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: 811-06500
Name of Fund: BlackRock MuniYield New York Quality Fund, Inc. (MYN)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
MuniYield New York Quality Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2025
Date of reporting period: 01/31/2025
Item 1 Reports to Stockholders
(a) The Reports to Shareholders are attached herewith. |
2025 Semi-Annual Report (Unaudited) |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) |
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN) |
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
BlackRock MuniYield New York Quality Fund, Inc. (MYN) |
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
BlackRock New York Municipal Income Trust (BNY) |
BlackRock Virginia Municipal Bond Trust (BHV) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Bloomberg Municipal Bond Index(a)
| ||
Total Returns as of January 31, 2025 | ||
6 |
months: |
1.05% |
12 |
months: |
2.08% |
Symbol on New York Stock Exchange |
MUJ |
Initial Offering Date |
March 11, 1998 |
Yield on Closing Market Price as of January 31, 2025 ($11.38)(a) |
5.69% |
Tax Equivalent Yield(b) |
11.74% |
Current Monthly Distribution per Common Share(c) |
$0.054000 |
Current Annualized Distribution per Common
Share(c) |
$0.648000 |
Leverage as of January 31, 2025(d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.55%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 11.38
|
$ 11.57
|
(1.64 )% |
$ 12.21
|
$ 10.97
|
Net Asset Value |
12.81 |
13.07 |
(1.99 ) |
13.34 |
12.58 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
0.68 % |
2.18 % |
0.17 % |
2.63 % |
Fund at Market Price(a)(b) |
1.03 |
3.80 |
(0.19 ) |
2.40 |
New Jersey Customized Reference Benchmark(c) |
1.45 |
2.77 |
1.40 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The New Jersey Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: New Jersey Exempt Total Return Index Unhedged (90%) and the New Jersey
Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index
(10%). The New Jersey Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
State |
32.1 % |
Transportation |
18.8 |
County/City/Special District/School District |
14.2 |
Education |
14.2 |
Health |
7.1 |
Tobacco |
5.3 |
Utilities |
4.5 |
Housing |
2.9 |
Corporate |
0.9 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
22.9 % |
2026 |
6.0 |
2027 |
8.3 |
2028 |
21.7 |
2029 |
5.6 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
5.6 % |
AA/Aa |
37.6 |
A |
37.4 |
BBB/Baa |
11.5 |
BB/Ba |
1.4 |
B |
0.2 |
N/R(e) |
6.3 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.5% of total investments. |
Symbol on New York Stock Exchange |
MHN |
Initial Offering Date |
September 19, 1997 |
Yield on Closing Market Price as of January 31, 2025 ($10.38)(a) |
5.95% |
Tax Equivalent Yield(b) |
12.32% |
Current Monthly Distribution per Common Share(c) |
$0.051500 |
Current Annualized Distribution per Common
Share(c) |
$0.618000 |
Leverage as of January 31, 2025(d) |
41% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 10.38
|
$ 10.77
|
(3.62 )% |
$ 11.18
|
$ 10.23
|
Net Asset Value |
11.69 |
12.10 |
(3.39 ) |
12.39 |
11.42 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
(0.73 )% |
0.72 % |
(0.90 )% |
2.00 % |
Fund at Market Price(a)(b) |
(0.97 ) |
3.01 |
(1.48 ) |
1.46 |
New York Customized Reference Benchmark(c) |
0.98 |
2.35 |
0.90 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The New York Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged (90%) and the New York Bloomberg
Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The New
York Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
Transportation |
31.6 % |
County/City/Special District/School District |
14.4 |
State |
12.3 |
Utilities |
11.7 |
Education |
8.8 |
Housing |
7.6 |
Corporate |
7.1 |
Health |
5.4 |
Tobacco |
1.1 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
8.8 % |
2026 |
2.1 |
2027 |
9.8 |
2028 |
8.2 |
2029 |
1.4 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
6.7 % |
AA/Aa |
60.1 |
A |
17.6 |
BBB/Baa |
9.6 |
BB/Ba |
0.5 |
B |
0.3 |
N/R(e) |
5.2 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.3% of total investments. |
Symbol on New York Stock Exchange |
MIY |
Initial Offering Date |
October 30, 1992 |
Yield on Closing Market Price as of January 31, 2025 ($11.70)(a) |
5.59% |
Tax Equivalent Yield(b) |
10.17% |
Current Monthly Distribution per Common Share(c) |
$0.054500 |
Current Annualized Distribution per Common
Share(c) |
$0.654000 |
Leverage as of January 31, 2025(d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 45.05%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 11.70
|
$ 11.61
|
0.78 % |
$ 12.09
|
$ 11.09
|
Net Asset Value |
12.74 |
13.08 |
(2.60 ) |
13.38 |
12.51 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
0.01 % |
1.77 % |
(0.07 )% |
2.56 % |
Fund at Market Price(a)(b) |
3.47 |
8.26 |
0.04 |
2.81 |
Michigan Customized Reference Benchmark(c) |
1.13 |
2.55 |
0.94 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The Michigan Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: Michigan Exempt Total Return Index Unhedged (90%) and the Michigan Bloomberg
Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The
Michigan Customized Reference Benchmark commenced on September 30, 2016.. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
County/City/Special District/School District |
25.5 % |
State |
15.7 |
Education |
14.5 |
Health |
12.0 |
Utilities |
10.9 |
Transportation |
7.4 |
Housing |
6.4 |
Corporate |
5.9 |
Tobacco |
1.7 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
10.3 % |
2026 |
7.2 |
2027 |
2.3 |
2028 |
14.6 |
2029 |
12.5 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
1.3 % |
AA/Aa |
69.5 |
A |
20.0 |
BBB/Baa |
2.2 |
N/R(e) |
7.0 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.7% of total investments. |
Symbol on New York Stock Exchange |
MYN |
Initial Offering Date |
February 28, 1992 |
Yield on Closing Market Price as of January 31, 2025 ($10.10)(a) |
6.08% |
Tax Equivalent Yield(b) |
12.59% |
Current Monthly Distribution per Common Share(c) |
$0.051200 |
Current Annualized Distribution per Common
Share(c) |
$0.614400 |
Leverage as of January 31, 2025(d) |
38% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 10.10
|
$ 10.58
|
(4.54 )% |
