 700 |  |  |  | 526,634 |
Mezzanine Lien, 4.00%, 06/01/57 |  |  | 2,630 |  |  |  | 1,996,044 |
Series B, Mezzanine Lien, 4.00%, 12/01/59 |  |  | 6,035 |  |  |  | 4,360,861 |
Senior Lien, 3.13%, 06/01/57 |  |  | 655 |  |  |  | 459,568 |
Series B, Sub Lien, 4.00%, 12/01/59 |  |  | 4,000 |  |  |  | 2,806,444 |
Hastings Campus Housing Finance Authority, RB, CAB, Sub‑Series A, 6.75%, 07/01/61(b)(c) |  |  | 1,705 |  |  |  | 624,061 |
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(d) |  |  | 2,885 |  |  |  | 2,914,966 |
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |  |  | 5,000 |  |  |  | 4,618,315 |

S C H E D U L E O F I N V E S T M E N T S |  | 25

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |  |  |
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(e) |  |  |  |  |  |  |  |
Series D, 0.00%, 08/01/26 |  | $ | 1,250 |  |  | $ | 1,064,892 |
Series D, 0.00%, 08/01/43 |  |  | 1,500 |  |  |  | 546,870 |
|  |  |  |  |  |  | 38,223,657 |
Colorado — 3.7% |  |  |  |  |  |
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 |  |  | 910 |  |  |  | 815,413 |
Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38 |  |  | 1,240 |  |  |  | 1,217,970 |
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) |  |  | 665 |  |  |  | 527,413 |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |  |  | 575 |  |  |  | 515,841 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 4.13%, 11/15/47 |  |  | 1,870 |  |  |  | 1,809,648 |
Series A, AMT, 4.13%, 11/15/53 |  |  | 1,025 |  |  |  | 958,344 |
Colorado Health Facilities Authority, RB 5.50%, 11/01/47 |  |  | 265 |  |  |  | 289,365 |
5.25%, 11/01/52 |  |  | 555 |  |  |  | 594,563 |
Series A, 5.00%, 05/15/35 |  |  | 355 |  |  |  | 328,975 |
Series A, 5.00%, 05/15/44 |  |  | 385 |  |  |  | 338,055 |
Series A, 5.00%, 05/15/49 |  |  | 260 |  |  |  | 221,160 |
Series A, 5.00%, 05/15/58 |  |  | 540 |  |  |  | 441,790 |
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A‑1, 4.25%, 12/01/55 |  |  | 1,735 |  |  |  | 1,250,413 |
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 |  |  | 935 |  |  |  | 925,995 |
Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36 |  |  | 769 |  |  |  | 660,928 |
Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50(b) |  |  | 545 |  |  |  | 504,413 |
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50 |  |  | 520 |  |  |  | 383,367 |
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |  |  | 790 |  |  |  | 623,622 |
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 |  |  | 500 |  |  |  | 481,062 |
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 |  |  | 1,211 |  |  |  | 1,128,253 |
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |  |  | 760 |  |  |  | 739,038 |
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) |  |  | 1,065 |  |  |  | 896,470 |
Southlands Metropolitan District No. 1, Refunding GO, Series A‑1, 5.00%, 12/01/47 |  |  | 410 |  |  |  | 390,735 |
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 |  |  | 790 |  |  |  | 668,614 |
|  |  |  |  |  |  | 16,711,447 |
Connecticut — 1.3% |  |  |  |  |  |
Connecticut Housing Finance Authority, RB, M/F Housing, Series A‑1, 3.00%, 11/15/38 |  |  | 1,300 |  |  |  | 1,145,143 |
Connecticut State Health & Educational Facilities Authority, RB(b) |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/45 |  |  | 325 |  |  |  | 313,893 |
Series A, 5.00%, 01/01/55 |  |  | 435 |  |  |  | 405,532 |

Security |  | Par (000) |  |  | Value |
Connecticut (continued) |  |  |  |  |  |  |  |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) |  | $ | 1,375 |  |  | $ | 1,378,326 |
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45(b) |  |  | 957 |  |  |  | 958,488 |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b) |  |  | 1,835 |  |  |  | 1,923,019 |
|  |  |  |  |  |  | 6,124,401 |
Delaware — 0.9% |  |  |  |  |  |
Affordable Housing Opportunities Trust, RB, Series AH‑01, Class B, 6.88%, 05/01/39(b)(f) |  |  | 1,217 |  |  |  | 1,082,254 |
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 |  |  | 2,870 |  |  |  | 2,802,693 |
|  |  |  |  |  |  | 3,884,947 |
District of Columbia — 0.8% |  |  |  |  |  |
District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46(e) |  |  | 15,400 |  |  |  | 3,614,934 |
Florida — 15.6% |  |  |  |  |  |
Avenir Community Development District, SAB, 5.63%, 05/01/54 |  |  | 655 |  |  |  | 644,802 |
Babcock Ranch Community Independent Special District, SAB |  |  |  |  |  |  |  |
Series 2022, 5.00%, 05/01/42 |  |  | 510 |  |  |  | 489,653 |
Series 2022, 5.00%, 05/01/53 |  |  | 385 |  |  |  | 352,010 |
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 |  |  | 1,290 |  |  |  | 1,289,798 |
Brevard County Health Facilities Authority, Refunding RB(b) 4.00%, 11/15/23 |  |  | 125 |  |  |  | 125,057 |
4.00%, 11/15/24 |  |  | 440 |  |  |  | 440,102 |
4.00%, 11/15/25 |  |  | 460 |  |  |  | 459,432 |
4.00%, 11/15/27 |  |  | 495 |  |  |  | 490,975 |
4.00%, 11/15/29 |  |  | 435 |  |  |  | 426,377 |
4.00%, 11/15/32 |  |  | 450 |  |  |  | 433,654 |
4.00%, 11/15/35 |  |  | 675 |  |  |  | 636,485 |
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |  |  | 400 |  |  |  | 403,683 |
Capital Region Community Development District, Refunding SAB, Series A‑1, 5.13%, 05/01/39 |  |  | 1,495 |  |  |  | 1,506,184 |
Capital Trust Agency, Inc., RB(b) 5.00%, 01/01/55 |  |  | 2,640 |  |  |  | 2,043,788 |
Series A, 5.75%, 06/01/54 |  |  | 940 |  |  |  | 829,971 |
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(e) |  |  | 53,225 |  |  |  | 2,982,942 |
Charlotte County Industrial Development Authority, RB(b) |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/34 |  |  | 245 |  |  |  | 245,578 |
AMT, 5.00%, 10/01/49 |  |  | 1,170 |  |  |  | 1,100,961 |
AMT, 4.00%, 10/01/51 |  |  | 850 |  |  |  | 655,415 |
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(g)(h) |  |  | 630 |  |  |  | 369,684 |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |  |  | 5,000 |  |  |  | 5,191,850 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) |  |  |  |  |  |  |  |
Series A‑2, 0.00%, 10/01/50 |  |  | 730 |  |  |  | 157,010 |
Series A‑2, 0.00%, 10/01/51 |  |  | 875 |  |  |  | 172,768 |
Series A‑2, 0.00%, 10/01/52 |  |  | 875 |  |  |  | 172,346 |

26 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

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

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |  |  |
Tolomato Community Development District, Refunding SAB, Series 2015‑2, 6.61%, 05/01/40(c) |  | $ | 805 |  |  | $ | 722,990 |
Tolomato Community Development District, SAB, Series 2015‑3, 6.61%, 05/01/40(g)(h) |  |  | 875 |  |  |  | 9 |
Trout Creek Community Development District, SAB 5.38%, 05/01/38 |  |  | 430 |  |  |  | 433,784 |
5.50%, 05/01/49 |  |  | 1,105 |  |  |  | 1,100,838 |
Village Community Development District No. 14, SAB 5.38%, 05/01/42 |  |  | 1,120 |  |  |  | 1,117,583 |
5.50%, 05/01/53 |  |  | 830 |  |  |  | 822,229 |
West Villages Improvement District, SAB 4.75%, 05/01/39 |  |  | 455 |  |  |  | 432,221 |
5.00%, 05/01/50 |  |  | 940 |  |  |  | 868,221 |
Windward at Lakewood Ranch Community Development District, SAB 4.00%, 05/01/42 |  |  | 255 |  |  |  | 221,194 |
4.25%, 05/01/52 |  |  | 310 |  |  |  | 259,882 |
|  |  |  |  |  |  | 70,736,346 |
Georgia — 1.2% |  |  |  |  |  |
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b) |  |  | 765 |  |  |  | 651,309 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |  |  | 290 |  |  |  | 270,370 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/35 |  |  | 560 |  |  |  | 599,413 |
Series A, 5.00%, 05/15/36 |  |  | 560 |  |  |  | 594,321 |
Series A, 5.00%, 05/15/37 |  |  | 615 |  |  |  | 647,292 |
Series A, 5.00%, 05/15/38 |  |  | 340 |  |  |  | 356,021 |
Series A, 5.00%, 05/15/49 |  |  | 1,130 |  |  |  | 1,158,883 |
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 |  |  | 915 |  |  |  | 948,918 |
|  |  |  |  |  |  | 5,226,527 |
Idaho — 0.1% |  |  |  |  |  |
Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55(b) |  |  | 580 |  |  |  | 621,096 |
Illinois — 7.6% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/42 |  |  | 1,650 |  |  |  | 1,649,929 |
Series C, 5.25%, 12/01/35 |  |  | 1,655 |  |  |  | 1,677,592 |
Series D, 5.00%, 12/01/46 |  |  | 2,155 |  |  |  | 2,141,185 |
Series H, 5.00%, 12/01/46 |  |  | 720 |  |  |  | 720,967 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series B, 4.00%, 12/01/35 |  |  | 745 |  |  |  | 707,541 |
Series B, 4.00%, 12/01/41 |  |  | 1,665 |  |  |  | 1,499,073 |
Series C, 5.00%, 12/01/25 |  |  | 725 |  |  |  | 743,253 |
Series D, 5.00%, 12/01/31 |  |  | 1,000 |  |  |  | 1,042,331 |
Series G, 5.00%, 12/01/44 |  |  | 2,150 |  |  |  | 2,156,461 |
City of Chicago Illinois, Refunding GO |  |  |  |  |  |  |  |
Series A, 6.00%, 01/01/38 |  |  | 1,260 |  |  |  | 1,338,109 |
Series B, 4.00%, 01/01/37 |  |  | 1,709 |  |  |  | 1,624,950 |
Illinois Finance Authority, RB(b) |  |  |  |  |  |  |  |
Class A, 5.00%, 07/01/51 |  |  | 2,000 |  |  |  | 1,509,986 |
Class A, 5.00%, 07/01/56 |  |  | 2,000 |  |  |  | 1,474,218 |
Illinois Finance Authority, Refunding RB 6.60%, 07/01/24 |  |  | 340 |  |  |  | 334,433 |
6.00%, 02/01/34 |  |  | 365 |  |  |  | 370,186 |
6.13%, 02/01/45 |  |  | 860 |  |  |  | 870,022 |

S C H E D U L E O F I N V E S T M E N T S |  | 27

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |  |  |
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |  | $ | 1,795 |  |  | $ | 1,778,608 |
Metropolitan Pier & Exposition Authority, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 06/15/53 |  |  | 2,370 |  |  |  | 2,416,935 |
Series A, 5.00%, 06/15/57 |  |  | 1,020 |  |  |  | 1,025,069 |
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 |  |  | 2,920 |  |  |  | 2,602,599 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(e) |  |  | 14,000 |  |  |  | 2,766,470 |
Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33 |  |  | 725 |  |  |  | 846,213 |
State of Illinois, GO 5.50%, 05/01/30 |  |  | 530 |  |  |  | 591,144 |
5.50%, 05/01/39 |  |  | 1,055 |  |  |  | 1,148,971 |
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 |  |  | 1,277 |  |  |  | 1,276,611 |
|  |  |  |  |  |  | 34,312,856 |
Indiana — 2.7% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 825 |  |  |  | 843,518 |
AMT, 7.00%, 01/01/44 |  |  | 2,000 |  |  |  | 2,039,814 |
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(g)(h) |  |  | 1,715 |  |  |  | 1,526,350 |
City of Whiting Indiana, RB, AMT, 3.00%, 11/01/51 |  |  | 5,000 |  |  |  | 3,677,375 |
Indiana Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/23(d) |  |  | 2,025 |  |  |  | 2,039,954 |
Series A, AMT, 6.75%, 05/01/39 |  |  | 1,060 |  |  |  | 1,236,232 |
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) |  |  | 1,230 |  |  |  | 1,058,850 |
|  |  |  |  |  |  | 12,422,093 |
Iowa — 0.2% |  |  |  |  |  |
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(e) |  |  | 8,820 |  |  |  | 1,104,299 |
Kansas — 0.3% |  |  |  |  |  |
City of Manhattan Kansas, RB, Series A, 4.00%, 06/01/52 |  |  | 480 |  |  |  | 347,248 |
City of Shawnee Kansas, RB(b) 5.00%, 08/01/41 |  |  | 230 |  |  |  | 230,455 |
5.00%, 08/01/56 |  |  | 850 |  |  |  | 797,746 |
|  |  |  |  |  |  | 1,375,449 |
Kentucky — 0.9% |  |  |  |  |  |  |  |
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b) |  |  | 230 |  |  |  | 219,719 |
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 5.75%, 07/01/23(d) |  |  | 4,000 |  |  |  | 4,035,016 |
|  |  |  |  |  |  | 4,254,735 |
Louisiana — 2.3% |  |  |  |  |  |
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b) |  |  | 2,320 |  |  |  | 2,177,591 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) |  |  | 930 |  |  |  | 861,298 |
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b) |  |  | 280 |  |  |  | 288,603 |

Security |  | Par (000) |  |  | Value |
Louisiana (continued) |  |  |  |  |  |  |  |
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b) |  | $ | 1,580 |  |  | $ | 1,715,194 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 5,570 |  |  |  | 5,608,439 |
|  |  |  |  |  |  | 10,651,125 |
Maine — 0.2% |  |  |  |  |  |
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b) |  |  | 1,045 |  |  |  | 724,064 |
Maryland — 2.1% |  |  |  |  |  |
City of Baltimore Maryland, RB, 4.88%, 06/01/42 |  |  | 325 |  |  |  | 321,844 |
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) |  |  | 1,900 |  |  |  | 1,858,333 |
Maryland Economic Development Corp., RB 5.00%, 07/01/56 |  |  | 360 |  |  |  | 363,680 |
Class B, AMT, 5.25%, 06/30/55 |  |  | 1,555 |  |  |  | 1,604,121 |
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |  |  | 3,010 |  |  |  | 3,182,719 |
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, (FHA), 2.85%, 01/01/51 |  |  | 2,645 |  |  |  | 1,973,514 |
|  |  |  |  |  |  | 9,304,211 |
Massachusetts — 0.2% |  |  |  |  |  |
Massachusetts Development Finance Agency, RB, 4.00%, 06/01/56 |  |  | 430 |  |  |  | 364,435 |
Massachusetts Development Finance Agency, Refunding RB 4.00%, 07/01/50 |  |  | 325 |  |  |  | 252,417 |
Series B, 4.00%, 06/01/50 |  |  | 580 |  |  |  | 507,156 |
|  |  |  |  |  |  | 1,124,008 |
Michigan — 1.2% |  |  |  |  |  |
Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44 |  |  | 415 |  |  |  | 403,847 |
City of Detroit Michigan, GO 5.00%, 04/01/34 |  |  | 285 |  |  |  | 293,757 |
5.00%, 04/01/35 |  |  | 285 |  |  |  | 293,189 |
5.00%, 04/01/36 |  |  | 200 |  |  |  | 205,325 |
5.00%, 04/01/37 |  |  | 320 |  |  |  | 327,819 |
5.00%, 04/01/38 |  |  | 145 |  |  |  | 148,249 |
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |  |  | 2,405 |  |  |  | 2,336,597 |
Michigan Strategic Fund, RB 5.00%, 11/15/42 |  |  | 345 |  |  |  | 335,701 |
AMT, 5.00%, 12/31/43 |  |  | 1,200 |  |  |  | 1,216,563 |
|  |  |  |  |  |  | 5,561,047 |
Minnesota — 0.6% |  |  |  |  |  |
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55 |  |  | 1,480 |  |  |  | 1,484,860 |
Minnesota Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 3.00%, 07/01/43 |  |  | 1,230 |  |  |  | 1,024,247 |
|  |  |  |  |  |  | 2,509,107 |

28 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Missouri — 0.3% |  |  |  |  |  |  |  |
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.38%, 11/15/35 |  | $ | 685 |  |  | $ | 556,553 |
Series A, 4.75%, 11/15/47 |  |  | 760 |  |  |  | 589,438 |
|  |  |  |  |  |  | 1,145,991 |
Nevada — 0.3% |  |  |  |  |  |
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40 |  |  | 670 |  |  |  | 684,290 |
5.00%, 07/01/45 |  |  | 460 |  |  |  | 463,134 |
|  |  |  |  |  |  | 1,147,424 |
New Hampshire — 0.8% |  |  |  |  |  |
New Hampshire Business Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 4.13%, 08/15/40 |  |  | 530 |  |  |  | 474,214 |
Series A, 4.25%, 08/15/46 |  |  | 595 |  |  |  | 513,683 |
Series A, 4.50%, 08/15/55 |  |  | 1,235 |  |  |  | 1,066,125 |
New Hampshire Business Finance Authority, Refunding RB(b) |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 1,015 |  |  |  | 965,123 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 485 |  |  |  | 449,982 |
|  |  |  |  |  |  | 3,469,127 |
New Jersey — 7.6% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39 |  |  | 1,065 |  |  |  | 1,092,693 |
5.25%, 11/01/44 |  |  | 770 |  |  |  | 780,964 |
New Jersey Economic Development Authority, RB 6.00%, 10/01/43 |  |  | 1,530 |  |  |  | 1,556,682 |
Class A, 5.25%, 11/01/47 |  |  | 2,650 |  |  |  | 2,878,510 |
Series A, 5.00%, 07/01/32 |  |  | 165 |  |  |  | 165,967 |
Series A, 5.00%, 07/01/37 |  |  | 260 |  |  |  | 260,289 |
Series A, 5.25%, 11/01/54(b) |  |  | 1,675 |  |  |  | 1,476,824 |
Series B, 5.00%, 06/15/43 |  |  | 2,245 |  |  |  | 2,353,878 |
AMT, 5.38%, 01/01/43 |  |  | 2,155 |  |  |  | 2,174,718 |
Series B, AMT, 6.50%, 04/01/31 |  |  | 1,805 |  |  |  | 1,871,457 |
New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(b) |  |  | 500 |  |  |  | 502,813 |
New Jersey Health Care Facilities Financing Authority, RB 3.00%, 07/01/51 |  |  | 2,655 |  |  |  | 2,096,441 |
4.00%, 07/01/51 |  |  | 2,095 |  |  |  | 2,046,825 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series AA, 5.25%, 06/15/41 |  |  | 1,140 |  |  |  | 1,178,915 |
Series BB, 4.00%, 06/15/46 |  |  | 1,000 |  |  |  | 964,713 |
Series S, 5.25%, 06/15/43 |  |  | 2,345 |  |  |  | 2,491,330 |
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(e) |  |  | 8,950 |  |  |  | 5,191,197 |
Tobacco Settlement Financing Corp., Refunding RB, Sub‑Series B, 5.00%, 06/01/46 |  |  | 5,495 |  |  |  | 5,558,583 |
|  |  |  |  |  |  | 34,642,799 |
New Mexico — 0.2% |  |  |  |  |  |
Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40(b) |  |  | 1,000 |  |  |  | 855,072 |
New York — 17.3% |  |  |  |  |  |
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51 |  |  | 1,500 |  |  |  | 1,053,073 |

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

S C H E D U L E O F I N V E S T M E N T S |  | 29

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |  |  |
Westchester County Local Development Corp., Refunding RB(b) 5.00%, 07/01/41 |  | $ | 730 |  |  | $ | 619,161 |
5.00%, 07/01/46 |  |  | 895 |  |  |  | 731,127 |
|  |  |  |  |  |  | 78,668,737 |
Ohio — 3.1% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B‑2, 5.00%, 06/01/55 |  |  | 6,060 |  |  |  | 5,780,755 |
Cleveland-Cuyahoga County Port Authority, Refunding TA(b) 4.50%, 12/01/55 |  |  | 210 |  |  |  | 182,422 |
Class A, 4.00%, 12/01/55 |  |  | 250 |  |  |  | 224,578 |
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 |  |  | 875 |  |  |  | 842,022 |
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30 |  |  | 240 |  |  |  | 234,194 |
5.25%, 05/01/40 |  |  | 240 |  |  |  | 225,682 |
5.50%, 05/01/50 |  |  | 1,130 |  |  |  | 1,023,591 |
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b) |  |  | 1,125 |  |  |  | 814,232 |
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |  |  | 740 |  |  |  | 678,187 |
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47 |  |  | 2,500 |  |  |  | 2,176,320 |
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) |  |  | 385 |  |  |  | 320,687 |
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) |  |  | 2,315 |  |  |  | 1,684,609 |
|  |  |  |  |  |  | 14,187,279 |
Oklahoma — 2.5% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b) |  |  | 4,615 |  |  |  | 4,927,708 |
Series B, 5.00%, 08/15/38 |  |  | 2,990 |  |  |  | 2,840,844 |
Series B, 5.25%, 08/15/48 |  |  | 555 |  |  |  | 509,254 |
Series B, 5.50%, 08/15/52 |  |  | 2,135 |  |  |  | 1,992,740 |
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b) |  |  | 325 |  |  |  | 269,191 |
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |  |  | 750 |  |  |  | 760,600 |
|  |  |  |  |  |  | 11,300,337 |
Oregon — 0.7% |  |  |  |  |  |
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/49 |  |  | 1,765 |  |  |  | 1,756,415 |
Oregon State Facilities Authority, RB(b) |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/29 |  |  | 115 |  |  |  | 117,709 |
Series A, 5.00%, 06/15/39 |  |  | 565 |  |  |  | 566,595 |
Salem Hospital Facility Authority, Refunding RB, 4.00%, 05/15/47 |  |  | 1,000 |  |  |  | 808,576 |
|  |  |  |  |  |  | 3,249,295 |
Pennsylvania — 2.0% |  |  |  |  |  |
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46 |  |  | 100 |  |  |  | 80,975 |
4.00%, 07/01/51 |  |  | 100 |  |  |  | 78,340 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |  |  |
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |  | $ | 1,550 |  |  | $ | 1,558,903 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 2,710 |  |  |  | 2,719,813 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |  |  | 5,000 |  |  |  | 4,834,640 |
|  |  |  |  |  |  | 9,272,671 |
Puerto Rico — 16.2% |  |  |  |  |  |
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(e) |  |  | 44,330 |  |  |  | 3,313,268 |
Commonwealth of Puerto Rico, GO 1.00%, 11/01/43(a) |  |  | 4,994 |  |  |  | 2,205,820 |
1.00%, 11/01/51(a) |  |  | 9,623 |  |  |  | 3,175,728 |
5.07%, 11/01/51(a) |  |  | 7,920 |  |  |  | 3,484,784 |
Series A1, Restructured, 5.38%, 07/01/25 |  |  | — | (j) |  |  | 2 |
Series A1, Restructured, 5.63%, 07/01/27 |  |  | — | (j) |  |  | 2 |
Series A1, Restructured, 5.63%, 07/01/29 |  |  | 3,644 |  |  |  | 3,880,698 |
Series A1, Restructured, 5.75%, 07/01/31 |  |  | 2,813 |  |  |  | 3,050,670 |
Series A1, Restructured, 4.00%, 07/01/33 |  |  | 625 |  |  |  | 584,020 |
Series A1, Restructured, 4.00%, 07/01/35 |  |  | 562 |  |  |  | 510,562 |
Series A1, Restructured, 4.00%, 07/01/37 |  |  | 482 |  |  |  | 426,883 |
Series A1, Restructured, 4.00%, 07/01/41 |  |  | 656 |  |  |  | 563,339 |
Series A1, Restructured, 4.00%, 07/01/46 |  |  | 682 |  |  |  | 568,025 |
Commonwealth of Puerto Rico, GO, CAB(e) |  |  |  |  |  |  |  |
Series A, Restructured, 0.00%, 07/01/24 |  |  | — | (j) |  |  | 1 |
Series A, Restructured, 0.00%, 07/01/33 |  |  | 805 |  |  |  | 466,039 |
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) |  |  | 252 |  |  |  | 81,613 |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/33(b) |  |  | 1,170 |  |  |  | 1,205,381 |
Series B, 5.00%, 07/01/28(b) |  |  | 1,570 |  |  |  | 1,614,871 |
Series B, 5.00%, 07/01/29(b) |  |  | 1,150 |  |  |  | 1,181,671 |
Series B, Restructured, 0.00%, 07/01/32(e) |  |  | 2,520 |  |  |  | 1,587,044 |
Series A, Senior Lien, 5.00%, 07/01/35(b) |  |  | 1,210 |  |  |  | 1,232,445 |
Series A, Senior Lien, 5.00%, 07/01/47(b) |  |  | 3,135 |  |  |  | 3,081,141 |
Puerto Rico Electric Power Authority, RB 3rd Series, 5.40%, 01/01/23(a)(g)(h) |  |  | 90 |  |  |  | 68,637 |
Series A, 5.00%, 07/01/29(g)(h) |  |  | 660 |  |  |  | 457,208 |
Series A, 7.00%, 07/01/33(g)(h) |  |  | 3,295 |  |  |  | 2,520,675 |
Series A, 5.00%, 07/01/42(g)(h) |  |  | 1,315 |  |  |  | 910,952 |
Series A, 7.00%, 07/01/43(g)(h) |  |  | 375 |  |  |  | 286,875 |
Series A‑1, 10.00%, 07/01/19 |  |  | 75 |  |  |  | 57,448 |
Series A‑2, 10.00%, 07/01/19(g)(h) |  |  | 379 |  |  |  | 289,826 |
Series A‑3, 10.00%, 07/01/19(g)(h) |  |  | 323 |  |  |  | 247,103 |
Series B‑3, 10.00%, 07/01/19(g)(h) |  |  | 323 |  |  |  | 247,103 |
Series C‑1, 5.40%, 01/01/18(g)(h) |  |  | 887 |  |  |  | 678,902 |
Series C‑2, 5.40%, 07/01/18(g)(h) |  |  | 888 |  |  |  | 679,012 |
Series C‑4, 5.40%, 07/01/20(g)(h) |  |  | 90 |  |  |  | 68,637 |
Series CCC, 5.25%, 07/01/26(g)(h) |  |  | 260 |  |  |  | 180,112 |
Series CCC, 5.25%, 07/01/28(g)(h) |  |  | 145 |  |  |  | 100,447 |
Series D‑1, 7.50%, 01/01/20(g)(h) |  |  | 761 |  |  |  | 581,991 |
Series TT, 5.00%, 07/01/18(g)(h) |  |  | 295 |  |  |  | 204,358 |
Series TT, 5.00%, 07/01/25(g)(h) |  |  | 100 |  |  |  | 69,274 |
Series TT, 5.00%, 07/01/26(g)(h) |  |  | 225 |  |  |  | 155,866 |

30 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |  |  |  |  |  |  |  |
Puerto Rico Electric Power Authority, RB (continued) |  |  |  |  |  |  |  |
Series WW, 5.50%, 07/01/17(g)(h) |  | $ | 200 |  |  | $ | 138,548 |
Series WW, 5.50%, 07/01/18(g)(h) |  |  | 1,175 |  |  |  | 813,968 |
Series WW, 5.50%, 07/01/19(g)(h) |  |  | 145 |  |  |  | 100,447 |
Series WW, 5.50%, 07/01/20 |  |  | 1,595 |  |  |  | 1,104,919 |
Series WW, 5.38%, 07/01/22(g)(h) |  |  | 1,310 |  |  |  | 907,488 |
Series WW, 5.25%, 07/01/33(g)(h) |  |  | 120 |  |  |  | 83,129 |
Series WW, 5.50%, 07/01/38(g)(h) |  |  | 205 |  |  |  | 142,011 |
Series XX, 5.25%, 07/01/27(g)(h) |  |  | 110 |  |  |  | 76,201 |
Series XX, 5.25%, 07/01/35(g)(h) |  |  | 645 |  |  |  | 446,817 |
Series XX, 5.75%, 07/01/36(g)(h) |  |  | 860 |  |  |  | 595,755 |
Series XX, 5.25%, 07/01/40(g)(h) |  |  | 1,020 |  |  |  | 706,594 |
Series A, AMT, 6.75%, 07/01/36(g)(h) |  |  | 1,335 |  |  |  | 1,021,275 |
Puerto Rico Electric Power Authority, RB, BAB, 6.13%, 07/01/40 |  |  | 1,085 |  |  |  | 751,622 |
Puerto Rico Electric Power Authority, Refunding RB(g)(h) |  |  |  |  |  |  |  |
Series AAA, 5.25%, 07/01/22 |  |  | 2,545 |  |  |  | 1,763,021 |
Series AAA, 5.25%, 07/01/29 |  |  | 95 |  |  |  | 65,810 |
Series UU, 0.00%, 07/01/17(a) |  |  | 60 |  |  |  | 45,000 |
Series UU, 0.00%, 07/01/18(a) |  |  | 55 |  |  |  | 41,250 |
Series UU, 0.00%, 07/01/20(a) |  |  | 495 |  |  |  | 371,250 |
Series UU, 3.22%, 07/01/31(a) |  |  | 580 |  |  |  | 435,000 |
Series ZZ, 5.00%, 07/01/17 |  |  | 145 |  |  |  | 100,447 |
Series ZZ, 5.25%, 07/01/19 |  |  | 455 |  |  |  | 315,196 |
Series ZZ, 5.25%, 07/01/24 |  |  | 345 |  |  |  | 238,995 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A‑1, Restructured, 4.50%, 07/01/34 |  |  | 745 |  |  |  | 747,351 |
Series A‑1, Restructured, 4.75%, 07/01/53 |  |  | 2,453 |  |  |  | 2,336,482 |
Series A‑1, Restructured, 5.00%, 07/01/58 |  |  | 5,234 |  |  |  | 5,156,798 |
Series A‑2, Restructured, 4.54%, 07/01/53 |  |  | 21 |  |  |  | 19,320 |
Series A‑2, Restructured, 4.78%, 07/01/58 |  |  | 2,080 |  |  |  | 1,979,919 |
Series A‑2, Restructured, 4.33%, 07/01/40 |  |  | 6,129 |  |  |  | 5,861,052 |
Series B‑1, Restructured, 4.55%, 07/01/40 |  |  | 2,402 |  |  |  | 2,358,125 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e) |  |  |  |  |  |  |  |
Series A‑1, Restructured, 0.00%, 07/01/29 |  |  | 1,079 |  |  |  | 808,570 |
Series A‑1, Restructured, 0.00%, 07/01/33 |  |  | 1,023 |  |  |  | 629,646 |
Series A‑1, Restructured, 0.00%, 07/01/46 |  |  | 12,021 |  |  |  | 3,338,087 |
Series B‑1, Restructured, 0.00%, 07/01/46 |  |  | 883 |  |  |  | 246,654 |
|  |  |  |  |  |  | 73,765,180 |
Rhode Island — 2.1% |  |  |  |  |  |
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(g)(h) |  |  | 4,190 |  |  |  | 628,500 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/40 |  |  | 980 |  |  |  | 988,621 |
Series B, 4.50%, 06/01/45 |  |  | 4,390 |  |  |  | 4,398,622 |
Series B, 5.00%, 06/01/50 |  |  | 3,330 |  |  |  | 3,347,989 |
|  |  |  |  |  |  | 9,363,732 |
South Carolina — 0.1% |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |  |  | 605 |  |  |  | 602,233 |

Security |  | Par (000) |  |  | Value |
Tennessee — 1.5% |  |  |  |  |  |  |  |
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45 |  | $ | 3,000 |  |  | $ | 3,146,736 |
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(e) |  |  | 3,270 |  |  |  | 1,106,372 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |  |  | 2,520 |  |  |  | 2,730,765 |
|  |  |  |  |  |  | 6,983,873 |
Texas — 8.8% |  |  |  |  |  |
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |  |  | 715 |  |  |  | 509,030 |
Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51 |  |  | 715 |  |  |  | 602,679 |
7.88%, 11/01/62(b) |  |  | 565 |  |  |  | 588,225 |
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |  |  | 370 |  |  |  | 353,538 |
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |  |  | 675 |  |  |  | 595,845 |
Central Texas Regional Mobility Authority, Refunding RB(e) 0.00%, 01/01/28 |  |  | 1,000 |  |  |  | 860,905 |
0.00%, 01/01/29 |  |  | 2,000 |  |  |  | 1,664,972 |
0.00%, 01/01/30 |  |  | 1,170 |  |  |  | 941,689 |
0.00%, 01/01/33 |  |  | 3,690 |  |  |  | 2,628,712 |
0.00%, 01/01/34 |  |  | 4,000 |  |  |  | 2,709,884 |
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 |  |  | 2,890 |  |  |  | 2,892,540 |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |  |  | 250 |  |  |  | 257,181 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
AMT, 5.00%, 07/01/29 |  |  | 730 |  |  |  | 732,275 |
Series A, AMT, 4.00%, 07/01/46 |  |  | 3,000 |  |  |  | 2,858,598 |
City of Houston Texas Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 |  |  | 1,615 |  |  |  | 1,657,694 |
City of San Marcos Texas, SAB(b) 4.00%, 09/01/32 |  |  | 100 |  |  |  | 94,472 |
4.50%, 09/01/51 |  |  | 480 |  |  |  | 411,434 |
City of Sinton Texas, SAB(b) 5.13%, 09/01/42 |  |  | 858 |  |  |  | 800,548 |
5.25%, 09/01/51 |  |  | 1,195 |  |  |  | 1,092,226 |
Hidalgo County Regional Mobility Authority, RB |  |  |  |  |  |  |  |
Series A, Senior Lien, 4.00%, 12/01/39 |  |  | 255 |  |  |  | 242,467 |
Series A, Senior Lien, 4.00%, 12/01/41 |  |  | 510 |  |  |  | 478,100 |
Hidalgo County Regional Mobility Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, Junior Lien, 4.00%, 12/01/37 |  |  | 820 |  |  |  | 795,398 |
Series B, Junior Lien, 4.00%, 12/01/38 |  |  | 415 |  |  |  | 399,002 |
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |  |  | 785 |  |  |  | 778,594 |
New Hope Cultural Education Facilities Finance Corp., RB(d) |  |  |  |  |  |  |  |
Series A, 5.88%, 04/01/23 |  |  | 1,210 |  |  |  | 1,216,167 |
Series A, 6.00%, 04/01/23 |  |  | 1,845 |  |  |  | 1,854,777 |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 |  |  | 1,650 |  |  |  | 1,624,135 |

S C H E D U L E O F I N V E S T M E N T S |  | 31

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |  |  |
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) |  | $ | 1,650 |  |  | $ | 1,537,876 |
Newark Higher Education Finance Corp., RB(b) |  |  |  |  |  |  |  |
Series A, 5.50%, 08/15/35 |  |  | 290 |  |  |  | 299,352 |
Series A, 5.75%, 08/15/45 |  |  | 580 |  |  |  | 593,589 |
Port Beaumont Navigation District, RB(b) |  |  |  |  |  |  |  |
AMT, 2.75%, 01/01/36 |  |  | 920 |  |  |  | 670,543 |
AMT, 3.00%, 01/01/50 |  |  | 2,360 |  |  |  | 1,446,949 |
Port Beaumont Navigation District, Refunding RB(b) |  |  |  |  |  |  |  |
Series A, AMT, 3.63%, 01/01/35 |  |  | 915 |  |  |  | 758,627 |
Series A, AMT, 4.00%, 01/01/50 |  |  | 1,090 |  |  |  | 812,391 |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 |  |  | 865 |  |  |  | 867,628 |
Texas Transportation Commission State Highway 249 System, RB, CAB(e) 0.00%, 08/01/46 |  |  | 1,420 |  |  |  | 405,928 |
0.00%, 08/01/47 |  |  | 2,120 |  |  |  | 567,870 |
0.00%, 08/01/48 |  |  | 2,235 |  |  |  | 558,687 |
0.00%, 08/01/49 |  |  | 2,100 |  |  |  | 489,649 |
0.00%, 08/01/50 |  |  | 3,015 |  |  |  | 657,559 |
0.00%, 08/01/51 |  |  | 1,770 |  |  |  | 361,245 |
0.00%, 08/01/52 |  |  | 1,770 |  |  |  | 338,135 |
0.00%, 08/01/53 |  |  | 160 |  |  |  | 28,665 |
|  |  |  |  |  |  | 40,035,780 |
Utah — 0.1% |  |  |  |  |  |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) |  |  | 470 |  |  |  | 419,935 |
Vermont — 0.8% |  |  |  |  |  |
East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b) |  |  | 4,000 |  |  |  | 3,403,484 |
Virginia — 2.3% |  |  |  |  |  |
Albemarle County Economic Development Authority, Refunding RB, 4.00%, 06/01/42 |  |  | 2,030 |  |  |  | 1,752,264 |
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55 |  |  | 2,435 |  |  |  | 2,434,111 |
Lower Magnolia Green Community Development Authority, SAB(b) 5.00%, 03/01/35 |  |  | 495 |  |  |  | 497,131 |
5.00%, 03/01/45 |  |  | 505 |  |  |  | 490,822 |
Norfolk Redevelopment & Housing Authority, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 01/01/29 |  |  | 300 |  |  |  | 277,924 |
Series A, 5.00%, 01/01/34 |  |  | 485 |  |  |  | 466,893 |
Series A, 5.00%, 01/01/49 |  |  | 955 |  |  |  | 819,391 |
Tobacco Settlement Financing Corp., Refunding RB, Series B‑1, 5.00%, 06/01/47 |  |  | 2,370 |  |  |  | 2,303,474 |
Virginia Housing Development Authority, RB, M/F Housing, Series K, AMT, (FHLMC, FNMA, GNMA), 2.38%, 12/01/41 |  |  | 1,000 |  |  |  | 762,042 |
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48 |  |  | 840 |  |  |  | 723,908 |
|  |  |  |  |  |  | 10,527,960 |
Washington — 0.6% |  |  |  |  |  |
Washington State Convention Center Public Facilities District, RB, Series B, 3.00%, 07/01/58 |  |  | 2,115 |  |  |  | 1,311,886 |

