# EDGAR Filing Document

**Accession Number:** 0000883412
**File Stem:** 0001193125-25-230138
**Filing Date:** 2025-10
**Character Count:** 820243
**Document Hash:** 2b357855acdb7f8e0bd461a184101cb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-230138.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-230138

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNIYIELD QUALITY FUND III, INC.
- **CENTRAL INDEX KEY:** 0000883412

**ORGANIZATION NAME:**
- **EIN:** 223165131
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06540
- **FILM NUMBER:** 251373849

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNIYIELD QUALITY FUND III, INC
- **DATE OF NAME CHANGE:** 20101109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK MUNIYIELD INSURED FUND, INC
- **DATE OF NAME CHANGE:** 20070612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUNIYIELD INSURED FUND INC
- **DATE OF NAME CHANGE:** 19920717

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: 811-06540

Name of Fund: BlackRock MuniYield Quality Fund III, Inc. (MYI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Quality Fund III, 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: 07/31/2025

Date of reporting period: 07/31/2025

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

------

![](g927223imga49a1fd11.jpg)

July 31, 2025

2025 Annual Report<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Long-Term Municipal Advantage Trust (BTA)** |
| **BlackRock MuniAssets Fund, Inc. (MUA)** |
| **BlackRock MuniYield Fund, Inc. (MYD)** |
| **BlackRock MuniYield Quality Fund, Inc. (MQY)** |
| **BlackRock MuniYield Quality Fund III, Inc. (MYI)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| **[Annual](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_munmmkt-footer-fundbookname-963_1)[Report:](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_munmmkt-footer-fundbookname-963_1)**  |  |
| [Municipal Market Overview](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_munmmkt-footer-fundbookname-963_1)  | 3 |
| [The Benefits and Risks of Leveraging](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_rskderiv-footer-fundbookname-963_1)  | 4 |
| [Derivative Financial Instruments](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_rskderiv-footer-fundbookname-963_1)  | 4 |
| [Fund Summary](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fsm-footer-fundbookname-963_1)  | 5 |
| [Financial Statements:](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_soi-footer-fundbookname-963_1)  |  |
| &nbsp;&nbsp;&nbsp; [Schedules of Investments](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_soi-footer-fundbookname-963_1)  | 20 |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fs-footer-fundbookname-963_1)  | 62 |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fs-footer-fundbookname-963_3)  | 64 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fs-footer-fundbookname-963_5)  | 66 |
| &nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fs-footer-fundbookname-963_8)  | 69 |
| [Financial Highlights](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fihi-footer-fundbookname-963_1)  | 71 |
| [Notes to Financial Statements](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_ntf-footer-fundbookname-976_1)  | 80 |
| [Report of Independent Registered Public Accounting Firm](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_audit-footer-fundbookname-963_1)  | 93 |
| [Important Tax Information](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_tax-1-footer-fundbookname-963_1)  | 94 |
| [Disclosure of Investment Advisory Agreements](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_iaa-footer-fundbookname-963_1)  | 95 |
| [Investment Objectives, Policies and Risks](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_fiopr-footer-fundbookname-963_1)  | 99 |
| [Automatic Dividend Reinvestment Plan](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_divre-footer-fundbookname-988_1)  | 110 |
| [Director and Officer Information](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_off-footer-fundbookname-988_1)  | 111 |
| [Additional Information](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_addinfo-footer-fundbookname-988_1)  | 114 |
| [Glossary of Terms Used in this Report](#xx_d1133d44-aac8-4674-bdc6-e2993dbb2d25_terms-footer-fundbookname-963_1)  | 117 |

---

------

Municipal Market Overview For the Reporting Period Ended July 31, 2025

**Municipal Market Conditions**

Municipals enjoyed positive returns in the early portion of the period as weakening economic data gave the Federal Reserve (the "Fed") a runway to begin their long-awaited easing cycle in September 2024. A strong third quarter of 2024 was followed by an underwhelming fourth as markets recalibrated future policy easing expectations amid renewed economic strength, a subsequent "higher for longer" rates ideology, and municipal-specific policy concerns. The first half of 2025 was defined by extreme levels of tariff-related volatility in April that reset rich municipal valuations to very attractive levels. Markets have ultimately stabilized, but supply continues to act as a drag. July notably saw net positive supply for the first time since 2008. The front and intermediate parts of the curve and the IDR/PCR and housing sectors performed best. Relative to the rest of the fixed income universe, the asset class underperformed quite significantly in the second half of the period.

---

| | | |
|:---|:---|:---|
| Bloomberg Municipal Bond Index<sup>(a)</sup>  | Bloomberg Municipal Bond Index<sup>(a)</sup>  | Bloomberg Municipal Bond Index<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Total Returns as of July 31, 2025 | &nbsp;&nbsp;&nbsp; Total Returns as of July 31, 2025 | &nbsp;&nbsp;&nbsp; Total Returns as of July 31, 2025 |
| &nbsp;&nbsp;&nbsp; 6 | months: | (1.04)% |
| &nbsp;&nbsp;&nbsp; 12 | months: | 0.00% |

---

During the 12-months ended July 31, 2025, municipal bond funds experienced net inflows totaling $52 billion (based on data from the Investment Company Institute), as demand shifted from long-term and open-end funds to short-term funds and ETFs. At the same time, the market absorbed $549 billion in issuance, a large increase from the $434 billion issued during the prior 12-month period, boosted by an increased need for infrastructure spending and a pull-forward <br>in perceived vulnerable sectors to front-run potential new legislation.

**A Closer Look at Yields**

**AAA Municipal Yield Curves**

![](g927223img1c934fd62.jpg)

*Source: Thomson Municipal Market Data.*

From July 31, 2024, to July 31, 2025, yields on AAA-rated 30-year municipal bonds increased by 99 basis points (bps) from 3.68% to 4.67%, ten-year yields increased by 50 bps from 2.82% to 3.32%, five-year yields decreased by 22 bps from 2.75% to 2.53%, and two-year yields decreased by 46 bps from 2.85% to 2.39% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 145 bps to a slope of 228 bps, outpacing the 90 bps of steepening experienced by the Treasury curve.

Volatility stemming from the tariff-related market disruptions in April and tax policy concerns have reset valuations to attractive absolute and relative levels.

**Financial Conditions of Municipal Issuers**

Uncertainties abound, but the "America First" mantra has been clear and consistent, making municipals that support the U.S. infrastructure a well-aligned opportunity. Investors are increasingly turning to state and local government debt as a safe haven from global trade disruptions and tariff-related recession risks. Most states have minimal exposure to China-related trade, and relatively modest total economic debt to GDP ratios when compared to sovereign issuers. State revenues, primarily from sales and income taxes, tend to rise with inflation and overall economic growth, offering a natural inflation buffer. Local governments also benefit from steady property tax revenues, driven by consistent home price appreciation over the last few years. Additionally, constitutional balanced budget requirements and improved reserve levels have fortified state balance sheets, making them more resilient to economic slowdowns. Together, these structural advantages enhance the creditworthiness of municipal bonds in a volatile macro environment.

We continue to favor revenue-sector issuers over state and local governments since they are typically lower-rated and offer additional yield. Most municipal revenue sector borrowers are highly defensive, as they are monopolistic providers of essential services that can raise user fees to cover operations, informing our preference over general obligation bonds. We have an overweight allocation to the transportation, housing, and corporate sectors.

The opinions expressed are those of BlackRock as of July 31, 2025 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.

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

Municipal Market Overview

------

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.

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025

**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.

On January 20, 2025, the Board of Trustees of BlackRock Long-Term Municipal Advantage Trust (BTA) and the Board of Directors of BlackRock MuniAssets Fund, Inc. (MUA) each approved the reorganization of the Fund into MUA, with MUA continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganization is expected to occur during the fourth quarter of 2025.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BTA |
| Initial Offering Date | February 28, 2006 |
| Yield on Closing Market Price as of July 31, 2025 ($8.86)<sup>(a)</sup> | 6.70% |
| Tax Equivalent Yield<sup>(b)</sup> | 11.32% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.049500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.594000 |
| Leverage as of July 31, 2025<sup>(d)</sup> | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *07/31/25* | *07/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $8.86  | &nbsp;&nbsp;&nbsp;&nbsp; $10.41  | &nbsp;&nbsp;&nbsp;&nbsp; (14.89)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.91  | &nbsp;&nbsp;&nbsp;&nbsp; $8.76  |
| Net Asset Value | 9.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.73 | &nbsp;&nbsp;&nbsp;&nbsp; (11.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.34 |

---

**GROWTH OF $10,000 INVESTMENT** ![](g927223img7934ce0e3.gif)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

------

Fund Summary as of July 31, 2025(continued)

**BlackRock Long-Term Municipal Advantage Trust (BTA)**

**Performance**

Returns for the period ended July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | &nbsp;&nbsp; (6.06)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (9.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 |
| **Customized Reference Benchmark**<sup>(c)</sup> | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index** | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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. 

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

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

More information about the Fund's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

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

The municipal bond market produced slightly negative total returns during the reporting period, with the benefit of income offset by weak price action. The market experienced a record-setting pace of new issuance in tax-exempt supply. The surge in supply, which outweighed the benefits of strong demand and stable credit fundamentals, was a key factor weighing on price performance. The yield curve steepened (indicating outperformance for short-term bonds) due to the combination of persistent inflation concerns and interest rate cuts by the U.S. Federal Reserve.

On a sector basis, the other industries, corporate-backed, and state tax-backed sectors produced positive absolute returns. The other industries category incorporates smaller sectors such as hotels, tribal gaming, and development districts. Performance in the corporate-backed sector was positively impacted by the strategic timing of asset sales, which occurred before some of the gains began to reverse near the end of the period. Conversely, transportation, education, and healthcare were the largest detractors.

Bonds with maturities of 20 years and below delivered positive returns. Some zero-coupon bonds that were added during the period also helped performance. In contrast, longer-term issues underperformed. The Fund's use of leverage enhanced income by helping it capitalize on the higher yields on long-term bonds.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025(continued)

**BlackRock Long-Term Municipal Advantage Trust (BTA)**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| County/City/Special District/School District | 23.2<br> %<br>|
| Corporate | 14.5 |
| Health | 14.3 |
| Transportation | 12.5 |
| Education | 10.3 |
| Utilities | 8.0 |
| State | 6.3 |
| Tobacco | 5.8 |
| Housing | 5.0 |
| Construction & Engineering | 0.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2025 | 9.1<br> %<br>|
| 2026 | 6.3 |
| 2027 | 6.8 |
| 2028 | 10.3 |
| 2029 | 14.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 3.3<br> %<br>|
| AA/Aa | 15.9 |
| A | 21.9 |
| BBB/Baa | 11.1 |
| BB/Ba | 7.3 |
| B | 2.8 |
| CCC/Caa | 0.4 |
| N/R | 37.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

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

Fund Summary

------

Fund Summary as of July 31, 2025

**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.

On January 20, 2025, the Board of Trustees of BlackRock Long-Term Municipal Advantage Trust (BTA) and the Board of Directors of BlackRock MuniAssets Fund, Inc. (MUA) each approved the reorganization of BTA into MUA, with MUA continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganization is expected to occur during the fourth quarter of 2025.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MUA |
| Initial Offering Date | June 25, 1993 |
| Yield on Closing Market Price as of July 31, 2025 ($10.36)<sup>(a)</sup> | 6.43% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.86% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.055500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.666000 |
| Leverage as of July 31, 2025<sup>(d)</sup> | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *07/31/25* | *07/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.36  | &nbsp;&nbsp;&nbsp;&nbsp; $11.52  | &nbsp;&nbsp;&nbsp;&nbsp; (10.07)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.66  | &nbsp;&nbsp;&nbsp;&nbsp; $9.83  |
| Net Asset Value | 10.74 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 |

---

**GROWTH OF $10,000 INVESTMENT** ![](g927223imge377b1b14.gif)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniAssets Fund, Inc. (MUA)**

**Performance**

Returns for the period ended July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | &nbsp;&nbsp; (4.09)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| **High Yield Customized Reference Benchmark**<sup>(c)</sup> | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal High Yield Bond Index** | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> 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.

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

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

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

More information about the Fund's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

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

The municipal bond market produced slightly negative total returns during the reporting period, with the benefit of income offset by weak price action. The market experienced a record-setting pace of new issuance in tax-exempt supply. The surge in supply, which outweighed the benefits of strong demand and stable credit fundamentals, was a key factor weighing on price performance. The yield curve steepened (indicating outperformance for short-term bonds) due to the combination of persistent inflation concerns and interest rate cuts by the U.S. Federal Reserve.

On a sector basis, the other industries and corporate-backed sectors registered positive absolute returns. The other industries category incorporates smaller sectors such as hotels, tribal gaming, and development districts. Performance in the corporate-backed sector was positively impacted by the strategic timing of asset sales, which occurred before some of the gains began to reverse near the end of the period. Conversely, transportation, housing, and education were the largest detractors.

Bonds with maturities of 20 years and below delivered positive returns. In contrast, longer-term issues underperformed. Some zero-coupon bonds that were added during the period helped performance. Bonds with coupons of 5.25% and above also contributed, while those with coupons below 5% lagged due to their higher interest rate sensitivity. The Fund's use of leverage enhanced income by helping it capitalize on the higher yields on long-term bonds.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Fund Summary

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniAssets Fund, Inc. (MUA)**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| County/City/Special District/School District | 24.9<br> %<br>|
| Transportation | 13.1 |
| Education | 12.7 |
| State | 12.4 |
| Corporate | 12.3 |
| Health | 10.0 |
| Housing | 5.4 |
| Tobacco | 5.4 |
| Utilities | 3.4 |
| Other | 0.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2025 | 16.5<br> %<br>|
| 2026 | 7.0 |
| 2027 | 5.6 |
| 2028 | 8.5 |
| 2029 | 8.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 1.3<br> %<br>|
| AA/Aa | 11.1 |
| A | 11.8 |
| BBB/Baa | 7.7 |
| BB/Ba | 8.8 |
| B | 4.0 |
| CCC/Caa | 0.4 |
| N/R | 54.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

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

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025

**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.

On January 20, 2025, the Board of Directors of each of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Quality Fund II, Inc. (MQT) and BlackRock MuniYield Fund, Inc. (MYD) (collectively, the "Target Funds") and the Board of Directors of BlackRock MuniYield Quality Fund, Inc. (MQY) each approved the reorganization of the Target Funds into MQY, with MQY continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur in the fourth quarter of 2025.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MYD |
| Initial Offering Date | November 29, 1991 |
| Yield on Closing Market Price as of July 31, 2025 ($9.91)<sup>(a)</sup> | 6.60% |
| Tax Equivalent Yield<sup>(b)</sup> | 11.15% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.054500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.654000 |
| Leverage as of July 31, 2025<sup>(d)</sup> | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *07/31/25* | *07/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $9.91  | &nbsp;&nbsp;&nbsp;&nbsp; $10.99  | &nbsp;&nbsp;&nbsp;&nbsp; (9.83)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.66  | &nbsp;&nbsp;&nbsp;&nbsp; $9.67  |
| Net Asset Value | 10.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp; (10.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 |

---

**GROWTH OF $10,000 INVESTMENT** ![](g927223img3a0019f45.gif)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Fund, Inc. (MYD)**

**Performance**

Returns for the period ended July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | &nbsp;&nbsp; (5.39)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.38)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| **National Customized Reference Benchmark**<sup>(c)</sup> | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index** | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> The Fund's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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

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

Income was the largest contributor to absolute performance, but the benefit was offset by the adverse impact of falling municipal bond prices. The Fund's use of leverage helped augment income due to the combination of lower borrowing costs—a function of interest rate cuts by the U.S. Federal Reserve—and rising yields on longer-term bonds. Holdings in bonds with maturities of less than ten years generally produced positive returns. On the other hand, bonds with maturities greater than ten years and/or lower coupon structures generally posted negative returns given their higher interest rate sensitivity. At the sector level, corporate-backed and other industries were the only positive contributors. Other industries incorporates smaller sectors such as hotels, tribal gaming, and development districts. Transportation, healthcare, and taxed-backed were the largest 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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Fund, Inc. (MYD)**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 26.0<br> %<br>|
| State | 15.4 |
| Corporate | 13.4 |
| Utilities | 11.5 |
| County/City/Special District/School District | 10.2 |
| Housing | 9.4 |
| Health | 7.9 |
| Education | 3.9 |
| Tobacco | 2.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2025 | 5.7<br> %<br>|
| 2026 | 1.3 |
| 2027 | 7.3 |
| 2028 | 7.3 |
| 2029 | 7.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 8.0<br> %<br>|
| AA/Aa | 43.6 |
| A | 29.5 |
| BBB/Baa | 6.9 |
| BB/Ba | 2.6 |
| B | 0.9 |
| N/R | 8.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

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

Fund Summary

------

Fund Summary as of July 31, 2025

**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.

On January 20, 2025, the Board of Directors/Trustees of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Quality Fund II, Inc. (MQT) and BlackRock MuniYield Fund, Inc. (MYD) (collectively, the **"**Target Funds**"**) and the Board of Director of BlackRock MuniYield Quality Fund, Inc. (MQY) each approved the reorganization of the Target Funds into MQY, with MQY continuing as the surviving Fund.

On June 6, 2025, the Board of Directors/Trustees of BlackRock Virginia Municipal Bond Trust (BHV) and BlackRock MuniYield Pennsylvania Quality Fund (MPA) and the Board of Directors of MQY each approved the reorganization of BHV and MPA into MQY, with MQY continuing as the surviving Fund.

Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur in the fourth quarter of 2025.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MQY |
| Initial Offering Date | June 26, 1992 |
| Yield on Closing Market Price as of July 31, 2025 ($10.96)<sup>(a)</sup> | 6.35% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.73% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.058000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.696000 |
| Leverage as of July 31, 2025<sup>(d)</sup> | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *07/31/25* | *07/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.96  | &nbsp;&nbsp;&nbsp;&nbsp; $12.39  | &nbsp;&nbsp;&nbsp;&nbsp; (11.54)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13.22  | &nbsp;&nbsp;&nbsp;&nbsp; $10.66  |
| Net Asset Value | 11.76 | &nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp; (10.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 |

---

**GROWTH OF $10,000 INVESTMENT** ![](g927223imge27a493c6.gif)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Quality Fund, Inc. (MQY)**

**Performance**

Returns for the period ended July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | &nbsp;&nbsp; (5.56)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.54)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| **National Customized Reference Benchmark**<sup>(c)</sup> | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index** | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> 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.

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

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

Income was the largest contributor to absolute performance, but the benefit was offset by the adverse impact of falling municipal bond prices. The Fund's use of leverage helped augment income due to the combination of lower borrowing costs—a function of interest rate cuts by the U.S. Federal Reserve—and rising yields on longer-term bonds. Holdings in bonds with maturities of less than ten years generally produced positive returns. On the other hand, bonds with maturities greater than ten years and/or lower coupon structures generally posted negative returns given their higher interest rate sensitivity. At the sector level, corporate-backed was the only positive contributor. This was largely a function of the sector's shorter maturity profile. Transportation, healthcare, and taxed-backed were the largest 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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Fund Summary

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Quality Fund, Inc. (MQY)**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 25.5<br> %<br>|
| County/City/Special District/School District | 16.6 |
| Corporate | 12.2 |
| Utilities | 11.0 |
| Health | 10.4 |
| State | 9.2 |
| Housing | 7.4 |
| Education | 5.6 |
| Tobacco | 2.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2025 | 3.9<br> %<br>|
| 2026 | 3.8 |
| 2027 | 6.4 |
| 2028 | 6.5 |
| 2029 | 6.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 9.5<br> %<br>|
| AA/Aa | 42.8 |
| A | 31.0 |
| BBB/Baa | 8.2 |
| BB/Ba | 2.2 |
| B | 0.6 |
| N/R | 5.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

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

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)**

**Investment Objective**

**BlackRock MuniYield Quality Fund III, Inc.'s (MYI) (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 obligations 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 primarily in long-term municipal obligations that are investment grade quality, or are considered by the Fund's investment adviser to be of comparable quality, at the time of investment. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the Fund's investment adviser to be of comparable quality, at the time of purchase. The Fund may invest directly in securities or synthetically through the use of derivatives.

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

On June 6, 2025, the Board of Directors of each of BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT), BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (collectively, the "Target Funds") and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) each approved the reorganization of the Target Funds into MYI, with MYI continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur in the fourth quarter of 2025.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MYI |
| Initial Offering Date | March 27, 1992 |
| Yield on Closing Market Price as of July 31, 2025 ($10.38)<sup>(a)</sup> | 6.42% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.84% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.055500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.666000 |
| Leverage as of July 31, 2025<sup>(d)</sup> | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *07/31/25* | *07/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.38  | &nbsp;&nbsp;&nbsp;&nbsp; $11.37  | &nbsp;&nbsp;&nbsp;&nbsp; (8.71)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.01  | &nbsp;&nbsp;&nbsp;&nbsp; $10.21  |
| Net Asset Value | 11.25 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp; (10.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;10.99 |

---

**GROWTH OF $10,000 INVESTMENT** ![](g927223imgb26184dc7.gif)

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Quality Fund III, Inc. (MYI)**

**Performance**

Returns for the period ended July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | &nbsp;&nbsp; (4.60)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| **National Customized Reference Benchmark**<sup>(c)</sup> | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index** | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> The Fund's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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

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

Income was the largest contributor to absolute performance, but the benefit was offset by the adverse impact of falling municipal bond prices. The Fund's use of leverage helped augment income due to the combination of lower borrowing costs—a function of interest rate cuts by the U.S. Federal Reserve—and rising yields on longer-term bonds. Holdings in bonds with maturities of less than ten years generally produced positive returns. On the other hand, bonds with maturities greater than ten years and/or lower coupon structures generally posted negative returns given their higher interest rate sensitivity. At the sector level, corporate-backed was the only positive contributor. This was largely a function of the sector's shorter maturity profile. Transportation, healthcare, and taxed-backed were the largest 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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of July 31, 2025(continued)

**BlackRock MuniYield Quality Fund III, Inc. (MYI)**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 27.0<br> %<br>|
| State | 16.3 |
| County/City/Special District/School District | 15.8 |
| Corporate | 9.6 |
| Utilities | 9.5 |
| Health | 8.2 |
| Housing | 7.0 |
| Education | 5.2 |
| Tobacco | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2025 | 2.8<br> %<br>|
| 2026 | 3.1 |
| 2027 | 6.6 |
| 2028 | 7.8 |
| 2029 | 5.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 9.0<br> %<br>|
| AA/Aa | 53.6 |
| A | 23.5 |
| BBB/Baa | 5.6 |
| BB/Ba | 0.8 |
| B | 0.5 |
| N/R | 7.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

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

Fund Summary

------

Schedule of Investments

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| TimberHp By Go Lab, Inc.<sup>(a)(b)</sup> | 40542 | &nbsp;&nbsp; $272037 |
| **Total Common Stocks — 0.2%** <br>**(Cost: $—)** | **Total Common Stocks — 0.2%** <br>**(Cost: $—)** | &nbsp;&nbsp; 272037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 5.7%** | **Alabama — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(c)(d)</sup><br>| $500 | &nbsp;&nbsp; 499234 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<sup>(c)</sup><br>| 535 | &nbsp;&nbsp; 544531 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.50%, 10/01/53<br>| 320 | &nbsp;&nbsp; 324860 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<sup>(c)</sup><br>| 285 | &nbsp;&nbsp; 304244 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, RB, AMT, <br> Sustainability Bonds, 6.38%, 11/01/50<sup>(c)</sup><br>| 1040 | &nbsp;&nbsp; 1132826 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 1620 | &nbsp;&nbsp; 1466367 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 650 | &nbsp;&nbsp; 567366 |
| Southeast Energy Authority A Cooperative District, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/51 | 1300 | &nbsp;&nbsp; 1305421 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 500 | &nbsp;&nbsp; 507401 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 470 | &nbsp;&nbsp; 499992 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> Refunding RB, Series A, 5.25%, 05/01/44<sup>(d)</sup><br>| 160 | &nbsp;&nbsp; 156793 |
|  |  | &nbsp;&nbsp; 7309035 |
| **Arizona — 5.1%** | **Arizona — 5.1%** |  |
| Arizona Industrial Development Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 855 | &nbsp;&nbsp; 755956 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 07/01/37 | 360 | &nbsp;&nbsp; 360761 |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/01/50 | 925 | &nbsp;&nbsp; 880843 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/47 | 135 | &nbsp;&nbsp; 123388 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(d)</sup><br>| 1255 | &nbsp;&nbsp; 1142252 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/51 | 955 | &nbsp;&nbsp; 697496 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 225 | &nbsp;&nbsp; 174529 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> AMT, 4.00%, 10/15/47<sup>(d)</sup><br>| 735 | &nbsp;&nbsp; 570107 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, Series A, 4.13%, 09/01/38<br>| 375 | &nbsp;&nbsp; 353990 |
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 725 | &nbsp;&nbsp; 751031 |
| Sierra Vista Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/53 | 510 | &nbsp;&nbsp; 487021 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/64 | 235 | &nbsp;&nbsp; 236477 |
|  |  | &nbsp;&nbsp; 6533851 |
| **Arkansas — 0.5%** | **Arkansas — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, Series A, <br> AMT, Sustainability Bonds, 6.88%, 07/01/48<sup>(d)</sup><br>| 600 | &nbsp;&nbsp; 636990 |
| **California — 10.0%** | **California — 10.0%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, Series A, 5.00%, 06/01/47<br>| 140 | &nbsp;&nbsp; 127180 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(d)</sup><br>| 205 | &nbsp;&nbsp; $194397  |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series P-S, 8.00%, 07/01/67<sup>(c)(d)</sup><br>| 660 | &nbsp;&nbsp; 642810 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(c)(d)</sup><br>| 5315 | &nbsp;&nbsp; 4730350 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F Housing, <br> Series A-S, 8.00%, 09/01/55<sup>(c)(d)</sup><br>| 265 | &nbsp;&nbsp; 261714 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(d)</sup><br>| 825 | &nbsp;&nbsp; 724994 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 725 | &nbsp;&nbsp; 472986 |
| &nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 03/01/57 | 330 | &nbsp;&nbsp; 229629 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 4.00%, 07/01/58 | 200 | &nbsp;&nbsp; 110390 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding RB, <br> CAB, Series B-2, Subordinate, 0.00%, 06/01/66<sup>(e)</sup><br>| 6795 | &nbsp;&nbsp; 650880 |
| &nbsp;&nbsp;&nbsp; Hastings Campus Housing Finance Authority, RB, CAB, <br> Sub-Series A, Sustainability Bonds, 6.75%, <br> 07/01/61<sup>(d)(f)</sup><br>| 830 | &nbsp;&nbsp; 383331 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, Refunding RB, Series A, (BAM), <br> 4.50%, 11/01/52<br>| 595 | &nbsp;&nbsp; 547532 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(e)</sup><br>| 1800 | &nbsp;&nbsp; 810485 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 4.00%, 05/15/53<br>| 935 | &nbsp;&nbsp; 786646 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School District, GO, CAB, Series B, <br> Election 2010, 0.00%, 08/01/38<sup>(e)</sup><br>| 3725 | &nbsp;&nbsp; 2144374 |
|  |  | &nbsp;&nbsp; 12817698 |
| **Colorado — 8.2%** | **Colorado — 8.2%** |  |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(d)</sup><br>| 275 | &nbsp;&nbsp; 241397 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.13%, 11/15/53 | 320 | &nbsp;&nbsp; 257869 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 790 | &nbsp;&nbsp; 825998 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, RB, <br> Series B, Subordinate Lien, 8.50%, 02/01/59<sup>(d)</sup><br>| 1065 | &nbsp;&nbsp; 1066478 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | 145 | &nbsp;&nbsp; 151454 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 90 | &nbsp;&nbsp; 91540 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 220 | &nbsp;&nbsp; 219402 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/35 | 140 | &nbsp;&nbsp; 118543 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 290 | &nbsp;&nbsp; 205719 |
| &nbsp;&nbsp;&nbsp; Constitution Heights Metropolitan District, Refunding GOL, <br> 5.00%, 12/01/49<br>| 500 | &nbsp;&nbsp; 446812 |
| &nbsp;&nbsp;&nbsp; Creekwalk Marketplace Business Improvement District, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/54 | 890 | &nbsp;&nbsp; 798495 |
| &nbsp;&nbsp;&nbsp; Series B, 8.00%, 12/15/54 | 228 | &nbsp;&nbsp; 228479 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding RB, <br> 5.00%, 12/01/40<br>| 1550 | &nbsp;&nbsp; 1522884 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation District, <br> Refunding RB, 5.13%, 12/01/33<br>| 500 | &nbsp;&nbsp; 499741 |
| &nbsp;&nbsp;&nbsp; Fitzsimons Village Metropolitan District No. 3, Refunding <br> GOL, Series A-1, 4.00%, 12/01/31<br>| 500 | &nbsp;&nbsp; 489832 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 458497 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, Series B, <br> 7.13%, 12/15/54<br>| 500 | &nbsp;&nbsp; 498312 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, Refunding GOL, <br> Series A, 5.38%, 12/01/54<br>| 500 | &nbsp;&nbsp; $471798  |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority, RB, 4.88%, <br> 12/01/51<br>| 500 | &nbsp;&nbsp; 373014 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GOL, CAB, 0.00%, <br> 12/01/32<sup>(e)</sup><br>| 1717 | &nbsp;&nbsp; 1054736 |
| &nbsp;&nbsp;&nbsp; Waters' Edge Metropolitan District No. 2, GOL, 5.00%, <br> 12/01/51<br>| 500 | &nbsp;&nbsp; 437911 |
|  |  | &nbsp;&nbsp; 10458911 |
| **Connecticut — 0.3%** | **Connecticut — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, Series A, 5.00%, 01/01/55<sup>(d)</sup><br>| 160 | &nbsp;&nbsp; 127170 |
| Stamford Housing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 10/01/55 | 155 | &nbsp;&nbsp; 151420 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/60 | 110 | &nbsp;&nbsp; 103004 |
|  |  | &nbsp;&nbsp; 381594 |
| **Delaware**<sup>(d)</sup> **— 0.5%** | **Delaware**<sup>(d)</sup> **— 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust, RB, Series AH-01, <br> Class B, 6.88%, 05/01/39<br>| 445 | &nbsp;&nbsp; 411326 |
| Town of Bridgeville Delaware, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 100 | &nbsp;&nbsp; 95831 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/53 | 100 | &nbsp;&nbsp; 95367 |
|  |  | &nbsp;&nbsp; 602524 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing Corp., <br> RB, Series A, 0.00%, 06/15/46<sup>(e)</sup><br>| 310 | &nbsp;&nbsp; 74494 |
| District of Columbia, TA, 5.13%, 06/01/41 | 590 | &nbsp;&nbsp; 590580 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB, Series B, Subordinate, <br> 4.00%, 10/01/49<br>| 870 | &nbsp;&nbsp; 725190 |
|  |  | &nbsp;&nbsp; 1390264 |
| **Florida — 15.1%** | **Florida — 15.1%** |  |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority, RB, M/F <br> Housing, Series A, 6.30%, 07/01/55<sup>(c)(d)</sup><br>| 250 | &nbsp;&nbsp; 246567 |
| &nbsp;&nbsp;&nbsp; Antillia Community Development District, SAB, 5.88%, <br> 05/01/54<br>| 110 | &nbsp;&nbsp; 109583 |
| &nbsp;&nbsp;&nbsp; Berry Bay II Community Development District, SAB, <br> Series 2024, 5.45%, 05/01/54<br>| 110 | &nbsp;&nbsp; 103294 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 | 100 | &nbsp;&nbsp; 98984 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/33 | 625 | &nbsp;&nbsp; 590912 |
| &nbsp;&nbsp;&nbsp; Buckhead Trails Community Development District, SAB, <br> Series 2022, 5.75%, 05/01/52<br>| 145 | &nbsp;&nbsp; 143655 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, RB, 6.63%, <br> 06/15/59<sup>(d)</sup><br>| 100 | &nbsp;&nbsp; 98111 |
| &nbsp;&nbsp;&nbsp; Capital Region Community Development District, <br> Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.13%, 05/01/39 | 195 | &nbsp;&nbsp; 191282 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.60%, 05/01/31 | 305 | &nbsp;&nbsp; 302217 |
| Capital Trust Agency, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(d)</sup> | 1290 | &nbsp;&nbsp; 1047554 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/01/54<sup>(d)</sup> | 450 | &nbsp;&nbsp; 327006 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(e)</sup> | 3000 | &nbsp;&nbsp; 206361 |
| Capital Trust Agency, Inc., RB, CAB<sup>(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/61 | 5995 | &nbsp;&nbsp; 438561 |
| &nbsp;&nbsp;&nbsp; Subordinate, 0.00%, 01/01/61 | 5470 | &nbsp;&nbsp; 376472 |
| Capital Trust Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/40 | 100 | &nbsp;&nbsp; 92598 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/50 | 100 | &nbsp;&nbsp; 89066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Capital Trust Authority, Refunding RB<sup>(d)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/59 | $100 | &nbsp;&nbsp; $87401  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/53<br>| 970 | &nbsp;&nbsp; 1018249 |
| &nbsp;&nbsp;&nbsp; Coral Creek Community Development District, SAB, <br> 5.75%, 05/01/54<br>| 95 | &nbsp;&nbsp; 93129 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.25%, 10/01/52<br>| 350 | &nbsp;&nbsp; 346893 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/47 | 745 | &nbsp;&nbsp; 213820 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/48 | 525 | &nbsp;&nbsp; 149504 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/49 | 435 | &nbsp;&nbsp; 116010 |
| &nbsp;&nbsp;&nbsp; Crosswinds East Community Development District, SAB, <br> 5.75%, 05/01/54<br>| 100 | &nbsp;&nbsp; 97972 |
| Curiosity Creek Community Development District, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/44 | 50 | &nbsp;&nbsp; 48391 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/55 | 80 | &nbsp;&nbsp; 75143 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, Refunding <br> RB, 4.00%, 08/15/45<br>| 2325 | &nbsp;&nbsp; 1925906 |
| Florida Development Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/55 | 525 | &nbsp;&nbsp; 466338 |
| &nbsp;&nbsp;&nbsp; Series B, 4.50%, 12/15/56 | 705 | &nbsp;&nbsp; 494862 |
| &nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56 | 250 | &nbsp;&nbsp; 199790 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.38%, 10/01/54<sup>(c)</sup> | 310 | &nbsp;&nbsp; 307185 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 12.00%, 07/15/59<sup>(b)(c)(g)</sup> | 860 | &nbsp;&nbsp; 533200 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 12.00%, 07/15/32<sup>(b)(c)(d)(g)</sup> | 550 | &nbsp;&nbsp; 330000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/44 | 1010 | &nbsp;&nbsp; 959788 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/47 | 300 | &nbsp;&nbsp; 285000 |
| &nbsp;&nbsp;&nbsp; Golden Gem Community Development District, SAB, <br> 6.00%, 05/01/55<br>| 605 | &nbsp;&nbsp; 589328 |
| &nbsp;&nbsp;&nbsp; Hammock Oaks Community Development District, SAB, <br> 6.15%, 05/01/54<br>| 135 | &nbsp;&nbsp; 131612 |
| &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| 100 | &nbsp;&nbsp; 99833 |
| Ibis Landing Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/45 | 40 | &nbsp;&nbsp; 39526 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/55 | 50 | &nbsp;&nbsp; 48262 |
| Lakes of Sarasota Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/01/41 | 285 | &nbsp;&nbsp; 239594 |
| &nbsp;&nbsp;&nbsp; Series B-1, 4.13%, 05/01/41 | 200 | &nbsp;&nbsp; 168400 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 315 | &nbsp;&nbsp; 296304 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/54 | 117 | &nbsp;&nbsp; 120436 |
| &nbsp;&nbsp;&nbsp; Series 1B, 4.75%, 05/01/29 | 235 | &nbsp;&nbsp; 236424 |
| &nbsp;&nbsp;&nbsp; Series 1B, 5.30%, 05/01/39 | 310 | &nbsp;&nbsp; 309287 |
| &nbsp;&nbsp;&nbsp; Series 1B, 5.45%, 05/01/48 | 550 | &nbsp;&nbsp; 532062 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, RB, <br> Series B-1, 4.75%, 11/15/29<br>| 130 | &nbsp;&nbsp; 131123 |
| &nbsp;&nbsp;&nbsp; Marion Ranch Community Development District, SAB, <br> 5.95%, 05/01/54<br>| 145 | &nbsp;&nbsp; 145435 |
| North AR-1 Pasco Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 05/01/44 | 65 | &nbsp;&nbsp; 65942 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/01/54 | 65 | &nbsp;&nbsp; 65468 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding RB, <br> Series A, 5.25%, 10/01/56<br>| 460 | &nbsp;&nbsp; 460567 |
| Parrish Plantation Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 05/01/44 | 100 | &nbsp;&nbsp; 101793 |
| &nbsp;&nbsp;&nbsp; 6.05%, 05/01/54 | 120 | &nbsp;&nbsp; 121270 |
| &nbsp;&nbsp;&nbsp; Poitras East Community Development District, SAB, <br> 5.00%, 05/01/43<br>| 245 | &nbsp;&nbsp; 231021 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Seminole Palms Community Development District, SAB, <br> 5.50%, 05/01/55<sup>(d)</sup><br>| 125 | &nbsp;&nbsp; $117848  |
| Tolomato Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/01/44 | 280 | &nbsp;&nbsp; 247268 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/54 | 280 | &nbsp;&nbsp; 241120 |
| Trout Creek Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | 100 | &nbsp;&nbsp; 100872 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/49 | 570 | &nbsp;&nbsp; 553800 |
| Village Community Development District No. 14, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/42 | 395 | &nbsp;&nbsp; 399857 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | 290 | &nbsp;&nbsp; 294081 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, RB, 5.25%, <br> 06/01/49<br>| 365 | &nbsp;&nbsp; 357172 |
| West Villages Improvement District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | 220 | &nbsp;&nbsp; 206619 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/50 | 450 | &nbsp;&nbsp; 409749 |
|  |  | &nbsp;&nbsp; 19272877 |
| **Georgia — 6.1%** | **Georgia — 6.1%** |  |
| Atlanta Development Authority, TA<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/34 | 230 | &nbsp;&nbsp; 227252 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 04/01/39 | 355 | &nbsp;&nbsp; 353272 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County, RB, Series A, <br> 6.38%, 06/15/58<sup>(d)</sup><br>| 100 | &nbsp;&nbsp; 95702 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(d)</sup><br>| 110 | &nbsp;&nbsp; 74250 |
| Main Street Natural Gas, Inc., RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53 | 3500 | &nbsp;&nbsp; 3681624 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/52 | 1230 | &nbsp;&nbsp; 1282047 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-2, <br> 4.62%, 12/01/53<sup>(c)</sup><br>| 1605 | &nbsp;&nbsp; 1607976 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Series A, <br> 5.00%, 07/01/52<br>| 460 | &nbsp;&nbsp; 450588 |
|  |  | &nbsp;&nbsp; 7772711 |
| **Illinois — 8.5%** | **Illinois — 8.5%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 795 | &nbsp;&nbsp; 775258 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 1035 | &nbsp;&nbsp; 932381 |
| &nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/36 | 935 | &nbsp;&nbsp; 880103 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series C, <br> 5.00%, 12/01/34<br>| 940 | &nbsp;&nbsp; 941263 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49<br>| 640 | &nbsp;&nbsp; 522575 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois, Refunding GO, Series A, 6.00%, <br> 01/01/38<br>| 595 | &nbsp;&nbsp; 609506 |
| &nbsp;&nbsp;&nbsp; City of Chicago Minnesota, GO, Series A, 6.00%, <br> 01/01/50<br>| 680 | &nbsp;&nbsp; 696092 |
| City of Marion Illinois Sales Tax Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/45 | 250 | &nbsp;&nbsp; 238594 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/55 | 460 | &nbsp;&nbsp; 433293 |
| &nbsp;&nbsp;&nbsp; County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 750 | &nbsp;&nbsp; 726576 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 08/01/35<sup>(h)</sup> | 130 | &nbsp;&nbsp; 128870 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/47 | 1815 | &nbsp;&nbsp; 1536186 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F Housing, <br> Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 10/01/52<br>| 700 | &nbsp;&nbsp; 755075 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, 4.00%, <br> 01/01/46<br>| 500 | &nbsp;&nbsp; 429920 |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 555 | &nbsp;&nbsp; 528866 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| Metropolitan Pier & Exposition Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/15/53 | 200 | &nbsp;&nbsp; $200016  |
| Metropolitan Pier & Exposition Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 | 410 | &nbsp;&nbsp; 334720 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/15/52 | 225 | &nbsp;&nbsp; 211311 |
|  |  | &nbsp;&nbsp; 10880605 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, AMT, 6.75%, <br> 05/01/39<br>| 515 | &nbsp;&nbsp; 562743 |
| **Iowa — 1.2%** | **Iowa — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series E, 4.00%, <br> 08/15/46<br>| 1815 | &nbsp;&nbsp; 1516018 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(f)</sup><br>| 565 | &nbsp;&nbsp; 642742 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/59<sup>(d)</sup> | 200 | &nbsp;&nbsp; 192028 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/62<sup>(d)</sup> | 105 | &nbsp;&nbsp; 94895 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 660 | &nbsp;&nbsp; 667415 |
|  |  | &nbsp;&nbsp; 954338 |
| **Maine — 1.2%** | **Maine — 1.2%** |  |
| Finance Authority of Maine, RB |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/35 | 340 | &nbsp;&nbsp; 282083 |
| &nbsp;&nbsp;&nbsp; Series A, 8.50%, 06/01/32 | 75 | &nbsp;&nbsp; 74670 |
| &nbsp;&nbsp;&nbsp; Series B, 9.50%, 06/01/32 | 75 | &nbsp;&nbsp; 75127 |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Refunding RB, AMT, 4.63%, <br> 12/01/47<sup>(c)(d)</sup><br>| 175 | &nbsp;&nbsp; 168189 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> Refunding RB, 4.00%, 07/01/37<sup>(d)</sup><br>| 1100 | &nbsp;&nbsp; 970042 |
|  |  | &nbsp;&nbsp; 1570111 |
| **Maryland — 1.5%** | **Maryland — 1.5%** |  |
| City of Baltimore Maryland, RB, 4.88%, 06/01/42 | 120 | &nbsp;&nbsp; 116876 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, <br> AMT, Sustainability Bonds, 5.25%, 06/30/47<br>| 380 | &nbsp;&nbsp; 364405 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> RB, 7.00%, 03/01/55<sup>(d)</sup><br>| 1480 | &nbsp;&nbsp; 1487173 |
|  |  | &nbsp;&nbsp; 1968454 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/47 | 860 | &nbsp;&nbsp; 800398 |
| &nbsp;&nbsp;&nbsp; Series A-1, 6.38%, 07/15/45<sup>(d)</sup> | 375 | &nbsp;&nbsp; 367774 |
| Massachusetts Housing Finance Agency, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.45%, 12/01/42 | 310 | &nbsp;&nbsp; 277490 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.50%, 12/01/47 | 1030 | &nbsp;&nbsp; 919828 |
|  |  | &nbsp;&nbsp; 2365490 |
| **Michigan — 1.8%** | **Michigan — 1.8%** |  |
| Michigan Finance Authority, RB, 4.00%, 02/15/50 | 2000 | &nbsp;&nbsp; 1632187 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | 165 | &nbsp;&nbsp; 154204 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 500 | &nbsp;&nbsp; 468111 |
|  |  | &nbsp;&nbsp; 2254502 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Minnesota — 0.8%** | **Minnesota — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding RB, <br> Series A, 5.25%, 02/15/58<br>| $655 | &nbsp;&nbsp; $633332  |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 01/01/53<br>| 410 | &nbsp;&nbsp; 437341 |
|  |  | &nbsp;&nbsp; 1070673 |
| **Missouri — 1.0%** | **Missouri — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis <br> Missouri, Refunding RB, Series A, 4.38%, 11/15/35<br>| 330 | &nbsp;&nbsp; 301949 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 03/01/49 | 425 | &nbsp;&nbsp; 411927 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 03/01/55 | 425 | &nbsp;&nbsp; 403636 |
| Kansas City Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/46 | 130 | &nbsp;&nbsp; 117406 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/54 | 100 | &nbsp;&nbsp; 87204 |
|  |  | &nbsp;&nbsp; 1322122 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** |  |
| Omaha Airport Authority, ARB, AMT, 5.25%, 12/15/54 | 275 | &nbsp;&nbsp; 272072 |
| **New Hampshire — 9.0%** | **New Hampshire — 9.0%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(d)</sup> | 520 | &nbsp;&nbsp; 523034 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/35<sup>(d)</sup> | 725 | &nbsp;&nbsp; 724594 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(d)</sup> | 783 | &nbsp;&nbsp; 773739 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 08/15/40 | 260 | &nbsp;&nbsp; 225955 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 08/15/46 | 290 | &nbsp;&nbsp; 233070 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 6000 | &nbsp;&nbsp; 6074029 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 08/15/55 | 600 | &nbsp;&nbsp; 471644 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, CAB, <br> 0.00%, 12/15/33<sup>(d)(e)</sup><br>| 2020 | &nbsp;&nbsp; 1220854 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 320 | &nbsp;&nbsp; 321571 |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 610 | &nbsp;&nbsp; 596362 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 330 | &nbsp;&nbsp; 313065 |
|  |  | &nbsp;&nbsp; 11477917 |
| **New Jersey — 5.6%** | **New Jersey — 5.6%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(i)</sup> | 70 | &nbsp;&nbsp; 75801 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 125 | &nbsp;&nbsp; 124920 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 5.75%, 04/01/31<br>| 785 | &nbsp;&nbsp; 820004 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.25%, 12/01/45 | 140 | &nbsp;&nbsp; 135940 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 4.25%, 12/01/50 | 1340 | &nbsp;&nbsp; 1083691 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB, Sub-Series C, AMT, 3.63%, <br> 12/01/49<br>| 645 | &nbsp;&nbsp; 458943 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.00%, 06/15/45<br>| 585 | &nbsp;&nbsp; 581186 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 1700 | &nbsp;&nbsp; 1702449 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 2315 | &nbsp;&nbsp; 2223195 |
|  |  | &nbsp;&nbsp; 7206129 |
| **New York — 15.7%** | **New York — 15.7%** |  |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 910 | &nbsp;&nbsp; 734535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C-1, Sustainability Bonds, 4.75%, 11/15/45<br>| 985 | &nbsp;&nbsp; $938885  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 4.00%, 11/01/45 | 4000 | &nbsp;&nbsp; 3473946 |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 4.00%, 08/01/48 | 555 | &nbsp;&nbsp; 472897 |
| New York Counties Tobacco Trust IV, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 06/01/41<sup>(d)</sup> | 884 | &nbsp;&nbsp; 871829 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/42 | 1505 | &nbsp;&nbsp; 1286324 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series A-2B, 5.00%, 06/01/51<br>| 1000 | &nbsp;&nbsp; 852087 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(d)</sup> | 1415 | &nbsp;&nbsp; 1358563 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(d)</sup> | 395 | &nbsp;&nbsp; 389667 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 505 | &nbsp;&nbsp; 339240 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 565 | &nbsp;&nbsp; 473941 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/50 | 1610 | &nbsp;&nbsp; 1624625 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/55 | 740 | &nbsp;&nbsp; 743269 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 260 | &nbsp;&nbsp; 266639 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/40 | 555 | &nbsp;&nbsp; 555227 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 560 | &nbsp;&nbsp; 567727 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.13%, 06/30/60 | 1750 | &nbsp;&nbsp; 1638564 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/60 | 1230 | &nbsp;&nbsp; 1189550 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> ARB, Series A, AMT, 5.38%, 08/01/36<br>| 730 | &nbsp;&nbsp; 739671 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 340 | &nbsp;&nbsp; 313230 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 380 | &nbsp;&nbsp; 325309 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB, Sub-Series C, 4.00%, 06/01/42<br>| 1170 | &nbsp;&nbsp; 931928 |
|  |  | &nbsp;&nbsp; 20087653 |
| **North Carolina — 0.4%** | **North Carolina — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 07/01/53<br>| 465 | &nbsp;&nbsp; 497388 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks North Dakota, RB, Series A, 5.00%, <br> 12/01/53<br>| 525 | &nbsp;&nbsp; 506343 |
| **Ohio — 2.5%** | **Ohio — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 500 | &nbsp;&nbsp; 405931 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(e)</sup><br>| 1580 | &nbsp;&nbsp; 138530 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 01/01/39 | 100 | &nbsp;&nbsp; 97091 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 01/01/49 | 150 | &nbsp;&nbsp; 141198 |
| County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 | 800 | &nbsp;&nbsp; 669712 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, AMT, 4.50%, <br> 01/15/48<sup>(d)</sup><br>| 705 | &nbsp;&nbsp; 613012 |
| State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1220 | &nbsp;&nbsp; 1112527 |
|  |  | &nbsp;&nbsp; 3178001 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma — 3.4%** | **Oklahoma — 3.4%** |  |
| Oklahoma Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/01/51<sup>(d)</sup> | $2160 | &nbsp;&nbsp; $2070630  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/15/52 | 765 | &nbsp;&nbsp; 725279 |
| &nbsp;&nbsp;&nbsp; Tulsa Authority for Economic Opportunity, TA, 4.38%, <br> 12/01/41<sup>(d)</sup><br>| 155 | &nbsp;&nbsp; 134963 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, 5.25%, <br> 11/15/45<br>| 925 | &nbsp;&nbsp; 878018 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/40<br>| 540 | &nbsp;&nbsp; 580397 |
|  |  | &nbsp;&nbsp; 4389287 |
| **Oregon — 0.3%** | **Oregon — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB, Series A, (GTD), 0.00%, <br> 06/15/38<sup>(e)</sup><br>| 625 | &nbsp;&nbsp; 318458 |
| **Pennsylvania — 5.9%** | **Pennsylvania — 5.9%** |  |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development <br> Authority, RB, 5.00%, 05/01/42<sup>(d)</sup><br>| 1235 | &nbsp;&nbsp; 1205147 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, 4.50%, 09/01/48<br>| 800 | &nbsp;&nbsp; 754963 |
| Doylestown Hospital Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | 100 | &nbsp;&nbsp; 109519 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39 | 155 | &nbsp;&nbsp; 167977 |
| &nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, RB, Series B, 5.00%, <br> 05/01/59<br>| 140 | &nbsp;&nbsp; 124819 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, RB, <br> Series C, 5.00%, 11/15/45<br>| 95 | &nbsp;&nbsp; 88201 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 465 | &nbsp;&nbsp; 454245 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 335 | &nbsp;&nbsp; 334934 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 560 | &nbsp;&nbsp; 526184 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/38<sup>(c)</sup> | 240 | &nbsp;&nbsp; 241546 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/37<sup>(c)</sup> | 415 | &nbsp;&nbsp; 417673 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 11/01/44 | 720 | &nbsp;&nbsp; 715420 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, RB, <br> Sub-Series 1C, AMT, 5.00%, 06/01/51<br>| 100 | &nbsp;&nbsp; 90479 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 08/15/44<br>| 805 | &nbsp;&nbsp; 706460 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 143A, Sustainability Bonds, 5.38%, 10/01/46<br>| 960 | &nbsp;&nbsp; 974900 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 355 | &nbsp;&nbsp; 353112 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 220 | &nbsp;&nbsp; 227486 |
|  |  | &nbsp;&nbsp; 7493065 |
| **Puerto Rico — 5.7%** | **Puerto Rico — 5.7%** |  |
| Children's Trust Fund, RB, Series A, 0.00%, 05/15/57<sup>(e)</sup> | 6945 | &nbsp;&nbsp; 353109 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 784 | &nbsp;&nbsp; 850626 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(c)(g)</sup><br>| 5503 | &nbsp;&nbsp; 3004749 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 6.75%, 01/01/45 | 100 | &nbsp;&nbsp; 109559 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.50%, 01/01/42 | 100 | &nbsp;&nbsp; 110086 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.75%, 01/01/45 | 100 | &nbsp;&nbsp; 109524 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Convertible, Restructured, 4.33%, 07/01/40 | 72 | &nbsp;&nbsp; 66745 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 1517 | &nbsp;&nbsp; $1355875  |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 1038 | &nbsp;&nbsp; 918960 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(e)</sup><br>| 1414 | &nbsp;&nbsp; 436441 |
|  |  | &nbsp;&nbsp; 7315674 |
| **South Carolina — 1.5%** | **South Carolina — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, 7.50%, 08/15/62<sup>(d)</sup><br>| 225 | &nbsp;&nbsp; 201907 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, M/F Housing, Series A, 6.75%, 12/01/60<sup>(d)</sup><br>| 550 | &nbsp;&nbsp; 541201 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 05/01/43<br>| 1110 | &nbsp;&nbsp; 1110334 |
|  |  | &nbsp;&nbsp; 1853442 |
| **Tennessee — 1.8%** | **Tennessee — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 4.00%, 10/01/49<br>| 290 | &nbsp;&nbsp; 226890 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Industrial Development Board, SAB, CAB, 0.00%, <br> 06/01/43<sup>(d)(e)</sup><br>| 430 | &nbsp;&nbsp; 175981 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, 5.25%, <br> 07/01/48<br>| 585 | &nbsp;&nbsp; 601167 |
| Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/35 | 230 | &nbsp;&nbsp; 247323 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/01/36 | 190 | &nbsp;&nbsp; 205062 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(c)</sup> | 750 | &nbsp;&nbsp; 802473 |
|  |  | &nbsp;&nbsp; 2258896 |
| **Texas — 11.4%** | **Texas — 11.4%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, (PSF), <br> 4.00%, 02/01/51<br>| 610 | &nbsp;&nbsp; 518817 |
| &nbsp;&nbsp;&nbsp; Angelina & Neches River Authority, RB, Series A, AMT, <br> 7.50%, 12/01/45<sup>(b)(d)(g)</sup><br>| 335 | &nbsp;&nbsp; 33336 |
| Arlington Higher Education Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62<sup>(d)</sup> | 230 | &nbsp;&nbsp; 218077 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62<sup>(d)</sup> | 195 | &nbsp;&nbsp; 195799 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/62 | 500 | &nbsp;&nbsp; 366850 |
| City of Buda Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/55 | 150 | &nbsp;&nbsp; 143767 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/01/55 | 300 | &nbsp;&nbsp; 278120 |
| City of Corpus Christi Texas, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | 100 | &nbsp;&nbsp; 99052 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | 100 | &nbsp;&nbsp; 93950 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | 106 | &nbsp;&nbsp; 99598 |
| City of Crandall Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/45 | 50 | &nbsp;&nbsp; 46292 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/55 | 100 | &nbsp;&nbsp; 91421 |
| City of Friendswood Texas, SAB, 7.00%, 09/15/54 | 301 | &nbsp;&nbsp; 291073 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/38 | 200 | &nbsp;&nbsp; 206067 |
| &nbsp;&nbsp;&nbsp; Series B-1, AMT, 5.00%, 07/15/30 | 240 | &nbsp;&nbsp; 239937 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> ARB, Series A, AMT, 1st Lien, Subordinate, 5.25%, <br> 07/01/48<br>| 340 | &nbsp;&nbsp; 341111 |
| City of Oak Point Texas, SAB, 5.25%, 09/15/54<sup>(d)</sup> | 140 | &nbsp;&nbsp; 126622 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., RB, Series A, <br> 6.00%, 06/15/54<sup>(d)</sup><br>| 100 | &nbsp;&nbsp; 89757 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No. 1, SAB, 5.38%, <br> 09/01/55<sup>(d)</sup><br>| 100 | &nbsp;&nbsp; $93675  |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Refunding GO, (PSF), <br> 4.00%, 02/15/53<br>| 500 | &nbsp;&nbsp; 418610 |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School District Texas, GO, (PSF), <br> 4.00%, 06/15/47<br>| 810 | &nbsp;&nbsp; 701815 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 4.00%, 08/15/54<br>| 210 | &nbsp;&nbsp; 175137 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(e)(i)</sup><br>| 5200 | &nbsp;&nbsp; 2998236 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> Refunding RB, Series A, 6.75%, 10/01/52<br>| 600 | &nbsp;&nbsp; 591379 |
| Newark Higher Education Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/35 | 135 | &nbsp;&nbsp; 135064 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/45 | 275 | &nbsp;&nbsp; 275173 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 890 | &nbsp;&nbsp; 769628 |
| Port of Beaumont Navigation District, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 3.63%, 01/01/35 | 215 | &nbsp;&nbsp; 185801 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 01/01/50 | 815 | &nbsp;&nbsp; 567938 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., RB, Series A, <br> 5.00%, 10/01/41<br>| 85 | &nbsp;&nbsp; 69548 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 310 | &nbsp;&nbsp; 306828 |
| &nbsp;&nbsp;&nbsp; Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 6.25%, 01/01/65<sup>(d)</sup><br>| 570 | &nbsp;&nbsp; 516088 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 1300 | &nbsp;&nbsp; 1385327 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., <br> RB, AMT, Senior Lien, 5.50%, 12/31/58<br>| 800 | &nbsp;&nbsp; 803997 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway <br> 249 System, RB, CAB, 0.00%, 08/01/43<sup>(e)</sup><br>| 2205 | &nbsp;&nbsp; 835026 |
| Texas Water Development Board, RB, 4.45%, 10/15/36 | 170 | &nbsp;&nbsp; 176052 |
|  |  | &nbsp;&nbsp; 14484968 |
| **Utah — 2.2%** | **Utah — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(d)</sup><br>| 205 | &nbsp;&nbsp; 200108 |
| County of Utah, RB, Series B, 4.00%, 05/15/47 | 750 | &nbsp;&nbsp; 630198 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, RB, <br> Series B, 5.50%, 06/01/55<br>| 175 | &nbsp;&nbsp; 180403 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, TA, <br> Series 1, 5.13%, 06/15/54<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 457807 |
| &nbsp;&nbsp;&nbsp; Ridges Estates Infrastructure Financing District, SAB, <br> 6.25%, 12/01/53<sup>(d)</sup><br>| 594 | &nbsp;&nbsp; 594493 |
| &nbsp;&nbsp;&nbsp; SkyRidge Pegasus Infrastructure Financing District, SAB, <br> 5.25%, 12/01/44<sup>(d)</sup><br>| 530 | &nbsp;&nbsp; 493065 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, Series A, <br> 5.00%, 06/15/52<sup>(d)</sup><br>| 225 | &nbsp;&nbsp; 180952 |
| Utah Infrastructure Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | 55 | &nbsp;&nbsp; 55680 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | 50 | &nbsp;&nbsp; 49891 |
|  |  | &nbsp;&nbsp; 2842597 |
| **Virginia — 2.6%** | **Virginia — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> Series A-1, 5.50%, 03/01/46<br>| 267 | &nbsp;&nbsp; 259844 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> CAB, Series A-2, 7.13%, 03/01/59<sup>(f)</sup><br>| 640 | &nbsp;&nbsp; 541571 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability <br> Commission, RB, Series A, Senior Lien, 4.00%, <br> 07/01/55<br>| 245 | &nbsp;&nbsp; $202138  |
| James City County Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.88%, 12/01/58 | 175 | &nbsp;&nbsp; 185648 |
| &nbsp;&nbsp;&nbsp; Series C3, 5.25%, 12/01/27 | 20 | &nbsp;&nbsp; 20022 |
| &nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, RB, <br> Series A, 5.00%, 01/01/49<br>| 455 | &nbsp;&nbsp; 389224 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 920 | &nbsp;&nbsp; 765897 |
| Virginia Beach Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 09/01/53 | 240 | &nbsp;&nbsp; 260581 |
| &nbsp;&nbsp;&nbsp; Series B3, 5.38%, 09/01/29 | 155 | &nbsp;&nbsp; 156699 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing, Series G, 4.90%, 11/01/42<br>| 500 | &nbsp;&nbsp; 500934 |
|  |  | &nbsp;&nbsp; 3282558 |
| **Washington — 0.9%** | **Washington — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.00%, 08/01/44<br>| 485 | &nbsp;&nbsp; 469639 |
| Washington State Housing Finance Commission, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 01/01/53 | 100 | &nbsp;&nbsp; 88096 |
| &nbsp;&nbsp;&nbsp; Series B2, 3.95%, 07/01/29 | 380 | &nbsp;&nbsp; 380138 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 125 | &nbsp;&nbsp; 121058 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 115 | &nbsp;&nbsp; 108873 |
|  |  | &nbsp;&nbsp; 1167804 |
| **West Virginia — 1.3%** | **West Virginia — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Morgantown Utility Board, Inc., RB, Series B, 4.00%, <br> 12/01/48<br>| 1895 | &nbsp;&nbsp; 1597799 |
| **Wisconsin — 8.1%** | **Wisconsin — 8.1%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/31<sup>(b)(d)(g)</sup> | 290 | &nbsp;&nbsp; 24650 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/41<sup>(d)</sup> | 165 | &nbsp;&nbsp; 128328 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/47<sup>(b)(d)(g)</sup> | 290 | &nbsp;&nbsp; 24650 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/54<sup>(d)</sup> | 445 | &nbsp;&nbsp; 429943 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/55<sup>(d)</sup> | 440 | &nbsp;&nbsp; 292966 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56<sup>(d)</sup> | 710 | &nbsp;&nbsp; 555569 |
| &nbsp;&nbsp;&nbsp; 12/31/65<sup>(h)</sup> | 540 | &nbsp;&nbsp; 563237 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/56<sup>(d)</sup> | 230 | &nbsp;&nbsp; 166660 |
| &nbsp;&nbsp;&nbsp; Class A, 6.45%, 04/01/60<sup>(d)</sup> | 150 | &nbsp;&nbsp; 136882 |
| &nbsp;&nbsp;&nbsp; Series A, 7.75%, 07/01/43<sup>(d)</sup> | 1190 | &nbsp;&nbsp; 1203051 |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/56<sup>(d)</sup> | 720 | &nbsp;&nbsp; 548044 |
| &nbsp;&nbsp;&nbsp; Series A, 7.50%, 07/01/59<sup>(d)</sup> | 1080 | &nbsp;&nbsp; 1182920 |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, 01/01/61<sup>(d)</sup> | 720 | &nbsp;&nbsp; 737489 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(d)</sup> | 530 | &nbsp;&nbsp; 506653 |
| &nbsp;&nbsp;&nbsp; Series A-4, 5.50%, 11/15/32<sup>(d)</sup> | 870 | &nbsp;&nbsp; 843222 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(d)(e)</sup> | 890 | &nbsp;&nbsp; 501029 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(d)(e)</sup> | 16025 | &nbsp;&nbsp; 1102286 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 475 | &nbsp;&nbsp; 364451 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 455 | &nbsp;&nbsp; 339908 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, CAB, Series B, 0.00%, <br> 01/01/61<sup>(d)(e)</sup><br>| 6455 | &nbsp;&nbsp; 426418 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, M/F Housing, Series A, <br> 7.13%, 07/01/65<sup>(c)(d)</sup><br>| 300 | &nbsp;&nbsp; 291029 |
|  |  | &nbsp;&nbsp; 10369385 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wyoming — 0.3%** | **Wyoming — 0.3%** |  |
| University of Wyoming, RB, Series C, 4.00%, 06/01/51 | $500 | &nbsp;&nbsp; $427133 |
| **Total Municipal Bonds — 151.4%** <br>**(Cost: $205,081,708)** | **Total Municipal Bonds — 151.4%** <br>**(Cost: $205,081,708)** | &nbsp;&nbsp; 193310822 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> |
| **Alabama — 5.1%** | **Alabama — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series C-1, 5.25%, <br> 02/01/53<sup>(c)</sup><br>| 6194 | &nbsp;&nbsp; 6498482 |
| **Illinois — 2.1%** | **Illinois — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, 5.50%, 01/01/59<br>| 2620 | &nbsp;&nbsp; 2658773 |
| **New York — 1.1%** | **New York — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 221, AMT, 4.00%, 07/15/55<br>| 1720 | &nbsp;&nbsp; 1420550 |
| **Pennsylvania — 1.3%** | **Pennsylvania — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, 5.50%, 09/01/53<br>| 1601 | &nbsp;&nbsp; 1657363 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 9.6%** <br>**(Cost: $12,342,590)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 9.6%** <br>**(Cost: $12,342,590)** | &nbsp;&nbsp; 12235168 |
| **Total Long-Term Investments — 161.2%** <br>**(Cost: $217,424,298)** | **Total Long-Term Investments — 161.2%** <br>**(Cost: $217,424,298)** | &nbsp;&nbsp; 205818027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(k)(l)</sup><br>| 3119253 | &nbsp;&nbsp; 3119565 |
| **Total Short-Term Securities — 2.4%** <br>**(Cost: $3,119,562)** | **Total Short-Term Securities — 2.4%** <br>**(Cost: $3,119,562)** | &nbsp;&nbsp; 3119565 |
| **Total Investments — 163.6%** <br>**(Cost: $220,543,860)** | **Total Investments — 163.6%** <br>**(Cost: $220,543,860)** | &nbsp;&nbsp; 208937592 |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | &nbsp;&nbsp; 1466398 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.5)%** | &nbsp;&nbsp; (7016983)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(59.3)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(59.3)%** | &nbsp;&nbsp; (75704973)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $127682034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Zero-coupon bond.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> When-issued security.