$ 10.82
|
$ 10.01
|
Net Asset Value |
11.32 |
11.73 |
(3.50 ) |
12.00 |
11.07 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
(0.75 )% |
0.85 % |
(0.72 )% |
2.09 % |
Fund at Market Price(a)(b) |
(1.82 ) |
4.14 |
(1.06 ) |
1.63 |
New York Customized Reference Benchmark(c) |
0.98 |
2.35 |
0.90 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The New York Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged (90%) and the New York Bloomberg
Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The New
York Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
Transportation |
28.6 % |
County/City/Special District/School District |
17.1 |
State |
12.8 |
Utilities |
12.5 |
Education |
9.3 |
Housing |
7.1 |
Corporate |
6.0 |
Health |
5.3 |
Tobacco |
1.3 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
7.7 % |
2026 |
2.2 |
2027 |
8.4 |
2028 |
7.7 |
2029 |
1.1 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
6.6 % |
AA/Aa |
61.3 |
A |
16.4 |
BBB/Baa |
8.8 |
BB/Ba |
0.7 |
B |
0.3 |
N/R(e) |
5.9 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.3% of total investments. |
Symbol on New York Stock Exchange |
MPA |
Initial Offering Date |
October 30, 1992 |
Yield on Closing Market Price as of January 31, 2025 ($11.83)(a) |
6.69% |
Tax Equivalent Yield(b) |
11.92% |
Current Monthly Distribution per Common Share(c) |
$0.066000 |
Current Annualized Distribution per Common
Share(c) |
$0.792000 |
Leverage as of January 31, 2025(d) |
37% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 43.87%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 11.83
|
$ 12.35
|
(4.21 )% |
$ 12.60
|
$ 11.33
|
Net Asset Value |
12.81 |
13.04 |
(1.76 ) |
13.37 |
12.55 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
1.47 % |
3.16 % |
(0.36 )% |
2.39 % |
Fund at Market Price(a)(b) |
(1.06 ) |
6.06 |
0.23 |
2.45 |
Pennsylvania Customized Reference Benchmark(c) |
1.67 |
3.47 |
0.90 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The Pennsylvania Customized Reference Benchmark is comprised of the Bloomberg Pennsylvania Total Return Index Unhedged (90%) and the Pennsylvania Bloomberg Municipal
Bond: High Yield (non-Investment Grade) Total Return Index (10%). The Pennsylvania
Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
Health |
21.6 % |
Education |
18.6 |
Transportation |
16.4 |
County/City/Special District/School District |
13.0 |
Utilities |
8.9 |
Housing |
8.4 |
State |
8.4 |
Tobacco |
3.9 |
Corporate |
0.8 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
12.4 % |
2026 |
7.8 |
2027 |
9.3 |
2028 |
14.4 |
2029 |
3.7 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
0.8 % |
AA/Aa |
50.3 |
A |
25.8 |
BBB/Baa |
9.9 |
BB/Ba |
1.8 |
B |
0.9 |
N/R(e) |
10.5 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of total investments. |
Symbol on New York Stock Exchange |
BNY |
Initial Offering Date |
July 27, 2001 |
Yield on Closing Market Price as of January 31, 2025 ($10.36)(a) |
5.91% |
Tax Equivalent Yield(b) |
12.24% |
Current Monthly Distribution per Common Share(c) |
$0.051000 |
Current Annualized Distribution per Common
Share(c) |
$0.612000 |
Leverage as of January 31, 2025(d) |
39% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 51.7%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 10.36
|
$ 10.71
|
(3.27 )% |
$ 11.07
|
$ 10.13
|
Net Asset Value |
11.63 |
12.05 |
(3.49 ) |
12.35 |
11.36 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
(0.83 )% |
0.51 % |
(1.02 )% |
1.74 % |
Fund at Market Price(a)(b) |
(0.61 ) |
3.47 |
(2.09 ) |
0.98 |
New York Customized Reference Benchmark(c) |
0.98 |
2.35 |
0.90 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The New York Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged (90%) and the New York Bloomberg
Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The New
York Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
Transportation |
28.3 % |
Utilities |
16.0 |
County/City/Special District/School District |
15.0 |
State |
9.2 |
Education |
8.9 |
Housing |
8.5 |
Health |
6.5 |
Corporate |
5.5 |
Tobacco |
2.1 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
9.8 % |
2026 |
3.2 |
2027 |
5.5 |
2028 |
7.1 |
2029 |
4.0 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
5.9 % |
AA/Aa |
56.5 |
A |
18.4 |
BBB/Baa |
10.3 |
BB/Ba |
0.7 |
B |
0.9 |
N/R(e) |
7.3 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.6% of total investments. |
Symbol on New York Stock Exchange |
BHV |
Initial Offering Date |
April 30, 2002 |
Yield on Closing Market Price as of January 31, 2025 ($10.94)(a) |
5.65% |
Tax Equivalent Yield(b) |
10.57% |
Current Monthly Distribution per Common Share(c) |
$0.051500 |
Current Annualized Distribution per Common
Share(c) |
$0.618000 |
Leverage as of January 31, 2025(d) |
37% |
(a) |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication
of future results. |
(b) |
Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 46.55%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on
income, exemptions and deductions. Lower taxes will result in lower tax equivalent
yields. |
(c) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(d) |
Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares
and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect
derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
|
01/31/25 |
07/31/24 |
Change |
High |
Low |
Closing Market Price |
$ 10.94
|
$ 11.11
|
(1.53 )% |
$ 11.59
|
$ 10.84
|
Net Asset Value |
12.15 |
12.48 |
(2.64 ) |
12.78 |
11.92 |
|
|
Average Annual Total Returns | ||
|
6-month |
1 Year |
5 Years |
10 Years |
Fund at NAV(a)(b) |
(0.15 )% |
1.95 % |
(1.41 )% |
1.05 % |
Fund at Market Price(a)(b) |
1.00 |
6.36 |
(4.48 ) |
(0.08 ) |
Virginia Customized Reference Benchmark(c) |
1.02 |
2.64 |
1.00 |
N/A |
Bloomberg Municipal Bond Index(d) |
1.05 |
2.08 |
0.73 |
2.12 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if
any. |
(b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
|
(c) |
The Virginia Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: Virginia Exempt Total Return Index Unhedged (90%) and the Virginia Bloomberg
Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The
Virginia Customized Reference Benchmark commenced on September 30, 2016. |
(d) |
An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and
insured bonds. |