Security |  | Par (000) |  |  | Value |
Washington (continued) |  |  |  |  |  |  |  |
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56(b) |  | $ | 510 |  |  | $ | 460,736 |
Washington State Housing Finance Commission, Refunding RB(b) 5.75%, 01/01/35 |  |  | 315 |  |  |  | 303,848 |
6.00%, 01/01/45 |  |  | 850 |  |  |  | 820,073 |
|  |  |  |  |  |  | 2,896,543 |
Wisconsin — 6.4% |  |  |  |  |  |
Public Finance Authority, RB 5.00%, 06/15/39 |  |  | 175 |  |  |  | 179,887 |
5.00%, 06/15/41(b) |  |  | 345 |  |  |  | 326,535 |
5.00%, 01/01/42(b) |  |  | 605 |  |  |  | 584,687 |
5.00%, 06/15/49 |  |  | 530 |  |  |  | 534,975 |
5.63%, 06/15/49(b) |  |  | 2,490 |  |  |  | 2,231,436 |
5.00%, 04/01/50(b) |  |  | 115 |  |  |  | 107,302 |
5.00%, 06/15/53 |  |  | 355 |  |  |  | 357,633 |
5.00%, 06/15/55(b) |  |  | 895 |  |  |  | 783,199 |
5.00%, 01/01/56(b) |  |  | 1,470 |  |  |  | 1,306,552 |
Class A, 5.00%, 06/15/56(b) |  |  | 495 |  |  |  | 411,178 |
Series A, 6.25%, 10/01/31(b) |  |  | 605 |  |  |  | 509,286 |
Series A, 5.38%, 06/01/44(b) |  |  | 555 |  |  |  | 491,072 |
Series A, 6.85%, 11/01/46(b)(g)(h) |  |  | 900 |  |  |  | 625,500 |
Series A, 7.00%, 11/01/46(b)(g)(h) |  |  | 570 |  |  |  | 396,150 |
Series A, 7.00%, 10/01/47(b) |  |  | 605 |  |  |  | 499,292 |
Series A, 5.63%, 06/15/49(b) |  |  | 2,920 |  |  |  | 2,924,549 |
Series A, 5.25%, 12/01/51(b) |  |  | 1,470 |  |  |  | 1,138,236 |
Series A, 5.50%, 06/01/54(b) |  |  | 680 |  |  |  | 577,279 |
Series A, 5.00%, 06/15/55(b) |  |  | 4,030 |  |  |  | 3,244,597 |
Series A, 4.75%, 06/15/56(b) |  |  | 3,000 |  |  |  | 2,252,694 |
Series A‑1, 4.50%, 01/01/35(b) |  |  | 1,225 |  |  |  | 1,101,257 |
Series A‑1, 5.50%, 12/01/48(b)(g)(h) |  |  | 20 |  |  |  | 4,385 |
Series B, 0.00%, 01/01/35(b)(e) |  |  | 1,650 |  |  |  | 729,348 |
Series B, 0.00%, 01/01/60(b)(e) |  |  | 35,940 |  |  |  | 2,140,622 |
AMT, 4.00%, 09/30/51 |  |  | 1,025 |  |  |  | 860,481 |
AMT, 4.25%, 07/01/54 |  |  | 1,595 |  |  |  | 1,194,599 |
AMT, 4.00%, 03/31/56 |  |  | 980 |  |  |  | 802,172 |
Public Finance Authority, Refunding RB(b) 4.00%, 04/01/32 |  |  | 205 |  |  |  | 198,282 |
4.00%, 04/01/42 |  |  | 225 |  |  |  | 190,496 |
4.00%, 04/01/52 |  |  | 275 |  |  |  | 211,625 |
5.25%, 05/15/52 |  |  | 355 |  |  |  | 318,606 |
Wisconsin Health & Educational Facilities Authority, Refunding RB 5.00%, 11/01/46 |  |  | 470 |  |  |  | 391,058 |
4.00%, 01/01/47 |  |  | 1,300 |  |  |  | 1,017,154 |
4.00%, 01/01/57 |  |  | 350 |  |  |  | 257,280 |
|  |  |  |  |  |  | 28,899,404 |
Total Municipal Bonds — 132.8% (Cost: $648,935,963) |  |  |  |  |  |  | 603,283,565 |
Municipal Bonds Transferred to Tender Option Bond Trusts |
Georgia — 1.5% |  |  |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(k) |  |  | 6,508 |  |  |  | 6,889,138 |

32 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois — 1.5% |  |  |  |  |  |  |  |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series C, 4.00%, 02/15/27 |  | $ | 4 |  |  | $ | 3,759 |
Series C, 4.00%, 02/15/41(k) |  |  | 1,495 |  |  |  | 1,497,861 |
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40(k) |  |  | 5,056 |  |  |  | 5,247,383 |
|  |  |  |  |  |  | 6,749,003 |
Massachusetts — 0.5% |  |  |  |  |  |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45(k) |  |  | 2,268 |  |  |  | 2,276,169 |
Nebraska — 0.7% |  |  |  |  |  |
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)(k) |  |  | 3,088 |  |  |  | 3,260,750 |
New York(k) — 3.7% |  |  |  |  |  |
New York City Housing Development Corp., RB, M/F Housing, Series D‑1B, 4.25%, 11/01/45 |  |  | 9,000 |  |  |  | 8,720,631 |
New York City Housing Development Corp., Refunding RB |  |  |  |  |  |  |  |
Series C‑1, 4.15%, 11/01/39 |  |  | 1,893 |  |  |  | 1,857,781 |
Series C‑1, 4.20%, 11/01/44 |  |  | 3,470 |  |  |  | 3,404,859 |
Series C‑1, 4.30%, 11/01/47 |  |  | 2,840 |  |  |  | 2,786,672 |
|  |  |  |  |  |  | 16,769,943 |
Pennsylvania — 0.6% |  |  |  |  |  |
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42(k) |  |  | 2,503 |  |  |  | 2,658,972 |
Wisconsin — 0.3% |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46(k) |  |  | 1,139 |  |  |  | 1,121,393 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.8% (Cost: $40,119,672) |  |  |  |  |  |  | 39,725,368 |
Total Long-Term Investments — 142.1% (Cost: $691,500,635) |  |  |  |  |  |  | 645,323,346 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.6% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(l)(m) |  |  | 2,590,067 |  |  | $ | 2,590,585 |
Total Short-Term Securities — 0.6% (Cost: $2,589,808) |  |  |  |  |  |  | 2,590,585 |
Total Investments — 142.7% (Cost: $694,090,443) |  |  |  |  |  |  | 647,913,931 |
Other Assets Less Liabilities — 1.2% |  |  |  |  |  |  | 5,822,370 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.4)% |  |  |  | (24,627,963 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (38.5)% |  |  |  | (174,931,808 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 454,176,530 |

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

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

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

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

(e) | Zero-coupon bond.

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

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

(h) | Non‑income producing security.

(i) | When-issued security.

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

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

(l) | Affiliate of the Fund.

(m) | Annualized 7‑day yield as of period end.

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

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

| (a) | Represents net amount purchased (sold). |

S C H E D U L E O F I N V E S T M E N T S |  | 33

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA)

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10‑Year U.S. Treasury Note |  |  | 236 |  |  |  | 03/22/23 |  |  | $ | 27,096 |  |  | $ | (361,464 | )
U.S. Long Bond |  |  | 380 |  |  |  | 03/22/23 |  |  |  | 49,626 |  |  |  | (1,335,696 | )
5‑Year U.S. Treasury Note |  |  | 167 |  |  |  | 03/31/23 |  |  |  | 18,279 |  |  |  | (206,421 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,903,581 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,903,581 |  |  | $ | — |  |  | $ | 1,903,581 |

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

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,455,232 |  |  | $ | — |  |  | $ | 5,455,232 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (606,995 | ) |  | $ | — |  |  | $ | (606,995 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Bonds |  | $ | — |  |  | $ | 2,314,413 |  |  | $ | — |  |  | $ | 2,314,413 |
Municipal Bonds |  |  | — |  |  |  | 602,201,311 |  |  |  | 1,082,254 |  |  |  | 603,283,565 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 39,725,368 |  |  |  | — |  |  |  | 39,725,368 |

34 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniAssets Fund, Inc. (MUA)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 2,590,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,590,585 |
|  | $ | 2,590,585 |  |  | $ | 644,241,092 |  |  | $ | 1,082,254 |  |  | $ | 647,913,931 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Contracts |  | $ | (1,903,581 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,903,581 | )

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (24,489,313 | ) |  | $ | — |  |  | $ | (24,489,313 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (175,000,000 | ) |  |  | — |  |  |  | (175,000,000 | )
|  | $ | — |  |  | $ | (199,489,313 | ) |  | $ | — |  |  | $ | (199,489,313 | )

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 35

Schedule of Investments (unaudited) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 2.3% |  |  |  |  |  |  |  |
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, Series C, 5.00%, 11/15/46 |  | $ | 4,200 |  |  | $ | 4,333,630 |
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a) |  |  | 2,425 |  |  |  | 2,422,112 |
Southeast Energy Authority A Cooperative District, RB(a) |  |  |  |  |  |  |  |
Series A, 4.00%, 11/01/51 |  |  | 8,540 |  |  |  | 8,581,060 |
Series A‑1, 5.50%, 01/01/53 |  |  | 3,315 |  |  |  | 3,623,816 |
Series B, 4.00%, 12/01/51 |  |  | 3,565 |  |  |  | 3,602,058 |
|  |  |  |  |  |  | 22,562,676 |
Arizona — 3.6% |  |  |  |  |  |
Arizona Industrial Development Authority, RB 4.00%, 07/01/29(b) |  |  | 500 |  |  |  | 492,558 |
4.38%, 07/01/39(b) |  |  | 1,015 |  |  |  | 962,370 |
Series A, 3.55%, 07/15/29(b) |  |  | 1,155 |  |  |  | 1,110,583 |
Series A, 5.00%, 07/01/39(b) |  |  | 855 |  |  |  | 824,117 |
Series A, 5.00%, 07/01/49(b) |  |  | 965 |  |  |  | 880,204 |
Series A, 4.00%, 02/01/50 |  |  | 10,000 |  |  |  | 9,505,350 |
Series A, 5.00%, 07/01/54(b) |  |  | 745 |  |  |  | 665,884 |
Series B, 4.25%, 07/01/27(b) |  |  | 325 |  |  |  | 323,596 |
City of Phoenix Civic Improvement Corp., RB, Series B, AMT, Junior Lien, 5.00%, 07/01/36 |  |  | 4,000 |  |  |  | 4,289,336 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24(b) . |  |  | 325 |  |  |  | 327,915 |
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/25 |  |  | 300 |  |  |  | 307,214 |
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29(b) |  |  | 300 |  |  |  | 304,716 |
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(b) |  |  | 825 |  |  |  | 747,280 |
Maricopa County Industrial Development Authority, Refunding RB 4.00%, 07/01/29(b) |  |  | 295 |  |  |  | 289,078 |
5.00%, 07/01/39(b) |  |  | 360 |  |  |  | 356,436 |
5.00%, 07/01/54(b) |  |  | 820 |  |  |  | 761,337 |
Series A, 5.00%, 09/01/32 |  |  | 1,000 |  |  |  | 1,096,441 |
Series A, 5.00%, 09/01/33 |  |  | 800 |  |  |  | 874,254 |
Series A, 5.00%, 09/01/34 |  |  | 1,000 |  |  |  | 1,086,664 |
Series A, 5.00%, 01/01/38 |  |  | 3,000 |  |  |  | 3,197,397 |
Phoenix-Mesa Gateway Airport Authority, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 07/01/27 |  |  | 700 |  |  |  | 701,212 |
AMT, 5.00%, 07/01/32 |  |  | 1,925 |  |  |  | 1,928,484 |
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45 |  |  | 4,970 |  |  |  | 5,056,230 |
|  |  |  |  |  |  | 36,088,656 |
Arkansas — 0.4% |  |  |  |  |  |
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b) |  |  | 2,245 |  |  |  | 2,022,879 |
University of Arkansas, Refunding RB, 5.00%, 03/01/31 |  |  | 2,315 |  |  |  | 2,438,987 |
|  |  |  |  |  |  | 4,461,866 |

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

36 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 |  | $ | 1,870 |  |  | $ | 1,810,541 |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.25%, 05/01/33 |  |  | 6,370 |  |  |  | 6,409,029 |
Series A, AMT, 5.00%, 05/01/44 |  |  | 3,430 |  |  |  | 3,468,961 |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 05/01/47 |  |  | 7,855 |  |  |  | 8,104,993 |
Series E, AMT, 5.00%, 05/01/40 |  |  | 3,335 |  |  |  | 3,572,989 |
Santa Cruz County Capital Financing Authority, RB, Series A, 4.00%, 06/01/46 |  |  | 3,990 |  |  |  | 3,973,561 |
State of California, GO, 5.50%, 04/01/28 |  |  | 15 |  |  |  | 15,041 |
State of California, Refunding GO |  |  |  |  |  |  |  |
4.00%, 03/01/36 |  |  | 10,775 |  |  |  | 11,404,616 |
4.00%, 09/01/42 |  |  | 5,000 |  |  |  | 5,253,300 |
|  |  |  |  |  |  | 152,944,277 |
Colorado — 1.4% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 11/15/28 |  |  | 2,700 |  |  |  | 2,753,193 |
Series A, AMT, 5.50%, 11/15/30 |  |  | 1,040 |  |  |  | 1,060,723 |
Series A, AMT, 5.50%, 11/15/31 |  |  | 1,250 |  |  |  | 1,275,010 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 4.13%, 11/15/53 |  |  | 2,185 |  |  |  | 2,042,909 |
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 |  |  | 1,315 |  |  |  | 1,517,955 |
Colorado Health Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,000 |  |  |  | 1,095,066 |
5.50%, 11/01/47 |  |  | 620 |  |  |  | 677,005 |
5.25%, 11/01/52 |  |  | 1,555 |  |  |  | 1,665,847 |
Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50 |  |  | 1,190 |  |  |  | 1,197,260 |
Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34 |  |  | 500 |  |  |  | 529,555 |
Thompson Crossing Metropolitan District No. 4, Refunding GO, 3.50%, 12/01/29 |  |  | 515 |  |  |  | 486,481 |
|  |  |  |  |  |  | 14,301,004 |
Connecticut — 2.0% |  |  |  |  |  |
Connecticut Housing Finance Authority, Refunding RB, Series C‑2, AMT, 2.20%, 11/15/34 |  |  | 1,190 |  |  |  | 1,055,699 |
Connecticut State Health & Educational Facilities Authority, RB(b) |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/30 |  |  | 130 |  |  |  | 132,342 |
Series A‑1, 5.00%, 10/01/54 |  |  | 235 |  |  |  | 201,719 |
Connecticut State Health & Educational Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 12/01/45 |  |  | 5,000 |  |  |  | 5,146,005 |
Series G‑1, 5.00%, 07/01/27(b) |  |  | 100 |  |  |  | 101,615 |
Series G‑1, 5.00%, 07/01/28(b) |  |  | 100 |  |  |  | 101,553 |
Series G‑1, 5.00%, 07/01/29(b) |  |  | 100 |  |  |  | 101,409 |
Series G‑1, 5.00%, 07/01/30(b) |  |  | 100 |  |  |  | 101,116 |
Series G‑1, 5.00%, 07/01/32(b) |  |  | 150 |  |  |  | 151,185 |
Series G‑1, 5.00%, 07/01/34(b) |  |  | 125 |  |  |  | 125,612 |
State of Connecticut, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 04/15/30 |  |  | 5,000 |  |  |  | 5,647,650 |

Security |  | Par (000) |  |  | Value |
Connecticut (continued) |  |  |  |  |  |
State of Connecticut, GO (continued) |  |  |  |  |  |  |  |
Series A, 5.00%, 04/15/31 |  | $ | 4,000 |  |  | $ | 4,513,372 |
Series C, 5.00%, 06/15/38 |  |  | 700 |  |  |  | 796,132 |
Series C, 4.00%, 06/15/39 |  |  | 300 |  |  |  | 306,171 |
Series C, 4.00%, 06/15/41 |  |  | 300 |  |  |  | 303,553 |
Series C, 5.00%, 06/15/42 |  |  | 635 |  |  |  | 711,108 |
|  |  |  |  |  |  | 19,496,241 |
Delaware — 0.4% |  |  |  |  |  |
County of Kent Delaware, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/29 |  |  | 880 |  |  |  | 884,330 |
Series A, 5.00%, 07/01/30 |  |  | 1,030 |  |  |  | 1,032,628 |
Series A, 5.00%, 07/01/31 |  |  | 750 |  |  |  | 750,780 |
Series A, 5.00%, 07/01/32 |  |  | 375 |  |  |  | 374,945 |
Series A, 5.00%, 07/01/33 |  |  | 1,190 |  |  |  | 1,188,022 |
|  |  |  |  |  |  | 4,230,705 |
District of Columbia — 0.1% |  |  |  |  |  |
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37 |  |  | 880 |  |  |  | 983,809 |
Florida — 10.2% |  |  |  |  |  |
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52 |  |  | 2,745 |  |  |  | 2,906,392 |
Capital Projects Finance Authority, RB, Series A‑1, 5.00%, 10/01/31 |  |  | 1,500 |  |  |  | 1,589,127 |
Capital Region Community Development District, Refunding SAB, Series A‑1, 4.63%, 05/01/28 |  |  | 500 |  |  |  | 504,319 |
Capital Trust Agency, Inc., RB |  |  |  |  |  |  |  |
5.00%, 01/01/55(b) |  |  | 945 |  |  |  | 731,583 |
Series A, 4.00%, 06/15/29(b) |  |  | 560 |  |  |  | 522,518 |
Series A, 5.00%, 12/15/29 |  |  | 400 |  |  |  | 408,203 |
Series A, 5.00%, 06/01/45(b) |  |  | 850 |  |  |  | 758,308 |
Series A, 5.50%, 06/01/57(b) |  |  | 305 |  |  |  | 278,626 |
Series SE, 3.00%, 07/01/31(b) |  |  | 125 |  |  |  | 112,851 |
Series SE, 4.00%, 07/01/41(b) |  |  | 285 |  |  |  | 238,531 |
Series SE, 4.00%, 07/01/51(b) |  |  | 335 |  |  |  | 253,190 |
Series SE, 4.00%, 07/01/56(b) |  |  | 280 |  |  |  | 205,017 |
Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41 |  |  | 10,000 |  |  |  | 10,008,390 |
Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29(b) |  |  | 895 |  |  |  | 914,535 |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57 |  |  | 20,000 |  |  |  | 22,777,700 |
County of Miami-Dade Seaport Department, RB(c) |  |  |  |  |  |  |  |
Series B, AMT, 6.00%, 10/01/23 |  |  | 8,835 |  |  |  | 8,997,115 |
Series B, AMT, 6.25%, 10/01/23 |  |  | 1,405 |  |  |  | 1,435,390 |
County of Miami-Dade Seaport Department, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.25%, 10/01/52(d) |  |  | 2,470 |  |  |  | 2,638,190 |
Series B‑1, AMT, Subordinate, 4.00%, 10/01/46 |  |  | 5,500 |  |  |  | 5,330,671 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e) |  |  |  |  |  |  |  |
Series A‑2, 0.00%, 10/01/28 |  |  | 500 |  |  |  | 407,046 |
Series A‑2, 0.00%, 10/01/29 |  |  | 800 |  |  |  | 626,069 |
Escambia County Health Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 08/15/35 |  |  | 3,100 |  |  |  | 3,289,807 |
Series A, 5.00%, 08/15/31 |  |  | 1,000 |  |  |  | 1,092,142 |
Esplanade Lake Club Community Development District, SAB |  |  |  |  |  |  |  |
Series A‑1, 3.63%, 11/01/30 |  |  | 370 |  |  |  | 349,187 |

S C H E D U L E O F I N V E S T M E N T S |  | 37

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

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

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Tolomato Community Development District, Refunding SAB, Sub‑Series A‑2, 3.85%, 05/01/29 |  | $ | 180 |  |  | $ | 176,925 |
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |  |  | 2,020 |  |  |  | 2,001,087 |
|  |  |  |  |  |  | 100,482,380 |
Georgia — 3.1% |  |  |  |  |  |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |  |  | 740 |  |  |  | 689,909 |
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/36 |  |  | 1,750 |  |  |  | 1,636,029 |
Georgia Ports Authority, RB, 4.00%, 07/01/47 |  |  | 2,500 |  |  |  | 2,505,830 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/33 |  |  | 5,000 |  |  |  | 5,258,045 |
Series A, 5.00%, 05/15/34 |  |  | 5,250 |  |  |  | 5,497,128 |
Series A, 5.00%, 06/01/53(a)(d) |  |  | 8,750 |  |  |  | 9,292,719 |
Municipal Electric Authority of Georgia, RB |  |  |  |  |  |  |  |
5.00%, 01/01/35 |  |  | 1,225 |  |  |  | 1,280,957 |
Series A, 5.00%, 07/01/52 |  |  | 3,160 |  |  |  | 3,277,138 |
Municipal Electric Authority of Georgia, Refunding RB, Sub‑Series A, 5.00%, 01/01/35 |  |  | 925 |  |  |  | 1,013,286 |
|  |  |  |  |  |  | 30,451,041 |
Hawaii — 1.5% |  |  |  |  |  |
State of Hawaii Airports System Revenue, COP |  |  |  |  |  |  |  |
AMT, 5.25%, 08/01/25 |  |  | 1,350 |  |  |  | 1,362,779 |
AMT, 5.25%, 08/01/26 |  |  | 2,500 |  |  |  | 2,524,510 |
State of Hawaii Airports System Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/43 |  |  | 5,000 |  |  |  | 5,252,475 |
Series A, AMT, 5.00%, 07/01/45 |  |  | 5,985 |  |  |  | 6,111,541 |
|  |  |  |  |  |  | 15,251,305 |
Idaho — 1.9% |  |  |  |  |  |
Idaho Health Facilities Authority, RB |  |  |  |  |  |  |  |
4.00%, 12/01/43 |  |  | 10,000 |  |  |  | 10,018,480 |
Series A, 5.00%, 12/01/47 |  |  | 5,000 |  |  |  | 5,210,970 |
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51 |  |  | 2,355 |  |  |  | 1,688,834 |
Idaho Housing & Finance Association, Refunding RB |  |  |  |  |  |  |  |
(GTD), 4.00%, 05/01/42 |  |  | 1,160 |  |  |  | 1,114,829 |
(GTD), 4.00%, 05/01/52 |  |  | 905 |  |  |  | 808,837 |
|  |  |  |  |  |  | 18,841,950 |
Illinois — 15.5% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 2,825 |  |  |  | 2,951,215 |
Series A, 5.00%, 12/01/40 |  |  | 720 |  |  |  | 730,627 |
Series A, 5.00%, 12/01/47 |  |  | 2,750 |  |  |  | 2,759,642 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/30 |  |  | 3,065 |  |  |  | 3,247,144 |
Series C, 5.00%, 12/01/26 |  |  | 4,730 |  |  |  | 4,889,926 |
Series D, 5.00%, 12/01/26 |  |  | 4,185 |  |  |  | 4,326,499 |
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(e) |  |  | 815 |  |  |  | 739,996 |
Chicago Midway International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 2nd Lien, 5.00%, 01/01/32 |  |  | 5,000 |  |  |  | 5,081,300 |
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |  |  | 8,020 |  |  |  | 8,064,768 |
Chicago Midway International Airport, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 2nd Lien, 5.50%, 01/01/30 |  |  | 6,500 |  |  |  | 6,512,239 |
Series A, AMT, 2nd Lien, 5.50%, 01/01/32 |  |  | 7,775 |  |  |  | 7,789,819 |

38 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |
Chicago O’Hare International Airport, RB |  |  |  |  |  |  |  |
Class A, AMT, Senior Lien, 5.50%, 01/01/55 |  | $ | 4,360 |  |  | $ | 4,752,369 |
Series D, Senior Lien, 5.25%, 01/01/42 |  |  | 2,630 |  |  |  | 2,805,169 |
Chicago O’Hare International Airport, Refunding RB |  |  |  |  |  |  |  |
Series B, 5.00%, 01/01/32 |  |  | 3,745 |  |  |  | 3,916,176 |
Series A, Senior Lien, 4.00%, 01/01/37 |  |  | 3,820 |  |  |  | 3,905,553 |
Series B, Senior Lien, 5.00%, 01/01/37 |  |  | 3,460 |  |  |  | 3,743,973 |
Series E, Senior Lien, (AGM), 4.00%, 01/01/40 |  |  | 5,000 |  |  |  | 5,078,645 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB |  |  |  |  |  |  |  |
Series A, 2nd Lien, 5.00%, 12/01/57 |  |  | 1,000 |  |  |  | 1,052,838 |
Series A, Senior Lien, 4.00%, 12/01/49 |  |  | 6,190 |  |  |  | 5,813,815 |
Cook County Community College District No. 508, GO, 5.13%, 12/01/38 |  |  | 1,000 |  |  |  | 1,017,280 |
Illinois Finance Authority, RB 4.00%, 07/01/40 |  |  | 4,870 |  |  |  | 5,023,761 |
Series A, 5.00%, 02/15/28 |  |  | 810 |  |  |  | 840,102 |
Series A, 5.00%, 02/15/29 |  |  | 400 |  |  |  | 414,724 |
Series A, 5.00%, 02/15/30 |  |  | 500 |  |  |  | 518,150 |
Series A, 5.00%, 02/15/31 |  |  | 500 |  |  |  | 518,152 |
Series A, 5.00%, 02/15/32 |  |  | 500 |  |  |  | 517,776 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 03/01/30 |  |  | 550 |  |  |  | 593,749 |
5.00%, 03/01/32 |  |  | 920 |  |  |  | 990,304 |
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37 |  |  | 1,455 |  |  |  | 1,516,686 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/34 |  |  | 4,140 |  |  |  | 4,150,714 |
Series A, 5.00%, 01/01/40 |  |  | 5,000 |  |  |  | 5,189,445 |
Series A, 4.00%, 01/01/46 |  |  | 9,770 |  |  |  | 9,680,780 |
Illinois State Toll Highway Authority, Refunding RB, Series A, 5.00%, 12/01/31 |  |  | 4,220 |  |  |  | 4,550,460 |
Metropolitan Pier & Exposition Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 12/15/28 |  |  | 1,200 |  |  |  | 1,280,840 |
4.00%, 06/15/50 |  |  | 2,725 |  |  |  | 2,428,795 |
State of Illinois, GO 5.25%, 07/01/29 |  |  | 5,000 |  |  |  | 5,048,730 |
5.00%, 04/01/31 |  |  | 1,000 |  |  |  | 1,023,084 |
5.00%, 05/01/31 |  |  | 5,010 |  |  |  | 5,133,096 |
5.00%, 11/01/34 |  |  | 5,000 |  |  |  | 5,224,505 |
5.50%, 05/01/39 |  |  | 3,500 |  |  |  | 3,811,752 |
5.75%, 05/01/45 |  |  | 2,000 |  |  |  | 2,186,184 |
Series A, 5.50%, 03/01/42 |  |  | 6,000 |  |  |  | 6,586,176 |
Series A, 5.50%, 03/01/47 |  |  | 5,500 |  |  |  | 5,971,735 |
Series D, 5.00%, 11/01/28 |  |  | 350 |  |  |  | 377,225 |
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |  |  | 120 |  |  |  | 129,299 |
|  |  |  |  |  |  | 152,885,217 |
Indiana — 0.2% |  |  |  |  |  |
Indiana Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/41 |  |  | 550 |  |  |  | 517,954 |
Series A, 5.00%, 06/01/51 |  |  | 405 |  |  |  | 360,171 |
Series A, 5.00%, 06/01/56 |  |  | 360 |  |  |  | 314,894 |
Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26 |  |  | 1,270 |  |  |  | 1,260,283 |
|  |  |  |  |  |  | 2,453,302 |

Security |  | Par (000) |  |  | Value |
Iowa — 0.8% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35 |  | $ | 7,500 |  |  | $ | 7,537,943 |
Iowa Student Loan Liquidity Corp, Refunding RB, Series A, AMT, 5.00%, 12/01/26 |  |  | 775 |  |  |  | 823,782 |
|  |  |  |  |  |  | 8,361,725 |
Kansas — 0.2% |  |  |  |  |  |
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |  |  | 2,000 |  |  |  | 1,910,078 |
Kentucky — 1.2% |  |  |  |  |  |
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b) |  |  | 285 |  |  |  | 272,260 |
Kentucky Public Energy Authority, RB(a) |  |  |  |  |  |  |  |
Series A‑1, 4.00%, 08/01/52 |  |  | 8,940 |  |  |  | 8,930,300 |
Series C, 4.00%, 02/01/50 |  |  | 2,500 |  |  |  | 2,521,995 |
|  |  |  |  |  |  | 11,724,555 |
Louisiana — 0.3% |  |  |  |  |  |
Lafayette Parish School Board Sale Tax Revenue, RB(d) |  |  |  |  |  |  |  |
4.00%, 04/01/48 |  |  | 940 |  |  |  | 924,817 |
4.00%, 04/01/53 |  |  | 595 |  |  |  | 579,701 |
New Orleans Aviation Board, RB, Series A, 5.00%, 01/01/33 |  |  | 1,000 |  |  |  | 1,044,798 |
|  |  |  |  |  |  | 2,549,316 |
Maine — 0.1% |  |  |  |  |  |
Finance Authority of Maine, Refunding RB, Series A‑1, AMT, (AGM), 3.00%, 12/01/29 |  |  | 845 |  |  |  | 837,288 |
Maryland — 1.0% |  |  |  |  |  |
City of Baltimore Maryland, RB, 5.00%, 06/01/51 |  |  | 820 |  |  |  | 795,189 |
City of Baltimore Maryland, Refunding TA(b) |  |  |  |  |  |  |  |
Series A, Senior Lien, 2.95%, 06/01/27 |  |  | 175 |  |  |  | 165,055 |
Series A, Senior Lien, 3.05%, 06/01/28 |  |  | 190 |  |  |  | 177,190 |
Series A, Senior Lien, 3.15%, 06/01/29 |  |  | 200 |  |  |  | 184,710 |
City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29(b) |  |  | 285 |  |  |  | 266,705 |
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |  |  | 2,500 |  |  |  | 2,575,490 |
Maryland Economic Development Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/29 |  |  | 1,835 |  |  |  | 2,015,795 |
Series A, 5.00%, 06/01/30 |  |  | 1,015 |  |  |  | 1,112,872 |
Series A, 5.00%, 06/01/31 |  |  | 1,000 |  |  |  | 1,094,722 |
Series A, 5.00%, 06/01/32 |  |  | 1,000 |  |  |  | 1,092,073 |
|  |  |  |  |  |  | 9,479,801 |
Massachusetts — 3.7% |  |  |  |  |  |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, 4.00%, 06/01/50 |  |  | 8,000 |  |  |  | 7,916,456 |
Commonwealth of Massachusetts, GO, Series D, 4.00%, 02/01/46 |  |  | 5,000 |  |  |  | 5,036,645 |
Massachusetts Development Finance Agency, Refunding RB |  |  |  |  |  |  |  |
5.00%, 07/01/29 |  |  | 2,700 |  |  |  | 2,905,875 |
5.00%, 07/01/30 |  |  | 3,125 |  |  |  | 3,361,425 |
5.00%, 07/01/41 |  |  | 4,710 |  |  |  | 4,890,492 |
Series A, 5.00%, 01/01/31 |  |  | 1,730 |  |  |  | 1,791,559 |
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 |  |  | 1,000 |  |  |  | 1,037,444 |

S C H E D U L E O F I N V E S T M E N T S |  | 39

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |  |  |  |  |  |
Massachusetts Housing Finance Agency, Refunding RB, Series G, 3.45%, 12/01/30 |  | $ | 3,100 |  |  | $ | 3,123,811 |
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/51 |  |  | 215 |  |  |  | 225,581 |
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/42 |  |  | 6,200 |  |  |  | 6,228,390 |
|  |  |  |  |  |  | 36,517,678 |
Michigan — 3.9% |  |  |  |  |  |
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |  |  | 10 |  |  |  | 10,033 |
City of Detroit Michigan, GO |  |  |  |  |  |  |  |
5.00%, 04/01/26 |  |  | 265 |  |  |  | 274,308 |
5.00%, 04/01/27 |  |  | 210 |  |  |  | 218,767 |
5.00%, 04/01/28 |  |  | 235 |  |  |  | 245,912 |
5.00%, 04/01/29 |  |  | 235 |  |  |  | 245,006 |
5.00%, 04/01/30 |  |  | 180 |  |  |  | 187,017 |
5.00%, 04/01/31 |  |  | 265 |  |  |  | 274,751 |
5.00%, 04/01/32 |  |  | 225 |  |  |  | 232,749 |
5.00%, 04/01/33 |  |  | 295 |  |  |  | 304,756 |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/47 |  |  | 4,500 |  |  |  | 4,315,716 |
4.00%, 02/15/50 |  |  | 9,705 |  |  |  | 9,200,524 |
Michigan Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 12/01/40 |  |  | 10,100 |  |  |  | 10,037,643 |
Series C‑3, Senior Lien, (AGM), 5.00%, 07/01/31 |  |  | 4,000 |  |  |  | 4,145,420 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.13%, 10/01/36 |  |  | 4,275 |  |  |  | 3,426,028 |
Michigan Strategic Fund, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 06/30/33 |  |  | 2,415 |  |  |  | 2,525,209 |
AMT, 5.00%, 12/31/33 |  |  | 2,000 |  |  |  | 2,086,022 |
Michigan Strategic Fund, Refunding RB |  |  |  |  |  |  |  |
5.00%, 11/15/29 |  |  | 440 |  |  |  | 449,584 |
5.00%, 11/15/34 |  |  | 490 |  |  |  | 494,962 |
|  |  |  |  |  |  | 38,674,407 |
Minnesota — 0.8% |  |  |  |  |  |
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/33 |  |  | 2,370 |  |  |  | 2,581,202 |
Duluth Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 02/15/33 |  |  | 1,000 |  |  |  | 1,087,902 |
Series A, 5.00%, 02/15/34 |  |  | 1,185 |  |  |  | 1,283,580 |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29(b) |  |  | 200 |  |  |  | 200,410 |
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 |  |  | 2,420 |  |  |  | 2,593,998 |
|  |  |  |  |  |  | 7,747,092 |
Mississippi — 1.3% |  |  |  |  |  |
Mississippi Development Bank, RB |  |  |  |  |  |  |  |
(AGM), 6.75%, 12/01/31 |  |  | 3,775 |  |  |  | 3,891,360 |
(AGM), 6.75%, 12/01/33 |  |  | 2,350 |  |  |  | 2,421,297 |
(AGM), 6.88%, 12/01/40 |  |  | 6,405 |  |  |  | 6,590,335 |
|  |  |  |  |  |  | 12,902,992 |
Missouri — 0.5% |  |  |  |  |  |
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29 |  |  | 350 |  |  |  | 301,901 |