<sup>(i)</sup> 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. 

<sup>(j)</sup> 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. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $3173120 | $—<br> $(53555 )<sup>(a)</sup><br>| &nbsp;&nbsp; $47 | $(47)<br>| $3119565 | 3119253 | $47023 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock Long-Term Municipal Advantage Trust (BTA)** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $272037  | &nbsp;&nbsp;&nbsp;&nbsp; $272037  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193310822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193310822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12235168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12235168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3119565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3119565 |
|  | &nbsp;&nbsp; $3119565 | &nbsp;&nbsp;&nbsp;&nbsp; $205545990 | &nbsp;&nbsp;&nbsp;&nbsp; $272037 | &nbsp;&nbsp;&nbsp;&nbsp; $208937592 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6990013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6990013)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(82990013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(82990013)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| TimberHp By Go Lab, Inc.<sup>(a)(b)</sup> | 129263 | &nbsp;&nbsp; $867355 |
| **Total Common Stocks — 0.2%** <br>**(Cost: $—)** | **Total Common Stocks — 0.2%** <br>**(Cost: $—)** | &nbsp;&nbsp; 867355 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Grand Canyon University, 5.13%, 10/01/28 | $1570 | &nbsp;&nbsp; 1515242 |
| **Total Corporate Bonds — 0.4%** <br>**(Cost: $1,570,000)** | **Total Corporate Bonds — 0.4%** <br>**(Cost: $1,570,000)** | &nbsp;&nbsp; 1515242 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.7%** | **Alabama — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(c)(d)</sup><br>| 1435 | &nbsp;&nbsp; 1432802 |
| Black Belt Energy Gas District, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | 3085 | &nbsp;&nbsp; 3273544 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 1540 | &nbsp;&nbsp; 1567435 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 615 | &nbsp;&nbsp; 645556 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Refunding RB, 4.00%, <br> 06/01/51<sup>(c)</sup><br>| 1855 | &nbsp;&nbsp; 1874941 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.50%, 10/01/53<br>| 5645 | &nbsp;&nbsp; 5730736 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<sup>(c)</sup><br>| 795 | &nbsp;&nbsp; 848679 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, RB, AMT, <br> Sustainability Bonds, 6.38%, 11/01/50<sup>(c)</sup><br>| 2140 | &nbsp;&nbsp; 2331007 |
| MidCity Improvement District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | 255 | &nbsp;&nbsp; 210345 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/49 | 270 | &nbsp;&nbsp; 216323 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 4545 | &nbsp;&nbsp; 4113975 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 1840 | &nbsp;&nbsp; 1606083 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series A, 5.00%, 08/01/54<sup>(c)</sup><br>| 2000 | &nbsp;&nbsp; 2110412 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.00%, 01/01/56<sup>(c)</sup><br>| 1220 | &nbsp;&nbsp; 1238058 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> Refunding RB, Series A, 5.25%, 05/01/44<sup>(d)</sup><br>| 335 | &nbsp;&nbsp; 328286 |
|  |  | &nbsp;&nbsp; 27528182 |
| **Arizona — 4.3%** | **Arizona — 4.3%** |  |
| Arizona Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.10%, 01/01/55 | 1670 | &nbsp;&nbsp; 1678162 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/39 | 250 | &nbsp;&nbsp; 238057 |
| &nbsp;&nbsp;&nbsp; Series B, 5.13%, 07/01/47 | 665 | &nbsp;&nbsp; 598438 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 1775 | &nbsp;&nbsp; 1569383 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 07/01/37 | 960 | &nbsp;&nbsp; 962029 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 100 | &nbsp;&nbsp; 82813 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, Refunding RB, 5.00%, 07/01/45<sup>(d)</sup><br>| 255 | &nbsp;&nbsp; 233951 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/51 | 1555 | &nbsp;&nbsp; $1135714  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 460 | &nbsp;&nbsp; 356815 |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, RB, <br> 5.88%, 06/15/48<sup>(d)</sup><br>| 875 | &nbsp;&nbsp; 800827 |
| Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/29<sup>(d)</sup> | 875 | &nbsp;&nbsp; 902835 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/40<sup>(d)</sup> | 465 | &nbsp;&nbsp; 415072 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/51<sup>(d)</sup> | 465 | &nbsp;&nbsp; 392429 |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/51 | 5155 | &nbsp;&nbsp; 3315614 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/15/47<sup>(d)</sup> | 1995 | &nbsp;&nbsp; 1547433 |
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 | 1650 | &nbsp;&nbsp; 1709244 |
| Sierra Vista Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 55 | &nbsp;&nbsp; 56909 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/44 | 515 | &nbsp;&nbsp; 468376 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/54 | 575 | &nbsp;&nbsp; 487551 |
| &nbsp;&nbsp;&nbsp; 6.30%, 06/15/54 | 230 | &nbsp;&nbsp; 231682 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/15/64 | 460 | &nbsp;&nbsp; 462892 |
|  |  | &nbsp;&nbsp; 17646226 |
| **Arkansas — 1.6%** | **Arkansas — 1.6%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 7.38%, 07/01/48<sup>(d)</sup> | 2800 | &nbsp;&nbsp; 3045444 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.45%, 09/01/52 | 2325 | &nbsp;&nbsp; 2258724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 6.88%, <br> 07/01/48<sup>(d)</sup><br>| 1300 | &nbsp;&nbsp; 1380144 |
|  |  | &nbsp;&nbsp; 6684312 |
| **California — 7.1%** | **California — 7.1%** |  |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series P-S, 8.00%, 07/01/67<sup>(c)(d)</sup><br>| 1900 | &nbsp;&nbsp; 1850514 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(c)(d)</sup><br>| 14990 | &nbsp;&nbsp; 13341100 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A-S, 8.00%, 09/01/55<sup>(c)(d)</sup><br>| 765 | &nbsp;&nbsp; 755515 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(d)</sup><br>| 2415 | &nbsp;&nbsp; 2122256 |
| California School Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 06/01/54 | 1810 | &nbsp;&nbsp; 1633886 |
| &nbsp;&nbsp;&nbsp; Series B, 9.00%, 06/01/34 | 180 | &nbsp;&nbsp; 183198 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, Series B, <br> 6.00%, 05/01/43<br>| 1650 | &nbsp;&nbsp; 1649008 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 1570 | &nbsp;&nbsp; 1024259 |
| &nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 03/01/57 | 700 | &nbsp;&nbsp; 487091 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/58 | 380 | &nbsp;&nbsp; 243779 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 4.00%, 07/01/58 | 435 | &nbsp;&nbsp; 240097 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(e)</sup><br>| 27650 | &nbsp;&nbsp; 2648542 |
| &nbsp;&nbsp;&nbsp; Hastings Campus Housing Finance Authority, RB, CAB, <br> Sub-Series A, Sustainability Bonds, 6.75%, <br> 07/01/61<sup>(d)(f)</sup><br>| 1705 | &nbsp;&nbsp; 787445 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(e)</sup><br>| 5090 | &nbsp;&nbsp; 2291872 |
| &nbsp;&nbsp;&nbsp; Rancho Mirage Community Facilities District, ST, <br> Series A, 5.00%, 09/01/49<br>| 270 | &nbsp;&nbsp; 258814 |
|  |  | &nbsp;&nbsp; 29517376 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 5.9%** | **Colorado — 5.9%** |  |
| &nbsp;&nbsp;&nbsp; 9th Avenue Metropolitan District No. 2, GOL, 5.00%, <br> 12/01/48<br>| $910 | &nbsp;&nbsp; $823670  |
| &nbsp;&nbsp;&nbsp; Banning Lewis Ranch Metropolitan District No. 8, GOL, <br> 4.88%, 12/01/51<sup>(d)</sup><br>| 665 | &nbsp;&nbsp; 556908 |
| &nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1, GO, Series B, <br> 6.75%, 12/15/54<br>| 690 | &nbsp;&nbsp; 683746 |
| &nbsp;&nbsp;&nbsp; Canyons Metropolitan District No. 5, Refunding GOL, <br> Series B, 6.50%, 12/15/54<br>| 625 | &nbsp;&nbsp; 616830 |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(d)</sup><br>| 575 | &nbsp;&nbsp; 504739 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 4.13%, <br> 11/15/53<br>| 1025 | &nbsp;&nbsp; 825988 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> RB, Series B, Subordinate Lien, 8.50%, 02/01/59<sup>(d)</sup><br>| 3065 | &nbsp;&nbsp; 3069254 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 265 | &nbsp;&nbsp; 269536 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 555 | &nbsp;&nbsp; 553491 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/35 | 355 | &nbsp;&nbsp; 300590 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/44 | 385 | &nbsp;&nbsp; 286607 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/49 | 750 | &nbsp;&nbsp; 532032 |
| &nbsp;&nbsp;&nbsp; Creekwalk Marketplace Business Improvement District, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/54 | 2525 | &nbsp;&nbsp; 2265392 |
| &nbsp;&nbsp;&nbsp; Series B, 8.00%, 12/15/54 | 627 | &nbsp;&nbsp; 628317 |
| &nbsp;&nbsp;&nbsp; Elbert County Independence Water & Sanitation <br> District, Refunding RB, 5.13%, 12/01/33<br>| 500 | &nbsp;&nbsp; 499741 |
| &nbsp;&nbsp;&nbsp; Gold Hill North Business Improvement District, GOL, <br> Series A, 5.60%, 12/01/54<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 458497 |
| &nbsp;&nbsp;&nbsp; Green Valley Ranch East Metropolitan District No. 6, <br> GOL, Series A, 5.88%, 12/01/50<br>| 935 | &nbsp;&nbsp; 942582 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, GOL, <br> Series B, 7.13%, 12/15/54<br>| 500 | &nbsp;&nbsp; 498312 |
| &nbsp;&nbsp;&nbsp; Independence Metropolitan District No. 3, Refunding <br> GOL, Series A, 5.38%, 12/01/54<br>| 851 | &nbsp;&nbsp; 803000 |
| &nbsp;&nbsp;&nbsp; Inspiration Metropolitan District, GOL, Series B, <br> Subordinate, 5.00%, 12/15/36<br>| 670 | &nbsp;&nbsp; 597747 |
| &nbsp;&nbsp;&nbsp; Karl' s Farm Metropolitan District No. 2, GOL, Series A, <br> 5.63%, 09/01/25<sup>(d)(g)</sup><br>| 545 | &nbsp;&nbsp; 562629 |
| &nbsp;&nbsp;&nbsp; Lanterns Metropolitan District No. 2, GOL, Series A, <br> 4.50%, 12/01/50<br>| 520 | &nbsp;&nbsp; 378185 |
| &nbsp;&nbsp;&nbsp; Loretto Heights Community Authority, RB, 4.88%, <br> 12/01/51<br>| 790 | &nbsp;&nbsp; 589362 |
| &nbsp;&nbsp;&nbsp; North Holly Metropolitan District, GOL, Series A, 5.50%, <br> 12/01/48<br>| 500 | &nbsp;&nbsp; 480565 |
| &nbsp;&nbsp;&nbsp; Palisade Metropolitan District No. 2, Refunding RB, <br> CAB, Series B, Convertible, 0.00%, 12/15/54<sup>(d)(f)</sup><br>| 1170 | &nbsp;&nbsp; 1039291 |
| &nbsp;&nbsp;&nbsp; Prairie Farm Metropolitan District, GOL, Series A, <br> 5.25%, 12/01/48<br>| 751 | &nbsp;&nbsp; 716539 |
| &nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GOL, CAB, 0.00%, <br> 12/01/32<sup>(e)</sup><br>| 4864 | &nbsp;&nbsp; 2987907 |
| &nbsp;&nbsp;&nbsp; Sojourn at Idlewild Metropolitan District, GOL, Series A, <br> 6.13%, 12/01/55<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 483358 |
| &nbsp;&nbsp;&nbsp; St. Vrain Lakes Metropolitan District No. 4, GOL, CAB, <br> Series A, 0.00%, 09/20/54<sup>(d)(f)</sup><br>| 1035 | &nbsp;&nbsp; 735794 |
| &nbsp;&nbsp;&nbsp; Waters' Edge Metropolitan District No. 2, GOL, 5.00%, <br> 12/01/51<br>| 790 | &nbsp;&nbsp; 691899 |
|  |  | &nbsp;&nbsp; 24382508 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Connecticut — 1.6%** | **Connecticut — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/55<sup>(d)</sup> | $325 | &nbsp;&nbsp; $258314  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.38%, 07/01/54 | 1105 | &nbsp;&nbsp; 1034096 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Finance Authority, RB, 7.00%, <br> 02/01/45<sup>(d)</sup><br>| 3805 | &nbsp;&nbsp; 3776650 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribe of Indians of Connecticut, RB, Series A, <br> 6.75%, 02/01/45<sup>(d)</sup><br>| 930 | &nbsp;&nbsp; 930451 |
| Stamford Housing Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 10/01/55 | 445 | &nbsp;&nbsp; 434723 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 10/01/60 | 310 | &nbsp;&nbsp; 290283 |
|  |  | &nbsp;&nbsp; 6724517 |
| **Delaware**<sup>(d)</sup> **— 0.5%** | **Delaware**<sup>(d)</sup> **— 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Affordable Housing Opportunities Trust, RB, Series AH-<br> 01, Class B, 6.88%, 05/01/39<br>| 1206 | &nbsp;&nbsp; 1115149 |
| Town of Bridgeville Delaware, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/44 | 100 | &nbsp;&nbsp; 95831 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/53 | 120 | &nbsp;&nbsp; 114441 |
| Town of Milton Delaware, ST |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/01/44 | 150 | &nbsp;&nbsp; 148049 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/01/53 | 400 | &nbsp;&nbsp; 396308 |
|  |  | &nbsp;&nbsp; 1869778 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., RB, Series A, 0.00%, 06/15/46<sup>(e)</sup><br>| 995 | &nbsp;&nbsp; 239100 |
| **Florida — 16.0%** | **Florida — 16.0%** |  |
| &nbsp;&nbsp;&nbsp; Alachua County Housing Finance Authority, RB, M/F <br> Housing, Series A, 6.30%, 07/01/55<sup>(c)(d)</sup><br>| 500 | &nbsp;&nbsp; 493134 |
| Antillia Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/01/44 | 140 | &nbsp;&nbsp; 140589 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 170 | &nbsp;&nbsp; 169356 |
| &nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022, 5.00%, 05/01/42 | 510 | &nbsp;&nbsp; 484038 |
| &nbsp;&nbsp;&nbsp; Series 2022, 5.00%, 05/01/53 | 385 | &nbsp;&nbsp; 339427 |
| &nbsp;&nbsp;&nbsp; Bella Collina Community Development District, SAB, <br> 5.30%, 05/01/55<br>| 210 | &nbsp;&nbsp; 188201 |
| &nbsp;&nbsp;&nbsp; Bellehaven Community Development District, SAB, <br> 6.05%, 05/01/55<br>| 610 | &nbsp;&nbsp; 591355 |
| &nbsp;&nbsp;&nbsp; Berry Bay II Community Development District, SAB, <br> Series 2024, 5.45%, 05/01/54<br>| 310 | &nbsp;&nbsp; 291101 |
| &nbsp;&nbsp;&nbsp; Boggy Creek Improvement District, Refunding SAB, <br> Series 2013, 5.13%, 05/01/43<br>| 1135 | &nbsp;&nbsp; 1086180 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 | 460 | &nbsp;&nbsp; 460066 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/27 | 495 | &nbsp;&nbsp; 497125 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 | 435 | &nbsp;&nbsp; 430581 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/32 | 450 | &nbsp;&nbsp; 431378 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 675 | &nbsp;&nbsp; 617215 |
| Buckhead Trails Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 455 | &nbsp;&nbsp; 424200 |
| &nbsp;&nbsp;&nbsp; Series 2022, 5.75%, 05/01/52 | 400 | &nbsp;&nbsp; 396290 |
| &nbsp;&nbsp;&nbsp; Cabot Citrus Farms Community Development District, <br> SAB, 5.25%, 03/01/29<br>| 1070 | &nbsp;&nbsp; 1080705 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, RB, 6.13%, <br> 06/15/44<sup>(d)</sup><br>| 190 | &nbsp;&nbsp; 183851 |
| &nbsp;&nbsp;&nbsp; Capital Region Community Development District, <br> Refunding SAB, Series A-1, 5.13%, 05/01/39<br>| 1380 | &nbsp;&nbsp; 1353686 |
| Capital Trust Agency, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(d)</sup> | 2640 | &nbsp;&nbsp; 2143832 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Capital Trust Agency, Inc., RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/01/54<sup>(d)</sup> | $940 | &nbsp;&nbsp; $683080  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/54 | 400 | &nbsp;&nbsp; 340381 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., RB, CAB, 0.00%, <br> 07/01/61<sup>(d)(e)</sup><br>| 16865 | &nbsp;&nbsp; 1233751 |
| Capital Trust Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/44 | 260 | &nbsp;&nbsp; 233947 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/54 | 460 | &nbsp;&nbsp; 404187 |
| Capital Trust Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/40 | 160 | &nbsp;&nbsp; 148157 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/50 | 150 | &nbsp;&nbsp; 133599 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/15/59 | 205 | &nbsp;&nbsp; 179172 |
| Coastal Ridge Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/45 | 715 | &nbsp;&nbsp; 708699 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/55 | 550 | &nbsp;&nbsp; 538064 |
| &nbsp;&nbsp;&nbsp; Coral Creek Community Development District, SAB, <br> 5.75%, 05/01/54<br>| 205 | &nbsp;&nbsp; 200961 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 10/01/49<br>| 5000 | &nbsp;&nbsp; 4709104 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/48 | 875 | &nbsp;&nbsp; 249173 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/49 | 730 | &nbsp;&nbsp; 194684 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/54 | 2875 | &nbsp;&nbsp; 564956 |
| &nbsp;&nbsp;&nbsp; Crosswinds East Community Development District, <br> SAB, 5.75%, 05/01/54<br>| 165 | &nbsp;&nbsp; 161654 |
| &nbsp;&nbsp;&nbsp; Curiosity Creek Community Development District, <br> SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/01/44 | 145 | &nbsp;&nbsp; 140335 |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/55 | 235 | &nbsp;&nbsp; 220732 |
| &nbsp;&nbsp;&nbsp; Cypress Creek Reserve Community Development <br> District, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/45 | 100 | &nbsp;&nbsp; 98735 |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/56 | 300 | &nbsp;&nbsp; 293237 |
| &nbsp;&nbsp;&nbsp; Darby Community Development District, SAB, <br> Series A-2, 5.88%, 05/01/35<br>| 900 | &nbsp;&nbsp; 890849 |
| Florida Development Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 06/15/29 | 560 | &nbsp;&nbsp; 560583 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 06/15/34 | 835 | &nbsp;&nbsp; 835557 |
| &nbsp;&nbsp;&nbsp; Series A, 6.13%, 06/15/44 | 3180 | &nbsp;&nbsp; 3174477 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 06/15/55 | 3645 | &nbsp;&nbsp; 2917004 |
| &nbsp;&nbsp;&nbsp; Series B, 4.50%, 12/15/56 | 3985 | &nbsp;&nbsp; 2797200 |
| &nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/56 | 1325 | &nbsp;&nbsp; 1058886 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.38%, 10/01/54<sup>(c)</sup> | 880 | &nbsp;&nbsp; 872009 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 12.00%, 07/15/59<sup>(b)(c)(h)</sup> | 2850 | &nbsp;&nbsp; 1767000 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 12.00%, 07/15/32<sup>(b)(c)(d)(h)</sup> | 2070 | &nbsp;&nbsp; 1242000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/44 | 2975 | &nbsp;&nbsp; 2827098 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/47 | 700 | &nbsp;&nbsp; 665000 |
| &nbsp;&nbsp;&nbsp; Gas Worx Community Development District, SAB, <br> 5.75%, 05/01/45<sup>(d)</sup><br>| 550 | &nbsp;&nbsp; 537840 |
| &nbsp;&nbsp;&nbsp; Golden Gem Community Development District, SAB, <br> 6.00%, 05/01/55<br>| 1700 | &nbsp;&nbsp; 1655962 |
| Greenbriar Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/45 | 230 | &nbsp;&nbsp; 227157 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/54 | 275 | &nbsp;&nbsp; 266041 |
| &nbsp;&nbsp;&nbsp; Hammock Oaks Community Development District, <br> SAB, 5.85%, 05/01/44<br>| 385 | &nbsp;&nbsp; 376946 |
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve Community Development District, <br> SAB, 5.30%, 05/01/54<sup>(d)</sup><br>| 340 | &nbsp;&nbsp; 312248 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, SAB, 5.88%, <br> 05/01/55<br>| $240 | &nbsp;&nbsp; $239599  |
| Ibis Landing Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/45 | 115 | &nbsp;&nbsp; 113638 |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/55 | 150 | &nbsp;&nbsp; 144786 |
| &nbsp;&nbsp;&nbsp; Kings Creek I Community Development District, SAB, <br> 6.00%, 05/01/55<br>| 525 | &nbsp;&nbsp; 508189 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39<sup>(d)</sup> | 100 | &nbsp;&nbsp; 100591 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/46 | 675 | &nbsp;&nbsp; 634937 |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/01/48<sup>(d)</sup> | 65 | &nbsp;&nbsp; 64525 |
| &nbsp;&nbsp;&nbsp; Series 1B, 4.75%, 05/01/29 | 490 | &nbsp;&nbsp; 492970 |
| &nbsp;&nbsp;&nbsp; Series 1B, 5.30%, 05/01/39 | 645 | &nbsp;&nbsp; 643517 |
| &nbsp;&nbsp;&nbsp; Series 1B, 5.45%, 05/01/48 | 1150 | &nbsp;&nbsp; 1112494 |
| &nbsp;&nbsp;&nbsp; Laurel Road Community Development District, SAB, <br> Series A-1, 2.60%, 05/01/26<br>| 80 | &nbsp;&nbsp; 79076 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, RB, <br> Series B-1, 4.75%, 11/15/29<br>| 375 | &nbsp;&nbsp; 378240 |
| Malabar Springs Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 05/01/44 | 230 | &nbsp;&nbsp; 221001 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/54 | 345 | &nbsp;&nbsp; 326344 |
| Marion Ranch Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/44 | 195 | &nbsp;&nbsp; 197154 |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/01/54 | 205 | &nbsp;&nbsp; 205614 |
| &nbsp;&nbsp;&nbsp; Midtown Miami Community Development District, <br> Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/37 | 845 | &nbsp;&nbsp; 830761 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 05/01/37 | 495 | &nbsp;&nbsp; 486798 |
| &nbsp;&nbsp;&nbsp; Newfield Community Development District, SAB, <br> 5.90%, 05/01/56<br>| 965 | &nbsp;&nbsp; 935577 |
| &nbsp;&nbsp;&nbsp; Normandy Community Development District, SAB, <br> 5.55%, 05/01/54<sup>(d)</sup><br>| 575 | &nbsp;&nbsp; 547866 |
| &nbsp;&nbsp;&nbsp; North AR-1 Pasco Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 05/01/44 | 60 | &nbsp;&nbsp; 60870 |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/01/54 | 105 | &nbsp;&nbsp; 105757 |
| &nbsp;&nbsp;&nbsp; North Powerline Road Community Development <br> District, SAB, 5.63%, 05/01/52<sup>(d)</sup><br>| 910 | &nbsp;&nbsp; 889226 |
| &nbsp;&nbsp;&nbsp; North River Ranch Community Development District, <br> SAB, Series A-2, 4.20%, 05/01/35<br>| 100 | &nbsp;&nbsp; 93264 |
| &nbsp;&nbsp;&nbsp; Parrish Lakes Community Development District, SAB, <br> 5.80%, 05/01/54<br>| 645 | &nbsp;&nbsp; 605144 |
| &nbsp;&nbsp;&nbsp; Poitras East Community Development District, SAB, <br> 5.00%, 05/01/43<br>| 690 | &nbsp;&nbsp; 650632 |
| Reflection Bay Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/45 | 150 | &nbsp;&nbsp; 146771 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/55 | 245 | &nbsp;&nbsp; 235808 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, <br> Refunding RB, 5.75%, 11/15/54<br>| 985 | &nbsp;&nbsp; 870444 |
| &nbsp;&nbsp;&nbsp; Seminole Palms Community Development District, <br> SAB, 5.50%, 05/01/55<sup>(d)</sup><br>| 355 | &nbsp;&nbsp; 334689 |
| &nbsp;&nbsp;&nbsp; Shadowlawn Community Development District, SAB, <br> 5.85%, 05/01/54<br>| 225 | &nbsp;&nbsp; 210061 |
| &nbsp;&nbsp;&nbsp; Solaeris Community Development District, SAB, 6.00%, <br> 05/01/45<sup>(d)</sup><br>| 865 | &nbsp;&nbsp; 844910 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, RB, (BAM-TCRS), <br> 3.00%, 05/01/51<br>| 720 | &nbsp;&nbsp; 475728 |
| Trout Creek Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/38 | 430 | &nbsp;&nbsp; 430449 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/49 | 1100 | &nbsp;&nbsp; 1068736 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Village Community Development District No. 14, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/42 | 1060 | &nbsp;&nbsp; $1073034  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/53 | 785 | &nbsp;&nbsp; 796046 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, RB, <br> 5.25%, 06/01/49<br>| 1020 | &nbsp;&nbsp; 998123 |
| West Villages Improvement District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/39 | 455 | &nbsp;&nbsp; 427326 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/50 | 940 | &nbsp;&nbsp; 855921 |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/54 | 325 | &nbsp;&nbsp; 313020 |
| &nbsp;&nbsp;&nbsp; Westside Haines City Community Development District, <br> SAB, 6.00%, 05/01/54<br>| 245 | &nbsp;&nbsp; 235522 |
|  |  | &nbsp;&nbsp; 66207933 |
| **Georgia — 1.2%** | **Georgia — 1.2%** |  |
| Atlanta Development Authority, TA<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/34 | 650 | &nbsp;&nbsp; 642233 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 04/01/39 | 1005 | &nbsp;&nbsp; 1000107 |
| &nbsp;&nbsp;&nbsp; Development Authority of Cobb County, RB, Series A, <br> 6.38%, 06/15/58<sup>(d)</sup><br>| 265 | &nbsp;&nbsp; 253611 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(d)</sup><br>| 290 | &nbsp;&nbsp; 195750 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, <br> Series A, 4.00%, 02/15/51<br>| 855 | &nbsp;&nbsp; 696880 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, <br> Series E-1, 5.00%, 12/01/53<sup>(c)</sup><br>| 1195 | &nbsp;&nbsp; 1263529 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Series A, <br> 5.00%, 07/01/52<br>| 915 | &nbsp;&nbsp; 896277 |
|  |  | &nbsp;&nbsp; 4948387 |
| **Idaho — 0.2%** | **Idaho — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 6.95%, 06/15/55<sup>(d)</sup><br>| 580 | &nbsp;&nbsp; 599101 |
| **Illinois — 8.4%** | **Illinois — 8.4%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/42 | 3500 | &nbsp;&nbsp; 3285135 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 1655 | &nbsp;&nbsp; 1613903 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 2155 | &nbsp;&nbsp; 1941377 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 12/01/41 | 1665 | &nbsp;&nbsp; 1399262 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/31 | 1000 | &nbsp;&nbsp; 1006002 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois, Refunding GO, Series A, <br> 6.00%, 01/01/38<br>| 1260 | &nbsp;&nbsp; 1290719 |
| &nbsp;&nbsp;&nbsp; City of Chicago Minnesota, GO, Series A, 6.00%, <br> 01/01/50<br>| 1970 | &nbsp;&nbsp; 2016618 |
| &nbsp;&nbsp;&nbsp; City of Marion Illinois Sales Tax Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/45 | 715 | &nbsp;&nbsp; 682379 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/55 | 1320 | &nbsp;&nbsp; 1243361 |
| &nbsp;&nbsp;&nbsp; County of Cook Illinois, RB, M/F Housing, 6.50%, <br> 01/01/45<br>| 1875 | &nbsp;&nbsp; 1816439 |
| Illinois Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A, Sustainability Bonds, 5.00%, 07/01/51 | 2000 | &nbsp;&nbsp; 1400934 |
| &nbsp;&nbsp;&nbsp; Class A, Sustainability Bonds, 5.00%, 07/01/56 | 2000 | &nbsp;&nbsp; 1353583 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(g)</sup> | 1425 | &nbsp;&nbsp; 1457597 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/34 | 340 | &nbsp;&nbsp; 340082 |
| &nbsp;&nbsp;&nbsp; 08/01/35<sup>(i)</sup> | 375 | &nbsp;&nbsp; 371741 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 5 | &nbsp;&nbsp; 4495 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/01/45 | 655 | &nbsp;&nbsp; 655016 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 4.00%, 01/01/46<br>| 1795 | &nbsp;&nbsp; 1543414 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 1020 | &nbsp;&nbsp; $971970  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/15/53 | 2370 | &nbsp;&nbsp; 2370192 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, CAB, <br> Series A, 0.00%, 12/15/56<sup>(e)</sup><br>| 1315 | &nbsp;&nbsp; 243297 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> 4.00%, 06/15/50<br>| 2920 | &nbsp;&nbsp; 2383857 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> CAB, 0.00%, 12/15/54<sup>(e)</sup><br>| 12685 | &nbsp;&nbsp; 2652256 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/30 | 530 | &nbsp;&nbsp; 573157 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 1055 | &nbsp;&nbsp; 1101440 |
| Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 | 1061 | &nbsp;&nbsp; 1050691 |
|  |  | &nbsp;&nbsp; 34768917 |
| **Indiana — 0.3%** | **Indiana — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, <br> 01/01/34<sup>(d)</sup><br>| 235 | &nbsp;&nbsp; 240599 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, AMT, 6.75%, <br> 05/01/39<br>| 1060 | &nbsp;&nbsp; 1158268 |
|  |  | &nbsp;&nbsp; 1398867 |
| **Iowa — 0.3%** | **Iowa — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series A, <br> 5.13%, 05/15/59<br>| 1225 | &nbsp;&nbsp; 1151613 |
| **Kansas**<sup>(d)</sup> **— 0.2%** | **Kansas**<sup>(d)</sup> **— 0.2%** |  |
| City of Shawnee Kansas, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/41 | 230 | &nbsp;&nbsp; 205697 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/56 | 850 | &nbsp;&nbsp; 669463 |
|  |  | &nbsp;&nbsp; 875160 |
| **Kentucky**<sup>(d)</sup> **— 0.5%** | **Kentucky**<sup>(d)</sup> **— 0.5%** |  |
| City of Henderson Kentucky, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.70%, 01/01/52 | 230 | &nbsp;&nbsp; 201154 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.45%, 01/01/42 | 2000 | &nbsp;&nbsp; 1787946 |
|  |  | &nbsp;&nbsp; 1989100 |
| **Louisiana — 1.3%** | **Louisiana — 1.3%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/59<sup>(d)</sup> | 570 | &nbsp;&nbsp; 547280 |
| &nbsp;&nbsp;&nbsp; Series A, 6.50%, 06/01/62<sup>(d)</sup> | 280 | &nbsp;&nbsp; 253054 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 1865 | &nbsp;&nbsp; 1885953 |
| &nbsp;&nbsp;&nbsp; Class R2, AMT, 6.50%, 10/01/53<sup>(c)(d)</sup> | 835 | &nbsp;&nbsp; 882784 |
| &nbsp;&nbsp;&nbsp; Parish of St. James Louisiana, RB, Series 2, 6.35%, <br> 07/01/40<sup>(d)</sup><br>| 1580 | &nbsp;&nbsp; 1664029 |
|  |  | &nbsp;&nbsp; 5233100 |
| **Maine — 1.1%** | **Maine — 1.1%** |  |
| Finance Authority of Maine, RB |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/35 | 1060 | &nbsp;&nbsp; 879435 |
| &nbsp;&nbsp;&nbsp; Series A, 8.50%, 06/01/32 | 250 | &nbsp;&nbsp; 248898 |
| &nbsp;&nbsp;&nbsp; Series B, 9.50%, 06/01/32 | 250 | &nbsp;&nbsp; 250422 |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Refunding RB, AMT, <br> 4.63%, 12/01/47<sup>(c)(d)</sup><br>| 500 | &nbsp;&nbsp; 480541 |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> Refunding RB, 4.00%, 07/01/37<sup>(d)</sup><br>| 3100 | &nbsp;&nbsp; 2733756 |
|  |  | &nbsp;&nbsp; 4593052 |
| **Maryland — 0.9%** | **Maryland — 0.9%** |  |
| City of Baltimore Maryland, RB, 4.88%, 06/01/42 | 325 | &nbsp;&nbsp; 316540 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland (continued)** | **Maryland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, 5.00%, <br> 07/01/56<br>| 360 | &nbsp;&nbsp; $340276  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, 7.00%, 03/01/55<sup>(d)</sup><br>| 3010 | &nbsp;&nbsp; 3024588 |
|  |  | &nbsp;&nbsp; 3681404 |
| **Massachusetts**<sup>(d)</sup> **— 0.4%** | **Massachusetts**<sup>(d)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A-1, 6.38%, 07/15/45<br>| 1075 | &nbsp;&nbsp; 1054286 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB, 5.00%, 10/01/57<br>| 500 | &nbsp;&nbsp; 450019 |
|  |  | &nbsp;&nbsp; 1504305 |
| **Michigan — 0.4%** | **Michigan — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Technology Academy, Refunding RB, 5.00%, <br> 11/01/44<br>| 415 | &nbsp;&nbsp; 374940 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/42 | 345 | &nbsp;&nbsp; 322427 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 1200 | &nbsp;&nbsp; 1123466 |
|  |  | &nbsp;&nbsp; 1820833 |
| **Minnesota — 0.0%** | **Minnesota — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Eagan Minnesota, RB, Series A, 6.38%, <br> 02/01/55<sup>(d)</sup><br>| 105 | &nbsp;&nbsp; 93981 |
| **Missouri — 0.3%** | **Missouri — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis <br> Missouri, Refunding RB, Series A, 4.38%, 11/15/35<br>| 685 | &nbsp;&nbsp; 626773 |
| Kansas City Industrial Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/46 | 375 | &nbsp;&nbsp; 338671 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 06/01/54 | 240 | &nbsp;&nbsp; 209290 |
|  |  | &nbsp;&nbsp; 1174734 |
| **Nevada — 0.2%** | **Nevada — 0.2%** |  |
| Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 355 | &nbsp;&nbsp; 357472 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 460 | &nbsp;&nbsp; 456449 |
|  |  | &nbsp;&nbsp; 813921 |
| **New Hampshire — 4.1%** | **New Hampshire — 4.1%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/31<sup>(d)</sup> | 1501 | &nbsp;&nbsp; 1502693 |