SECTOR ALLOCATION | |
Sector(a)
|
Percent of Total Investments(b)
|
Housing |
15.0 % |
County/City/Special District/School District |
14.8 |
Health |
14.1 |
State |
13.6 |
Transportation |
12.1 |
Utilities |
9.7 |
Tobacco |
7.9 |
Corporate |
7.1 |
Education |
5.7 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31,(c) |
Percent of Total Investments(b)
|
2025 |
11.3 % |
2026 |
10.7 |
2027 |
9.5 |
2028 |
6.6 |
2029 |
3.5 |
CREDIT QUALITY ALLOCATION | |
Credit
Rating(d) |
Percent of Total Investments(b)
|
AAA/Aaa |
12.4 % |
AA/Aa |
48.7 |
A |
12.2 |
BBB/Baa |
6.8 |
B |
4.6 |
N/R(e) |
15.3 |
(a) |
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) |
Excludes short-term securities. |
(c) |
Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service,
Inc. if ratings differ. These rating agencies are independent, nationally
recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low
credit quality. Credit quality ratings are subject to change. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar
investments and financial analysis of sectors and individual investments.
Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2025, the market value of unrated securities deemed by the investment adviser to be investment grade represents 2.5% of total investments. |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
California — 0.2% |
| ||
Transportation — 0.2% |
| ||
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b) |
$ |
920 |
$ 947,672 |
Nevada — 0.0% |
| ||
Transportation — 0.0% |
| ||
State of Nevada Department of Business & Industry, RB, Series A4, AMT, 8.13%,
01/01/50(a) |
|
100 |
104,017 |
New Jersey — 136.9% |
| ||
Corporate — 1.4% |
| ||
New Jersey Economic Development Authority, ARB |
|
|
|
Series A, AMT, 5.63%, 11/15/30 |
|
1,730 |
1,731,644 |
Series B, AMT, 5.63%, 11/15/30 |
|
6,900 |
6,906,488 |
New Jersey Economic Development Authority, RB, AMT, 4.00%, 08/01/59 |
|
1,000 |
894,191 |
|
|
|
9,532,323 |
County/City/Special District/School District — 22.4% |
| ||
Casino Reinvestment Development Authority, Inc., RB |
|
|
|
Series B, (AGC), 5.00%, 11/01/43 |
|
680 |
725,977 |
Series B, (AGC), 5.00%, 11/01/44 |
|
755 |
801,449 |
Casino Reinvestment Development Authority, Inc., Refunding RB, Series A, (AGC), 5.00%, 11/01/42 |
|
1,345 |
1,444,037 |
City of Bayonne New Jersey, Refunding GO, (BAM
SAW), 5.00%, 07/01/26(c) |
|
2,425 |
2,499,900 |
City of Newark New Jersey, GOL, (SAW), 4.50%, 03/15/36 |
|
3,565 |
3,605,667 |
Clifton Board of Education, GO |
|
|
|
(AGM), 2.00%, 08/15/41 |
|
6,150 |
4,211,514 |
(AGM), 2.25%, 08/15/46 |
|
6,150 |
4,041,550 |
County of Essex New Jersey, GO, Series B, 3.00%, 09/01/46 |
|
1,700 |
1,377,234 |
County of Middlesex New Jersey, Refunding COP,
5.00%, 10/15/31 |
|
2,840 |
3,093,646 |
Essex County Improvement Authority, Refunding RB |
|
|
|
(NPFGC GTD), 5.50%, 10/01/27 |
|
250 |
267,323 |
(NPFGC GTD), 5.50%, 10/01/28 |
|
9,380 |
10,248,869 |
(NPFGC GTD), 5.50%, 10/01/29 |
|
8,505 |
9,478,356 |
Ewing Township Board of Education, GO |
|
|
|
4.00%, 07/15/38 |
|
2,660 |
2,685,710 |
4.00%, 07/15/39 |
|
2,320 |
2,336,096 |
Hudson County Improvement Authority, RB |
|
|
|
5.00%, 05/01/46 |
|
5,655 |
5,692,489 |
Series A-1, (NPFGC GTD), 0.00%, 12/15/32(d) |
|
1,000 |
756,336 |
Mercer County Improvement Authority, RB, 5.00%, 09/01/40 |
|
2,480 |
2,497,909 |
Monroe Township Board of Education/Middlesex
County, Refunding GO, 5.00%, 03/01/25(c) |
|
1,750 |
1,752,776 |
New Jersey Economic Development Authority, RB |
|
|
|
5.00%, 12/15/28(c) |
|
6,305 |
6,809,175 |
Series A, (NPFGC), 5.25%,
07/01/25(e) |
|
950 |
958,890 |
Series A, (NPFGC), 5.25%, 07/01/26(e) |
|
1,415 |
1,461,386 |
Series B, 6.50%, 04/01/31 |
|
3,355 |
3,458,550 |
New Jersey Economic Development Authority,
Refunding RB |
|
|
|
3.38%, 04/01/38 |
|
4,040 |
3,710,680 |
3.50%, 04/01/42 |
|
3,030 |
2,718,676 |
AMT, 3.00%, 08/01/41 |
|
19,020 |
15,691,203 |
AMT, 3.00%, 08/01/43 |
|
23,960 |
19,093,311 |
Security |
|
Par (000) |
Value |
County/City/Special District/School District (continued) |
| ||
New Jersey Economic Development Authority,
Refunding SAB, 6.50%, 04/01/28 |
$ |
2,887 |
$ 2,977,130
|
Newark Board of Education, Refunding GO, Sustainability Bonds, (BAM), 3.00%, 07/15/42 |
|
1,500 |
1,196,954 |
Union County Improvement Authority, Refunding RB,
5.00%, 03/01/34 |
|
945 |
1,039,196 |
Union County Utilities Authority, Refunding RB, Series A, AMT, (GTD), 5.25%, 12/01/31 |
|
35,845 |
35,913,232 |
|
|
|
152,545,221 |
Education — 22.2% |
| ||
Atlantic County Improvement Authority, RB, Series A,
(AGM), 4.00%, 07/01/46 |
|
2,250 |
2,192,250 |
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/52 |
|
780 |
830,041 |
Gloucester County Improvement Authority, RB |
|
|
|
5.00%, 07/01/44 |
|
1,985 |
1,996,715 |
(BAM), 5.00%, 07/01/49 |
|
5,400 |
5,640,084 |
(BAM), 5.00%, 07/01/54 |
|
5,500 |
5,716,408 |
Middlesex County Improvement Authority, RB, 5.00%,
08/15/53 |
|
3,125 |
3,304,334 |
New Jersey Economic Development Authority, RB |
|
|
|
6.00%, 10/01/33 |
|
4,300 |
4,310,124 |
Series A, 5.00%, 07/01/27(b) |
|
210 |
209,996 |
Series A, 5.13%, 11/01/29(b) |
|
135 |
135,564 |
Series A, 5.00%, 01/01/35 |
|
2,000 |
1,980,564 |
Series A, 5.25%, 07/01/37(b) |
|
1,030 |
1,015,906 |
Series A, 5.00%, 07/01/38 |
|
350 |
350,612 |
Series A, 6.25%, 11/01/38(b) |
|
440 |
454,395 |
Series A, 5.38%, 07/01/47(b) |
|
1,685 |
1,600,593 |
Series A, 5.00%, 12/01/48 |
|
4,475 |
4,548,061 |
Series A, 5.00%, 06/15/49(b) |
|
1,700 |
1,618,341 |
Series A, 5.00%, 01/01/50 |
|
1,235 |
1,155,974 |
Series A, 5.00%, 07/01/50 |
|
905 |
861,728 |
Series A, 6.50%, 11/01/52(b) |
|
2,490 |
2,567,132 |
Series A, 5.25%, 11/01/54(b) |
|
4,040 |
3,580,313 |
Series WW, 5.00%, 06/15/25(c) |
|
8,615 |
8,682,450 |
Series WW, 5.25%, 06/15/25(c)
|
|
8,755 |
8,831,459 |
New Jersey Economic Development Authority,
Refunding RB |
|
|
|
(AGM), 5.00%, 06/01/37 |
|
6,270 |
6,393,245 |
(AGM), 5.00%, 06/01/42 |
|
810 |
820,427 |
Series A, 4.25%, 09/01/27(b) |
|
135 |
133,885 |
Series A, 5.63%, 08/01/34(b) |
|
630 |
630,163 |
Series A, 5.00%, 09/01/37(b) |
|
805 |
797,115 |
Series A, 5.88%, 08/01/44(b) |
|
1,070 |
1,070,165 |
Series A, 6.00%, 08/01/49(b) |
|
555 |
555,103 |
Series A, 5.13%, 09/01/52(b) |
|
1,700 |
1,625,887 |
New Jersey Educational Facilities Authority, RB |