Security |  | Par (000) |  |  | Value |
Missouri (continued) |  |  |  |  |  |
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 |  | $ | 2,840 |  |  | $ | 2,929,117 |
St. Louis County Industrial Development Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 09/01/27 |  |  | 360 |  |  |  | 372,471 |
5.00%, 09/01/32 |  |  | 1,015 |  |  |  | 1,017,052 |
|  |  |  |  |  |  | 4,620,541 |
Nebraska — 0.1% |  |  |  |  |  |
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 |  |  | 800 |  |  |  | 849,608 |
Nevada — 1.6% |  |  |  |  |  |
City of Las Vegas Nevada Special Improvement District No. 814, SAB |  |  |  |  |  |  |  |
3.50%, 06/01/28 |  |  | 155 |  |  |  | 155,572 |
3.25%, 06/01/30 |  |  | 345 |  |  |  | 330,833 |
County of Clark Department of Aviation, Refunding RB, Series A‑2, Sub Lien, 5.00%, 07/01/33 |  |  | 5,000 |  |  |  | 5,188,800 |
County of Clark Nevada, GO, 4.00%, 07/01/47 |  |  | 10,000 |  |  |  | 9,725,070 |
|  |  |  |  |  |  | 15,400,275 |
New Hampshire(b) — 0.2% |  |  |  |  |  |
New Hampshire Business Finance Authority, RB, AMT, 2.95%, 04/01/29 |  |  | 1,000 |  |  |  | 907,397 |
New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27 |  |  | 795 |  |  |  | 767,887 |
|  |  |  |  |  |  | 1,675,284 |
New Jersey — 15.7% |  |  |  |  |  |
Camden County Improvement Authority, RB, 6.00%, 06/15/47 |  |  | 940 |  |  |  | 1,007,224 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 11/01/44 |  |  | 10,500 |  |  |  | 11,044,393 |
AMT, 5.13%, 09/15/23 |  |  | 1,655 |  |  |  | 1,660,091 |
AMT, 5.50%, 01/01/26 |  |  | 1,500 |  |  |  | 1,518,733 |
AMT, 5.50%, 01/01/27 |  |  | 1,000 |  |  |  | 1,012,606 |
AMT, (AGM), 5.00%, 01/01/31 |  |  | 2,425 |  |  |  | 2,453,193 |
AMT, 5.38%, 01/01/43 |  |  | 7,000 |  |  |  | 7,064,050 |
New Jersey Economic Development Authority, Refunding ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/26 |  |  | 2,135 |  |  |  | 2,200,807 |
AMT, 5.00%, 10/01/27 |  |  | 1,680 |  |  |  | 1,741,994 |
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c) |  |  | 1,750 |  |  |  | 1,964,760 |
New Jersey Educational Facilities Authority, RB, 5.00%, 06/15/28 |  |  | 10,000 |  |  |  | 10,309,120 |
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51 |  |  | 6,110 |  |  |  | 4,824,578 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 12/01/27 |  |  | 1,000 |  |  |  | 1,094,777 |
Series B, AMT, 5.00%, 12/01/28 |  |  | 1,000 |  |  |  | 1,093,863 |
Series B, Class B, AMT, 4.00%, 12/01/41 |  |  | 4,820 |  |  |  | 4,860,175 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/30 |  |  | 2,000 |  |  |  | 2,149,468 |
Series AA, 5.25%, 06/15/31 |  |  | 12,000 |  |  |  | 12,109,068 |
Series AA, 5.25%, 06/15/32 |  |  | 2,250 |  |  |  | 2,383,011 |
Series AA, 5.00%, 06/15/35 |  |  | 3,000 |  |  |  | 3,250,980 |
Series AA, 4.00%, 06/15/39 |  |  | 4,000 |  |  |  | 4,016,060 |
Series AA, 5.50%, 06/15/39 |  |  | 8,175 |  |  |  | 8,258,916 |

40 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Transportation Trust Fund Authority, RB (continued) |  |  |  |  |  |  |  |
Series BB, 5.00%, 06/15/44 |  | $ | 5,000 |  |  | $ | 5,238,665 |
Series C, 5.25%, 06/15/32 |  |  | 10,000 |  |  |  | 10,443,100 |
New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/30 |  |  | 1,695 |  |  |  | 1,821,505 |
Series A, 5.00%, 12/15/33 |  |  | 2,285 |  |  |  | 2,511,763 |
New Jersey Turnpike Authority, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 01/01/42 |  |  | 2,000 |  |  |  | 2,025,648 |
Series B, 5.00%, 01/01/46 |  |  | 9,105 |  |  |  | 10,047,495 |
Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/25 |  |  | 1,345 |  |  |  | 1,368,129 |
South Jersey Port Corp., RB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 01/01/29 |  |  | 250 |  |  |  | 264,561 |
Series B, AMT, 5.00%, 01/01/30 |  |  | 200 |  |  |  | 210,923 |
Series B, AMT, 5.00%, 01/01/31 |  |  | 350 |  |  |  | 368,431 |
Series B, AMT, 5.00%, 01/01/32 |  |  | 425 |  |  |  | 445,324 |
State of New Jersey, GO, 5.00%, 06/01/28 |  |  | 5,000 |  |  |  | 5,308,710 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/30 |  |  | 850 |  |  |  | 911,823 |
Series A, 5.00%, 06/01/33 |  |  | 220 |  |  |  | 236,492 |
Series A, 5.00%, 06/01/34 |  |  | 12,000 |  |  |  | 12,837,048 |
Sub‑Series B, 5.00%, 06/01/46 |  |  | 15,000 |  |  |  | 15,173,565 |
|  |  |  |  |  |  | 155,231,049 |
New Mexico — 0.3% |  |  |  |  |  |
Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33 |  |  | 2,510 |  |  |  | 2,604,491 |
City of Santa Fe New Mexico, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/34 |  |  | 170 |  |  |  | 166,984 |
Series A, 5.00%, 05/15/39 |  |  | 310 |  |  |  | 294,254 |
|  |  |  |  |  |  | 3,065,729 |
New York — 25.1% |  |  |  |  |  |
Buffalo & Erie County Industrial Land Development Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 4.50%, 06/01/27 |  |  | 1,710 |  |  |  | 1,748,012 |
Series A, 5.00%, 06/01/35 |  |  | 415 |  |  |  | 424,975 |
Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31(b) |  |  | 420 |  |  |  | 422,606 |
Build NYC Resource Corp., Refunding RB, 5.00%, 08/01/35 |  |  | 665 |  |  |  | 717,787 |
City of New York New York, GO |  |  |  |  |  |  |  |
Series A‑1, 4.00%, 09/01/46 |  |  | 2,630 |  |  |  | 2,604,184 |
Series B, 5.25%, 10/01/39 |  |  | 1,750 |  |  |  | 2,061,762 |
Series B, 5.25%, 10/01/40 |  |  | 1,340 |  |  |  | 1,572,026 |
Series F‑1, 4.00%, 03/01/47 |  |  | 3,645 |  |  |  | 3,686,338 |
Series I, 5.00%, 03/01/32 |  |  | 7,000 |  |  |  | 7,185,185 |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, (AGM), 4.00%, 02/15/47 |  |  | 25,165 |  |  |  | 24,810,878 |
Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36 |  |  | 940 |  |  |  | 852,595 |
Metropolitan Transportation Authority, RB |  |  |  |  |  |  |  |
Series A‑1, 5.25%, 11/15/39 |  |  | 7,005 |  |  |  | 7,041,020 |
Series B, 5.25%, 11/15/38 |  |  | 3,145 |  |  |  | 3,201,233 |
Series C, 5.00%, 11/15/38 |  |  | 4,450 |  |  |  | 4,460,836 |
Sub‑Series A‑1, 5.00%, 11/15/40 |  |  | 2,355 |  |  |  | 2,388,764 |
Metropolitan Transportation Authority, Refunding RB, Series A, 4.00%, 11/15/51 |  |  | 2,250 |  |  |  | 2,190,082 |

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

S C H E D U L E O F I N V E S T M E N T S |  | 41

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/37 |  | $ | 4,400 |  |  | $ | 4,732,895 |
Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/44 |  |  | 4,290 |  |  |  | 4,911,595 |
|  |  |  |  |  |  | 247,847,339 |
North Carolina — 0.2% |  |  |  |  |  |
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47 |  |  | 1,865 |  |  |  | 1,951,700 |
Ohio — 3.7% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A‑2, 4.00%, 06/01/48 |  |  | 2,710 |  |  |  | 2,490,617 |
Series B‑2, 5.00%, 06/01/55 |  |  | 8,340 |  |  |  | 7,955,693 |
Ohio Air Quality Development Authority, Refunding RB, 3.25%, 09/01/29 |  |  | 1,550 |  |  |  | 1,441,812 |
Ohio Housing Finance Agency, RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 2.70%, 09/01/46 |  |  | 5,800 |  |  |  | 5,026,558 |
Ohio Turnpike & Infrastructure Commission, RB |  |  |  |  |  |  |  |
Series A‑1, Junior Lien, 5.25%, 02/15/31 |  |  | 11,145 |  |  |  | 11,155,844 |
Series A‑1, Junior Lien, 5.25%, 02/15/32 |  |  | 2,250 |  |  |  | 2,252,189 |
State of Ohio, RB, 4.00%, 01/01/46 |  |  | 6,000 |  |  |  | 6,005,220 |
State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28(c) |  |  | 25 |  |  |  | 27,057 |
|  |  |  |  |  |  | 36,354,990 |
Oklahoma — 0.5% |  |  |  |  |  |
Oklahoma City Public Property Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 10/01/28 |  |  | 1,265 |  |  |  | 1,348,407 |
5.00%, 10/01/29 |  |  | 1,400 |  |  |  | 1,492,130 |
Oklahoma Development Finance Authority, RB |  |  |  |  |  |  |  |
Series B, 5.00%, 08/15/29 |  |  | 1,200 |  |  |  | 1,195,616 |
Series B, 5.00%, 08/15/33 |  |  | 1,305 |  |  |  | 1,279,738 |
|  |  |  |  |  |  | 5,315,891 |
Oregon — 0.1% |  |  |  |  |  |
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52 |  |  | 1,550 |  |  |  | 1,486,551 |
Pennsylvania — 3.9% |  |  |  |  |  |
Allentown Neighborhood Improvement Zone Development Authority, RB(b) |  |  |  |  |  |  |  |
5.00%, 05/01/23 |  |  | 160 |  |  |  | 160,473 |
5.00%, 05/01/28 |  |  | 835 |  |  |  | 861,566 |
Bucks County Industrial Development Authority, RB 5.00%, 07/01/35 |  |  | 1,100 |  |  |  | 1,089,820 |
5.00%, 07/01/36 |  |  | 1,250 |  |  |  | 1,234,161 |
4.00%, 07/01/46 |  |  | 145 |  |  |  | 117,413 |
4.00%, 07/01/51 |  |  | 100 |  |  |  | 78,340 |
Commonwealth Financing Authority, RB, 5.00%, 06/01/34 |  |  | 3,750 |  |  |  | 4,104,941 |
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/49 |  |  | 4,145 |  |  |  | 3,859,886 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
Series A‑1, 4.00%, 04/15/36 |  |  | 1,545 |  |  |  | 1,592,824 |
AMT, 5.00%, 12/31/28 |  |  | 115 |  |  |  | 120,054 |
AMT, 5.75%, 06/30/48 |  |  | 2,365 |  |  |  | 2,619,202 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Pennsylvania Economic Development Financing Authority, RB (continued) |  |  |  |  |  |  |  |
AMT, 5.25%, 06/30/53 |  | $ | 3,910 |  |  | $ | 4,099,701 |
Pennsylvania Economic Development Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 02/15/40 |  |  | 1,480 |  |  |  | 1,492,201 |
Series A, 4.00%, 02/15/52 |  |  | 950 |  |  |  | 888,336 |
Pennsylvania Turnpike Commission, RB, Series B, Subordinate, 4.00%, 12/01/51 |  |  | 3,000 |  |  |  | 2,886,534 |
Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/30 |  |  | 2,620 |  |  |  | 2,908,816 |
Sub‑Series B‑2, 5.00%, 06/01/32 |  |  | 5,000 |  |  |  | 5,497,305 |
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |  |  | 745 |  |  |  | 802,260 |
School District of Philadelphia, GO |  |  |  |  |  |  |  |
Series A, (SAW), 5.00%, 09/01/30 |  |  | 1,200 |  |  |  | 1,327,348 |
Series A, (SAW), 5.00%, 09/01/31 |  |  | 1,000 |  |  |  | 1,105,578 |
Series A, (SAW), 5.00%, 09/01/32 |  |  | 1,200 |  |  |  | 1,324,568 |
|  |  |  |  |  |  | 38,171,327 |
Puerto Rico — 5.1% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31 |  |  | 2,753 |  |  |  | 2,985,606 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A‑2, Convertiable, Restructured, 4.33%, 07/01/40 |  |  | 1,919 |  |  |  | 1,834,988 |
Series A‑1, Restructured, 4.50%, 07/01/34 |  |  | 4,365 |  |  |  | 4,378,776 |
Series A‑1, Restructured, 4.75%, 07/01/53 |  |  | 1,069 |  |  |  | 1,018,223 |
Series A‑1, Restructured, 5.00%, 07/01/58 |  |  | 8,412 |  |  |  | 8,287,923 |
Series A‑2, Restructured, 4.78%, 07/01/58 |  |  | 488 |  |  |  | 464,519 |
Series A‑2, Restructured, 4.33%, 07/01/40 |  |  | 12,484 |  |  |  | 11,938,225 |
Series B‑1, Restructured, 4.75%, 07/01/53 |  |  | 749 |  |  |  | 714,082 |
Series B‑2, Restructured, 4.78%, 07/01/58 |  |  | 726 |  |  |  | 690,135 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(e) |  |  |  |  |  |  |  |
Series A‑1, Restructured, 0.00%, 07/01/29 |  |  | 12,336 |  |  |  | 9,244,228 |
Series A‑1, Restructured, 0.00%, 07/01/33 |  |  | 1,464 |  |  |  | 901,077 |
Series A‑1, Restructured, 0.00%, 07/01/46 |  |  | 7,903 |  |  |  | 2,194,568 |
Series B‑1, Restructured, 0.00%, 07/01/27 |  |  | 2,521 |  |  |  | 2,090,688 |
Series B‑1, Restructured, 0.00%, 07/01/29 |  |  | 4,466 |  |  |  | 3,347,222 |
|  |  |  |  |  |  | 50,090,260 |
Rhode Island — 0.3% |  |  |  |  |  |
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 |  |  | 1,000 |  |  |  | 1,030,813 |
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 09/01/32 |  |  | 2,000 |  |  |  | 2,033,236 |
|  |  |  |  |  |  | 3,064,049 |
South Carolina — 3.0% |  |  |  |  |  |
Charleston County Airport District, RB(c) |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 07/01/23 |  |  | 7,170 |  |  |  | 7,236,133 |
Series A, AMT, 6.00%, 07/01/23 |  |  | 5,270 |  |  |  | 5,328,170 |
South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 11/15/27 |  |  | 520 |  |  |  | 502,184 |
Series A, 5.00%, 05/01/37 |  |  | 4,480 |  |  |  | 4,679,109 |

42 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
South Carolina (continued) |  |  |  |  |  |
South Carolina Public Service Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/30 |  | $ | 5,500 |  |  | $ | 5,897,870 |
Series A, 5.00%, 12/01/31 |  |  | 5,660 |  |  |  | 6,057,219 |
|  |  |  |  |  |  | 29,700,685 |
Tennessee — 2.8% |  |  |  |  |  |
Mercer County Improvement Authority, RB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 07/01/52 |  |  | 3,800 |  |  |  | 4,017,489 |
Series B, AMT, 5.50%, 07/01/52 |  |  | 3,500 |  |  |  | 3,846,661 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |  |  | 4,000 |  |  |  | 4,131,256 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |  |  |  |  |  |  |  |
5.00%, 10/01/29 |  |  | 350 |  |  |  | 364,959 |
5.00%, 10/01/34 |  |  | 450 |  |  |  | 471,826 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) |  |  | 5,395 |  |  |  | 5,846,221 |
Tennessee Energy Acquisition Corp., Refunding RB, Series A‑1, 5.00%, 05/01/53(a)(d) |  |  | 8,800 |  |  |  | 9,199,353 |
|  |  |  |  |  |  | 27,877,765 |
Texas — 9.7% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB(b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 1,630 |  |  |  | 1,743,044 |
7.88%, 11/01/62 |  |  | 1,410 |  |  |  | 1,467,959 |
Belton Independent School District, GO, (PSF), 4.00%, 02/15/52 |  |  | 3,000 |  |  |  | 2,980,368 |
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44 |  |  | 5,130 |  |  |  | 5,348,984 |
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 |  |  | 700 |  |  |  | 700,615 |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |  |  | 410 |  |  |  | 421,777 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/27 |  |  | 400 |  |  |  | 408,827 |
Sub‑Series A, AMT, 5.00%, 07/01/31 |  |  | 1,430 |  |  |  | 1,566,920 |
Sub‑Series A, AMT, 5.00%, 07/01/32 |  |  | 1,515 |  |  |  | 1,652,977 |
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |  |  | 2,720 |  |  |  | 2,733,818 |
Katy Independent School District, GO, (PSF), 4.00%, 02/15/47 |  |  | 3,215 |  |  |  | 3,243,832 |
Love Field Airport Modernization Corp., RB, AMT, 5.00%, 11/01/28 |  |  | 1,000 |  |  |  | 1,000,297 |
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |  |  | 3,735 |  |  |  | 3,765,687 |
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) |  |  | 1,360 |  |  |  | 1,348,902 |
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |  |  | 800 |  |  |  | 732,110 |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 08/15/47 |  |  | 8,590 |  |  |  | 8,961,492 |
North Texas Tollway Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.13%, 01/01/40 |  |  | 2,500 |  |  |  | 2,537,905 |
Series A, 5.00%, 01/01/40 |  |  | 3,000 |  |  |  | 3,372,411 |
Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46 |  |  | 1,740 |  |  |  | 1,708,898 |
San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25 |  |  | 2,910 |  |  |  | 2,915,168 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
State of Texas, GO, Class A, 5.00%, 04/01/44 |  | $ | 6,000 |  |  | $ | 6,322,434 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
5.00%, 11/15/51 |  |  | 2,160 |  |  |  | 2,337,718 |
Series A, 4.00%, 07/01/53 |  |  | 2,410 |  |  |  | 2,317,196 |
Series A, 5.00%, 07/01/53 |  |  | 1,485 |  |  |  | 1,585,356 |
Series B, 5.00%, 07/01/33 |  |  | 8,485 |  |  |  | 9,306,068 |
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |  |  | 445 |  |  |  | 423,581 |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB |  |  |  |  |  |  |  |
5.00%, 12/15/29 |  |  | 1,265 |  |  |  | 1,346,095 |
5.00%, 12/15/31 |  |  | 1,950 |  |  |  | 2,085,554 |
Texas Water Development Board, RB |  |  |  |  |  |  |  |
4.45%, 10/15/36 |  |  | 1,155 |  |  |  | 1,282,889 |
5.25%, 10/15/46 |  |  | 4,780 |  |  |  | 5,121,063 |
4.00%, 10/15/51 |  |  | 2,000 |  |  |  | 1,978,382 |
4.00%, 10/15/54 |  |  | 8,000 |  |  |  | 7,897,056 |
Series B, 4.00%, 10/15/43 |  |  | 5,000 |  |  |  | 5,061,135 |
|  |  |  |  |  |  | 95,676,518 |
Utah — 0.9% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, RB, Series A, AMT, 5.00%, 07/01/34 |  |  | 3,500 |  |  |  | 3,741,920 |
Utah Charter School Finance Authority, RB(b) |  |  |  |  |  |  |  |
Series A, 3.63%, 06/15/29 |  |  | 370 |  |  |  | 355,527 |
Series A, 5.00%, 06/15/49 |  |  | 320 |  |  |  | 304,954 |
Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27(b) |  |  | 1,290 |  |  |  | 1,279,734 |
Utah State University, RB, Series B, (AGM), 4.00%, 12/01/45 |  |  | 3,000 |  |  |  | 2,960,607 |
|  |  |  |  |  |  | 8,642,742 |
Vermont — 0.6% |  |  |  |  |  |
University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30 |  |  | 5,565 |  |  |  | 5,711,582 |
Virginia — 0.2% |  |  |  |  |  |
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52 |  |  | 2,065 |  |  |  | 2,188,047 |
Washington — 0.6% |  |  |  |  |  |
City of Bellevue Washington, Refunding GO, 4.00%, 12/01/42 |  |  | 1,250 |  |  |  | 1,283,501 |
State of Washington, GO, Series C, 5.00%, 02/01/41 |  |  | 2,500 |  |  |  | 2,714,418 |
Washington State Housing Finance Commission, Refunding RB(b) |  |  |  |  |  |  |  |
5.00%, 01/01/27 |  |  | 1,560 |  |  |  | 1,605,691 |
5.00%, 01/01/28 |  |  | 750 |  |  |  | 774,842 |
|  |  |  |  |  |  | 6,378,452 |
Wisconsin — 1.6% |  |  |  |  |  |
Public Finance Authority, RB |  |  |  |  |  |  |  |
5.00%, 04/01/30(b) |  |  | 500 |  |  |  | 510,133 |
5.00%, 06/15/34 |  |  | 430 |  |  |  | 453,935 |
5.00%, 10/15/56(b) |  |  | 385 |  |  |  | 341,773 |
Class A, 5.00%, 06/15/56(b) |  |  | 1,000 |  |  |  | 837,054 |
Series A, 4.00%, 03/01/30(b) |  |  | 445 |  |  |  | 420,700 |
Series A, 5.00%, 07/15/39(b) |  |  | 165 |  |  |  | 162,450 |
Series A, 5.00%, 07/15/49(b) |  |  | 630 |  |  |  | 586,763 |
Series A, 5.00%, 10/15/50(b) |  |  | 1,695 |  |  |  | 1,565,556 |
Series A, 5.00%, 07/15/54(b) |  |  | 300 |  |  |  | 273,700 |
AMT, 4.00%, 09/30/51 |  |  | 1,595 |  |  |  | 1,338,993 |
AMT, 4.00%, 03/31/56 |  |  | 1,520 |  |  |  | 1,244,186 |

S C H E D U L E O F I N V E S T M E N T S |  | 43

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Wisconsin (continued) |  |  |  |  |  |
Public Finance Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 09/01/29(b) |  | $ | 130 |  |  | $ | 118,686 |
5.00%, 09/01/49(b) |  |  | 520 |  |  |  | 428,447 |
Series B, AMT, 5.25%, 07/01/28 |  |  | 4,765 |  |  |  | 4,769,260 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |  |  | 2,720 |  |  |  | 2,613,849 |
|  |  |  |  |  |  | 15,665,485 |
Total Municipal Bonds — 148.1% (Cost: $1,451,223,705) |  |  |  |  |  |  | 1,463,105,230 |
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
Alabama — 1.2% |  |  |  |  |  |
Black Belt Energy Gas District, RB, Series C‑1, 5.25%, 02/01/53(a) |  |  | 11,280 |  |  |  | 12,098,635 |
California — 2.0% |  |  |  |  |  |
City of Los Angeles Department of Airports, RB, AMT, 5.00%, 05/15/46 |  |  | 12,170 |  |  |  | 12,943,714 |
Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52 |  |  | 6,000 |  |  |  | 6,650,588 |
|  |  |  |  |  |  | 19,594,302 |
Colorado — 0.8% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 7,310 |  |  |  | 8,098,849 |
Georgia — 1.5% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a) |  |  | 14,235 |  |  |  | 15,067,827 |
Illinois — 1.3% |  |  |  |  |  |
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46 |  |  | 11,860 |  |  |  | 12,897,169 |
Maryland — 1.5% |  |  |  |  |  |
Maryland State Transportation Authority, Refunding RB, 4.00%, 07/01/50 |  |  | 15,000 |  |  |  | 14,913,428 |
Michigan — 2.7% |  |  |  |  |  |
Ascension Health, 5.00%, 11/15/47 |  |  | 10,000 |  |  |  | 10,336,580 |
Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45 |  |  | 15,520 |  |  |  | 15,985,119 |
|  |  |  |  |  |  | 26,321,699 |
Nebraska — 1.0% |  |  |  |  |  |
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) |  |  | 9,062 |  |  |  | 9,567,872 |
New Jersey — 0.7% |  |  |  |  |  |
New Jersey Housing & Mortgage Finance Agency, Refunding RB |  |  |  |  |  |  |  |
Series BB, AMT, 3.65%, 04/01/28 |  |  | 3,840 |  |  |  | 3,860,232 |
Series BB, AMT, 3.70%, 10/01/28 |  |  | 2,975 |  |  |  | 2,990,711 |
|  |  |  |  |  |  | 6,850,943 |

Security |  | Par (000) |  |  | Value |
New York — 1.4% |  |  |  |  |  |
New York State Dormitory Authority, Refunding RB, Series EE, 4.00%, 03/15/42 |  | $ | 10,000 |  |  | $ | 10,033,780 |
Port Authority of New York & New Jersey, Refunding ARB, 178th Series, AMT, 5.00%, 12/01/32 |  |  | 4,009 |  |  |  | 4,079,500 |
|  |  |  |  |  |  | 14,113,280 |
Pennsylvania — 2.0% |  |  |  |  |  |
Pennsylvania Turnpike Commission, RB, Series B‑1, 5.25%, 06/01/47 |  |  | 18,910 |  |  |  | 19,857,787 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 16.1% (Cost: $155,086,684) |  |  |  | 159,381,791 |
Total Long-Term Investments — 164.2% (Cost: $1,606,310,389) |  |  |  | 1,622,487,021 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.2% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(i)(j) |  |  | 22,079,488 |  |  |  | 22,083,904 |
Total Short-Term Securities — 2.2% (Cost: $22,080,812) |  |  |  |  | 22,083,904 |
Total Investments — 166.4% (Cost: $1,628,391,201) |  |  |  |  | 1,644,570,925 |
Liabilities in Excess of Other Assets — (0.7)% |  |  |  | (7,493,931 | )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.9)% |  |  |  | (87,618,382 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (56.8)% |  |  |  | (561,386,838 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 988,071,774 |

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

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

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

(d) | When-issued security.

(e) | Zero-coupon bond.

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

(g) | Non‑income producing security.

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

(i) | Affiliate of the Fund.

(j) | Annualized 7‑day yield as of period end.

44 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI)

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

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

| (a) | Represents net amount purchased (sold). |

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10‑Year U.S. Treasury Note |  |  | 424 |  |  |  | 03/22/23 |  |  | $ | 48,681 |  |  | $ | (802,785 | )
U.S. Long Bond |  |  | 577 |  |  |  | 03/22/23 |  |  |  | 75,353 |  |  |  | (2,428,696 | )
5‑Year U.S. Treasury Note |  |  | 486 |  |  |  | 03/31/23 |  |  |  | 53,194 |  |  |  | (743,938 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,975,419 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,975,419 |  |  | $ | — |  |  | $ | 3,975,419 |

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

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,296,442 |  |  | $ | — |  |  | $ | 14,296,442 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 746,813 |  |  | $ | — |  |  | $ | 746,813 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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

S C H E D U L E O F I N V E S T M E N T S |  | 45

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock Municipal Income Fund, Inc. (MUI)

Fair Value Hierarchy as of Period End
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 |  | $ | — |  |  | $ | 1,463,105,230 |  |  | $ | — |  |  | $ | 1,463,105,230 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 159,381,791 |  |  |  | — |  |  |  | 159,381,791 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 22,083,904 |  |  |  | — |  |  |  | — |  |  |  | 22,083,904 |
|  | $ | 22,083,904 |  |  | $ | 1,622,487,021 |  |  | $ | — |  |  | $ | 1,644,570,925 |
Derivative Financial Instruments(a) |
Liabilities |
Interest Rate Contracts |  | $ | (3,975,419 | ) |  | $ | — |  |  | $ | — |  |  | $ | (3,975,419 | )

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

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 |  | $ | — |  |  | $ | (87,180,947 | ) |  | $ | — |  |  | $ | (87,180,947 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (561,700,000 | ) |  |  | — |  |  |  | (561,700,000 | )
|  | $ | — |  |  | $ | (648,880,947 | ) |  | $ | — |  |  | $ | (648,880,947 | )

See notes to financial statements.

46 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 2.6% |  |  |  |  |  |  |  |
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a) |  | $ | 830 |  |  | $ | 889,851 |
County of Jefferson Alabama Sewer Revenue, Refunding RB |  |  |  |  |  |  |  |
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 |  |  | 1,665 |  |  |  | 1,721,407 |
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 |  |  | 3,175 |  |  |  | 3,274,638 |
Series D, Sub Lien, 6.00%, 10/01/42 |  |  | 7,410 |  |  |  | 7,914,762 |
Southeast Energy Authority A Cooperative District, RB, Series A‑1, 5.50%, 01/01/53(a) |  |  | 1,405 |  |  |  | 1,535,885 |
|  |  |  |  |  |  | 15,336,543 |
Arizona — 4.0% |  |  |  |  |  |
Glendale Industrial Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 05/15/41 |  |  | 190 |  |  |  | 183,503 |
5.00%, 05/15/56 |  |  | 750 |  |  |  | 688,879 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) |  |  | 3,575 |  |  |  | 3,426,348 |
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 |  |  | 5,905 |  |  |  | 5,809,646 |
Salt Verde Financial Corp., RB |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 7,365 |  |  |  | 7,988,462 |
5.00%, 12/01/37 |  |  | 5,000 |  |  |  | 5,307,965 |
|  |  |  |  |  |  | 23,404,803 |
Arkansas — 0.8% |  |  |  |  |  |
Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b) |  |  | 4,900 |  |  |  | 4,590,761 |
California — 6.2% |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42 |  |  | 6,490 |  |  |  | 6,587,447 |
California Educational Facilities Authority, RB, Series U‑7, 5.00%, 06/01/46 |  |  | 2,010 |  |  |  | 2,450,855 |
California Health Facilities Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/23(c) |  |  | 2,560 |  |  |  | 2,585,147 |
Series A, 4.00%, 08/15/48 |  |  | 4,805 |  |  |  | 4,786,385 |
California Municipal Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 5.25%, 08/15/39 |  |  | 305 |  |  |  | 309,085 |
Series A, 5.25%, 08/15/49 |  |  | 770 |  |  |  | 778,755 |
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) |  |  | 1,650 |  |  |  | 1,650,975 |
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |  |  | 1,605 |  |  |  | 1,639,735 |
California Statewide Financing Authority, RB, Series A, 6.00%, 05/01/43 |  |  | 3,285 |  |  |  | 3,287,349 |
City of Los Angeles Department of Airports, RB, Series A, AMT, 4.00%, 05/15/42 |  |  | 2,815 |  |  |  | 2,804,452 |
City of Los Angeles Department of Airports, Refunding RB |  |  |  |  |  |  |  |
AMT, Subordinate, 5.00%, 11/15/31 |  |  | 10 |  |  |  | 11,642 |
AMT, Subordinate, 5.00%, 05/15/46 |  |  | 2,415 |  |  |  | 2,576,262 |
Series D, AMT, Subordinate, 4.00%, 05/15/51 |  |  | 1,335 |  |  |  | 1,211,515 |
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) |  |  | 500 |  |  |  | 367,743 |
CSCDA Community Improvement Authority, RB, M/F Housing(b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 235 |  |  |  | 202,016 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |  |  |  |  |  |  |  |
4.00%, 12/01/56 |  | $ | 340 |  |  | $ | 252,083 |
Series A, 4.00%, 06/01/58 |  |  | 1,410 |  |  |  | 1,182,120 |
Senior Lien, 3.13%, 06/01/57 |  |  | 1,215 |  |  |  | 852,480 |
Series A, Senior Lien, 4.00%, 12/01/58 |  |  | 715 |  |  |  | 555,429 |
San Diego County Regional Airport Authority, RB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |  |  | 1,215 |  |  |  | 1,122,251 |
State of California, GO, (AMBAC), 5.00%, 04/01/31 |  |  | 10 |  |  |  | 10,024 |
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) |  |  | 740 |  |  |  | 757,886 |
|  |  |  |  |  |  | 35,981,636 |
Colorado — 3.1% |  |  |  |  |  |
Arapahoe County School District No. 6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 |  |  | 2,635 |  |  |  | 2,965,645 |
Board of Governors of Colorado State University System, Refunding RB, Series C, (NPFGC), 4.00%, 03/01/47 |  |  | 4,265 |  |  |  | 4,096,622 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 3,580 |  |  |  | 3,966,400 |
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series D, AMT, 5.75%, 11/15/45 |  |  | 870 |  |  |  | 1,004,274 |
Colorado Health Facilities Authority, RB |  |  |  |  |  |  |  |
5.50%, 11/01/47 |  |  | 355 |  |  |  | 387,640 |
5.25%, 11/01/52 |  |  | 745 |  |  |  | 798,107 |
Colorado Health Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 08/01/44 |  |  | 3,735 |  |  |  | 3,484,456 |
Series A, 4.00%, 11/15/50 |  |  | 1,125 |  |  |  | 1,092,510 |
|  |  |  |  |  |  | 17,795,654 |
Connecticut — 0.2% |  |  |  |  |  |
Connecticut Housing Finance Authority, RB, M/F Housing, Series A‑1, 3.50%, 11/15/51 |  |  | 955 |  |  |  | 950,178 |
Delaware — 1.6% |  |  |  |  |  |
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |  |  | 3,065 |  |  |  | 3,079,139 |
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 |  |  | 3,720 |  |  |  | 3,632,759 |
Delaware Transportation Authority, RB, 5.00%, 06/01/55 |  |  | 2,430 |  |  |  | 2,497,595 |
|  |  |  |  |  |  | 9,209,493 |
District of Columbia — 7.3% |  |  |  |  |  |
District of Columbia, Refunding RB 5.00%, 04/01/35 |  |  | 910 |  |  |  | 977,025 |
Catholic Health Services, 5.00%, 10/01/48 |  |  | 4,875 |  |  |  | 5,021,889 |
District of Columbia, TA, 5.13%, 06/01/41 |  |  | 4,440 |  |  |  | 4,449,106 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB, Series A, AMT, 4.00%, 10/01/39 |  |  | 795 |  |  |  | 795,833 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |  |  |  |  |  |  |  |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/31(d) |  |  | 8,350 |  |  |  | 6,119,281 |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/32(d) |  |  | 15,000 |  |  |  | 10,670,865 |

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

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
District of Columbia (continued) |  |  |  |  |  |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB (continued) |  |  |  |  |  |  |  |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33(d) |  | $ | 13,410 |  |  | $ | 9,197,450 |
Class B, Subordinate, (AGM), 4.00%, 10/01/53 |  |  | 1,625 |  |  |  | 1,579,325 |
Series B, Subordinate, 4.00%, 10/01/49 |  |  | 3,780 |  |  |  | 3,562,079 |
|  |  |  |  |  |  | 42,372,853 |
Florida — 3.8% |  |  |  |  |  |
Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44 |  |  | 4,825 |  |  |  | 4,896,130 |
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |  |  | 445 |  |  |  | 452,607 |
Capital Projects Finance Authority, RB |  |  |  |  |  |  |  |
Series A‑1, 5.00%, 10/01/32 |  |  | 405 |  |  |  | 428,005 |
Series A‑1, 5.00%, 10/01/33 |  |  | 455 |  |  |  | 478,465 |
Series A‑1, 5.00%, 10/01/34 |  |  | 455 |  |  |  | 475,246 |
Series A‑1, 5.00%, 10/01/35 |  |  | 150 |  |  |  | 155,386 |
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |  |  | 2,790 |  |  |  | 2,838,103 |
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/52 |  |  | 5,000 |  |  |  | 5,490,530 |
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52(e) |  |  | 980 |  |  |  | 1,046,731 |
Florida Development Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/40 |  |  | 455 |  |  |  | 459,243 |
Series A, 5.00%, 06/15/50 |  |  | 1,510 |  |  |  | 1,483,199 |
Series A, 5.00%, 06/15/55 |  |  | 905 |  |  |  | 883,956 |
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 |  |  | 2,655 |  |  |  | 2,645,952 |
|  |  |  |  |  |  | 21,733,553 |
Georgia — 5.3% |  |  |  |  |  |
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |  |  | 2,400 |  |  |  | 2,301,859 |
Dalton Whitfield County Joint Development Authority, GO, 4.00%, 08/15/48 |  |  | 6,660 |  |  |  | 6,504,429 |
Georgia Housing & Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
3.60%, 12/01/44 |  |  | 3,030 |  |  |  | 2,659,901 |
Series A, 4.00%, 06/01/49 |  |  | 1,245 |  |  |  | 1,299,942 |
Series B, 2.50%, 06/01/50 |  |  | 1,485 |  |  |  | 996,849 |
Georgia Ports Authority, RB, 4.00%, 07/01/52 |  |  | 1,450 |  |  |  | 1,436,727 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/35 |  |  | 1,040 |  |  |  | 1,113,195 |
Series A, 5.00%, 05/15/36 |  |  | 1,040 |  |  |  | 1,103,738 |
Series A, 5.00%, 05/15/37 |  |  | 1,145 |  |  |  | 1,205,121 |
Series A, 5.00%, 05/15/38 |  |  | 630 |  |  |  | 659,686 |
Series A, 5.00%, 05/15/49 |  |  | 2,100 |  |  |  | 2,153,676 |
Series A, 5.00%, 06/01/53(e) |  |  | 4,470 |  |  |  | 4,747,252 |
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 |  |  | 3,290 |  |  |  | 2,884,491 |
Municipal Electric Authority of Georgia, Refunding RB |  |  |  |  |  |  |  |
Sub‑Series A, 4.00%, 01/01/49 |  |  | 1,285 |  |  |  | 1,210,453 |
Series A, Subordinate, 4.00%, 01/01/51 |  |  | 465 |  |  |  | 432,067 |
|  |  |  |  |  |  | 30,709,386 |