| &nbsp;&nbsp;&nbsp; 5.95%, 12/01/31<sup>(d)</sup> | 475 | &nbsp;&nbsp; 486762 |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/15/33<sup>(d)</sup> | 1493 | &nbsp;&nbsp; 1501710 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/35<sup>(d)</sup> | 1965 | &nbsp;&nbsp; 1963899 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/35<sup>(d)</sup> | 2206 | &nbsp;&nbsp; 2179910 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 08/15/40 | 530 | &nbsp;&nbsp; 460600 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 08/15/46 | 595 | &nbsp;&nbsp; 478195 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 08/15/55 | 1235 | &nbsp;&nbsp; 970801 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, <br> CAB<sup>(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/32 | 690 | &nbsp;&nbsp; 462116 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/33 | 5730 | &nbsp;&nbsp; 3463115 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 935 | &nbsp;&nbsp; 939592 |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 1765 | &nbsp;&nbsp; 1725539 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 931 | &nbsp;&nbsp; 883124 |
|  |  | &nbsp;&nbsp; 17018056 |
| **New Jersey — 5.8%** | **New Jersey — 5.8%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/43 | 1530 | &nbsp;&nbsp; 1532607 |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 2650 | &nbsp;&nbsp; 2698549 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/37 | 260 | &nbsp;&nbsp; 254376 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/54<sup>(d)</sup> | 1675 | &nbsp;&nbsp; 1382066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.50%, 04/01/31 | 1350 | &nbsp;&nbsp; $1406067  |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 2155 | &nbsp;&nbsp; 2155237 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding RB, Series A, 6.00%, 08/01/49<sup>(d)</sup><br>| 500 | &nbsp;&nbsp; 496235 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 2655 | &nbsp;&nbsp; 2239979 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series B, AMT, 4.25%, 12/01/45<br>| 400 | &nbsp;&nbsp; 388399 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.25%, 06/15/41<br>| 1140 | &nbsp;&nbsp; 1140038 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB, Series A, 0.00%, 12/15/35<sup>(e)</sup><br>| 8950 | &nbsp;&nbsp; 5878763 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Sub-Series B, 5.00%, 06/01/46<br>| 4500 | &nbsp;&nbsp; 4321546 |
|  |  | &nbsp;&nbsp; 23893862 |
| **New York — 14.1%** | **New York — 14.1%** |  |
| &nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Refunding RB, 4.00%, <br> 07/01/51<sup>(b)(h)</sup><br>| 1500 | &nbsp;&nbsp; 774150 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., RB, Series A, 5.00%, <br> 07/01/32<br>| 745 | &nbsp;&nbsp; 736209 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Refunding RB, AMT, <br> 5.00%, 01/01/35<sup>(d)</sup><br>| 290 | &nbsp;&nbsp; 289933 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, 4.00%, <br> 03/15/49<br>| 2020 | &nbsp;&nbsp; 1724118 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, <br> 3.00%, 03/15/48<br>| 9655 | &nbsp;&nbsp; 6779828 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 2890 | &nbsp;&nbsp; 2332754 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., RB, Series A, <br> 5.25%, 07/01/56<br>| 185 | &nbsp;&nbsp; 140900 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 740 | &nbsp;&nbsp; 705355 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 565 | &nbsp;&nbsp; 547934 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 840 | &nbsp;&nbsp; 831381 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C-1A, 4.20%, 11/01/44 | 3475 | &nbsp;&nbsp; 3101029 |
| &nbsp;&nbsp;&nbsp; Series C-1A, 4.30%, 11/01/47 | 2845 | &nbsp;&nbsp; 2519762 |
| New York Counties Tobacco Trust IV, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 06/01/41<sup>(d)</sup> | 4617 | &nbsp;&nbsp; 4553434 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/42 | 3155 | &nbsp;&nbsp; 2696579 |
| New York Counties Tobacco Trust VI, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-2B, 5.00%, 06/01/45 | 215 | &nbsp;&nbsp; 188400 |
| &nbsp;&nbsp;&nbsp; Series A-2B, 5.00%, 06/01/51 | 4340 | &nbsp;&nbsp; 3698058 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(d)</sup> | 6205 | &nbsp;&nbsp; 5957512 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(d)</sup> | 1080 | &nbsp;&nbsp; 1065419 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2250 | &nbsp;&nbsp; 1511464 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/55<br>| 2090 | &nbsp;&nbsp; 2099234 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., ARB, <br> AMT, 5.63%, 04/01/40<br>| 745 | &nbsp;&nbsp; 764022 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1175 | &nbsp;&nbsp; 1191213 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.13%, 06/30/60 | 4870 | &nbsp;&nbsp; 4559890 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/60 | 3465 | &nbsp;&nbsp; 3351049 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding ARB, Series A, AMT, 5.38%, 08/01/36<br>| 1490 | &nbsp;&nbsp; 1509738 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner <br> Mortgage Revenue, RB, S/F Housing, Series 239, <br> Sustainability Bonds, (SONYMA), 2.70%, 10/01/47<br>| 3370 | &nbsp;&nbsp; $2101551  |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., RB, 5.00%, <br> 12/01/34<br>| 605 | &nbsp;&nbsp; 622635 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.25%, 05/15/58<br>| 300 | &nbsp;&nbsp; 259331 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc., Refunding RB, Series B, 5.00%, <br> 06/01/48<br>| 530 | &nbsp;&nbsp; 461706 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., <br> Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/41 | 730 | &nbsp;&nbsp; 672524 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 810 | &nbsp;&nbsp; 693422 |
|  |  | &nbsp;&nbsp; 58440534 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks North Dakota, RB, Series A, <br> 5.00%, 12/01/48<br>| 1765 | &nbsp;&nbsp; 1733676 |
| **Ohio — 2.2%** | **Ohio — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2290 | &nbsp;&nbsp; 1859162 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, CAB, Series B-3, Class 2, 0.00%, <br> 06/01/57<sup>(e)</sup><br>| 16170 | &nbsp;&nbsp; 1417739 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 01/01/39 | 185 | &nbsp;&nbsp; 179619 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 01/01/49 | 425 | &nbsp;&nbsp; 400062 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Ohio, Refunding RB, 5.00%, <br> 01/01/46<br>| 875 | &nbsp;&nbsp; 776133 |
| County of Hardin Ohio, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/30 | 240 | &nbsp;&nbsp; 234267 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/40 | 240 | &nbsp;&nbsp; 218109 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/50 | 1130 | &nbsp;&nbsp; 989825 |
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority, Refunding RB, <br> 5.00%, 12/01/40<sup>(d)</sup><br>| 355 | &nbsp;&nbsp; 332553 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, RB, AMT, <br> 4.50%, 01/15/48<sup>(d)</sup><br>| 3290 | &nbsp;&nbsp; 2860725 |
|  |  | &nbsp;&nbsp; 9268194 |
| **Oklahoma — 2.1%** | **Oklahoma — 2.1%** |  |
| Oklahoma Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/01/51<sup>(d)</sup> | 4520 | &nbsp;&nbsp; 4332984 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/15/52 | 1570 | &nbsp;&nbsp; 1488481 |
| &nbsp;&nbsp;&nbsp; Tulsa Authority for Economic Opportunity, TA, 4.38%, <br> 12/01/41<sup>(d)</sup><br>| 325 | &nbsp;&nbsp; 282986 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, <br> 5.25%, 11/15/37<br>| 750 | &nbsp;&nbsp; 753885 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/40<br>| 1815 | &nbsp;&nbsp; 1950779 |
|  |  | &nbsp;&nbsp; 8809115 |
| **Oregon**<sup>(d)</sup> **— 0.2%** | **Oregon**<sup>(d)</sup> **— 0.2%** |  |
| Oregon State Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/29 | 100 | &nbsp;&nbsp; 101715 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/39 | 565 | &nbsp;&nbsp; 524167 |
|  |  | &nbsp;&nbsp; 625882 |
| **Pennsylvania — 3.7%** | **Pennsylvania — 3.7%** |  |
| Allegheny Community Broadband, Inc., RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/01/45 | 205 | &nbsp;&nbsp; 197478 |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/01/51 | 240 | &nbsp;&nbsp; 232200 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, <br> AMT, 4.00%, 01/01/56<br>| 5240 | &nbsp;&nbsp; $4232641  |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 3435 | &nbsp;&nbsp; 3351967 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/32 | 100 | &nbsp;&nbsp; 101191 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/42 | 100 | &nbsp;&nbsp; 95063 |
| &nbsp;&nbsp;&nbsp; Beaver County Industrial Development Authority, <br> Refunding RB, Series B, 3.75%, 10/01/47<br>| 1110 | &nbsp;&nbsp; 863297 |
| Doylestown Hospital Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 | 185 | &nbsp;&nbsp; 202610 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/39 | 430 | &nbsp;&nbsp; 466000 |
| &nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, RB, Series B, 5.00%, <br> 05/01/59<br>| 390 | &nbsp;&nbsp; 347709 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/38<sup>(c)</sup> | 670 | &nbsp;&nbsp; 674316 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/37<sup>(c)</sup> | 1170 | &nbsp;&nbsp; 1177536 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 11/01/44 | 2710 | &nbsp;&nbsp; 2692760 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, RB, <br> Sub-Series 1C, AMT, 5.00%, 06/01/51<br>| 245 | &nbsp;&nbsp; 221673 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 580 | &nbsp;&nbsp; 599736 |
|  |  | &nbsp;&nbsp; 15456177 |
| **Puerto Rico — 13.3%** | **Puerto Rico — 13.3%** |  |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, RB, Series A, 0.00%, <br> 05/15/57<sup>(e)</sup><br>| 32150 | &nbsp;&nbsp; 1634621 |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/27 | — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 1190 | &nbsp;&nbsp; 1267544 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 2153 | &nbsp;&nbsp; 2336359 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/35 | 4100 | &nbsp;&nbsp; 3919063 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/41 | 141 | &nbsp;&nbsp; 122865 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.00%, 07/01/46 | 682 | &nbsp;&nbsp; 567016 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, CAB, Series A, <br> Restructured, 0.00%, 07/01/33<sup>(e)</sup><br>| 1765 | &nbsp;&nbsp; 1226713 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(c)(h)</sup><br>| 27967 | &nbsp;&nbsp; 15270893 |
| Puerto Rico Electric Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29<sup>(b)(h)</sup> | 660 | &nbsp;&nbsp; 318450 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/33<sup>(b)(h)</sup> | 3295 | &nbsp;&nbsp; 1589837 |
| &nbsp;&nbsp;&nbsp; Series A, 6.75%, 07/01/36<sup>(b)(h)</sup> | 1335 | &nbsp;&nbsp; 644137 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/42<sup>(b)(h)</sup> | 910 | &nbsp;&nbsp; 439075 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 07/01/43<sup>(b)(h)</sup> | 375 | &nbsp;&nbsp; 180938 |
| &nbsp;&nbsp;&nbsp; Series A-1, 10.00%, 07/01/19<sup>(b)(h)</sup> | 75 | &nbsp;&nbsp; 36233 |
| &nbsp;&nbsp;&nbsp; Series A-2, 10.00%, 07/01/19<sup>(b)(h)</sup> | 379 | &nbsp;&nbsp; 182799 |
| &nbsp;&nbsp;&nbsp; Series A-3, 10.00%, 07/01/19<sup>(b)(h)</sup> | 323 | &nbsp;&nbsp; 155852 |
| &nbsp;&nbsp;&nbsp; Series B-3, 10.00%, 07/01/19<sup>(b)(h)</sup> | 323 | &nbsp;&nbsp; 155852 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.40%, 01/01/18<sup>(b)(h)</sup> | 887 | &nbsp;&nbsp; 428196 |
| &nbsp;&nbsp;&nbsp; Series C-2, 5.40%, 07/01/18<sup>(b)(h)</sup> | 887 | &nbsp;&nbsp; 428266 |
| &nbsp;&nbsp;&nbsp; Series C-3, 5.40%, 01/01/20<sup>(b)(h)</sup> | 90 | &nbsp;&nbsp; 43290 |
| &nbsp;&nbsp;&nbsp; Series C-4, 5.40%, 07/01/20<sup>(b)(h)</sup> | 90 | &nbsp;&nbsp; 43290 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/26<sup>(b)(h)</sup> | 260 | &nbsp;&nbsp; 125450 |
| &nbsp;&nbsp;&nbsp; Series CCC, 5.25%, 07/01/28<sup>(b)(h)</sup> | 145 | &nbsp;&nbsp; 69963 |
| &nbsp;&nbsp;&nbsp; Series D-1, 7.50%, 01/01/20<sup>(b)(h)</sup> | 761 | &nbsp;&nbsp; 367073 |
| &nbsp;&nbsp;&nbsp; Series D-4, 7.50%, 07/01/20<sup>(b)(h)</sup> | 404 | &nbsp;&nbsp; 194873 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/18<sup>(b)(h)</sup> | 295 | &nbsp;&nbsp; 142338 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/25<sup>(b)(h)</sup> | 100 | &nbsp;&nbsp; 48250 |
| &nbsp;&nbsp;&nbsp; Series TT, 5.00%, 07/01/26<sup>(b)(h)</sup> | 225 | &nbsp;&nbsp; 108563 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/17<sup>(b)(h)</sup> | 200 | &nbsp;&nbsp; 96500 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/18<sup>(b)(h)</sup> | 1175 | &nbsp;&nbsp; 566937 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Puerto Rico Electric Power Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/19<sup>(b)(h)</sup> | 145 | &nbsp;&nbsp; $69963  |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/20 | 1595 | &nbsp;&nbsp; 769587 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.38%, 07/01/22<sup>(b)(h)</sup> | 1310 | &nbsp;&nbsp; 632075 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.25%, 07/01/33<sup>(b)(h)</sup> | 120 | &nbsp;&nbsp; 57900 |
| &nbsp;&nbsp;&nbsp; Series WW, 5.50%, 07/01/38<sup>(b)(h)</sup> | 205 | &nbsp;&nbsp; 98913 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/17<sup>(b)(h)</sup> | 110 | &nbsp;&nbsp; 53075 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/35<sup>(b)(h)</sup> | 645 | &nbsp;&nbsp; 311212 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.75%, 07/01/36<sup>(b)(h)</sup> | 860 | &nbsp;&nbsp; 414950 |
| &nbsp;&nbsp;&nbsp; Series XX, 5.25%, 07/01/40<sup>(b)(h)</sup> | 1020 | &nbsp;&nbsp; 492150 |
| Puerto Rico Electric Power Authority, Refunding RB<sup>(b)(h)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/22 | 2545 | &nbsp;&nbsp; 1227962 |
| &nbsp;&nbsp;&nbsp; Series AAA, 5.25%, 07/01/29 | 95 | &nbsp;&nbsp; 45838 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/17<sup>(c)</sup> | 60 | &nbsp;&nbsp; 28950 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/18<sup>(c)</sup> | 55 | &nbsp;&nbsp; 26538 |
| &nbsp;&nbsp;&nbsp; Series UU, 0.00%, 07/01/20<sup>(c)</sup> | 495 | &nbsp;&nbsp; 238837 |
| &nbsp;&nbsp;&nbsp; Series UU, 1.00%, 07/01/31<sup>(c)</sup> | 580 | &nbsp;&nbsp; 279850 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/19 | 455 | &nbsp;&nbsp; 219537 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.25%, 07/01/24 | 345 | &nbsp;&nbsp; 166463 |
| &nbsp;&nbsp;&nbsp; Series ZZ, 5.00%, 12/29/49 | 145 | &nbsp;&nbsp; 69963 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Refunding RB, <br> BAB, Series YY, 6.13%, 07/01/40<sup>(b)(h)</sup><br>| 1085 | &nbsp;&nbsp; 523512 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & <br> Envirml Ctl Facs Fing Authority, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, 6.75%, 01/01/45 | 265 | &nbsp;&nbsp; 290332 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.50%, 01/01/42 | 175 | &nbsp;&nbsp; 192650 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, 6.75%, 01/01/45 | 265 | &nbsp;&nbsp; 290240 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 2453 | &nbsp;&nbsp; 2192460 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 4849 | &nbsp;&nbsp; 4414574 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 21 | &nbsp;&nbsp; 17817 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2080 | &nbsp;&nbsp; 1841462 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1559 | &nbsp;&nbsp; 1443485 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.55%, 07/01/40 | 2402 | &nbsp;&nbsp; 2278365 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 200 | &nbsp;&nbsp; 174111 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/33 | 1023 | &nbsp;&nbsp; 738841 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/46 | 7133 | &nbsp;&nbsp; 2201648 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/46 | 883 | &nbsp;&nbsp; 272856 |
|  |  | &nbsp;&nbsp; 54787354 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Central Falls Detention Facility Corp., Refunding RB, <br> 7.25%, 07/15/35<sup>(b)(h)</sup><br>| 4190 | &nbsp;&nbsp; 1780750 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RB, CAB, <br> Series A, 0.00%, 06/01/52<sup>(e)</sup><br>| 2060 | &nbsp;&nbsp; 345741 |
|  |  | &nbsp;&nbsp; 2126491 |
| **South Carolina — 1.3%** | **South Carolina — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(c)</sup><br>| 3110 | &nbsp;&nbsp; 3298463 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, 7.50%, 08/15/62<sup>(d)</sup><br>| 605 | &nbsp;&nbsp; 542905 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, M/F Housing, Series A, 6.75%, 12/01/60<sup>(d)</sup><br>| 1590 | &nbsp;&nbsp; 1564562 |
|  |  | &nbsp;&nbsp; 5405930 |
| **Tennessee — 2.1%** | **Tennessee — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, <br> Series A, AMT, 5.00%, 07/01/45<br>| 3000 | &nbsp;&nbsp; 2901721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Industrial Development Board, SAB, CAB, 0.00%, <br> 06/01/43<sup>(d)(e)</sup><br>| 3130 | &nbsp;&nbsp; $1280975  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, 5.25%, <br> 07/01/48<br>| 1610 | &nbsp;&nbsp; 1654494 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(c)</sup> | 2520 | &nbsp;&nbsp; 2696310 |
|  |  | &nbsp;&nbsp; 8533500 |
| **Texas — 10.5%** | **Texas — 10.5%** |  |
| &nbsp;&nbsp;&nbsp; Angelina & Neches River Authority, RB, Series A, AMT, <br> 7.50%, 12/01/45<sup>(b)(d)(h)</sup><br>| 715 | &nbsp;&nbsp; 71150 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., RB, 7.88%, <br> 11/01/62<sup>(d)</sup><br>| 565 | &nbsp;&nbsp; 567316 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Refunding <br> RB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/28 | 1000 | &nbsp;&nbsp; 933487 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/29 | 2000 | &nbsp;&nbsp; 1806121 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/30 | 1170 | &nbsp;&nbsp; 1018247 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/33 | 3690 | &nbsp;&nbsp; 2794851 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/34 | 4000 | &nbsp;&nbsp; 2873496 |
| City of Anna Texas, SAB, 5.75%, 09/15/54<sup>(d)</sup> | 445 | &nbsp;&nbsp; 437366 |
| City of Buda Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/55 | 425 | &nbsp;&nbsp; 407340 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/01/55 | 845 | &nbsp;&nbsp; 783372 |
| City of Celina Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/45 | 100 | &nbsp;&nbsp; 96121 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/55 | 140 | &nbsp;&nbsp; 130390 |
| City of Corpus Christi Texas, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/15/31 | 112 | &nbsp;&nbsp; 110939 |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/44 | 198 | &nbsp;&nbsp; 186022 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/54 | 297 | &nbsp;&nbsp; 279064 |
| City of Crandall Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/45 | 125 | &nbsp;&nbsp; 115730 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/15/55 | 275 | &nbsp;&nbsp; 251408 |
| City of Fate Texas, SAB, 5.75%, 08/15/54<sup>(d)</sup> | 110 | &nbsp;&nbsp; 104796 |
| City of Friendswood Texas, SAB, 7.00%, 09/15/54 | 850 | &nbsp;&nbsp; 821968 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 07/15/41 | 3350 | &nbsp;&nbsp; 2861010 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.63%, 07/15/38 | 2890 | &nbsp;&nbsp; 2891012 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/38 | 510 | &nbsp;&nbsp; 525471 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/29 | 4700 | &nbsp;&nbsp; 4698656 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 07/15/27 | 1615 | &nbsp;&nbsp; 1632358 |
| City of Oak Point Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/15/44 | 200 | &nbsp;&nbsp; 185898 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/54 | 200 | &nbsp;&nbsp; 180888 |
| City of Princeton Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/31 | 50 | &nbsp;&nbsp; 50373 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/44 | 100 | &nbsp;&nbsp; 91680 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/44 | 150 | &nbsp;&nbsp; 141535 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/54 | 200 | &nbsp;&nbsp; 179935 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/54 | 247 | &nbsp;&nbsp; 229465 |
| City of San Marcos Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/32 | 100 | &nbsp;&nbsp; 96286 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/51 | 480 | &nbsp;&nbsp; 397991 |
| City of Seagoville Texas, SAB, 6.00%, 09/15/54<sup>(d)</sup> | 295 | &nbsp;&nbsp; 289263 |
| City of Sinton Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/42 | 858 | &nbsp;&nbsp; 806145 |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/51 | 1195 | &nbsp;&nbsp; 1094250 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., RB, Series A, <br> 6.00%, 06/15/54<sup>(d)</sup><br>| 100 | &nbsp;&nbsp; $89757  |
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No. 1, SAB, <br> 5.38%, 09/01/55<sup>(d)</sup><br>| 220 | &nbsp;&nbsp; 206085 |
| County of Denton Texas, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 12/31/45 | 520 | &nbsp;&nbsp; 511707 |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/31/55 | 745 | &nbsp;&nbsp; 734592 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> Refunding RB, Series A, 6.75%, 10/01/52<br>| 1650 | &nbsp;&nbsp; 1626291 |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp., RB, <br> Series A, 5.75%, 06/15/51<sup>(d)</sup><br>| 1650 | &nbsp;&nbsp; 1282875 |
| Newark Higher Education Finance Corp., RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/35 | 290 | &nbsp;&nbsp; 290138 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 08/15/45 | 580 | &nbsp;&nbsp; 580365 |
| Port of Beaumont Navigation District, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 3.63%, 01/01/35 | 1270 | &nbsp;&nbsp; 1097521 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 01/01/50 | 2075 | &nbsp;&nbsp; 1445976 |
| &nbsp;&nbsp;&nbsp; Texas Community Housing & Economic Development <br> Corp., RB, M/F Housing, Series A1, Senior Lien, <br> 6.25%, 01/01/65<sup>(d)</sup><br>| 1635 | &nbsp;&nbsp; 1480357 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 860 | &nbsp;&nbsp; 916447 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58<br>| 3155 | &nbsp;&nbsp; 3170762 |
|  |  | &nbsp;&nbsp; 43574273 |
| **Utah — 1.6%** | **Utah — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(d)</sup><br>| 570 | &nbsp;&nbsp; 556398 |
| County of Utah, RB, Series A, 3.00%, 05/15/50 | 1000 | &nbsp;&nbsp; 674310 |
| &nbsp;&nbsp;&nbsp; MIDA Mountain Veterans Program Public Infrastructure <br> District, TA, 5.20%, 06/01/54<sup>(d)</sup><br>| 620 | &nbsp;&nbsp; 559670 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, TA, <br> Series 1, 5.13%, 06/15/54<sup>(d)</sup><br>| 995 | &nbsp;&nbsp; 911036 |
| &nbsp;&nbsp;&nbsp; Ridges Estates Infrastructure Financing District, SAB, <br> 6.25%, 12/01/53<sup>(d)</sup><br>| 1709 | &nbsp;&nbsp; 1710417 |
| &nbsp;&nbsp;&nbsp; SkyRidge Pegasus Infrastructure Financing District, <br> SAB, 5.25%, 12/01/44<sup>(d)</sup><br>| 1485 | &nbsp;&nbsp; 1381513 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, Series A, <br> 5.00%, 06/15/52<sup>(d)</sup><br>| 470 | &nbsp;&nbsp; 377989 |
| Utah Infrastructure Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/44 | 160 | &nbsp;&nbsp; 161977 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/48 | 150 | &nbsp;&nbsp; 149673 |
| &nbsp;&nbsp;&nbsp; Wood Ranch Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(d)</sup><br>| 185 | &nbsp;&nbsp; 177182 |
|  |  | &nbsp;&nbsp; 6660165 |
| **Vermont — 0.8%** | **Vermont — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; East Central Vermont Telecommunications District, RB, <br> Series A, 4.50%, 12/01/44<sup>(d)</sup><br>| 4000 | &nbsp;&nbsp; 3201975 |
| **Virginia — 2.4%** | **Virginia — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability <br> Commission, RB, Series A, Senior Lien, 4.00%, <br> 07/01/55<br>| 2435 | &nbsp;&nbsp; 2009001 |
| &nbsp;&nbsp;&nbsp; James City County Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.88%, 12/01/58 | 605 | &nbsp;&nbsp; 641813 |
| &nbsp;&nbsp;&nbsp; Series C3, 5.25%, 12/01/27 | 65 | &nbsp;&nbsp; 65071 |
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green Community Development <br> Authority, SAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/35 | 465 | &nbsp;&nbsp; 459308 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/45 | 475 | &nbsp;&nbsp; 436564 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| Norfolk Redevelopment & Housing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/29 | 245 | &nbsp;&nbsp; $237236  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/49 | 955 | &nbsp;&nbsp; 816943 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 2125 | &nbsp;&nbsp; 1769054 |
| Virginia Beach Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 09/01/53 | 600 | &nbsp;&nbsp; 651454 |
| &nbsp;&nbsp;&nbsp; Series B3, 5.38%, 09/01/29 | 425 | &nbsp;&nbsp; 429658 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/56<br>| 2000 | &nbsp;&nbsp; 1848473 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Refunding <br> RB, AMT, Senior Lien, 4.00%, 01/01/48<br>| 840 | &nbsp;&nbsp; 678993 |
|  |  | &nbsp;&nbsp; 10043568 |
| **Washington — 0.9%** | **Washington — 0.9%** |  |
| Washington State Housing Finance Commission, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/59 | 100 | &nbsp;&nbsp; 98463 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/50 | 450 | &nbsp;&nbsp; 389185 |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, 01/01/53 | 275 | &nbsp;&nbsp; 242263 |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 01/01/59 | 225 | &nbsp;&nbsp; 198418 |
| &nbsp;&nbsp;&nbsp; Series B2, 3.95%, 07/01/29 | 1080 | &nbsp;&nbsp; 1080390 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/01/35<sup>(d)</sup> | 315 | &nbsp;&nbsp; 314913 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/45<sup>(d)</sup> | 850 | &nbsp;&nbsp; 849623 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 340 | &nbsp;&nbsp; 329279 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 320 | &nbsp;&nbsp; 302952 |
|  |  | &nbsp;&nbsp; 3805486 |
| **Wisconsin — 11.7%** | **Wisconsin — 11.7%** |  |
| Public Finance Authority, ARB, AMT, 4.25%, 07/01/54 | 1595 | &nbsp;&nbsp; 1218786 |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/31<sup>(b)(d)(h)</sup> | 605 | &nbsp;&nbsp; 51425 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/32<sup>(d)</sup> | 2234 | &nbsp;&nbsp; 2164376 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/33<sup>(d)</sup> | 4660 | &nbsp;&nbsp; 4536400 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/41<sup>(d)</sup> | 345 | &nbsp;&nbsp; 268321 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/47<sup>(b)(d)(h)</sup> | 605 | &nbsp;&nbsp; 51425 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/49 | 530 | &nbsp;&nbsp; 484726 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/49<sup>(d)</sup> | 2420 | &nbsp;&nbsp; 2178043 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/53 | 355 | &nbsp;&nbsp; 320244 |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/54<sup>(d)</sup> | 1260 | &nbsp;&nbsp; 1217367 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/55<sup>(d)</sup> | 895 | &nbsp;&nbsp; 595920 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/56<sup>(d)</sup> | 1470 | &nbsp;&nbsp; 1150263 |
| &nbsp;&nbsp;&nbsp; 12/31/65<sup>(i)</sup> | 1560 | &nbsp;&nbsp; 1627128 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/56<sup>(d)</sup> | 495 | &nbsp;&nbsp; 358681 |
| &nbsp;&nbsp;&nbsp; Class A, 6.45%, 04/01/60<sup>(d)</sup> | 425 | &nbsp;&nbsp; 387832 |
| &nbsp;&nbsp;&nbsp; Series A, 7.75%, 07/01/43<sup>(d)</sup> | 3270 | &nbsp;&nbsp; 3305863 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/44<sup>(d)</sup> | 160 | &nbsp;&nbsp; 142504 |
| &nbsp;&nbsp;&nbsp; Series A, 6.85%, 11/01/46<sup>(b)(d)(h)</sup> | 900 | &nbsp;&nbsp; 450000 |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, 11/01/46<sup>(b)(d)(h)</sup> | 570 | &nbsp;&nbsp; 285000 |
| &nbsp;&nbsp;&nbsp; Series A, 5.63%, 06/15/49<sup>(d)</sup> | 2800 | &nbsp;&nbsp; 2477619 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/51<sup>(d)</sup> | 1470 | &nbsp;&nbsp; 962578 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/54<sup>(d)</sup> | 460 | &nbsp;&nbsp; 385752 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/55<sup>(d)</sup> | 4030 | &nbsp;&nbsp; 3047514 |
| &nbsp;&nbsp;&nbsp; Series A, 4.75%, 06/15/56<sup>(d)</sup> | 2960 | &nbsp;&nbsp; 2253069 |
| &nbsp;&nbsp;&nbsp; Series A, 7.50%, 07/01/59<sup>(d)</sup> | 3020 | &nbsp;&nbsp; 3307793 |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, 01/01/61<sup>(d)</sup> | 2075 | &nbsp;&nbsp; 2125401 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(d)</sup> | 1075 | &nbsp;&nbsp; 1027645 |
| &nbsp;&nbsp;&nbsp; Series A-4, 5.50%, 11/15/32<sup>(d)</sup> | 2445 | &nbsp;&nbsp; 2369745 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/35<sup>(d)(e)</sup> | 1440 | &nbsp;&nbsp; 810653 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 01/01/60<sup>(d)(e)</sup> | 35940 | &nbsp;&nbsp; 2472148 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 1025 | &nbsp;&nbsp; 786448 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 980 | &nbsp;&nbsp; 732111 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, CAB, 0.00%, <br> 12/15/38<sup>(d)(e)</sup><br>| 1000 | &nbsp;&nbsp; $447686  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, M/F Housing, Series A, <br> 7.13%, 07/01/65<sup>(c)(d)</sup><br>| 875 | &nbsp;&nbsp; 848834 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> Series A, 5.75%, 08/15/59<br>| 1700 | &nbsp;&nbsp; 1707484 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 | 1145 | &nbsp;&nbsp; 979685 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/47 | 910 | &nbsp;&nbsp; 728530 |
|  |  | &nbsp;&nbsp; 48264999 |
| **Wyoming — 0.3%** | **Wyoming — 0.3%** |  |
| University of Wyoming, RB, Series C, 4.00%, 06/01/51 | 1345 | &nbsp;&nbsp; 1148988 |
| **Total Municipal Bonds — 137.5%** <br>**(Cost: $612,122,621)** | **Total Municipal Bonds — 137.5%** <br>**(Cost: $612,122,621)** | &nbsp;&nbsp; 568244632 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(k)</sup> |
| **Illinois — 1.8%** | **Illinois — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, 5.50%, 01/01/59<br>| 7380 | &nbsp;&nbsp; 7489215 |
| **New York — 4.7%** | **New York — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series D-1B, Sustainability Bonds, 4.25%, <br> 11/01/45<br>| 9000 | &nbsp;&nbsp; 8020528 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series H-1, 5.00%, 11/01/50<br>| 6780 | &nbsp;&nbsp; 6835679 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/54<sup>(l)</sup><br>| 4577 | &nbsp;&nbsp; 4597256 |
|  |  | &nbsp;&nbsp; 19453463 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 6.5%** <br>**(Cost: $28,442,726)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 6.5%** <br>**(Cost: $28,442,726)** | &nbsp;&nbsp; 26942678 |
| **Total Long-Term Investments — 144.6%** <br>**(Cost: $642,135,347)** | **Total Long-Term Investments — 144.6%** <br>**(Cost: $642,135,347)** | &nbsp;&nbsp; 597569907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(m)(n)</sup><br>| 2459601 | &nbsp;&nbsp; 2459847 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $2,459,847)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $2,459,847)** | &nbsp;&nbsp; 2459847 |
| **Total Investments — 145.2%** <br>**(Cost: $644,595,194)** | **Total Investments — 145.2%** <br>**(Cost: $644,595,194)** | &nbsp;&nbsp; 600029754 |
| **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | &nbsp;&nbsp; 6948783 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (4.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (4.5)%** | &nbsp;&nbsp; (18649181)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(42.3)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(42.3)%** | &nbsp;&nbsp; (174945472)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $413383884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Zero-coupon bond.

<sup>(f)</sup> 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. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(i)</sup> When-issued security.

<sup>(j)</sup> Rounds to less than 1,000.

<sup>(k)</sup> 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. 

<sup>(l)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on March 15, 2033, is $3,550,052. See Note 4 of the Notes to Financial Statements for details. 

<sup>(m)</sup> Affiliate of the Fund.