|
|
|
Series B, 5.25%, 03/01/54 |
|
27,970 |
30,929,064 |
Series C, (AGM), 3.25%, 07/01/49 |
|
1,060 |
876,181 |
New Jersey Educational Facilities Authority, Refunding
RB |
|
|
|
Series A, 4.00%, 07/01/47 |
|
2,100 |
1,935,990 |
Series D, 5.00%, 07/01/38 |
|
1,000 |
1,000,809 |
Series D, 5.00%, 07/01/43 |
|
600 |
600,230 |
New Jersey Higher Education Student Assistance
Authority, RB |
|
|
|
Series B, AMT, 4.00%, 12/01/44 |
|
1,575 |
1,560,966 |
Series B, AMT, 4.25%, 12/01/45 |
|
3,970 |
3,952,539 |
Sub-Series C, AMT, 4.00%, 12/01/48 |
|
3,210 |
2,823,337 |
Series C, AMT, Subordinate, 5.00%, 12/01/53 |
|
985 |
974,419 |
Security |
|
Par (000) |
Value |
Education (continued) |
| ||
New Jersey Higher Education Student Assistance
Authority, RB (continued) |
|
|
|
Series C, AMT, Subordinate, 5.25%, 12/01/54 |
$ |
1,825 |
$ 1,852,901
|
New Jersey Higher Education Student Assistance
Authority, Refunding RB |
|
|
|
Series B, AMT, 3.00%, 12/01/32 |
|
4,635 |
4,296,621 |
Series B, AMT, 4.00%, 12/01/41 |
|
2,550 |
2,441,947 |
Sub-Series C, AMT, 3.63%, 12/01/49 |
|
1,925 |
1,513,202 |
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
|
18,705 |
18,833,470 |
New Jersey Institute of Technology, RB, Series A, 5.00%, 07/01/40 |
|
3,000 |
3,014,306 |
Passaic County Improvement Authority, RB |
|
|
|
Series A, 5.00%, 01/01/55 |
|
700 |
662,550 |
Series A, 5.00%, 01/01/60 |
|
500 |
471,238 |
|
|
|
151,348,804 |
Health — 11.2% |
| ||
Middlesex County Improvement Authority, RB, (AMBAC), 5.50%, 09/01/30 |
|
365 |
365,247 |
New Jersey Economic Development Authority,
Refunding RB |
|
|
|
5.00%, 01/01/34 |
|
1,230 |
1,251,166 |
5.00%, 01/01/39 |
|
1,980 |
1,965,854 |
5.00%, 01/01/49 |
|
1,500 |
1,440,740 |
New Jersey Health Care Facilities Financing Authority,
RB |
|
|
|
5.00%, 07/01/42 |
|
2,000 |
2,039,291 |
2.38%, 07/01/46 |
|
3,735 |
2,431,612 |
4.00%, 07/01/47 |
|
5,555 |
5,264,010 |
3.00%, 07/01/51 |
|
18,100 |
13,949,863 |
4.00%, 07/01/51 |
|
10,000 |
9,451,930 |
Series B, 1.30%, 02/03/25(a) |
|
10,450 |
10,450,000 |
New Jersey Health Care Facilities Financing Authority, Refunding RB |
|
|
|
5.00%, 07/01/28 |
|
2,820 |
2,823,984 |
5.00%, 07/01/29 |
|
715 |
715,993 |
5.00%, 07/01/34 |
|
2,190 |
2,233,737 |
4.00%, 07/01/41 |
|
3,000 |
2,999,941 |
Series A, 4.00%, 07/01/43 |
|
3,500 |
3,429,973 |
Series A, 5.00%, 07/01/43 |
|
2,100 |
2,125,701 |
Series A, 5.25%, 07/01/49 |
|
5,940 |
6,472,958 |
Series A, 4.13%, 07/01/54 |
|
4,120 |
3,945,147 |
Series A, 5.25%, 07/01/54 |
|
2,970 |
3,226,744 |
|
|
|
76,583,891 |
Housing — 4.6% |
| ||
New Jersey Housing & Mortgage Finance Agency, RB |
|
|
|
5.25%, 12/20/65 |
|
2,055 |
2,112,261 |
Series A, (AGM), 5.00%, 05/01/27 |
|
1,200 |
1,201,179 |
New Jersey Housing & Mortgage Finance Agency, RB,
M/F Housing |
|
|
|
Series A, Sustainability Bonds, (HUD SECT 8), 4.35%, 05/01/45 |
|
395 |
379,267 |
Series A, Sustainability Bonds, (HUD SECT 8),
4.50%, 05/01/50 |
|
470 |
450,729 |
Series A, Sustainability Bonds, (HUD SECT 8), 4.55%, 05/01/55 |
|
1,100 |
1,053,463 |
Series A, Sustainability Bonds, (HUD SECT 8),
4.60%, 05/01/60 |
|
785 |
749,507 |
Series E-1, Sustainability Bonds, (HUD SECT 8), 4.35%, 05/01/45 |
|
785 |
753,295 |
Security |
|
Par (000) |
Value |
Housing (continued) |
| ||
New Jersey Housing & Mortgage Finance Agency, RB,
M/F Housing (continued) |
|
|
|
Series E-1, Sustainability Bonds, (HUD SECT 8), 4.50%, 05/01/50 |
$ |
750 |
$ 715,948
|
Series E-1, Sustainability Bonds, (HUD SECT 8),
4.55%, 05/01/55 |
|
1,570 |
1,500,086 |
Series E-1, Sustainability Bonds, (HUD SECT 8), 4.60%, 05/01/60 |
|
920 |
870,466 |
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing |
|
|
|
Series H, Sustainability Bonds, 2.15%, 10/01/41 |
|
2,995 |
2,087,328 |
Series K, Sustainability Bonds, 4.70%, 10/01/50 |
|
2,180 |
2,146,714 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing |
|
|
|
Series A, (HUD SECT 8), 2.45%, 11/01/45 |
|
860 |
590,583 |
Series A, 4.00%, 11/01/48 |
|
675 |
594,693 |
Series A, (HUD SECT 8), 2.55%, 11/01/50 |
|
780 |
506,402 |
Series A, 4.10%, 11/01/53 |
|
400 |
356,062 |
Series A, (HUD SECT 8), 2.63%, 11/01/56 |
|
780 |
484,527 |
Series D, AMT, 4.25%, 11/01/37 |
|
2,940 |
2,842,264 |
Series D, AMT, 4.35%, 11/01/42 |
|
1,000 |
928,388 |
Series A, Sustainability Bonds, (HUD SECT 8), 2.65%, 11/01/46 |
|
1,150 |
800,628 |
Series A, Sustainability Bonds, (HUD SECT 8),
2.70%, 11/01/51 |
|
1,150 |
765,112 |
Series A, Sustainability Bonds, (HUD SECT 8), 2.75%, 11/01/56 |
|
1,150 |
737,573 |
New Jersey Housing & Mortgage Finance Agency,
Refunding RB, S/F Housing |
|
|
|
Series A, 3.75%, 10/01/35 |
|
5,295 |
5,062,577 |
Series E, 2.40%, 10/01/45 |
|
1,885 |
1,317,760 |
Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/30 |
|
2,000 |
2,002,255 |
|
|
|
31,009,067 |
State — 43.6% |
| ||
Garden State Preservation Trust, RB(d) |
|
|
|
Series B, (AGM), 0.00%, 11/01/25 |
|
10,000 |
9,783,588 |
Series B, (AGM), 0.00%, 11/01/26 |
|
6,000 |
5,691,643 |
Series B, (AGM), 0.00%, 11/01/27 |
|
4,000 |
3,668,290 |
Series B, (AGM), 0.00%, 11/01/28 |
|
4,540 |
4,016,412 |
New Jersey Economic Development Authority, RB |
|
|
|
5.00%, 06/15/43 |
|
10,690 |
11,060,967 |
4.00%, 11/01/44 |
|
4,715 |
4,536,023 |
4.00%, 06/15/49 |
|
5,310 |
5,076,317 |
Series A, (NPFGC), 5.25%, 07/01/25 |
|
7,915 |
7,970,854 |
Series A, (NPFGC), 5.25%, 07/01/26 |
|
6,085 |
6,234,216 |
Series A, 5.00%, 06/15/42 |
|
2,000 |
2,049,747 |
Series B, 5.00%, 06/15/35 |
|
3,750 |
3,967,713 |
Series B, 5.00%, 06/15/43 |
|
3,470 |
3,588,447 |
New Jersey Economic Development Authority,
Refunding RB |
|
|
|
4.00%, 07/01/46 |
|
5,025 |
4,929,842 |
Series N-1, (NPFGC), 5.50%, 09/01/27 |
|
1,000 |
1,061,994 |
Sub-Series A, 4.00%, 07/01/32 |
|
5,000 |
4,917,157 |
Sub-Series A, 5.00%, 07/01/33 |
|
5,050 |
5,148,481 |
Sub-Series A, 4.00%, 07/01/34 |
|
9,420 |
9,134,030 |
New Jersey Educational Facilities Authority, RB |
|
|
|
Series A, 4.00%, 09/01/28 |
|
9,705 |
9,712,953 |
Series A, 5.00%, 09/01/32 |
|
4,000 |
4,006,235 |
Series A, 5.00%, 09/01/33 |
|
5,370 |
5,378,667 |
Series A, 5.25%, 09/01/53 |
|
2,445 |
2,612,970 |
Security |
|
Par (000) |
Value |
State (continued) |
| ||
New Jersey Transportation Trust Fund Authority, RB |
|
|
|
5.00%, 06/15/42 |
$ |
785 |
$ 847,087
|
5.25%, 06/15/46 |
|
385 |