Security |  | Par (000) |  |  | Value |
Idaho — 1.7% |  |  |  |  |  |
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |  | $ | 10,000 |  |  | $ | 10,017,990 |
Illinois — 9.6% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/42 |  |  | 1,115 |  |  |  | 1,114,952 |
Series C, 5.25%, 12/01/35 |  |  | 3,095 |  |  |  | 3,137,250 |
Series D, 5.00%, 12/01/46 |  |  | 4,040 |  |  |  | 4,014,102 |
Series H, 5.00%, 12/01/36 |  |  | 460 |  |  |  | 467,737 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series C, 5.00%, 12/01/25 |  |  | 1,365 |  |  |  | 1,399,367 |
Series D, 5.00%, 12/01/25 |  |  | 1,735 |  |  |  | 1,778,682 |
Series D, 5.00%, 12/01/31 |  |  | 1,000 |  |  |  | 1,042,331 |
Series G, 5.00%, 12/01/34 |  |  | 455 |  |  |  | 468,710 |
Chicago O’Hare International Airport, Refunding RB |  |  |  |  |  |  |  |
Series A, Senior Lien, 4.00%, 01/01/36 |  |  | 460 |  |  |  | 475,714 |
Series A, Senior Lien, 4.00%, 01/01/38 |  |  | 1,500 |  |  |  | 1,496,734 |
Series B, Senior Lien, 5.00%, 01/01/53 |  |  | 3,035 |  |  |  | 3,188,131 |
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |  |  | 1,635 |  |  |  | 1,668,241 |
Illinois Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 02/15/47 |  |  | 500 |  |  |  | 499,298 |
Series A, 5.00%, 02/15/50 |  |  | 270 |  |  |  | 262,264 |
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |  |  | 5,815 |  |  |  | 6,117,345 |
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 |  |  | 1,835 |  |  |  | 1,844,120 |
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50 |  |  | 570 |  |  |  | 508,041 |
Series B, (AGM), 0.00%, 06/15/44(d) |  |  | 10,925 |  |  |  | 4,146,693 |
Series B, (AGM), 0.00%, 06/15/47(d) |  |  | 27,225 |  |  |  | 8,823,541 |
State of Illinois, GO |  |  |  |  |  |  |  |
5.50%, 07/01/38 |  |  | 4,000 |  |  |  | 4,042,056 |
5.00%, 02/01/39 |  |  | 3,195 |  |  |  | 3,219,263 |
Series A, 5.00%, 04/01/38 |  |  | 2,510 |  |  |  | 2,517,967 |
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/28 |  |  | 1,000 |  |  |  | 1,088,560 |
University of Illinois, RB, Series A, 5.00%, 04/01/44 |  |  | 2,045 |  |  |  | 2,066,751 |
|  |  |  |  |  |  | 55,387,850 |
Indiana — 2.4% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 1,635 |  |  |  | 1,671,699 |
AMT, 7.00%, 01/01/44 |  |  | 3,950 |  |  |  | 4,028,633 |
Indiana Finance Authority, RB(c) |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/23 |  |  | 3,925 |  |  |  | 3,953,985 |
Series A, AMT, 5.25%, 07/01/23 |  |  | 840 |  |  |  | 847,174 |
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 |  |  | 590 |  |  |  | 579,716 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |  |  | 2,580 |  |  |  | 2,585,173 |
|  |  |  |  |  |  | 13,666,380 |
Kansas — 0.1% |  |  |  |  |  |
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |  |  | 530 |  |  |  | 506,171 |

48 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Kentucky — 1.0% |  |  |  |  |  |
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 |  | $ | 2,625 |  |  | $ | 2,737,316 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43(f) |  |  | 2,485 |  |  |  | 2,852,658 |
|  |  |  |  |  |  | 5,589,974 |
Louisiana — 0.3% |  |  |  |  |  |
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53(e) |  |  | 760 |  |  |  | 740,459 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 1,025 |  |  |  | 1,032,073 |
|  |  |  |  |  |  | 1,772,532 |
Maryland — 0.8% |  |  |  |  |  |
Maryland Health & Higher Educational Facilities Authority, RB |  |  |  |  |  |  |  |
Series 2017, 5.00%, 12/01/46 |  |  | 880 |  |  |  | 920,485 |
Series B, 4.00%, 04/15/50 |  |  | 1,250 |  |  |  | 1,188,652 |
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 |  |  | 3,650 |  |  |  | 2,517,212 |
|  |  |  |  |  |  | 4,626,349 |
Massachusetts — 2.9% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series C, 5.00%, 10/01/47 |  |  | 2,740 |  |  |  | 3,084,709 |
Series C, 5.00%, 10/01/52 |  |  | 2,835 |  |  |  | 3,150,527 |
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A‑1, 5.25%, 07/01/29 |  |  | 3,250 |  |  |  | 3,840,723 |
Massachusetts Housing Finance Agency, RB, M/F Housing |  |  |  |  |  |  |  |
Series C‑1, 3.15%, 12/01/49 |  |  | 1,165 |  |  |  | 903,137 |
Series C‑1, 3.25%, 12/01/54 |  |  | 4,280 |  |  |  | 3,192,987 |
Massachusetts Port Authority, RB, Series E, AMT, 5.00%, 07/01/46 |  |  | 2,325 |  |  |  | 2,472,526 |
|  |  |  |  |  |  | 16,644,609 |
Michigan — 4.8% |  |  |  |  |  |
Great Lakes Water Authority Sewage Disposal System Revenue, RB |  |  |  |  |  |  |  |
Series B, 2nd Lien, 5.25%, 07/01/47 |  |  | 1,125 |  |  |  | 1,231,781 |
Series B, 2nd Lien, 5.50%, 07/01/52 |  |  | 2,655 |  |  |  | 2,926,622 |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 2,655 |  |  |  | 2,875,572 |
Great Lakes Water Authority Water Supply System Revenue, RB |  |  |  |  |  |  |  |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 2,655 |  |  |  | 2,871,045 |
Series B, Senior Lien, 5.50%, 07/01/52 |  |  | 2,655 |  |  |  | 2,930,140 |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/50 |  |  | 4,730 |  |  |  | 4,484,130 |
4.00%, 02/15/44 |  |  | 1,710 |  |  |  | 1,670,289 |
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |  |  | 3,110 |  |  |  | 3,021,545 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 2.70%, 10/01/56 |  |  | 1,995 |  |  |  | 1,315,914 |
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 |  |  | 2,105 |  |  |  | 2,278,961 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 2,255 |  |  |  | 2,286,124 |
|  |  |  |  |  |  | 27,892,123 |
Minnesota — 2.1% |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.25%, 02/15/48 |  |  | 2,160 |  |  |  | 2,132,015 |

Security |  | Par (000) |  |  | Value |
Minnesota (continued) |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB (continued) |  |  |  |  |  |  |  |
Series A, 5.25%, 02/15/53 |  | $ | 1,190 |  |  | $ | 1,240,213 |
Series A, 5.25%, 02/15/58 |  |  | 3,125 |  |  |  | 3,250,531 |
Minnesota Housing Finance Agency, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 |  |  | 705 |  |  |  | 582,331 |
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52(e) |  |  | 3,630 |  |  |  | 3,621,876 |
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52(e) |  |  | 1,290 |  |  |  | 1,262,998 |
|  |  |  |  |  |  | 12,089,964 |
Missouri — 3.0% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |  |  | 2,445 |  |  |  | 2,367,868 |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB 5.50%, 05/01/43 |  |  | 510 |  |  |  | 513,394 |
Series A, 4.00%, 07/01/46 |  |  | 1,250 |  |  |  | 1,228,130 |
Series C, 5.00%, 11/15/42 |  |  | 5,470 |  |  |  | 5,749,353 |
Kansas City Industrial Development Authority, RB, Class B, AMT, 5.00%, 03/01/54 |  |  | 2,680 |  |  |  | 2,764,096 |
Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52(e) |  |  | 4,700 |  |  |  | 4,688,372 |
|  |  |  |  |  |  | 17,311,213 |
Nebraska — 1.5% |  |  |  |  |  |
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51 |  |  | 8,700 |  |  |  | 8,558,555 |
New Hampshire(b) — 0.8% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 3,205 |  |  |  | 3,047,506 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 1,665 |  |  |  | 1,544,786 |
|  |  |  |  |  |  | 4,592,292 |
New Jersey — 11.0% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 3,490 |  |  |  | 3,580,750 |
5.25%, 11/01/44 |  |  | 3,180 |  |  |  | 3,225,280 |
Hudson County Improvement Authority, RB, 4.00%, 10/01/46 |  |  | 1,640 |  |  |  | 1,623,898 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
4.00%, 11/01/38 |  |  | 1,075 |  |  |  | 1,078,816 |
4.00%, 11/01/39 |  |  | 860 |  |  |  | 860,011 |
Class A, 5.25%, 11/01/47 |  |  | 3,565 |  |  |  | 3,872,410 |
Series EEE, 5.00%, 06/15/48 |  |  | 12,340 |  |  |  | 12,845,200 |
Series B, AMT, 6.50%, 04/01/31 |  |  | 2,005 |  |  |  | 2,078,820 |
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |  |  | 3,040 |  |  |  | 3,053,160 |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |  |  | 2,710 |  |  |  | 2,647,684 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, Class B, AMT, 4.00%, 12/01/41 |  |  | 2,570 |  |  |  | 2,591,421 |
Series C, Class C, AMT, Subordinate, 5.00%, 12/01/52 |  |  | 2,595 |  |  |  | 2,682,973 |
New Jersey Transportation Trust Fund Authority, RB Series C, (AMBAC), 0.00%, 12/15/35(d) |  |  | 7,395 |  |  |  | 4,289,263 |

S C H E D U L E O F I N V E S T M E N T S |  | 49

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Transportation Trust Fund Authority, RB (continued) |  |  |  |  |  |  |  |
Series S, 5.00%, 06/15/46 |  | $ | 2,415 |  |  | $ | 2,520,374 |
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 |  |  | 5,425 |  |  |  | 5,577,036 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.25%, 06/01/46 |  |  | 5,120 |  |  |  | 5,333,678 |
Sub‑Series B, 5.00%, 06/01/46 |  |  | 5,625 |  |  |  | 5,690,087 |
|  |  |  |  |  |  | 63,550,861 |
New Mexico — 0.7% |  |  |  |  |  |
New Mexico Mortgage Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53 |  |  | 2,240 |  |  |  | 2,207,970 |
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53 |  |  | 1,590 |  |  |  | 1,664,651 |
|  |  |  |  |  |  | 3,872,621 |
New York — 16.1% |  |  |  |  |  |
City of New York New York, GO |  |  |  |  |  |  |  |
Series A‑1, 4.00%, 09/01/46 |  |  | 1,640 |  |  |  | 1,623,902 |
Series C, 5.00%, 08/01/43 |  |  | 2,330 |  |  |  | 2,593,178 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 4,070 |  |  |  | 4,070,134 |
Metropolitan Transportation Authority, RB |  |  |  |  |  |  |  |
Series B, 5.25%, 11/15/38 |  |  | 4,960 |  |  |  | 5,048,685 |
Series B, 5.25%, 11/15/39 |  |  | 1,765 |  |  |  | 1,790,817 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series C‑1, 4.75%, 11/15/45 |  |  | 3,335 |  |  |  | 3,329,967 |
Series C‑1, 5.00%, 11/15/50 |  |  | 1,085 |  |  |  | 1,100,803 |
Series C‑1, 5.25%, 11/15/55 |  |  | 1,605 |  |  |  | 1,654,686 |
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |  |  | 3,335 |  |  |  | 3,269,971 |
New York City Housing Development Corp., RB, M/F Housing |  |  |  |  |  |  |  |
Series A, 3.00%, 11/01/55 |  |  | 2,220 |  |  |  | 1,604,039 |
Series F‑1, (FHA), 2.40%, 11/01/46 |  |  | 5,310 |  |  |  | 3,666,401 |
Series F‑1, (FHA), 2.50%, 11/01/51 |  |  | 2,685 |  |  |  | 1,783,734 |
New York City Industrial Development Agency, Refunding RB |  |  |  |  |  |  |  |
Series A, (AGM), 3.00%, 01/01/36 |  |  | 180 |  |  |  | 164,139 |
Series A, (AGM), 3.00%, 01/01/40 |  |  | 685 |  |  |  | 582,806 |
New York City Municipal Water Finance Authority, Refunding RB, Series BB‑1, 4.00%, 06/15/45 |  |  | 1,545 |  |  |  | 1,538,513 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F‑1, Subordinate, 4.00%, 02/01/51 |  |  | 840 |  |  |  | 831,571 |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |  |  | 3,400 |  |  |  | 3,400,734 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 2, 5.15%, 11/15/34(b) |  |  | 705 |  |  |  | 706,712 |
Class 2, 5.38%, 11/15/40(b) |  |  | 1,760 |  |  |  | 1,760,612 |
Series 1, 5.00%, 11/15/44(b) |  |  | 8,145 |  |  |  | 8,124,572 |
Series A, 2.88%, 11/15/46 |  |  | 7,060 |  |  |  | 5,355,808 |
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 |  |  | 2,765 |  |  |  | 2,699,660 |
New York State Dormitory Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 03/15/44 |  |  | 2,270 |  |  |  | 2,252,083 |
Series A, 4.00%, 03/15/47 |  |  | 7,890 |  |  |  | 7,735,119 |
Series D, 4.00%, 02/15/47 |  |  | 6,450 |  |  |  | 6,329,933 |

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 |  | $ | 3,750 |  |  | $ | 4,037,813 |
New York State Urban Development Corp., Refunding RB, Series E, 4.00%, 03/15/46 |  |  | 6,135 |  |  |  | 6,087,245 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 2,230 |  |  |  | 2,324,944 |
Series A, AMT, 5.00%, 07/01/46 |  |  | 1,525 |  |  |  | 1,520,753 |
Triborough Bridge & Tunnel Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 11/15/49 |  |  | 1,790 |  |  |  | 1,922,439 |
Series A, 4.00%, 11/15/54 |  |  | 2,065 |  |  |  | 2,013,189 |
Series A, 5.00%, 11/15/54 |  |  | 1,725 |  |  |  | 1,847,006 |
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 |  |  | 411 |  |  |  | 418,534 |
|  |  |  |  |  |  | 93,190,502 |
North Carolina — 1.6% |  |  |  |  |  |
North Carolina Capital Facilities Finance Agency, |  |  |  |  |  |  |  |
Refunding RB, Series B, 5.00%, 10/01/25 |  |  | 5,290 |  |  |  | 5,654,365 |
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 |  |  | 1,315 |  |  |  | 1,325,273 |
North Carolina Medical Care Commission, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 10/01/40 |  |  | 240 |  |  |  | 210,983 |
Series A, 5.00%, 10/01/40 |  |  | 360 |  |  |  | 363,595 |
Series A, 4.00%, 10/01/45 |  |  | 220 |  |  |  | 187,470 |
Series A, 5.00%, 10/01/45 |  |  | 640 |  |  |  | 642,698 |
Series A, 4.00%, 10/01/50 |  |  | 270 |  |  |  | 223,382 |
Series A, 5.00%, 10/01/50 |  |  | 720 |  |  |  | 720,804 |
|  |  |  |  |  |  | 9,328,570 |
North Dakota — 0.2% |  |  |  |  |  |
North Dakota Housing Finance Agency, RB, Series B, 3.00%, 07/01/52 |  |  | 1,290 |  |  |  | 1,261,927 |
Ohio — 3.7% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A‑2, 4.00%, 06/01/48 |  |  | 3,375 |  |  |  | 3,101,784 |
Series B‑2, 5.00%, 06/01/55 |  |  | 5,355 |  |  |  | 5,108,241 |
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44 |  |  | 4,160 |  |  |  | 4,069,254 |
County of Franklin Ohio, RB |  |  |  |  |  |  |  |
Series 2017, 5.00%, 12/01/46 |  |  | 840 |  |  |  | 869,997 |
Series A, 4.00%, 12/01/44 |  |  | 1,060 |  |  |  | 1,045,955 |
Series CC, 5.00%, 11/15/49 |  |  | 1,130 |  |  |  | 1,260,991 |
County of Hamilton Ohio, Refunding RB |  |  |  |  |  |  |  |
4.00%, 08/15/50 |  |  | 1,245 |  |  |  | 1,187,956 |
Series A, 3.75%, 08/15/50 |  |  | 2,190 |  |  |  | 1,984,863 |
County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46 |  |  | 665 |  |  |  | 653,146 |
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |  |  | 545 |  |  |  | 499,476 |
State of Ohio, RB, AMT, 5.00%, 06/30/53 |  |  | 1,685 |  |  |  | 1,692,914 |
|  |  |  |  |  |  | 21,474,577 |
Oklahoma — 1.9% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/57 |  |  | 2,460 |  |  |  | 2,267,175 |
Oklahoma Turnpike Authority, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 01/01/48 |  |  | 4,320 |  |  |  | 4,355,320 |
Series C, 4.00%, 01/01/42 |  |  | 4,115 |  |  |  | 4,218,472 |
|  |  |  |  |  |  | 10,840,967 |

50 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oregon — 0.2% |  |  |  |  |  |
State of Oregon, GO, 3.00%, 12/01/51 |  | $ | 1,005 |  |  | $ | 1,031,591 |
Pennsylvania — 3.5% |  |  |  |  |  |
Montgomery County Higher Education and Health Authority, Refunding RB |  |  |  |  |  |  |  |
Class B, 4.00%, 05/01/52 |  |  | 920 |  |  |  | 845,135 |
Series A, 5.00%, 09/01/43 |  |  | 1,870 |  |  |  | 1,946,032 |
Series A, 5.00%, 09/01/48 |  |  | 740 |  |  |  | 764,148 |
Series A, 4.00%, 09/01/49 |  |  | 1,185 |  |  |  | 1,103,988 |
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 |  |  | 1,765 |  |  |  | 1,773,781 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 3,210 |  |  |  | 3,221,623 |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 2022, 4.25%, 10/01/52 |  |  | 2,365 |  |  |  | 2,442,702 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/44 |  |  | 2,305 |  |  |  | 2,357,432 |
Series A, Subordinate, (BAM), 4.00%, 12/01/50 |  |  | 1,550 |  |  |  | 1,519,195 |
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |  |  | 4,515 |  |  |  | 4,446,539 |
|  |  |  |  |  |  | 20,420,575 |
Puerto Rico — 5.2% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO |  |  |  |  |  |  |  |
Series A1, Restructured, 5.63%, 07/01/29 |  |  | 2,931 |  |  |  | 3,121,807 |
Series A1, Restructured, 5.75%, 07/01/31 |  |  | 2,646 |  |  |  | 2,869,292 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A‑1, Restructured, 4.75%, 07/01/53 |  |  | 3,817 |  |  |  | 3,635,693 |
Series A‑1, Restructured, 5.00%, 07/01/58 |  |  | 12,161 |  |  |  | 11,981,625 |
Series A‑2, Restructured, 4.78%, 07/01/58 |  |  | 6,236 |  |  |  | 5,935,949 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) |  |  | 9,662 |  |  |  | 2,683,021 |
|  |  |  |  |  |  | 30,227,387 |
Rhode Island — 3.5% |  |  |  |  |  |
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(g)(h) |  |  | 4,155 |  |  |  | 623,250 |
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 76‑A, 3.00%, 10/01/51 |  |  | 2,475 |  |  |  | 2,401,955 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series B, 4.50%, 06/01/45 |  |  | 7,130 |  |  |  | 7,144,003 |
Series B, 5.00%, 06/01/50 |  |  | 9,875 |  |  |  | 9,928,345 |
|  |  |  |  |  |  | 20,097,553 |
South Carolina — 4.3% |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/48 |  |  | 3,030 |  |  |  | 3,117,049 |
South Carolina Ports Authority, RB, Series B, AMT, 4.00%, 07/01/49 |  |  | 1,330 |  |  |  | 1,269,483 |
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 |  |  | 8,090 |  |  |  | 8,230,054 |
South Carolina Public Service Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/50 |  |  | 5,000 |  |  |  | 5,040,910 |
Series E, 5.25%, 12/01/55 |  |  | 4,550 |  |  |  | 4,664,997 |

Security |  | Par (000) |  |  | Value |
South Carolina (continued) |  |  |  |  |  |
South Carolina State Housing Finance & Development Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 3.00%, 01/01/52 |  | $ | 850 |  |  | $ | 832,985 |
Series A, AMT, 4.00%, 01/01/52 |  |  | 1,780 |  |  |  | 1,816,561 |
|  |  |  |  |  |  | 24,972,039 |
Tennessee — 2.6% |  |  |  |  |  |
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 |  |  | 330 |  |  |  | 305,442 |
Memphis-Shelby County Airport Authority, RB, Series A, AMT, 5.00%, 07/01/45 |  |  | 2,665 |  |  |  | 2,795,351 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |  |  | 1,440 |  |  |  | 1,487,252 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 |  |  | 2,025 |  |  |  | 2,040,252 |
Tennessee Energy Acquisition Corp., Refunding RB, Series A‑1, 5.00%, 05/01/53(e) |  |  | 7,325 |  |  |  | 7,657,416 |
Tennessee Housing Development Agency, RB, S/F Housing, Series 1, 3.75%, 07/01/52(e) |  |  | 990 |  |  |  | 997,652 |
|  |  |  |  |  |  | 15,283,365 |
Texas — 8.2% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 885 |  |  |  | 946,376 |
7.88%, 11/01/62(b) |  |  | 755 |  |  |  | 786,035 |
City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/44 |  |  | 3,755 |  |  |  | 3,915,290 |
City of Houston Texas Airport System Revenue, RB, Series B‑1, AMT, 5.00%, 07/15/30 |  |  | 3,600 |  |  |  | 3,653,849 |
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |  |  | 1,765 |  |  |  | 1,770,500 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |  |  | 2,440 |  |  |  | 2,591,714 |
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |  |  | 1,525 |  |  |  | 1,548,088 |
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 6.38%, 01/01/33 |  |  | 460 |  |  |  | 460,237 |
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d) |  |  | 4,110 |  |  |  | 2,053,196 |
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |  |  | 5,700 |  |  |  | 5,640,526 |
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 |  |  | 2,695 |  |  |  | 2,886,722 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/53 |  |  | 1,280 |  |  |  | 1,230,710 |
Series A, 5.00%, 07/01/53 |  |  | 1,570 |  |  |  | 1,676,101 |
Series B, 5.00%, 07/01/48 |  |  | 9,585 |  |  |  | 10,005,130 |
Texas Transportation Commission State Highway 249 System, RB, Series A, 5.00%, 08/01/57 |  |  | 2,435 |  |  |  | 2,468,359 |
Texas Water Development Board, RB |  |  |  |  |  |  |  |
4.00%, 10/15/45 |  |  | 2,735 |  |  |  | 2,746,873 |
Series A, 4.00%, 10/15/49 |  |  | 3,180 |  |  |  | 3,183,180 |
|  |  |  |  |  |  | 47,562,886 |

S C H E D U L E O F I N V E S T M E N T S |  | 51

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Utah — 1.0% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/47 |  | $ | 1,920 |  |  | $ | 1,979,850 |
Series A, AMT, 5.00%, 07/01/48 |  |  | 1,845 |  |  |  | 1,909,258 |
County of Utah, RB, Series A, 3.00%, 05/15/50 |  |  | 2,065 |  |  |  | 1,657,683 |
|  |  |  |  |  |  | 5,546,791 |
Virginia — 2.0% |  |  |  |  |  |
Hampton Roads Transportation Accountability Commission, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/52 |  |  | 5,495 |  |  |  | 5,417,553 |
Series A, Senior Lien, 4.00%, 07/01/50 |  |  | 1,115 |  |  |  | 1,088,827 |
Series A, Senior Lien, 4.00%, 07/01/55 |  |  | 4,950 |  |  |  | 4,948,193 |
|  |  |  |  |  |  | 11,454,573 |
Washington — 1.2% |  |  |  |  |  |
Port of Seattle Washington, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 05/01/43 |  |  | 3,120 |  |  |  | 3,242,588 |
Series C, AMT, 5.00%, 04/01/40 |  |  | 1,565 |  |  |  | 1,596,788 |
Port of Seattle Washington, Refunding RB, AMT, Intermediate Lien, 5.50%, 08/01/47 |  |  | 1,330 |  |  |  | 1,469,874 |
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |  |  | 715 |  |  |  | 674,491 |
|  |  |  |  |  |  | 6,983,741 |
Wisconsin — 1.2% |  |  |  |  |  |
Public Finance Authority, RB(b) |  |  |  |  |  |  |  |
Series A, 5.00%, 07/15/39 |  |  | 190 |  |  |  | 187,063 |
Series A, 5.00%, 07/15/49 |  |  | 720 |  |  |  | 670,586 |
Series A, 5.00%, 07/15/54 |  |  | 345 |  |  |  | 314,755 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/15/49 |  |  | 6,205 |  |  |  | 5,940,748 |
|  |  |  |  |  |  | 7,113,152 |
Wyoming — 0.6% |  |  |  |  |  |
Wyoming Community Development Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 |  |  | 1,825 |  |  |  | 1,814,159 |
Series 3, (FHLMC, FNMA, GNMA), 3.00%, 06/01/50 |  |  | 1,610 |  |  |  | 1,578,541 |
|  |  |  |  |  |  | 3,392,700 |
Total Municipal Bonds — 134.6% (Cost: $779,228,736) |  |  |  |  |  |  | 778,347,240 |
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
California — 1.2% |  |  |  |  |  |
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |  |  | 6,494 |  |  |  | 6,833,509 |
Colorado — 2.2% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(j) |  |  | 4,775 |  |  |  | 5,044,253 |
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45 |  |  | 7,820 |  |  |  | 7,769,268 |
|  |  |  |  |  |  | 12,813,521 |
District of Columbia — 1.8% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B‑2, (FHA), 4.10%, 09/01/39 |  |  | 10,265 |  |  |  | 10,268,434 |

Security |  | Par (000) |  |  | Value |
Georgia — 1.6% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52 |  | $ | 8,998 |  |  | $ | 9,524,154 |
Illinois — 0.5% |  |  |  |  |  |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series C, 4.00%, 02/15/27 |  |  | 6 |  |  |  | 5,802 |
Series C, 4.00%, 02/15/41 |  |  | 2,994 |  |  |  | 2,999,830 |
|  |  |  |  |  |  | 3,005,632 |
Massachusetts — 0.7% |  |  |  |  |  |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 |  |  | 4,333 |  |  |  | 4,349,145 |
Nebraska — 0.8% |  |  |  |  |  |
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 |  |  | 4,303 |  |  |  | 4,542,890 |
New York — 3.4% |  |  |  |  |  |
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 |  |  | 13,980 |  |  |  | 13,954,731 |
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |  |  | 5,400 |  |  |  | 5,608,564 |
|  |  |  |  |  |  | 19,563,295 |
Pennsylvania — 0.9% |  |  |  |  |  |
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |  |  | 4,877 |  |  |  | 5,180,872 |
Texas — 0.9% |  |  |  |  |  |
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23 |  |  | 5,060 |  |  |  | 5,060,000 |
Virginia — 2.3% |  |  |  |  |  |
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 |  |  | 3,692 |  |  |  | 3,705,146 |
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 |  |  | 10,088 |  |  |  | 9,558,707 |
|  |  |  |  |  |  | 13,263,853 |
Wisconsin — 1.0% |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 |  |  | 5,950 |  |  |  | 5,858,769 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3% (Cost: $101,958,447) |  |  |  |  |  |  | 100,264,074 |
Total Long-Term Investments — 151.9% (Cost: $881,187,183) |  |  |  |  |  |  | 878,611,314 |

52 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 3.0% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(k)(l) |  |  | 17,665,817 |  |  | $ | 17,669,350 |
Total Short-Term Securities — 3.0% (Cost: $17,664,433) |  |  |  |  |  |  | 17,669,350 |
Total Investments — 154.9% (Cost: $898,851,616) |  |  |  |  |  |  | 896,280,664 |
Liabilities in Excess of Other Assets — (1.0)% |  |  |  | (5,735,704 | )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)% |  |  |  | (60,971,841 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.4)% |  |  |  | (251,110,021 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 578,463,098 |

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

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

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

(d) | Zero-coupon bond.

(e) | When-issued security.

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

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

(h) | Non‑income producing security.

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

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

(k) | Affiliate of the Fund.

(l) | Annualized 7‑day yield as of period end.

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

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

| (a) | Represents net amount purchased (sold). |

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10‑Year U.S. Treasury Note |  |  | 314 |  |  |  | 03/22/23 |  |  | $ | 36,051 |  |  | $ | (505,925 | )
U.S. Long Bond |  |  | 540 |  |  |  | 03/22/23 |  |  |  | 70,521 |  |  |  | (1,982,186 | )
5‑Year U.S. Treasury Note |  |  | 226 |  |  |  | 03/31/23 |  |  |  | 24,736 |  |  |  | (283,784 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,771,895 | )

S C H E D U L E O F I N V E S T M E N T S |  | 53

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD)

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,771,895 |  |  | $ | — |  |  | $ | 2,771,895 |

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

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,200,769 |  |  | $ | — |  |  | $ | 7,200,769 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (631,141 | ) |  | $ | — |  |  | $ | (631,141 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
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 |  | $ | — |  |  | $ | 778,347,240 |  |  | $ | — |  |  | $ | 778,347,240 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 100,264,074 |  |  |  | — |  |  |  | 100,264,074 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 17,669,350 |  |  |  | — |  |  |  | — |  |  |  | 17,669,350 |
|  | $ | 17,669,350 |  |  | $ | 878,611,314 |  |  | $ | — |  |  | $ | 896,280,664 |
Derivative Financial Instruments(a) |
Liabilities |
Interest Rate Contracts |  | $ | (2,771,895 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2,771,895 | )

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

54 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Fund, Inc. (MYD)

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 |  | $ | — |  |  | $ | (60,534,975 | ) |  | $ | — |  |  | $ | (60,534,975 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (251,400,000 | ) |  |  | — |  |  |  | (251,400,000 | )
|  | $ | — |  |  | $ | (311,934,975 | ) |  | $ | — |  |  | $ | (311,934,975 | )

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 55

Schedule of Investments (unaudited) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 1.9% |
Black Belt Energy Gas District, RB(a) |  |  |  |  |  |  |  |
4.00%, 10/01/52 |  | $ | 4,950 |  |  | $ | 4,944,104 |
Series C‑1, 5.25%, 02/01/53 |  |  | 4,705 |  |  |  | 5,046,461 |
Series F, 5.50%, 11/01/53 |  |  | 2,920 |  |  |  | 3,130,561 |
Homewood Educational Building Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 1,145 |  |  |  | 1,237,223 |
Series A, 5.00%, 12/01/47 |  |  | 1,010 |  |  |  | 1,047,041 |
Southeast Energy Authority A Cooperative District, RB, Series A‑1, 5.50%, 01/01/53(a) |  |  | 2,665 |  |  |  | 2,913,263 |
|  |  |  |  |  |  | 18,318,653 |
Arizona — 8.4% |  |  |  |  |  |  |  |
Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 12/01/42 |  |  | 2,785 |  |  |  | 2,832,977 |
Arizona Industrial Development Authority, RB 4.38%, 07/01/39(b) |  |  | 875 |  |  |  | 829,629 |
5.00%, 07/01/54(b) |  |  | 615 |  |  |  | 592,716 |
7.10%, 01/01/55(b) |  |  | 250 |  |  |  | 257,566 |
Series A, 5.00%, 07/01/39(b) |  |  | 1,280 |  |  |  | 1,233,766 |
Series A, (BAM), 5.00%, 06/01/49 |  |  | 2,500 |  |  |  | 2,660,952 |
Series A, 5.00%, 07/01/49(b) |  |  | 1,445 |  |  |  | 1,318,026 |
Series A, 5.00%, 07/15/49(b) |  |  | 1,000 |  |  |  | 960,414 |
Series A, 5.00%, 12/15/49(b) |  |  | 250 |  |  |  | 235,704 |
Series A, 5.00%, 07/01/54(b) |  |  | 1,110 |  |  |  | 992,122 |
Arizona Industrial Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.13%, 07/01/37(b) |  |  | 500 |  |  |  | 501,737 |
Series A, 5.38%, 07/01/50(b) |  |  | 1,645 |  |  |  | 1,645,446 |
Series A, 5.50%, 07/01/52(b) |  |  | 600 |  |  |  | 606,830 |
Series G, 5.00%, 07/01/47(b) |  |  | 2,360 |  |  |  | 2,266,081 |
Series S, (SD CRED PROG), 5.00%, 07/01/37 |  |  | 750 |  |  |  | 774,958 |
City of Buckeye Arizona Excise Tax Revenue, RB, (NPFGC), 5.00%, 07/01/43 |  |  | 4,000 |  |  |  | 4,191,632 |
City of Goodyear Arizona Water & Sewer Revenue, RB, 2nd Series, Subordinate, (AGM), 4.00%, 07/01/45 |  |  | 250 |  |  |  | 250,885 |
City of Lake Havasu City Arizona Wastewater System Revenue, RB, Series B, (AGM), 5.00%, 07/01/40 |  |  | 3,500 |  |  |  | 3,662,680 |
City of Phoenix Civic Improvement Corp., RB |  |  |  |  |  |  |  |
Series B, (BHAC‑CR FGIC), 5.50%, 07/01/41 |  |  | 100 |  |  |  | 126,129 |
Series B, AMT, 5.00%, 07/01/44 |  |  | 4,515 |  |  |  | 4,695,523 |
Series B, AMT, Junior Lien, 5.00%, 07/01/49 |  |  | 5,960 |  |  |  | 6,130,045 |
Series A, Junior Lien, 4.00%, 07/01/39 |  |  | 1,300 |  |  |  | 1,329,659 |
City of Phoenix Civic Improvement Corp., Refunding RB |  |  |  |  |  |  |  |
AMT, Senior Lien, 5.00%, 07/01/32 |  |  | 700 |  |  |  | 705,933 |
Series D, Junior Lien, 4.00%, 07/01/40 |  |  | 1,000 |  |  |  | 1,001,850 |
Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c) |  |  | 500 |  |  |  | 505,938 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 825 |  |  |  | 757,767 |
Industrial Development Authority of the City of Phoenix Arizona, RB 6.63%, 07/01/23(c) |  |  | 500 |  |  |  | 507,491 |
Series A, 5.00%, 07/01/44 |  |  | 2,000 |  |  |  | 2,007,316 |
Series A, 6.75%, 07/01/44(b) |  |  | 440 |  |  |  | 459,216 |

Security |  | Par (000) |  |  | Value |
Arizona (continued) |  |  |  |  |  |
Industrial Development Authority of the City of Phoenix Arizona, RB (continued) |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/46(b) |  | $ | 1,570 |  |  | $ | 1,504,718 |
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB 5.00%, 07/01/45(b) |  |  | 500 |  |  |  | 481,768 |
5.00%, 07/01/46 |  |  | 500 |  |  |  | 502,333 |
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b) |  |  | 1,150 |  |  |  | 1,086,638 |
Industrial Development Authority of the County of Pima, Refunding RB 5.00%, 06/15/49(b) |  |  | 1,985 |  |  |  | 1,822,659 |
5.00%, 06/15/52(b) |  |  | 530 |  |  |  | 480,071 |
Series A, 4.00%, 09/01/29 |  |  | 1,000 |  |  |  | 1,000,368 |
Kyrene Elementary School District No. 28, GO |  |  |  |  |  |  |  |
Series B, 5.50%, 07/01/29 |  |  | 480 |  |  |  | 484,989 |
Series B, 5.50%, 07/01/30 |  |  | 400 |  |  |  | 404,157 |
Maricopa County Industrial Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 07/01/47 |  |  | 1,000 |  |  |  | 1,005,990 |
4.00%, 07/01/50 |  |  | 1,500 |  |  |  | 1,434,811 |
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39(b) |  |  | 545 |  |  |  | 539,604 |
5.00%, 07/01/47(b) |  |  | 1,000 |  |  |  | 946,362 |
5.00%, 07/01/54(b) |  |  | 1,500 |  |  |  | 1,392,690 |
Series A, 5.00%, 09/01/37 |  |  | 1,525 |  |  |  | 1,621,659 |
Series A, 4.13%, 09/01/38 |  |  | 550 |  |  |  | 554,777 |
Series A, 4.13%, 09/01/42 |  |  | 750 |  |  |  | 752,403 |
Series A, 5.00%, 09/01/42 |  |  | 1,000 |  |  |  | 1,050,041 |
Maricopa County Unified School District No. 11-Peoria, GO, (AGM), 5.00%, 07/01/35 |  |  | 1,250 |  |  |  | 1,327,437 |
McAllister Academic Village LLC, Refunding RB, 5.00%, 07/01/39 |  |  | 500 |  |  |  | 530,275 |
Phoenix-Mesa Gateway Airport Authority, RB, AMT, 5.00%, 07/01/38 |  |  | 3,600 |  |  |  | 3,606,527 |
Pinal County Industrial Development Authority, RB, AMT, 6.25%, 06/01/26 |  |  | 200 |  |  |  | 203,718 |
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 12/01/41 |  |  | 2,000 |  |  |  | 2,114,252 |
Salt Verde Financial Corp., RB 5.50%, 12/01/29 |  |  | 2,000 |  |  |  | 2,202,368 |
5.00%, 12/01/32 |  |  | 155 |  |  |  | 168,121 |
5.00%, 12/01/37 |  |  | 6,610 |  |  |  | 7,017,130 |
Student & Academic Services LLC, RB, (BAM), 5.00%, 06/01/39 |  |  | 1,400 |  |  |  | 1,444,682 |
Town of Queen Creek Arizona Excise Tax Revenue, RB, Series A, 5.00%, 08/01/42 |  |  | 750 |  |  |  | 814,813 |
University of Arizona, Refunding RB, 5.00%, 06/01/39 |  |  | 2,050 |  |  |  | 2,184,597 |
|  |  |  |  |  |  | 82,720,946 |
Arkansas(b) — 0.4% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 |  |  | 2,135 |  |  |  | 1,923,763 |
Series A, AMT, 4.75%, 09/01/49 |  |  | 2,450 |  |  |  | 2,295,381 |
|  |  |  |  |  |  | 4,219,144 |
California — 14.5% |  |  |  |  |  |
ABC Unified School District, GO, Series C, (NPFGC-IBC FGIC), 0.00%, 08/01/34(d) |  |  | 1,215 |  |  |  | 867,144 |