<sup>(n)</sup> Annualized 7-day yield as of period end.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniAssets Fund, Inc. (MUA)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $12746476 | $—<br> $(10286629 )<sup>(a)</sup><br>| &nbsp;&nbsp; $1104 | $(1104)<br>| $2459847 | 2459601 | $163009 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $867355  | &nbsp;&nbsp;&nbsp;&nbsp; $867355  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1515242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1515242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568244632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568244632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26942678 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26942678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 2459847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2459847 |
| &nbsp;&nbsp;&nbsp; Unfunded Commitments<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1856076 | &nbsp;&nbsp;&nbsp;&nbsp; 1856076 |
|  | &nbsp;&nbsp; $2459847 | &nbsp;&nbsp;&nbsp;&nbsp; $596702552 | &nbsp;&nbsp;&nbsp;&nbsp; $2723431 | &nbsp;&nbsp;&nbsp;&nbsp; $601885830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(18552437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(18552437)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (175000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(193552437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(193552437)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 8.9%** | **Alabama — 8.9%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $4665 | &nbsp;&nbsp; $4950108  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/55 | 2495 | &nbsp;&nbsp; 2662505 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 2345 | &nbsp;&nbsp; 2386777 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 10500 | &nbsp;&nbsp; 11330130 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 830 | &nbsp;&nbsp; 871238 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.25%, 10/01/49<br>| 1100 | &nbsp;&nbsp; 1104274 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<sup>(a)</sup><br>| 1585 | &nbsp;&nbsp; 1730622 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 1300 | &nbsp;&nbsp; 1298159 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 5525 | &nbsp;&nbsp; 5814537 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 7015 | &nbsp;&nbsp; 7118831 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 1405 | &nbsp;&nbsp; 1494655 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54 | 1230 | &nbsp;&nbsp; 1296533 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 1945 | &nbsp;&nbsp; 2043431 |
|  |  | &nbsp;&nbsp; 44101800 |
| **Arizona — 4.4%** | **Arizona — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 1665 | &nbsp;&nbsp; 1723763 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 190 | &nbsp;&nbsp; 157345 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 3575 | &nbsp;&nbsp; 3253824 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> RB, S/F Housing, Series C, (GNMA), 6.00%, <br> 07/01/55<br>| 3310 | &nbsp;&nbsp; 3659069 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 7365 | &nbsp;&nbsp; 7780999 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 5000 | &nbsp;&nbsp; 5179527 |
|  |  | &nbsp;&nbsp; 21754527 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 895 | &nbsp;&nbsp; 896421 |
| **California — 4.1%** | **California — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Class B, Sustainability Bonds, 5.00%, 03/01/56<sup>(a)</sup><br>| 1980 | &nbsp;&nbsp; 2096754 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 785 | &nbsp;&nbsp; 744398 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 2590 | &nbsp;&nbsp; 2305100 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 1650 | &nbsp;&nbsp; 1547922 |
| &nbsp;&nbsp;&nbsp; California Statewide Financing Authority, RB, Series A, <br> 6.00%, 05/01/43<br>| 3285 | &nbsp;&nbsp; 3283025 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, <br> Series A, AMT, 4.00%, 05/15/42<br>| 2815 | &nbsp;&nbsp; 2532459 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/46 | 2415 | &nbsp;&nbsp; 2381220 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 | 2305 | &nbsp;&nbsp; 2352054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| San Diego Unified School District, GO, 4.00%, 07/01/53 | 3745 | &nbsp;&nbsp; $3226859  |
| State of California, GO, (AMBAC), 5.00%, 04/01/31 | 10 | &nbsp;&nbsp; 10012 |
|  |  | &nbsp;&nbsp; 20479803 |
| **Colorado — 0.5%** | **Colorado — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/45<br>| 870 | &nbsp;&nbsp; 909644 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 355 | &nbsp;&nbsp; 361076 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 745 | &nbsp;&nbsp; 742974 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, RB, M/F <br> Housing, Series A, Class A, Sustainability Bonds, <br> (FNMA), 4.48%, 03/01/44<br>| 555 | &nbsp;&nbsp; 527340 |
|  |  | &nbsp;&nbsp; 2541034 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 4.25%, 07/15/53<br>| 720 | &nbsp;&nbsp; 610819 |
| &nbsp;&nbsp;&nbsp; Waterbury Housing Authority, RB, M/F Housing, Series A, <br> (HUD SECT 8), 4.50%, 02/01/42<br>| 1685 | &nbsp;&nbsp; 1611087 |
|  |  | &nbsp;&nbsp; 2221906 |
| **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Delaware River & Bay Authority, Refunding RB, 4.00%, <br> 01/01/44<br>| 3065 | &nbsp;&nbsp; 2754874 |
| **District of Columbia — 10.7%** | **District of Columbia — 10.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, (FHA INS), 4.10%, 09/01/39 | 9000 | &nbsp;&nbsp; 8347604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FNMA), 4.88%, <br> 09/01/45<br>| 1280 | &nbsp;&nbsp; 1253195 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, RB, <br> Series A, Sustainability Bonds, 5.00%, 10/01/52<br>| 1875 | &nbsp;&nbsp; 1871423 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 1985 | &nbsp;&nbsp; 2036086 |
| District of Columbia, TA, 5.13%, 06/01/41 | 3490 | &nbsp;&nbsp; 3493430 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, 5.50%, 10/01/55<br>| 2445 | &nbsp;&nbsp; 2519414 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, 0.00%, 10/01/31<sup>(c)</sup> | 8350 | &nbsp;&nbsp; 6772568 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, 0.00%, 10/01/32<sup>(c)</sup> | 15000 | &nbsp;&nbsp; 11605430 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, 0.00%, 10/01/33<sup>(c)</sup> | 13410 | &nbsp;&nbsp; 9856665 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 10/01/49 | 3780 | &nbsp;&nbsp; 3150827 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Sustainability Bonds, 5.00%, <br> 07/15/45<br>| 1965 | &nbsp;&nbsp; 1978854 |
|  |  | &nbsp;&nbsp; 52885496 |
| **Florida — 8.3%** | **Florida — 8.3%** |  |
| City of Miami Florida, RB, Series A, 5.00%, 03/01/48 | 3200 | &nbsp;&nbsp; 3221538 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB, Series A, AMT, 5.00%, 10/01/44<br>| 1740 | &nbsp;&nbsp; 1717501 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Water & Sewer Utility <br> Revenue, RB, Series A, 4.00%, 10/01/45<br>| 445 | &nbsp;&nbsp; 395478 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Water & Sewer System <br> Revenue, RB, Series A, 4.13%, 10/01/50<br>| 6390 | &nbsp;&nbsp; 5469823 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.25%, 10/01/52<br>| 6635 | &nbsp;&nbsp; 6576095 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/44 | 3815 | &nbsp;&nbsp; 3625337 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/47 | 900 | &nbsp;&nbsp; $855000  |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., RB, S/F Housing, <br> Series 1, (FHLMC, FNMA, GNMA), 4.55%, 01/01/49<br>| 3070 | &nbsp;&nbsp; 2875860 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/51 | 2500 | &nbsp;&nbsp; 2508159 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/42 | 2860 | &nbsp;&nbsp; 2868477 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 11/15/49 | 825 | &nbsp;&nbsp; 839247 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 11/15/51 | 5180 | &nbsp;&nbsp; 4459865 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 430 | &nbsp;&nbsp; 440746 |
| &nbsp;&nbsp;&nbsp; Tampa-Hillsborough County Expressway Authority, RB, <br> 5.00%, 07/01/47<br>| 3105 | &nbsp;&nbsp; 3013747 |
| &nbsp;&nbsp;&nbsp; Two Lakes Community Development District, SAB, <br> 5.00%, 05/01/55<br>| 960 | &nbsp;&nbsp; 900066 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, RB, 5.25%, <br> 06/01/49<br>| 1420 | &nbsp;&nbsp; 1389544 |
|  |  | &nbsp;&nbsp; 41156483 |
| **Georgia — 2.7%** | **Georgia — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> Refunding RB, 5.00%, 10/01/48<br>| 2490 | &nbsp;&nbsp; 2520392 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, <br> Series A, 4.00%, 02/15/51<br>| 1105 | &nbsp;&nbsp; 900646 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series B, 5.00%, <br> 12/01/52<sup>(a)</sup><br>| 7800 | &nbsp;&nbsp; 8130055 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-1, <br> 5.00%, 12/01/53<sup>(a)</sup><br>| 1655 | &nbsp;&nbsp; 1749908 |
|  |  | &nbsp;&nbsp; 13301001 |
| **Idaho — 2.0%** | **Idaho — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Power County Industrial Development Corp., RB, 6.45%, <br> 08/01/32<br>| 10000 | &nbsp;&nbsp; 10020973 |
| **Illinois — 8.8%** | **Illinois — 8.8%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/42 | 1115 | &nbsp;&nbsp; 1046550 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 3095 | &nbsp;&nbsp; 3018144 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 4040 | &nbsp;&nbsp; 3639517 |
| &nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/36 | 460 | &nbsp;&nbsp; 432992 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/31 | 1000 | &nbsp;&nbsp; 1006002 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 455 | &nbsp;&nbsp; 455611 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series D, <br> AMT, Senior Lien, 5.00%, 01/01/52<br>| 4620 | &nbsp;&nbsp; 4311969 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Waterworks Revenue, RB, <br> Series A, 2nd Lien, 5.50%, 11/01/62<br>| 5430 | &nbsp;&nbsp; 5578620 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(d)</sup> | 2850 | &nbsp;&nbsp; 2915192 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 10 | &nbsp;&nbsp; 8989 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Refunding RB, <br> S/F Housing, Series H, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.65%, 10/01/43<br>| 3095 | &nbsp;&nbsp; 2942452 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, 5.00%, <br> 06/15/57<br>| 1835 | &nbsp;&nbsp; 1748593 |
| Metropolitan Pier & Exposition Authority, Refunding RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/44 | 10925 | &nbsp;&nbsp; 4124330 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding <br> RB<sup>(c)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/47 | 27225 | &nbsp;&nbsp; $8494109  |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/44 | 2375 | &nbsp;&nbsp; 2402905 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/48 | 1440 | &nbsp;&nbsp; 1426649 |
|  |  | &nbsp;&nbsp; 43552624 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1400 | &nbsp;&nbsp; 1445401 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 485 | &nbsp;&nbsp; 499039 |
|  |  | &nbsp;&nbsp; 1944440 |
| **Iowa — 1.3%** | **Iowa — 1.3%** |  |
| Iowa Finance Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.75%, 07/01/49<br>| 2230 | &nbsp;&nbsp; 2141359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.40%, 07/01/44<br>| 4460 | &nbsp;&nbsp; 4101646 |
|  |  | &nbsp;&nbsp; 6243005 |
| **Kentucky — 1.9%** | **Kentucky — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(e)</sup><br>| 2485 | &nbsp;&nbsp; 2826927 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series C, 5.00%, 05/15/49<br>| 3000 | &nbsp;&nbsp; 3012048 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 | 3510 | &nbsp;&nbsp; 3470597 |
|  |  | &nbsp;&nbsp; 9309572 |
| **Louisiana — 2.2%** | **Louisiana — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, 5.25%, <br> 10/01/53<br>| 4100 | &nbsp;&nbsp; 3956677 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Refunding RB, <br> Series A, 5.25%, 07/01/53<br>| 2755 | &nbsp;&nbsp; 2778352 |
| &nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, ARB, <br> Series E, 5.00%, 04/01/44<br>| 4315 | &nbsp;&nbsp; 4216292 |
|  |  | &nbsp;&nbsp; 10951321 |
| **Maryland — 1.6%** | **Maryland — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, <br> M/F Housing, Series D-1, Sustainability Bonds, <br> (FNMA), 4.35%, 02/01/44<br>| 2475 | &nbsp;&nbsp; 2243593 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, Series B, 4.00%, 04/15/50<br>| 1250 | &nbsp;&nbsp; 1041095 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 4785 | &nbsp;&nbsp; 4811236 |
|  |  | &nbsp;&nbsp; 8095924 |
| **Massachusetts — 3.9%** | **Massachusetts — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/50 | 5000 | &nbsp;&nbsp; 5059889 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/52 | 2835 | &nbsp;&nbsp; 2861171 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series C, 5.00%, <br> 10/01/47<br>| 2740 | &nbsp;&nbsp; 2776634 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax <br> Revenue, Refunding RB, Series A-1, 5.25%, 07/01/29<br>| 3250 | &nbsp;&nbsp; 3601456 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A, 5.00%, 01/01/47<br>| 3000 | &nbsp;&nbsp; 2792085 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 2325 | &nbsp;&nbsp; 2313140 |
|  |  | &nbsp;&nbsp; 19404375 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan — 2.3%** | **Michigan — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System <br> Revenue, RB, Series B, 2nd Lien, 5.25%, 07/01/47<br>| $1125 | &nbsp;&nbsp; $1154865  |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/47 | 820 | &nbsp;&nbsp; 680312 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/50 | 4730 | &nbsp;&nbsp; 3860124 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/44 | 1710 | &nbsp;&nbsp; 1460522 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2255 | &nbsp;&nbsp; 2111179 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.25%, <br> 11/15/49<br>| 1855 | &nbsp;&nbsp; 1903707 |
|  |  | &nbsp;&nbsp; 11170709 |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** |  |
| Duluth Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 2160 | &nbsp;&nbsp; 1856159 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 3125 | &nbsp;&nbsp; 3021624 |
|  |  | &nbsp;&nbsp; 4877783 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., RB, M/F Housing, Series 2025-<br> 06FN, Class PT, 4.55%, 04/01/42<br>| 885 | &nbsp;&nbsp; 861070 |
| **Missouri — 2.9%** | **Missouri — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/49 | 5555 | &nbsp;&nbsp; 4597122 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/42 | 5470 | &nbsp;&nbsp; 5371781 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 03/01/49 | 1335 | &nbsp;&nbsp; 1293937 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 03/01/55 | 1345 | &nbsp;&nbsp; 1277388 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, RB, M/F <br> Housing, Sustainability Bonds, (FNMA), 4.39%, <br> 09/01/42<br>| 1571 | &nbsp;&nbsp; 1434345 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%, <br> 11/01/49<br>| 320 | &nbsp;&nbsp; 312984 |
|  |  | &nbsp;&nbsp; 14287557 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, RB, Series A, 5.25%, <br> 02/01/48<br>| 5000 | &nbsp;&nbsp; 5141074 |
| **New Hampshire — 3.0%** | **New Hampshire — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; National Finance Authority Affordable Housing <br> Certificates, RB, M/F Housing, Series 2024-1, <br> Class A, 4.15%, 10/20/40<br>| 359 | &nbsp;&nbsp; 338171 |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.09%, 01/20/41<sup>(a)</sup> | 793 | &nbsp;&nbsp; 748263 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 5455 | &nbsp;&nbsp; 5522305 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 1215 | &nbsp;&nbsp; 1220967 |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 1875 | &nbsp;&nbsp; 1833080 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 3103 | &nbsp;&nbsp; 2944729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 3-A, Sustainability Bonds, 4.03%, <br> 10/20/41<sup>(a)</sup><br>| 2356 | &nbsp;&nbsp; 2151104 |
|  |  | &nbsp;&nbsp; 14758619 |
| **New Jersey — 7.6%** | **New Jersey — 7.6%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 3565 | &nbsp;&nbsp; 3630312 |
| &nbsp;&nbsp;&nbsp; Series B, 6.50%, 04/01/31 | 1495 | &nbsp;&nbsp; 1557089 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 12340 | &nbsp;&nbsp; 12054750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-B, AMT, 4.50%, 12/01/45 | 670 | &nbsp;&nbsp; $661203  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/41 | 1790 | &nbsp;&nbsp; 1768406 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 2595 | &nbsp;&nbsp; 2395385 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(d)</sup> | 845 | &nbsp;&nbsp; 914542 |
| &nbsp;&nbsp;&nbsp; Series C, (AMBAC), 0.00%, 12/15/35<sup>(c)</sup> | 7395 | &nbsp;&nbsp; 4856362 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 2365 | &nbsp;&nbsp; 2436208 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 2435 | &nbsp;&nbsp; 2369394 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 4985 | &nbsp;&nbsp; 4787312 |
|  |  | &nbsp;&nbsp; 37430963 |
| **New York — 16.4%** | **New York — 16.4%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 440 | &nbsp;&nbsp; 448613 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, 4.00%, <br> 03/15/49<br>| 1870 | &nbsp;&nbsp; 1596089 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 4070 | &nbsp;&nbsp; 3285228 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 3335 | &nbsp;&nbsp; 3178865 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 1085 | &nbsp;&nbsp; 1052226 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1605 | &nbsp;&nbsp; 1588531 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Refunding <br> RB, Series A, 4.00%, 07/01/50<br>| 3335 | &nbsp;&nbsp; 2886683 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.25%, 06/15/55<br>| 545 | &nbsp;&nbsp; 560881 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/46 | 10125 | &nbsp;&nbsp; 9122354 |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/47 | 1255 | &nbsp;&nbsp; 1104358 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 05/01/52<sup>(f)</sup> | 1780 | &nbsp;&nbsp; 1833977 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 05/01/46 | 2480 | &nbsp;&nbsp; 2505068 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3144 | &nbsp;&nbsp; 3100714 |
| New York Liberty Development Corp., Refunding RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44 | 8145 | &nbsp;&nbsp; 7820135 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40 | 1760 | &nbsp;&nbsp; 1736238 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 2765 | &nbsp;&nbsp; 2319373 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 4.00%, 03/15/47<br>| 1575 | &nbsp;&nbsp; 1352556 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/44 | 2270 | &nbsp;&nbsp; 1993454 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/47 | 7890 | &nbsp;&nbsp; 6843184 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 03/15/45 | 5610 | &nbsp;&nbsp; 5716922 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/60 | 2225 | &nbsp;&nbsp; 2313115 |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 965 | &nbsp;&nbsp; 989640 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1525 | &nbsp;&nbsp; 1447631 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 2230 | &nbsp;&nbsp; 2260771 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/60 | 1445 | &nbsp;&nbsp; 1397479 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.38%, 06/30/60 | 5590 | &nbsp;&nbsp; 5326735 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 890 | &nbsp;&nbsp; 860216 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 1625 | &nbsp;&nbsp; $1643987  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 05/15/58 | 3275 | &nbsp;&nbsp; 2831032 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series C, Sustainability Bonds, 5.25%, 11/15/40<br>| 1640 | &nbsp;&nbsp; 1766611 |
|  |  | &nbsp;&nbsp; 80882666 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, Series A, <br> 5.13%, 10/01/54<br>| 195 | &nbsp;&nbsp; 183924 |
| **North Dakota — 0.3%** | **North Dakota — 0.3%** |  |
| North Dakota Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.70%, 07/01/49 | 480 | &nbsp;&nbsp; 456089 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 6.25%, 01/01/55 | 965 | &nbsp;&nbsp; 1073952 |
|  |  | &nbsp;&nbsp; 1530041 |
| **Ohio — 3.0%** | **Ohio — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 3170 | &nbsp;&nbsp; 2573600 |
| County of Cuyahoga Ohio, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/42 | 3175 | &nbsp;&nbsp; 2970498 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/52 | 2730 | &nbsp;&nbsp; 2369731 |
| County of Franklin Ohio, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 12/01/44 | 1060 | &nbsp;&nbsp; 921114 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/47 | 840 | &nbsp;&nbsp; 814303 |
| County of Hamilton Ohio, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/42 | 4350 | &nbsp;&nbsp; 4307875 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.00%, 11/15/49 | 1130 | &nbsp;&nbsp; 1137812 |
|  |  | &nbsp;&nbsp; 15094933 |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 3140 | &nbsp;&nbsp; 3255745 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/35<br>| 1075 | &nbsp;&nbsp; 1183290 |
|  |  | &nbsp;&nbsp; 4439035 |
| **Oregon — 1.5%** | **Oregon — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 3295 | &nbsp;&nbsp; 3391399 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Series K1, (FNMA), <br> 4.33%, 11/01/43<br>| 4110 | &nbsp;&nbsp; 3884991 |
|  |  | &nbsp;&nbsp; 7276390 |
| **Pennsylvania — 6.3%** | **Pennsylvania — 6.3%** |  |
| Allegheny County Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 01/01/48 | 6750 | &nbsp;&nbsp; 6881525 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 01/01/56 | 1275 | &nbsp;&nbsp; 1029889 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/51 | 1115 | &nbsp;&nbsp; 887378 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 740 | &nbsp;&nbsp; 701850 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/38 | 1050 | &nbsp;&nbsp; 1085587 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 1765 | &nbsp;&nbsp; 1724179 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 3210 | &nbsp;&nbsp; 3189579 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, 5.00%, 11/01/51<br>| 1935 | &nbsp;&nbsp; 1904581 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, <br> Series 2024-26FN, Class PT, 4.63%, 02/01/42<br>| 3210 | &nbsp;&nbsp; $3151991  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, 4.75%, <br> 10/01/49<br>| 7735 | &nbsp;&nbsp; 7407810 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/43<br>| 3105 | &nbsp;&nbsp; 3111305 |
|  |  | &nbsp;&nbsp; 31075674 |
| **Puerto Rico — 5.8%** | **Puerto Rico — 5.8%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 2931 | &nbsp;&nbsp; 3122078 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 2646 | &nbsp;&nbsp; 2870311 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 3817 | &nbsp;&nbsp; 3411586 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 12161 | &nbsp;&nbsp; 11071486 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 6236 | &nbsp;&nbsp; 5520844 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(c)</sup><br>| 8062 | &nbsp;&nbsp; 2488390 |
|  |  | &nbsp;&nbsp; 28484695 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Central Falls Detention Facility Corp., Refunding RB, <br> 7.25%, 07/15/35<sup>(g)(h)</sup><br>| 4155 | &nbsp;&nbsp; 1765875 |
| **South Carolina — 1.5%** | **South Carolina — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/48 | 1715 | &nbsp;&nbsp; 1771134 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 955 | &nbsp;&nbsp; 982526 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, 4.00%, 12/01/44<br>| 3835 | &nbsp;&nbsp; 3306504 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/54<br>| 1580 | &nbsp;&nbsp; 1574300 |
|  |  | &nbsp;&nbsp; 7634464 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility <br> Board, RB, Series A-1, (BAM), 5.50%, 07/01/54<br>| 860 | &nbsp;&nbsp; 875539 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 5.25%, 10/01/58<br>| 4030 | &nbsp;&nbsp; 3845946 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1375 | &nbsp;&nbsp; 1420415 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(a)</sup><br>| 4190 | &nbsp;&nbsp; 4416112 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A-1, 5.00%, 05/01/53<sup>(a)</sup><br>| 7270 | &nbsp;&nbsp; 7486633 |
|  |  | &nbsp;&nbsp; 18044645 |
| **Texas — 15.3%** | **Texas — 15.3%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 885 | &nbsp;&nbsp; 839122 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 755 | &nbsp;&nbsp; 758094 |
| &nbsp;&nbsp;&nbsp; Bexar Management And Development Corp., RB, M/F <br> Housing, (FNMA), 4.61%, 07/01/44<br>| 4100 | &nbsp;&nbsp; 3934958 |
| &nbsp;&nbsp;&nbsp; Canutillo Independent School District, GO, Series A, <br> (PSF), 4.00%, 02/15/49<br>| 2850 | &nbsp;&nbsp; 2411103 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> Series A, 5.00%, 11/15/41<br>| 3250 | &nbsp;&nbsp; 3267521 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| $1410 | &nbsp;&nbsp; $1416540  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 1600 | &nbsp;&nbsp; 1642954 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 07/01/55<sup>(f)</sup> | 3190 | &nbsp;&nbsp; 3261435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, Subordinate, 5.25%, <br> 07/01/48<br>| 3580 | &nbsp;&nbsp; 3591700 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB, AMT, 5.00%, 07/01/29<br>| 1450 | &nbsp;&nbsp; 1449585 |
| City of Houston Texas, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/49 | 850 | &nbsp;&nbsp; 867511 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 03/01/51 | 3125 | &nbsp;&nbsp; 2647460 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/47 | 3415 | &nbsp;&nbsp; 3308647 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 02/01/50 | 5280 | &nbsp;&nbsp; 5480915 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/54 | 1010 | &nbsp;&nbsp; 818990 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/49 | 1410 | &nbsp;&nbsp; 1211806 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding GO, Series A, 4.25%, <br> 09/15/48<br>| 560 | &nbsp;&nbsp; 499546 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, (PSF), 4.25%, <br> 02/01/53<br>| 190 | &nbsp;&nbsp; 167009 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 1315 | &nbsp;&nbsp; 1127803 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., RB, Series B, 6.38%, 01/01/33<br>| 40 | &nbsp;&nbsp; 40025 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class A, 4.13%, 07/01/52<br>| 990 | &nbsp;&nbsp; 828645 |
| &nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, RB, CAB, <br> Series A, 0.00%, 12/01/42<sup>(c)</sup><br>| 2500 | &nbsp;&nbsp; 964188 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Refunding RB, 5.00%, <br> 05/15/49<br>| 5445 | &nbsp;&nbsp; 5470153 |
| &nbsp;&nbsp;&nbsp; Marshall Independent School District, GO, (PSF), 4.00%, <br> 02/15/45<br>| 620 | &nbsp;&nbsp; 543518 |
| &nbsp;&nbsp;&nbsp; Mesquite Housing Finance Corp., RB, M/F Housing, <br> Series A, Sustainability Bonds, (FNMA), 4.53%, <br> 02/01/44<br>| 5100 | &nbsp;&nbsp; 4745971 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, Series B, 0.00%, <br> 09/01/31<sup>(c)(d)</sup><br>| 4110 | &nbsp;&nbsp; 2174108 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series B, <br> 5.00%, 01/01/43<br>| 6205 | &nbsp;&nbsp; 6224376 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1510 | &nbsp;&nbsp; 1563777 |
| Plano Independent School District, GO, 5.00%, 02/15/42 | 1540 | &nbsp;&nbsp; 1590580 |
| &nbsp;&nbsp;&nbsp; San Antonio Housing Trust Public Facility Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11FN, Class PT, (FNMA), 4.45%, <br> 04/01/43<br>| 710 | &nbsp;&nbsp; 666904 |
| &nbsp;&nbsp;&nbsp; Series A, (FNMA), 4.43%, 04/01/43 | 1015 | &nbsp;&nbsp; 933769 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/53 | 1280 | &nbsp;&nbsp; 1019648 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/43 | 4080 | &nbsp;&nbsp; 4082638 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 575 | &nbsp;&nbsp; 530694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series A, (GNMA), 5.13%, 01/01/54<br>| 960 | &nbsp;&nbsp; $961205  |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, AMT, 5.00%, 06/30/58<br>| 2435 | &nbsp;&nbsp; 2221253 |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 2990 | &nbsp;&nbsp; 2538544 |
|  |  | &nbsp;&nbsp; 75802695 |
| **Utah — 0.8%** | **Utah — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 310 | &nbsp;&nbsp; 302602 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, 07/01/55<sup>(f)</sup><br>| 1440 | &nbsp;&nbsp; 1469645 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 1420 | &nbsp;&nbsp; 1478083 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 06/01/55 | 505 | &nbsp;&nbsp; 520592 |
|  |  | &nbsp;&nbsp; 3770922 |
| **Virginia — 1.4%** | **Virginia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 860 | &nbsp;&nbsp; 739840 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability <br> Commission, RB, Series A, Senior Lien, 4.00%, <br> 07/01/55<br>| 4950 | &nbsp;&nbsp; 4084006 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 1460 | &nbsp;&nbsp; 1450805 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.40%, 10/01/44 | 145 | &nbsp;&nbsp; 131724 |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.55%, 10/01/49 | 405 | &nbsp;&nbsp; 372277 |
|  |  | &nbsp;&nbsp; 6778652 |
| **Washington — 0.6%** | **Washington — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series B, <br> AMT, Intermediate Lien, 5.25%, 07/01/49<br>| 2030 | &nbsp;&nbsp; 2050931 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series 2, Class 1, Sustainability Bonds, <br> 4.09%, 03/01/50<sup>(a)</sup><br>| 801 | &nbsp;&nbsp; 736634 |
|  |  | &nbsp;&nbsp; 2787565 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |  |
| Public Finance Authority, RB, 12/31/65<sup>(f)</sup> | 1655 | &nbsp;&nbsp; 1726216 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> Series A, 5.75%, 08/15/54<br>| 460 | &nbsp;&nbsp; 463003 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.85%, 09/01/43<br>| 700 | &nbsp;&nbsp; 684014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.75%, 09/01/50<br>| 4465 | &nbsp;&nbsp; 4212387 |
|  |  | &nbsp;&nbsp; 7085620 |
| **Total Municipal Bonds — 140.1%** <br>**(Cost: $703,118,202)** | **Total Municipal Bonds — 140.1%** <br>**(Cost: $703,118,202)** | &nbsp;&nbsp; 692781150 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **Alabama — 2.0%** | **Alabama — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.25%, 01/01/54<sup>(a)</sup><br>| 9350 | &nbsp;&nbsp; 9821283 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia — 1.9%** | **District of Columbia — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 5.50%, 07/15/60<br>| $9060 | &nbsp;&nbsp; $9477273 |
| **Florida — 7.7%** | **Florida — 7.7%** |  |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, 5.00%, <br> 10/01/52<br>| 10000 | &nbsp;&nbsp; 10109472 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, 5.25%, 10/01/50<br>| 7540 | &nbsp;&nbsp; 7509747 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Transit System, RB, <br> 5.00%, 07/01/50<br>| 10000 | &nbsp;&nbsp; 10009544 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, ARB, Class B, <br> AMT, 5.50%, 10/01/54<br>| 10170 | &nbsp;&nbsp; 10426536 |
|  |  | &nbsp;&nbsp; 38055299 |
| **Illinois — 2.1%** | **Illinois — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, 5.50%, 01/01/59<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10147988 |
| **Nebraska — 2.4%** | **Nebraska — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, RB, Series A, 5.00%, <br> 02/01/46<br>| 11970 | &nbsp;&nbsp; 12045010 |
| **New York — 6.7%** | **New York — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, 5.00%, <br> 03/15/50<br>| 10000 | &nbsp;&nbsp; 10048581 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Refunding RB, <br> Series A, 5.00%, 02/15/42<br>| 12550 | &nbsp;&nbsp; 12587244 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series F-1, 5.25%, 02/01/53<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10264516 |
|  |  | &nbsp;&nbsp; 32900341 |
| **Ohio — 2.1%** | **Ohio — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, 5.50%, 01/01/55<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10170112 |
| **Texas — 1.3%** | **Texas — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Refunding RB, Series A, <br> Junior Lien, 5.25%, 05/15/48<br>| 6340 | &nbsp;&nbsp; 6487571 |
| **Washington — 2.0%** | **Washington — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; State of Washington, GO, Series 2024-A, 5.00%, <br> 08/01/48<br>| 10000 | &nbsp;&nbsp; 10125727 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 28.2%** <br>**(Cost: $140,137,858)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 28.2%** <br>**(Cost: $140,137,858)** | &nbsp;&nbsp; 139230604 |
| **Total Long-Term Investments — 168.3%** <br>**(Cost: $843,256,060)** | **Total Long-Term Investments — 168.3%** <br>**(Cost: $843,256,060)** | &nbsp;&nbsp; 832011754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(k)(l)</sup><br>| 8036708 | &nbsp;&nbsp; $8037512 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $8,037,339)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $8,037,339)** | &nbsp;&nbsp; 8037512 |
| **Total Investments — 169.9%** <br>**(Cost: $851,293,399)** | **Total Investments — 169.9%** <br>**(Cost: $851,293,399)** | &nbsp;&nbsp; 840049266 |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | &nbsp;&nbsp; 2885588 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (19.7)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (19.7)%** | &nbsp;&nbsp; (97199152)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(50.8)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(50.8)%** | &nbsp;&nbsp; (251162644)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $494573058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> 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. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> When-issued security.

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> Non-income producing security.

<sup>(i)</sup> 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. 

<sup>(j)</sup> 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 January 1, 2032 to January 1, 2033, is $23,335,069. See Note 4 of the Notes to Financial Statements for details. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $5550980<br> $2486531 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $1 | $8037512 | 8036708 | $398730 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Fund, Inc. (MYD)** 