414,972 |
4.50%, 06/15/49 |
|
2,985 |
2,990,129 |
Series AA, 5.25%, 06/15/34 |
|
1,305 |
1,312,147 |
Series AA, 4.00%, 06/15/36 |
|
2,565 |
2,605,149 |
Series AA, 5.25%, 06/15/41 |
|
5,000 |
5,026,538 |
Series AA, 4.00%, 06/15/45 |
|
13,625 |
13,132,710 |
Series AA, 5.00%, 06/15/45 |
|
5,000 |
5,245,267 |
Series AA, 4.00%, 06/15/50 |
|
10,535 |
9,904,652 |
Series BB, 4.00%, 06/15/44 |
|
5,100 |
4,907,478 |
Series BB, 4.00%, 06/15/50 |
|
9,100 |
8,559,927 |
Series BB, 5.25%, 06/15/50 |
|
19,575 |
21,069,172 |
Series C, (AGM), 0.00%, 12/15/32(d)
|
|
14,050 |
10,717,664 |
Series C, (AMBAC), 0.00%, 12/15/35(d) |
|
8,300 |
5,435,154 |
Series C, (AMBAC), 0.00%,
12/15/36(d) |
|
7,210 |
4,511,266 |
Series CC, 5.25%, 06/15/50 |
|
8,290 |
8,969,682 |
Series CC, 5.25%, 06/15/55 |
|
6,900 |
7,414,943 |
Series S, 5.00%, 06/15/33 |
|
2,450 |
2,601,392 |
Series S, Class BB, 5.00%, 06/15/36 |
|
3,750 |
4,112,092 |
Series S, Class BB, 4.00%, 06/15/37 |
|
1,550 |
1,577,783 |
Series S, Class BB, 4.00%, 06/15/40 |
|
6,000 |
5,997,350 |
Series S, Class BB, 4.00%, 06/15/50 |
|
8,290 |
7,829,583 |
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(d)
|
|
6,000 |
3,932,351 |
New Jersey Transportation Trust Fund Authority,
Refunding RB |
|
|
|
4.00%, 12/15/39 |
|
4,795 |
4,798,408 |
Series A, 4.00%, 06/15/35 |
|
1,605 |
1,646,134 |
Series A, 4.00%, 06/15/36 |
|
3,695 |
3,775,271 |
Series A, 5.25%, 06/15/41 |
|
4,000 |
4,439,575 |
Series AA, 4.25%, 06/15/44 |
|
6,170 |
6,218,370 |
South Jersey Port Corp., ARB |
|
|
|
Series A, 5.00%, 01/01/49 |
|
4,150 |
4,212,769 |
Series B, AMT, 5.00%, 01/01/42 |
|
12,870 |
13,033,004 |
State of New Jersey, GO, 5.00%, 06/01/38 |
|
5,085 |
5,447,801 |
|
|
|
297,232,366 |
Tobacco — 8.3% |
| ||
Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
Series A, 5.00%, 06/01/35 |
|
4,695 |
4,861,078 |
Series A, 5.00%, 06/01/46 |
|
5,000 |
5,042,760 |
Series A, 5.25%, 06/01/46 |
|
6,500 |
6,618,495 |
Sub-Series B, 5.00%, 06/01/46 |
|
40,035 |
40,153,503 |
|
|
|
56,675,836 |
Transportation — 17.8% |
| ||
New Jersey Economic Development Authority, RB |
|
|
|
Class A, 5.25%, 11/01/47 |
|
7,800 |
8,413,229 |
Class A, 5.00%, 11/01/52 |
|
1,000 |
1,048,118 |
AMT, (AGM), 5.00%, 01/01/31 |
|
1,000 |
1,003,082 |
AMT, 5.13%, 01/01/34 |
|
2,290 |
2,292,796 |
AMT, 5.38%, 01/01/43 |
|
23,510 |
23,551,434 |
AMT, 5.63%, 01/01/52 |
|
1,000 |
1,001,706 |
New Jersey Economic Development Authority,
Refunding ARB |
|
|
|
AMT, 5.00%, 10/01/37 |
|
8,200 |
8,363,758 |
AMT, 5.00%, 10/01/47 |
|
5,000 |
5,043,611 |
New Jersey Transportation Trust Fund Authority, RB |
|
|
|
4.50%, 12/15/28(c) |
|
1,615 |
1,714,751 |
5.25%, 12/15/32(c) |
|
405 |
472,896 |
Series A, 5.00%, 06/15/30 |
|
4,250 |
4,343,403 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
New Jersey Turnpike Authority, RB |
|
|
|
Series A, 5.00%, 01/01/34 |
$ |
2,500 |
$ 2,574,294
|
Series A, 4.00%, 01/01/42 |
|
4,000 |
4,010,444 |
Series A, 4.00%, 01/01/51 |
|
11,790 |
11,376,038 |
Series B, 5.25%, 01/01/49 |
|
5,980 |
6,574,214 |
Series B, 5.25%, 01/01/54 |
|
2,400 |
2,629,842 |
New Jersey Turnpike Authority, Refunding RB |
|
|
|
Series A, (AGM), 5.25%, 01/01/29 |
|
4,000 |
4,347,209 |
Series A, (BHAC-CR AGM), 5.25%, 01/01/29 |
|
500 |
542,966 |
Series A, (AGM), 5.25%, 01/01/30 |
|
4,000 |
4,425,273 |
Series A, 4.00%, 01/01/39 |
|
7,175 |
7,317,208 |
Series C, 5.00%, 01/01/43 |
|
3,500 |
3,839,784 |
Series D-2, (AGM), 5.25%, 01/01/26 |
|
9,330 |
9,536,638 |
South Jersey Transportation Authority, RB |
|
|
|
(BAM), 5.25%, 11/01/52 |
|
700 |
742,018 |
Series A, (AGC-CR), 4.00%, 11/01/50 |
|
4,260 |
3,999,721 |
Series A, Subordinate, (BAM), 4.00%, 11/01/50 |
|
2,000 |
1,900,260 |
|
|
|
121,064,693 |
Utilities — 5.4% |
| ||
Passaic Valley Sewerage Commission, Refunding RB |
|
|
|
Series J, (AGM), 3.00%, 12/01/40 |
|
2,060 |
1,766,961 |
Series J, (AGM), 3.00%, 12/01/41 |
|
2,110 |
1,789,115 |
Series J, (AGM), 3.00%, 12/01/42 |
|
2,155 |
1,798,932 |
Series J, (AGM), 3.00%, 12/01/43 |
|
2,205 |
1,811,502 |
Series J, (AGM), 3.00%, 12/01/44 |
|
2,255 |
1,822,291 |
Series J, (AGM), 3.00%, 12/01/45 |
|
2,305 |
1,837,696 |
Rahway Valley Sewerage Authority, RB(d) |
|
|
|
Series A, (NPFGC), 0.00%, 09/01/26 |
|
4,100 |
3,892,961 |
Series A, (NPFGC), 0.00%, 09/01/28 |
|
6,600 |
5,829,253 |
Series A, (NPFGC), 0.00%, 09/01/29 |
|
9,650 |
8,201,661 |
Series A, (NPFGC), 0.00%, 09/01/31 |
|
6,000 |
4,723,502 |
Series A, (NPFGC), 0.00%, 09/01/33 |
|
5,000 |
3,628,170 |
|
|
|
37,102,044 |
Total Municipal Bonds in New Jersey |
933,094,245 | ||
New York — 7.6% |
| ||
Transportation — 7.6% |
| ||
Port Authority of New York & New Jersey, ARB |
|
|
|
Series 93, 6.13%, 06/01/94 |
|
6,000 |
6,007,977 |
AMT, 5.00%, 11/01/30 |
|
2,000 |
2,130,016 |
AMT, 5.00%, 11/01/33 |
|
1,030 |
1,086,694 |
AMT, 4.00%, 11/01/37 |
|
1,715 |
1,699,965 |
AMT, 4.00%, 09/01/38 |
|
1,085 |
1,068,503 |
Series 218, AMT, 5.00%, 11/01/32 |
|
3,105 |
3,275,081 |
Series 218, AMT, 4.00%, 11/01/47 |
|
835 |
763,284 |
Series 221, AMT, 4.00%, 07/15/40 |
|
1,500 |
1,446,743 |
Series 221, AMT, 4.00%, 07/15/45 |
|
1,975 |
1,841,121 |
Series 221, AMT, 4.00%, 07/15/50 |
|
4,415 |
3,979,102 |
Port Authority of New York & New Jersey, Refunding ARB |
|
|
|
AMT, 5.00%, 01/15/47 |
|
2,720 |
2,839,903 |
AMT, 5.00%, 01/15/52 |
|
18,855 |
19,490,938 |
Series 206, AMT, 5.00%, 11/15/47 |
|
1,500 |
1,526,988 |
Series 223, AMT, 4.00%, 07/15/41 |
|
2,530 |
2,475,017 |
Series 238, AMT, 5.00%, 07/15/39 |
|
1,670 |
1,798,052 |
Total Municipal Bonds in New York |
51,429,384 | ||
Pennsylvania — 3.0% |
| ||
Transportation — 3.0% |
| ||
Delaware River Joint Toll Bridge Commission, RB |
|
|
|
5.00%, 07/01/42 |
|
2,460 |
2,523,355 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Delaware River Joint Toll Bridge Commission,
RB (continued) |
|
|
|
5.00%, 07/01/47 |
$ |
5,625 |
$ 5,734,305
|
Delaware River Port Authority, RB |
|
|
|
5.00%, 01/01/37 |
|
7,330 |
7,334,981 |
5.00%, 01/01/40 |
|
5,000 |
5,004,342 |
Total Municipal Bonds in Pennsylvania |
20,596,983 | ||
Puerto Rico — 4.7% |
| ||
State — 4.7% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
2,878 |
2,814,267 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
18,427 |
18,370,474 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
2,906 |