56 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

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

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
Regents of the University of California Medical Center Pooled Revenue, Refunding RB |  |  |  |  |  |  |  |
Series J, 5.25%, 05/15/23(c) |  | $ | 2,905 |  |  | $ | 2,926,997 |
Series J, 5.25%, 05/15/38 |  |  | 825 |  |  |  | 831,729 |
Rio Hondo Community College District, GO(d) |  |  |  |  |  |  |  |
Series C, Election 2004, 0.00%, 08/01/37 |  |  | 4,005 |  |  |  | 2,408,523 |
Series C, Election 2004, 0.00%, 08/01/38 |  |  | 5,000 |  |  |  | 2,861,455 |
San Bernardino Community College District, GO, Series B, 6.38%, 08/01/34 |  |  | 10,000 |  |  |  | 10,595,900 |
San Diego Community College District, GO, CAB(d) |  |  |  |  |  |  |  |
Election 2006, 0.00%, 08/01/31 |  |  | 2,145 |  |  |  | 1,336,734 |
Election 2006, 0.00%, 08/01/32 |  |  | 2,680 |  |  |  | 1,568,467 |
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(d) |  |  | 3,800 |  |  |  | 2,180,554 |
San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(c)(d) |  |  | 7,295 |  |  |  | 3,714,693 |
San Diego Unified School District, Refunding GO, CAB(d) |  |  |  |  |  |  |  |
Series R‑1, 0.00%, 07/01/30 |  |  | 5,000 |  |  |  | 4,124,575 |
Series R‑1, 0.00%, 07/01/31 |  |  | 3,005 |  |  |  | 2,396,313 |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 05/01/28 |  |  | 1,065 |  |  |  | 1,070,825 |
Series A, AMT, 5.25%, 05/01/33 |  |  | 830 |  |  |  | 835,085 |
San Mateo County Community College District, GO, |  |  |  |  |  |  |  |
Series C, (NPFGC), 0.00%, 09/01/30(d) |  |  | 12,740 |  |  |  | 10,470,726 |
State of California, GO, 5.50%, 04/01/28 |  |  | 5 |  |  |  | 5,014 |
Walnut Valley Unified School District, GO, Series B, Election 2007, 0.00%, 08/01/36(d) |  |  | 5,500 |  |  |  | 3,437,049 |
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |  |  | 625 |  |  |  | 650,929 |
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/36(d) |  |  | 15,000 |  |  |  | 9,387,735 |
|  |  |  |  |  |  | 143,464,657 |
Colorado — 2.0% |  |  |  |  |  |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |  |  | 345 |  |  |  | 309,505 |
City & County of Denver Colorado Airport System Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 11/15/28 |  |  | 1,000 |  |  |  | 1,019,701 |
Series A, AMT, 5.50%, 11/15/30 |  |  | 330 |  |  |  | 336,576 |
Series A, AMT, 5.50%, 11/15/31 |  |  | 400 |  |  |  | 408,003 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 2,955 |  |  |  | 3,273,942 |
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A‑2, 0.00%, 08/01/37(d). |  |  | 1,760 |  |  |  | 969,487 |
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 |  |  | 3,035 |  |  |  | 2,977,274 |
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 |  |  | 2,555 |  |  |  | 2,505,484 |
Colorado Health Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 08/01/44 |  |  | 1,060 |  |  |  | 988,895 |
Series A, 3.25%, 08/01/49 |  |  | 1,610 |  |  |  | 1,246,512 |
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45 |  |  | 5,420 |  |  |  | 5,461,908 |
|  |  |  |  |  |  | 19,497,287 |

S C H E D U L E O F I N V E S T M E N T S |  | 57

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Connecticut — 0.0% |  |  |  |  |  |
Connecticut Housing Finance Authority, RB, S/F Housing, Series A‑1, 3.80%, 11/15/39 |  | $ | 260 |  |  | $ | 256,794 |
Connecticut State Health & Educational Facilities Authority, RB, Series A‑1, 5.00%, 10/01/54(b) |  |  | 205 |  |  |  | 175,968 |
|  |  |  |  |  |  | 432,762 |
Delaware — 0.2% |  |  |  |  |  |
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |  |  | 1,605 |  |  |  | 1,655,524 |
District of Columbia — 0.7% |  |  |  |  |  |
District of Columbia, RB |  |  |  |  |  |  |  |
Series B‑1, (NPFGC‑IBC FGIC), 5.00%, 02/01/31 |  |  | 435 |  |  |  | 435,789 |
Series C, 4.00%, 05/01/45 |  |  | 3,280 |  |  |  | 3,313,092 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |  |  | 2,875 |  |  |  | 2,709,253 |
|  |  |  |  |  |  | 6,458,134 |
Florida — 10.7% |  |  |  |  |  |
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |  |  | 3,775 |  |  |  | 3,878,941 |
Capital Trust Agency, Inc., RB(b) 5.00%, 01/01/55 |  |  | 825 |  |  |  | 638,684 |
Series A, 5.00%, 06/01/55 |  |  | 1,285 |  |  |  | 1,088,162 |
Series A, 5.50%, 06/01/57 |  |  | 460 |  |  |  | 420,222 |
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/47 |  |  | 4,215 |  |  |  | 4,361,041 |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57 |  |  | 5,055 |  |  |  | 5,757,064 |
City of Tampa Florida, RB, CAB(d) |  |  |  |  |  |  |  |
Series A, 0.00%, 09/01/49 |  |  | 1,725 |  |  |  | 473,663 |
Series A, 0.00%, 09/01/53 |  |  | 1,840 |  |  |  | 423,783 |
County of Broward Florida Airport System Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.00%, 10/01/49 |  |  | 3,315 |  |  |  | 3,083,053 |
Series A, AMT, 5.00%, 10/01/49 |  |  | 300 |  |  |  | 316,570 |
County of Broward Florida Port Facilities Revenue, RB, AMT, 5.25%, 09/01/47 |  |  | 3,650 |  |  |  | 3,940,635 |
County of Miami-Dade Florida Aviation Revenue, Refunding RB 5.00%, 10/01/41 |  |  | 3,800 |  |  |  | 3,968,655 |
AMT, 5.00%, 10/01/34 |  |  | 450 |  |  |  | 459,013 |
County of Miami-Dade Seaport Department, RB(c) |  |  |  |  |  |  |  |
Series A, 5.38%, 10/01/23 |  |  | 1,170 |  |  |  | 1,190,350 |
Series B, AMT, 6.00%, 10/01/23 |  |  | 3,765 |  |  |  | 3,833,215 |
Series B, AMT, 6.25%, 10/01/23 |  |  | 1,500 |  |  |  | 1,532,445 |
County of Miami-Dade Seaport Department, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 10/01/42(e) |  |  | 1,315 |  |  |  | 1,398,037 |
Series A, AMT, 5.25%, 10/01/52(e) |  |  | 1,040 |  |  |  | 1,110,817 |
Series A‑1, AMT, (AGM), 4.00%, 10/01/45 |  |  | 2,885 |  |  |  | 2,785,413 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) |  |  |  |  |  |  |  |
Series A‑2, 0.00%, 10/01/38 |  |  | 1,000 |  |  |  | 443,234 |
Series A‑2, 0.00%, 10/01/41 |  |  | 1,900 |  |  |  | 699,926 |
Series A‑2, 0.00%, 10/01/42 |  |  | 2,210 |  |  |  | 764,519 |
Series A‑2, 0.00%, 10/01/43 |  |  | 2,010 |  |  |  | 651,712 |
Series A‑2, 0.00%, 10/01/44 |  |  | 2,055 |  |  |  | 643,813 |
Series A‑2, 0.00%, 10/01/45 |  |  | 2,725 |  |  |  | 773,998 |
Florida Development Finance Corp., RB(b) 6.50%, 06/30/57 |  |  | 1,230 |  |  |  | 1,238,818 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Florida Development Finance Corp., RB(b) (continued) |  |  |  |  |  |  |  |
AMT, 5.00%, 05/01/29 |  | $ | 1,275 |  |  | $ | 1,199,339 |
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b) |  |  | 710 |  |  |  | 638,746 |
Greater Orlando Aviation Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 10/01/40 |  |  | 3,890 |  |  |  | 4,022,945 |
Series A, AMT, 4.00%, 10/01/52 |  |  | 3,260 |  |  |  | 3,118,718 |
Sub‑Series A, AMT, 5.00%, 10/01/47 |  |  | 16,620 |  |  |  | 17,307,885 |
Hillsborough County Aviation Authority, Refunding RB, Sub‑Series A, AMT, 5.50%, 10/01/23(c) |  |  | 1,995 |  |  |  | 2,025,368 |
Lakewood Ranch Stewardship District, SAB 5.25%, 05/01/37 |  |  | 240 |  |  |  | 243,233 |
3.85%, 05/01/39 |  |  | 450 |  |  |  | 389,880 |
5.38%, 05/01/47 |  |  | 260 |  |  |  | 261,252 |
4.00%, 05/01/49 |  |  | 675 |  |  |  | 542,227 |
Lakewood Ranch Stewardship District, SAB, S/F Housing 4.00%, 05/01/40 |  |  | 365 |  |  |  | 320,453 |
4.00%, 05/01/50 |  |  | 605 |  |  |  | 487,164 |
Lee County Housing Finance Authority, RB, S/F Housing, Series A‑2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |  |  | 25 |  |  |  | 25,044 |
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |  |  | 6,595 |  |  |  | 6,769,767 |
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 |  |  | 6,605 |  |  |  | 6,255,774 |
Orange County Health Facilities Authority, Refunding RB 5.00%, 08/01/41 |  |  | 1,325 |  |  |  | 1,378,792 |
5.00%, 08/01/47 |  |  | 3,845 |  |  |  | 3,998,715 |
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 |  |  | 335 |  |  |  | 338,029 |
Palm Beach County Health Facilities Authority, RB |  |  |  |  |  |  |  |
Series B, 4.00%, 11/15/41 |  |  | 160 |  |  |  | 141,170 |
Series B, 5.00%, 11/15/42 |  |  | 300 |  |  |  | 303,968 |
Putnam County Development Authority, Refunding RB, Series A, 5.00%, 03/15/42 |  |  | 4,140 |  |  |  | 4,390,520 |
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(c) |  |  | 2,820 |  |  |  | 2,842,856 |
Seminole Improvement District, RB 5.00%, 10/01/32 |  |  | 255 |  |  |  | 254,708 |
5.30%, 10/01/37 |  |  | 290 |  |  |  | 292,201 |
Storey Creek Community Development District, SAB 4.00%, 12/15/39 |  |  | 415 |  |  |  | 368,772 |
4.13%, 12/15/49 |  |  | 350 |  |  |  | 290,999 |
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |  |  | 1,955 |  |  |  | 1,936,695 |
|  |  |  |  |  |  | 106,021,003 |
Georgia — 3.4% |  |  |  |  |  |
Development Authority for Fulton County, RB, 4.00%, 07/01/49 |  |  | 1,855 |  |  |  | 1,767,639 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |  |  | 715 |  |  |  | 666,601 |
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |  |  | 2,875 |  |  |  | 2,741,134 |
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54 |  |  | 430 |  |  |  | 356,179 |

58 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Georgia (continued) |  |  |  |  |  |
Georgia Housing & Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
3.70%, 06/01/49(e) |  | $ | 1,420 |  |  | $ | 1,328,181 |
3.60%, 12/01/44 |  |  | 1,615 |  |  |  | 1,417,736 |
Georgia Ports Authority, RB, 4.00%, 07/01/52 |  |  | 1,345 |  |  |  | 1,332,688 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/37 |  |  | 1,475 |  |  |  | 1,552,448 |
Series A, 5.00%, 05/15/38 |  |  | 910 |  |  |  | 952,880 |
Series A, 5.00%, 05/15/43 |  |  | 1,620 |  |  |  | 1,646,859 |
Series A, 5.00%, 05/15/49 |  |  | 1,230 |  |  |  | 1,261,439 |
Series A, 5.00%, 06/01/53(a)(e) |  |  | 7,360 |  |  |  | 7,816,504 |
Municipal Electric Authority of Georgia, RB 5.00%, 01/01/56 |  |  | 1,370 |  |  |  | 1,396,892 |
Class A, 5.50%, 07/01/63 |  |  | 1,275 |  |  |  | 1,327,696 |
Municipal Electric Authority of Georgia, Refunding RB, Series EE, (AMBAC), 7.00%, 01/01/25 |  |  | 7,475 |  |  |  | 8,049,185 |
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(c) |  |  | 330 |  |  |  | 339,278 |
|  |  |  |  |  |  | 33,953,339 |
Hawaii — 0.5% |  |  |  |  |  |
State of Hawaii Airports System Revenue, COP |  |  |  |  |  |  |  |
AMT, 5.25%, 08/01/25 |  |  | 485 |  |  |  | 489,591 |
AMT, 5.25%, 08/01/26 |  |  | 525 |  |  |  | 530,147 |
State of Hawaii Airports System Revenue, RB, Series A, AMT, 5.00%, 07/01/48 |  |  | 3,890 |  |  |  | 4,012,177 |
|  |  |  |  |  |  | 5,031,915 |
Illinois — 11.4% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 3,665 |  |  |  | 3,828,745 |
Series A, 5.00%, 12/01/40 |  |  | 4,090 |  |  |  | 4,150,368 |
Series A, 5.00%, 12/01/47 |  |  | 1,265 |  |  |  | 1,269,435 |
Series C, 5.25%, 12/01/35 |  |  | 970 |  |  |  | 983,241 |
Series D, 5.00%, 12/01/46 |  |  | 1,230 |  |  |  | 1,222,137 |
Series H, 5.00%, 12/01/36 |  |  | 295 |  |  |  | 299,962 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/30 |  |  | 2,225 |  |  |  | 2,357,225 |
Series C, 5.00%, 12/01/25 |  |  | 415 |  |  |  | 425,448 |
Series D, 5.00%, 12/01/25 |  |  | 530 |  |  |  | 543,344 |
Series G, 5.00%, 12/01/34 |  |  | 290 |  |  |  | 298,738 |
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d) |  |  | 590 |  |  |  | 535,703 |
Chicago Midway International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 2nd Lien, 5.00%, 01/01/34 |  |  | 1,475 |  |  |  | 1,486,816 |
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |  |  | 2,070 |  |  |  | 2,081,555 |
Chicago Midway International Airport, Refunding RB, Series B, 5.00%, 01/01/46 |  |  | 7,060 |  |  |  | 7,225,070 |
Chicago O’Hare International Airport, RB, Series D, Senior Lien, 5.25%, 01/01/42 |  |  | 6,885 |  |  |  | 7,343,569 |
Chicago O’Hare International Airport, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 01/01/31 |  |  | 2,500 |  |  |  | 2,504,265 |
Series A, AMT, Senior Lien, 5.00%, 01/01/48 |  |  | 1,950 |  |  |  | 2,020,083 |
Series A, AMT, Senior Lien, 4.38%, 01/01/53 |  |  | 2,780 |  |  |  | 2,815,570 |
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49 |  |  | 1,610 |  |  |  | 1,643,644 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |  |  | 2,575 |  |  |  | 2,711,058 |
Cook County Community College District No. 508, GO 5.50%, 12/01/38 |  |  | 1,000 |  |  |  | 1,020,331 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |
Cook County Community College District No. 508, GO (continued) |  |  |  |  |  |  |  |
5.25%, 12/01/43 |  | $ | 1,500 |  |  | $ | 1,527,466 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 11/15/45 |  |  | 2,945 |  |  |  | 2,983,462 |
Series B, 4.00%, 08/15/41 |  |  | 1,100 |  |  |  | 1,094,877 |
Series C, 4.13%, 08/15/37 |  |  | 2,430 |  |  |  | 2,366,572 |
Series C, 5.00%, 08/15/44 |  |  | 820 |  |  |  | 825,309 |
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |  |  | 320 |  |  |  | 327,329 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series B, 5.00%, 01/01/40 |  |  | 2,460 |  |  |  | 2,607,354 |
Series C, 5.00%, 01/01/38 |  |  | 3,245 |  |  |  | 3,412,468 |
Metropolitan Pier & Exposition Authority, RB |  |  |  |  |  |  |  |
Series A, (NPFGC), 0.00%, 12/15/26(d) |  |  | 5,000 |  |  |  | 4,319,790 |
Series A, (NPFGC), 0.00%, 12/15/33(d) |  |  | 9,950 |  |  |  | 6,456,963 |
Series A, 5.00%, 06/15/57 |  |  | 3,005 |  |  |  | 3,019,935 |
Metropolitan Pier & Exposition Authority, RB, CAB(d) |  |  |  |  |  |  |  |
(BAM‑TCRS), 0.00%, 12/15/56 |  |  | 2,965 |  |  |  | 599,713 |
Series A, (NPFGC), 0.00%, 06/15/30 |  |  | 14,205 |  |  |  | 10,729,818 |
Series A, (NPFGC), 0.00%, 06/15/30(g) |  |  | 800 |  |  |  | 642,963 |
Metropolitan Pier & Exposition Authority, Refunding RB 4.00%, 06/15/50 |  |  | 1,690 |  |  |  | 1,506,299 |
Series B, (AGM), 0.00%, 06/15/44(d) |  |  | 8,075 |  |  |  | 3,064,947 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM‑TCRS), 0.00%, 12/15/54(d) |  |  | 4,140 |  |  |  | 927,087 |
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |  |  | 3,200 |  |  |  | 3,863,811 |
State of Illinois, GO 5.25%, 02/01/30 |  |  | 2,010 |  |  |  | 2,055,689 |
5.25%, 02/01/32 |  |  | 2,330 |  |  |  | 2,382,017 |
5.50%, 07/01/33 |  |  | 2,920 |  |  |  | 2,951,989 |
5.25%, 02/01/34 |  |  | 1,610 |  |  |  | 1,646,210 |
5.50%, 07/01/38 |  |  | 2,700 |  |  |  | 2,728,388 |
5.50%, 05/01/39 |  |  | 2,785 |  |  |  | 3,033,066 |
Series D, 5.00%, 11/01/27 |  |  | 440 |  |  |  | 474,518 |
|  |  |  |  |  |  | 112,314,347 |
Indiana — 0.5% |  |  |  |  |  |
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |  |  | 1,350 |  |  |  | 1,380,302 |
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/23(c) |  |  | 3,285 |  |  |  | 3,307,872 |
|  |  |  |  |  |  | 4,688,174 |
Iowa — 0.2% |  |  |  |  |  |
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39 |  |  | 345 |  |  |  | 309,262 |
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d) |  |  | 10,850 |  |  |  | 1,358,464 |
|  |  |  |  |  |  | 1,667,726 |
Kansas — 0.0% |  |  |  |  |  |
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |  |  | 550 |  |  |  | 535,841 |

S C H E D U L E O F I N V E S T M E N T S |  | 59

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Kentucky — 0.3% |  |  |  |  |  |
City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b) |  | $ | 555 |  |  | $ | 530,191 |
Kentucky Public Energy Authority, RB, Series A‑1, 4.00%, 08/01/52(a) |  |  | 2,000 |  |  |  | 1,997,830 |
|  |  |  |  |  |  | 2,528,021 |
Louisiana — 1.7% |  |  |  |  |  |
Jefferson Sales Tax District, RB |  |  |  |  |  |  |  |
Series B, (AGM), 5.00%, 12/01/34 |  |  | 330 |  |  |  | 364,198 |
Series B, (AGM), 5.00%, 12/01/35 |  |  | 440 |  |  |  | 482,773 |
Series B, (AGM), 5.00%, 12/01/36 |  |  | 395 |  |  |  | 430,003 |
Series B, (AGM), 5.00%, 12/01/37 |  |  | 495 |  |  |  | 531,105 |
Lake Charles Harbor & Terminal District, RB, Series B, AMT, (AGM), 5.50%, 01/01/29 |  |  | 1,500 |  |  |  | 1,534,300 |
Louisiana Public Facilities Authority, Refunding RB 5.00%, 05/15/42 |  |  | 4,600 |  |  |  | 4,788,007 |
5.00%, 05/15/47 |  |  | 1,895 |  |  |  | 1,947,450 |
New Orleans Aviation Board, RB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 01/01/45 |  |  | 4,620 |  |  |  | 4,674,959 |
Series B, AMT, 5.00%, 01/01/48 |  |  | 1,990 |  |  |  | 2,021,878 |
|  |  |  |  |  |  | 16,774,673 |
Maine — 0.0% |  |  |  |  |  |
Maine State Housing Authority, RB, S/F Housing, Series B, 3.35%, 11/15/44 |  |  | 465 |  |  |  | 389,482 |
Maryland — 3.9% |  |  |  |  |  |
Anne Arundel County Consolidated Special Taxing District, Refunding ST, 5.00%, 07/01/32 |  |  | 500 |  |  |  | 505,141 |
Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44 |  |  | 250 |  |  |  | 251,072 |
City of Baltimore Maryland, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/24(c) |  |  | 1,000 |  |  |  | 1,023,051 |
Series A, 5.00%, 07/01/41 |  |  | 100 |  |  |  | 106,549 |
Series A, 5.00%, 07/01/46 |  |  | 3,040 |  |  |  | 3,192,882 |
Series A, 4.00%, 07/01/49 |  |  | 3,380 |  |  |  | 3,272,881 |
Series C, 5.00%, 01/01/24(c) |  |  | 1,000 |  |  |  | 1,022,549 |
City of Baltimore Maryland, Refunding RB 5.00%, 09/01/46 |  |  | 750 |  |  |  | 664,645 |
Series A, 4.50%, 09/01/33 |  |  | 185 |  |  |  | 185,180 |
Series A, 5.00%, 09/01/38 |  |  | 250 |  |  |  | 254,126 |
City of Baltimore Maryland, Refunding TA(b) |  |  |  |  |  |  |  |
Series A, Senior Lien, 3.50%, 06/01/39 |  |  | 650 |  |  |  | 554,325 |
Series A, Senior Lien, 3.63%, 06/01/46 |  |  | 1,095 |  |  |  | 883,165 |
City of Baltimore Maryland, TA(b) |  |  |  |  |  |  |  |
Series B, 3.70%, 06/01/39 |  |  | 200 |  |  |  | 175,050 |
Series B, 3.88%, 06/01/46 |  |  | 300 |  |  |  | 252,179 |
County of Anne Arundel Maryland, Refunding RB, 3.25%, 09/01/28 |  |  | 360 |  |  |  | 360,152 |
County of Baltimore Maryland, Refunding RB, 4.00%, 01/01/50 |  |  | 500 |  |  |  | 467,496 |
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) |  |  | 235 |  |  |  | 229,846 |
County of Howard Maryland, TA 6.10%, 02/15/44 |  |  | 250 |  |  |  | 252,802 |
Series A, 4.50%, 02/15/47(b) |  |  | 500 |  |  |  | 461,399 |
County of Prince George’s Maryland, TA, 5.25%, 07/01/48(b) |  |  | 300 |  |  |  | 296,050 |
Howard County Housing Commission, RB, M/F Housing |  |  |  |  |  |  |  |
5.00%, 12/01/42 |  |  | 500 |  |  |  | 524,207 |
4.00%, 06/01/46 |  |  | 500 |  |  |  | 481,724 |

Security |  | Par (000) |  |  | Value |
Maryland (continued) |  |  |  |  |  |
Howard County Housing Commission, RB, M/F Housing (continued) |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/44 |  | $ | 550 |  |  | $ | 557,263 |
Maryland Community Development Administration, RB, M/F Housing, Series D, 3.70%, 07/01/35 |  |  | 500 |  |  |  | 495,647 |
Maryland Community Development Administration, Refunding RB, Series D, 3.25%, 09/01/50 |  |  | 425 |  |  |  | 420,741 |
Maryland Economic Development Corp., RB 5.00%, 07/01/56 |  |  | 390 |  |  |  | 393,987 |
AMT, 5.00%, 06/01/49 |  |  | 250 |  |  |  | 250,747 |
Class B, AMT, 5.25%, 06/30/55 |  |  | 2,920 |  |  |  | 3,012,240 |
Maryland Economic Development Corp., Refunding RB 5.00%, 07/01/37 |  |  | 500 |  |  |  | 500,097 |
(AGM), 5.00%, 06/01/43 |  |  | 1,350 |  |  |  | 1,396,105 |
Series A, 5.00%, 06/01/35 |  |  | 100 |  |  |  | 107,201 |
Maryland Health & Higher Educational Facilities Authority, RB 4.00%, 07/01/48 |  |  | 300 |  |  |  | 293,824 |
Series 2017, 5.00%, 12/01/46 |  |  | 250 |  |  |  | 261,502 |
Series A, 5.00%, 05/15/42 |  |  | 2,330 |  |  |  | 2,425,376 |
Series B, 4.00%, 04/15/45 |  |  | 250 |  |  |  | 243,125 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB 4.00%, 07/01/24(c) |  |  | 100 |  |  |  | 102,219 |
5.00%, 07/01/24(c) |  |  | 700 |  |  |  | 725,205 |
5.00%, 06/01/29 |  |  | 500 |  |  |  | 500,263 |
5.00%, 07/01/34 |  |  | 510 |  |  |  | 557,675 |
5.00%, 07/01/35 |  |  | 200 |  |  |  | 208,571 |
5.00%, 07/01/40 |  |  | 1,000 |  |  |  | 1,019,306 |
4.00%, 07/01/41 |  |  | 500 |  |  |  | 499,593 |
5.00%, 08/15/42 |  |  | 1,000 |  |  |  | 1,018,081 |
4.13%, 07/01/47 |  |  | 500 |  |  |  | 493,522 |
Series A, 5.00%, 01/01/28 |  |  | 100 |  |  |  | 103,968 |
Series A, 5.00%, 01/01/45 |  |  | 500 |  |  |  | 505,451 |
Maryland Stadium Authority, RB, (NPFGC), 5.00%, 05/01/42 |  |  | 1,500 |  |  |  | 1,609,497 |
Maryland State Transportation Authority Passenger Facility Charge Revenue, RB, AMT, 4.00%, 06/01/29 |  |  | 1,925 |  |  |  | 1,925,862 |
Montgomery County Housing Opportunities Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39 |  |  | 2,830 |  |  |  | 2,673,320 |
Washington Suburban Sanitary Commission, RB, Second Series, (GTD), 4.00%, 06/01/41 |  |  | 875 |  |  |  | 888,958 |
|  |  |  |  |  |  | 38,605,817 |
Massachusetts — 4.3% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 03/01/46 |  |  | 4,495 |  |  |  | 4,612,180 |
Series C, 5.00%, 07/01/45 |  |  | 1,000 |  |  |  | 1,046,500 |
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, Series A, 5.25%, 07/01/29 |  |  | 730 |  |  |  | 862,685 |
Massachusetts Development Finance Agency, RB 5.00%, 10/01/46 |  |  | 500 |  |  |  | 504,408 |
5.00%, 07/01/47 |  |  | 580 |  |  |  | 585,536 |
5.00%, 10/01/48 |  |  | 200 |  |  |  | 185,742 |
Series A, 5.25%, 01/01/42 |  |  | 500 |  |  |  | 516,788 |
Series A, (AMBAC), 5.75%, 01/01/42 |  |  | 650 |  |  |  | 817,472 |
Series A, 5.00%, 01/01/47 |  |  | 5,945 |  |  |  | 6,031,292 |

60 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |  |  |  |  |  |
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/37 |  | $ | 150 |  |  | $ | 152,103 |
4.00%, 07/01/39 |  |  | 2,545 |  |  |  | 2,443,200 |
5.00%, 04/15/40 |  |  | 1,000 |  |  |  | 1,005,968 |
4.13%, 10/01/42(b) |  |  | 550 |  |  |  | 497,045 |
4.00%, 12/01/42 |  |  | 485 |  |  |  | 438,509 |
5.00%, 12/01/42 |  |  | 525 |  |  |  | 536,916 |
5.00%, 09/01/43 |  |  | 500 |  |  |  | 509,795 |
4.00%, 07/01/44 |  |  | 250 |  |  |  | 252,267 |
5.00%, 07/01/47 |  |  | 7,685 |  |  |  | 7,914,743 |
Series A, 4.00%, 06/01/29(c) |  |  | 420 |  |  |  | 466,203 |
Series A, 5.00%, 06/01/29(c) |  |  | 250 |  |  |  | 292,131 |
Series A‑2, 4.00%, 07/01/41 |  |  | 100 |  |  |  | 100,649 |
Series E, 4.00%, 07/01/38 |  |  | 500 |  |  |  | 477,501 |
Series P, 5.45%, 05/15/59 |  |  | 1,500 |  |  |  | 1,699,686 |
Massachusetts Educational Financing Authority, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 01/01/27 |  |  | 1,000 |  |  |  | 1,037,444 |
Series B, AMT, 2.63%, 07/01/36 |  |  | 30 |  |  |  | 29,154 |
AMT, Subordinate, 3.75%, 07/01/47 |  |  | 2,135 |  |  |  | 1,749,624 |
Massachusetts Educational Financing Authority, Refunding RB, AMT, 3.50%, 07/01/33 |  |  | 80 |  |  |  | 78,582 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Series M, 5.50%, 02/15/27 |  |  | 1,000 |  |  |  | 1,128,046 |
Massachusetts Housing Finance Agency, RB, M/F Housing |  |  |  |  |  |  |  |
Series A, 3.80%, 12/01/43 |  |  | 500 |  |  |  | 458,347 |
Series A, 3.85%, 06/01/46 |  |  | 130 |  |  |  | 115,864 |
Series A‑1, (FHA), 3.10%, 06/01/60 |  |  | 1,245 |  |  |  | 867,375 |
Series D‑1, 2.55%, 12/01/50 |  |  | 295 |  |  |  | 212,276 |
Massachusetts Housing Finance Agency, RB, S/F Housing, Series 214, (FHLMC, FNMA, GNMA), 2.95%, 12/01/44 |  |  | 465 |  |  |  | 424,530 |
Massachusetts Housing Finance Agency, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 4.45%, 12/01/42 |  |  | 1,125 |  |  |  | 1,099,845 |
Series A, AMT, 4.50%, 12/01/47 |  |  | 300 |  |  |  | 295,739 |
Massachusetts School Building Authority, RB, Sub- Series B, 4.00%, 02/15/43 |  |  | 1,780 |  |  |  | 1,787,763 |
Massachusetts State College Building Authority, Refunding RB, Series B, (AGC SAP), 5.50%, 05/01/39 |  |  | 825 |  |  |  | 1,050,247 |
|  |  |  |  |  |  | 42,284,155 |
Michigan — 5.6% |  |  |  |  |  |
Eastern Michigan University, RB |  |  |  |  |  |  |  |
Series A, (AGM), 4.00%, 03/01/44 |  |  | 1,455 |  |  |  | 1,457,425 |
Series A, 4.00%, 03/01/47 |  |  | 1,455 |  |  |  | 1,334,522 |
Michigan Finance Authority, RB 4.00%, 02/15/47 |  |  | 5,510 |  |  |  | 5,284,354 |
4.00%, 02/15/50 |  |  | 6,975 |  |  |  | 6,612,433 |
Series A, 4.00%, 11/15/50 |  |  | 5,680 |  |  |  | 5,395,671 |
Michigan Finance Authority, Refunding RB 4.00%, 11/15/46 |  |  | 3,420 |  |  |  | 3,283,221 |
Series A, 4.00%, 12/01/40 |  |  | 7,000 |  |  |  | 6,956,782 |
Michigan State Building Authority, Refunding RB, 4.00%, 04/15/54 |  |  | 3,765 |  |  |  | 3,671,315 |
Michigan State Housing Development Authority, RB, M/F Housing |  |  |  |  |  |  |  |
Series A, 4.05%, 10/01/48 |  |  | 1,855 |  |  |  | 1,743,147 |

Security |  | Par (000) |  |  | Value |
Michigan (continued) |  |  |  |  |  |
Michigan State Housing Development Authority, RB, M/F Housing (continued) |  |  |  |  |  |  |  |
Series A‑1, 3.35%, 10/01/49 |  | $ | 3,465 |  |  | $ | 2,776,473 |
Series A, AMT, 2.45%, 10/01/46 |  |  | 2,275 |  |  |  | 1,567,966 |
Series A, AMT, 4.15%, 10/01/53 |  |  | 1,885 |  |  |  | 1,723,493 |
Series A, AMT, 2.70%, 10/01/56 |  |  | 8,210 |  |  |  | 5,415,365 |
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 |  |  | 675 |  |  |  | 589,336 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 6,310 |  |  |  | 6,397,091 |
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(c) |  |  | 900 |  |  |  | 917,057 |
|  |  |  |  |  |  | 55,125,651 |
Minnesota — 0.2% |  |  |  |  |  |
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 |  |  | 1,615 |  |  |  | 1,731,118 |
Missouri — 0.6% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 11/15/42 |  |  | 1,015 |  |  |  | 997,861 |
Kansas City Industrial Development Authority, RB, Series B, AMT, 5.00%, 03/01/39 |  |  | 2,505 |  |  |  | 2,680,685 |
Missouri Housing Development Commission, RB, S/F Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46 |  |  | 2,610 |  |  |  | 1,995,554 |
|  |  |  |  |  |  | 5,674,100 |
Montana — 0.0% |  |  |  |  |  |
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37 |  |  | 170 |  |  |  | 161,540 |
Nevada — 1.0% |  |  |  |  |  |
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38 |  |  | 7,265 |  |  |  | 7,888,838 |
Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49 |  |  | 2,000 |  |  |  | 1,892,566 |
|  |  |  |  |  |  | 9,781,404 |
New Hampshire — 0.4% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB(a)(b) |  |  |  |  |  |  |  |
Series A, 3.63%, 07/01/43 |  |  | 265 |  |  |  | 220,956 |
Series B, AMT, 3.75%, 07/01/45 |  |  | 1,075 |  |  |  | 864,283 |
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, (FHA), 4.00%, 07/01/52 |  |  | 3,200 |  |  |  | 2,978,656 |
|  |  |  |  |  |  | 4,063,895 |
New Jersey — 9.4% |  |  |  |  |  |
Camden County Improvement Authority, RB, 6.00%, 06/15/62 |  |  | 655 |  |  |  | 689,313 |
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |  |  | 1,930 |  |  |  | 2,010,707 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Series WW, 5.25%, 06/15/25(c) |  |  | 40 |  |  |  | 42,754 |
Series WW, 5.25%, 06/15/33 |  |  | 370 |  |  |  | 391,920 |
Series WW, 5.00%, 06/15/34 |  |  | 485 |  |  |  | 511,053 |
Series WW, 5.00%, 06/15/36 |  |  | 2,205 |  |  |  | 2,310,456 |
Series WW, 5.25%, 06/15/40 |  |  | 715 |  |  |  | 743,159 |
AMT, (AGM), 5.00%, 01/01/31 |  |  | 900 |  |  |  | 910,463 |
AMT, 5.13%, 01/01/34 |  |  | 1,620 |  |  |  | 1,633,652 |
AMT, 5.38%, 01/01/43 |  |  | 2,115 |  |  |  | 2,134,352 |
New Jersey Economic Development Authority, Refunding RB Series BBB, 5.50%, 12/15/26(c) |  |  | 5,360 |  |  |  | 6,017,779 |

S C H E D U L E O F I N V E S T M E N T S |  | 61

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Economic Development Authority, Refunding RB (continued) |  |  |  |  |  |  |  |
Sub‑Series A, 4.00%, 07/01/32 |  | $ | 1,510 |  |  | $ | 1,537,727 |
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |  |  | 2,135 |  |  |  | 1,936,682 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 3.25%, 12/01/39 |  |  | 4,755 |  |  |  | 4,539,132 |
Series B, Class B, AMT, 4.00%, 12/01/41 |  |  | 3,180 |  |  |  | 3,206,505 |
Sub‑Series C, Class C, AMT, 3.63%, 12/01/49 |  |  | 1,725 |  |  |  | 1,452,890 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, 2nd Series, AMT, 4.35%, 11/01/33 |  |  | 2,195 |  |  |  | 2,195,748 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series A, (NPFGC), 5.75%, 06/15/25 |  |  | 2,000 |  |  |  | 2,140,010 |
Series A, 0.00%, 12/15/29(d) |  |  | 7,530 |  |  |  | 5,996,749 |
Series AA, 5.25%, 06/15/33 |  |  | 3,525 |  |  |  | 3,556,510 |
Series AA, 5.00%, 06/15/38 |  |  | 4,325 |  |  |  | 4,391,609 |
Series AA, 4.13%, 06/15/39 |  |  | 1,210 |  |  |  | 1,219,693 |
Series AA, 5.50%, 06/15/39 |  |  | 7,190 |  |  |  | 7,263,805 |
Series AA, 4.00%, 06/15/40 |  |  | 1,060 |  |  |  | 1,055,233 |
Series AA, 5.00%, 06/15/50 |  |  | 2,650 |  |  |  | 2,785,275 |
Series BB, 4.00%, 06/15/50 |  |  | 4,900 |  |  |  | 4,644,362 |
Series D, 5.00%, 06/15/32 |  |  | 1,610 |  |  |  | 1,675,474 |
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 |  |  | 180 |  |  |  | 192,747 |
New Jersey Turnpike Authority, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 01/01/42 |  |  | 1,740 |  |  |  | 1,762,314 |
Series A, 4.00%, 01/01/48 |  |  | 3,310 |  |  |  | 3,279,949 |
New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 01/01/37 |  |  | 5,505 |  |  |  | 5,627,448 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/34 |  |  | 2,180 |  |  |  | 2,332,064 |
Series A, 5.00%, 06/01/35 |  |  | 3,220 |  |  |  | 3,424,464 |
Sub‑Series B, 5.00%, 06/01/46 |  |  | 8,970 |  |  |  | 9,073,792 |
|  |  |  |  |  |  | 92,685,790 |
New Mexico — 0.0% |  |  |  |  |  |
City of Santa Fe New Mexico, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/44 |  |  | 200 |  |  |  | 180,627 |
Series A, 5.00%, 05/15/49 |  |  | 270 |  |  |  | 233,749 |
|  |  |  |  |  |  | 414,376 |
New York — 9.3% |  |  |  |  |  |
City of New York New York, GO |  |  |  |  |  |  |  |
Series A‑1, 5.00%, 08/01/47 |  |  | 930 |  |  |  | 1,029,891 |
Series B, 5.25%, 10/01/41 |  |  | 1,955 |  |  |  | 2,288,161 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 5.00%, 11/15/29 |  |  | 540 |  |  |  | 572,911 |
Series C‑1, 5.00%, 11/15/56 |  |  | 6,550 |  |  |  | 6,625,168 |
New York City Housing Development Corp., RB, M/F Housing |  |  |  |  |  |  |  |
Series I‑1, (FHA), 2.55%, 11/01/45 |  |  | 2,385 |  |  |  | 1,741,820 |
Series I‑1, (FHA), 2.70%, 11/01/55 |  |  | 1,050 |  |  |  | 705,140 |
New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47 |  |  | 7,060 |  |  |  | 7,106,017 |
New York City Transitional Finance Authority Building Aid Revenue, RB |  |  |  |  |  |  |  |
Series S‑1, Subordinate, (SAW), 4.00%, 07/15/42 |  |  | 2,910 |  |  |  | 2,910,457 |