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1403948)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1403948)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $709550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $709550 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $692781150  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $692781150  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139230604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139230604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 8037512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8037512 |
|  | &nbsp;&nbsp; $8037512 | &nbsp;&nbsp;&nbsp;&nbsp; $832011754 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $840049266 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(96564984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(96564984)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (251400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (251400000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(347964984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(347964984)<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 8.3%** | **Alabama — 8.3%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $3065 | &nbsp;&nbsp; $3252322  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 4000 | &nbsp;&nbsp; 4071261 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 7575 | &nbsp;&nbsp; 8173879 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 2920 | &nbsp;&nbsp; 3065078 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.25%, 10/01/49<br>| 6495 | &nbsp;&nbsp; 6520234 |
| Energy Southeast A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 11/01/53 | 4900 | &nbsp;&nbsp; 5269388 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.75%, 04/01/54 | 10925 | &nbsp;&nbsp; 11928735 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 4040 | &nbsp;&nbsp; 4251716 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, <br> RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 11185 | &nbsp;&nbsp; 11350553 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 2665 | &nbsp;&nbsp; 2835057 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 1825 | &nbsp;&nbsp; 1917359 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53 | 7530 | &nbsp;&nbsp; 7768109 |
|  |  | &nbsp;&nbsp; 70403691 |
| **Arizona — 5.2%** | **Arizona — 5.2%** |  |
| Arizona Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39<sup>(b)</sup> | 875 | &nbsp;&nbsp; 762530 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/54<sup>(b)</sup> | 615 | &nbsp;&nbsp; 498256 |
| &nbsp;&nbsp;&nbsp; 7.10%, 01/01/55<sup>(b)</sup> | 250 | &nbsp;&nbsp; 251222 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49<sup>(b)</sup> | 1445 | &nbsp;&nbsp; 1259345 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/49 | 1000 | &nbsp;&nbsp; 843272 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54<sup>(b)</sup> | 1110 | &nbsp;&nbsp; 939456 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52<sup>(b)</sup> | 600 | &nbsp;&nbsp; 530496 |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 07/01/37<sup>(b)</sup> | 500 | &nbsp;&nbsp; 501057 |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/01/50<sup>(b)</sup> | 1645 | &nbsp;&nbsp; 1566472 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/47<sup>(b)</sup> | 2360 | &nbsp;&nbsp; 2157005 |
| &nbsp;&nbsp;&nbsp; Series S, 5.00%, 07/01/37 | 750 | &nbsp;&nbsp; 771817 |
| &nbsp;&nbsp;&nbsp; City of Mesa Arizona Utility System Revenue, RB, <br> 4.50%, 07/01/49<br>| 1660 | &nbsp;&nbsp; 1519346 |
| City of Phoenix Civic Improvement Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Junior Lien, 5.00%, 07/01/44 | 4515 | &nbsp;&nbsp; 4443288 |
| &nbsp;&nbsp;&nbsp; Junior Lien, 5.00%, 07/01/49 | 2330 | &nbsp;&nbsp; 2333040 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, <br> Series B, (BHAC-CR FGIC), 5.50%, 07/01/41<sup>(c)</sup><br>| 100 | &nbsp;&nbsp; 111999 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/44 | 2000 | &nbsp;&nbsp; 1871096 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/46<sup>(b)</sup> | 1570 | &nbsp;&nbsp; 1428952 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, Refunding RB, 5.00%, 07/01/45<sup>(b)</sup><br>| 500 | &nbsp;&nbsp; 458727 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, RB, 5.00%, 07/01/49<sup>(b)</sup><br>| 1150 | &nbsp;&nbsp; 994591 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, Refunding RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/49 | 1985 | &nbsp;&nbsp; 1731437 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 | 530 | &nbsp;&nbsp; 456509 |
| Maricopa County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | 1000 | &nbsp;&nbsp; 886651 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/50 | 1500 | &nbsp;&nbsp; 1214324 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47<sup>(b)</sup> | 1000 | &nbsp;&nbsp; 870181 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/54<sup>(b)</sup> | 440 | &nbsp;&nbsp; 387163 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Arizona (continued)** | **Arizona (continued)** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37 | 1525 | &nbsp;&nbsp; $1552059  |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 09/01/42 | 750 | &nbsp;&nbsp; 665901 |
| &nbsp;&nbsp;&nbsp; McAllister Academic Village LLC, Refunding RB, <br> 5.00%, 07/01/39<br>| 500 | &nbsp;&nbsp; 511733 |
| &nbsp;&nbsp;&nbsp; Phoenix-Mesa Gateway Airport Authority, ARB, 5.00%, <br> 07/01/38<br>| 3600 | &nbsp;&nbsp; 3598336 |
| &nbsp;&nbsp;&nbsp; Pinal County Industrial Development Authority, RB, <br> 6.25%, 06/01/26<br>| 55 | &nbsp;&nbsp; 55672 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB, Series B, 5.25%, 01/01/53<br>| 4560 | &nbsp;&nbsp; 4700170 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/29 | 2000 | &nbsp;&nbsp; 2147148 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 155 | &nbsp;&nbsp; 163755 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 1500 | &nbsp;&nbsp; 1553858 |
|  |  | &nbsp;&nbsp; 43736864 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 1550 | &nbsp;&nbsp; 1552461 |
| **California — 11.1%** | **California — 11.1%** |  |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, Refunding GO, Series B, <br> Election 2007, 0.00%, 08/01/41<sup>(d)</sup><br>| 1175 | &nbsp;&nbsp; 540947 |
| California Community Choice Financing Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 2370 | &nbsp;&nbsp; 2547318 |
| &nbsp;&nbsp;&nbsp; Class B, Sustainability Bonds, 5.00%, 03/01/56 | 3325 | &nbsp;&nbsp; 3521064 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 8.00%, 11/15/62<sup>(b)</sup><br>| 1355 | &nbsp;&nbsp; 1284916 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, Series A, Class B, AMT, <br> Sustainability Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 4305 | &nbsp;&nbsp; 3831450 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, S/F <br> Housing, Series A-1, 3.44%, 02/20/41<sup>(a)</sup><br>| 9888 | &nbsp;&nbsp; 8711093 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 300 | &nbsp;&nbsp; 295307 |
| &nbsp;&nbsp;&nbsp; Grossmont Union High School District, GO, Election <br> 2004, 0.00%, 08/01/31<sup>(d)</sup><br>| 5000 | &nbsp;&nbsp; 4214219 |
| &nbsp;&nbsp;&nbsp; Grossmont-Cuyamaca Community College District, <br> GO, Series C, Election 2002, 0.00%, 08/01/30<sup>(d)</sup><br>| 10030 | &nbsp;&nbsp; 8641686 |
| &nbsp;&nbsp;&nbsp; Hartnell Community College District, GO, Series D, <br> 7.00%, 08/01/34<sup>(c)</sup><br>| 4125 | &nbsp;&nbsp; 4453538 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, <br> Refunding GO, CAB, Series A, Convertible, Election <br> 2008, 0.00%, 08/01/43<sup>(c)</sup><br>| 4445 | &nbsp;&nbsp; 4135054 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB, Series A, AMT, 5.00%, 03/01/41<br>| 2050 | &nbsp;&nbsp; 2050228 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District, Refunding GO, 0.00%, <br> 08/01/36<sup>(d)</sup><br>| 8750 | &nbsp;&nbsp; 5717921 |
| Rio Hondo Community College District, GO<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, Election 2004, 0.00%, 08/01/37 | 4005 | &nbsp;&nbsp; 2453548 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2004, 0.00%, 08/01/38 | 5000 | &nbsp;&nbsp; 2867625 |
| San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/53 | 5515 | &nbsp;&nbsp; 4751971 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2008, 0.00%, 07/01/38<sup>(d)</sup> | 3800 | &nbsp;&nbsp; 2270459 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Refunding GO, <br> CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series R-1, 0.00%, 07/01/30 | 5000 | &nbsp;&nbsp; 4410897 |
| &nbsp;&nbsp;&nbsp; Series R-1, 0.00%, 07/01/31 | 3005 | &nbsp;&nbsp; 2552011 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, GO, <br> Series C, (NPFGC), 0.00%, 09/01/30<sup>(d)</sup><br>| 12740 | &nbsp;&nbsp; 10990388 |
| State of California, GO, 5.50%, 04/01/28 | 5 | &nbsp;&nbsp; 5010 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Walnut Valley Unified School District, GO, Series B, <br> Election 2007, 0.00%, 08/01/36<sup>(d)</sup><br>| 5500 | &nbsp;&nbsp; $3452467  |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, <br> Series B, Election 2004, 5.50%, 08/01/40<br>| 625 | &nbsp;&nbsp; 626460 |
| &nbsp;&nbsp;&nbsp; Yosemite Community College District, GO, Series D, <br> Election 2004, 0.00%, 08/01/36<sup>(d)</sup><br>| 15000 | &nbsp;&nbsp; 9771844 |
|  |  | &nbsp;&nbsp; 94097421 |
| **Colorado — 1.3%** | **Colorado — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(b)</sup><br>| 345 | &nbsp;&nbsp; 302844 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 11/15/47 | 875 | &nbsp;&nbsp; 845048 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/48 | 1615 | &nbsp;&nbsp; 1616167 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Pledged Excise Tax <br> Revenue, RB, CAB, Series A-2, 0.00%, 08/01/37<sup>(d)</sup><br>| 1760 | &nbsp;&nbsp; 980531 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, RB, 5.50%, <br> 11/01/47<br>| 2400 | &nbsp;&nbsp; 2441079 |
| Colorado Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/44 | 1060 | &nbsp;&nbsp; 894119 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/52 | 4010 | &nbsp;&nbsp; 3967896 |
|  |  | &nbsp;&nbsp; 11047684 |
| **Connecticut — 0.1%** | **Connecticut — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/48 | 525 | &nbsp;&nbsp; 533127 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/15/53 | 705 | &nbsp;&nbsp; 598094 |
|  |  | &nbsp;&nbsp; 1131221 |
| **Delaware — 0.8%** | **Delaware — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority, RB, 5.00%, <br> 06/01/55<br>| 6585 | &nbsp;&nbsp; 6446100 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.25%, 06/01/50<br>| 3810 | &nbsp;&nbsp; 3917143 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/54<br>| 1680 | &nbsp;&nbsp; 1720305 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB, Series B, <br> Subordinate, 4.00%, 10/01/49<br>| 2875 | &nbsp;&nbsp; 2396462 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/15/59 | 2565 | &nbsp;&nbsp; 2617866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 2nd Lien, Sustainability Bonds, 4.38%, <br> 07/15/59<br>| 3305 | &nbsp;&nbsp; 2954315 |
|  |  | &nbsp;&nbsp; 13606091 |
| **Florida — 9.9%** | **Florida — 9.9%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 825 | &nbsp;&nbsp; 669947 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/55 | 1285 | &nbsp;&nbsp; 999238 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 460 | &nbsp;&nbsp; 376449 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 09/01/48 | 5275 | &nbsp;&nbsp; 5556987 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 09/01/48 | 4615 | &nbsp;&nbsp; 4861706 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., <br> Refunding RB, 5.00%, 08/15/42<br>| 4215 | &nbsp;&nbsp; 4166554 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, <br> 5.25%, 10/01/57<br>| 5055 | &nbsp;&nbsp; $5191609  |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB, Series A, AMT, 5.00%, 10/01/42<br>| 5100 | &nbsp;&nbsp; 5060971 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 10/01/44<br>| 1745 | &nbsp;&nbsp; 1687730 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, 5.00%, 10/01/41<br>| 3800 | &nbsp;&nbsp; 3785128 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/41 | 1315 | &nbsp;&nbsp; 1291773 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/52 | 4585 | &nbsp;&nbsp; 4544295 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/46 | 1840 | &nbsp;&nbsp; 589997 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/47 | 2970 | &nbsp;&nbsp; 852412 |
| County of Pasco Florida, RB, 5.75%, 09/01/54 | 660 | &nbsp;&nbsp; 689374 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, AMT, 5.00%, <br> 05/01/29<sup>(b)</sup><br>| 1275 | &nbsp;&nbsp; 1284686 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/40<sup>(b)</sup> | 710 | &nbsp;&nbsp; 651276 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/44 | 9390 | &nbsp;&nbsp; 8923176 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 07/01/47 | 2200 | &nbsp;&nbsp; 2090000 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 10/01/52 | 3340 | &nbsp;&nbsp; 2665488 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/47 | 7865 | &nbsp;&nbsp; 7559703 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 4.13%, 11/15/51<br>| 1655 | &nbsp;&nbsp; 1424918 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/37 | 240 | &nbsp;&nbsp; 240208 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | 260 | &nbsp;&nbsp; 250678 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/49 | 665 | &nbsp;&nbsp; 511966 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/54 | 755 | &nbsp;&nbsp; 773868 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 365 | &nbsp;&nbsp; 320380 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 605 | &nbsp;&nbsp; 478979 |
| Orange County Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/47 | 1930 | &nbsp;&nbsp; 1890695 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/53 | 6605 | &nbsp;&nbsp; 6406490 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding <br> RB, Series A, 4.50%, 10/01/56<br>| 4435 | &nbsp;&nbsp; 3958121 |
| Seminole Improvement District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 255 | &nbsp;&nbsp; 253691 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/37 | 290 | &nbsp;&nbsp; 282933 |
| Storey Creek Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/39 | 415 | &nbsp;&nbsp; 359345 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/15/49 | 350 | &nbsp;&nbsp; 275176 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, SAB, <br> 5.50%, 05/01/53<br>| 1860 | &nbsp;&nbsp; 1886172 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 780 | &nbsp;&nbsp; 733135 |
|  |  | &nbsp;&nbsp; 83545254 |
| **Georgia — 2.4%** | **Georgia — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 715 | &nbsp;&nbsp; 482625 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, <br> Series A, 4.00%, 02/15/51<br>| 2875 | &nbsp;&nbsp; 2343309 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, Refunding RB, <br> S/F Housing, Series C, 4.60%, 12/01/54<br>| 2065 | &nbsp;&nbsp; $1931623  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 7480 | &nbsp;&nbsp; 7868157 |
| Municipal Electric Authority of Georgia, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.50%, 07/01/63 | 1275 | &nbsp;&nbsp; 1289020 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/49 | 4385 | &nbsp;&nbsp; 4200510 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/59 | 1870 | &nbsp;&nbsp; 1743015 |
|  |  | &nbsp;&nbsp; 19858259 |
| **Hawaii — 0.5%** | **Hawaii — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/43<br>| 3310 | &nbsp;&nbsp; 3232963 |
| State of Hawaii Airports System Revenue, COP |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/25 | 485 | &nbsp;&nbsp; 485000 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/26 | 525 | &nbsp;&nbsp; 525842 |
|  |  | &nbsp;&nbsp; 4243805 |
| **Idaho — 0.1%** | **Idaho — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, S/F <br> Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%, <br> 01/01/49<br>| 1150 | &nbsp;&nbsp; 1057402 |
| **Illinois — 11.0%** | **Illinois — 11.0%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 3665 | &nbsp;&nbsp; 3675768 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 4090 | &nbsp;&nbsp; 3880820 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 970 | &nbsp;&nbsp; 945913 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 1230 | &nbsp;&nbsp; 1108043 |
| &nbsp;&nbsp;&nbsp; Series H, 5.00%, 12/01/36 | 295 | &nbsp;&nbsp; 277679 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/30 | 355 | &nbsp;&nbsp; 359671 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 290 | &nbsp;&nbsp; 290389 |
| Chicago Midway International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/46 | 7825 | &nbsp;&nbsp; 7579202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, (BAM), 5.75%, <br> 01/01/48<br>| 1010 | &nbsp;&nbsp; 1046061 |
| Chicago O'Hare International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/53 | 2585 | &nbsp;&nbsp; 2441086 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 01/01/59 | 4510 | &nbsp;&nbsp; 4670195 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.00%, 01/01/48 | 3430 | &nbsp;&nbsp; 3339885 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.25%, 01/01/48 | 2215 | &nbsp;&nbsp; 2219225 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 2780 | &nbsp;&nbsp; 2446837 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57<br>| 2575 | &nbsp;&nbsp; 2483664 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, Series A, 2nd Lien, 5.25%, 01/01/58<br>| 1185 | &nbsp;&nbsp; 1192136 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(e)</sup> | 865 | &nbsp;&nbsp; 884786 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/37 | 2430 | &nbsp;&nbsp; 2430305 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 5 | &nbsp;&nbsp; 4495 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/45 | 2945 | &nbsp;&nbsp; 2820489 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/40<br>| 1950 | &nbsp;&nbsp; 1937765 |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 3005 | &nbsp;&nbsp; 2863500 |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 12/15/26<sup>(d)</sup> | 5000 | &nbsp;&nbsp; 4792577 |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 12/15/33<sup>(d)</sup> | 9950 | &nbsp;&nbsp; 7105910 |
| Metropolitan Pier & Exposition Authority, RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (NPFGC), 0.00%, 06/15/30<sup>(f)</sup> | 800 | &nbsp;&nbsp; 684880 |
| &nbsp;&nbsp;&nbsp; (BAM-TCRS), 0.00%, 12/15/56 | 2965 | &nbsp;&nbsp; 545390 |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 06/15/30 | 14205 | &nbsp;&nbsp; 12145533 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding <br> RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/44 | 8075 | &nbsp;&nbsp; $3048418  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/15/47 | 3000 | &nbsp;&nbsp; 935990 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series B, <br> (NPFGC), 5.75%, 06/01/33<br>| 3200 | &nbsp;&nbsp; 3574536 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 2785 | &nbsp;&nbsp; 2907594 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/41 | 2345 | &nbsp;&nbsp; 2408751 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/48 | 2440 | &nbsp;&nbsp; 2417377 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/47 | 3135 | &nbsp;&nbsp; 3028030 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/27 | 440 | &nbsp;&nbsp; 460779 |
|  |  | &nbsp;&nbsp; 92953679 |
| **Indiana — 2.3%** | **Indiana — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, <br> 01/01/34<sup>(b)</sup><br>| 550 | &nbsp;&nbsp; 563105 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 5.00%, <br> 10/01/53<br>| 9040 | &nbsp;&nbsp; 8937040 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/50 | 2460 | &nbsp;&nbsp; 2547694 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 2345 | &nbsp;&nbsp; 2421047 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 815 | &nbsp;&nbsp; 838591 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding ARB, Series B1, 5.25%, 01/01/55<br>| 3695 | &nbsp;&nbsp; 3742262 |
|  |  | &nbsp;&nbsp; 19049739 |
| **Iowa — 0.5%** | **Iowa — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, RB, S/F Housing, Series E, <br> Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 4.63%, 07/01/54<br>| 4510 | &nbsp;&nbsp; 4186535 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Lenexa Kansas, Refunding RB, Series A, <br> 5.00%, 05/15/43<br>| 550 | &nbsp;&nbsp; 523105 |
| **Kentucky — 2.3%** | **Kentucky — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, <br> 4.70%, 01/01/52<sup>(b)</sup><br>| 555 | &nbsp;&nbsp; 485394 |
| County of Boyle Kentucky, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 06/01/46 | 740 | &nbsp;&nbsp; 641903 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/49 | 2820 | &nbsp;&nbsp; 2829126 |
| &nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp., RB, <br> 5.00%, 06/01/44<br>| 1455 | &nbsp;&nbsp; 1471326 |
| Kentucky Public Energy Authority, Refunding RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 04/01/54 | 6790 | &nbsp;&nbsp; 7264301 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/55 | 6045 | &nbsp;&nbsp; 6393553 |
|  |  | &nbsp;&nbsp; 19085603 |
| **Louisiana — 3.0%** | **Louisiana — 3.0%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 5665 | &nbsp;&nbsp; 5466969 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 09/01/59 | 4540 | &nbsp;&nbsp; 4493591 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Refunding RB, <br> 5.00%, 05/15/42<br>| 4600 | &nbsp;&nbsp; 4478974 |
| Louisiana Stadium & Exposition District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 3950 | &nbsp;&nbsp; 3921592 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/53 | 4690 | &nbsp;&nbsp; 4729754 |
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, ARB, Series B, AMT, <br> 5.00%, 01/01/48<br>| 1990 | &nbsp;&nbsp; 1883112 |
|  |  | &nbsp;&nbsp; 24973992 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maine — 0.7%** | **Maine — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br> RB, Series B, 4.75%, 07/01/53<br>| $3000 | &nbsp;&nbsp; $2841792  |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority, RB, S/F Housing, <br> Series C, Sustainability Bonds, (HUD SECT 8), <br> 4.75%, 11/15/49<br>| 3365 | &nbsp;&nbsp; 3144496 |
|  |  | &nbsp;&nbsp; 5986288 |
| **Maryland — 1.1%** | **Maryland — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Anne Arundel County Consolidated Special Taxing <br> District, Refunding ST, 5.00%, 07/01/32<br>| 495 | &nbsp;&nbsp; 495488 |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Series A, <br> 4.50%, 09/01/33<br>| 185 | &nbsp;&nbsp; 183364 |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding TA, Series A, <br> Senior Lien, 3.50%, 06/01/39<sup>(b)</sup><br>| 650 | &nbsp;&nbsp; 553259 |
| City of Baltimore Maryland, TA<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 3.70%, 06/01/39 | 200 | &nbsp;&nbsp; 174192 |
| &nbsp;&nbsp;&nbsp; Series B, 3.88%, 06/01/46 | 300 | &nbsp;&nbsp; 250165 |
| &nbsp;&nbsp;&nbsp; County of Prince George's Maryland, TA, 5.25%, <br> 07/01/48<sup>(b)</sup><br>| 300 | &nbsp;&nbsp; 291913 |
| &nbsp;&nbsp;&nbsp; Howard County Housing Commission, RB, M/F <br> Housing, Series A, 5.00%, 06/01/44<br>| 550 | &nbsp;&nbsp; 535303 |
| Maryland Economic Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/56 | 390 | &nbsp;&nbsp; 368633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B, AMT, Sustainability Bonds, 5.25%, <br> 06/30/55<br>| 2920 | &nbsp;&nbsp; 2700291 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Refunding <br> RB, 5.00%, 07/01/37<br>| 500 | &nbsp;&nbsp; 499832 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, Series C, 5.00%, 05/15/45<br>| 2305 | &nbsp;&nbsp; 2289486 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/41 | 500 | &nbsp;&nbsp; 452902 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/47 | 500 | &nbsp;&nbsp; 430845 |
|  |  | &nbsp;&nbsp; 9225673 |
| **Massachusetts — 2.6%** | **Massachusetts — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax <br> Revenue, Refunding RB, Series A, 5.25%, 07/01/29<br>| 730 | &nbsp;&nbsp; 806159 |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/46 | 500 | &nbsp;&nbsp; 457699 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/48 | 200 | &nbsp;&nbsp; 174556 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/42 | 500 | &nbsp;&nbsp; 494016 |
| &nbsp;&nbsp;&nbsp; Series A, (AMBAC), 5.75%, 01/01/42 | 650 | &nbsp;&nbsp; 756488 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/47 | 6200 | &nbsp;&nbsp; 5770310 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 | 1000 | &nbsp;&nbsp; 947021 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/42<sup>(b)</sup> | 550 | &nbsp;&nbsp; 477430 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/47 | 7685 | &nbsp;&nbsp; 7365191 |
| &nbsp;&nbsp;&nbsp; Series P, 5.45%, 05/15/59 | 1500 | &nbsp;&nbsp; 1552462 |
| &nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities <br> Authority, Refunding RB, Series M, 5.50%, 02/15/27<br>| 1000 | &nbsp;&nbsp; 1047394 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.45%, 12/01/42 | 910 | &nbsp;&nbsp; 814567 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.50%, 12/01/47 | 245 | &nbsp;&nbsp; 218794 |
| &nbsp;&nbsp;&nbsp; Massachusetts State College Building Authority, <br> Refunding RB, Series B, (SAP), 5.50%, 05/01/39<br>| 825 | &nbsp;&nbsp; 957917 |
|  |  | &nbsp;&nbsp; 21840004 |
| **Michigan — 2.9%** | **Michigan — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Lansing Michigan, Refunding GO, Series B, <br> 4.13%, 06/01/48<br>| 5035 | &nbsp;&nbsp; 4330611 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan (continued)** | **Michigan (continued)** |  |
| &nbsp;&nbsp;&nbsp; Eastern Michigan University, RB, Series A, 4.00%, <br> 03/01/28<sup>(e)</sup><br>| 60 | &nbsp;&nbsp; $62340  |
| &nbsp;&nbsp;&nbsp; Lansing Board of Water & Light, RB, Series A, 5.00%, <br> 07/01/51<br>| 3740 | &nbsp;&nbsp; 3749621 |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/50 | 5000 | &nbsp;&nbsp; 4080469 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/50 | 5680 | &nbsp;&nbsp; 4657054 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 02/28/57 | 505 | &nbsp;&nbsp; 507146 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, <br> S/F Housing, Series D, Sustainability Bonds, 4.45%, <br> 12/01/49<br>| 1495 | &nbsp;&nbsp; 1366358 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 6310 | &nbsp;&nbsp; 5907556 |
|  |  | &nbsp;&nbsp; 24661155 |
| **Minnesota — 1.0%** | **Minnesota — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission, <br> ARB, Series B, AMT, 5.25%, 01/01/49<br>| 4425 | &nbsp;&nbsp; 4358016 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development <br> Board, RB, 5.25%, 01/01/54<br>| 2215 | &nbsp;&nbsp; 2207483 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, RB, <br> Series A, Sustainability Bonds, 5.00%, 10/01/47<br>| 1615 | &nbsp;&nbsp; 1599972 |
|  |  | &nbsp;&nbsp; 8165471 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., RB, M/F Housing, <br> Series 2025-06FN, Class PT, 4.55%, 04/01/42<br>| 2635 | &nbsp;&nbsp; 2563752 |
| **Missouri — 0.5%** | **Missouri — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, ARB, <br> Series B, AMT, 5.00%, 03/01/39<br>| 2505 | &nbsp;&nbsp; 2517767 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), <br> 5.00%, 11/01/55<br>| 1445 | &nbsp;&nbsp; 1433281 |
|  |  | &nbsp;&nbsp; 3951048 |
| **Nebraska — 2.0%** | **Nebraska — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Refunding RB, Series A, <br> 5.00%, 09/01/37<br>| 4260 | &nbsp;&nbsp; 4333862 |
| Omaha Public Power District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/01/47 | 4760 | &nbsp;&nbsp; 4301873 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/48 | 7985 | &nbsp;&nbsp; 8210295 |
|  |  | &nbsp;&nbsp; 16846030 |
| **Nevada — 0.7%** | **Nevada — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Convention & Visitors Authority, RB, <br> Series B, 4.00%, 07/01/49<br>| 1000 | &nbsp;&nbsp; 831535 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, 5.25%, <br> 06/01/55<br>| 5135 | &nbsp;&nbsp; 5302814 |
|  |  | &nbsp;&nbsp; 6134349 |
| **New Hampshire — 1.7%** | **New Hampshire — 1.7%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.09%, 01/20/41<sup>(a)</sup> | 1356 | &nbsp;&nbsp; 1280047 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 6825 | &nbsp;&nbsp; 6909208 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 2045 | &nbsp;&nbsp; 2055043 |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 3195 | &nbsp;&nbsp; 3123569 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 1374 | &nbsp;&nbsp; 1303659 |
|  |  | &nbsp;&nbsp; 14671526 |
| **New Jersey — 7.9%** | **New Jersey — 7.9%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/62<br>| 655 | &nbsp;&nbsp; 673168 |
| &nbsp;&nbsp;&nbsp; City of Newark New Jersey, GOL, (SAW), 4.50%, <br> 03/15/36<br>| 3385 | &nbsp;&nbsp; 3405897 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/31 | 900 | &nbsp;&nbsp; $901752  |
| &nbsp;&nbsp;&nbsp; AMT, 5.13%, 01/01/34 | 1620 | &nbsp;&nbsp; 1620769 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 2115 | &nbsp;&nbsp; 2115232 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding RB, Series BBB, 5.50%, 12/15/26<sup>(e)</sup><br>| 5360 | &nbsp;&nbsp; 5577743 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series C, AMT, Subordinate, 4.25%, <br> 12/01/50<br>| 2135 | &nbsp;&nbsp; 1726627 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB, Series B, AMT, 4.00%, <br> 12/01/41<br>| 2210 | &nbsp;&nbsp; 2183339 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Series M, 5.10%, 10/01/50<br>| 4635 | &nbsp;&nbsp; 4638971 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/29<sup>(d)</sup> | 7530 | &nbsp;&nbsp; 6593149 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 2710 | &nbsp;&nbsp; 2717649 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/46 | 6200 | &nbsp;&nbsp; 6225444 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/50 | 4900 | &nbsp;&nbsp; 4186331 |
| &nbsp;&nbsp;&nbsp; Series S, 4.13%, 06/15/39 | 1210 | &nbsp;&nbsp; 1124039 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 3965 | &nbsp;&nbsp; 4084383 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/35 | 3220 | &nbsp;&nbsp; 3271264 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 8270 | &nbsp;&nbsp; 8281915 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 7350 | &nbsp;&nbsp; 7058525 |
|  |  | &nbsp;&nbsp; 66386197 |
| **New Mexico — 0.0%** | **New Mexico — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 415 | &nbsp;&nbsp; 389949 |
| **New York — 15.4%** | **New York — 15.4%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 735 | &nbsp;&nbsp; 749387 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, <br> 5.00%, 03/15/46<br>| 6000 | &nbsp;&nbsp; 6089228 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, Series D-2, <br> Sustainability Bonds, 4.00%, 11/15/48<br>| 4090 | &nbsp;&nbsp; 3392951 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series B, 5.00%, 11/15/29<br>| 540 | &nbsp;&nbsp; 554872 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series A, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.70%, 08/01/54<br>| 3460 | &nbsp;&nbsp; 3215791 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 06/15/52 | 5600 | &nbsp;&nbsp; 5706423 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.25%, 06/15/55 | 995 | &nbsp;&nbsp; 1023994 |
| &nbsp;&nbsp;&nbsp; Series GG, 5.00%, 06/15/50 | 1680 | &nbsp;&nbsp; 1674738 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB, Series F-1, Subordinate, <br> 5.00%, 02/01/43<br>| 7695 | &nbsp;&nbsp; 7881920 |
| New York City Transitional Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 05/01/52<sup>(g)</sup> | 3025 | &nbsp;&nbsp; 3116731 |
| &nbsp;&nbsp;&nbsp; Series H-1, 5.50%, 11/01/51 | 1455 | &nbsp;&nbsp; 1527511 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 1081 | &nbsp;&nbsp; 1066117 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(b)</sup> | 2630 | &nbsp;&nbsp; 2525102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), <br> 3.00%, 11/15/51<br>| 7485 | &nbsp;&nbsp; 5080055 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 2185 | &nbsp;&nbsp; 1467799 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 2185 | &nbsp;&nbsp; 1832850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/36 | 1650 | &nbsp;&nbsp; $1705456  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1700 | &nbsp;&nbsp; 1743407 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 3460 | &nbsp;&nbsp; 3507743 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/44 | 3295 | &nbsp;&nbsp; 3359016 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/60 | 6855 | &nbsp;&nbsp; 6629564 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 19380 | &nbsp;&nbsp; 18762576 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB, Series A, AMT, Sustainability Bonds, <br> 5.50%, 12/31/60<br>| 4485 | &nbsp;&nbsp; 4334909 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, AMT, <br> 5.00%, 11/01/49<br>| 5600 | &nbsp;&nbsp; 5472971 |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner <br> Mortgage Revenue, RB, S/F Housing, Series 266, <br> Sustainability Bonds, (SONYMA), 4.65%, 10/01/50<br>| 5385 | &nbsp;&nbsp; 4991550 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 05/15/58 | 11585 | &nbsp;&nbsp; 10014507 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 05/15/63 | 3500 | &nbsp;&nbsp; 3135846 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/47 | 6120 | &nbsp;&nbsp; 6158957 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 05/15/47 | 5000 | &nbsp;&nbsp; 5027987 |
| &nbsp;&nbsp;&nbsp; Series B-1, Sustainability Bonds, 5.25%, 05/15/54 | 8475 | &nbsp;&nbsp; 8670564 |
|  |  | &nbsp;&nbsp; 130420522 |
| **North Carolina — 1.2%** | **North Carolina — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 54-A, (FHLMC, FNMA, GNMA), 4.70%, <br> 07/01/50<br>| 1955 | &nbsp;&nbsp; 1860130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52-A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.00%, 07/01/46<br>| 1585 | &nbsp;&nbsp; 1536055 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 6510 | &nbsp;&nbsp; 6784665 |
|  |  | &nbsp;&nbsp; 10180850 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing, Series C, Sustainability Bonds, 4.75%, <br> 07/01/49<br>| 3680 | &nbsp;&nbsp; 3491408 |
| **Ohio — 2.7%** | **Ohio — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, <br> 06/01/55<br>| 7670 | &nbsp;&nbsp; 6226975 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 2690 | &nbsp;&nbsp; 2735760 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FNMA), 4.82%, 11/01/43<br>| 2645 | &nbsp;&nbsp; 2653276 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.65%, 09/01/49<br>| 4485 | &nbsp;&nbsp; 4234114 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, RB, CAB, <br> Series A-2, Junior Lien, 0.00%, 02/15/37<sup>(d)</sup><br>| 10000 | &nbsp;&nbsp; 6113007 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Refunding RB, Series A, (BAM-TCRS), <br> 4.00%, 01/15/50<br>| 1055 | &nbsp;&nbsp; 880273 |
|  |  | &nbsp;&nbsp; 22843405 |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> Series B, 5.50%, 08/15/52<br>| 560 | &nbsp;&nbsp; 530923 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma (continued)** | **Oklahoma (continued)** |  |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, <br> 5.25%, 11/15/37<br>| 450 | &nbsp;&nbsp; $452331  |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/35<br>| 1795 | &nbsp;&nbsp; 1975819 |
|  |  | &nbsp;&nbsp; 2959073 |
| **Oregon — 0.4%** | **Oregon — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB, Series A, (GTD), 0.00%, <br> 06/15/38<sup>(d)</sup><br>| 2355 | &nbsp;&nbsp; 1199951 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, ARB, <br> Series 24B, AMT, 5.00%, 07/01/47<br>| 2155 | &nbsp;&nbsp; 2097478 |
|  |  | &nbsp;&nbsp; 3297429 |
| **Pennsylvania — 8.4%** | **Pennsylvania — 8.4%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, <br> AMT, 5.00%, 01/01/51<br>| 7395 | &nbsp;&nbsp; 7122919 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, 5.00%, 04/01/47<br>| 2470 | &nbsp;&nbsp; 2410633 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, RB, <br> 4.00%, 07/01/46<br>| 425 | &nbsp;&nbsp; 337578 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series A, 5.00%, 10/01/47<br>| 4125 | &nbsp;&nbsp; 4097510 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, Class B, 5.00%, 05/01/57<br>| 3500 | &nbsp;&nbsp; 3352887 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 6910 | &nbsp;&nbsp; 6750186 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/40 | 1000 | &nbsp;&nbsp; 1033711 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/41 | 3290 | &nbsp;&nbsp; 3398804 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 2855 | &nbsp;&nbsp; 2854438 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 4695 | &nbsp;&nbsp; 4411490 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 1000 | &nbsp;&nbsp; 993638 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/44 | 1000 | &nbsp;&nbsp; 877591 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/49 | 1855 | &nbsp;&nbsp; 1565521 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, 4.75%, <br> 10/01/49<br>| 7985 | &nbsp;&nbsp; 7647235 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/50<br>| 1500 | &nbsp;&nbsp; 1472765 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/41 | 1325 | &nbsp;&nbsp; 1330368 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/54 | 1575 | &nbsp;&nbsp; 1610788 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/44 | 4700 | &nbsp;&nbsp; 4718980 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 12/01/51 | 665 | &nbsp;&nbsp; 550828 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series A-1, 5.25%, 12/01/45<br>| 3930 | &nbsp;&nbsp; 3934889 |
| School District of Philadelphia, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (SAW), 5.50%, 09/01/48 | 8015 | &nbsp;&nbsp; 8287725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, (SAW), 5.00%, <br> 09/01/48<br>| 2070 | &nbsp;&nbsp; 2038596 |
|  |  | &nbsp;&nbsp; 70799080 |
| **Puerto Rico — 2.7%** | **Puerto Rico — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 4601 | &nbsp;&nbsp; 4112315 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 10721 | &nbsp;&nbsp; 9760497 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.54%, 07/01/53 | 500 | &nbsp;&nbsp; 424217 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 1528 | &nbsp;&nbsp; 1352766 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 2472 | &nbsp;&nbsp; $2288835  |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 962 | &nbsp;&nbsp; 845718 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 1335 | &nbsp;&nbsp; 1172258 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, <br> 0.00%, 07/01/46<sup>(d)</sup><br>| 9999 | &nbsp;&nbsp; 3086259 |
|  |  | &nbsp;&nbsp; 23042865 |
| **South Carolina — 3.7%** | **South Carolina — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District, ARB, Series A, AMT, <br> 5.25%, 07/01/54<br>| 1575 | &nbsp;&nbsp; 1576174 |
| County of Berkeley South Carolina, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/40 | 485 | &nbsp;&nbsp; 421263 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/49 | 715 | &nbsp;&nbsp; 579626 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(a)</sup><br>| 6040 | &nbsp;&nbsp; 6406017 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 2290 | &nbsp;&nbsp; 1804142 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(b)</sup> | 1455 | &nbsp;&nbsp; 1305665 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 2790 | &nbsp;&nbsp; 2870417 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/54 | 3680 | &nbsp;&nbsp; 3773730 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series A, 4.25%, 05/01/48<br>| 1615 | &nbsp;&nbsp; 1416735 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series A, <br> 4.00%, 12/01/55<br>| 1950 | &nbsp;&nbsp; 1548940 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 1270 | &nbsp;&nbsp; 1266684 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.60%, 07/01/49 | 2280 | &nbsp;&nbsp; 2146920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (FHLMC, FNMA, GNMA), 5.00%, <br> 07/01/50<br>| 6080 | &nbsp;&nbsp; 6085627 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, Refunding RB, S/F Housing, Series A, <br> 4.95%, 07/01/53<br>| 275 | &nbsp;&nbsp; 266757 |
|  |  | &nbsp;&nbsp; 31468697 |
| **Tennessee — 3.7%** | **Tennessee — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility <br> Board, RB, Series A-1, (BAM), 5.50%, 07/01/59<br>| 615 | &nbsp;&nbsp; 625325 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, <br> Series A, AMT, 5.00%, 07/01/49<br>| 3655 | &nbsp;&nbsp; 3532725 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational cilities Board, RB, 5.25%, <br> 05/01/48<br>| 745 | &nbsp;&nbsp; 742986 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 5.25%, 10/01/58<br>| 3070 | &nbsp;&nbsp; 2929791 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 2305 | &nbsp;&nbsp; 2381132 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 3805 | &nbsp;&nbsp; 4071214 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(a)</sup><br>| 15950 | &nbsp;&nbsp; 16810736 |
|  |  | &nbsp;&nbsp; 31093909 |
| **Texas — 13.0%** | **Texas — 13.0%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, <br> (PSF), 4.00%, 02/01/51<br>| 1860 | &nbsp;&nbsp; 1581966 |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1545 | &nbsp;&nbsp; 1464907 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., <br> RB<sup>(b)</sup> (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | $1335 | &nbsp;&nbsp; $1340471  |
| &nbsp;&nbsp;&nbsp; Celina Independent School District, GO, (PSF), 5.00%, <br> 02/15/47<br>| 4530 | &nbsp;&nbsp; 4567229 |
| City of Austin Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 11/15/44 | 1000 | &nbsp;&nbsp; 952206 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 11/15/47 | 3300 | &nbsp;&nbsp; 3323310 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 2370 | &nbsp;&nbsp; 2380994 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi Texas Utility System Revenue, <br> Refunding RB, 4.00%, 07/15/48<br>| 1790 | &nbsp;&nbsp; 1504514 |
| &nbsp;&nbsp;&nbsp; City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB, 5.25%, 03/01/49<br>| 2495 | &nbsp;&nbsp; 2552256 |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/43 | 395 | &nbsp;&nbsp; 401317 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/44 | 395 | &nbsp;&nbsp; 399139 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, 4.25%, 03/01/48<br>| 370 | &nbsp;&nbsp; 329215 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 07/15/36 | 300 | &nbsp;&nbsp; 309448 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.63%, 07/15/38 | 1330 | &nbsp;&nbsp; 1330466 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/37 | 935 | &nbsp;&nbsp; 964520 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, 1st Lien, <br> Subordinate, 5.25%, 07/01/48<br>| 2955 | &nbsp;&nbsp; 2964658 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/27 | 740 | &nbsp;&nbsp; 747830 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/46 | 2780 | &nbsp;&nbsp; 2293342 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/48 | 10025 | &nbsp;&nbsp; 8158753 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), <br> 4.00%, 02/15/50<br>| 3670 | &nbsp;&nbsp; 3149090 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/15/54 | 3855 | &nbsp;&nbsp; 3125947 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/49 | 5405 | &nbsp;&nbsp; 4645256 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding RB, <br> Series B, 4.00%, 11/01/45<br>| 4100 | &nbsp;&nbsp; 3605390 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, GO, (PSF), <br> 5.00%, 08/15/48<br>| 2440 | &nbsp;&nbsp; 2459398 |
| &nbsp;&nbsp;&nbsp; Dickinson Independent School District, GO, (PSF), <br> 4.13%, 02/15/48<br>| 1285 | &nbsp;&nbsp; 1112568 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School <br> District, GO, (PSF), 4.00%, 08/15/54<br>| 650 | &nbsp;&nbsp; 542090 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 1415 | &nbsp;&nbsp; 1213567 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 6820 | &nbsp;&nbsp; 5742656 |
| &nbsp;&nbsp;&nbsp; Class A, 4.13%, 07/01/52 | 320 | &nbsp;&nbsp; 267845 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, GO, (PSF), <br> 4.00%, 02/15/49<br>| 1580 | &nbsp;&nbsp; 1333223 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, GO, (PSF), <br> 5.00%, 02/15/50<br>| 4500 | &nbsp;&nbsp; 4575796 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(d)(e)</sup><br>| 5000 | &nbsp;&nbsp; 3044859 |
| &nbsp;&nbsp;&nbsp; New Braunfels Independent School District, GO, <br> (PSF), 4.00%, 02/01/52<br>| 1360 | &nbsp;&nbsp; 1151394 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.00%, 08/15/50<sup>(b)</sup><br>| 1210 | &nbsp;&nbsp; $912748  |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 3175 | &nbsp;&nbsp; 2745583 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 2565 | &nbsp;&nbsp; 2656350 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/53<br>| 1840 | &nbsp;&nbsp; 1846261 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, (PSF), <br> 4.00%, 02/01/48<br>| 1705 | &nbsp;&nbsp; 1477108 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series A, 4.00%, 07/01/53<br>| 1895 | &nbsp;&nbsp; 1509558 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 410 | &nbsp;&nbsp; 378408 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 4585 | &nbsp;&nbsp; 4030640 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 690 | &nbsp;&nbsp; 547529 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/32<br>| 5395 | &nbsp;&nbsp; 5749109 |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 4455 | &nbsp;&nbsp; 3782346 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway <br> 249 System, RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/35 | 310 | &nbsp;&nbsp; 200016 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/36 | 170 | &nbsp;&nbsp; 103112 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/37 | 225 | &nbsp;&nbsp; 129834 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/38 | 810 | &nbsp;&nbsp; 431643 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/41 | 1950 | &nbsp;&nbsp; 859636 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/44 | 695 | &nbsp;&nbsp; 246061 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/45 | 1775 | &nbsp;&nbsp; 585620 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, <br> 4.38%, 10/15/59<br>| 6635 | &nbsp;&nbsp; 5923483 |
| &nbsp;&nbsp;&nbsp; University of Houston, Refunding RB, Series A, 5.00%, <br> 02/15/56<br>| 2195 | &nbsp;&nbsp; 2199641 |
|  |  | &nbsp;&nbsp; 109850306 |
| **Utah — 3.1%** | **Utah — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 530 | &nbsp;&nbsp; 517353 |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/43 | 2910 | &nbsp;&nbsp; 2817380 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/47 | 11685 | &nbsp;&nbsp; 11271602 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/51 | 5330 | &nbsp;&nbsp; 5204475 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 2380 | &nbsp;&nbsp; 2477350 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 06/01/55 | 845 | &nbsp;&nbsp; 871089 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/55<sup>(b)</sup><br>| 935 | &nbsp;&nbsp; 771519 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., RB, S/F Housing, Series E, <br> (FHLMC, FNMA, GNMA), 4.70%, 01/01/50<br>| 2470 | &nbsp;&nbsp; 2344956 |
|  |  | &nbsp;&nbsp; 26275724 |
| **Virginia — 0.9%** | **Virginia — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 275 | &nbsp;&nbsp; 236576 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 4420 | &nbsp;&nbsp; 3679633 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing, Series A, 4.60%, 09/01/50<br>| 3750 | &nbsp;&nbsp; 3458372 |
|  |  | &nbsp;&nbsp; 7374581 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/65<sup>(g)</sup> | $2825 | &nbsp;&nbsp; $2946561  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40<sup>(b)</sup> | 450 | &nbsp;&nbsp; 427504 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 535 | &nbsp;&nbsp; 511433 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.75%, 07/01/49 | 3545 | &nbsp;&nbsp; 3527022 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(b)</sup><br>| 825 | &nbsp;&nbsp; 722026 |
|  |  | &nbsp;&nbsp; 8134546 |
| **Total Municipal Bonds — 139.0%** <br>**(Cost: $1,182,937,542)** | **Total Municipal Bonds — 139.0%** <br>**(Cost: $1,182,937,542)** | &nbsp;&nbsp; 1173552743 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **Alabama — 1.2%** | **Alabama — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series C-1, 5.25%, <br> 02/01/53<sup>(a)</sup><br>| 9340 | &nbsp;&nbsp; 9798744 |
| **Connecticut — 1.7%** | **Connecticut — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding RB, <br> S/F Housing, Series F-1, Sustainability Bonds, <br> 4.75%, 11/15/49<br>| 15000 | &nbsp;&nbsp; 14396183 |
| **District of Columbia — 0.3%** | **District of Columbia — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series B-2, 4.10%, 09/01/39<br>| 3052 | &nbsp;&nbsp; 2830933 |
| **Florida — 7.8%** | **Florida — 7.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, <br> 5.25%, 10/01/57<br>| 7850 | &nbsp;&nbsp; 8062143 |
| &nbsp;&nbsp;&nbsp; County of Seminole Florida Sales Tax Revenue, <br> Refunding RB, Series B, (NPFGC), 5.25%, <br> 10/01/31<br>| 6300 | &nbsp;&nbsp; 7013929 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/51<br>| 12077 | &nbsp;&nbsp; 12115904 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 13256 | &nbsp;&nbsp; 13484998 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54<sup>(i)</sup> | 24765 | &nbsp;&nbsp; 25557985 |
|  |  | &nbsp;&nbsp; 66234959 |
| **Georgia — 1.3%** | **Georgia — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, <br> Series E-1, 5.00%, 12/01/53<sup>(a)(i)</sup><br>| 10159 | &nbsp;&nbsp; 10741602 |
| **Hawaii — 1.1%** | **Hawaii — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, <br> Series A, AMT, 5.50%, 07/01/54<br>| 9225 | &nbsp;&nbsp; 9530356 |
| **Idaho — 0.8%**  | **Idaho — 0.8%**  |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 5.25%, 08/15/48<sup>(i)</sup><br>| 6820 | &nbsp;&nbsp; 7037914 |
| **Illinois — 0.8%** | **Illinois — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, <br> 5.00%, 08/15/51<br>| 7123 | &nbsp;&nbsp; 6856944 |
| **Massachusetts — 1.1%** | **Massachusetts — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/51<br>| 9084 | &nbsp;&nbsp; 8944937 |
| **Michigan — 0.3%** | **Michigan — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, <br> M/F Housing, Series A, 4.05%, 10/01/48<br>| 2748 | &nbsp;&nbsp; 2373613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Missouri — 0.5%** | **Missouri — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, RB, 4.00%, 06/01/53<sup>(i)</sup><br>| $5660 | &nbsp;&nbsp; $4540832 |
| **New York — 5.2%** | **New York — 5.2%** |  |
| City of New York, GO, Series E, 5.25%, 08/01/50 | 10750 | &nbsp;&nbsp; 10966761 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series D, 5.25%, 05/01/48<br>| 9620 | &nbsp;&nbsp; 9945865 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 4.00%, 03/15/47<br>| 6600 | &nbsp;&nbsp; 5838910 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, 5.25%, 10/15/57<br>| 5090 | &nbsp;&nbsp; 5101087 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/51<br>| 7270 | &nbsp;&nbsp; 7280227 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series C, 4.13%, 05/15/52<br>| 5520 | &nbsp;&nbsp; 4749551 |
|  |  | &nbsp;&nbsp; 43882401 |
| **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 7450 | &nbsp;&nbsp; 7667958 |
| **Texas — 3.1%** | **Texas — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.50%, 02/01/50<br>| 5890 | &nbsp;&nbsp; 6114126 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 9243 | &nbsp;&nbsp; 9147980 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, <br> 4.38%, 10/15/59<br>| 11885 | &nbsp;&nbsp; 10610486 |
|  |  | &nbsp;&nbsp; 25872592 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 26.1%** <br>**(Cost: $224,799,301)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 26.1%** <br>**(Cost: $224,799,301)** | &nbsp;&nbsp; 220709968 |
| **Total Long-Term Investments — 165.1%** <br>**(Cost: $1,407,736,843)** | **Total Long-Term Investments — 165.1%** <br>**(Cost: $1,407,736,843)** | &nbsp;&nbsp; 1394262711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(j)(k)</sup><br>| 26662841 | &nbsp;&nbsp; 26665508 |
| **Total Short-Term Securities — 3.2%** <br>**(Cost: $26,665,167)** | **Total Short-Term Securities — 3.2%** <br>**(Cost: $26,665,167)** | &nbsp;&nbsp; 26665508 |
| **Total Investments — 168.3%** <br>**(Cost: $1,434,402,010)** | **Total Investments — 168.3%** <br>**(Cost: $1,434,402,010)** | &nbsp;&nbsp; 1420928219 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | &nbsp;&nbsp; 9877110 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (16.2)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (16.2)%** | &nbsp;&nbsp; (136886336)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(53.2)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(53.2)%** | &nbsp;&nbsp; (449458272)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $844460721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> 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. 

<sup>(d)</sup> Zero-coupon bond.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(g)</sup> When-issued security.

<sup>(h)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(i)</sup> 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, 2029 to June 1, 2046, is $32,813,525. See Note 4 of the Notes to Financial Statements for details. 

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $17753312<br> $8912195 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $202 | $(201)<br>| $26665508 | 26662841 | $743566 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2691276)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2691276)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1147764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1147764 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; $10813896 |