2,864,973 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
3,484 |
3,451,006 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
333 |
325,579 |
Series B-2, Restructured, 4.78%, 07/01/58 |
|
618 |
606,213 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d) |
|
11,032 |
3,615,963 |
Total Municipal Bonds in Puerto Rico |
32,048,475 | ||
Wisconsin — 1.2% |
| ||
Education — 0.1% |
| ||
Public Finance Authority, RB, 5.00%,
07/01/55(b) |
|
785 |
739,460 |
Transportation — 1.1% |
| ||
Public Finance Authority, RB |
|
|
|
Series A, AMT, Senior Lien, 5.50%, 07/01/44 |
|
3,600 |
3,794,391 |
Series A, AMT, Senior Lien, 5.75%, 07/01/49 |
|
3,500 |
3,737,001 |
|
|
|
7,531,392 |
Total Municipal Bonds in Wisconsin |
8,270,852 | ||
Total Municipal Bonds — 153.6% (Cost: $1,052,791,944) |
1,046,491,628 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) | |||
New Jersey — 4.0% | |||
State — 2.3% |
| ||
Garden State Preservation Trust, RB, Series A, 5.75%,
11/01/28 |
|
14,740 |
15,836,531 |
Utilities — 1.7% |
| ||
Union County Utilities Authority, Refunding RB,
Series A, 5.00%, 06/15/41(a) |
|
11,685 |
11,698,721 |
Total Municipal Bonds in New Jersey |
27,535,252 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 4.0% (Cost: $26,702,545) |
27,535,252 | ||
Total Long-Term Investments — 157.6% (Cost: $1,079,494,489) |
1,074,026,880 |
Security |
|
Shares |
Value |
Short-Term Securities | |||
Money Market Funds — 5.3% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(g)(h) |
|
35,897,926 |
$ 35,901,516 |
Total Short-Term Securities — 5.3% (Cost: $35,901,366) |
35,901,516 | ||
Total Investments — 162.9% (Cost: $1,115,395,855) |
1,109,928,396 | ||
Other Assets Less Liabilities — 0.7% |
4,954,859 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.5)% |
(17,006,144 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(61.1)% |
(416,424,771 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 681,452,340 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) |
Zero-coupon bond. |
(e) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) |
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. |
(g) |
Affiliate of the Fund. |
(h) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 52,245,008 |
$ — |
$ (16,343,491
)(a) |
$ — |
$ (1 ) |
$ 35,901,516 |
35,897,926 |
$ 455,988 |
$ — |
(a) |
Represents net amount purchased (sold). |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 1,046,491,628
|
$ —
|
$ 1,046,491,628
|
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
27,535,252 |
— |
27,535,252 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
35,901,516 |
— |
— |
35,901,516 |
|
$35,901,516 |
$1,074,026,880 |
$— |
$1,109,928,396 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
TOB Trust Certificates |
$—
|
$(16,899,999
) |
$—
|
$(16,899,999
) |
VRDP Shares at Liquidation Value |
— |
(417,100,000 ) |
— |
(417,100,000 ) |
|
$— |
$(433,999,999 ) |
$— |
$(433,999,999 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
Alabama — 4.0% |
| ||
Corporate — 2.4% |
| ||
Black Belt Energy Gas District, RB, Series D, 5.00%,
03/01/55(a) |
$ |
5,495 |
$ 5,862,566
|
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
1,185 |
1,278,175 |
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a) |
|
1,155 |
1,224,523 |
|
|
|
8,365,264 |
Utilities — 1.6% |
| ||
Southeast Energy Authority A Cooperative District, RB, Series A, 5.00%, 01/01/56(a) |
|
5,515 |
5,780,707 |
Total Municipal Bonds in Alabama |
14,145,971 | ||
California(a)
— 1.4% |
| ||
Corporate — 1.3% |
| ||
California Community Choice Financing Authority, RB |
|
|
|
Series B, Sustainability Bonds, 5.00%, 01/01/55 |
|
615 |
649,776 |
Series G, Sustainability Bonds, 5.00%, 11/01/55 |
|
3,720 |
3,916,485 |
|
|
|
4,566,261 |
Transportation — 0.1% |
| ||
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(b) |
|
450 |
463,535 |
Total Municipal Bonds in California |
5,029,796 | ||
Georgia — 1.5% |
| ||
Corporate — 1.5% |
| ||
Main Street Natural Gas, Inc., RB, Series E, 5.00%,
05/01/55(a) |
|
5,000 |
5,294,266 |
Guam — 0.2% |
| ||
Utilities — 0.2% |
| ||
Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/41 |
|
580 |
607,900 |
Kentucky — 0.3% |
| ||
Corporate — 0.3% |
| ||
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a) |
|
1,075 |
1,141,881 |
Nevada — 0.1% |
| ||
Transportation — 0.1% |
| ||
State of Nevada Department of Business & Industry, RB, Series A4, AMT, 8.13%,
01/01/50(a) |
|
100 |
104,017 |
New York — 151.1% |
| ||
Corporate — 5.3% |
| ||
New York Liberty Development Corp., RB, 5.50%,
10/01/37 |
|
830 |
976,515 |
New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35 |
|
5,500 |
6,318,824 |
New York State Energy Research & Development
Authority, Refunding RB, Series C, 4.00%, 04/01/34 |
|
740 |
752,869 |
New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(a) |
|
1,370 |
1,357,450 |
New York Transportation Development Corp., ARB,
AMT, 5.63%, 04/01/40 |
|
2,215 |
2,374,411 |
Security |
|
Par (000) |
Value |
Corporate (continued) |
| ||
New York Transportation Development Corp., RB |
|
|
|
AMT, 5.00%, 10/01/35 |
$ |
2,165 |
$ 2,258,644
|
AMT, 5.00%, 10/01/40 |
|
3,080 |
3,172,710 |
New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31 |
|
1,465 |
1,364,954 |
|
|
|
18,576,377 |
County/City/Special District/School District — 23.8% |
| ||
Battery Park City Authority, RB |
|
|
|
Series A, Sustainability Bonds, 5.00%, 11/01/41 |
|
665 |
743,637 |
Series A, Sustainability Bonds, 5.00%, 11/01/42 |
|
1,290 |
1,434,770 |
Series A, Sustainability Bonds, 5.00%, 11/01/43 |
|
1,565 |
1,730,722 |
Series A, Sustainability Bonds, 5.00%, 11/01/48 |
|
1,495 |
1,621,803 |
City of New York, GO |
|
|
|
Series A, 5.00%, 08/01/51 |
|
1,325 |
1,396,369 |
Series A-1, 4.00%, 09/01/46 |
|
1,975 |
1,896,121 |
Series A-1, 5.00%, 08/01/47 |
|
2,410 |
2,529,111 |
Series B, 5.25%, 10/01/47 |
|
4,605 |
4,958,609 |
Series C, 5.25%, 03/01/53 |
|
1,705 |
1,836,897 |
Series D, 5.25%, 04/01/54 |
|
5,040 |
5,438,915 |
Series F-1, 5.00%, 04/01/45 |
|
4,950 |
5,071,572 |
Series F-1, 4.00%, 03/01/47 |
|
2,270 |
2,149,225 |
Sub Series C-1, 4.00%, 09/01/52 |
|
855 |
797,077 |
Sub-Series D-1, 5.50%, 05/01/46 |
|
1,140 |
1,251,894 |
Sub-Series E-1, 4.00%, 04/01/45 |
|
2,155 |
2,081,430 |
County of Nassau New York, GOL |
|
|
|
Series A, 4.00%, 04/01/49 |
|
2,735 |
2,648,592 |