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York City Transitional Finance Authority Building Aid Revenue, RB (continued) |  |  |  |  |  |  |  |
Series S‑3, Subordinate, (SAW), 4.00%, 07/15/46 |  | $ | 2,680 |  |  | $ | 2,666,774 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |  |  |  |  |  |  |  |
Series A‑3, 5.00%, 08/01/40 |  |  | 7,285 |  |  |  | 7,869,497 |
Subordinate, 3.00%, 05/01/46 |  |  | 1,495 |  |  |  | 1,238,346 |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |  |  | 1,100 |  |  |  | 1,100,238 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Series 1, 5.00%, 11/15/44(b) |  |  | 2,630 |  |  |  | 2,623,404 |
Series A, 2.88%, 11/15/46 |  |  | 14,350 |  |  |  | 10,886,097 |
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 |  |  | 2,795 |  |  |  | 2,728,951 |
New York State Housing Finance Agency, RB, Series B, (SONYMA), 3.88%, 11/01/48 |  |  | 400 |  |  |  | 358,625 |
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |  |  | 510 |  |  |  | 490,579 |
New York State Urban Development Corp., Refunding RB |  |  |  |  |  |  |  |
4.00%, 03/15/41 |  |  | 3,300 |  |  |  | 3,327,971 |
4.00%, 03/15/46 |  |  | 5,960 |  |  |  | 5,768,481 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 3,460 |  |  |  | 3,607,313 |
AMT, 5.00%, 12/01/36 |  |  | 1,650 |  |  |  | 1,769,653 |
Series A, AMT, 5.25%, 01/01/50 |  |  | 6,045 |  |  |  | 6,065,251 |
Port Authority of New York & New Jersey, RB 221st Series, AMT, 4.00%, 07/15/40 |  |  | 1,000 |  |  |  | 992,142 |
Series 221, AMT, 4.00%, 07/15/55 |  |  | 5,155 |  |  |  | 4,813,028 |
Port Authority of New York & New Jersey, Refunding RB |  |  |  |  |  |  |  |
186th Series, AMT, 5.00%, 10/15/36 |  |  | 570 |  |  |  | 590,137 |
Series 197, AMT, 5.00%, 11/15/35 |  |  | 905 |  |  |  | 963,896 |
Series 207, AMT, 4.00%, 09/15/43 |  |  | 1,090 |  |  |  | 1,069,885 |
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 |  |  | 3,040 |  |  |  | 2,252,978 |
Triborough Bridge & Tunnel Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 11/15/49 |  |  | 665 |  |  |  | 714,202 |
Series D‑2, Senior Lien, 5.25%, 05/15/47 |  |  | 6,030 |  |  |  | 6,874,688 |
|  |  |  |  |  |  | 91,751,701 |
North Carolina — 0.1% |  |  |  |  |  |
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51 |  |  | 790 |  |  |  | 759,096 |
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52 |  |  | 445 |  |  |  | 428,589 |
|  |  |  |  |  |  | 1,187,685 |
Ohio — 2.9% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B‑2, 5.00%, 06/01/55 |  |  | 11,660 |  |  |  | 11,122,707 |
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43 |  |  | 6,920 |  |  |  | 6,980,488 |
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) |  |  | 260 |  |  |  | 238,282 |
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |  |  | 350 |  |  |  | 366,113 |

62 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Ohio (continued) |  |  |  |  |  |
Ohio Turnpike & Infrastructure Commission, RB |  |  |  |  |  |  |  |
Series A‑1, Junior Lien, 5.25%, 02/15/31 |  | $ | 1,000 |  |  | $ | 1,000,973 |
Series A‑1, Junior Lien, 5.25%, 02/15/32 |  |  | 950 |  |  |  | 950,924 |
Series A‑1, Junior Lien, 5.25%, 02/15/33 |  |  | 1,325 |  |  |  | 1,326,289 |
Ohio Turnpike & Infrastructure Commission, RB, CAB, Series A‑2, Junior Lien, 0.00%, 02/15/37(d) |  |  | 10,040 |  |  |  | 6,111,469 |
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |  |  | 1,055 |  |  |  | 973,266 |
|  |  |  |  |  |  | 29,070,511 |
Oklahoma — 0.3% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |  |  | 760 |  |  |  | 709,360 |
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 1,640 |  |  |  | 1,653,408 |
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |  |  | 450 |  |  |  | 456,360 |
|  |  |  |  |  |  | 2,819,128 |
Oregon — 0.3% |  |  |  |  |  |
Clackamas Community College District, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/39 |  |  | 605 |  |  |  | 654,099 |
Series A, 5.00%, 06/15/40 |  |  | 440 |  |  |  | 474,221 |
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) |  |  | 2,355 |  |  |  | 1,218,960 |
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52 |  |  | 1,090 |  |  |  | 1,045,381 |
|  |  |  |  |  |  | 3,392,661 |
Pennsylvania — 9.9% |  |  |  |  |  |
Allegheny County Airport Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 01/01/51 |  |  | 3,600 |  |  |  | 3,722,396 |
Series A, AMT, 5.00%, 01/01/56 |  |  | 3,925 |  |  |  | 4,046,757 |
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(c) |  |  | 1,500 |  |  |  | 1,512,165 |
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46 |  |  | 225 |  |  |  | 182,193 |
4.00%, 07/01/51 |  |  | 200 |  |  |  | 156,680 |
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 |  |  | 2,495 |  |  |  | 2,514,521 |
Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57 |  |  | 4,930 |  |  |  | 5,138,820 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 12/31/34 |  |  | 10,710 |  |  |  | 10,953,695 |
AMT, 5.00%, 12/31/38 |  |  | 13,195 |  |  |  | 13,325,195 |
AMT, 5.50%, 06/30/41 |  |  | 3,290 |  |  |  | 3,618,405 |
AMT, 5.00%, 06/30/42 |  |  | 2,455 |  |  |  | 2,467,214 |
AMT, 5.75%, 06/30/48 |  |  | 2,855 |  |  |  | 3,161,870 |
Pennsylvania Economic Development Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 11/15/42 |  |  | 2,245 |  |  |  | 2,215,743 |
AMT, 5.50%, 11/01/44 |  |  | 1,000 |  |  |  | 1,003,621 |
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |  |  | 575 |  |  |  | 441,669 |
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |  |  | 1,000 |  |  |  | 980,528 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 |  |  | 6,850 |  |  |  | 6,950,311 |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49 |  |  | 3,635 |  |  |  | 2,939,148 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Pennsylvania Housing Finance Agency, Refunding RB, Series 119, AMT, 3.50%, 10/01/36 |  | $ | 1,180 |  |  | $ | 1,154,817 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/38 |  |  | 1,480 |  |  |  | 1,548,573 |
Series A‑1, 5.00%, 12/01/41 |  |  | 3,510 |  |  |  | 3,669,838 |
Series B, 5.00%, 12/01/40 |  |  | 1,375 |  |  |  | 1,437,711 |
Series C, 5.50%, 12/01/23(c) |  |  | 1,315 |  |  |  | 1,345,252 |
Series C, 5.00%, 12/01/39 |  |  | 4,775 |  |  |  | 4,927,146 |
Series B, Subordinate, 4.00%, 12/01/51 |  |  | 665 |  |  |  | 639,848 |
Sub‑Series A‑1, Subordinate, 5.00%, 12/01/41 |  |  | 5,155 |  |  |  | 5,313,527 |
Pennsylvania Turnpike Commission, Refunding RB 3rd Series, 4.00%, 12/01/38 |  |  | 4,915 |  |  |  | 4,950,201 |
Series A‑1, 5.00%, 12/01/40 |  |  | 1,805 |  |  |  | 1,883,119 |
Philadelphia Authority for Industrial Development, RB, Class A, 4.00%, 07/01/44(c) |  |  | 2,900 |  |  |  | 2,957,785 |
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |  |  | 2,130 |  |  |  | 2,211,021 |
|  |  |  |  |  |  | 97,369,769 |
Puerto Rico — 4.8% |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A‑1, Restructured, 4.75%, 07/01/53 |  |  | 2,864 |  |  |  | 2,727,960 |
Series A‑1, Restructured, 5.00%, 07/01/58 |  |  | 17,311 |  |  |  | 17,055,663 |
Series A‑2, Restructured, 4.54%, 07/01/53 |  |  | 500 |  |  |  | 460,000 |
Series A‑2, Restructured, 4.78%, 07/01/58 |  |  | 1,528 |  |  |  | 1,454,479 |
Series A‑2, Restructured, 4.33%, 07/01/40 |  |  | 19,762 |  |  |  | 18,898,045 |
Series B‑1, Restructured, 4.75%, 07/01/53 |  |  | 1,377 |  |  |  | 1,312,805 |
Series B‑2, Restructured, 4.78%, 07/01/58 |  |  | 1,335 |  |  |  | 1,269,050 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A‑1, Restructured, 0.00%, 07/01/46(d) |  |  | 16,341 |  |  |  | 4,537,699 |
|  |  |  |  |  |  | 47,715,701 |
Rhode Island — 1.9% |  |  |  |  |  |
Rhode Island Housing & Mortgage Finance Corp., RB, S/F Housing, Series 75‑A, 2.35%, 10/01/44 |  |  | 3,925 |  |  |  | 2,846,854 |
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37(e) |  |  | 820 |  |  |  | 807,194 |
Rhode Island Turnpike & Bridge Authority, RB, Series A, 3.00%, 10/01/38 |  |  | 375 |  |  |  | 334,228 |
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |  |  | 1,105 |  |  |  | 1,159,201 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/35 |  |  | 525 |  |  |  | 532,385 |
Series B, 4.50%, 06/01/45 |  |  | 10,575 |  |  |  | 10,595,769 |
Series B, 5.00%, 06/01/50 |  |  | 2,630 |  |  |  | 2,644,207 |
|  |  |  |  |  |  | 18,919,838 |
South Carolina — 6.2% |  |  |  |  |  |
Charleston County Airport District, RB(c) |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 07/01/23 |  |  | 5,225 |  |  |  | 5,273,455 |
Series A, AMT, 6.00%, 07/01/23 |  |  | 1,955 |  |  |  | 1,976,579 |
County of Berkeley South Carolina, SAB 4.25%, 11/01/40 |  |  | 485 |  |  |  | 418,231 |
4.38%, 11/01/49 |  |  | 715 |  |  |  | 576,067 |
County of Charleston South Carolina, RB, 5.25%, 12/01/23(c) |  |  | 2,505 |  |  |  | 2,555,987 |
South Carolina Jobs-Economic Development Authority, RB 5.00%, 11/01/43 |  |  | 3,090 |  |  |  | 3,247,843 |
5.00%, 01/01/55(b) |  |  | 2,290 |  |  |  | 2,014,735 |

S C H E D U L E O F I N V E S T M E N T S |  | 63

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
South Carolina (continued) |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, RB (continued) 7.50%, 08/15/62(b) |  | $ | 1,455 |  |  | $ | 1,448,345 |
South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/01/38 |  |  | 5,885 |  |  |  | 6,118,782 |
Series A, 4.25%, 05/01/48 |  |  | 1,685 |  |  |  | 1,624,222 |
South Carolina Ports Authority, RB |  |  |  |  |  |  |  |
AMT, 5.00%, 07/01/48 |  |  | 530 |  |  |  | 550,413 |
AMT, 5.00%, 07/01/55 |  |  | 2,790 |  |  |  | 2,879,132 |
Series B, AMT, 4.00%, 07/01/49 |  |  | 2,690 |  |  |  | 2,567,602 |
South Carolina Public Service Authority, RB |  |  |  |  |  |  |  |
Series A, 5.50%, 12/01/54 |  |  | 16,210 |  |  |  | 16,490,627 |
Series A, 4.00%, 12/01/55 |  |  | 1,950 |  |  |  | 1,802,752 |
Series E, 5.50%, 12/01/53 |  |  | 1,730 |  |  |  | 1,759,817 |
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |  |  | 4,930 |  |  |  | 5,023,591 |
South Carolina State Housing Finance & Development Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 2.25%, 07/01/46 |  |  | 4,755 |  |  |  | 3,513,051 |
Series B, 4.35%, 07/01/47 |  |  | 1,690 |  |  |  | 1,693,022 |
|  |  |  |  |  |  | 61,534,253 |
Tennessee — 3.9% |  |  |  |  |  |
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40 |  |  | 3,550 |  |  |  | 3,472,063 |
Mercer County Improvement Authority, RB, Series B, AMT, 5.00%, 07/01/52 |  |  | 3,795 |  |  |  | 4,012,203 |
Tennergy Corp., RB(a) |  |  |  |  |  |  |  |
Series A, 4.00%, 12/01/51 |  |  | 4,650 |  |  |  | 4,662,378 |
Series A, 5.50%, 10/01/53 |  |  | 3,805 |  |  |  | 4,123,239 |
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a) |  |  | 12,955 |  |  |  | 13,909,136 |
Tennessee Energy Acquisition Corp., Refunding RB, Series A‑1, 5.00%, 05/01/53(a)(e) |  |  | 7,530 |  |  |  | 7,871,719 |
|  |  |  |  |  |  | 38,050,738 |
Texas — 8.3% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB(b) 7.50%, 04/01/62 |  |  | 1,545 |  |  |  | 1,652,149 |
7.88%, 11/01/62 |  |  | 1,335 |  |  |  | 1,389,877 |
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 |  |  | 385 |  |  |  | 302,757 |
Central Texas Turnpike System, RB |  |  |  |  |  |  |  |
Series C, 5.00%, 08/15/37 |  |  | 3,290 |  |  |  | 3,405,252 |
Series C, 5.00%, 08/15/42 |  |  | 2,325 |  |  |  | 2,359,924 |
City of Austin Texas Airport System Revenue, RB, AMT, 5.00%, 11/15/44 |  |  | 1,000 |  |  |  | 1,012,403 |
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38 |  |  | 1,330 |  |  |  | 1,331,169 |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |  |  | 765 |  |  |  | 786,975 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/27 |  |  | 740 |  |  |  | 756,330 |
Series A, AMT, 4.00%, 07/01/46 |  |  | 2,780 |  |  |  | 2,648,967 |
City of Houston Texas System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48 |  |  | 11,670 |  |  |  | 10,860,475 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/43 |  | $ | 2,910 |  |  | $ | 3,110,703 |
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |  |  | 2,300 |  |  |  | 2,344,671 |
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d) |  |  | 8,085 |  |  |  | 3,989,907 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |  |  | 5,000 |  |  |  | 2,841,255 |
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |  |  | 1,210 |  |  |  | 1,107,317 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 3,620 |  |  |  | 3,636,724 |
Port Authority of Houston of Harris County Texas, RB, 4.00%, 10/01/46 |  |  | 1,575 |  |  |  | 1,546,847 |
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |  |  | 4,435 |  |  |  | 4,388,725 |
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 |  |  | 1,355 |  |  |  | 1,451,395 |
Tarrant County Cultural Education Facilities Finance Corp., RB 5.00%, 11/15/51 |  |  | 4,305 |  |  |  | 4,659,202 |
Series A, 4.00%, 07/01/53 |  |  | 1,895 |  |  |  | 1,822,027 |
Series A, 5.00%, 07/01/53 |  |  | 2,325 |  |  |  | 2,482,124 |
Series B, 5.00%, 07/01/36 |  |  | 2,390 |  |  |  | 2,555,718 |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.25%, 12/01/39 |  |  | 1,850 |  |  |  | 1,889,444 |
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |  |  | 690 |  |  |  | 656,788 |
Texas Department of Housing & Community Affairs, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, (GNMA), 4.25%, 09/01/43 |  |  | 735 |  |  |  | 736,627 |
Series A, (GNMA), 3.63%, 09/01/44 |  |  | 2,025 |  |  |  | 1,871,278 |
Series A, (GNMA), 3.75%, 09/01/49 |  |  | 1,365 |  |  |  | 1,320,169 |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |  |  | 5,395 |  |  |  | 5,788,630 |
Texas Private Activity Bond Surface Transportation Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 06/30/58 |  |  | 1,795 |  |  |  | 1,815,152 |
AMT, Senior Lien, 5.00%, 12/31/45 |  |  | 3,020 |  |  |  | 3,041,243 |
Texas Transportation Commission State Highway 249 System, RB, CAB(d) 0.00%, 08/01/35 |  |  | 310 |  |  |  | 179,855 |
0.00%, 08/01/36 |  |  | 170 |  |  |  | 92,399 |
0.00%, 08/01/37 |  |  | 225 |  |  |  | 114,583 |
0.00%, 08/01/38 |  |  | 810 |  |  |  | 388,357 |
0.00%, 08/01/41 |  |  | 1,950 |  |  |  | 786,310 |
0.00%, 08/01/44 |  |  | 1,010 |  |  |  | 334,006 |
0.00%, 08/01/45 |  |  | 1,775 |  |  |  | 546,047 |
|  |  |  |  |  |  | 82,003,781 |
Utah — 0.6% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/47 |  |  | 2,935 |  |  |  | 3,026,490 |
Series A, AMT, 5.00%, 07/01/48 |  |  | 1,055 |  |  |  | 1,091,744 |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(b) |  |  | 485 |  |  |  | 462,195 |

64 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Utah (continued) |  |  |  |  |  |
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(b) |  | $ | 935 |  |  | $ | 846,720 |
Utah Housing Corp., RB, S/F Housing, Series D2, Class III, (FHA), 4.00%, 01/01/36 |  |  | 455 |  |  |  | 453,890 |
|  |  |  |  |  |  | 5,881,039 |
Virginia — 0.8% |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB, Series B‑1, 5.00%, 06/01/47 |  |  | 4,920 |  |  |  | 4,781,896 |
Virginia Housing Development Authority, RB, M/F Housing, Series C, 3.70%, 08/01/48 |  |  | 3,045 |  |  |  | 2,670,057 |
|  |  |  |  |  |  | 7,451,953 |
Washington — 2.0% |  |  |  |  |  |
King County Housing Authority, Refunding RB, 3.00%, 06/01/40 |  |  | 490 |  |  |  | 415,189 |
Port of Seattle Washington, RB |  |  |  |  |  |  |  |
Series C, AMT, 5.00%, 04/01/40 |  |  | 2,395 |  |  |  | 2,443,647 |
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |  |  | 2,655 |  |  |  | 2,757,287 |
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 |  |  | 1,140 |  |  |  | 1,110,921 |
Washington Health Care Facilities Authority, RB, 4.00%, 10/01/45 |  |  | 1,670 |  |  |  | 1,570,091 |
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38 |  |  | 8,075 |  |  |  | 8,353,482 |
Washington State Housing Finance Commission, RB, M/F Housing, Series A‑1, 3.50%, 12/20/35 |  |  | 3,094 |  |  |  | 2,909,082 |
|  |  |  |  |  |  | 19,559,699 |
Wisconsin — 2.0% |  |  |  |  |  |
Public Finance Authority, RB 5.00%, 10/15/41(b) |  |  | 570 |  |  |  | 552,326 |
5.00%, 10/15/56(b) |  |  | 225 |  |  |  | 199,737 |
Class A, 6.00%, 06/15/52 |  |  | 505 |  |  |  | 495,759 |
Class A, 6.13%, 06/15/57 |  |  | 570 |  |  |  | 561,302 |
Series A, 5.00%, 07/15/39(b) |  |  | 250 |  |  |  | 246,136 |
Series A, 5.00%, 07/01/40(b) |  |  | 450 |  |  |  | 433,155 |
Series A, 5.00%, 10/15/40(b) |  |  | 1,130 |  |  |  | 1,090,917 |
Series A, 5.00%, 07/15/49(b) |  |  | 955 |  |  |  | 889,457 |
Series A, 5.00%, 07/15/54(b) |  |  | 455 |  |  |  | 415,112 |
Series A, 5.00%, 10/15/55(b) |  |  | 1,545 |  |  |  | 1,409,737 |
Series A‑1, 4.50%, 01/01/35(b) |  |  | 605 |  |  |  | 543,886 |
Public Finance Authority, Refunding RB(b) 5.00%, 09/01/49 |  |  | 335 |  |  |  | 276,019 |
5.25%, 05/15/52 |  |  | 1,015 |  |  |  | 910,944 |
5.00%, 09/01/54 |  |  | 455 |  |  |  | 365,666 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 1.80%, 03/01/31 |  |  | 400 |  |  |  | 357,422 |
Series A, 1.85%, 09/01/31 |  |  | 320 |  |  |  | 283,006 |
Series A, 1.90%, 03/01/32 |  |  | 600 |  |  |  | 533,720 |
Series A, 1.95%, 09/01/32 |  |  | 450 |  |  |  | 398,367 |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing |  |  |  |  |  |  |  |
Series A, (HUD SECT 8), 2.05%, 11/01/36 |  |  | 1,165 |  |  |  | 918,508 |
Series A, (HUD SECT 8), 2.45%, 11/01/46 |  |  | 1,210 |  |  |  | 837,541 |

Security |  | Par (000) |  |  | Value |
Wisconsin (continued) |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing (continued) |  |  |  |  |  |  |  |
Series A, 4.15%, 11/01/48 |  | $ | 5,080 |  |  | $ | 4,939,320 |
Series A, 4.45%, 05/01/57 |  |  | 3,395 |  |  |  | 3,304,045 |
|  |  |  |  |  |  | 19,962,082 |
Total Municipal Bonds — 135.5% (Cost: $1,332,037,583) |  |  |  |  |  |  | 1,337,870,013 |
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
Arizona — 0.9% |
City of Phoenix Civic Improvement Corp., ARB, AMT, Senior Lien, 5.00%, 07/01/43 |  |  | 4,000 |  |  |  | 4,139,890 |
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/41 |  |  | 5,085 |  |  |  | 5,099,216 |
|  |  |  |  |  |  | 9,239,106 |
California — 0.2% |  |  |  |  |  |
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47 |  |  | 1,980 |  |  |  | 2,083,194 |
Colorado — 0.6% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(i) |  |  | 5,517 |  |  |  | 5,828,465 |
District of Columbia — 0.3% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B‑2, (FHA), 4.10%, 09/01/39 |  |  | 3,052 |  |  |  | 3,053,204 |
Florida — 1.8% |  |  |  |  |  |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57 |  |  | 7,850 |  |  |  | 8,940,251 |
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 |  |  | 1,920 |  |  |  | 1,891,001 |
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 |  |  | 6,300 |  |  |  | 7,443,658 |
|  |  |  |  |  |  | 18,274,910 |
Georgia — 0.5% |  |  |  |  |  |
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49 |  |  | 5,503 |  |  |  | 5,147,035 |
Illinois — 2.3% |  |  |  |  |  |
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.25%, 11/01/33 |  |  | 2,850 |  |  |  | 2,855,050 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 08/15/51 |  |  | 7,124 |  |  |  | 7,619,091 |
Series C, 4.00%, 02/15/27(c) |  |  | 2 |  |  |  | 2,292 |
Series C, 4.00%, 02/15/41 |  |  | 912 |  |  |  | 913,695 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/38 |  |  | 5,014 |  |  |  | 5,025,848 |
Series A, 5.00%, 01/01/40 |  |  | 6,451 |  |  |  | 6,695,474 |
|  |  |  |  |  |  | 23,111,450 |
Kansas — 1.3% |  |  |  |  |  |
Wyandotte County Unified School District No.500 Kansas City, GO, Series A, 5.50%, 09/01/47(c) |  |  | 11,167 |  |  |  | 12,423,312 |

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

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Louisiana — 0.4% |  |  |  |  |  |
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25(c) |  | $ | 3,600 |  |  | $ | 3,737,114 |
Maryland — 0.9% |  |  |  |  |  |
City of Baltimore Maryland, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/41 |  |  | 6,653 |  |  |  | 7,088,862 |
Series A, 5.00%, 07/01/46 |  |  | 1,269 |  |  |  | 1,333,212 |
|  |  |  |  |  |  | 8,422,074 |
Michigan — 1.0% |  |  |  |  |  |
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44 |  |  | 4,671 |  |  |  | 4,773,394 |
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45 |  |  | 2,050 |  |  |  | 2,132,201 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |  |  | 2,748 |  |  |  | 2,582,396 |
|  |  |  |  |  |  | 9,487,991 |
Nevada — 0.3% |  |  |  |  |  |
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48 |  |  | 2,739 |  |  |  | 2,890,437 |
New York — 4.4% |  |  |  |  |  |
Metropolitan Transportation Authority, RB, Sub- Series D‑1, 5.25%, 11/15/44 |  |  | 8,220 |  |  |  | 8,296,253 |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 6,314 |  |  |  | 6,275,309 |
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35 |  |  | 3,945 |  |  |  | 4,101,019 |
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |  |  | 6,600 |  |  |  | 6,464,304 |
Port Authority of New York & New Jersey, Refunding RB, 5.25%, 10/15/57 |  |  | 5,090 |  |  |  | 5,384,189 |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |  |  | 7,270 |  |  |  | 7,821,197 |
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 |  |  | 5,520 |  |  |  | 5,415,655 |
|  |  |  |  |  |  | 43,757,926 |
Ohio(i) — 0.6% |  |  |  |  |  |
Northeast Ohio Regional Sewer District, Refunding RB |  |  |  |  |  |  |  |
4.00%, 11/15/24(c) |  |  | 3,319 |  |  |  | 3,411,712 |
4.00%, 11/15/24 |  |  | 2,006 |  |  |  | 2,061,623 |
|  |  |  |  |  |  | 5,473,335 |
Pennsylvania — 0.8% |  |  |  |  |  |
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(i) |  |  | 6,042 |  |  |  | 6,281,138 |
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |  |  | 1,514 |  |  |  | 1,608,321 |
|  |  |  |  |  |  | 7,889,459 |
Texas — 1.0% |  |  |  |  |  |
County of Hidalgo Texas, GO, Series A, 4.00%, 08/15/43 |  |  | 2,703 |  |  |  | 2,701,107 |
Houston Community College System, GO, 4.00%, 02/15/23(c) |  |  | 3,480 |  |  |  | 3,481,627 |
Howe Independent School District, GO, (PSF‑GTD), 4.00%, 08/15/43 |  |  | 2,985 |  |  |  | 3,016,394 |
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38 |  |  | 879 |  |  |  | 886,247 |
|  |  |  |  |  |  | 10,085,375 |

Security |  | Par (000) |  |  | Value |
Virginia — 1.2% |  |  |  |  |  |
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |  | $ | 11,880 |  |  | $ | 11,754,256 |
Wisconsin — 0.2% |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.30%, 11/01/53 |  |  | 1,605 |  |  |  | 1,524,399 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.7% (Cost: $180,492,275) |  |  |  |  |  |  | 184,183,042 |
Total Long-Term Investments — 154.2% (Cost: $1,512,529,858) |  |  |  |  |  |  | 1,522,053,055 |
|  | Shares |  |  |  |
Short-Term Securities |
Money Market Funds — 2.6% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.39%(j)(k) |  |  | 25,427,432 |  |  |  | 25,432,517 |
Total Short-Term Securities — 2.6% (Cost: $25,425,865) |  |  |  |  |  |  | 25,432,517 |
Total Investments — 156.8% (Cost: $1,537,955,723) |  |  |  |  |  |  | 1,547,485,572 |
Liabilities in Excess of Other Assets — (0.7)% |  |  |  | (6,380,900 | )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.5)% |  |  |  | (103,871,831 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.6)% |  |  |  | (450,209,049 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 987,023,792 |

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

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

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

(d) | Zero-coupon bond.

(e) | When-issued security.

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

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

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

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

(j) | Affiliate of the Fund.

(k) | Annualized 7‑day yield as of period end.

66 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY)

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

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

| (a) | Represents net amount purchased (sold). |

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10‑Year U.S. Treasury Note |  |  | 311 |  |  |  | 03/22/23 |  |  | $ | 35,707 |  |  | $ | (555,838 | )
U.S. Long Bond |  |  | 457 |  |  |  | 03/22/23 |  |  |  | 59,681 |  |  |  | (1,784,980 | )
5‑Year U.S. Treasury Note |  |  | 283 |  |  |  | 03/31/23 |  |  |  | 30,975 |  |  |  | (401,953 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,742,771 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,742,771 |  |  | $ | — |  |  | $ | 2,742,771 |

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

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,930,619 |  |  | $ | — |  |  | $ | 7,930,619 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,408,081 |  |  | $ | — |  |  | $ | 3,408,081 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023 |  | BlackRock MuniYield Quality Fund, Inc. (MQY)

Fair Value Hierarchy as of Period End
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 |  | $ | — |  |  | $ | 1,337,870,013 |  |  | $ | — |  |  | $ | 1,337,870,013 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 184,183,042 |  |  |  | — |  |  |  | 184,183,042 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 25,432,517 |  |  |  | — |  |  |  | — |  |  |  | 25,432,517 |
|  | $ | 25,432,517 |  |  | $ | 1,522,053,055 |  |  | $ | — |  |  | $ | 1,547,485,572 |
Derivative Financial Instruments(a) |
Liabilities |
Interest Rate Contracts |  | $ | (2,742,771 | ) |  | $ | — |  |  | $ | — |  |  | $ | (2,742,771 | )

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

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 |
Loan for TOB Trust Certificates |  | $ | — |  |  | $ | (3,700,960 | ) |  | $ | — |  |  | $ | (3,700,960 | )
TOB Trust Certificates |  |  | — |  |  |  | (99,568,749 | ) |  |  | — |  |  |  | (99,568,749 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (450,300,000 | ) |  |  | — |  |  |  | (450,300,000 | )
|  | $ | — |  |  | $ | (553,569,709 | ) |  | $ | — |  |  | $ | (553,569,709 | )

See notes to financial statements.

68 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U 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, 2023

|  | BTA |  |  |  |  | MUA |  |  |  |  | MUI |  |  |  |  | MYD |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a) |  | $ | 228,724,640 |  |  |  |  | $ | 645,323,346 |  |  |  |  | $ | 1,622,487,021 |  |  |  |  | $ | 878,611,314 |
Investments, at value — affiliated(b) |  |  | 2,933,540 |  |  |  |  |  | 2,590,585 |  |  |  |  |  | 22,083,904 |  |  |  |  |  | 17,669,350 |
Cash |  |  | 78,237 |  |  |  |  |  | 259,381 |  |  |  |  |  | 172,744 |  |  |  |  |  | 78,729 |
Cash pledged for futures contracts |  |  | 674,000 |  |  |  |  |  | 2,297,000 |  |  |  |  |  | 3,921,000 |  |  |  |  |  | 3,206,000 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 60,927 |  |  |  |  |  | 187,840 |  |  |  |  |  | 22,982 |  |  |  |  |  | 110,798 |
Dividends — affiliated |  |  | 4,978 |  |  |  |  |  | 12,856 |  |  |  |  |  | 20,241 |  |  |  |  |  | 26,721 |
Interest — unaffiliated |  |  | 2,391,257 |  |  |  |  |  | 6,323,895 |  |  |  |  |  | 16,009,877 |  |  |  |  |  | 8,457,151 |
Due from broker |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 17,871 |  |  |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  |  |  | 61,500 |  |  |  |  |  | — |  |  |  |  |  | — |
Prepaid expenses |  |  | 27,400 |  |  |  |  |  | 120,388 |  |  |  |  |  | 192,319 |  |  |  |  |  | 12,330 |
Total assets |  |  | 234,894,979 |  |  |  |  |  | 657,176,791 |  |  |  |  |  | 1,664,927,959 |  |  |  |  |  | 908,172,393 |
ACCRUED LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 2,192,286 |  |  |  |  |  | 683,880 |  |  |  |  |  | 22,538,073 |  |  |  |  |  | 14,131,454 |
Accounting services fees |  |  | 12,230 |  |  |  |  |  | 44,984 |  |  |  |  |  | 80,268 |  |  |  |  |  | 56,239 |
Capital shares redeemed |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 349,280 |  |  |  |  |  | — |
Custodian fees |  |  | 2,124 |  |  |  |  |  | 3,493 |  |  |  |  |  | 8,140 |  |  |  |  |  | 3,730 |
Income dividend distributions — Common Shares |  |  | 584,635 |  |  |  |  |  | 1,759,194 |  |  |  |  |  | 2,511,613 |  |  |  |  |  | 1,900,248 |
Interest expense and fees |  |  | 88,719 |  |  |  |  |  | 138,650 |  |  |  |  |  | 437,435 |  |  |  |  |  | 436,866 |
Investment advisory fees |  |  | 119,506 |  |  |  |  |  | 301,977 |  |  |  |  |  | 757,627 |  |  |  |  |  | 373,119 |
Offering costs |  |  | — |  |  |  |  |  | 58,570 |  |  |  |  |  | — |  |  |  |  |  | — |
Directors’ and Officer’s fees |  |  | 25,765 |  |  |  |  |  | 4,081 |  |  |  |  |  | 601,782 |  |  |  |  |  | 337,913 |
Other accrued expenses |  |  | 10,441 |  |  |  |  |  | 22,542 |  |  |  |  |  | 26,227 |  |  |  |  |  | 16,752 |
Professional fees |  |  | 39,109 |  |  |  |  |  | 28,149 |  |  |  |  |  | 63,879 |  |  |  |  |  | 77,411 |
Transfer agent fees |  |  | 8,937 |  |  |  |  |  | 29,026 |  |  |  |  |  | 15,010 |  |  |  |  |  | 29,675 |
Variation margin on futures contracts |  |  | 149,015 |  |  |  |  |  | 504,594 |  |  |  |  |  | 899,066 |  |  |  |  |  | 700,892 |
Total accrued liabilities |  |  | 3,232,767 |  |  |  |  |  | 3,579,140 |  |  |  |  |  | 28,288,400 |  |  |  |  |  | 18,064,299 |
OTHER LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 12,516,504 |  |  |  |  |  | 24,489,313 |  |  |  |  |  | 87,180,947 |  |  |  |  |  | 60,534,975 |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |  |  | 75,657,943 |  |  |  |  |  | 174,931,808 |  |  |  |  |  | 561,386,838 |  |  |  |  |  | 251,110,021 |
Total other liabilities |  |  | 88,174,447 |  |  |  |  |  | 199,421,121 |  |  |  |  |  | 648,567,785 |  |  |  |  |  | 311,644,996 |
Total liabilities |  |  | 91,407,214 |  |  |  |  |  | 203,000,261 |  |  |  |  |  | 676,856,185 |  |  |  |  |  | 329,709,295 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 143,487,765 |  |  |  |  | $ | 454,176,530 |  |  |  |  | $ | 988,071,774 |  |  |  |  | $ | 578,463,098 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid‑in capital(f)(g)(h) |  | $ | 156,422,945 |  |  |  |  | $ | 517,271,323 |  |  |  |  | $ | 1,052,745,335 |  |  |  |  | $ | 625,618,269 |
Accumulated loss |  |  | (12,935,180 | ) |  |  |  |  | (63,094,793 | ) |  |  |  |  | (64,673,561 | ) |  |  |  |  | (47,155,171 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 143,487,765 |  |  |  |  | $ | 454,176,530 |  |  |  |  | $ | 988,071,774 |  |  |  |  | $ | 578,463,098 |
Net asset value per Common Share |  | $ | 10.68 |  |  |  |  | $ | 11.75 |  |  |  |  | $ | 13.43 |  |  |  |  | $ | 12.35 |
(a)Investments, at cost — unaffiliated |  | $ | 234,411,583 |  |  |  |  | $ | 691,500,635 |  |  |  |  | $ | 1,606,310,389 |  |  |  |  | $ | 881,187,183 |
(b)Investments, at cost — affiliated |  | $ | 2,933,128 |  |  |  |  | $ | 2,589,808 |  |  |  |  | $ | 22,080,812 |  |  |  |  | $ | 17,664,433 |
(c)Preferred Shares outstanding |  |  | 760 |  |  |  |  |  | 1,750 |  |  |  |  |  | 5,617 |  |  |  |  |  | 2,514 |
(d)Preferred Shares authorized |  |  | Unlimited |  |  |  |  |  | 1,750 |  |  |  |  |  | 18,417 |  |  |  |  |  | 16,234 |
(e)Par value per Preferred Share |  | $ | 0.001 |  |  |  |  | $ | 0.10 |  |  |  |  | $ | 0.10 |  |  |  |  | $ | 0.10 |
(f)Common Shares outstanding |  |  | 13,439,892 |  |  |  |  |  | 38,663,595 |  |  |  |  |  | 73,579,059 |  |  |  |  |  | 46,840,551 |
(g)Common Shares authorized |  |  | Unlimited |  |  |  |  |  | 199,998,250 |  |  |  |  |  | 199,981,583 |  |  |  |  |  | 199,983,766 |
(h)Par value per Common Share |  | $ | 0.001 |  |  |  |  | $ | 0.10 |  |  |  |  | $ | 0.10 |  |  |  |  | $ | 0.10 |

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) (continued)
January 31, 2023

|  | MQY |
ASSETS |  |  |  |
Investments, at value — unaffiliated(a) |  | $ | 1,522,053,055 |
Investments, at value — affiliated(b) |  |  | 25,432,517 |
Cash pledged for futures contracts |  |  | 2,923,000 |
Receivables: |  |  |  |
Investments sold |  |  | 39,202 |
Dividends — affiliated |  |  | 37,277 |
Interest — unaffiliated |  |  | 13,756,098 |
Prepaid expenses |  |  | 972,773 |
Total assets |  |  | 1,565,213,922 |
ACCRUED LIABILITIES |  |  |  |
Bank overdraft |  |  | 780,796 |
Payables: |  |  |  |
Investments purchased |  |  | 18,106,197 |
Accounting services fees |  |  | 80,039 |
Custodian fees |  |  | 7,129 |
Income dividend distributions — Common Shares |  |  | 3,442,406 |
Interest expense and fees |  |  | 602,122 |
Investment advisory fees |  |  | 646,050 |
Directors’ and Officer’s fees |  |  | 281,149 |
Other accrued expenses |  |  | 18,531 |
Professional fees |  |  | 44,772 |
Transfer agent fees |  |  | 46,261 |
Variation margin on futures contracts |  |  | 655,920 |
Total accrued liabilities |  |  | 24,711,372 |
OTHER LIABILITIES |  |  |  |
TOB Trust Certificates |  |  | 99,568,749 |
Loan for TOB Trust Certificates |  |  | 3,700,960 |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |  |  | 450,209,049 |
Total other liabilities |  |  | 553,478,758 |
Total liabilities |  |  | 578,190,130 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 987,023,792 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |
Paid‑in capital(f)(g)(h) |  | $ | 1,045,072,593 |
Accumulated loss |  |  | (58,048,801 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 987,023,792 |
Net asset value per Common Share |  | $ | 13.48 |
(a)Investments, at cost — unaffiliated |  | $ | 1,512,529,858 |
(b)Investments, at cost — affiliated |  | $ | 25,425,865 |
(c)Preferred Shares outstanding |  |  | 4,503 |
(d)Preferred Shares authorized |  |  | 14,503 |
(e)Par value per Preferred Share |  | $ | 0.10 |
(f)Common Shares outstanding |  |  | 73,242,678 |
(g)Common Shares authorized |  |  | 199,985,497 |
(h)Par value per Common Share |  | $ | 0.10 |

See notes to financial statements.