---

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 at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1173552743  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1173552743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220709968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 220709968 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund, Inc. (MQY)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $26665508 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26665508 |
|  | &nbsp;&nbsp; $26665508 | &nbsp;&nbsp;&nbsp;&nbsp; $1394262711 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1420928219 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(136211748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(136211748)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (450300000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (450300000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(586511748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(586511748)<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.7%** | **Alabama — 6.7%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | $3540 | &nbsp;&nbsp; $3603066  |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/01/55 | 15340 | &nbsp;&nbsp; 16117733 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.25%, 10/01/49<br>| 6955 | &nbsp;&nbsp; 6982021 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, <br> Series B-1, 5.75%, 04/01/54<sup>(a)</sup><br>| 3960 | &nbsp;&nbsp; 4323825 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 6575 | &nbsp;&nbsp; 6919563 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 2620 | &nbsp;&nbsp; 2658780 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54 | 9000 | &nbsp;&nbsp; 9486827 |
|  |  | &nbsp;&nbsp; 50091815 |
| **Arizona — 2.1%** | **Arizona — 2.1%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 810 | &nbsp;&nbsp; 705885 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/54 | 945 | &nbsp;&nbsp; 765612 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 1675 | &nbsp;&nbsp; 1459795 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 1290 | &nbsp;&nbsp; 1091801 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 2060 | &nbsp;&nbsp; 2062688 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB, 5.00%, 06/15/52<sup>(b)</sup><br>| 1620 | &nbsp;&nbsp; 1395368 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, 5.00%, 07/01/54<sup>(b)</sup><br>| 855 | &nbsp;&nbsp; 752328 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB, Series A, 5.00%, 01/01/47<br>| 5000 | &nbsp;&nbsp; 5085298 |
| &nbsp;&nbsp;&nbsp; Sierra Vista Industrial Development Authority, RB, <br> 5.75%, 06/15/53<sup>(b)</sup><br>| 2500 | &nbsp;&nbsp; 2387359 |
|  |  | &nbsp;&nbsp; 15706134 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 1430 | &nbsp;&nbsp; 1432271 |
| **California — 11.9%** | **California — 11.9%** |  |
| California Community Choice Financing Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/53 | 2900 | &nbsp;&nbsp; 3032204 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 4970 | &nbsp;&nbsp; 5341844 |
| &nbsp;&nbsp;&nbsp; Class B, Sustainability Bonds, 5.00%, 03/01/56 | 2995 | &nbsp;&nbsp; 3171605 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 6125 | &nbsp;&nbsp; 6348969 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 1250 | &nbsp;&nbsp; 1185347 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 3900 | &nbsp;&nbsp; 3471000 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55<sup>(a)</sup> | 1630 | &nbsp;&nbsp; 1732937 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 3485 | &nbsp;&nbsp; 3556143 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 260 | &nbsp;&nbsp; 255933 |
| &nbsp;&nbsp;&nbsp; Grossmont Union High School District, GO, Election <br> 2004, 0.00%, 08/01/31<sup>(c)</sup><br>| 5110 | &nbsp;&nbsp; 4306932 |
| &nbsp;&nbsp;&nbsp; Long Beach Unified School District, GO, Series B, <br> Election 2008, 0.00%, 08/01/34<sup>(c)</sup><br>| 5000 | &nbsp;&nbsp; 3667104 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, <br> Refunding GO, CAB, Series A, Convertible, Election <br> 2008, 0.00%, 08/01/43<sup>(d)</sup><br>| 3975 | &nbsp;&nbsp; 3697826 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Refunding <br> GO, Series E, Election 2002, 0.00%, 08/01/38<sup>(c)</sup><br>| 7620 | &nbsp;&nbsp; $4315077  |
| Poway Unified School District, Refunding GO<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/35 | 7820 | &nbsp;&nbsp; 5429298 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/36 | 10000 | &nbsp;&nbsp; 6534767 |
| Rio Hondo Community College District, GO<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, Election 2004, 0.00%, 08/01/37 | 8000 | &nbsp;&nbsp; 4900969 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2004, 0.00%, 08/01/38 | 12940 | &nbsp;&nbsp; 7421413 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Refunding GO, CAB, <br> Series R-1, 0.00%, 07/01/31<sup>(c)</sup><br>| 3485 | &nbsp;&nbsp; 2959654 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, <br> Series A, AMT, 5.00%, 05/01/44<br>| 14215 | &nbsp;&nbsp; 13940948 |
| &nbsp;&nbsp;&nbsp; State of California, GO, Series 2007-2, (NPFGC-IBC), <br> 5.50%, 04/01/30<br>| 10 | &nbsp;&nbsp; 10017 |
| &nbsp;&nbsp;&nbsp; Walnut Valley Unified School District, GO, Series B, <br> Election 2007, 0.00%, 08/01/36<sup>(c)</sup><br>| 6545 | &nbsp;&nbsp; 4108436 |
|  |  | &nbsp;&nbsp; 89388423 |
| **Colorado — 1.6%** | **Colorado — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/37<br>| 5000 | &nbsp;&nbsp; 5445865 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/42 | 2500 | &nbsp;&nbsp; 2535054 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 2750 | &nbsp;&nbsp; 2742521 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding <br> RB, 5.00%, 12/01/40<br>| 1605 | &nbsp;&nbsp; 1576922 |
|  |  | &nbsp;&nbsp; 12300362 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding RB, <br> S/F Housing, Series D, Sustainability Bonds, 6.25%, <br> 05/15/54<br>| 2620 | &nbsp;&nbsp; 2856627 |
| **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 10/01/55 | 3680 | &nbsp;&nbsp; 3792002 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/49 | 1430 | &nbsp;&nbsp; 1439869 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, Sustainability <br> Bonds, 4.13%, 07/15/47<br>| 1890 | &nbsp;&nbsp; 1634568 |
|  |  | &nbsp;&nbsp; 6866439 |
| **Florida — 13.3%** | **Florida — 13.3%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 1640 | &nbsp;&nbsp; 1331774 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/55 | 1475 | &nbsp;&nbsp; 1146985 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 500 | &nbsp;&nbsp; 409184 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/48<br>| 4315 | &nbsp;&nbsp; 4545668 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Florida, Refunding RB, Series A, <br> 5.25%, 10/01/47<br>| 3930 | &nbsp;&nbsp; 3943825 |
| &nbsp;&nbsp;&nbsp; City of Lakeland Florida Department of Electric Utilities, <br> Refunding RB, 4.25%, 10/01/48<br>| 5000 | &nbsp;&nbsp; 4472593 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., <br> Refunding RB, 5.00%, 08/15/47<br>| 3655 | &nbsp;&nbsp; 3470983 |
| City of Tampa Florida, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/40 | 2290 | &nbsp;&nbsp; 1090086 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/42 | 1150 | &nbsp;&nbsp; 480416 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 09/01/45 | 2000 | &nbsp;&nbsp; 688120 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Water & Sewer Utility <br> Revenue, RB, Series A, 4.00%, 10/01/47<br>| 5000 | &nbsp;&nbsp; 4337063 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.50%, 10/01/55<br>| 7500 | &nbsp;&nbsp; $7599842  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, Series B, AMT, 5.00%, 10/01/40<br>| 9295 | &nbsp;&nbsp; 9146847 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/52 | 5980 | &nbsp;&nbsp; 5926910 |
| &nbsp;&nbsp;&nbsp; Series B-2, AMT, Subordinate, 4.00%, 10/01/50 | 3500 | &nbsp;&nbsp; 2841187 |
| County of Pasco Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 12670 | &nbsp;&nbsp; 12676550 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/54 | 1400 | &nbsp;&nbsp; 1462309 |
| &nbsp;&nbsp;&nbsp; East Central Regional Wastewater Treatment Facilities <br> Operation Board, Refunding RB, 5.00%, 10/01/44<br>| 13925 | &nbsp;&nbsp; 13940475 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, AMT, 5.00%, <br> 05/01/29<sup>(b)</sup><br>| 1500 | &nbsp;&nbsp; 1511395 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/34 | 5060 | &nbsp;&nbsp; 5238797 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/42 | 4310 | &nbsp;&nbsp; 4322775 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 715 | &nbsp;&nbsp; 727348 |
| &nbsp;&nbsp;&nbsp; Kindred Community Development District II, SAB, <br> 5.88%, 05/01/54<br>| 500 | &nbsp;&nbsp; 498788 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 705 | &nbsp;&nbsp; 722619 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding <br> RB, Series A, 5.25%, 10/01/56<br>| 1290 | &nbsp;&nbsp; 1291589 |
| &nbsp;&nbsp;&nbsp; Parker Road Community Development District, <br> Refunding SAB, 3.88%, 05/01/40<br>| 900 | &nbsp;&nbsp; 764611 |
| Seminole Improvement District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 230 | &nbsp;&nbsp; 228819 |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/37 | 260 | &nbsp;&nbsp; 253664 |
| &nbsp;&nbsp;&nbsp; Viera Stewardship District, SAB, Series 2023, 5.50%, <br> 05/01/54<br>| 790 | &nbsp;&nbsp; 747271 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, SAB, <br> 5.50%, 05/01/53<br>| 1645 | &nbsp;&nbsp; 1668147 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 720 | &nbsp;&nbsp; 676740 |
| &nbsp;&nbsp;&nbsp; Westside Community Development District, Refunding <br> SAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/01/37 | 640 | &nbsp;&nbsp; 579032 |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/01/38 | 630 | &nbsp;&nbsp; 563899 |
|  |  | &nbsp;&nbsp; 99306311 |
| **Georgia — 1.8%** | **Georgia — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 630 | &nbsp;&nbsp; 425250 |
| Main Street Natural Gas, Inc., RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53 | 4195 | &nbsp;&nbsp; 4412690 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/53 | 2915 | &nbsp;&nbsp; 3080090 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/53 | 2445 | &nbsp;&nbsp; 2583321 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, <br> Series E-1, 5.00%, 12/01/53<sup>(a)</sup><br>| 3000 | &nbsp;&nbsp; 3172039 |
|  |  | &nbsp;&nbsp; 13673390 |
| **Hawaii — 0.5%** | **Hawaii — 0.5%** |  |
| State of Hawaii Airports System Revenue, COP |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 08/01/27 | 2000 | &nbsp;&nbsp; 2003487 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 08/01/28 | 1775 | &nbsp;&nbsp; 1776553 |
|  |  | &nbsp;&nbsp; 3780040 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Idaho — 1.0%** | **Idaho — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 5.25%, 08/15/48<br>| $7250 | &nbsp;&nbsp; $7481653 |
| **Illinois — 8.5%** | **Illinois — 8.5%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series A, 5.00%, <br> 12/01/40<br>| 1270 | &nbsp;&nbsp; 1205047 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 5.00%, 12/01/36<br>| 1300 | &nbsp;&nbsp; 1286494 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Class A, <br> AMT, Senior Lien, 5.00%, 01/01/48<br>| 1935 | &nbsp;&nbsp; 1855770 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series B, 5.50%, 01/01/59<br>| 3990 | &nbsp;&nbsp; 4131725 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, RB, <br> 2nd Lien, 5.00%, 12/01/46<br>| 4565 | &nbsp;&nbsp; 4574414 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F <br> Housing, Series N, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 6.25%, 04/01/54<br>| 2555 | &nbsp;&nbsp; 2784399 |
| Metropolitan Pier & Exposition Authority, RB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 12/15/33 | 20000 | &nbsp;&nbsp; 14283235 |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 12/15/34 | 41880 | &nbsp;&nbsp; 28304547 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> Series B, 0.00%, 06/15/44<sup>(c)</sup><br>| 9430 | &nbsp;&nbsp; 3559948 |
| State of Illinois, GO, Series B, 5.25%, 05/01/43 | 1640 | &nbsp;&nbsp; 1661382 |
|  |  | &nbsp;&nbsp; 63646961 |
| **Indiana — 1.6%** | **Indiana — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Avon Community School Building Corp., RB, (ST <br> INTERCEPT), 5.50%, 01/15/43<br>| 1500 | &nbsp;&nbsp; 1591136 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 1st Lien, <br> Sustainability Bonds, 4.00%, 10/01/51<br>| 2025 | &nbsp;&nbsp; 1691871 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/50 | 2180 | &nbsp;&nbsp; 2257713 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 2110 | &nbsp;&nbsp; 2178426 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 730 | &nbsp;&nbsp; 751131 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding ARB, Series B1, 5.25%, 01/01/55<br>| 3315 | &nbsp;&nbsp; 3357401 |
|  |  | &nbsp;&nbsp; 11827678 |
| **Kansas — 0.9%** | **Kansas — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, RB, Series A, <br> 4.13%, 05/01/41<br>| 6985 | &nbsp;&nbsp; 6693872 |
| **Kentucky — 3.8%** | **Kentucky — 3.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, 4.70%, <br> 01/01/52<sup>(b)</sup><br>| 475 | &nbsp;&nbsp; 415427 |
| Kentucky Public Energy Authority, Refunding RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.25%, 04/01/54 | 11055 | &nbsp;&nbsp; 11827224 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/55 | 6320 | &nbsp;&nbsp; 6684410 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.60%, 07/01/39<sup>(d)</sup><br>| 8225 | &nbsp;&nbsp; 9449146 |
|  |  | &nbsp;&nbsp; 28376207 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, 5.25%, <br> 10/01/53<br>| 4010 | &nbsp;&nbsp; 3869822 |
| &nbsp;&nbsp;&nbsp; Parish of East Baton Rouge Capital Improvements <br> District, RB, 5.00%, 08/01/46<br>| 2020 | &nbsp;&nbsp; 2045160 |
|  |  | &nbsp;&nbsp; 5914982 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 0.5%** | **Maryland — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, Series B, 4.00%, 04/15/50<br>| $2815 | &nbsp;&nbsp; $2344546  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB, 5.25%, 07/01/50<br>| 1500 | &nbsp;&nbsp; 1474461 |
|  |  | &nbsp;&nbsp; 3819007 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, <br> 5.00%, 10/01/50<br>| 5000 | &nbsp;&nbsp; 5045616 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A, 5.00%, 01/01/47<br>| 8535 | &nbsp;&nbsp; 7943484 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Refunding RB, <br> Series A, AMT, 4.45%, 12/01/42<br>| 1080 | &nbsp;&nbsp; 966738 |
|  |  | &nbsp;&nbsp; 13955838 |
| **Michigan — 4.8%** | **Michigan — 4.8%** |  |
| Michigan Finance Authority, RB, 4.00%, 02/15/47 | 1855 | &nbsp;&nbsp; 1538999 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, M/F <br> Housing, Series A, 5.00%, 10/01/48<br>| 8405 | &nbsp;&nbsp; 8194638 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing, Series D, Sustainability Bonds, 5.50%, <br> 06/01/53<br>| 4150 | &nbsp;&nbsp; 4394068 |
| &nbsp;&nbsp;&nbsp; Michigan State University, Refunding RB, Series B, <br> 5.00%, 02/15/48<br>| 10000 | &nbsp;&nbsp; 9999049 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 12/31/38 | 2000 | &nbsp;&nbsp; 1918185 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 7940 | &nbsp;&nbsp; 7433597 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 4.00%, <br> 11/15/46<br>| 2500 | &nbsp;&nbsp; 2173534 |
|  |  | &nbsp;&nbsp; 35652070 |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 01/01/53<br>| 2725 | &nbsp;&nbsp; 2906716 |
| **Missouri — 1.1%** | **Missouri — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 4.00%, 04/01/45<br>| 4840 | &nbsp;&nbsp; 4248647 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 4.70%, <br> 11/01/54<br>| 4560 | &nbsp;&nbsp; 4213093 |
|  |  | &nbsp;&nbsp; 8461740 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F <br> Housing, Series E, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.70%, 09/01/49<br>| 5835 | &nbsp;&nbsp; 5482158 |
| **Nevada — 0.4%** | **Nevada — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement District <br> No. 814, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/39 | 360 | &nbsp;&nbsp; 318017 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/44 | 965 | &nbsp;&nbsp; 796288 |
| Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51 | 1610 | &nbsp;&nbsp; 1538215 |
|  |  | &nbsp;&nbsp; 2652520 |
| **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.09%, 01/20/41<sup>(a)</sup> | 1197 | &nbsp;&nbsp; 1129453 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 5140 | &nbsp;&nbsp; 5203418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire (continued)** | **New Hampshire (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 1825 | &nbsp;&nbsp; $1833963  |
| &nbsp;&nbsp;&nbsp; Series 2025, 5.15%, 09/28/37 | 2830 | &nbsp;&nbsp; 2766729 |
|  |  | &nbsp;&nbsp; 10933563 |
| **New Jersey — 8.3%** | **New Jersey — 8.3%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.13%, 01/01/34 | 1930 | &nbsp;&nbsp; 1930916 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 4920 | &nbsp;&nbsp; 4920540 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding RB, Series N-1, (NPFGC), 5.50%, <br> 09/01/28<br>| 1685 | &nbsp;&nbsp; 1829943 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Series M, 5.10%, 10/01/50<br>| 4105 | &nbsp;&nbsp; 4108517 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/46 | 5825 | &nbsp;&nbsp; 5848905 |
| &nbsp;&nbsp;&nbsp; Series C, (AMBAC), 0.00%, 12/15/25<sup>(c)</sup> | 8550 | &nbsp;&nbsp; 8467677 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB, Series A, 0.00%, 12/15/35<sup>(c)</sup><br>| 10000 | &nbsp;&nbsp; 6568451 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.25%, 06/15/40<br>| 10945 | &nbsp;&nbsp; 10393247 |
| New Jersey Turnpike Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/55 | 3560 | &nbsp;&nbsp; 3667189 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 01/01/49 | 5265 | &nbsp;&nbsp; 5417352 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 7310 | &nbsp;&nbsp; 7113048 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 2195 | &nbsp;&nbsp; 2107954 |
|  |  | &nbsp;&nbsp; 62373739 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 425 | &nbsp;&nbsp; 399346 |
| **New York — 13.5%** | **New York — 13.5%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 660 | &nbsp;&nbsp; 672919 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series A-1, Sustainability Bonds, 5.25%, 11/15/57<br>| 3050 | &nbsp;&nbsp; 2935858 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.25%, 06/15/55<br>| 1700 | &nbsp;&nbsp; 1749538 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 4.13%, 06/15/47<br>| 4650 | &nbsp;&nbsp; 4091843 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-1, 4.00%, 02/01/42 | 3325 | &nbsp;&nbsp; 3028757 |
| &nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 4.00%, 02/01/43 | 6355 | &nbsp;&nbsp; 5671416 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series C-S, Subordinate, 5.00%, 05/01/50<br>| 8410 | &nbsp;&nbsp; 8460652 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44<sup>(b)</sup> | 3055 | &nbsp;&nbsp; 2933151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 7430 | &nbsp;&nbsp; 5042727 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series E, 4.00%, 03/15/46<br>| 1825 | &nbsp;&nbsp; 1594000 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/60 | 3360 | &nbsp;&nbsp; 3493063 |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1555 | &nbsp;&nbsp; 1594704 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 01/01/50 | 2360 | &nbsp;&nbsp; 2257020 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 3275 | &nbsp;&nbsp; 3320190 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 06/30/60 | 6800 | &nbsp;&nbsp; 6576373 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 3950 | &nbsp;&nbsp; 3824158 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 12/31/54<br>| 5205 | &nbsp;&nbsp; $5115533  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, AMT, <br> 4.00%, 09/01/43<br>| 3000 | &nbsp;&nbsp; 2586096 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding RB, <br> Series 226, AMT, 5.00%, 10/15/39<br>| 2500 | &nbsp;&nbsp; 2566176 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/48 | 10090 | &nbsp;&nbsp; 8614381 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 1325 | &nbsp;&nbsp; 1340482 |
| Triborough Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 12/01/48 | 5125 | &nbsp;&nbsp; 5297940 |
| &nbsp;&nbsp;&nbsp; Series A, 11/15/57<sup>(e)</sup> | 11375 | &nbsp;&nbsp; 11731981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-2, Senior Lien, Sustainability Bonds, 5.50%, <br> 05/15/52<br>| 6500 | &nbsp;&nbsp; 6738077 |
|  |  | &nbsp;&nbsp; 101237035 |
| **North Dakota — 1.2%** | **North Dakota — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.70%, 07/01/49 | 3030 | &nbsp;&nbsp; 2879066 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 4.75%, 07/01/49 | 6245 | &nbsp;&nbsp; 5924957 |
|  |  | &nbsp;&nbsp; 8804023 |
| **Ohio — 4.1%** | **Ohio — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 6970 | &nbsp;&nbsp; 5658672 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 20000 | &nbsp;&nbsp; 20340224 |
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | 4500 | &nbsp;&nbsp; 4362339 |
|  |  | &nbsp;&nbsp; 30361235 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/35<br>| 1600 | &nbsp;&nbsp; 1761175 |
| **Oregon — 0.7%** | **Oregon — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB, Series A, (GTD), 0.00%, <br> 06/15/38<sup>(c)</sup><br>| 2800 | &nbsp;&nbsp; 1426693 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 3495 | &nbsp;&nbsp; 3597250 |
|  |  | &nbsp;&nbsp; 5023943 |
| **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> 5.50%, 01/01/48<br>| 785 | &nbsp;&nbsp; 800297 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, RB, <br> 4.00%, 07/01/46<br>| 405 | &nbsp;&nbsp; 321692 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series A, 5.00%, 10/01/47<br>| 3650 | &nbsp;&nbsp; 3625675 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> RB, Series C, 5.00%, 11/15/45<br>| 450 | &nbsp;&nbsp; 417794 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 13560 | &nbsp;&nbsp; 13246386 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 1645 | &nbsp;&nbsp; 1644676 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 11/01/51 | 1675 | &nbsp;&nbsp; 1648668 |
| &nbsp;&nbsp;&nbsp; Series B2, 4.38%, 11/01/54 | 4875 | &nbsp;&nbsp; 4152635 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 9205 | &nbsp;&nbsp; $9991416  |
| &nbsp;&nbsp;&nbsp; Series 148A, Sustainability Bonds, 4.75%, 10/01/50 | 10000 | &nbsp;&nbsp; 9467462 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 12/01/41 | 4740 | &nbsp;&nbsp; 4759203 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/54 | 8000 | &nbsp;&nbsp; 8181782 |
| Pennsylvania Turnpike Commission, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/44 | 1500 | &nbsp;&nbsp; 1556664 |
| &nbsp;&nbsp;&nbsp; Series 2017-3, Subordinate, 5.00%, 12/01/40 | 2330 | &nbsp;&nbsp; 2345364 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/49<br>| 3500 | &nbsp;&nbsp; 3577574 |
|  |  | &nbsp;&nbsp; 65737288 |
| **Puerto Rico — 2.8%** | **Puerto Rico — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 1274 | &nbsp;&nbsp; 1138685 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 1805 | &nbsp;&nbsp; 1643289 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 214 | &nbsp;&nbsp; 189458 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 573 | &nbsp;&nbsp; 530543 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 937 | &nbsp;&nbsp; 823740 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 5.00%, 07/01/58 | 14927 | &nbsp;&nbsp; 13589674 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 1261 | &nbsp;&nbsp; 1107279 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(c)</sup><br>| 7315 | &nbsp;&nbsp; 2257824 |
|  |  | &nbsp;&nbsp; 21280492 |
| **South Carolina — 4.1%** | **South Carolina — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 7215 | &nbsp;&nbsp; 7741797 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(b)</sup> | 1290 | &nbsp;&nbsp; 1157600 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/49 | 6655 | &nbsp;&nbsp; 6864730 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 525 | &nbsp;&nbsp; 540132 |
| South Carolina Public Service Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/01/50 | 6455 | &nbsp;&nbsp; 6531829 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/55 | 3465 | &nbsp;&nbsp; 3472079 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/51 | 2110 | &nbsp;&nbsp; 2069691 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series B, 4.60%, <br> 07/01/49<br>| 2280 | &nbsp;&nbsp; 2146920 |
|  |  | &nbsp;&nbsp; 30524778 |
| **South Dakota — 0.4%** | **South Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, <br> Refunding RB, S/F Housing, Series A, (FHLMC, <br> FNMA, GNMA), 4.70%, 05/01/50<br>| 3410 | &nbsp;&nbsp; 3198413 |
| **Tennessee — 0.8%** | **Tennessee — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 2075 | &nbsp;&nbsp; 2143535 |
| Metropolitan Nashville Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/01/41 | 1875 | &nbsp;&nbsp; 1983242 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/01/42 | 2000 | &nbsp;&nbsp; 2096264 |
|  |  | &nbsp;&nbsp; 6223041 |
| **Texas — 11.0%** | **Texas — 11.0%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1420 | &nbsp;&nbsp; 1346387 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 1195 | &nbsp;&nbsp; 1199898 |

---

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 2125 | &nbsp;&nbsp; $2134857  |
| &nbsp;&nbsp;&nbsp; City of El Paso Texas Water & Sewer Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/49 | 3410 | &nbsp;&nbsp; 3488254 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/44 | 5590 | &nbsp;&nbsp; 4936916 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, 4.25%, 03/01/48<br>| 635 | &nbsp;&nbsp; 565005 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 07/15/36 | 300 | &nbsp;&nbsp; 309448 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 6.63%, 07/15/38 | 1295 | &nbsp;&nbsp; 1295453 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/37 | 1035 | &nbsp;&nbsp; 1067677 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, 07/01/55<sup>(e)</sup><br>| 4815 | &nbsp;&nbsp; 4922825 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB, Series A, AMT, 5.00%, 07/01/27<br>| 690 | &nbsp;&nbsp; 697301 |
| City of Houston Texas, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/49 | 4715 | &nbsp;&nbsp; 4812137 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 03/01/51 | 2000 | &nbsp;&nbsp; 1694375 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas, Refunding GOL, Series A, <br> 5.25%, 03/01/42<br>| 695 | &nbsp;&nbsp; 730643 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 | 1665 | &nbsp;&nbsp; 1468276 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 5330 | &nbsp;&nbsp; 4573474 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding GO, Series A, 4.25%, <br> 09/15/48<br>| 1320 | &nbsp;&nbsp; 1177502 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 6600 | &nbsp;&nbsp; 5660454 |
| &nbsp;&nbsp;&nbsp; Galveston Independent School District, GO, (PSF), <br> 4.00%, 02/01/47<br>| 8075 | &nbsp;&nbsp; 6978551 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(c)(f)</sup><br>| 5810 | &nbsp;&nbsp; 3538126 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.00%, 08/15/50<sup>(b)</sup><br>| 1385 | &nbsp;&nbsp; 1044757 |
| Northwest Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; (PSF), 5.00%, 02/15/49 | 7635 | &nbsp;&nbsp; 7674627 |
| &nbsp;&nbsp;&nbsp; (PSF), 5.25%, 02/15/55 | 2280 | &nbsp;&nbsp; 2361200 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 4.00%, 10/01/46<br>| 1025 | &nbsp;&nbsp; 896149 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series A, 4.00%, 07/01/53<br>| 960 | &nbsp;&nbsp; 764736 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 2230 | &nbsp;&nbsp; 1960377 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 820 | &nbsp;&nbsp; 650687 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V, RB, <br> 5.00%, 01/01/55<sup>(a)</sup><br>| 5560 | &nbsp;&nbsp; 5847195 |
| Texas State Technical College, RB, 5.50%, 08/01/42 | 3335 | &nbsp;&nbsp; 3561734 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/48<br>| 2540 | &nbsp;&nbsp; 2151638 |
| &nbsp;&nbsp;&nbsp; Ysleta Independent School District, GO, (PSF), 4.25%, <br> 08/15/56<br>| 3250 | &nbsp;&nbsp; 2853519 |
|  |  | &nbsp;&nbsp; 82364178 |
| **Utah — 3.7%** | **Utah — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 480 | &nbsp;&nbsp; 468546 |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 07/01/55<sup>(e)</sup> | 4685 | &nbsp;&nbsp; 4781448 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/36 | 3475 | &nbsp;&nbsp; 3510656 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/42 | 1000 | &nbsp;&nbsp; 995224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/43 | 6100 | &nbsp;&nbsp; $5905848  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/48 | 3140 | &nbsp;&nbsp; 3013309 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 07/01/48 | 5780 | &nbsp;&nbsp; 5771852 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/55 | 2135 | &nbsp;&nbsp; 2222329 |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 06/01/55 | 760 | &nbsp;&nbsp; 783465 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.00%, <br> 06/15/39<sup>(b)</sup><br>| 190 | &nbsp;&nbsp; 182511 |
|  |  | &nbsp;&nbsp; 27635188 |
| **Virginia — 0.6%** | **Virginia — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 2180 | &nbsp;&nbsp; 2166270 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 3030 | &nbsp;&nbsp; 2522463 |
|  |  | &nbsp;&nbsp; 4688733 |
| **Washington — 0.6%** | **Washington — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, AMT, <br> Intermediate Lien, 5.00%, 08/01/47<br>| 4350 | &nbsp;&nbsp; 4260935 |
| **Wisconsin — 1.7%** | **Wisconsin — 1.7%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 12/31/65<sup>(e)</sup> | 2505 | &nbsp;&nbsp; 2612791 |
| &nbsp;&nbsp;&nbsp; Class A, 4.25%, 06/15/31<sup>(b)</sup> | 270 | &nbsp;&nbsp; 250204 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/41<sup>(b)</sup> | 895 | &nbsp;&nbsp; 738166 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/51<sup>(b)</sup> | 590 | &nbsp;&nbsp; 439636 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(b)</sup><br>| 845 | &nbsp;&nbsp; 739530 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 | 5130 | &nbsp;&nbsp; 4291724 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/51 | 3000 | &nbsp;&nbsp; 2361432 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing, <br> Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.85%, 09/01/43<br>| 1080 | &nbsp;&nbsp; 1055337 |
|  |  | &nbsp;&nbsp; 12488820 |
| **Total Municipal Bonds — 129.9%** <br>**(Cost: $970,660,492)** | **Total Municipal Bonds — 129.9%** <br>**(Cost: $970,660,492)** | &nbsp;&nbsp; 971569139 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> |
| **Alabama — 1.5%** | **Alabama — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-<br> Birmingham Alabama, Refunding RB, Series B, <br> 5.00%, 11/15/46<br>| 11790 | &nbsp;&nbsp; 11357139 |
| **California — 1.4%** | **California — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Series QRR, <br> Sustainability Bonds, 5.25%, 07/01/47<br>| 9750 | &nbsp;&nbsp; 10152096 |
| **District of Columbia — 1.9%** | **District of Columbia — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 5.50%, 07/15/60<br>| 13660 | &nbsp;&nbsp; 14289134 |
| **Florida — 3.9%** | **Florida — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, RB, Series B, <br> Senior Lien, 5.00%, 07/01/49<br>| 14090 | &nbsp;&nbsp; 14102944 |

---

Schedule of Investments

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| City of Tampa Florida, RB, Series A, 5.00%, 11/15/46 | 10500 | &nbsp;&nbsp; $10279090  |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, 5.25%, <br> 10/01/51<br>| 5138 | &nbsp;&nbsp; 5155277 |
|  |  | &nbsp;&nbsp; 29537311 |
| **Illinois — 6.5%** | **Illinois — 6.5%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, Second Lien, (BAM), 5.00%, <br> 12/01/46<br>| 10000 | &nbsp;&nbsp; 9925211 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, <br> 5.00%, 07/15/42<br>| 20000 | &nbsp;&nbsp; 20035416 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/44 | 8000 | &nbsp;&nbsp; 8022109 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/46 | 10470 | &nbsp;&nbsp; 10426544 |
|  |  | &nbsp;&nbsp; 48409280 |
| **New Jersey — 1.2%** | **New Jersey — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Garden State Preservation Trust, RB, Series A, 5.75%, <br> 11/01/28<br>| 8220 | &nbsp;&nbsp; 8776428 |
| **New York — 9.4%** | **New York — 9.4%** |  |
| Empire State Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/41 | 7790 | &nbsp;&nbsp; 8110277 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/43 | 10000 | &nbsp;&nbsp; 10293041 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 | 8280 | &nbsp;&nbsp; 8472080 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.25%, 11/01/43 | 12040 | &nbsp;&nbsp; 12549188 |
| &nbsp;&nbsp;&nbsp; Series D-1, 5.50%, 11/01/45 | 5900 | &nbsp;&nbsp; 6180188 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series H-1, 5.00%, 11/01/50<br>| 5000 | &nbsp;&nbsp; 5041061 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 5.00%, 03/15/41<br>| 9795 | &nbsp;&nbsp; 9928751 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series D-2, <br> Senior Lien, Sustainability Bonds, 5.25%, 05/15/47<br>| 9810 | &nbsp;&nbsp; 10078183 |
|  |  | &nbsp;&nbsp; 70652769 |
| **Ohio — 2.0%** | **Ohio — 2.0%** |  |
| University of Cincinnati, RB, Series A, 5.00%, 06/01/45 | 15025 | &nbsp;&nbsp; 14840818 |
| **Pennsylvania — 1.7%** | **Pennsylvania — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, 4.75%, <br> 10/01/49<br>| 13550 | &nbsp;&nbsp; 12976836 |
| **Texas — 3.8%** | **Texas — 3.8%** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.25%, 02/01/49<br>| 10330 | &nbsp;&nbsp; 10564235 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Refunding RB, Series B, <br> Senior Lien, 5.00%, 12/01/47<br>| 9480 | &nbsp;&nbsp; 9542976 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(h)</sup><br>| 8037 | &nbsp;&nbsp; 8085436 |
|  |  | &nbsp;&nbsp; 28192647 |
| **Washington — 6.8%** | **Washington — 6.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Everett WA Water & Sewer Revenue, RB, 5.00%, <br> 12/01/50<br>| 10370 | &nbsp;&nbsp; 10470345 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, ARB, Series A, AMT, 5.00%, <br> 05/01/43<br>| 15500 | &nbsp;&nbsp; $14967413  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series B, <br> AMT, Intermediate Lien, 5.25%, 07/01/49<br>| 11970 | &nbsp;&nbsp; 12093421 |
| State of Washington, GO, Series A-3, 5.00%, 08/01/47 | 13395 | &nbsp;&nbsp; 13554992 |
|  |  | &nbsp;&nbsp; 51086171 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 40.1%** <br>**(Cost: $304,141,279)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 40.1%** <br>**(Cost: $304,141,279)** | &nbsp;&nbsp; 300270629 |
| **Total Long-Term Investments — 170.0%** <br>**(Cost: $1,274,801,771)** | **Total Long-Term Investments — 170.0%** <br>**(Cost: $1,274,801,771)** | &nbsp;&nbsp; 1271839768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.51%<sup>(i)(j)</sup><br>| 8056931 | &nbsp;&nbsp; 8057737 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $8,057,298)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $8,057,298)** | &nbsp;&nbsp; 8057737 |
| **Total Investments — 171.1%** <br>**(Cost: $1,282,859,069)** | **Total Investments — 171.1%** <br>**(Cost: $1,282,859,069)** | &nbsp;&nbsp; 1279897505 |
| **Liabilities in Excess of Other Assets — (1.2)%** | **Liabilities in Excess of Other Assets — (1.2)%** | &nbsp;&nbsp; (8592459)<br>|
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.3)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.3)%** | &nbsp;&nbsp; (167108356)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.6)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.6)%** | &nbsp;&nbsp; (356182133)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $748014557 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> 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. 

<sup>(e)</sup> When-issued security.

<sup>(f)</sup> 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. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> 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, 2032, is $6,233,237. See Note 4 of the Notes to Financial Statements for details. 

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

2025 BlackRock Annual Report to Shareholders

------

Schedule of Investments (continued)

July 31, 2025

**BlackRock MuniYield Quality Fund III, Inc. (MYI)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $10785305 | $—<br> $(2727568 )<sup>(a)</sup><br>| &nbsp;&nbsp; $422 | $(422)<br>| $8057737 | 8056931 | $418557 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $971569139  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $971569139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300270629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300270629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 8057737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8057737 |
|  | &nbsp;&nbsp; $8057737 | &nbsp;&nbsp;&nbsp;&nbsp; $1271839768 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1279897505 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(166265062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(166265062)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (356400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (356400000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(522665062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(522665062)<br>|

---

Schedule of Investments

------

Statements of Assets and Liabilities

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTA | MUA | MYD | MQY |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $205818027 | $597569907 | $832011754 | $1394262711 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119565 | &nbsp;&nbsp;&nbsp;&nbsp; 2459847 | &nbsp;&nbsp;&nbsp;&nbsp; 8037512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26665508 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892009 | &nbsp;&nbsp;&nbsp;&nbsp; 3085632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2683350 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45855 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp; 2305818 | &nbsp;&nbsp;&nbsp;&nbsp; 6589093 | &nbsp;&nbsp;&nbsp;&nbsp; 9150849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14543365 |
| Unrealized appreciation on unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1856076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724729 |
| Total assets | &nbsp;&nbsp; 211637273 | &nbsp;&nbsp; 609756987 | &nbsp;&nbsp; 852582666 | &nbsp;&nbsp; 1438925518 |
| **ACCRUED LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683626 | &nbsp;&nbsp;&nbsp;&nbsp; 1974369 | &nbsp;&nbsp;&nbsp;&nbsp; 8237756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5998345 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84798 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7780 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254174 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674588 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606539 |
| &nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325995 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335705 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22927 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448724 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28055 |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 1260253 | &nbsp;&nbsp;&nbsp;&nbsp; 2875194 | &nbsp;&nbsp;&nbsp;&nbsp; 10281980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8794777 |
| **OTHER LIABILITIES** |  |  |  |  |
| TOB Trust Certificates | &nbsp;&nbsp;&nbsp;&nbsp; 6990013 | &nbsp;&nbsp;&nbsp;&nbsp; 18552437 | &nbsp;&nbsp;&nbsp;&nbsp; 96564984 | &nbsp;&nbsp;&nbsp;&nbsp; 136211748 |
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75704973 | &nbsp;&nbsp; 174945472 | &nbsp;&nbsp; 251162644 | &nbsp;&nbsp;&nbsp;&nbsp; 449458272 |
| Total other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 82694986 | &nbsp;&nbsp; 193497909 | &nbsp;&nbsp; 347727628 | &nbsp;&nbsp;&nbsp;&nbsp; 585670020 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 83955239 | &nbsp;&nbsp; 196373103 | &nbsp;&nbsp; 358009608 | &nbsp;&nbsp;&nbsp;&nbsp; 594464797 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $127682034 | $413383884 | $494573058 | $844460721 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $152960222 | $505245475 | $599278092 | $1003471942 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (25278188) | &nbsp;&nbsp;&nbsp; (91861591) | &nbsp;&nbsp; (104705034) | &nbsp;&nbsp;&nbsp;&nbsp; (159011221) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $127682034 | $413383884 | $494573058 | $844460721 |
| Net asset value per Common Share | $9.50 | $10.74 | $10.81 | $11.76 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $217424298 | $642135347 | $843256060 | $1407736843 |
| <sup>(b)</sup> Investments, at cost—affiliated | $3119562 | $2459847 | $8037339 | $26665167 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4503 |
| <sup>(d)</sup> Preferred Shares authorized | Unlimited | 1750 | 2514 | 16755 |
| <sup>(e)</sup> Par value per Preferred Share | $0.001 | $0.10 | $0.10 | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 13439892 | &nbsp;&nbsp;&nbsp;&nbsp; 38478279 | &nbsp;&nbsp;&nbsp;&nbsp; 45733511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71833617 |
| <sup>(g)</sup> Common Shares authorized | Unlimited | 199998250 | 199997486 | 199983245 |
| <sup>(h)</sup> Par value per Common Share | $0.001 | $0.10 | $0.10 | $0.10 |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities (continued)

July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MYI |
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $1271839768 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8057737 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3478427 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11825042 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18837 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13651758 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310281 |
| Total assets | &nbsp;&nbsp; 1309181850 |
| **ACCRUED LIABILITIES** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27622864 |
| &nbsp;&nbsp;&nbsp; TOB Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8586801 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79887 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6535 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232042 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843294 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539546 |
| &nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495645 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9783 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38038 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250198 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15465 |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38720098 |
| **OTHER LIABILITIES** |  |
| TOB Trust Certificates | &nbsp;&nbsp;&nbsp;&nbsp; 166265062 |
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 356182133 |
| Total other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 522447195 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 561167293 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $748014557 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $847103650 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp; (99089093) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $748014557 |
| Net asset value per Common Share | $11.25 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1274801771 |
| <sup>(b)</sup> Investments, at cost—affiliated | $8057298 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3564 |
| <sup>(d)</sup> Preferred Shares authorized | 26364 |
| <sup>(e)</sup> Par value per Preferred Share | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66467251 |
| <sup>(g)</sup> Common Shares authorized | 199973636 |
| <sup>(h)</sup> Par value per Common Share | $0.10 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTA | MUA | MYD | MQY |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $47023 | &nbsp;&nbsp;&nbsp;&nbsp; $163009 | &nbsp;&nbsp;&nbsp;&nbsp; $398730 | &nbsp;&nbsp;&nbsp;&nbsp; $743566 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 11134501 | &nbsp;&nbsp;&nbsp;&nbsp; 32125425 | &nbsp;&nbsp;&nbsp;&nbsp; 40157721 | &nbsp;&nbsp;&nbsp;&nbsp; 66660834 |
| Total investment income | &nbsp;&nbsp; 11181524 | &nbsp;&nbsp;&nbsp;&nbsp; 32288434 | &nbsp;&nbsp;&nbsp;&nbsp; 40556451 | &nbsp;&nbsp;&nbsp;&nbsp; 67404400 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 1388384 | &nbsp;&nbsp;&nbsp;&nbsp; 3467900 | &nbsp;&nbsp;&nbsp;&nbsp; 4342894 | &nbsp;&nbsp;&nbsp;&nbsp; 7281740 |
| &nbsp;&nbsp;&nbsp; Liquidity fees | &nbsp;&nbsp; 386714 | &nbsp;&nbsp;&nbsp;&nbsp; 1283608 | &nbsp;&nbsp;&nbsp;&nbsp; 1284119 | &nbsp;&nbsp;&nbsp;&nbsp; 3559074 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 334237 | &nbsp;&nbsp;&nbsp;&nbsp; 598588 | &nbsp;&nbsp;&nbsp;&nbsp; 475940 | &nbsp;&nbsp;&nbsp;&nbsp; 488928 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 77643 | &nbsp;&nbsp;&nbsp;&nbsp; 131263 | &nbsp;&nbsp;&nbsp;&nbsp; 92316 | &nbsp;&nbsp;&nbsp;&nbsp; 125171 |
| &nbsp;&nbsp;&nbsp; Remarketing fees on Preferred Shares | &nbsp;&nbsp; 56325 | &nbsp;&nbsp;&nbsp;&nbsp; 174800 | &nbsp;&nbsp;&nbsp;&nbsp; 186317 | &nbsp;&nbsp;&nbsp;&nbsp; 337440 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 33422 | &nbsp;&nbsp;&nbsp;&nbsp; 54236 | &nbsp;&nbsp;&nbsp;&nbsp; 80818 | &nbsp;&nbsp;&nbsp;&nbsp; 115841 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 28441 | &nbsp;&nbsp;&nbsp;&nbsp; 98440 | &nbsp;&nbsp;&nbsp;&nbsp; 121102 | &nbsp;&nbsp;&nbsp;&nbsp; 167464 |
| &nbsp;&nbsp;&nbsp; Directors and Officer | &nbsp;&nbsp; 12270 | &nbsp;&nbsp;&nbsp;&nbsp; 28048 | &nbsp;&nbsp;&nbsp;&nbsp; 62160 | &nbsp;&nbsp;&nbsp;&nbsp; 82863 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 8576 | &nbsp;&nbsp;&nbsp;&nbsp; 13522 | &nbsp;&nbsp;&nbsp;&nbsp; 15992 | &nbsp;&nbsp;&nbsp;&nbsp; 25157 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 2696 | &nbsp;&nbsp;&nbsp;&nbsp; 5223 | &nbsp;&nbsp;&nbsp;&nbsp; 7204 | &nbsp;&nbsp;&nbsp;&nbsp; 12562 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 6286 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 55485 | &nbsp;&nbsp;&nbsp;&nbsp; 196382 | &nbsp;&nbsp;&nbsp;&nbsp; 74437 | &nbsp;&nbsp;&nbsp;&nbsp; 85180 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 2384828 | &nbsp;&nbsp;&nbsp;&nbsp; 6071162 | &nbsp;&nbsp;&nbsp;&nbsp; 6747091 | &nbsp;&nbsp;&nbsp;&nbsp; 12285171 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 2758499 | &nbsp;&nbsp;&nbsp;&nbsp; 5825411 | &nbsp;&nbsp;&nbsp;&nbsp; 11149598 | &nbsp;&nbsp;&nbsp;&nbsp; 17090360 |
| Total expenses | &nbsp;&nbsp; 5143327 | &nbsp;&nbsp;&nbsp;&nbsp; 11896573 | &nbsp;&nbsp;&nbsp;&nbsp; 17896689 | &nbsp;&nbsp;&nbsp;&nbsp; 29375531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (1782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (429570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224953)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 5141545 | &nbsp;&nbsp;&nbsp;&nbsp; 11467003 | &nbsp;&nbsp;&nbsp;&nbsp; 17663297 | &nbsp;&nbsp;&nbsp;&nbsp; 29150578 |
| Net investment income | &nbsp;&nbsp; 6039979 | &nbsp;&nbsp;&nbsp;&nbsp; 20821431 | &nbsp;&nbsp;&nbsp;&nbsp; 22893154 | &nbsp;&nbsp;&nbsp;&nbsp; 38253822 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (685632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4852064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8690127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19715195)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1403948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2691276)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate | &nbsp;&nbsp; 4063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (681522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4850960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10094075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22406269)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (14043350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32833061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44199732)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70947396)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; (201)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 709550 | &nbsp;&nbsp;&nbsp;&nbsp; 1147764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1501165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (14043397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34335330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43490181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69799833)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (14724919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39186290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53584256)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92206102)<br>|
| &nbsp;&nbsp;&nbsp; NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $(8684940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(18364859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30691102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(53952280)<br>|
| <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Operations (continued)

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MYI |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $418557 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 59370687 |
| Total investment income | &nbsp;&nbsp; 59789244 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 6560410 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 252066 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 157655 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 103316 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 102990 |
| &nbsp;&nbsp;&nbsp; Directors and Officer | &nbsp;&nbsp; 91075 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 23245 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 12002 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 10513 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 78777 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 7392049 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 18935710 |
| Total expenses | &nbsp;&nbsp; 26327759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (422312)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 25905447 |
| Net investment income | &nbsp;&nbsp; 33883797 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (17088454)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 422 |
|  | &nbsp;&nbsp; (17088032)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (56607718)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (422)<br>|
|  | &nbsp;&nbsp; (56608140)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (73696172)<br>|
| &nbsp;&nbsp;&nbsp; NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $(39812375)<br>|
| <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts and/or VRDP Shares. |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTA | BTA | MUA | MUA |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $6039979 | &nbsp;&nbsp;&nbsp;&nbsp; $5500586 | &nbsp;&nbsp;&nbsp;&nbsp; $20821431 | &nbsp;&nbsp;&nbsp;&nbsp; $19062245 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (681522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3174024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4850960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7205538)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14043397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9600909 | &nbsp;&nbsp;&nbsp;&nbsp; (34335330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34287730 |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; (8684940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11927471 | &nbsp;&nbsp;&nbsp;&nbsp; (18364859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46144437 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (5992890)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5984962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19613908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20323141)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (1829127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1041279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6008533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3070135)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (7822017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7026241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25622441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23393276)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of common distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388589 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1967553)<br>|
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388589 | &nbsp;&nbsp;&nbsp;&nbsp; (1967553)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; (16506957)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4901230 | &nbsp;&nbsp;&nbsp;&nbsp; (43598711)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20783608 |
| Beginning of year | &nbsp;&nbsp; 144188991 | &nbsp;&nbsp;&nbsp;&nbsp; 139287761 | &nbsp;&nbsp;&nbsp;&nbsp; 456982595 | &nbsp;&nbsp;&nbsp;&nbsp; 436198987 |
| End of year | &nbsp;&nbsp; $127682034 | &nbsp;&nbsp;&nbsp;&nbsp; $144188991 | &nbsp;&nbsp;&nbsp;&nbsp; $413383884 | &nbsp;&nbsp;&nbsp;&nbsp; $456982595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MYD | MYD | MQY | MQY |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $22893154 | &nbsp;&nbsp;&nbsp;&nbsp; $21075328 | &nbsp;&nbsp;&nbsp;&nbsp; $38253822 | &nbsp;&nbsp;&nbsp;&nbsp; $36271587 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (10094075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21004028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22406269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32894509)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (43490181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23857595 | &nbsp;&nbsp;&nbsp;&nbsp; (69799833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39136710 |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; (30691102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23928895 | &nbsp;&nbsp;&nbsp;&nbsp; (53952280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42513788 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (20556835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23370610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34416057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40219409)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (9169947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15580140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5711984)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (29726782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25954821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49996197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45931393)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6452972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8490029)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total decrease in net assets applicable to Common Shareholders | &nbsp;&nbsp; (60417884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8478898)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103948477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11907634)<br>|
| Beginning of year | &nbsp;&nbsp; 554990942 | &nbsp;&nbsp;&nbsp;&nbsp; 563469840 | &nbsp;&nbsp;&nbsp;&nbsp; 948409198 | &nbsp;&nbsp;&nbsp;&nbsp; 960316832 |
| End of year | &nbsp;&nbsp; $494573058 | &nbsp;&nbsp;&nbsp;&nbsp; $554990942 | &nbsp;&nbsp;&nbsp;&nbsp; $844460721 | &nbsp;&nbsp;&nbsp;&nbsp; $948409198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | MYI | MYI |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $33883797 | &nbsp;&nbsp;&nbsp;&nbsp; $30745740 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (17088032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14519065)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (56608140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22145941 |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; (39812375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38372616 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (30405458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34333732)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (13861731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6058522)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (44267189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40392254)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10490104)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |
| Total decrease in net assets applicable to Common Shareholders | &nbsp;&nbsp; (84079564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12509742)<br>|
| Beginning of year | &nbsp;&nbsp; 832094121 | &nbsp;&nbsp;&nbsp;&nbsp; 844603863 |
| End of year | &nbsp;&nbsp; $748014557 | &nbsp;&nbsp;&nbsp;&nbsp; $832094121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statements of Cash Flows

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTA | MUA | MYD | MQY |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net decrease in net assets resulting from operations | &nbsp;&nbsp; $(8684940)<br>| &nbsp;&nbsp; $(18364859)<br>| &nbsp;&nbsp; $(30691102)<br>| &nbsp;&nbsp; $(53952280)<br>|
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) <br> operating activities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 74990501 | &nbsp;&nbsp; 202328300 | &nbsp;&nbsp; 331057795 | &nbsp;&nbsp; 698942051 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (73658856)<br>| &nbsp;&nbsp; (217054204)<br>| &nbsp;&nbsp; (373433511)<br>| &nbsp;&nbsp; (742587135)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; 53555 | &nbsp;&nbsp; 10286629 | &nbsp;&nbsp; 8513468 | &nbsp;&nbsp; (8912195)<br>|
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (877446)<br>| &nbsp;&nbsp; (3371158)<br>| &nbsp;&nbsp; (1369960)<br>| &nbsp;&nbsp; (3109658)<br>|
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 699460 | &nbsp;&nbsp; 4857916 | &nbsp;&nbsp; 8761593 | &nbsp;&nbsp; 19714993 |
| &nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments | &nbsp;&nbsp; 14043397 | &nbsp;&nbsp; 34335330 | &nbsp;&nbsp; 44199731 | &nbsp;&nbsp; 70947597 |
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 6347 | &nbsp;&nbsp; 9724 | &nbsp;&nbsp; 7548 | &nbsp;&nbsp; (11126)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; (81807)<br>| &nbsp;&nbsp; (148378)<br>| &nbsp;&nbsp; (716022)<br>| &nbsp;&nbsp; (649881)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; (112628)<br>| &nbsp;&nbsp; 86266 | &nbsp;&nbsp; (223627)<br>| &nbsp;&nbsp; (335780)<br>|
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; — | &nbsp;&nbsp; 11866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; 6721 | &nbsp;&nbsp; 24481 | &nbsp;&nbsp; 29493 | &nbsp;&nbsp; 40198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 3184 | &nbsp;&nbsp; 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; (2583)<br>| &nbsp;&nbsp; 58251 | &nbsp;&nbsp; (29501)<br>| &nbsp;&nbsp; 122687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (11670)<br>| &nbsp;&nbsp; (10079)<br>| &nbsp;&nbsp; (4950)<br>| &nbsp;&nbsp; (3885)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; (221)<br>| &nbsp;&nbsp; 6366 | &nbsp;&nbsp; 25260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 44840 | &nbsp;&nbsp; (12233)<br>| &nbsp;&nbsp; 162251 | &nbsp;&nbsp; (9167)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (14739)<br>| &nbsp;&nbsp; 19021 | &nbsp;&nbsp; (24026)<br>| &nbsp;&nbsp; (10060)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; 288406 | &nbsp;&nbsp; 129740 | &nbsp;&nbsp; 291447 | &nbsp;&nbsp; 448724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; (5097)<br>| &nbsp;&nbsp; (8396)<br>| &nbsp;&nbsp; (11817)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (170815)<br>| &nbsp;&nbsp; (271820)<br>|
| Net cash provided by (used for) operating activities | &nbsp;&nbsp; 6693297 | &nbsp;&nbsp; 13183375 | &nbsp;&nbsp; (13639034)<br>| &nbsp;&nbsp; (19619466)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (8389691)<br>| &nbsp;&nbsp; (27237484)<br>| &nbsp;&nbsp; (32001150)<br>| &nbsp;&nbsp; (53908373)<br>|
| Repayments of TOB Trust Certificates | &nbsp;&nbsp; (2979349)<br>| &nbsp;&nbsp; (5340000)<br>| &nbsp;&nbsp; (48173090)<br>| &nbsp;&nbsp; (45470746)<br>|
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 4655767 | &nbsp;&nbsp; 19392437 | &nbsp;&nbsp; 93399982 | &nbsp;&nbsp; 118027964 |
| Decrease in bank overdraft | &nbsp;&nbsp; (772)<br>| &nbsp;&nbsp; (3797)<br>| &nbsp;&nbsp; (151072)<br>| &nbsp;&nbsp; (8982)<br>|
| Amortization of deferred offering costs | &nbsp;&nbsp; 20748 | &nbsp;&nbsp; 5469 | &nbsp;&nbsp; 26364 | &nbsp;&nbsp; 83603 |
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp; (6693297)<br>| &nbsp;&nbsp; (13183375)<br>| &nbsp;&nbsp; 13101034 | &nbsp;&nbsp; 18723466 |
| **CASH** |  |  |  |  |
| Net decrease in restricted and unrestricted cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (538000)<br>| &nbsp;&nbsp; (896000)<br>|
| Restricted and unrestricted cash at beginning of year | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 538000 | &nbsp;&nbsp; 896000 |
| Restricted and unrestricted cash at end of year | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $2740334 | &nbsp;&nbsp; $5761691 | &nbsp;&nbsp; $11152735 | &nbsp;&nbsp; $16884070 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |
| Reinvestment of common distributions | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Cash Flows (continued)

Year Ended July 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MYI |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |
| Net decrease in net assets resulting from operations | &nbsp;&nbsp; $(39812375)<br>|
| Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 589032760 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (611896827)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales of short-term securities | &nbsp;&nbsp; 2727568 |
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (2417335)<br>|
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 17088032 |
| &nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments | &nbsp;&nbsp; 56608140 |
| (Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 13069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 106881 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 35172 |
| Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp; Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; 38125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; (303786)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 44248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp; 10052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (15746)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; 250198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; (11714)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 11500696 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (47724079)<br>|
| Repayments of TOB Trust Certificates | &nbsp;&nbsp; (42164501)<br>|
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 81851382 |
| Decrease in bank overdraft | &nbsp;&nbsp; (14535)<br>|
| Amortization of deferred offering costs | &nbsp;&nbsp; 29464 |
| Net cash used for financing activities | &nbsp;&nbsp; (8022269)<br>|
| **CASH** |  |
| Net increase in restricted and unrestricted cash | &nbsp;&nbsp; 3478427 |
| Restricted and unrestricted cash at beginning of year | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at end of year | &nbsp;&nbsp; $3478427 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $19210032 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES** |  |
| Cash | &nbsp;&nbsp; $3478427 |
|  | &nbsp;&nbsp; $3478427 |

---

*See notes to financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BTA | BTA | BTA | BTA | BTA | BTA |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.31 | &nbsp;&nbsp;&nbsp;&nbsp; $11.20 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp;&nbsp; $10.73 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; $11.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.31 |
| **Market price, end of period** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp;&nbsp; $13.20 |
| **Total Return Applicable to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (6.06 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.80<br> %<br>|
| Based on market price | &nbsp;&nbsp; (9.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.71 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.94<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.70 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.70 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees, amortization of offering costs and/or reorganization costs<sup>(j)(k)</sup><br>| 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income to Common Shareholders | 4.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $127682 | &nbsp;&nbsp;&nbsp;&nbsp; $144189 | &nbsp;&nbsp;&nbsp;&nbsp; $139288 | &nbsp;&nbsp;&nbsp;&nbsp; $150113 | &nbsp;&nbsp;&nbsp;&nbsp; $149157 | &nbsp;&nbsp;&nbsp;&nbsp; $178752 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $76000 | &nbsp;&nbsp;&nbsp;&nbsp; $76000 | &nbsp;&nbsp;&nbsp;&nbsp; $76000 | &nbsp;&nbsp;&nbsp;&nbsp; $76000 | &nbsp;&nbsp;&nbsp;&nbsp; $76000 | &nbsp;&nbsp;&nbsp;&nbsp; $76000 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $253852 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $277323 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $260549 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $239633 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $296259 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $335200 <br><sup>(m)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $6990 | &nbsp;&nbsp;&nbsp;&nbsp; $5314 | &nbsp;&nbsp;&nbsp;&nbsp; $10757 | &nbsp;&nbsp;&nbsp;&nbsp; $31506 | &nbsp;&nbsp;&nbsp;&nbsp; $31735 | &nbsp;&nbsp;&nbsp;&nbsp; $38607 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(n)</sup> | &nbsp;&nbsp; $30097 | &nbsp;&nbsp;&nbsp;&nbsp; $42376 | &nbsp;&nbsp;&nbsp;&nbsp; $20983 | &nbsp;&nbsp;&nbsp;&nbsp; $8166 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.46% and 3.46%, respectively. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Annualized.

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

<sup>(k)</sup> The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| Expense ratios | 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> 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.

<sup>(m)</sup> 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. 

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> 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.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MUA | MUA | MUA | MUA | MUA | MUA |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp;&nbsp; $12.53 | &nbsp;&nbsp;&nbsp;&nbsp; $12.42 | &nbsp;&nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp;&nbsp; $12.83 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp;&nbsp; $12.53 | &nbsp;&nbsp;&nbsp;&nbsp; $12.42 | &nbsp;&nbsp;&nbsp;&nbsp; $14.77 |
| **Market price, end of period** | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp;&nbsp; $15.26 |
| **Total Return Applicable to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (4.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.41<br> %<br>|
| Based on market price | &nbsp;&nbsp; (4.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.89<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.69 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees, amortization of offering costs and/or reorganization costs<sup>(i)(j)</sup><br>| 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>|
| Net investment income to Common Shareholders | 4.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $413384 | &nbsp;&nbsp;&nbsp;&nbsp; $456983 | &nbsp;&nbsp;&nbsp;&nbsp; $436199 | &nbsp;&nbsp;&nbsp;&nbsp; $481717 | &nbsp;&nbsp;&nbsp;&nbsp; $475526 | &nbsp;&nbsp;&nbsp;&nbsp; $552373 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $313578 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $354586 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $334645 | &nbsp;&nbsp;&nbsp;&nbsp; $321536 | &nbsp;&nbsp;&nbsp;&nbsp; $371729 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $18552 | &nbsp;&nbsp;&nbsp;&nbsp; $4500 | &nbsp;&nbsp;&nbsp;&nbsp; $10897 | &nbsp;&nbsp;&nbsp;&nbsp; $42444 | &nbsp;&nbsp;&nbsp;&nbsp; $41712 | &nbsp;&nbsp;&nbsp;&nbsp; $68781 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(m)</sup> | &nbsp;&nbsp; $32712 | &nbsp;&nbsp;&nbsp;&nbsp; $141427 | &nbsp;&nbsp;&nbsp;&nbsp; $57083 | &nbsp;&nbsp;&nbsp;&nbsp; $16471 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.55% and 2.45%, respectively. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 |
| Expense ratios | 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> 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.

<sup>(l)</sup> 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. 

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(m)</sup> 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.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MYD | MYD | MYD | MYD | MYD | MYD |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp;&nbsp; $15.26 | &nbsp;&nbsp;&nbsp;&nbsp; $13.38 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp;&nbsp; $12.14 | &nbsp;&nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp;&nbsp; $12.62 | &nbsp;&nbsp;&nbsp;&nbsp; $15.26 |
| **Market price, end of period** | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp;&nbsp; $11.72 | &nbsp;&nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp;&nbsp; $14.62 |
| **Total Return Applicable to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (5.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.61<br> %<br>|
| Based on market price | &nbsp;&nbsp; (4.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.76<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.36 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.31 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees, amortization of offering costs and/or reorganization costs<sup>(i)(j)</sup><br>| 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| Net investment income to Common Shareholders | 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $494573 | &nbsp;&nbsp;&nbsp;&nbsp; $554991 | &nbsp;&nbsp;&nbsp;&nbsp; $563470 | &nbsp;&nbsp;&nbsp;&nbsp; $597369 | &nbsp;&nbsp;&nbsp;&nbsp; $592131 | &nbsp;&nbsp;&nbsp;&nbsp; $715876 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $251400 | &nbsp;&nbsp;&nbsp;&nbsp; $251400 | &nbsp;&nbsp;&nbsp;&nbsp; $251400 | &nbsp;&nbsp;&nbsp;&nbsp; $251400 | &nbsp;&nbsp;&nbsp;&nbsp; $251400 | &nbsp;&nbsp;&nbsp;&nbsp; $251400 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $242133 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $283324 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $310951 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $262525 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $335533 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $384756 <br><sup>(l)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $96565 | &nbsp;&nbsp;&nbsp;&nbsp; $51338 | &nbsp;&nbsp;&nbsp;&nbsp; $15710 | &nbsp;&nbsp;&nbsp;&nbsp; $116156 | &nbsp;&nbsp;&nbsp;&nbsp; $137078 | &nbsp;&nbsp;&nbsp;&nbsp; $145316 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(m)</sup> | &nbsp;&nbsp; $8723 | &nbsp;&nbsp;&nbsp;&nbsp; $16702 | &nbsp;&nbsp;&nbsp;&nbsp; $52852 | &nbsp;&nbsp;&nbsp;&nbsp; $8305 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.27% and 3.22%, respectively. 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Annualized.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| Expense ratios | 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> 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.

<sup>(l)</sup> 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. 

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(m)</sup> 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.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MQY | MQY | MQY | MQY | MQY | MQY |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.89 | &nbsp;&nbsp;&nbsp;&nbsp; $13.74 | &nbsp;&nbsp;&nbsp;&nbsp; $16.57 | &nbsp;&nbsp;&nbsp;&nbsp; $14.79 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp;&nbsp;&nbsp; $13.20 | &nbsp;&nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp;&nbsp; $13.89 | &nbsp;&nbsp;&nbsp;&nbsp; $13.74 | &nbsp;&nbsp;&nbsp;&nbsp; $16.57 |
| **Market price, end of period** | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp;&nbsp;&nbsp; $11.86 | &nbsp;&nbsp;&nbsp;&nbsp; $13.12 | &nbsp;&nbsp;&nbsp;&nbsp; $12.80 | &nbsp;&nbsp;&nbsp;&nbsp; $15.92 |
| **Total Return Applicable to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (5.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.56<br> %<br>|
| Based on market price | &nbsp;&nbsp; (6.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.35<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.23 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 3.20 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees, amortization of offering costs and/or reorganization costs<sup>(k)(l)</sup><br>| 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income to Common Shareholders | 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $844461 | &nbsp;&nbsp;&nbsp;&nbsp; $948409 | &nbsp;&nbsp;&nbsp;&nbsp; $960317 | &nbsp;&nbsp;&nbsp;&nbsp; $1017461 | &nbsp;&nbsp;&nbsp;&nbsp; $1006613 | &nbsp;&nbsp;&nbsp;&nbsp; $1212632 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $450300 | &nbsp;&nbsp;&nbsp;&nbsp; $450300 | &nbsp;&nbsp;&nbsp;&nbsp; $450300 | &nbsp;&nbsp;&nbsp;&nbsp; $450300 | &nbsp;&nbsp;&nbsp;&nbsp; $450300 | &nbsp;&nbsp;&nbsp;&nbsp; $450300 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $243980 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $284531 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $289952 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $253932 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $323543 <br><sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $369294 <br><sup>(n)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $136212 | &nbsp;&nbsp;&nbsp;&nbsp; $63655 | &nbsp;&nbsp;&nbsp;&nbsp; $55257 | &nbsp;&nbsp;&nbsp;&nbsp; $210679 | &nbsp;&nbsp;&nbsp;&nbsp; $230928 | &nbsp;&nbsp;&nbsp;&nbsp; $268075 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(o)</sup> | &nbsp;&nbsp; $10499 | &nbsp;&nbsp;&nbsp;&nbsp; $22959 | &nbsp;&nbsp;&nbsp;&nbsp; $26527 | &nbsp;&nbsp;&nbsp;&nbsp; $7966 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.17% and 3.15%, respectively. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.42% and 1.41%, respectively. 

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

<sup>(l)</sup> The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| Expense ratios | 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(m)</sup> 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.

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> 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. 

<sup>(o)</sup> 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.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | MYI | MYI | MYI | MYI | MYI |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp;&nbsp; $13.04 | &nbsp;&nbsp;&nbsp;&nbsp; $15.64 | &nbsp;&nbsp;&nbsp;&nbsp; $15.03 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp;&nbsp; $13.04 | &nbsp;&nbsp;&nbsp;&nbsp; $15.64 |
| **Market price, end of year** | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp;&nbsp; $11.37 | &nbsp;&nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp;&nbsp; $12.24 | &nbsp;&nbsp;&nbsp;&nbsp; $15.12 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (4.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.55<br> %<br>|
| Based on market price | &nbsp;&nbsp; (3.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.40<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 3.28 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization <br> of offering costs and/or reorganization costs<sup>(g)(h)</sup><br>| 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Net investment income to Common Shareholders | 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of year (000) | &nbsp;&nbsp; $748015 | &nbsp;&nbsp;&nbsp;&nbsp; $832094 | &nbsp;&nbsp;&nbsp;&nbsp; $844604 | &nbsp;&nbsp;&nbsp;&nbsp; $888808 | &nbsp;&nbsp;&nbsp;&nbsp; $1066013 |
| VRDP Shares outstanding at $100,000 liquidation value, end of year (000) | &nbsp;&nbsp; $356400 | &nbsp;&nbsp;&nbsp;&nbsp; $356400 | &nbsp;&nbsp;&nbsp;&nbsp; $356400 | &nbsp;&nbsp;&nbsp;&nbsp; $356400 | &nbsp;&nbsp;&nbsp;&nbsp; $356400 |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of year | &nbsp;&nbsp; $243115 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $269274 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $260885 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $248593 <br><sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $399106 <br><sup>(j)</sup><br>|
| TOB Trust Certificates, end of year (000) | &nbsp;&nbsp; $166265 | &nbsp;&nbsp;&nbsp;&nbsp; $135165 | &nbsp;&nbsp;&nbsp;&nbsp; $168574 | &nbsp;&nbsp;&nbsp;&nbsp; $241747 | &nbsp;&nbsp;&nbsp;&nbsp; $239177 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of year<sup>(k)</sup> | &nbsp;&nbsp; $7641 | &nbsp;&nbsp;&nbsp;&nbsp; $9791 | &nbsp;&nbsp;&nbsp;&nbsp; $8123 | &nbsp;&nbsp;&nbsp;&nbsp; $6150 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is less than $0.005 per share.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.25% and 3.20%, respectively. 

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

<sup>(h)</sup> The total expense ratio after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees as follows: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| Expense ratios | 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(i)</sup> 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.

<sup>(j)</sup> 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. 

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

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Long-Term Municipal Advantage Trust | BTA | Delaware | Diversified |
| BlackRock MuniAssets Fund, Inc. | MUA | Maryland | Diversified |
| BlackRock MuniYield Fund, Inc. | MYD | Maryland | Diversified |
| BlackRock MuniYield Quality Fund, Inc. | MQY | Maryland | Diversified |
| BlackRock MuniYield Quality Fund III, Inc. | MYI | Maryland | Diversified |

---

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors". The Funds determine and make available for publication the net asset values ("NAVs") of their Common Shares on a daily basis.

On January 20, 2025, the Board approved the reorganization of BTA into MUA, with MUA continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganization is expected to occur during the fourth quarter of 2025.

On January 20, 2025, the Board of Directors of each of BlackRock Investment Quality Municipal Trust, Inc.(BKN), BlackRock MuniYield Quality Fund II, Inc.(MQT), MYD and MQY each approved the reorganziation of BKN, MQT and MYD into MQY with MQY continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur during the fourth quarter of 2025.

On June 6, 2025, the Board of Directors of each of BlackRock Virginia Municipal Bond Trust (BHV), BlackRock MuniYield Pennsylvania Quality Fund (MPA) and MQY each approved the reorganization of BHV, MPA into MQY with MQY continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur during the fourth quarter of 2025.

On June 6, 2025, the Board of Directors of each of BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT) and BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) and MYI each approved the reorganization of MVF, MVT and MIY into MYI with MYI continuing as the surviving Fund. Subject to the requisite approvals by each Fund's respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to occur during the fourth quarter of 2025.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Board, the directors who are not "interested persons" of the Funds, as defined in the 1940 Act ("Independent Directors"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

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.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

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

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

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

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Investment* <br>*Name*<br>| *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| MUA | Puerto Rico Electric Power Authority, Series B-1 | &nbsp;&nbsp; $3579629 | $3579629 | &nbsp;&nbsp; $3795800 | $216171 |
|  | Puerto Rico Electric Power Authority, Series B-2 | &nbsp;&nbsp; 17327946 | &nbsp;&nbsp; 17327946 | &nbsp;&nbsp; 18967851 | &nbsp;&nbsp;&nbsp;&nbsp; 1639905 |
|  |  |  |  |  | $1856076 |

---

**Municipal Bonds Transferred to TOB Trusts:** The Funds leverage their assets through the use of "TOB Trust" transactions. The funds transfer municipal bonds into a special purpose trust (a "TOB Trust"). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests ("TOB Trust Certificates"), which are sold to third-party investors, and residual inverse floating rate interests ("TOB Residuals"), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a fund's investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. MUA, MYD, MQY and MYI management believes that a fund's restrictions on borrowings do not apply to the Funds' TOB Trust transactions. Each Fund's transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.

**Accounting for TOB Trusts:** The municipal bonds deposited into a TOB Trust are presented in a Fund's Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund's payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of offering costs in the Statements of Operations. Amounts recorded within interest expense fees and amortization of offering costs in the Statements of Operations are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Interest Expense*  | *Liquidity Fees*  | *Other Expenses*  | *Total*  |
| BTA | &nbsp;&nbsp; $209174  | &nbsp;&nbsp;&nbsp; $26266  | &nbsp;&nbsp;&nbsp; $10617  | &nbsp;&nbsp;&nbsp; $246057  |
| MUA | &nbsp;&nbsp; 357826 | &nbsp;&nbsp;&nbsp; 50731 | &nbsp;&nbsp;&nbsp; 14335 | &nbsp;&nbsp;&nbsp; 422892 |
| MYD | &nbsp;&nbsp; 2438836 | &nbsp;&nbsp;&nbsp; 326886 | &nbsp;&nbsp;&nbsp; 112105 | &nbsp;&nbsp;&nbsp; 2877827 |
| MQY | &nbsp;&nbsp; 2735717 | &nbsp;&nbsp;&nbsp; 362346 | &nbsp;&nbsp;&nbsp; 132604 | &nbsp;&nbsp;&nbsp; 3230667 |
| MYI | &nbsp;&nbsp; 4520995 | &nbsp;&nbsp;&nbsp; 576276 | &nbsp;&nbsp;&nbsp; 174399 | &nbsp;&nbsp;&nbsp; 5271670 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

For the year ended July 31, 2025, the following table is a summary of each Fund's TOB Trusts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Underlying* <br>*Municipal Bonds* <br>*Transferred to* <br>*TOB Trusts*<sup>(a)</sup><br>| *Liability for* <br>*TOB Trust* <br>*Certificates*<sup>(b)</sup><br>| &nbsp;&nbsp; *Range of* <br>*Interest Rates* <br>*on TOB Trust* <br>*Certificates at* <br>*Period End*<br>| *Average* <br>*TOB Trust* <br>*Certificates* <br>*Outstanding*<br>| *Daily Weighted* <br>*Average Rate* <br>*of Interest and* <br>*Other Expenses* <br>*on TOB Trusts*<br>|
| BTA | &nbsp;&nbsp; $12235168  | &nbsp;&nbsp; $6990013 | 2.34% — 2.59% | &nbsp;&nbsp; $6981298 | 3.52<br> % <br>|
| MUA | &nbsp;&nbsp; 26942678 | &nbsp;&nbsp; 18552437 | 2.32 — 2.45 | &nbsp;&nbsp; 12720868 | 3.32 |
| MYD | &nbsp;&nbsp; 139230604 | &nbsp;&nbsp; 96564984 | 2.32 — 2.41 | &nbsp;&nbsp; 85093227 | 3.38 |
| MQY | &nbsp;&nbsp; 220709968 | &nbsp;&nbsp; 136211748 | 2.31 — 2.41 | &nbsp;&nbsp; 96753914 | 3.34 |
| MYI | &nbsp;&nbsp; 300270629 | &nbsp;&nbsp; 166265062 | 2.29 — 2.44 | &nbsp;&nbsp; 155155101 | 3.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the "Liquidation Shortfall"). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at July 31, 2025, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at July 31, 2025. 

***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, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund, except 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* | *MYI* |
| Investment advisory fees | 0.55<br> % <br>| 0.50<br> % <br>| 0.50<br> % <br>| 0.50<br> % <br>|

---

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 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.

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

For purposes of calculating this fees, with respect to BTA, "net assets" mean the total assets of the Fund minus the sum of its accrued liabilities (which include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).

**Distribution Fees:** MUA had 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"); however, as of August 26, 2024, the Fund is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus and the Distribution Agreement with the Fund has been terminated.

**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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BTA | &nbsp;&nbsp; $1782  |
| MUA | &nbsp;&nbsp; 6171 |
| MYD | &nbsp;&nbsp; 14586 |
| MQY | &nbsp;&nbsp; 27202 |
| MYI | &nbsp;&nbsp; 15374 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Funds' Independent Directors. For the year ended July 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

With respect to each Fund (except BTA), the Manager voluntarily agreed to waive a portion of its investment advisory fee attributable to each Fund's outstanding preferred shares for each month in which the monthly dividend on Fund's preferred shares exceeds the calculated value of the Fund's gross monthly income attributable to investments from the proceeds of preferred shares. (determined by multiplying the Fund's gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares to (ii) total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). This voluntary waiver may be reduced or discontinued at any time without notice. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| MUA | &nbsp;&nbsp; $—  |
| MYD | &nbsp;&nbsp; 72914 |
| MQY | &nbsp;&nbsp; 197751 |
| MYI | &nbsp;&nbsp; 406938 |

---

The Manager reimbursed MUA and MYD $423,399 and $145,892 respectively, for reorganization costs.

**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.

**Other Transactions:** During the year ended July 31, 2025, BTA recorded a reimbursement of $4,063 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

***7.*** ***PURCHASES AND SALES*** 

For the year ended July 31, 2025, purchases and sales of investments including paydowns/payups , excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| BTA | &nbsp;&nbsp; $68796232  | &nbsp;&nbsp;&nbsp; $75211302  |
| MUA | &nbsp;&nbsp; 202823345 | &nbsp;&nbsp;&nbsp; 202736390 |
| MYD | &nbsp;&nbsp; 380302947 | &nbsp;&nbsp;&nbsp; 333992808 |
| MQY | &nbsp;&nbsp; 741415446 | &nbsp;&nbsp;&nbsp; 699358301 |
| MYI | &nbsp;&nbsp; 635924528 | &nbsp;&nbsp;&nbsp; 599497945 |

---

***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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| BTA | &nbsp;&nbsp; $(352077 )<br>| &nbsp;&nbsp;&nbsp; $352077  |
| MUA | &nbsp;&nbsp; (191527)<br>| &nbsp;&nbsp;&nbsp; 191527 |
| MYD | &nbsp;&nbsp; (354111)<br>| &nbsp;&nbsp;&nbsp; 354111 |
| MQY | &nbsp;&nbsp; (552295)<br>| &nbsp;&nbsp;&nbsp; 552295 |
| MYI | &nbsp;&nbsp; (278965)<br>| &nbsp;&nbsp;&nbsp; 278965 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*07/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>|
| BTA |  |  |
| &nbsp;&nbsp;&nbsp; Tax-exempt income | &nbsp;&nbsp; $8270269 | &nbsp;&nbsp;&nbsp;&nbsp; $9284761 |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22564 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 1829127 | &nbsp;&nbsp;&nbsp;&nbsp; 1041279 |
|  | &nbsp;&nbsp; $10313711 | &nbsp;&nbsp;&nbsp;&nbsp; $10348604 |
| MUA |  |  |
| &nbsp;&nbsp;&nbsp; Tax-exempt income | &nbsp;&nbsp; $23858081  | &nbsp;&nbsp;&nbsp;&nbsp; $27294562  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; 1152877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455776 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 6008533 | &nbsp;&nbsp;&nbsp;&nbsp; 3070135 |
|  | &nbsp;&nbsp; $31019491 | &nbsp;&nbsp;&nbsp;&nbsp; $30820473 |
| MYD |  |  |
| &nbsp;&nbsp;&nbsp; Tax-exempt income | &nbsp;&nbsp; $28784355  | &nbsp;&nbsp;&nbsp;&nbsp; $34323276  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32694 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; 9169947 | &nbsp;&nbsp;&nbsp;&nbsp; 2584211 |
|  | &nbsp;&nbsp; $37972189 | &nbsp;&nbsp;&nbsp;&nbsp; $36940181 |
| MQY |  |  |
| &nbsp;&nbsp;&nbsp; Tax-exempt income | &nbsp;&nbsp; $48097410  | &nbsp;&nbsp;&nbsp;&nbsp; $58978741  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68011 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; 15580140 | &nbsp;&nbsp;&nbsp;&nbsp; 5711984 |
|  | &nbsp;&nbsp; $63772286 | &nbsp;&nbsp;&nbsp;&nbsp; $64758736 |
| MYI |  |  |
| &nbsp;&nbsp;&nbsp; Tax-exempt income | &nbsp;&nbsp; $43973992  | &nbsp;&nbsp;&nbsp;&nbsp; $49982149  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3696 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; 13861731 | &nbsp;&nbsp;&nbsp;&nbsp; 6058522 |
|  | &nbsp;&nbsp; $57901765 | &nbsp;&nbsp;&nbsp;&nbsp; $56044367 |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

As of July 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| BTA | &nbsp;&nbsp; $(13678811)<br>| &nbsp;&nbsp; $(11599377)<br>| &nbsp;&nbsp; $(25278188 )<br>|
| MUA | &nbsp;&nbsp; (49331372)<br>| &nbsp;&nbsp; (42530219)<br>| &nbsp;&nbsp; (91861591)<br>|
| MYD | &nbsp;&nbsp; (92078073)<br>| &nbsp;&nbsp; (12626961)<br>| &nbsp;&nbsp; (104705034)<br>|
| MQY | &nbsp;&nbsp; (144782632)<br>| &nbsp;&nbsp; (14228589)<br>| &nbsp;&nbsp; (159011221)<br>|
| MYI | &nbsp;&nbsp; (95566650)<br>| &nbsp;&nbsp; (3522443)<br>| &nbsp;&nbsp; (99089093)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums on fixed income securities, treatment of residual interests in tender option bond trusts, the accrual of income on securities in default and the deferral of compensation to directors. 

As of July 31, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BTA | &nbsp;&nbsp; $213520390  | &nbsp;&nbsp;&nbsp; $2820133  | &nbsp;&nbsp;&nbsp; $(14392944 )<br>| &nbsp;&nbsp;&nbsp; $(11572811 )<br>|
| MUA | &nbsp;&nbsp; 625863612 | &nbsp;&nbsp;&nbsp; 11646411 | &nbsp;&nbsp;&nbsp; (54176630)<br>| &nbsp;&nbsp;&nbsp; (42530219)<br>|
| MYD | &nbsp;&nbsp; 755474933 | &nbsp;&nbsp;&nbsp; 15982905 | &nbsp;&nbsp;&nbsp; (27973556)<br>| &nbsp;&nbsp;&nbsp; (11990651)<br>|
| MQY | &nbsp;&nbsp; 1298548767 | &nbsp;&nbsp;&nbsp; 27286297 | &nbsp;&nbsp;&nbsp; (41118593)<br>| &nbsp;&nbsp;&nbsp; (13832296)<br>|
| MYI | &nbsp;&nbsp; 1116662097 | &nbsp;&nbsp;&nbsp; 27933489 | &nbsp;&nbsp;&nbsp; (30963143)<br>| &nbsp;&nbsp;&nbsp; (3029654)<br>|

---

***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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Fund.

A Fund structures and "sponsors" the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

As short-term interest rates rise, the Funds' investments in the TOB Trusts may adversely affect the Funds' net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds' NAVs per share.

The U.S. Securities and Exchange Commission ("SEC") and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the "Risk Retention Rules"). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust's municipal bonds. The Risk Retention Rules may adversely affect the Funds' ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

**Illiquidity Risk:** Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk

Notes to Financial Statements

------

Notes to Financial Statements (continued)

that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**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.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

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 during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 for each Fund's Common Shares is $0.10, except for BTA, which is $0.001. The par value for each Fund's Preferred Shares outstanding 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:

Year Ended <br> <u> *Fund Name* </u> <u> *07/31/25* </u> <u> *07/31/24* </u> <br> MUA 32,344 —

For the year ended July 31, 2025, shares issued and outstanding remained constant for all Funds except MUA. For the year ended July 31, 2024, shares issued and outstanding remained constant for BTA.

The Funds participated in an open market share repurchase program (the "Repurchase Program") through November 30, 2024. From December 1, 2023 through November 30, 2024, each Fund could repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program had an accretive effect as shares were purchased at a discount to the Fund's NAV. The Repurchase Program expired on November 30, 2024 and was not renewed. For the period ended November 30, 2024, each Fund did not repurchase any shares.

The total cost of the shares repurchased is reflected in each Fund' s Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

---

| | | |
|:---|:---|:---|
|  | *MUA* | *MUA* |
|  | *Shares* | *Amounts* |
| Year Ended July 31, 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—  |
| Year Ended July 31, 2024 | &nbsp;&nbsp; 217660 | &nbsp;&nbsp;&nbsp; 1967553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *MYD* | *MYD* |
|  | *Shares* | *Amounts* |
| Year Ended July 31, 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—  |
| Year Ended July 31, 2024 | &nbsp;&nbsp; 676815 | &nbsp;&nbsp;&nbsp; 6452972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *MQY* | *MQY* |
|  | *Shares* | *Amounts* |
| Year Ended July 31, 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—  |
| Year Ended July 31, 2024 | &nbsp;&nbsp; 799712 | &nbsp;&nbsp;&nbsp; 8490029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *MYI* | *MYI* |
|  | *Shares* | *Amounts* |
| Year Ended July 31, 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $—  |
| Year Ended July 31, 2024 | &nbsp;&nbsp; 1038509 | &nbsp;&nbsp;&nbsp; 10490104 |

---

MUA had previously filed a prospectus with the SEC allowing it to issue an additional 5,500,000 Common Shares through a Shelf Offering. During the year ended July 31, 2025, MUA did not issue any Common Shares through its Shelf Offering. Effective August 26, 2024, MUA is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus for the sale of Common Shares.

Initial costs incurred by MUA in connection with its Shelf Offering were recorded as "Deferred offering costs" in the Statements of Assets and Liabilities. As shares were sold, a portion of the costs attributable to the shares sold were charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period were 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,

Notes to Financial Statements

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 and MQY additionally issued Series W-7A 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* <br>*Date*<br>| &nbsp;&nbsp; *Shares* <br>*Issued*<br>| &nbsp;&nbsp; *Aggregate* <br>*Principal*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<br>|
| BTA | &nbsp;&nbsp; 10/29/15 | &nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp; $76000000  | &nbsp;&nbsp;&nbsp; 11/01/45 |
| MUA | &nbsp;&nbsp; 12/15/21 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp; 175000000 | &nbsp;&nbsp;&nbsp; 12/15/51 |
| MYD | &nbsp;&nbsp; 06/30/11 | &nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp; 251400000 | &nbsp;&nbsp;&nbsp; 07/01/41 |
| MQY | &nbsp;&nbsp; 04/19/21 | &nbsp;&nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp; 225100000 | &nbsp;&nbsp;&nbsp; 10/01/41 |
|  | &nbsp;&nbsp; 06/05/24 | &nbsp;&nbsp;&nbsp; 2252 | &nbsp;&nbsp;&nbsp; 225200000 | &nbsp;&nbsp;&nbsp; 06/01/54 |
| MYI | &nbsp;&nbsp; 05/19/11 | &nbsp;&nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp; 356400000 | &nbsp;&nbsp;&nbsp; 06/01/41 |

---

**Redemption Terms:** A VRDP Fund is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a VRDP Fund is required to begin to segregate liquid assets with the Fund's custodian to fund the redemption. In addition, a VRDP Fund is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Fund. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

**Liquidity Feature:** VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement is set to expire, unless renewed or terminated in advance, as follows:

  <u> *BTA* </u> <u> *MUA* </u> <u> *MYD* </u> <u> *MQY* </u> <u> *MYI* </u> <br> Expiration date 11/29/25 04/28/26 11/29/25 06/03/26 07/05/26

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* <br>*Service, Inc.* <br>*Long-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *Moody's Investors* <br>*Service, Inc.* <br>*Short-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *Fitch Ratings, Inc.* <br>*Long-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *S&P Global* <br>*Short-Term* <br>*Ratings*<br>|
| BTA | &nbsp;&nbsp; Aa2 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; A-1 |
| MUA | &nbsp;&nbsp; Aa2 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; A-1 |
| MYD | &nbsp;&nbsp; Aa1 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; AA | &nbsp;&nbsp;&nbsp; A-1 |
| MQY | &nbsp;&nbsp; Aa1 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; AA | &nbsp;&nbsp;&nbsp; A-1 |
| MYI | &nbsp;&nbsp; Aa1 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; AA | &nbsp;&nbsp;&nbsp; N/A |

---

Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Moody's and S&P Global Ratings. The liquidity provider may be terminated prior to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories. In October 2024, the S&P Global Ratings' short-term ratings of the liquidity provider for the VRDP Shares (Series W-7) of MQY downgraded from A-1+ to A-1

2025 BlackRock Annual Report to Shareholders

------

Notes to Financial Statements (continued)

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Commencement* <br>*Date*<br>| &nbsp;&nbsp; *Expiration Date as* <br>*of Period Ended* <br>*07/31/25*<br>|
| MYI | &nbsp;&nbsp; 06/22/22 | &nbsp;&nbsp;&nbsp; 06/17/26 |

---

Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.

**Dividends:** Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the year ended July 31, 2025, the annualized dividend rate for the VRDP Shares were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *BTA* | *MUA* | *MYD* | *MQY* | *MYI* |
| Dividend rates | 3.28<br> % <br>| 3.08<br> % <br>| 3.28<br> % <br>| 3.06<br> % <br>| 3.83<br> % <br>|

---

For the year ended July 31, 2025, 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* | &nbsp;&nbsp; *Deferred Offering* <br>*Costs Amortization* <br>|
| BTA | &nbsp;&nbsp; $2491694  | &nbsp;&nbsp;&nbsp; $20748  |
| MUA | &nbsp;&nbsp; 5397050 | &nbsp;&nbsp;&nbsp; 5469 |
| MYD | &nbsp;&nbsp; 8245407 | &nbsp;&nbsp;&nbsp; 26364 |
| MQY | &nbsp;&nbsp; 13776089 | &nbsp;&nbsp;&nbsp; 83604 |
| MYI | &nbsp;&nbsp; 13634576 | &nbsp;&nbsp;&nbsp; 29464 |

---

***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* <br>*Date*<br>| &nbsp;&nbsp; *Record* <br>*Date*<br>| &nbsp;&nbsp; *Payable/* <br>*Paid Date*<br>| &nbsp;&nbsp; *Dividend Per* <br>*Common Share*<br>|
| BTA | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; $0.049500  |
|  | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.049500 |
| MUA | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |
|  | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Declaration*<br> *Date*<br>| &nbsp;&nbsp; *Record*<br> *Date*<br>| &nbsp;&nbsp; *Payable/*<br> *Paid Date*<br>| &nbsp;&nbsp; *Dividend Per*<br> *Common Share*<br>|
| MYD | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; $0.054500  |
|  | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.054500 |
| MQY | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.058000 |
|  | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.058000 |
| MYI | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |
|  | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp; 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Preferred Shares<sup>(a)</sup>  | Preferred Shares<sup>(a)</sup>  | Preferred Shares<sup>(a)</sup>  |
| *Fund Name* | *Shares* | *Series* | *Declared* |
| BTA | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; $173655  |
| MUA | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 399863 |
| MYD | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 574432 |
| MQY | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 514338 |
|  | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7A | &nbsp;&nbsp;&nbsp; 510618 |
| MYI | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 1061193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Dividends declared for period August 1, 2025 to August 31, 2025.

2025 BlackRock Annual Report to Shareholders

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees/Directors of BlackRock Long-Term Municipal Advantage Trust, BlackRock MuniAssets Fund, Inc., BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund III, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of BlackRock Long-Term Municipal Advantage Trust, BlackRock MuniAssets Fund, Inc., BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund III, Inc. (the "Funds"), including the schedules of investments, as of July 31, 2025, the related statements of operations and cash flows for the year then ended, statements of changes in net assets for the two years in the period then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2025, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Fund | Financial Highlights |
| &nbsp;&nbsp;&nbsp; BlackRock Long-Term Municipal Advantage Trust, BlackRock MuniAssets Fund, Inc., <br> BlackRock MuniYield Fund, Inc., and BlackRock MuniYield Quality Fund, Inc.<br>| For each of the three years in the period ended July 31, 2025, for the period from May 1, <br> 2022 through July 31, 2022, and for each of the two years in the period ended April 30, <br> 2022<br>|
| BlackRock MuniYield Quality Fund III, Inc. | For each of the five years in the period ended July 31, 2025 |

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP <br>Boston, Massachusetts <br>September 23, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as tax-exempt interest dividends for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Exempt-Interest* <br>*Dividends*<br>|
| BTA | &nbsp;&nbsp; $8854904  |
| MUA | &nbsp;&nbsp; 25991830 |
| MYD | &nbsp;&nbsp; 31185364 |
| MQY | &nbsp;&nbsp; 52263760 |
| MYI | &nbsp;&nbsp; 47662924 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| BTA | &nbsp;&nbsp; $214315  |
| MUA | &nbsp;&nbsp; 1152877 |
| MYD | &nbsp;&nbsp; 17887 |
| MQY | &nbsp;&nbsp; 94736 |
| MYI | &nbsp;&nbsp; 66042 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| BTA | &nbsp;&nbsp; $214315  |
| MUA | &nbsp;&nbsp; 1152877 |
| MYD | &nbsp;&nbsp; 17887 |
| MQY | &nbsp;&nbsp; 94736 |
| MYI | &nbsp;&nbsp; 66042 |

---

2025 BlackRock Annual Report to Shareholders

------

Disclosure of Investment Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the "Board," the members of which are referred to as "Board Members"), of BlackRock Long-Term Municipal Advantage Trust ("BTA"), BlackRock MuniAssets Fund, Inc. ("MUA"), BlackRock MuniYield Fund, Inc. ("MYD"), BlackRock MuniYield Quality Fund, Inc. ("MQY"), and BlackRock MuniYield Quality Fund III, Inc. ("MYI") (collectively, the "Funds" and each, a "Fund") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Advisory Agreements" or the "Agreements") between each Fund and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (i) BlackRock's implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock's implementation of each Fund's valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; (n) periodic updates on BlackRock's business; and (o) each Fund's market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

Disclosure of Investment Advisory Agreements

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Disclosure of Investment Advisory Agreements (continued)

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***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with MUA's equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of each Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics ("Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BTA's performance relative to BTA's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTA, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered MUA's performance relative to MUA's Performance Metrics. Based on an overall rating relative to the Performance Metrics, MUA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MUA, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered MYD's performance relative to MYD's Performance Metrics. Based on an overall rating relative to the Performance Metrics, MYD generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MYD, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed MYD's underperformance relative to the Performance Metrics.

The Board reviewed and considered MQY's performance relative to MQY's Performance Metrics. Based on an overall rating relative to the Performance Metrics, MQY generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MQY, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered MYI's performance relative to MYI's Performance Metrics. Based on an overall rating relative to the Performance Metrics, MYI generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for MYI, and that BlackRock has explained its rationale for this belief to the Board.

2025 BlackRock Annual Report to Shareholders

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Disclosure of Investment Advisory Agreements (continued)

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***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund's accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BTA's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

The Board noted that MUA's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MUA's outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MUA's gross monthly income attributable to investments from the proceeds of the preferred shares.

The Board noted that MYD's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MYD's outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MYD's gross monthly income attributable to investments from the proceeds of the preferred shares.

The Board noted that MQY's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MQY's outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MQY's gross monthly income attributable to investments from the proceeds of the preferred shares.

The Board noted that MYI's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. The Board also noted that there is a voluntary advisory fee waiver in place pursuant to which BlackRock will waive a portion of its advisory fee attributable to MYI's outstanding preferred shares for each month in which the monthly dividend on the preferred shares exceeds the calculated value of MYI's gross monthly income attributable to investments from the proceeds of the preferred shares.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund's asset levels and whether the current fee was appropriate.

Disclosure of Investment Advisory Agreements

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Disclosure of Investment Advisory Agreements (continued)

Based on the Board's review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund's inception. The Board noted that although MUA may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of MUA's assets will occur primarily through the appreciation of its investment portfolio.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock's support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks

**Recent Changes** 

**The following information is a summary of certain changes since July 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.**

Effective September 12, 2024, BlackRock Long-Term Municipal Advantage Trust (BTA) added a policy that the Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund also clarified that its policy of investing at least 80% of its assets in municipal bonds may not be changed without shareholder approval.

Effective September 12, 2024, BlackRock MuniAssets Fund, Inc. (MUA) added a policy that the Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

Effective September 12, 2024, BlackRock MuniYield Fund, Inc. (MYD) added a policy that the Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

Effective September 12, 2024, BlackRock MuniYield Quality Fund, Inc. (MQY) added a policy to invest at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment. BYM also added a policy that the Fund's investments in derivatives will be counted toward the Fund's 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities.

Effective September 12, 2024, BlackRock MuniYield Quality Fund III, Inc. (MYI) added a policy to invest at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment. BYM also added a policy that the Fund's investments in derivatives will be counted toward the Fund's 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities.

**Investment Objectives and Policies**

**BlackRock Long-Term Municipal Advantage Trust (BTA)**

The Fund's investment objective is to provide current income exempt from regular Federal income tax. Under normal market conditions, the Fund invests at least 80% of its total assets in municipal bonds, municipal securities and derivative instruments with exposure to such bonds and securities, in each case that are expected to pay interest or income that is exempt from regular Federal income tax. BlackRock Advisors, LLC (the "Manager") will not conduct its own analysis of the tax status of the interest or income paid by these instruments, but will rely on the opinion of counsel to the issuer of each such instrument. For the purposes of the foregoing 80% policy, "total assets" are the Fund's net assets, plus the amount of any borrowings for investment purposes. The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund's 80% policy is a fundamental policy that may not be changed without the approval of a majority of the outstanding voting securities of the Trust (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")). Substantially all of the municipal bonds owned by the Fund are rated below investment grade; however, because the Fund has economic exposure to additional municipal bonds through its ownership of residual interest tender option bonds, at least 50% of the Fund's economic exposure to investment securities is to municipal bonds rated investment grade quality. Economic exposure to municipal bonds refers to bonds owned by the Fund and bonds to which the Fund is exposed through the ownership of residual interest tender option bonds. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades ("Baa" or "BBB" or better by Moody's Investor Service Inc. ("Moody's"), S&P Global Ratings ("S&P"), Fitch Ratings, Inc. ("Fitch")) or are unrated but judged to be of comparable quality by the Manager. Municipal bonds rated "Baa" by Moody's are investment grade, but Moody's considers municipal bonds rated "Baa" to have speculative characteristics. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for issuers of municipal bonds that are rated "BBB" or "Baa" (or that have equivalent ratings) to make principal and interest payments than is the case for issues of higher grade municipal bonds.

Under normal market conditions, up to 50% of the Fund's economic exposure to investment securities may be to municipal bonds that are rated, at the time of investment, as low as "C" by Moody's, S&P or Fitch or that are unrated but judged to be of comparable quality by the Manager. Bonds of below investment grade quality ("Ba/BB" or below) are commonly referred to as "junk bonds." Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

These credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issuer. In determining whether to retain or sell a security that a rating agency has downgraded, the Manager may consider such factors as the Manager's assessment of the credit quality of the issuer of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies.

Under normal market conditions, the Fund intends for its bond portfolio to consist primarily of long-term bonds (meaning bonds with a maturity of 10 years or more). Under normal market conditions, the Fund's municipal bond portfolio will have a dollar-weighted average maturity of greater than 10 years. In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it takes into account a security's yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.

The Fund may invest in residual interest municipal tender option bonds, which are derivative interests of municipal bonds. The Fund may also invest in securities of other open- or closed-end investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly and in tax-exempt preferred shares that pay dividends exempt from Federal income tax.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

The Fund invests in municipal bonds that, in the Manager's opinion, are underrated or undervalued. Underrated municipal bonds are those whose ratings do not, in the Manager's opinion, reflect their true creditworthiness. Undervalued municipal bonds are bonds that, in the opinion of the Manager, are worth more than the value assigned to them in the marketplace. The Manager may at times believe that bonds associated with a particular municipal market sector (for example, but not limited to, electrical utilities), or issued by a particular municipal issuer, are undervalued. The Manager may purchase those bonds for the Fund's portfolio because they represent a market sector or issuer that the Manager considers undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. Municipal bonds of particular types (for example, but not limited to, hospital bonds, industrial revenue bonds or bonds issued by a particular municipal issuer) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of municipal bonds of the market sector for reasons that do not apply to the particular municipal bonds that are considered undervalued. The Fund's investment in underrated or undervalued municipal bonds will be based on the Manager's belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. Any capital appreciation realized by the Fund will generally result in capital gains distributions subject to Federal capital gains taxation.

The Fund may purchase municipal bonds that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of companies which provide these credit enhancements will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid for insured obligations may reduce the Fund's income. Insurance generally is obtained from insurers with a claims-paying ability rated "Aaa" by Moody's or "AAA" by S&P or Fitch. The insurance feature does not guarantee the market value of the insured obligations or the net asset value of the Fund's common shares. The Fund may purchase insured bonds and may purchase insurance for bonds in its portfolio.

During temporary defensive periods (e.g., times when, in Manager's opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal bonds are available), and in order to keep the Fund's cash fully invested, the Fund may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objective under these circumstances. The Fund intends to invest in taxable short-term investments only if suitable tax-exempt short-term investments are not available at reasonable prices and yields. If the Fund invests in taxable short-term investments, a portion of your dividends would be subject to regular Federal income tax.

The Fund cannot change its investment objective without the approval of the holders of a majority of its outstanding common shares and preferred, voting together as a single class, and of the holders of a majority of the Fund's outstanding preferred shares voting as a separate class. A "majority of the outstanding" means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy, or (2) more than 50% of the shares, whichever is less.

**Leverage:** The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares ("VRDP Shares") and residual interest municipal tender option bonds ("TOB Residuals"), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.

The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may invest in securities the potential return of which is based on the change in a specified interest rate or equity index.

The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to its investment restrictions.