70 |  | 2 0 2 3 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, 2023

|  | BTA |  |  |  |  | MUA |  |  |  |  | MUI |  |  |  |  | MYD |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  | $ | 33,645 |  |  |  |  | $ | 153,075 |  |  |  |  | $ | 68,531 |  |  |  |  | $ | 122,987 |
Interest — unaffiliated |  |  | 5,581,025 |  |  |  |  |  | 15,330,899 |  |  |  |  |  | 32,867,616 |  |  |  |  |  | 18,339,789 |
Total investment income |  |  | 5,614,670 |  |  |  |  |  | 15,483,974 |  |  |  |  |  | 32,936,147 |  |  |  |  |  | 18,462,776 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 694,654 |  |  |  |  |  | 1,811,549 |  |  |  |  |  | 4,513,376 |  |  |  |  |  | 2,232,738 |
Professional |  |  | 33,712 |  |  |  |  |  | 64,447 |  |  |  |  |  | 53,090 |  |  |  |  |  | 42,910 |
Accounting services |  |  | 14,642 |  |  |  |  |  | 50,465 |  |  |  |  |  | 94,350 |  |  |  |  |  | 63,228 |
Transfer agent |  |  | 11,960 |  |  |  |  |  | 24,468 |  |  |  |  |  | 30,655 |  |  |  |  |  | 29,380 |
Directors and Officer |  |  | 5,610 |  |  |  |  |  | 12,388 |  |  |  |  |  | 77,662 |  |  |  |  |  | 29,048 |
Printing and postage |  |  | 4,752 |  |  |  |  |  | 9,681 |  |  |  |  |  | 5,498 |  |  |  |  |  | 8,107 |
Registration |  |  | 4,144 |  |  |  |  |  | 10,248 |  |  |  |  |  | 20,199 |  |  |  |  |  | 7,867 |
Liquidity fees |  |  | 3,902 |  |  |  |  |  | 8,985 |  |  |  |  |  | 28,840 |  |  |  |  |  | 12,908 |
Remarketing fees on Preferred Shares |  |  | 3,831 |  |  |  |  |  | 8,822 |  |  |  |  |  | 28,316 |  |  |  |  |  | 12,673 |
Custodian |  |  | 2,923 |  |  |  |  |  | 5,092 |  |  |  |  |  | 14,215 |  |  |  |  |  | 5,574 |
Miscellaneous |  |  | 32,356 |  |  |  |  |  | 22,539 |  |  |  |  |  | 80,379 |  |  |  |  |  | 34,249 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 812,486 |  |  |  |  |  | 2,028,684 |  |  |  |  |  | 4,946,580 |  |  |  |  |  | 2,478,682 |
Interest expense, fees and amortization of offering costs(a) |  |  | 1,465,828 |  |  |  |  |  | 3,539,915 |  |  |  |  |  | 10,297,069 |  |  |  |  |  | 5,014,122 |
Total expenses |  |  | 2,278,314 |  |  |  |  |  | 5,568,599 |  |  |  |  |  | 15,243,649 |  |  |  |  |  | 7,492,804 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (1,714 | ) |  |  |  |  | (8,163 | ) |  |  |  |  | (3,593 | ) |  |  |  |  | (6,594 | )
Total expenses after fees waived and/or reimbursed |  |  | 2,276,600 |  |  |  |  |  | 5,560,436 |  |  |  |  |  | 15,240,056 |  |  |  |  |  | 7,486,210 |
Net investment income |  |  | 3,338,070 |  |  |  |  |  | 9,923,538 |  |  |  |  |  | 17,696,091 |  |  |  |  |  | 10,976,566 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (5,955,024 | ) |  |  |  |  | (17,857,567 | ) |  |  |  |  | (58,894,642 | ) |  |  |  |  | (35,040,368 | )
Investments — affiliated |  |  | 2,279 |  |  |  |  |  | 4,293 |  |  |  |  |  | 4,152 |  |  |  |  |  | (4,048 | )
Futures contracts |  |  | 2,483,337 |  |  |  |  |  | 5,455,232 |  |  |  |  |  | 14,296,442 |  |  |  |  |  | 7,200,769 |
|  |  | (3,469,408 | ) |  |  |  |  | (12,398,042 | ) |  |  |  |  | (44,594,048 | ) |  |  |  |  | (27,843,647 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (2,735,222 | ) |  |  |  |  | (9,683,204 | ) |  |  |  |  | 29,842,950 |  |  |  |  |  | 12,010,038 |
Investments — affiliated |  |  | 260 |  |  |  |  |  | (4,194 | ) |  |  |  |  | 3,092 |  |  |  |  |  | 2,845 |
Futures contracts |  |  | 189,346 |  |  |  |  |  | (606,995 | ) |  |  |  |  | 746,813 |  |  |  |  |  | (631,141 | )
|  |  | (2,545,616 | ) |  |  |  |  | (10,294,393 | ) |  |  |  |  | 30,592,855 |  |  |  |  |  | 11,381,742 |
Net realized and unrealized loss |  |  | (6,015,024 | ) |  |  |  |  | (22,692,435 | ) |  |  |  |  | (14,001,193 | ) |  |  |  |  | (16,461,905 | )
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | (2,676,954 | ) |  |  |  | $ | (12,768,897 | ) |  |  |  | $ | 3,694,898 |  |  |  |  | $ | (5,485,339 | )

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

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)
Six Months Ended January 31, 2023

|  | MQY |
INVESTMENT INCOME |  |  |  |
Dividends — affiliated |  | $ | 107,721 |
Interest — unaffiliated |  |  | 33,895,422 |
Total investment income |  |  | 34,003,143 |
EXPENSES |  |  |  |
Investment advisory |  |  | 3,908,017 |
Accounting services |  |  | 90,139 |
Professional |  |  | 83,564 |
Registration |  |  | 40,627 |
Transfer agent |  |  | 37,982 |
Directors and Officer |  |  | 37,507 |
Custodian |  |  | 10,740 |
Printing and postage |  |  | 5,911 |
Miscellaneous |  |  | 11,264 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 4,225,751 |
Interest expense, fees and amortization of offering costs(a) |  |  | 8,845,071 |
Total expenses |  |  | 13,070,822 |
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (5,661 | )
Total expenses after fees waived and/or reimbursed |  |  | 13,065,161 |
Net investment income |  |  | 20,937,982 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated |  |  | (38,891,313 | )
Investments — affiliated |  |  | (5,930 | )
Futures contracts |  |  | 7,930,619 |
|  |  | (30,966,624 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated |  |  | (1,778,374 | )
Investments — affiliated |  |  | 6,652 |
Futures contracts |  |  | 3,408,081 |
|  |  | 1,636,359 |
Net realized and unrealized loss |  |  | (29,330,265 | )
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | (8,392,283 | )

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

See notes to financial statements.

72 |  | 2 0 2 3 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

|  | BTA |  |  |  |  |  | MUA |
|  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |  |  |  |  |  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  | $ | 3,338,070 |  |  |  |  |  |  | $ | 2,016,252 |  |  |  |  |  |  | $ | 8,733,495 |  |  |  |  |  |  | $ | 9,923,538 |  |  |  |  |  |  | $ | 5,574,960 |  |  |  |  |  |  | $ | 21,674,239 |
Net realized gain (loss) |  |  |  |  |  |  | (3,469,408 | ) |  |  |  |  |  |  | 850,948 |  |  |  |  |  |  |  | 805,867 |  |  |  |  |  |  |  | (12,398,042 | ) |  |  |  |  |  |  | 3,766,936 |  |  |  |  |  |  |  | 3,896,638 |
Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  | (2,545,616 | ) |  |  |  |  |  |  | 271,828 |  |  |  |  |  |  |  | (30,583,646 | ) |  |  |  |  |  |  | (10,294,393 | ) |  |  |  |  |  |  | 155,267 |  |  |  |  |  |  |  | (88,707,665 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  |  |  |  |  | (2,676,954 | ) |  |  |  |  |  |  | 3,139,028 |  |  |  |  |  |  |  | (21,044,284 | ) |  |  |  |  |  |  | (12,768,897 | ) |  |  |  |  |  |  | 9,497,163 |  |  |  |  |  |  |  | (63,136,788 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  |  |  |  |  | (3,970,250 | ) |  |  |  |  |  |  | (2,196,989 | ) |  |  |  |  |  |  | (8,677,591 | ) |  |  |  |  |  |  | (17,549,967 | ) |  |  |  |  |  |  | (5,232,689 | ) |  |  |  |  |  |  | (27,559,514 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of common shares |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 2,613,331 |  |  |  |  |  |  |  | 1,844,863 |  |  |  |  |  |  |  | 12,810,577 |
Reinvestment of common distributions |  |  |  |  |  |  | 21,507 |  |  |  |  |  |  |  | 14,277 |  |  |  |  |  |  |  | 127,234 |  |  |  |  |  |  |  | 164,753 |  |  |  |  |  |  |  | 81,818 |  |  |  |  |  |  |  | 1,039,293 |
Net increase in net assets derived from capital share transactions |  |  |  |  |  |  | 21,507 |  |  |  |  |  |  |  | 14,277 |  |  |  |  |  |  |  | 127,234 |  |  |  |  |  |  |  | 2,778,084 |  |  |  |  |  |  |  | 1,926,681 |  |  |  |  |  |  |  | 13,849,870 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  |  |  |  |  | (6,625,697 | ) |  |  |  |  |  |  | 956,316 |  |  |  |  |  |  |  | (29,594,641 | ) |  |  |  |  |  |  | (27,540,780 | ) |  |  |  |  |  |  | 6,191,155 |  |  |  |  |  |  |  | (76,846,432 | )
Beginning of period |  |  |  |  |  |  | 150,113,462 |  |  |  |  |  |  |  | 149,157,146 |  |  |  |  |  |  |  | 178,751,787 |  |  |  |  |  |  |  | 481,717,310 |  |  |  |  |  |  |  | 475,526,155 |  |  |  |  |  |  |  | 552,372,587 |
End of period |  |  |  |  |  | $ | 143,487,765 |  |  |  |  |  |  | $ | 150,113,462 |  |  |  |  |  |  | $ | 149,157,146 |  |  |  |  |  |  | $ | 454,176,530 |  |  |  |  |  |  | $ | 481,717,310 |  |  |  |  |  |  | $ | 475,526,155 |

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

|  |  |  |  | MUI |  |  |  |  |  | MYD |
|  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |  |  |  |  |  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  | $ | 17,696,091 |  |  |  |  |  |  | $ | 10,029,152 |  |  |  |  |  |  | $ | 22,730,839 |  |  |  |  |  |  | $ | 10,976,566 |  |  |  |  |  |  | $ | 6,531,002 |  |  |  |  |  |  | $ | 29,819,545 |
Net realized gain (loss) |  |  |  |  |  |  | (44,594,048 | ) |  |  |  |  |  |  | (14,312,908 | ) |  |  |  |  |  |  | (5,232,138 | ) |  |  |  |  |  |  | (27,843,647 | ) |  |  |  |  |  |  | 3,151,565 |  |  |  |  |  |  |  | 1,406,427 |
Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  | 30,592,855 |  |  |  |  |  |  |  | 29,849,550 |  |  |  |  |  |  |  | (113,330,106 | ) |  |  |  |  |  |  | 11,381,742 |  |  |  |  |  |  |  | 2,804,901 |  |  |  |  |  |  |  | (124,406,956 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  |  |  |  |  | 3,694,898 |  |  |  |  |  |  |  | 25,565,794 |  |  |  |  |  |  |  | (95,831,405 | ) |  |  |  |  |  |  | (5,485,339 | ) |  |  |  |  |  |  | 12,487,468 |  |  |  |  |  |  |  | (93,180,984 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  |  |  |  |  | (19,398,443 | ) |  |  |  |  |  |  | (11,967,097 | ) |  |  |  |  |  |  | (24,815,980 | ) |  |  |  |  |  |  | (12,550,127 | ) |  |  |  |  |  |  | (7,249,093 | ) |  |  |  |  |  |  | (30,564,427 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of common shares due to reorganization |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 497,273,284 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  |  |  |  |  | (3,480,795 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (870,440 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Redemption of common shares due to reorgnization |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (138 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  |  |  |  |  | (3,480,795 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 497,273,146 |  |  |  |  |  |  |  | (870,440 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  |  |  |  |  | (19,184,340 | ) |  |  |  |  |  |  | 13,598,697 |  |  |  |  |  |  |  | 376,625,761 |  |  |  |  |  |  |  | (18,905,906 | ) |  |  |  |  |  |  | 5,238,375 |  |  |  |  |  |  |  | (123,745,411 | )
Beginning of period |  |  |  |  |  |  | 1,007,256,114 |  |  |  |  |  |  |  | 993,657,417 |  |  |  |  |  |  |  | 617,031,656 |  |  |  |  |  |  |  | 597,369,004 |  |  |  |  |  |  |  | 592,130,629 |  |  |  |  |  |  |  | 715,876,040 |
End of period |  |  |  |  |  | $ | 988,071,774 |  |  |  |  |  |  | $ | 1,007,256,114 |  |  |  |  |  |  | $ | 993,657,417 |  |  |  |  |  |  | $ | 578,463,098 |  |  |  |  |  |  | $ | 597,369,004 |  |  |  |  |  |  | $ | 592,130,629 |

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

See notes to financial statements.

74 |  | 2 0 2 3 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)

|  | MQY |
|  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  | Year Ended 04/30/22 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 20,937,982 |  |  |  |  | $ | 12,080,054 |  |  |  |  | $ | 52,517,330 |
Net realized gain (loss) |  |  | (30,966,624 | ) |  |  |  |  | 2,376,324 |  |  |  |  |  | (6,019,147 | )
Net change in unrealized appreciation (depreciation) |  |  | 1,636,359 |  |  |  |  |  | 9,208,730 |  |  |  |  |  | (198,334,347 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | (8,392,283 | ) |  |  |  |  | 23,665,108 |  |  |  |  |  | (151,836,164 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (22,044,581 | ) |  |  |  |  | (12,817,468 | ) |  |  |  |  | (55,356,148 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 1,173,646 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | (30,436,864 | ) |  |  |  |  | 10,847,640 |  |  |  |  |  | (206,018,666 | )
Beginning of period |  |  | 1,017,460,656 |  |  |  |  |  | 1,006,613,016 |  |  |  |  |  | 1,212,631,682 |
End of period |  | $ | 987,023,792 |  |  |  |  | $ | 1,017,460,656 |  |  |  |  | $ | 1,006,613,016 |

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

See notes to financial statements.

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

Statements of Cash Flows (unaudited)
Six Months Ended January 31, 2023

|  | BTA |  |  | MUA |  |  | MUI |  |  | MYD |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | (2,676,954 | ) |  | $ | (12,768,897 | ) |  | $ | 3,694,898 |  |  | $ | (5,485,339 | )
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 56,060,046 |  |  |  | 79,101,328 |  |  |  | 613,168,634 |  |  |  | 247,757,180 |
Purchases of long-term investments |  |  | (38,818,071 | ) |  |  | (78,300,030 | ) |  |  | (528,691,015 | ) |  |  | (203,930,212 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (2,425,944 | ) |  |  | 12,437,926 |  |  |  | (16,754,665 | ) |  |  | (4,707,405 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | (215,345 | ) |  |  | (631,402 | ) |  |  | 4,485,044 |  |  |  | 1,084,314 |
Net realized loss on investments |  |  | 5,952,745 |  |  |  | 17,853,274 |  |  |  | 58,890,490 |  |  |  | 35,044,416 |
Net unrealized (appreciation) depreciation on investments |  |  | 2,734,962 |  |  |  | 9,687,398 |  |  |  | (29,846,042 | ) |  |  | (12,012,883 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (2,544 | ) |  |  | (1,763 | ) |  |  | (17,878 | ) |  |  | (16,607 | )
From the Manager |  |  | — |  |  |  | — |  |  |  | 5,262 |  |  |  | — |
Interest — unaffiliated |  |  | 180,948 |  |  |  | (218,337 | ) |  |  | 261,000 |  |  |  | 526,956 |
Variation margin on futures contracts |  |  | 444 |  |  |  | — |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | 21,837 |  |  |  | (7,693 | ) |  |  | 59,781 |  |  |  | 16,283 |
Deferred offering costs |  |  | — |  |  |  | 2,069 |  |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (7,126 | ) |  |  | (29,321 | ) |  |  | (70,127 | ) |  |  | (38,755 | )
Custodian fees |  |  | (1,167 | ) |  |  | (2,210 | ) |  |  | (2,953 | ) |  |  | (3,490 | )
Interest expense and fees |  |  | 37,508 |  |  |  | 80,702 |  |  |  | 146,485 |  |  |  | 240,902 |
Investment advisory fees |  |  | (123,813 | ) |  |  | (272,205 | ) |  |  | (818,902 | ) |  |  | (355,360 | )
Directors’ and Officer’s fees |  |  | 1,113 |  |  |  | (468 | ) |  |  | 2,113 |  |  |  | (15,472 | )
Other accrued expenses |  |  | 386 |  |  |  | 2,630 |  |  |  | (1,782 | ) |  |  | (2,056 | )
Professional fees |  |  | (34,655 | ) |  |  | (78,843 | ) |  |  | (53,871 | ) |  |  | (37,455 | )
Transfer agent fees |  |  | (2,782 | ) |  |  | (12,079 | ) |  |  | (23,176 | ) |  |  | (9,294 | )
Variation margin on futures contracts |  |  | 138,432 |  |  |  | 440,851 |  |  |  | 855,449 |  |  |  | 612,945 |
Net cash provided by operating activities |  |  | 20,820,020 |  |  |  | 27,282,930 |  |  |  | 105,288,745 |  |  |  | 58,668,668 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (4,096,471 | ) |  |  | (17,375,036 | ) |  |  | (20,875,863 | ) |  |  | (13,066,243 | )
Payments for offering costs |  |  | — |  |  |  | (4,372 | ) |  |  | — |  |  |  | — |
Repayments of TOB Trust Certificates |  |  | (21,173,788 | ) |  |  | (17,955,674 | ) |  |  | (151,542,360 | ) |  |  | (55,620,677 | )
Net payments on Common Shares redeemed |  |  | — |  |  |  | — |  |  |  | (3,131,515 | ) |  |  | (870,440 | )
Proceeds from TOB Trust Certificates |  |  | 4,568,960 |  |  |  | 6,395,446 |  |  |  | 70,954,333 |  |  |  | 8,864,066 |
Decrease in bank overdraft |  |  | (2,564 | ) |  |  | — |  |  |  | (8,163 | ) |  |  | — |
Amortization of deferred offering costs |  |  | 8,080 |  |  |  | 2,756 |  |  |  | 8,438 |  |  |  | 8,072 |
Proceeds from issuance of Common Shares |  |  | — |  |  |  | 2,613,331 |  |  |  | — |  |  |  | — |
Net cash used for financing activities |  |  | (20,695,783 | ) |  |  | (26,323,549 | ) |  |  | (104,595,130 | ) |  |  | (60,685,222 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash |  |  | 124,237 |  |  |  | 959,381 |  |  |  | 693,615 |  |  |  | (2,016,554 | )
Restricted and unrestricted cash at beginning of period |  |  | 628,000 |  |  |  | 1,597,000 |  |  |  | 3,418,000 |  |  |  | 5,301,283 |
Restricted and unrestricted cash at end of period |  | $ | 752,237 |  |  | $ | 2,556,381 |  |  | $ | 4,111,615 |  |  | $ | 3,284,729 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 1,420,240 |  |  | $ | 3,456,457 |  |  | $ | 10,142,146 |  |  | $ | 4,765,148 |
NON‑CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  | $ | 21,507 |  |  | $ | 164,753 |  |  | $ | — |  |  | $ | — |

76 |  | 2 0 2 3 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) (continued)
Six Months Ended January 31, 2023

|  | BTA |  |  | MUA |  |  | MUI |  |  | MYD |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 78,237 |  |  | $ | 259,381 |  |  | $ | 172,744 |  |  | $ | 78,729 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  | 674,000 |  |  |  | 2,297,000 |  |  |  | 3,921,000 |  |  |  | 3,206,000 |
Due from broker |  |  | — |  |  |  | — |  |  |  | 17,871 |  |  |  | — |
|  | $ | 752,237 |  |  | $ | 2,556,381 |  |  | $ | 4,111,615 |  |  | $ | 3,284,729 |

See notes to financial statements.

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

Statements of Cash Flows (unaudited) (continued)
Six Months Ended January 31, 2023

|  | MQY |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net decrease in net assets resulting from operations |  | $ | (8,392,283 | )
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments |  |  | 416,797,878 |
Purchases of long-term investments |  |  | (297,053,316 | )
Net purchases of short-term securities |  |  | (24,014,882 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | 25,488 |
Net realized loss on investments |  |  | 38,897,243 |
Net unrealized depreciation on investments |  |  | 1,771,722 |
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated |  |  | (33,416 | )
Interest — unaffiliated |  |  | 594,109 |
Prepaid expenses |  |  | 11,857 |
Increase (Decrease) in Liabilities |  |  |  |
Payables |  |  |  |
Accounting services fees |  |  | (53,630 | )
Custodian fees |  |  | (6,001 | )
Interest expense and fees |  |  | 262,057 |
Investment advisory fees |  |  | (679,707 | )
Directors’ and Officer’s fees |  |  | (2,640 | )
Other accrued expenses |  |  | (7,590 | )
Professional fees |  |  | (20,756 | )
Transfer agent fees |  |  | (14,714 | )
Variation margin on futures contracts |  |  | 520,616 |
Net cash provided by operating activities |  |  | 128,602,035 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (22,703,765 | )
Repayments of TOB Trust Certificates |  |  | (130,839,525 | )
Proceeds from TOB Trust Certificates |  |  | 19,729,439 |
Proceeds from Loan for TOB Trust Certificates |  |  | 3,700,960 |
Increase in bank overdraft |  |  | 780,796 |
Amortization of deferred offering costs |  |  | 31,060 |
Net cash used for financing activities |  |  | (129,301,035 | )
CASH |  |  |  |
Net decrease in restricted and unrestricted cash |  |  | (699,000 | )
Restricted and unrestricted cash at beginning of period |  |  | 3,622,000 |
Restricted and unrestricted cash at end of period |  | $ | 2,923,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense |  | $ | 8,551,954 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash pledged |  |  |  |
Futures contracts |  |  | 2,923,000 |
|  | $ | 2,923,000 |

See notes to financial statements.

78 |  | 2 0 2 3 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)

|  | BTA |
|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 11.17 |  |  | $ | 11.10 |  |  | $ | 13.31 |  |  | $ | 11.20 |  |  | $ | 12.47 |  |  | $ | 12.28 |  |  | $ | 12.27 |
Net investment income(a) |  |  |  |  |  |  | 0.25 |  |  |  | 0.15 |  |  |  | 0.65 |  |  |  | 0.67 |  |  |  | 0.60 |  |  |  | 0.62 |  |  |  | 0.65 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.44 | ) |  |  | 0.08 |  |  |  | (2.21 | ) |  |  | 2.05 |  |  |  | (1.26 | ) |  |  | 0.20 |  |  |  | 0.01 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.19 | ) |  |  | 0.23 |  |  |  | (1.56 | ) |  |  | 2.72 |  |  |  | (0.66 | ) |  |  | 0.82 |  |  |  | 0.66 |
Distributions to Common Shareholders from net investment income(b) |  |  |  |  |  |  | (0.30 | ) |  |  | (0.16 | ) |  |  | (0.65 | ) |  |  | (0.61 | ) |  |  | (0.61 | ) |  |  | (0.63 | ) |  |  | (0.65 | )
Net asset value, end of period |  |  |  |  |  | $ | 10.68 |  |  | $ | 11.17 |  |  | $ | 11.10 |  |  | $ | 13.31 |  |  | $ | 11.20 |  |  | $ | 12.47 |  |  | $ | 12.28 |
Market price, end of period |  |  |  |  |  | $ | 10.15 |  |  | $ | 12.10 |  |  | $ | 10.43 |  |  | $ | 13.20 |  |  | $ | 10.92 |  |  | $ | 11.88 |  |  | $ | 11.20 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (1.47 | )%(d) |  |  | 2.11 | %(d) |  |  | (12.33 | )% |  |  | 24.80 | % |  |  | (5.70 | )% |  |  | 7.34 | % |  |  | 5.76 | %
Based on market price |  |  |  |  |  |  | (13.55 | )%(d) |  |  | 17.71 | %(d) |  |  | (16.93 | )% |  |  | 26.94 | % |  |  | (3.49 | )% |  |  | 12.12 | % |  |  | 1.50 | %
Ratios to Average Net Assets Applicable to Common Shareholders(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.28 | %(f) |  |  | 2.31 | %(f)(g) |  |  | 1.72 | % |  |  | 1.73 | % |  |  | 2.54 | % |  |  | 2.67 | % |  |  | 2.33 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.28 | %(f) |  |  | 2.31 | %(f)(g) |  |  | 1.72 | % |  |  | 1.73 | % |  |  | 2.54 | % |  |  | 2.67 | % |  |  | 2.33 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i) |  |  |  |  |  |  | 1.17 | %(f) |  |  | 1.16 | %(f)(g) |  |  | 1.15 | % |  |  | 1.14 | % |  |  | 1.13 | % |  |  | 1.13 | % |  |  | 1.14 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 4.81 | %(f) |  |  | 5.49 | %(f) |  |  | 4.95 | % |  |  | 5.32 | % |  |  | 4.71 | % |  |  | 5.11 | % |  |  | 5.21 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 143,488 |  |  | $ | 150,113 |  |  | $ | 149,157 |  |  | $ | 178,752 |  |  | $ | 150,344 |  |  | $ | 167,431 |  |  | $ | 164,787 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 76,000 |  |  | $ | 76,000 |  |  | $ | 76,000 |  |  | $ | 76,000 |  |  | $ | 76,000 |  |  | $ | 76,000 |  |  | $ | 76,000 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 262,101 | (j) |  | $ | 239,633 | (j) |  | $ | 296,259 | (k) |  | $ | 335,200 | (k) |  | $ | 297,821 | (k) |  | $ | 320,304 | (k) |  | $ | 316,825 | (k)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 12,517 |  |  | $ | 31,506 |  |  | $ | 31,735 |  |  | $ | 38,607 |  |  | $ | 36,908 |  |  | $ | 34,595 |  |  | $ | 36,025 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) |  |  |  |  |  | $ | 18,508 |  |  | $ | 8,166 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 16 | % |  |  | 8 | % |  |  | 17 | % |  |  | 27 | % |  |  | 34 | % |  |  | 31 | % |  |  | 44 | %

(a) | Based on average Common Shares outstanding.

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

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Not annualized.

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) | Annualized.

(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.40%, 2.39% and 1.24%, respectively.

(h) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(i) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

|  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Expense ratios |  |  |  |  |  |  | 1.16 | % |  |  |  |  |  |  | 1.15 | % |  |  |  |  |  |  | 1.14 | % |  |  | 1.13 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.47 | %

(j) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f‑4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 79

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | MUA |
|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 12.53 |  |  | $ | 12.42 |  |  | $ | 14.77 |  |  | $ | 12.83 |  |  | $ | 14.14 |  |  | $ | 14.01 |  |  | $ | 14.07 |
Net investment income(a) |  |  |  |  |  |  | 0.26 |  |  |  | 0.15 |  |  |  | 0.57 |  |  |  | 0.62 |  |  |  | 0.63 |  |  |  | 0.67 |  |  |  | 0.68 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.58 | ) |  |  | 0.10 |  |  |  | (2.20 | ) |  |  | 1.96 |  |  |  | (1.29 | ) |  |  | 0.12 |  |  |  | (0.06 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.32 | ) |  |  | 0.25 |  |  |  | (1.63 | ) |  |  | 2.58 |  |  |  | (0.66 | ) |  |  | 0.79 |  |  |  | 0.62 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.30 | ) |  |  | (0.14 | ) |  |  | (0.58 | ) |  |  | (0.64 | ) |  |  | (0.63 | ) |  |  | (0.66 | ) |  |  | (0.68 | )
From net realized gain |  |  |  |  |  |  | (0.16 | ) |  |  | — |  |  |  | (0.14 | ) |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.46 | ) |  |  | (0.14 | ) |  |  | (0.72 | ) |  |  | (0.64 | ) |  |  | (0.65 | ) |  |  | (0.66 | ) |  |  | (0.68 | )
Net asset value, end of period |  |  |  |  |  | $ | 11.75 |  |  | $ | 12.53 |  |  | $ | 12.42 |  |  | $ | 14.77 |  |  | $ | 12.83 |  |  | $ | 14.14 |  |  | $ | 14.01 |
Market price, end of period |  |  |  |  |  | $ | 11.38 |  |  | $ | 12.55 |  |  | $ | 11.90 |  |  | $ | 15.26 |  |  | $ | 12.48 |  |  | $ | 14.98 |  |  | $ | 13.21 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (2.23 | )%(d) |  |  | 2.00 | %(d) |  |  | (11.63 | )% |  |  | 20.41 | % |  |  | (5.03 | )% |  |  | 5.97 | % |  |  | 4.47 | %
Based on market price |  |  |  |  |  |  | (5.46 | )%(d) |  |  | 6.63 | %(d) |  |  | (18.05 | )% |  |  | 27.89 | % |  |  | (12.80 | )% |  |  | 19.07 | % |  |  | (6.48 | )%
Ratios to Average Net Assets Applicable to Common Shareholders(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 2.48 | %(f) |  |  | 1.67 | %(f)(g) |  |  | 0.98 | % |  |  | 0.81 | % |  |  | 0.98 | % |  |  | 1.01 | % |  |  | 0.93 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 2.48 | %(f) |  |  | 1.67 | %(f)(g) |  |  | 0.98 | % |  |  | 0.80 | % |  |  | 0.98 | % |  |  | 1.01 | % |  |  | 0.93 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h) |  |  |  |  |  |  | 0.90 | %(f)(i) |  |  | 0.88 | %(f)(g) |  |  | 0.77 | % |  |  | 0.71 | % |  |  | 0.69 | % |  |  | 0.70 | % |  |  | 0.69 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 4.43 | %(f) |  |  | 4.75 | %(f) |  |  | 3.90 | % |  |  | 4.39 | % |  |  | 4.43 | % |  |  | 4.77 | % |  |  | 4.83 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 454,177 |  |  | $ | 481,717 |  |  | $ | 475,526 |  |  | $ | 552,373 |  |  | $ | 463,431 |  |  | $ | 509,645 |  |  | $ | 504,470 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | 175,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 327,670 | (j) |  | $ | 321,536 | (j) |  | $ | 371,729 | (k) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 24,489 |  |  | $ | 42,444 |  |  | $ | 41,712 |  |  | $ | 68,781 |  |  | $ | 69,232 |  |  | $ | 71,659 |  |  | $ | 71,925 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) |  |  |  |  |  | $ | 26,689 |  |  | $ | 16,471 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 11 | % |  |  | 5 | % |  |  | 24 | % |  |  | 19 | % |  |  | 21 | % |  |  | 19 | % |  |  | 15 | %

(a) | Based on average Common Shares outstanding.

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

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Not annualized.

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) | Annualized.

(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.69%, 1.69% and 0.90%, respectively.

(h) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(i) | For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.89%.

(j) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(l) | 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.

80 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | MUI |
|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 13.64 |  |  | $ | 13.45 |  |  | $ | 16.11 |  |  | $ | 14.62 |  |  | $ | 15.40 |  |  | $ | 14.93 |  |  | $ | 15.17 |
Net investment income(a) |  |  |  |  |  |  | 0.24 |  |  |  | 0.14 |  |  |  | 0.56 |  |  |  | 0.64 |  |  |  | 0.56 |  |  |  | 0.56 |  |  |  | 0.59 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.19 | ) |  |  | 0.21 |  |  |  | (2.57 | ) |  |  | 1.48 |  |  |  | (0.81 | ) |  |  | 0.47 |  |  |  | (0.23 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.05 |  |  |  | 0.35 |  |  |  | (2.01 | ) |  |  | 2.12 |  |  |  | (0.25 | ) |  |  | 1.03 |  |  |  | 0.36 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.26 | ) |  |  | (0.16 | ) |  |  | (0.65 | ) |  |  | (0.63 | ) |  |  | (0.53 | ) |  |  | (0.53 | ) |  |  | (0.60 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.03 | ) |  |  | (0.00 | )(c)
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.26 | ) |  |  | (0.16 | ) |  |  | (0.65 | ) |  |  | (0.63 | ) |  |  | (0.53 | ) |  |  | (0.56 | ) |  |  | (0.60 | )
Net asset value, end of period |  |  |  |  |  | $ | 13.43 |  |  | $ | 13.64 |  |  | $ | 13.45 |  |  | $ | 16.11 |  |  | $ | 14.62 |  |  | $ | 15.40 |  |  | $ | 14.93 |
Market price, end of period |  |  |  |  |  | $ | 12.01 |  |  | $ | 12.44 |  |  | $ | 12.26 |  |  | $ | 15.09 |  |  | $ | 13.13 |  |  | $ | 13.85 |  |  | $ | 13.01 |
Total Return Applicable to Common Shareholders(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 0.76 | %(e) |  |  | 2.73 | %(e) |  |  | (12.79 | )% |  |  | 15.08 | % |  |  | (1.41 | )% |  |  | 7.68 | % |  |  | 2.76 | %
Based on market price |  |  |  |  |  |  | (1.20 | )%(e) |  |  | 2.79 | %(e) |  |  | (15.13 | )% |  |  | 20.02 | % |  |  | (1.56 | )% |  |  | 11.13 | % |  |  | (2.69 | )%
Ratios to Average Net Assets Applicable to Common Shareholders(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.20 | %(g) |  |  | 2.25 | %(g)(h) |  |  | 1.67 | %(i) |  |  | 1.58 | % |  |  | 2.31 | % |  |  | 2.63 | % |  |  | 2.17 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.20 | %(g) |  |  | 2.25 | %(g)(h) |  |  | 1.67 | %(i) |  |  | 1.58 | % |  |  | 2.31 | % |  |  | 2.63 | % |  |  | 2.17 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(j) |  |  |  |  |  |  | 1.04 | %(g)(k) |  |  | 1.07 | %(g)(h) |  |  | 1.02 | %(i) |  |  | 0.98 | % |  |  | 0.97 | % |  |  | 1.01 | % |  |  | 0.97 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.72 | %(g) |  |  | 4.06 | %(g) |  |  | 3.63 | % |  |  | 4.05 | % |  |  | 3.59 | % |  |  | 3.73 | % |  |  | 3.87 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 988,072 |  |  | $ | 1,007,256 |  |  | $ | 993,657 |  |  | $ | 617,032 |  |  | $ | 559,934 |  |  | $ | 589,887 |  |  | $ | 571,769 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 561,700 |  |  | $ | 561,700 |  |  | $ | 561,700 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 252,273 | (l) |  | $ | 237,229 | (l) |  | $ | 276,902 | (m) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 314,919 | (m) |  | $ | 295,031 | (m) |  | $ | 305,464 | (m) |  | $ | 299,153 | (m)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 87,181 |  |  | $ | 172,298 |  |  | $ | 180,858 |  |  | $ | 93,069 |  |  | $ | 92,014 |  |  | $ | 93,421 |  |  | $ | 79,136 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(n) |  |  |  |  |  | $ | 18,773 |  |  | $ | 10,104 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 32 | % |  |  | 14 | % |  |  | 25 | % |  |  | 13 | % |  |  | 20 | % |  |  | 24 | % |  |  | 34 | %

(a) | Based on average Common Shares outstanding.