**BlackRock MuniAssets Fund, Inc. (MUA)**

The Fund's investment objective is to provide high current income exempt from Federal income taxes by investing primarily in a portfolio of medium to lower grade or unrated municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from Federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond counsel to the issuer, is exempt from Federal income taxes ("Municipal Bonds"). For the purposes of the foregoing 80% policy, "assets" are the Fund's net assets, plus the amount of any borrowings for investment purposes. The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund at all times, except during temporary defensive periods, will maintain at least 65% of its assets in Municipal Bonds which are rated in any one of the medium and lower rating categories of a nationally recognized statistical rating organization or are unrated. These ratings are currently Baa (Moody's Investor Service Inc. ("Moody's")) or BBB (S&P Global Ratings ("S&P") and Fitch Ratings, Inc. ("Fitch")) or lower. These are fundamental policies of the Fund and, therefore, may not be changed without the approval of a majority of the Fund's outstanding common stock and the outstanding preferred stock, including the Fund's outstanding Variable Rate Demand Preferred Shares (the "VRDP Shares"), voting together as a single class, and of the holders of a majority of the outstanding preferred stock, including the VRDP Shares, voting as a separate class. A majority of the outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less. The Fund is not intended as, and you should not construe it to be, a complete investment program. There can be no assurance that the Fund's investment objective will be achieved or that the Fund's investment program will be successful.

The Fund has the authority to invest as much as 35% of its total assets in Municipal Bonds in the higher rating categories of nationally recognized statistical rating organizations (ratings of A or higher by Moody's, S&P or Fitch or comparable unrated securities). In addition, the Fund reserves the right to temporarily invest more than 20% of its total assets in short-term municipal securities, or short-term taxable money market securities (including commercial paper, certificates of deposit and repurchase agreements) for

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Investment Objectives, Policies and Risks (continued)

defensive purposes when, in the opinion of BlackRock Advisors, LLC (the "Manager"), prevailing market or financial conditions warrant. The Fund does not invest more than 25% of its total assets (taken at market value) in Municipal Bonds whose issuers are located in the same state. "Total assets" of the Fund means the Fund's net assets plus the amount of any borrowings for investment purposes.

Ordinarily, the Fund does not intend to realize significant interest income that is subject to Federal income taxes. However, the Fund may invest all or a portion of its assets in certain tax-exempt securities classified as "private activity bonds" ("PABs") (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to a Federal alternative minimum tax.

The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes ("Non-Municipal Tax-Exempt Securities"), which could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund's investment restrictions and applicable law.

The Fund ordinarily does not intend to realize significant investment income not exempt from federal income taxes. From time to time, the Fund may realize taxable capital gains.

Investments in lower rated Municipal Bonds generally provide a higher yield and are less affected by interest rate fluctuations than higher rated tax-exempt securities of similar maturity but are subject to greater overall market risk and are also subject to a greater degree of risk with respect to the ability of the issuer to meet its principal and interest obligations.

The Fund seeks to reduce risk through investing in multiple issuers, credit analysis and monitoring of current developments regarding the obligor and trends in both the economy and financial markets. The Manager will use various means to research the stability and/or potential for improvement of various municipal issuers in connection with the proposed purchase of their securities by the Fund. Evaluation of each Municipal Bond may include the analysis of financial performance, debt structure, economic factors and the administrative structure of the issuer. Additionally, the priority of liens and the overall structure of the particular issue may be factors that will determine suitability for purchase. Further investigation may be performed and may include, among other things, discussions with project management, corporate officers and industry experts as well as site inspections, area analysis, and project and financial projection analysis. All purchases and sales also may be subject to the review of market data, economic projections and the performance of the financial markets. Certain economic indicators also may be monitored. Additionally, the Manager will vary the average maturity of the Fund's portfolio securities based upon its assessment of economic and market conditions.

**Leverage:** The Fund currently leverages its assets through the use of VRDP Shares and residual interest municipal tender option bonds ("TOB Residuals"), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax. The Fund currently does not intend to borrow money or issue debt securities. Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund's investment objective and policies.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.

**BlackRock MuniYield Fund, Inc. (MYD)**

The Fund's investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) ("Municipal Bonds"). The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Fund's investment objective and its policy of investing at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in Municipal Bonds are fundamental policies that may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended). There can be no assurance that the Fund's investment objective will be realized.

The Fund may invest in certain tax-exempt securities classified as "private activity bonds" (or industrial development bonds, under pre-1986 law) ("PABs") (in general, bonds that benefit nongovernmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund's total assets invested in PABs will vary from time to time. The Fund also will not invest more than 25% of its total assets (taken at market value at the time of each investment) in Municipal Bonds whose issuers are located in the same state.Under normal market conditions, the Fund expects to invest at least 75% of its total assets in a portfolio of long-term Municipal Bonds that are commonly referred to as "investment grade" securities, which are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody's Investors Service, Inc. ("Moody's") (currently Aaa, Aa, A and Baa), Standard & Poor's ("S&P") (currently AAA, AA, A and BBB) or Fitch Ratings ("Fitch") (currently AAA, AA, A and BBB). In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG-1 through MIG-3 for Moody's and F-1+ through F-3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody's and F-1+ through F-3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG-3 and Prime-3 for Moody's; and BBB and F-3 for Fitch), while considered "investment grade," may have certain speculative characteristics. There may be sub categories or gradations indicating relative standing within

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

the rating categories set forth above. In assessing the quality of Municipal Bonds with respect to the foregoing requirements, BlackRock Advisors, LLC (the "Manager") takes into account the nature of any letters of credit or similar credit enhancement to which particular Municipal Bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.

The Fund also may invest up to 25% of its total assets in Municipal Bonds that are rated below Baa by Moody's or below BBB by S&P or Fitch or, if unrated, are considered by the Manager to possess similar credit characteristics. Such securities, sometimes referred to as "high yield" or "junk" bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories. The Fund does not intend to purchase Municipal Bonds that are in default or which the Manager believes will soon be in default. Below investment grade securities and comparable unrated securities involve substantial risk of loss, are considered speculative with respect to the issuer's ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to adverse economic and business developments.

All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be considered violated if an investment rating is subsequently downgraded to a rating that would have precluded the Fund's initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.

The Fund intends to invest primarily in long-term Municipal Bonds with maturities of more than ten years. However, the Fund also may invest in intermediate term Municipal Bonds with maturities of between three years and ten years. The Fund also may invest from time to time in short-term Municipal Bonds with maturities of less than three years. The average maturity of the Fund's portfolio securities will vary based upon the Manager's assessment of economic and market conditions.

For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term obligations being referred to herein as "Temporary Investments"). In addition, the Fund reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in the opinion of the Manager, prevailing market or financial conditions warrant. Taxable money market obligations will yield taxable income. The Fund also may invest in variable rate demand obligations ("VRDOs") and VRDOs in the form of participation interests ("Participating VRDOs") in variable rate tax-exempt obligations held by a financial institution. The Fund's hedging strategies are not fundamental policies and may be modified by the Board of Directors of the Fund without the approval of the Fund's stockholders. The Fund is also authorized to invest in indexed and inverse floating rate obligations for hedging purposes and to seek to enhance return.

The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes ("Non-Municipal Tax-Exempt Securities"). Non Municipal Tax-Exempt Securities could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund's investment restrictions and applicable law. Non-Municipal Tax-Exempt Securities are subject to the same risks associated with an investment in Municipal Bonds as well as many of the risks associated with investments in derivatives.

The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.

Federal tax legislation has limited the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, this legislation and legislation that may be enacted in the future may affect the availability of Municipal Bonds for investment by the Fund.

**Leverage:** The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares ("VRDP Shares") and residual interest municipal tender option bonds ("TOB Residuals"), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.

The Fund may hedge all or a portion of its portfolio of investments against fluctuations in interest rates through the use of options and certain financial futures contracts and options thereon.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may invest in securities pursuant to repurchase agreements. The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to its investment restrictions.The Fund is authorized to borrow money in amounts of up to 5% of the value of its assets at the time of such borrowings.

**BlackRock MuniYield Quality Fund, Inc. (MQY)**

The Fund's investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing, as a fundamental policy, at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) ("Municipal Bonds"). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "investment grade" securities. The Fund's investments in derivatives will be counted toward the Fund's 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities. The Fund's investment objective and its policy of investing at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

any borrowings for investment purposes, in Municipal Bonds are fundamental policies that may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended). There can be no assurance that the Fund's investment objective will be realized.

The Fund may invest in certain tax-exempt securities classified as "private activity bonds" (or industrial development bonds, under pre-1986 law) ("PABs") (in general, bonds that benefit non- governmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund's total assets invested in PABs will vary from time to time. The Fund also will not invest more than 25% of its total assets (taken at market value at the time of each investment) in Municipal Bonds whose issuers are located in the same state.

"Investment grade" securities are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody's Investors Service, Inc. ("Moody's") (currently Aaa, Aa, A and Baa), S&P Global Ratings ("S&P") (currently AAA, AA, A and BBB) or Fitch Ratings, Inc. ("Fitch") (currently AAA, AA, A and BBB) or are considered by BlackRock Advisors, LLC (the "Manager") to be of comparable quality. In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG1 through MIG 3 for Moody's and F1+ through F3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody's and F1+ through F3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG 3 and Prime-3 for Moody's; and BBB and F3 for Fitch), while considered "investment grade," may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of Municipal Bonds with respect to the foregoing requirements, the Manager takes into account the nature of any letters of credit or similar credit enhancement to which particular Municipal Bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. Insurance is expected to protect the Fund against losses caused by a bond issuer's failure to make interest or principal payments. However, insurance does not protect the Fund or its stockholders against losses caused by declines in a bond's market value. If a bond's insurer fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.

The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase, subject to the Fund's other investment policies. Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Such securities, sometimes referred to as "high yield" or "junk" bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve a greater volatility of price than securities in higher rating categories. Below investment grade securities and comparable unrated securities involve substantial risk of loss, are considered speculative with respect to the issuer's ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to adverse economic and business developments.

All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be considered violated as a result of subsequent market movements or if an investment rating is subsequently downgraded to a rating that would have precluded the Fund's initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.

The average maturity of the Fund's portfolio securities varies from time to time based upon an assessment of economic and market conditions by BlackRock Advisors, LLC (the "Manager"). The Fund's portfolio at any given time may include both long-term and intermediate-term municipal bonds.

For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term obligations being referred to herein as "Temporary Investments"). In addition, the Fund reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in the opinion of the Manager, prevailing market or financial conditions warrant. Taxable money market obligations will yield taxable income. The Fund also may invest in variable rate demand obligations ("VRDOs") and VRDOs in the form of participation interests ("Participating VRDOs") in variable rate tax-exempt obligations held by a financial institution. The Fund's hedging strategies are not fundamental policies and may be modified by the Board of Directors of the Fund without the approval of the Fund's stockholders. The Fund is also authorized to invest in indexed and inverse floating rate obligations for hedging purposes and to seek to enhance return.

The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes ("Non-Municipal Tax-Exempt Securities"). Non-Municipal Tax-Exempt Securities could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund's investment restrictions and applicable law. Non-Municipal Tax-Exempt Securities are subject to the same risks associated with an investment in Municipal Bonds as well as many of the risks associated with investments in derivatives. If the Internal Revenue Service were to issue any adverse ruling or take an adverse position with respect to the taxation on these types of securities, there is a risk that the interest paid on such securities would be deemed taxable at the federal level.

The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.

Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of Municipal Bonds for investment by the Fund.

**Leverage:** The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares ("VRDP Shares") and residual interest municipal tender option bonds ("TOB Residuals"), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax. The Fund currently does not intend to borrow money or issue debt securities.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.

**BlackRock MuniYield Quality Fund III, Inc. (MYI)**

The Fund's investment objective is to provide stockholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) ("Municipal Bonds"). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "investment grade" securities. The Fund's investments in derivatives will be counted toward the Fund's 80% policies to the extent that they provide investment exposure to the securities included within each policy or to one or more market risk factors associated with such securities. The Fund's investment objective and its policy of investing at least 80% of an aggregate of the Fund's net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in Municipal Bonds are fundamental policies that may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")). There can be no assurance that the Fund's investment objective will be realized.

The Fund may invest in certain tax-exempt securities classified as "private activity bonds" (or industrial development bonds, under pre-1986 law) ("PABs") (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Fund to an alternative minimum tax. The percentage of the Fund's total assets invested in PABs will vary from time to time. The Fund also will not invest more than 25% of its total assets (taken at market value at the time of each investment) in Municipal Bonds whose issuers are located in the same state.

Under normal market conditions, the Fund expects to invest primarily in a portfolio of long-term Municipal Bonds that are commonly referred to as "investment grade" securities, which are obligations rated at the time of purchase within the four highest-quality ratings as determined by either Moody's Investors Service, Inc. ("Moody's") (currently Aaa, Aa, A and Baa), S&P Global Ratings ("S&P") (currently AAA, AA, A and BBB) or Fitch Ratings, Inc. ("Fitch") (currently AAA, AA, A and BBB) or are considered by BlackRock Advisors, LLC (the "Manager") to be of comparable quality. In the case of short-term notes, the investment grade rating categories are SP-1+ through SP-2 for S&P, MIG 1 through MIG 3 for Moody's and F1+ through F3 for Fitch. In the case of tax-exempt commercial paper, the investment grade rating categories are A-1+ through A-3 for S&P, Prime-1 through Prime-3 for Moody's and F1+ through F3 for Fitch. Obligations ranked in the lowest investment grade rating category (BBB, SP-2 and A-3 for S&P; Baa, MIG 3 and Prime-3 for Moody's; and BBB and F3 for Fitch), while considered "investment grade," may have certain speculative characteristics. There may be sub-categories or gradations indicating relative standing within the rating categories set forth above. In assessing the quality of Municipal Bonds with respect to the foregoing requirements, the Manager takes into account the nature of any letters of credit or similar credit enhancement to which particular Municipal Bonds are entitled and the creditworthiness of the financial institution that provided such credit enhancement. Insurance is expected to protect the Fund against losses caused by a bond issuer's failure to make interest or principal payments. However, insurance does not protect the Fund or its stockholders against losses caused by declines in a bond's market value. If a bond's insurer fails to fulfill its obligations or loses its credit rating, the value of the bond could drop. If unrated, such securities will possess creditworthiness comparable, in the opinion of the Manager, to other obligations in which the Fund may invest.

The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, which are securities rated at the time of purchase Ba or below by Moody's, BB or below by S&P or Fitch, or securities determined by the Manager to be of comparable quality. Below investment grade quality is regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Such securities commonly are referred to as "high yield" or "junk" bonds.

All percentage and ratings limitations on securities in which the Fund may invest apply at the time of making an investment and shall not be considered violated as a result of subsequent market movements or if an investment rating is subsequently downgraded to a rating that would have precluded the Fund's initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade.

The average maturity of the Fund's portfolio securities varies from time to time based upon an assessment of economic and market conditions by the Manager. The Fund's portfolio at any given time may include both long-term and intermediate-term municipal bonds.

The net asset value of the shares of common stock of a closed-end investment company, such as the Fund, which invests primarily in fixed income securities, changes as the general levels of interest rates fluctuate. When interest rates decline, the value of a fixed income portfolio can be expected to rise. Conversely, when interest rates rise, the value of a fixed income portfolio can be expected to decline. Prices of longer term securities generally fluctuate more in response to interest rate changes than do shorter term securities. These changes in net asset value are likely to be greater in the case of a fund having a leveraged capital structure, such as the Fund.

For temporary periods or to provide liquidity, the Fund has the authority to invest as much as 20% of its total assets in tax-exempt and taxable money market obligations with a maturity of one year or less (such short-term obligations being referred to herein as "Temporary Investments"). In addition, the Fund reserves the right as a defensive measure to invest temporarily a greater portion of its assets in Temporary Investments, when, in the opinion of the Manager, prevailing market or financial conditions warrant. Taxable money market obligations will yield taxable income. The Fund also may invest in variable rate demand obligations ("VRDOs") and VRDOs in the form of participation interests ("Participating VRDOs") in variable rate tax-exempt obligations held by a financial institution. The Fund's hedging strategies are not fundamental policies and may be

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

modified by the Board of Directors of the Fund without the approval of the Fund's stockholders. The Fund is also authorized to invest in indexed and inverse floating rate obligations for hedging purposes and to seek to enhance return.

The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the issuer that such securities pay interest that is excludable from gross income for federal income tax purposes ("Non-Municipal Tax-Exempt Securities"). Non-Municipal Tax-Exempt Securities could include trust certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund's investment restrictions and applicable law. Non-Municipal Tax-Exempt Securities are subject to the same risks associated with an investment in Municipal Bonds as well as many of the risks associated with investments in derivatives. If the Internal Revenue Service were to issue any adverse ruling or take an adverse position with respect to the taxation on these types of securities, there is a risk that the interest paid on such securities would be deemed taxable at the federal level.

The Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time, the Fund may realize taxable capital gains.

Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of Municipal Bonds for investment by the Fund.

The Fund may purchase and sell futures contracts, enter into various interest rate transactions and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. These derivative transactions may be used for duration management and other risk management purposes, subject to the Fund's investment restrictions.

**Leverage:** The Fund may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, this objective cannot be achieved in all interest rate environments. The Fund currently leverages its assets through the use of variable rate demand preferred shares ("VRDP Shares") and residual interest municipal tender option bonds ("TOB Residuals"), which are derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB Residuals, is exempt from regular U.S. federal income tax.

The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Fund's investment restrictions. The Fund may enter into "dollar roll" transactions.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may leverage its portfolio by entering into one or more credit facilities.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. Certain short-term borrowings (such as for cash management purposes) are not subject to the 1940 Act's limitations on leverage if (i) repaid within 60 days, and (ii) not in excess of 5% of the Fund's total assets.

**Risk Factors**

This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund's performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Investment and Market Discount Risk:** An investment in the Fund's common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Fund's common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Fund should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund's net asset value could decrease as a result of its investment activities. At any point in time an investment in the Fund's common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund. During periods in which the Fund may use leverage, the Fund's investment, market discount and certain other risks will be magnified.

**Debt Securities Risk:** Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;•Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.

**Municipal Securities Risks:** Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;•General Obligation Bonds Risks — Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund's investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers' bond counsel and, in the case of derivative securities, sponsors' counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.

**Taxability Ris**k: The Fund intends to minimize the payment of taxable income to shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income subsequent to the Fund's acquisition of the securities. In that event, the treatment of dividends previously paid or to be paid by the Fund as "exempt interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased U.S. federal income tax liabilities. Alternatively, the Fund might enter into an agreement with the IRS to pay an agreed upon amount in lieu of the IRS adjusting individual shareholders' income tax liabilities. If the Fund agrees to enter into such an agreement, the Fund's yield could be adversely affected. Further, shareholders at the time the Fund enters into such an agreement that were not shareholders when the dividends in question were paid would bear some cost for a benefit they did not receive. Federal tax legislation may limit the types and volume of bonds the interest on which qualifies for a federal income tax-exemption. As a result, current legislation and legislation that may be enacted in the future may affect the availability of municipal securities for investment by the Fund. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Insurance Risk:** Insurance guarantees that interest payments on a municipal security will be made on time and that the principal will be repaid when the security matures. However, insurance does not protect against losses caused by declines in a municipal security's value. The Fund cannot be certain that any insurance company will make the payments it guarantees. If a municipal security's insurer fails to fulfill its obligations or loses its credit rating, the value of the security could drop.

**Junk Bonds Risk**: Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.

**U.S. Government Obligations Risk (MYI):** Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.

**Variable Rate Demand Obligations Risk (MUI, MYD, MQY and MYI):** Variable rate demand obligations are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.

**When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BTA):** When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**Defensive Investing Risk (BTA, MYD and MQY):** For defensive purposes, the Fund may, as part of its proprietary volatility control process, allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested it will be subject to the credit risk of the depositary institution holding the cash.

**Repurchase Agreements and Purchase and Sale Contracts Risk (MUA and MYD):** If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

**Reverse Repurchase Agreements Risk (BTA, MYD and MYI):** Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

**Dollar Rolls Risk (MYI)**: Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.

**Sector Risk (MUI):** Sector risk is the risk that the Fund's concentration in the securities of companies in a specific market sector or industry will cause the Fund to be more exposed to the price movements of companies in and developments affecting that sector than a more broadly diversified fund. To the extent that the Fund concentrates its investments in a particular sector, there is the risk that the Fund will perform poorly during a downturn in that sector.

**Leverage Risk:** The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;•the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;•leverage may increase operating costs, which may reduce total return. .

Any decline in the net asset value of the Fund's investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund's portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

**Derivatives Risk:** The Fund's use of derivatives may increase its costs, reduce the Fund's returns and/or increase volatility. Derivatives involve significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leverage Risk — The Fund's use of derivatives can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund's derivatives positions to lose value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

&nbsp;&nbsp;&nbsp;&nbsp;•Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

**Indexed and Inverse Securities Risk (BTA, MYD, MQY and MYI):** Indexed and inverse securities provide a potential return based on a particular index of value or interest rates. The Fund's return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund's investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate

**Tender Option Bonds Risk**: The Fund's participation in tender option bond transactions may reduce the Fund's returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The Fund may invest special purpose trusts formed for the purpose of holding municipal bonds contributed by one or more funds ("TOB Trusts") on either a non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in excess of the value of its TOB Residuals.

**Illiquid Investments Risk**: The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund's net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Investment Companies and ETFs Risk (BTA):** Subject to the limitations set forth in the Investment Company Act of 1940, as amended, and the rules thereunder, the Fund may acquire shares in other investment companies and in exchange-traded funds ("ETFs"), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity's expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

**Preferred Securities Risk (BTA):** Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

**Risk of Investing in the United States:** Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.

**Market Risk and Selection Risk:** Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

**Shareholder Activism:** Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund's corporate governance and/or management, commencing proxy contests to attempt to elect the activists' representatives or others to the Fund's Board of Directors/Trustees (the "Board"), or to seek other actions such as a termination of the Fund's investment advisory contract with its current investment manager or commencing litigation. If the Fund becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Fund may incur substantial costs defending against such activism if management and the Board determine that the activist's demands are not in the best interest of the Fund. Further, the Fund's share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

Investment Objectives, Policies and Risks

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Automatic Dividend Reinvestment Plan

Pursuant to BTA, MUA, MYD, MQY and MYI's Dividend Reinvestment Plan (the "Reinvestment Plan"), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") in the respective Fund's Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BTA, MUA, MYD, MQY and MYI declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants' accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds ("newly issued shares") or (ii) by purchase of outstanding shares on the open market or on the Fund's primary exchange ("open-market purchases"). If, on the dividend payment date, the net asset value ("NAV") per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market premium"), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market discount"), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent's open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BTA, MQY and MYI that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in MUA and MYD that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.

2025 BlackRock Annual Report to Shareholders

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Director and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Directors**<sup>(a)</sup>  | **Independent Directors**<sup>(a)</sup>  | **Independent Directors**<sup>(a)</sup>  | **Independent Directors**<sup>(a)</sup>  | **Independent Directors**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships Held** <br> **During** <br>**Past 5 Years**<br>|
| **R. Glenn Hubbard** <br>1958<br>| &nbsp;&nbsp; Chair of the Board (Since <br> 2022) <br>Director <br>(Since 2007)<br>| &nbsp;&nbsp; Dean, Columbia Business School from 2004 to 2019; <br> Faculty member, Columbia Business School since 1988.<br>| 66 RICs consisting of 103 Portfolios | &nbsp;&nbsp; ADP (data and <br> information services) <br> from 2004 to 2020; <br> Metropolitan Life <br> Insurance Company <br> (insurance); <br> TotalEnergies SE <br> (multi-energy)<br>|
| **W. Carl Kester**<sup>(d)</sup> <br>1951<br>| &nbsp;&nbsp; Vice Chair of the Board <br> (Since 2022) <br>Director <br>(Since 2007)<br>| &nbsp;&nbsp; Baker Foundation Professor and George Fisher Baker Jr. <br> Professor of Business Administration, Emeritus, Harvard <br> Business School since 2022; George Fisher Baker Jr. <br> Professor of Business Administration, Harvard Business <br> School from 2008 to 2022; Deputy Dean for Academic <br> Affairs from 2006 to 2010; Chairman of the Finance Unit, <br> from 2005 to 2006; Senior Associate Dean and Chairman <br> of the MBA Program from 1999 to 2005; Member of the <br> faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 105 Portfolios |  |
| **Cynthia L. Egan**<sup>(d)</sup> <br>1955<br>| &nbsp;&nbsp; Director <br>(Since 2016)<br>| &nbsp;&nbsp; Advisor, U.S. Department of the Treasury from 2014 to <br> 2015; President, Retirement Plan Services, for T. Rowe <br> Price Group, Inc. from 2007 to 2012; executive positions <br> within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 105 Portfolios | &nbsp;&nbsp; Unum (insurance); <br> The Hanover <br> Insurance Group <br> (Board Chair); <br> Huntsman <br> Corporation (Lead <br> Independent Director <br> and non-Executive <br> Vice Chair of the <br> Board) (chemical <br> products)<br>|
| **Lorenzo A. Flores** <br>1964<br>| &nbsp;&nbsp; Director <br>(Since 2021)<br>| &nbsp;&nbsp; Chief Financial Officer, Lattice Semiconductor Corporation <br> (LSCC) since 2025; Chief Financial Officer, Intel Foundry <br> from 2024 to 2025; Vice Chairman, Kioxia, Inc. from <br> 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from <br> 2016 to 2019; Corporate Controller, Xilinx, Inc. from <br> 2008 to 2016.<br>| 66 RICs consisting of 103 Portfolios |  |
| **Stayce D. Harris** <br>1959<br>| &nbsp;&nbsp; Director <br>(Since 2021)<br>| &nbsp;&nbsp; Lieutenant General, Inspector General of the United States <br> Air Force from 2017 to 2019; Lieutenant General, Assistant <br> Vice Chief of Staff and Director, Air Staff, United States Air <br> Force from 2016 to 2017; Major General, Commander, <br> 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia <br> from 2014 to 2016; Pilot, United Airlines from 1990 to <br> 2020.<br>| 66 RICs consisting of 103 Portfolios | &nbsp;&nbsp; KULR Technology <br> Group, Inc. in 2021; <br> The Boeing Company <br> (airplane <br> manufacturer)<br>|
| **J. Phillip Holloman** <br>1955<br>| &nbsp;&nbsp; Director <br>(Since 2021)<br>| &nbsp;&nbsp; Interim Executive Chairman, President and Chief <br> Executive Officer of Vestis Corporation since 2025; <br> President and Chief Operating Officer, Cintas Corporation <br> from 2008 to 2018.<br>| 66 RICs consisting of 103 Portfolios | &nbsp;&nbsp; Vestis Corporation <br> (uniforms and <br> facilities services)<br>|
| **Catherine A. Lynch**<sup>(d)</sup> <br>1961<br>| &nbsp;&nbsp; Director <br>(Since 2016)<br>| &nbsp;&nbsp; Chief Executive Officer, Chief Investment Officer and <br> various other positions, National Railroad Retirement <br> Investment Trust from 2003 to 2016; Associate Vice <br> President for Treasury Management, The George <br> Washington University from 1999 to 2003; Assistant <br> Treasurer, Episcopal Church of America from 1995 to <br> 1999.<br>| 68 RICs consisting of 105 Portfolios | &nbsp;&nbsp; PennyMac Mortgage <br> Investment Trust<br>|

---

Director and Officer Information

------

Director and Officer Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Directors**<sup>(a)</sup> (continued) | **Independent Directors**<sup>(a)</sup> (continued) | **Independent Directors**<sup>(a)</sup> (continued) | **Independent Directors**<sup>(a)</sup> (continued) | **Independent Directors**<sup>(a)</sup> (continued) |
| **Name**<br> **Year of Birth**<sup>(b)</sup><br>| &nbsp;&nbsp; **Position(s) Held**<br> **(Length of Service)**<sup>(c)</sup><br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised**<br> **Registered Investment Companies**<br> **("RICs") Consisting of Investment**<br> **Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other**<br> **Investment** <br> **Company**<br> **Directorships Held** <br> **During**<br> **Past 5 Years**<br>|
| **Arthur P. Steinmetz**<sup>(d)</sup> <br>1958<br>| &nbsp;&nbsp; Director <br>(Since 2023)<br>| &nbsp;&nbsp; Trustee of Denison University since 2020; Consultant, <br> Posit PBC (enterprise data science) since 2020; Director, <br> ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br> Executive Officer and President of OppenheimerFunds, <br> Inc. from 2015, 2014 and 2013, respectively to 2019; <br> Trustee, President and Principal Executive Officer of <br> 104 OppenheimerFunds funds from 2014 to 2019; <br> Portfolio manager of various OppenheimerFunds fixed <br> income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 105 Portfolios | &nbsp;&nbsp; Trustee of <br> 104 OppenheimerFunds <br> funds from 2014 to <br> 2019<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interested Directors**<sup>(a)(e)</sup>  | **Interested Directors**<sup>(a)(e)</sup>  | **Interested Directors**<sup>(a)(e)</sup>  | **Interested Directors**<sup>(a)(e)</sup>  | **Interested Directors**<sup>(a)(e)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships** <br> **Held During** <br>**Past 5 Years**<br>|
| **Robert Fairbairn** <br>1965<br>| &nbsp;&nbsp; Director <br>(Since 2018)<br>| &nbsp;&nbsp; Vice Chairman of BlackRock, Inc. since 2019; Member of <br> BlackRock's Global Executive and Global Operating <br> Committees; Co-Chair of BlackRock's Human Capital <br> Committee; Senior Managing Director of BlackRock, Inc. <br> from 2010 to 2019; oversaw BlackRock's Strategic Partner <br> Program and Strategic Product Management Group from <br> 2012 to 2019; Member of the Board of Managers of <br> BlackRock Investments, LLC from 2011 to 2018; Global <br> Head of BlackRock's Retail and iShares® businesses from <br> 2012 to 2016.<br>| 94 RICs consisting of 271 Portfolios |  |
| **John M. Perlowski**<sup>(d)</sup> <br>1964<br>| &nbsp;&nbsp; Director <br>(Since 2015) <br>President and Chief <br>Executive Officer <br>(Since 2010)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2009; Head of <br> BlackRock Global Accounting and Product Services since <br> 2009; Advisory Director of Family Resource Network <br> (charitable foundation) since 2009.<br>| 96 RICs consisting of 273 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

<sup>(b)</sup> Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. 

<sup>(d)</sup> Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

<sup>(e)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 BlackRock Annual Report to Shareholders

------

Director and Officer Information (continued)

---

| | | |
|:---|:---|:---|
| **Officers Who Are Not Directors**<sup>(a)</sup>  | **Officers Who Are Not Directors**<sup>(a)</sup>  | **Officers Who Are Not Directors**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<br>| **Principal Occupation(s) During Past 5 Years** |
| **Stephen Minar** <br>1984<br>| &nbsp;&nbsp; Vice President <br>(Since 2025)<br>| Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| **Trent Walker** <br>1974<br>| &nbsp;&nbsp; Chief Financial Officer <br>(Since 2021)<br>| Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| **Jay M. Fife** <br>1970<br>| &nbsp;&nbsp; Treasurer <br>(Since 2007)<br>| Managing Director of BlackRock, Inc. since 2007. |
| **Aaron Wasserman** <br>1974<br>| &nbsp;&nbsp; Chief Compliance Officer <br>(Since 2023)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the <br> BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy <br> Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-<br> Income Complex and the iShares Complex from 2014 to 2023. <br>|
| **Janey Ahn** <br>1975<br>| &nbsp;&nbsp; Secretary <br>(Since 2012)<br>| Managing Director of BlackRock, Inc. since 2018. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. <br> <sup>(b)</sup> Officers of the Fund serve at the pleasure of the Board.

Director and Officer Information

------

Additional Information

**Proxy Results**

The Annual Meeting of Shareholders was held on July 11, 2025, for shareholders of record on May 19, 2025, to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.

Shareholders elected the Class III Directors as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Robert Fairbairn | Robert Fairbairn | Stayce D. Harris | Stayce D. Harris |
| *Fund Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| MYD | 30958293 | 8950551 | 38258747 | 1650097 | 38291267 | 1617577 |
| MQY | 40163216 | 23136234 | 60824236 | 2475214 | 60434605 | 2864845 |
| BTA | 9501306 | 609435 | 9659656 | 451075 | 9597994 | 512747 |
| MUA | 24305080 | 10159480 | 33104181 | 1360379 | 33050218 | 1414342 |
| MYI | 38663312 | 20765210 | 57015523 | 2412998 | 57002888 | 2425633 |

---

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Lorenzo A. Flores, J. Phillip Holloman, Catherine A. Lynch, Arthur P. Steinmetz, R. Glenn Hubbard, W. Carl Kester and John M. Perlowski.

**Fund Certification**

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**Environmental, Social and Governance ("ESG") Integration**

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds' particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds' investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds' exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Fund's dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital. The Funds' current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

**General Information**

The Funds do not make available copies of their Statements of Additional Information because the Funds' shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund's offerings and the information contained in each Fund's Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since July 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds' charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds' portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

2025 BlackRock Annual Report to Shareholders

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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 by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Funds will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Directors of the Funds has delegated the voting of proxies for the Funds' securities to BlackRock Advisors, LLC (the "Advisor") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Funds. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Fund Updates**

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

Computershare Trust Company, N.A. <br>Canton, MA 02021

**VRDP Liquidity Provider**

Bank of America, N.A.<sup>(a)</sup> <br>New York, NY 10036

Royal Bank of Canada<sup>(b)</sup> <br>New York, NY 10281

The Toronto-Dominion Bank<sup>(b),(c)</sup> <br>New York, NY 10019

**VRDP Remarketing Agent**

BofA Securities, Inc.<sup>(a)</sup> <br>New York, NY 10036

RBC Capital Markets, LLC<sup>(b)</sup> <br>New York, NY 10281

TD Securities (USA) LLC<sup>(b),(c)</sup> <br>New York, NY 10019

**VRDP Tender and Paying Agent**

The Bank of New York Mellon <br>New York, NY 10286

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

Additional Information

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

**Address of the Funds**

100 Bellevue Parkway <br>Wilmington, DE 19809

<sup>(a)</sup> For BTA, MUA and MYD. <br><sup>(b)</sup> For MQY. <br><sup>(c)</sup> For MYI.

2025 BlackRock Annual Report to Shareholders

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| 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 |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| HUD SECT 8 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| INS | Insured  |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| NPFGC-IBC | &nbsp;&nbsp;&nbsp; National Public Finance Guarantee Corp. — Insured Bond <br> Certificate<br>|
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SONYMA | State of New York Mortgage Agency |
| ST | Special Tax |
| TA | Tax Allocation |

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Glossary of Terms Used in this Report

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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-07/25-AR

![](g927223img992c38288.jpg)

![](g927223imga49a1fd11.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, Option 4.  |

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Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors") has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related**<br> **Fees<sup>1</sup>** | **(b) Audit-Related**<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** |  **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Current</u> <br><u>Fisca</u>l**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund III, Inc. | $32698 | $32538 | $0 | $0 | $30000 | $29952 | $388 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily

------

portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **<u>Current Fiscal Year End</u>** | **<u>Previous Fiscal Year End</u>** |
| &nbsp;&nbsp;&nbsp; **(b) Audit-Related Fees<sup>1</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(c) Tax Fees<sup>2</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(d) All Other Fees<sup>3</sup>** | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund III, Inc. | $30388 | $29952 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

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

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

------

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

---

| | |
|:---|:---|
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d927223dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at <u>www.blackrock.com</u> and (iii) on the SEC's website at <u>http://www.sec.gov</u>.  |

---

Item 13 – 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, Michael Kalinoski, CFA, Director at BlackRock, Christian Romaglino, CFA, Director at BlackRock, Kevin Maloney, CFA, Managing Director at BlackRock, Phillip Soccio, 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/or selection of its investments. Messrs. O'Connor, Kalinoski and Romaglino have been members of the registrant's portfolio management team since 2006, 2009 and 2017 respectively. Messrs. Maloney and Soccio and Ms. Manidis have been members of the registrant's portfolio management team since 2023.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Biography** |
| &nbsp;&nbsp;&nbsp;Walter O'Connor, CFA | Managing Director of BlackRock since 2006. |
| &nbsp;&nbsp;&nbsp;Michael Kalinoski, CFA | Director of BlackRock since 2006. |
| &nbsp;&nbsp;&nbsp;Christian Romaglino, CFA | Director of BlackRock since 2017. |
| &nbsp;&nbsp;&nbsp;Kevin Maloney, CFA | Managing Director of BlackRock since 2025; Director of BlackRock from 2021 to 2024; Vice President of BlackRock from 2018 to 2020. |
| &nbsp;&nbsp;&nbsp;Phillip Soccio, CFA | Director of BlackRock since 2009. |
| &nbsp;&nbsp;&nbsp;Kristi Manidis | Director of BlackRock, Inc. since 2016. |

---

------

(a)(2) As of July 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** |
| &nbsp;&nbsp;&nbsp;**(i) Name of Portfolio Manager** | **Other**<br> **Registered**<br> **Investment**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Companies**  | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts**  | **Other**<br> **Registered**<br> **Investment** <br> **Companies** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts**  |
| &nbsp;&nbsp;&nbsp; Walter O'Connor, CFA | 33 | 0 | 0 | 0 | 0 | 0 |
|  | $27.93 Billion | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Michael Kalinoski, CFA | 33 | 0 | 0 | 0 | 0 | 0 |
|  | $29.23 Billion | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Christian Romaglino, CFA | 36 | 0 | 0 | 0 | 0 | 0 |
|  | $15.35 Billion | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Kevin Maloney, CFA | 42 | 0 | 0 | 0 | 0 | 0 |
|  | $38.77 Billion | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Phillip Soccio, CFA | 34 | 0 | 0 | 0 | 0 | 0 |
|  | $24.44 Billion | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Kristi Manidis | 35 | 0 | 2 | 0 | 0 | 0 |
|  | $23.46 Billion | $0 | $699.9 Million | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 hedge fund and/or long only accounts, or may be part of a team managing 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 July 31, 2025:

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of July 31, 2025.

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 funds 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 funds 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 benchmark for the Fund and other accounts are: A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain customized indices and certain fund industry peer groups.

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

------

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

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

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

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). 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 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 July 31, 2025:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities <br>of the Fund Beneficially Owned** |
| Walter O'Connor, CFA | $1 - $10000 |
| Michael Kalinoski, CFA | $1 - $10000 |

---

------

---

| | |
|:---|:---|
| Christian Romaglino, CFA | $1 - $10000 |
| Kevin Maloney, CFA |  |
| Phillip Soccio, CFA |  |
| Kristi Manidis |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 date 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) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2927223_a1)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d927223dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d927223dex99906cert.htm)

------

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 MuniYield Quality Fund III, Inc.

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock MuniYield Quality Fund III, Inc. |

---

Date: September 23, 2025

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: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock MuniYield Quality Fund III, Inc. |

---

Date: September 23, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock MuniYield Quality Fund III, Inc. |

---

Date: September 23, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Quality Fund III, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Quality Fund III, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 23, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniYield Quality Fund III, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Quality Fund III, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Quality Fund III, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock MuniYield Quality Fund III, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock MuniYield Quality Fund III, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 23, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniYield Quality Fund III, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock MuniYield Quality Fund III, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock MuniYield Quality Fund III, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

**August 1, 2021**![LOGO](g927223dsp16aa.jpg)

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|:---|
| &nbsp;&nbsp; Closed-End Fund Proxy Voting Policy<br> ***Procedures Governing Delegation of Proxy Voting to Fund Adviser*** |
| &nbsp;&nbsp;&nbsp; Effective Date: August 1, 2021<br> Last Review Date: September 1, 2024 |
| &nbsp;&nbsp;&nbsp; **Applies to the following types of Funds registered under the 1940 Act:**<br> ☐ Open-End Mutual Funds (including money market funds)<br> ☐ Money Market Funds<br> ☐ Exchange-Traded Funds<br> ☒ Closed-End Funds<br> ☐ Other |

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**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock"), (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock proxy voting guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.

![LOGO](g927223dsp16aaa.jpg)

Public Page 1 of 1

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![LOGO](g927223g40b00.jpg)

BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines Effective as of January 2025 NM1224U-4112305-1/23

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## Contents

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| | |
|:---|:---|
| **[Overview](#uscorp927223_1)** | **3** |
| **[Introduction to BlackRock](#uscorp927223_2)** | **4** |
| **[About BlackRock Active Investment Stewardship](#uscorp927223_3)** | **4** |
| **[Our approach to stewardship within active equities](#uscorp927223_4)** | **5** |
| **[Our approach to stewardship within fixed income](#uscorp927223_5)** | **5** |
| **[Boards of Directors](#uscorp927223_6)** | **6** |
| **[Executive compensation](#uscorp927223_7)** | **9** |
| **[Non-executive director compensation](#uscorp927223_8)** | **10** |
| **[Capital structure](#uscorp927223_9)** | **10** |
| **[Transactions and special situations](#uscorp927223_10)** | **11** |
| **[Corporate reporting, risk management and audit](#uscorp927223_11)** | **12** |
| **[Shareholder rights and protections](#uscorp927223_12)** | **14** |
| **[Shareholder proposals](#uscorp927223_13)** | **15** |
| **[Corporate political activities](#uscorp927223_14)** | **15** |
| **[Sustainability, or environmental and social, considerations](#uscorp927223_15)** | **16** |
| **[Key stakeholders](#uscorp927223_16)** | **16** |
| **[Climate and decarbonization investment objectives](#uscorp927223_17)** | **17** |
| **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities](#uscorp927223_18)** | **18** |

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**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers. BAIS works in partnership with BlackRock's investment teams, excluding index equity, providing expertise on investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS' voting recommendations to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

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**Introduction to BlackRock** 

BlackRock's purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines ("the Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a company's success over time including governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on their portfolio investment objectives and strategy.

These guidelines discuss corporate governance topics on which we may engage with management teams and board directors<sup>1</sup> and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

<sup>1</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **4** |
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**Our approach to stewardship within active equities** 

As shareholders of public companies, BlackRock's clients have certain fundamental rights, including the right to vote on proposals put forth by a company's management or its shareholders. The voting rights attached to these clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner that is consistent with their investment objectives.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different corporate governance regulations and norms in various markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 16 for more information about how we fulfil and oversee BlackRock's non-index equity investment stewardship responsibilities.

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams can help inform an issuer's approach to structuring specialist issuances, such as green bonds, and the standard terms and information in bond documentation.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **5** |
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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>2</sup>

We look to the board of directors (hereafter 'the board') to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In promoting the success of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee should determine the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether a director candidate's characteristics would be additive. We welcome disclosures that explain how the board considered different skills, backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. At least half of the directors should be independent and free

<sup>2</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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from conflicts of interest or undue influence.<sup>3</sup> This ensures sufficient independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher threshold for board independence should meet those requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their independent board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

Boards should establish the length of time a director would normally be expected to serve, in line with market norms where those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than provided for in local practices. In our experience, long-serving directors could become less independent given their relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

In markets where there is not specific director tenure guidance, we may vote against the election of the chair of the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board renewal. We may vote against the election of directors who have served for longer duration than typical in markets with specific guidance, where the case for their continued service is not evident.

<sup>3</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **7** |
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***Capacity***

To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

In support of director accountability to shareholders, directors should stand for election on a regular basis, ideally annually. A classified board structure may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model, e.g., a non-operating company such as closed-end funds.

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

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&nbsp;&nbsp;&nbsp;&nbsp;• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices
including the periodic review of board performance; responsible for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital management strategies
including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;• Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the

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compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;• Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;• Outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board.

&nbsp;&nbsp;&nbsp;&nbsp;• Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;• Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation and management in support of long-term financial resilience.

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Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities or the election of the most senior independent director if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share** **issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

We would normally expect companies to cancel repurchased shares. If a company plans to retain them as treasury shares, management should provide a detailed rationale in the context of the disclosed capital management strategy.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances

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shareholder value. The board should consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and objectives, once they have gone public. We will also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all shareholders are given equitable consideration.

Transactions with related parties, such as significant shareholders or companies connected with the public company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party. Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. The board should oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

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A company's financial reporting should provide decision-useful information for investors and other stakeholders on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful to companies in preparing such reports. <sup>4</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

<sup>4</sup> The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.

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**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

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Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that may be relevant to a company's business. Shareholder proposals are considered by many investors to be an escalation tool when a company is unresponsive to their engagement.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.

**Corporate political activities** 

We seek to understand how companies ensure that their direct and indirect engagement in the policy making process is consistent with their public statements on policy matters important to the company's long-term strategy. The board should be aware of the approach taken to corporate political activities as there can be reputational risks arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient, or it becomes public that there is a material contradiction in a company's public policy positions and its policy engagement.

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**Sustainability, or environmental and social, considerations** 

We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>5</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

<sup>5</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.

The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy and targets that the company does not currently provide and that would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.

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**Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines ("the Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal and risk teams, reviews and advises on amendments to BAIS' Global Engagement and Voting Guidelines. The Committee also considers developments in corporate governance, related public policy, and market norms and how these might influence BAIS' policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high-profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as part of its annual review.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues

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that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers <u>Voting Choice</u>, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>6</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A

<sup>6</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

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company's disclosures, our past engagements and voting, investment colleagues' insights and our voting guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' voting guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock's proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Adopted the Guidelines which are designed to advance our clients' long-term economic interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or

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business partners are not given special treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

&nbsp;&nbsp;&nbsp;&nbsp;• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for:

<sup>○</sup> public companies that include BlackRock employees on their boards of directors

<sup>○</sup> public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

<sup>○</sup> public companies that are the subject of certain transactions involving BlackRock Funds

<sup>○</sup> public companies that are joint venture partners with BlackRock, and

<sup>○</sup> public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an annual basis.

**Securities lending** 

When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund providers to keep fund expenses lower.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to,

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assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.

<sup>©</sup>2024 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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