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

(c) | Amount is greater than $(0.005) per share.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.27%, 2.27% and 1.08%, respectively.

(i) | Includes non‑recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.62%, 1.61% and 0.96%, respectively.

(j) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(k) | For the six months ended January 31, 2023, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.03%.

F I N A N C I A L H I G H L I G H T S |  | 81

Financial Highlights (continued)
(For a share outstanding throughout each period)

(l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(m) | Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP/VMTP Shares, and by multiplying the results by 100,000.

(n) | 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.

82 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | MYD |
|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 12.73 |  |  | $ | 12.62 |  |  | $ | 15.26 |  |  | $ | 13.38 |  |  | $ | 14.56 |  |  | $ | 14.38 |  |  | $ | 14.71 |
Net investment income(a) |  |  |  |  |  |  | 0.23 |  |  |  | 0.14 |  |  |  | 0.64 |  |  |  | 0.69 |  |  |  | 0.66 |  |  |  | 0.73 |  |  |  | 0.79 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.34 | ) |  |  | 0.12 |  |  |  | (2.63 | ) |  |  | 1.86 |  |  |  | (1.16 | ) |  |  | 0.17 |  |  |  | (0.30 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.11 | ) |  |  | 0.26 |  |  |  | (1.99 | ) |  |  | 2.55 |  |  |  | (0.50 | ) |  |  | 0.90 |  |  |  | 0.49 |
Distributions to Common Shareholders from net investment income(b) |  |  |  |  |  |  | (0.27 | ) |  |  | (0.15 | ) |  |  | (0.65 | ) |  |  | (0.67 | ) |  |  | (0.68 | ) |  |  | (0.72 | ) |  |  | (0.82 | )
Net asset value, end of period |  |  |  |  |  | $ | 12.35 |  |  | $ | 12.73 |  |  | $ | 12.62 |  |  | $ | 15.26 |  |  | $ | 13.38 |  |  | $ | 14.56 |  |  | $ | 14.38 |
Market price, end of period |  |  |  |  |  | $ | 11.19 |  |  | $ | 11.72 |  |  | $ | 11.43 |  |  | $ | 14.62 |  |  | $ | 12.29 |  |  | $ | 14.15 |  |  | $ | 13.12 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (0.48 | )%(d) |  |  | 2.21 | %(d) |  |  | (13.39 | )% |  |  | 19.61 | % |  |  | (3.66 | )% |  |  | 6.80 | % |  |  | 3.47 | %
Based on market price |  |  |  |  |  |  | (2.06 | )%(d) |  |  | 3.90 | %(d) |  |  | (18.13 | )% |  |  | 24.76 | % |  |  | (8.94 | )% |  |  | 13.76 | % |  |  | (5.85 | )%
Ratios to Average Net Assets Applicable to Common Shareholders(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 2.69 | %(f) |  |  | 1.87 | %(f)(g) |  |  | 1.35 | % |  |  | 1.36 | % |  |  | 2.07 | % |  |  | 2.27 | % |  |  | 2.00 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 2.68 | %(f) |  |  | 1.87 | %(f)(g) |  |  | 1.35 | % |  |  | 1.36 | % |  |  | 2.07 | % |  |  | 2.27 | % |  |  | 2.00 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)(i) |  |  |  |  |  |  | 0.89 | %(f) |  |  | 0.89 | %(f)(g) |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.88 | % |  |  | 0.89 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.93 | %(f) |  |  | 4.47 | %(f) |  |  | 4.26 | % |  |  | 4.66 | % |  |  | 4.49 | % |  |  | 5.10 | % |  |  | 5.33 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 578,463 |  |  | $ | 597,369 |  |  | $ | 592,131 |  |  | $ | 715,876 |  |  | $ | 627,798 |  |  | $ | 682,832 |  |  | $ | 674,077 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 251,400 |  |  | $ | 251,400 |  |  | $ | 251,400 |  |  | $ | 251,400 |  |  | $ | 251,400 |  |  | $ | 251,400 |  |  | $ | 251,400 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 285,443 | (j) |  | $ | 262,525 | (j) |  | $ | 335,533 | (k) |  | $ | 384,756 | (k) |  | $ | 349,719 | (k) |  | $ | 371,612 | (k) |  | $ | 368,129 | (k)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 60,535 |  |  | $ | 116,156 |  |  | $ | 137,078 |  |  | $ | 145,316 |  |  | $ | 147,785 |  |  | $ | 136,925 |  |  | $ | 167,150 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(l) |  |  |  |  |  | $ | 14,704 |  |  | $ | 8,305 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 24 | % |  |  | 4 | % |  |  | 14 | % |  |  | 14 | % |  |  | 19 | % |  |  | 17 | % |  |  | 9 | %

(a) | Based on average Common Shares outstanding.

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

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Not annualized.

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) | Annualized.

(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.89%, 1.89% and 0.91%, respectively

(h) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(i) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

|  | Six Months Ended 01/31/23 (unaudited) |  |  |  |  |  | Period from 05/01/22 to 07/31/22 |  |  |  |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Expense ratios |  |  |  |  |  |  | 0.88 | % |  |  |  |  |  |  | 0.88 | % |  |  |  |  |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.85 | % |  |  | 0.88 | % |  |  | 0.88 | %

(j) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(l) | 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 |  | 83

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | MQY |
|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |  |  | Year Ended 04/30/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 13.89 |  |  | $ | 13.74 |  |  | $ | 16.57 |  |  | $ | 14.79 |  |  | $ | 15.67 |  |  | $ | 15.22 |  |  | $ | 15.56 |
Net investment income(a) |  |  |  |  |  |  | 0.29 |  |  |  | 0.16 |  |  |  | 0.72 |  |  |  | 0.75 |  |  |  | 0.67 |  |  |  | 0.69 |  |  |  | 0.77 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.40 | ) |  |  | 0.17 |  |  |  | (2.79 | ) |  |  | 1.80 |  |  |  | (0.91 | ) |  |  | 0.47 |  |  |  | (0.29 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.11 | ) |  |  | 0.33 |  |  |  | (2.07 | ) |  |  | 2.55 |  |  |  | (0.24 | ) |  |  | 1.16 |  |  |  | 0.48 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.30 | ) |  |  | (0.18 | ) |  |  | (0.76 | ) |  |  | (0.77 | ) |  |  | (0.64 | ) |  |  | (0.69 | ) |  |  | (0.82 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.02 | ) |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.30 | ) |  |  | (0.18 | ) |  |  | (0.76 | ) |  |  | (0.77 | ) |  |  | (0.64 | ) |  |  | (0.71 | ) |  |  | (0.82 | )
Net asset value, end of period |  |  |  |  |  | $ | 13.48 |  |  | $ | 13.89 |  |  | $ | 13.74 |  |  | $ | 16.57 |  |  | $ | 14.79 |  |  | $ | 15.67 |  |  | $ | 15.22 |
Market price, end of period |  |  |  |  |  | $ | 12.28 |  |  | $ | 13.12 |  |  | $ | 12.80 |  |  | $ | 15.92 |  |  | $ | 13.88 |  |  | $ | 13.99 |  |  | $ | 13.83 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (0.43 | )%(d) |  |  | 2.44 | %(d) |  |  | (12.93 | )% |  |  | 17.56 | % |  |  | (1.44 | )% |  |  | 8.42 | % |  |  | 3.28 | %
Based on market price |  |  |  |  |  |  | (3.97 | )%(d) |  |  | 3.86 | %(d) |  |  | (15.58 | )% |  |  | 20.35 | % |  |  | 3.60 | % |  |  | 6.53 | % |  |  | (3.55 | )%
Ratios to Average Net Assets Applicable to Common Shareholders(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 2.74 | %(f) |  |  | 1.90 | %(f)(g) |  |  | 1.33 | % |  |  | 1.48 | %(h) |  |  | 2.20 | % |  |  | 2.48 | % |  |  | 2.05 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 2.74 | %(f) |  |  | 1.90 | %(f)(g) |  |  | 1.33 | % |  |  | 1.47 | %(h) |  |  | 2.20 | % |  |  | 2.48 | % |  |  | 2.05 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |  |  |  |  |  |  | 0.88 | %(f) |  |  | 0.89 | %(f)(g) |  |  | 0.85 | % |  |  | 0.95 | %(h) |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.91 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 4.39 | %(f) |  |  | 4.84 | %(f) |  |  | 4.45 | % |  |  | 4.64 | % |  |  | 4.15 | % |  |  | 4.55 | % |  |  | 4.91 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 987,024 |  |  | $ | 1,017,461 |  |  | $ | 1,006,613 |  |  | $ | 1,212,632 |  |  | $ | 454,276 |  |  | $ | 481,212 |  |  | $ | 467,334 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 450,300 |  |  | $ | 450,300 |  |  | $ | 450,300 |  |  | $ | 450,300 |  |  | $ | 176,600 |  |  | $ | 176,600 |  |  | $ | 176,600 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 278,301 | (k) |  | $ | 253,932 | (k) |  | $ | 323,543 | (l) |  | $ | 369,294 | (l) |  | $ | 357,235 | (l) |  | $ | 372,487 | (l) |  | $ | 364,628 | (l)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 103,270 |  |  | $ | 210,679 |  |  | $ | 230,928 |  |  | $ | 268,075 |  |  | $ | 129,475 |  |  | $ | 134,198 |  |  | $ | 139,144 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |  |  |  |  |  | $ | 14,917 |  |  | $ | 7,966 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 20 | % |  |  | 8 | % |  |  | 17 | % |  |  | 8 | % |  |  | 18 | % |  |  | 21 | % |  |  | 20 | %

(a) | Based on average Common Shares outstanding.

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

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Not annualized.

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) | Annualized.

(g) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.92%, 1.92% and 0.92%, respectively.

(h) | Includes non‑recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering cost would have been 1.42%, 1.41% and 0.90%, respectively.

(i) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(j) | The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as follows:

84 |  | 2 0 2 3 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)

|  | Six Months Ended 01/31/23 (unaudited) |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Expense ratios |  |  |  |  |  |  | 0.88 | % |  |  | 0.89 | % |  |  | 0.85 | % |  |  | 0.94 | % |  |  | 0.90 | % |  |  | 0.93 | %

(k) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(l) | Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

(m) | 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 |  | 85

Notes to Financial Statements (unaudited)

1. | ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed‑end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:

Fund Name |  | Herein Referred To As |  | Organized |  | Diversification Classification
BlackRock Long-Term Municipal Advantage Trust |  | BTA |  | Delaware |  | Diversified
BlackRock MuniAssets Fund, Inc. |  | MUA |  | Maryland |  | Diversified
BlackRock Municipal Income Fund, Inc. |  | MUI |  | Maryland |  | Diversified
BlackRock MuniYield Fund, Inc. |  | MYD |  | Maryland |  | Diversified
BlackRock MuniYield Quality Fund, Inc. |  | MQY |  | Maryland |  | Diversified

The Boards of Directors and Board of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors.” The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Prior Year Reorganization: The Board and shareholders of MUI (the “Acquiring Fund”) and the Board and shareholders of BlackRock MuniHoldings Investment Quality Fund (“MFL”), (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of the Acquiring Fund.
Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on April 8, 2022, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
Each Preferred Shareholder of the Target Fund received Preferred Shares of the Acquiring Fund in an amount equal to the aggregate liquidation preference of the Target Fund’s Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.
The reorganization was accomplished by a tax‑free exchange of Common Shares and Preferred Shares of the Acquiring Fund in the following amounts and at the following conversion ratios:

Target Fund |  | Target Fund’s Share Class |  | Shares Prior to Reorganization |  | Conversion Ratio |  | MUI’s Share Class |  | Shares of MUI
MFL |  | Common |  | 37,896,208 |  | 0.93874076 |  | Common |  | 35,574,705(a)
MFL |  | VRDP |  | 2,746 |  | 1 |  | VRDP |  | 2,746

| (a) | Net of fractional shares redeemed. |

The Target Fund’s net assets and composition of net assets on April 8, 2022, the valuation date of the reorganization were as follows:

|  | MFL
Net assets applicable to Common Shareholders |  | $497,273,284
Paid‑in‑capital |  | 513,150,872
Accumulated loss |  | (15,877,588)

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets applicable to Common Shareholders of the Acquiring Fund before the reorganization was $535,317,061. The aggregate net assets applicable to Common Shareholders of the Acquiring Fund immediately after the reorganization amounted to $1,032,590,345. The Target Fund’s fair value and cost of financial instruments prior to the reorganization was as follows:

Target Fund |  | Fair Value of Investments |  | Cost of Investments |  | TOB Trust Certificates |  | Preferred Shares Value
MFL |  | $846,552,183 |  | $858,217,170 |  | $88,413,120 |  | $274,600,000

The purpose of these transactions was to combine two funds managed by the Manager with similar investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax‑free event and was effective on April 11, 2022.

86 |  | 2 0 2 3 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

Notes to Financial Statements (unaudited) (continued)
Assuming the reorganization had been completed on May 1, 2021, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended April 30, 2022, are as follows:

• |  | Net investment income (loss): $42,471,276

• |  | Net realized and change in unrealized gain/loss on investments: $(198,977,307)

• |  | Net decrease in net assets resulting from operations: $(156,506,031)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since April 11, 2022.
Reorganization costs incurred by MUI in connection with the reorganization were expensed by MUI. The Manager reimbursed MUI $42,542, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

2. | SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex‑dividend dates. Non‑cash dividends, if any, are recorded on the ex‑dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex‑dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Distributions to Preferred Shareholders are accrued and determined as described in Note 10.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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Notes to Financial Statements (unaudited) (continued)
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open‑end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s‑length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

|  | Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach |  | (i) |  | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
|  | (ii) |  | recapitalizations and other transactions across the capital structure; and
|  | (iii) |  | market multiples of comparable issuers.
Income approach |  | (i) |  | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
|  | (ii) |  | quoted prices for similar investments or assets in active markets; and
|  | (iii) |  | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach |  | (i) |  | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
|  | (ii) |  | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
|  | (iii) |  | relevant news and other public sources; and
|  | (iv) |  | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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Notes to Financial Statements (unaudited) (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. | SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.
Municipal Bonds Transferred to TOB Trusts: Certain Funds leverage their assets through the use of “TOB Trust” transactions. The funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third-party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.
TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.
The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.
While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. MUA, MYD and MQY management believes that a fund’s restrictions on borrowings do not apply to the Funds’ TOB Trust transactions.Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.
Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non‑bank sponsored TOB Trusts, a Fund incurred non‑recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:

Fund Name |  | Interest Expense |  | Liquidity Fees |  | Other Expenses |  | Total
BTA |  | $ 210,511 |  | $ 41,515 |  | $ 18,538 |  | $ 270,564
MUA |  | 369,757 |  | 71,957 |  | 23,091 |  | 464,805

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Notes to Financial Statements (unaudited) (continued)

Fund Name |  | Interest Expense |  | Liquidity Fees |  | Other Expenses |  | Total
MUI |  | $ 1,267,948 |  | $ 241,052 |  | $ 71,725 |  | $ 1,580,725
MYD |  | 878,549 |  | 168,707 |  | 56,758 |  | 1,104,014
MQY |  | 1,644,885 |  | 312,666 |  | 102,264 |  | 2,059,815

For the six months ended January 31, 2023, the following table is a summary of each Fund’s TOB Trusts:

Fund Name |  |  | Underlying Municipal Bonds Transferred to TOB Trusts | (a) |  |  | Liability for TOB Trust Certificates | (b) |  | Range of Interest Rates on TOB Trust Certificates at Period End |  |  | Average TOB Trust Certificates Outstanding |  |  |  | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
BTA |  | $ | 24,471,817 |  |  | $ | 12,516,504 |  |  | 1.69% — 1.96% |  | $ | 19,904,559 |  |  |  | 2.70% |
MUA |  |  | 39,725,368 |  |  |  | 24,489,313 |  |  | 1.67 — 1.81 |  |  | 33,503,019 |  |  |  | 2.75 |
MUI |  |  | 159,381,791 |  |  |  | 87,180,947 |  |  | 1.69 — 1.96 |  |  | 119,558,930 |  |  |  | 2.62 |
MYD |  |  | 100,264,074 |  |  |  | 60,534,975 |  |  | 1.67 — 1.81 |  |  | 80,064,361 |  |  |  | 2.73 |
MQY |  |  | 184,183,042 |  |  |  | 99,568,749 |  |  | 1.69 — 1.96 |  |  | 151,152,869 |  |  |  | 2.70 |

| (a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |

| (b) | TOB Trusts may be structured on a non‑recourse or recourse basis. When a Fund invests in TOB Trusts on a non‑recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2023, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2023. |

For the six months ended January 31, 2023, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

Fund Name |  | Loans Outstanding at Period End |  | Range of Interest Rates on Loans at Period End |  | Average Loans Outstanding |  | Daily Weighted Average Rate of Interest and Other Expenses on Loans
MQY |  | $ 3,700,960 |  | 0.25 — 0.25% |  | $ 245,870 |  | 0.70%

5. | DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over‑the‑counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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Notes to Financial Statements (unaudited) (continued)
For such services, each Fund, except MUI and BTA, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:

|  | MUA |  |  | MYD |  |  | MQY |
Investment advisory fees |  |  | 0.55 | % |  |  | 0.50 | % |  |  | 0.50 | %

For such services, BTA pays the Manager a monthly fee of 1.00% at an annual rate equal to a percentage of the average weekly value of the Fund’s net assets.
For such services, MUI pays the Manager a monthly fee of 0.55% of (i) the average daily value of MUI’s net assets and (ii) the proceeds of any outstanding debt securities and borrowings used for leverage.
For purposes of calculating these fees, with respect to each Fund other than BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV.
For purposes of calculating this fee, with respect to BTA, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).
Distribution Fees: MUA has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of MUA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of MUA’s common shares and a portion of such commission is re‑allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended January 31, 2023 amounted to $5,284.
Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived were as follows:

Fund Name |  | Fees Waived and/or Reimbursed by the Manager
BTA |  | $ 1,714
MUA |  | 8,163
MUI |  | 3,593
MYD |  | 6,594
MQY |  | 5,661

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended January 31, 2023, there were no fees waived by the Manager pursuant to this arrangement.
Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

7. | PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

Fund Name |  | Purchases |  | Sales
BTA |  | $ 36,940,862 |  | $ 56,116,740
MUA |  | 68,816,179 |  | 79,269,167
MUI |  | 520,857,796 |  | 610,899,532
MYD |  | 204,937,501 |  | 247,862,962
MQY |  | 306,739,588 |  | 414,347,125

8. | INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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Notes to Financial Statements (unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of July 31, 2022, the Funds had non‑expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name |  | Non‑Expiring
BTA |  | $ 4,492,973
MUA |  | 3,646,950
MUI |  | 33,957,408
MYD |  | 12,564,077
MQY |  | 36,591,325

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name |  | Tax Cost |  | Gross Unrealized Appreciation |  | Gross Unrealized Depreciation |  | Net Unrealized Appreciation (Depreciation)
BTA |  | $ 224,755,354 |  | $ 5,095,179 |  | $ (11,385,974) |  | $ (6,290,795)
MUA |  | 669,352,353 |  | 12,953,181 |  | (60,784,497) |  | (47,831,316)
MUI |  | 1,541,361,897 |  | 42,712,026 |  | (30,659,364) |  | 12,052,662
MYD |  | 837,876,357 |  | 26,253,020 |  | (31,155,583) |  | (4,902,563)
MQY |  | 1,434,864,015 |  | 51,058,551 |  | (44,449,474) |  | 6,609,077

9. | PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.
A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.
As short-term interest rates rise, the Funds’ investments in the TOB Trusts may adversely affect the Funds’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.
The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.
TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.
Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the

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municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID‑19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark‑to‑market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements (unaudited) (continued)

10. | CAPITAL SHARE TRANSACTIONS

Each Fund, except for BTA, is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BTA is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value of each Fund’s Common Shares is $0.10, except for BTA, which is $0.001. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Fund Name |  | Six Months Ended 01/31/23 |  | Period from 05/01/22 to 07/31/22 |  | Year Ended 04/30/22
BTA |  | 2,033 |  | 1,294 |  | 9,324
MUA |  | 13,454 |  | 6,820 |  | 68,542
MQY |  | — |  | — |  | 70,961

For the period ended July 31, 2022, shares issued and outstanding remained constant for MUI.
For the period ended July 31, 2022 and year ended April 30, 2022, shares issued and outstanding remained constant for MYD.
For the year ended April 30, 2022, Common Shares of MUI issued and outstanding increased by 35,574,715 as a result of the reorganization of MFL with and into MUI.
For the year ended April 30, 2022, Common Shares of MUI issued and outstanding decreased by 10 as a result of a redemption of fractional shares from the reorganization of MFL with and into MUI.
The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, subject to certain conditions. From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts. For the six months ended January 31, 2023, BTA, MUA and MQY did not repurchase any shares. For the period ended July 31, 2022 and year ended April 30, 2022, the Funds did not repurchase any shares.
The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:

|  | MUI |
|  | Shares |  |  | Amounts |
Six Months Ended January 31, 2023 |  |  | 291,912 |  |  | $ | 3,480,795 |

|  | MYD |
|  | Shares |  |  | Amounts |
Six Months Ended January 31, 2023 |  |  | 79,144 |  |  | $ | 870,440 |

MUA has filed a prospectus with the SEC allowing it to issue an additional 5,500,000 Common Shares through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, MUA, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,767,963 Common Shares remain available for issuance under the Shelf Offering. During the period ended January 31, 2023, MUA issued 209,413 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
Initial costs incurred by MUA in connection with its Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid‑in‑capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
Preferred Shares
A Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.
Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board,

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Notes to Financial Statements (unaudited) (continued)
(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund’s sub‑classification as a closed‑end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
VRDP Shares
The Funds (for purposes of this section, each a “VRDP Fund”) have issued Series W‑7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

Fund Name |  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Maturity Date |
BTA |  |  | 10/29/15 |  |  |  | 760 |  |  | $ | 76,000,000 |  |  |  | 11/01/45 |
MUA |  |  | 12/15/21 |  |  |  | 1,750 |  |  |  | 175,000,000 |  |  |  | 12/15/51 |
MUI |  |  | 04/07/22 |  |  |  | 2,871 |  |  |  | 287,100,000 |  |  |  | 04/07/52 |
|  |  | 04/11/22 |  |  |  | 2,746 |  |  |  | 274,600,000 |  |  |  | 04/07/52 |
MYD |  |  | 06/30/11 |  |  |  | 2,514 |  |  |  | 251,400,000 |  |  |  | 07/01/41 |
MQY |  |  | 09/15/11 |  |  |  | 1,766 |  |  |  | 176,600,000 |  |  |  | 10/01/41 |
|  |  | 04/19/21 |  |  |  | 2,737 |  |  |  | 273,700,000 |  |  |  | 10/01/41 |

Redemption Terms: A VRDP Fund is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a VRDP Fund is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, a VRDP Fund is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.
Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Fund. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.
Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:

|  | BTA |  |  | MUA |  |  | MUI |  |  | MYD |  |  | MQY |
Expiration date |  |  | 11/30/24 |  |  |  | 04/30/24 |  |  |  | 11/30/24 |  |  |  | 11/30/24 |  |  |  | 07/06/23 |

The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Fund is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.
Remarketing: A VRDP Fund may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Fund may incur nominal or no remarketing fees.
Ratings: As of period end, the VRDP Shares were assigned the following ratings:

Fund Name |  | Moody’s Investors Service, Inc. Long-Term Ratings |  |  | Fitch Ratings, Inc. Long-Term Ratings |
BTA |  |  | Aa2 |  |  |  | A |
MUA |  |  | Aa2 |  |  |  | N/A |
MUI |  |  | Aa1 |  |  |  | AA |
MYD |  |  | Aa1 |  |  |  | AA |
MQY |  |  | Aa1 |  |  |  | AA |

Special Rate Period: A VRDP Fund has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period end, the following VRDP Funds have commenced/are set to commence a special rate period:

Fund Name |  | Commencement Date |  |  | Expiration Date as of Period Ended 01/31/23 |
BTA |  |  | 10/29/15 |  |  |  | 11/15/24 |
MUA |  |  | 12/15/21 |  |  |  | 04/15/24 |
MUI |  |  | 04/07/22 |  |  |  | 11/15/24 |
MYD |  |  | 04/17/14 |  |  |  | 11/15/24 |

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Notes to Financial Statements (unaudited) (continued)

Fund Name |  | Commencement Date |  |  | Expiration Date as of Period Ended 01/31/23 |
MQY |  |  | 10/22/15 |  |  |  | 06/21/23 |

Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.
During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.
Dividends: Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.
For the six months ended January 31, 2023, the annualized dividend rate for the VRDP Shares were as follows:

|  | BTA |  |  | MUA |  |  | MUI |  |  | MYD |  |  | MQY |
Dividend rates |  |  | 3.12 | % |  |  | 3.51 | % |  |  | 3.10 | % |  |  | 3.10 | % |  |  | 3.00 | %

For the six months ended January 31, 2023, VRDP Shares issued and outstanding of each VRDP Fund remained constant.
Offering Costs: The Funds incurred costs in connection with the issuance of VRDP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP Shares with the exception of any upfront fees paid by a VRDP Fund to the liquidity provider which, if any, were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.
Financial Reporting: The VRDP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax‑exempt income for tax‑reporting purposes. Dividends and amortization of deferred offering costs on VRDP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

Fund Name |  | Dividends Accrued |  |  | Deferred Offering Costs Amortization |
BTA |  | $ | 1,187,184 |  |  | $ | 8,080 |
MUA |  |  | 3,072,354 |  |  |  | 2,756 |
MUI |  |  | 8,707,906 |  |  |  | 8,438 |
MYD |  |  | 3,902,036 |  |  |  | 8,072 |
MQY |  |  | 6,754,196 |  |  |  | 31,060 |

11. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
BTA |  |  | 02/01/23 |  |  |  | 02/15/23 |  |  |  | 03/01/23 |  |  | $ | 0.043500 |
|  |  | 03/01/23 |  |  |  | 03/15/23 |  |  |  | 04/03/23 |  |  |  | 0.043500 |
MUA |  |  | 02/01/23 |  |  |  | 02/15/23 |  |  |  | 03/01/23 |  |  |  | 0.045500 |
|  |  | 03/01/23 |  |  |  | 03/15/23 |  |  |  | 04/03/23 |  |  |  | 0.040500 |
MUI |  |  | 02/01/23 |  |  |  | 02/15/23 |  |  |  | 03/01/23 |  |  |  | 0.034000 |
|  |  | 03/01/23 |  |  |  | 03/15/23 |  |  |  | 04/03/23 |  |  |  | 0.034000 |
MYD |  |  | 02/01/23 |  |  |  | 02/15/23 |  |  |  | 03/01/23 |  |  |  | 0.040500 |
|  |  | 03/01/23 |  |  |  | 03/15/23 |  |  |  | 04/03/23 |  |  |  | 0.036500 |

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Notes to Financial Statements (unaudited) (continued)

Fund Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
MQY |  |  | 02/01/23 |  |  |  | 02/15/23 |  |  |  | 03/01/23 |  |  | $ | 0.047000 |
|  |  | 03/01/23 |  |  |  | 03/15/23 |  |  |  | 04/03/23 |  |  |  | 0.043500 |

The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:

|  | Preferred Shares(a) |
Fund Name |  | Shares |  |  | Series |  |  | Declared |
BTA |  |  | VRDP |  |  |  | W‑7 |  |  | $ | 235,517 |
MUA |  |  | VRDP |  |  |  | W‑7 |  |  |  | 559,760 |
MUI |  |  | VRDP |  |  |  | W‑7 |  |  |  | 1,740,654 |
MYD |  |  | VRDP |  |  |  | W‑7 |  |  |  | 779,064 |
MQY |  |  | VRDP |  |  |  | W‑7 |  |  |  | 1,360,893 |

| (a) | Dividends declared for period February 1, 2023 to February 28, 2023. |

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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 a Fund does not seek to implement a specific sustainability strategy unless otherwise disclosed, Fund management will consider ESG characteristics as part of the investment process for actively managed Funds. These considerations will vary depending on a Fund’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Fund management will consider such ESG characteristics it deems relevant or additive, if any, when making investment decisions for a Fund. The ESG characteristics utilized in a Fund’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund’s exposure to certain companies or industries and a Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to a Fund’s long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
The Funds, other than MUA, do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.
MUA’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800)‑882‑0052.
The following information is a summary of certain changes since July 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Except if noted otherwise herein, there were no changes to the Funds’ charters or by‑laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.
Effective August 1, 2022, the State of Delaware enacted new control beneficial interest acquisition provisions of the Delaware Statutory Trust Act (the “Delaware CBIA Statute”) that automatically applies to Delaware statutory trusts that are registered as closed‑end management investment companies under the Investment Company Act of 1940, such as BTA. In general, the Delaware CBIA Statute limits the right of holders who acquire “control beneficial interests” of a statutory trust to vote those beneficial interests on matters under the Delaware Statutory Trust Act or the governing instrument of BTA unless approved by disinterested shareholders holding two‑thirds of the votes entitled to be cast. The Delaware CBIA Statute generally defines “control beneficial interests” to include beneficial interests that, in the absence of the Delaware CBIA Statute, if aggregated with all other beneficial interests of the statutory trust that are either (i) owned by the acquiring person (or an associate) or (ii) in respect of which the acquiring person (or an associate) is entitled to exercise or direct the exercise of voting power, would entitle that person to exercise or direct the exercise of voting power of beneficial interests in the election of trustees, within any of certain specified ranges of voting power starting at 10%. The Delaware CBIA Statute requires acquiring persons to disclose to the statutory trust any control beneficial interest acquisition within 10 days of such acquisition. The Delaware CBIA Statute allows a statutory trust’s governing instrument or board of trustees to provide exemptions from the statute’s limitations to acquisitions of beneficial interests, including as to any series or classes of beneficial interests. After careful consideration of a number of factors including, among other factors, the potential impact to BTA’s use of leverage through preferred shares, the Fund’s Board of Directors approved the adoption of an amendment to the Fund’s Statement of Preferences governing the preferred shares which provides for acquisitions of the Fund’s outstanding preferred shares to be exempt from the limitations of the Delaware CBIA Statute. The foregoing is only a summary of certain aspects of the Delaware CBIA Statute. Shareholders should consult their own legal counsel to determine the application of the Delaware CBIA Statute with respect to their beneficial interests of BTA and any subsequent acquisitions of beneficial interests.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

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Additional Information (continued)
Electronic Delivery
Shareholders can sign up for e‑mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for MUA only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for MUA only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including for MUA only, prospectuses, annual and semi-annual reports, Rule 30e‑3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882‑0052.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N‑PORT. The Funds’ Forms N‑PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12‑month period ended June 30 is available without charge, upon request (1) by calling (800) 882‑0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed‑end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, MUA may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, MUA may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above MUA’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow MUA to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
On August 26, 2021, MUA filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of MUA are not offers to sell MUA Common Shares or solicitations of an offer to buy MUA Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of MUA contains important information about the Fund, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of MUA carefully and in its entirety before investing. Copies of the final prospectus for MUA can be obtained from BlackRock at blackrock.com.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non‑public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non‑public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

A D D I T I O N A L I N F O R M A T I O N |  | 99

Additional Information (continued)
BlackRock Privacy Principles (continued)
BlackRock does not sell or disclose to non‑affiliated third parties any non‑public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non‑affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non‑public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non‑public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
VRDP Liquidity Provider
Bank of America, N.A.(a)
New York, NY 10036
Wells Fargo Bank, N.A.(b)
San Francisco, CA 94104
(a) For BTA, MUA, MUI and MYD.
(b) For MQY.
VRDP Remarketing Agent
BofA Securities, Inc.(a)
New York, NY 10036
Wells Fargo Securities, LLC(b)
Charlotte, NC 28202
VRDP Tender and Paying Agent
The Bank of New York Mellon
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

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Glossary of Terms Used in this Report
Portfolio Abbreviation

AGC |  | Assured Guaranty Corp.
AGC‑ICC |  | Assured Guaranty Corp. – Insured Custody Certificate
AGM |  | Assured Guaranty Municipal Corp.
AGM‑CR |  | AGM Insured Custodial Receipt
AMBAC |  | AMBAC Assurance Corp.
AMT |  | Alternative Minimum Tax
ARB |  | Airport Revenue Bonds
BAB |  | Build America Bond
BAM |  | Build America Mutual Assurance Co.
BAM‑TCRS |  | Build America Mutual Assurance Co.- Transferable Custodial Receipts
BHAC‑CR |  | Berkshire Hathaway Assurance Corp. - Custodian Receipt
CAB |  | Capital Appreciation Bonds
COP |  | Certificates of Participation
CR |  | Custodian Receipt
FGIC |  | Financial Guaranty Insurance Co.
FHA |  | Federal Housing Administration
FHLMC |  | Federal Home Loan Mortgage Corp.
FNMA |  | Federal National Mortgage Association
GNMA |  | Government National Mortgage Association
GO |  | General Obligation Bonds
GTD |  | GTD Guaranteed
HUD SECT 8 |  | U.S. Department of Housing and Urban Development Section 8
M/F |  | Multi-Family
NPFGC |  | National Public Finance Guarantee Corp.
NPFGC‑IBC |  | National Public Finance Guarantee Corp. — Insured Bond Certificate
PSF |  | Permanent School Fund
PSF‑GTD |  | Permanent School Fund Guaranteed
RB |  | Revenue Bond
S/F |  | Single-Family
SAB |  | Special Assessment Bonds
SAP |  | Subject to Appropriations
SAW |  | State Aid Withholding
SONYMA |  | State of New York Mortgage Agency
ST |  | Special Tax
TA |  | Tax Allocation

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Want to know more?
blackrock.com | 800‑882‑0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of NAV and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.
CEMYMA‑01/23‑SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies –

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Walter O’Connor, CFA, Managing Director at BlackRock, Kevin Maloney, CFA, Director at BlackRock, Phillip Soccio, CFA, Director at BlackRock, Michael Kalinoski, CFA, Director at BlackRock, Christian Romaglino, CFA, Director at BlackRock and Kristi Manidis, Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and the selection of its investments. Messrs. O’Connor, Maloney and Soccio have been members of the registrant’s portfolio management team since 2006, 2022 and 2022, respectively. Messrs. Kalinoski, Romaglino and Ms. Manidis have been members of the registrant’s portfolio management since 2023.

Information below is with respect to Messrs. Kalinoski, Romaglino and Ms. Manidis, who became portfolio managers to the Fund on March 1, 2023.

|  | Portfolio Manager |  | Biography
|  | Michael Kalinoski, CFA |  | Director of BlackRock, Inc. since 2006; Director of MLIM from 1999 to 2006.
|  | Christian Romaglino, CFA |  | Director of BlackRock since 2017; Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock’s Global Fixed Income Group since 2017; Portfolio Manager of Brown Brothers Harriman from 2007 to 2017.
|  | Kristi Manidis |  | Director of BlackRock, Inc. since 2016; Vice President of BlackRock, Inc. from 2011 to 2015; Associate of BlackRock, Inc. from 2009 to 2011;

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|  |  |  | Analyst of BlackRock, Inc. from 2006 to 2008.

(a)(2) As of February 28, 2023:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Michael Kalinoski, CFA |  | 32 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
|  | $34.26 Billion |  | $0 |  | $0 |  | $0 |  | $0 |  | $0
Christian Romaglino, CFA |  | 33 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
|  | $17.09 Billion |  | $0 |  | $0 |  | $0 |  | $0 |  | $0
Kristi Manidis |  | 35 |  | 0 |  | 3 |  | 0 |  | 0 |  | 0
|  | $21.55 Billion |  | $0 |  | $1.06 Billion |  | $0 |  | $0 |  | $0

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of

3

a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of February 28, 2023:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of February 28, 2023.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g.,

4

Bloomberg Municipal Bond Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of

5

common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of February 28, 2023:

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Michael Kalinoski, CFA |  | None
Christian Romaglino, CFA |  | $1 - $10,000
Kristi Manidis |  | None

(b) Not Applicable

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period by this report.

Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – | Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable to this semi-annual report

Item 13 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

6

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | BlackRock MuniAssets Fund, Inc.
|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock MuniAssets Fund, Inc.
|  | Date: March 23, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock MuniAssets Fund, Inc.
|  | Date: March 23, 2023

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock MuniAssets Fund, Inc.
|  | Date: March 23, 2023

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