Series B, (AGM), 5.00%, 07/01/49 |
|
2,000 |
2,055,247 |
County of Nassau New York, Refunding GOL, Series B,
(AGM), 5.00%, 04/01/40 |
|
1,795 |
1,916,037 |
New York City Industrial Development Agency, RB, (AGC), 0.00%, 03/01/39(c) |
|
1,380 |
738,110 |
New York City Industrial Development Agency,
Refunding RB, (AGM), 4.00%, 03/01/45 |
|
3,600 |
3,459,985 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
Series A-1, 5.00%, 08/01/38 |
|
3,440 |
3,607,174 |
Series B-1, 5.00%, 08/01/45 |
|
6,575 |
6,693,628 |
Sub-Series E-1, 5.00%, 02/01/43 |
|
1,645 |
1,673,939 |
Series F-1, Subordinate, 5.00%, 02/01/44 |
|
355 |
377,843 |
New York City Transitional Finance Authority, RB |
|
|
|
Series D, 5.50%, 05/01/52 |
|
1,670 |
1,857,649 |
Series F-1, 5.25%, 02/01/53 |
|
2,035 |
2,190,674 |
Series B, Subordinate, 5.25%, 05/01/50 |
|
2,745 |
2,964,049 |
New York Convention Center Development Corp., RB,
CAB(c) |
|
|
|
Series B, Sub Lien, 0.00%, 11/15/42 |
|
2,185 |
927,832 |
Series B, Sub Lien, 0.00%, 11/15/47 |
|
5,600 |
1,756,710 |
Series B, Sub Lien, 0.00%, 11/15/48 |
|
2,665 |
760,279 |
Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55 |
|
2,485 |
534,072 |
Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/56 |
|
3,315 |
677,191 |
New York Liberty Development Corp., Refunding RB |
|
|
|
Class 1, 5.00%, 11/15/44(b) |
|
5,075 |
5,076,585 |
Series 1, 3.00%, 02/15/42 |
|
925 |
780,660 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
1,460 |
1,099,806 |
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB |
|
|
|
Class A, 4.00%, 05/15/57 |
|
1,300 |
1,184,400 |
Series A, 5.25%, 05/15/52 |
|
3,315 |
3,547,936 |
Security |
|
Par (000) |
Value |
County/City/Special District/School District (continued) |
| ||
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB (continued) |
|
|
|
Series A, 4.13%, 05/15/53 |
$ |
1,705 |
$ 1,620,222
|
Yonkers Industrial Development Agency, Refunding RB,
(SAW), 4.00%, 05/01/41 |
|
1,000 |
1,011,966 |
|
|
|
84,098,738 |
Education — 14.5% |
| ||
Albany Capital Resource Corp., Refunding
RB(d)(e) |
|
|
|
4.00%, 07/01/41 |
|
740 |
343,360 |
4.00%, 07/01/51 |
|
765 |
354,960 |
Build NYC Resource Corp., RB, 5.00%, 09/01/59(b) |
|
1,325 |
1,253,157 |
Build NYC Resource Corp., Refunding RB |
|
|
|
5.00%, 08/01/47 |
|
660 |
643,464 |
Series A, 5.00%, 06/01/43 |
|
450 |
450,247 |
Dobbs Ferry Local Development Corp., RB, 5.00%,
07/01/39 |
|
750 |
750,558 |
Dutchess County Local Development Corp., RB |
|
|
|
5.00%, 07/01/43 |
|
570 |
587,403 |
5.00%, 07/01/52 |
|
1,365 |
1,432,879 |
Dutchess County Local Development Corp., Refunding
RB, 4.00%, 07/01/49 |
|
1,655 |
1,573,635 |
Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53 |
|
2,290 |
2,422,617 |
Monroe County Industrial Development Corp.,
Refunding RB |
|
|
|
Series A, 4.00%, 07/01/39 |
|
350 |
350,119 |
Series A, 4.00%, 07/01/50 |
|
12,085 |
11,485,782 |
New York State Dormitory Authority, RB |
|
|
|
Series 1, (AMBAC), 5.50%, 07/01/40 |
|
3,500 |
4,138,421 |
Series A, 5.00%, 07/01/46 |
|
410 |
417,174 |
Series A, Sustainability Bonds, 5.00%, 07/01/48 |
|
500 |
526,469 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 07/01/35 |
|
1,030 |
1,034,111 |
Series A, 5.00%, 07/01/46 |
|
2,645 |
2,665,268 |
Series A, 5.00%, 07/01/48 |
|
5,600 |
5,619,270 |
Series A, 4.00%, 07/01/49 |
|
360 |
331,121 |
Series A, 5.50%, 07/01/54 |
|
3,310 |
3,687,311 |
Onondaga County Trust for Cultural Resources, Refunding RB |
|
|
|
5.00%, 12/01/38 |
|
1,490 |
1,605,895 |
5.00%, 12/01/39 |
|
2,650 |
2,840,995 |
4.00%, 12/01/47 |
|
1,350 |
1,289,511 |
Schenectady County Capital Resource Corp., Refunding RB, 5.00%, 01/01/47 |
|
5,050 |
5,104,936 |
Troy Capital Resource Corp., Refunding RB, 5.00%,
09/01/39 |
|
450 |
476,311 |
|
|
|
51,384,974 |
Health — 8.8% |
| ||
Brookhaven Local Development Corp., Refunding RB, 5.00%, 10/01/50 |
|
2,400 |
2,479,993 |
Build NYC Resource Corp., RB |
|
|
|
Class A, 5.25%, 07/01/37 |
|
1,250 |
1,203,261 |
Class A, 5.50%, 07/01/47 |
|
765 |
722,571 |
Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52 |
|
1,325 |
1,354,607 |
Monroe County Industrial Development Corp., RB |
|
|
|
4.00%, 12/01/41 |
|
500 |
463,515 |
Series A, 5.00%, 12/01/37 |
|
1,180 |
1,179,999 |
Security |
|
Par (000) |
Value |
Health (continued) |
| ||
Monroe County Industrial Development Corp.,
Refunding RB |
|
|
|
4.00%, 12/01/38 |
$ |
1,150 |
$ 1,105,793
|
4.00%, 12/01/39 |
|
475 |
451,887 |
4.00%, 12/01/46 |
|
4,595 |
4,074,325 |
New York State Dormitory Authority, RB |
|
|
|
(AGC), 5.50%, 10/01/54 |
|
2,485 |
2,721,298 |
Series A, 4.00%, 07/01/50 |
|
895 |
847,321 |
New York State Dormitory Authority, Refunding RB |
|
|
|
4.00%, 07/01/45 |
|
380 |
326,128 |
4.25%, 05/01/52 |
|
3,645 |
3,559,987 |
5.00%, 05/01/52 |
|
4,875 |
5,056,172 |
Series 1, 4.00%, 07/01/47 |
|
2,660 |
2,487,569 |
Series A, 4.00%, 05/01/54 |
|
1,705 |
1,579,686 |
Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32 |
|
460 |
460,555 |
Westchester County Local Development Corp.,
Refunding RB(b) |
|
|
|
5.00%, 07/01/41 |
|
510 |
515,697 |
5.00%, 07/01/56 |
|
570 |
561,753 |
|
|
|
31,152,117 |
Housing — 12.5% |
| ||
New York City Housing Development Corp., RB, M/F Housing |
|
|
|
Sustainability Bonds, (HUD SECT 8), 4.80%,
02/01/53 |
|
5,265 |
5,281,724 |
Class F-1, Sustainability Bonds, 4.60%, 11/01/42 |
|
225 |
228,353 |
Series A, Sustainability Bonds, 4.75%, 11/01/48 |
|
365 |
365,774 |
Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA, HUD SECT 8), 4.70%, 08/01/54 |
|
2,650 |
2,667,185 |
Series A-1, Sustainability Bonds, 4.65%, 11/01/49 |
|
685 |
688,669 |
Series A-1, Sustainability Bonds, 4.75%, 11/01/54 |
|
1,045 |
1,052,138 |
Series B-1, Class A, Sustainability Bonds, (HUD
SECT 8), 4.65%, 11/01/49 |
|
1,025 |
1,030,368 |
Series C-1, Sustainability Bonds, (HUD SECT 8), 4.50%, 08/01/54 |
|
1,160 |
1,147,755 |
Series D-1, Sustainability Bonds, (HUD SECT 8),
4.35%, 11/01/44 |
|
415 |
408,865 |
Series D-1, Sustainability Bonds, (HUD SECT 8), 4.50%, 11/01/54 |
|
660 |
647,269 |
Series D-2, Sustainability Bonds, (HUD SECT 8),
4.45%, 11/01/49 |
|
1,160 |
1,138,604 |
Series D-2, Sustainability Bonds, (HUD SECT 8), 4.50%, 11/01/54 |
|
825 |
814,240 |
Series E-1, Sustainability Bonds, (SONYMA HUD
SECT 8), 4.20%, 11/01/42 |
|
920 |
897,138 |
Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |
|
1,880 |
1,897,983 |
Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
|
3,660 |
3,717,364 |
Series F-1A, Sustainability Bonds, 4.55%, 11/01/54 |
|
5,185 |
5,215,750 |
Series F-1A, Sustainability Bonds, 5.00%, 11/01/59 |
|
1,265 |
1,306,290 |
Series G, Sustainability Bonds, 4.75%, 11/01/48 |
|
1,650 |
1,670,065 |
New York City Housing Development Corp., Refunding
RB, Series A, Sustainability Bonds, 4.25%, 11/01/43 |
|
2,970 |
2,908,586 |
New York State Housing Finance Agency, RB, M/F Housing |
|
|
|
Series A, 4.65%, 11/15/38 |
|
550 |
550,094 |
Series B-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.85%, 11/01/48 |
|
1,310 |
1,326,432 |
Series C-1, Sustainability Bonds, (SONYMA HUD
SECT 8), 4.65%, 11/01/48 |
|
515 |
516,794 |
Security |
|
Par (000) |
Value |
Housing (continued) |
| ||
New York State Housing Finance Agency, RB, M/F
Housing (continued) |
|
|
|
Series C-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.75%, 11/01/53 |
$ |
370 |
$ 371,151
|
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing |
|
|
|
Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48 |
|
3,410 |
3,459,772 |
Series 255, Sustainability Bonds, (SONYMA), 4.70%,
10/01/43 |
|
1,055 |
1,077,505 |
Series 261, Sustainability Bonds, (SONYMA), 4.55%, 10/01/49 |
|
3,760 |
3,705,527 |
|
|
|
44,091,395 |
State — 16.4% |
| ||
Empire State Development Corp., RB |
|
|
|
Series A, 4.00%, 03/15/45 |
|
5,265 |
5,147,665 |
Series A, 5.00%, 03/15/46 |
|
3,320 |
3,558,266 |
Series A, 5.00%, 03/15/50 |
|
3,775 |
4,019,340 |
Empire State Development Corp., Refunding RB,
4.00%, 03/15/46 |
|
4,090 |
3,944,348 |
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 |
|
1,660 |
1,718,910 |
New York State Dormitory Authority, RB |
|
|
|
Series A, 5.00%, 03/15/38 |
|
3,425 |
3,587,484 |
Series A, 5.00%, 03/15/40 |
|
3,700 |
3,801,231 |
Series A, 5.00%, 03/15/44 |
|
5,225 |
5,363,466 |
Series A, 5.00%, 03/15/45 |
|
2,700 |
2,767,159 |
Series A, 5.00%, 03/15/56 |
|
705 |
743,406 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 03/15/46 |
|
1,190 |
1,257,089 |
Series B, 5.00%, 03/15/51 |
|
4,115 |
4,385,394 |
Series D, 5.00%, 02/15/48 |
|
1,755 |
1,828,148 |
New York State Housing Finance Agency, RB, M/F
Housing, Series A-1, Sustainability Bonds, 5.00%,
06/15/54 |
|
1,655 |
1,736,072 |
New York State Thruway Authority, Refunding RB |
|
|
|
Series A, 5.00%, 03/15/46 |
|
8,230 |
8,774,781 |
Series A, 5.00%, 03/15/48 |
|
5,000 |
5,305,967 |
|
|
|
57,938,726 |
Tobacco — 1.9% |
| ||
Chautauqua Tobacco Asset Securitization Corp.,
Refunding RB |
|
|
|
4.75%, 06/01/39 |
|
1,875 |
1,844,700 |
5.00%, 06/01/48 |
|
680 |
657,911 |
New York Counties Tobacco Trust VI, Refunding RB |
|
|
|
Series A-2B, 5.00%, 06/01/45 |
|
260 |
241,819 |
Series A-2B, 5.00%, 06/01/51 |
|
1,015 |
906,002 |
Niagara Tobacco Asset Securitization Corp., Refunding
RB, 5.25%, 05/15/40 |
|
1,500 |
1,500,296 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
|
1,680 |
1,463,626 |
|
|
|
6,614,354 |
Transportation — 50.5% |
| ||
Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%,
01/01/47 |
|
1,565 |
1,585,195 |
Hudson Yards Infrastructure Corp., Refunding RB |
|
|
|
Series A, 5.00%, 02/15/42 |
|
3,760 |
3,846,507 |
Series A, (AGM), 4.00%, 02/15/47 |
|
2,425 |
2,324,088 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Metropolitan Transportation Authority Dedicated Tax
Fund, Refunding RB |
|
|
|
Series A, 5.00%, 11/15/48 |
$ |
3,485 |
$ 3,676,607
|
Series A, 5.00%, 11/15/49 |
|
1,895 |
1,995,220 |
Series B-1, Sustainability Bonds, 5.25%, 11/15/57 |
|
3,305 |
3,375,441 |
Metropolitan Transportation Authority, RB |
|
|
|
Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
|
1,590 |
1,473,457 |
Series D-3, Sustainability Bonds, 4.00%, 11/15/49 |
|
2,720 |
2,496,039 |
Metropolitan Transportation Authority, Refunding RB |
|
|
|
Series B, 5.25%, 11/15/55 |
|
1,920 |
1,922,452 |
Sub-Series C-1, 5.00%, 11/15/34 |
|
1,845 |
1,862,857 |
Series A, Sustainability Bonds, 5.25%, 11/15/49 |
|
3,410 |
3,668,334 |
Series A-1, Sustainability Bonds, (AGM), 4.00%, 11/15/54 |
|
1,760 |
1,632,151 |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
|
3,765 |
3,859,232 |
Sub-Series C-1, Sustainability Bonds, 5.00%, 11/15/34 |
|
1,500 |
1,568,398 |
MTA Hudson Rail Yards Trust Obligations, Refunding
RB, Series A, 5.00%, 11/15/56 |
|
5,410 |
5,409,837 |
New York City Industrial Development Agency, Refunding RB, Series A, 5.00%, 07/01/28 |
|
570 |
572,040 |
New York State Thruway Authority, RB |
|
|
|
Series A, Junior Lien, 5.00%, 01/01/36 |
|
1,400 |
1,416,477 |
Series A, Junior Lien, 5.00%, 01/01/41 |
|
2,480 |
2,500,007 |
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |
|
2,645 |
2,483,126 |
New York Transportation Development Corp., ARB |
|
|
|
AMT, 5.00%, 12/01/34 |
|
1,660 |
1,762,527 |
AMT, 5.00%, 12/01/35 |
|
3,405 |
3,606,134 |
AMT, 5.00%, 12/01/36 |
|
1,720 |
1,814,027 |
AMT, 5.00%, 12/01/41 |
|
450 |
465,550 |
Series A, AMT, 5.00%, 07/01/41 |
|
1,655 |
1,634,359 |
Series A, AMT, 5.00%, 07/01/46 |
|
6,745 |
6,743,008 |
Series A, AMT, 5.25%, 01/01/50 |
|
8,845 |
8,844,453 |
New York Transportation Development Corp., RB |
|
|
|
AMT, 4.00%, 10/31/46 |
|
1,510 |
1,318,809 |
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/42 |
|
825 |
883,983 |
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 |
|
3,105 |
3,187,401 |
AMT, Sustainability Bonds, 5.25%, 06/30/49 |
|
2,680 |
2,790,743 |
AMT, Sustainability Bonds, 6.00%, 06/30/54 |
|
4,240 |
4,569,312 |
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
1,705 |
1,782,840 |
AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
1,705 |
1,789,269 |
New York Transportation Development Corp.,
Refunding RB |
|
|
|
Series A, AMT, 5.00%, 12/01/25 |
|
2,690 |
2,724,216 |
Series B, AMT, (AGC), 0.00%, 12/31/54(f) |
|
1,705 |
1,076,400 |
Series A, AMT, Sustainability Bonds, (AGC), 5.25%, 12/31/54 |
|
3,415 |
3,608,126 |
Series A, AMT, Sustainability Bonds, 5.50%,
12/31/54 |
|
1,060 |
1,125,156 |
Port Authority of New York & New Jersey, ARB |
|
|
|
Series 218, AMT, 5.00%, 11/01/44 |
|
1,850 |
1,911,040 |
Series 221, AMT, 4.00%, 07/15/55 |
|
7,275 |
6,532,815 |
Port Authority of New York & New Jersey, Refunding
ARB |
|
|
|
Series 198, 5.25%, 11/15/56 |
|
760 |
772,993 |
Series 244, 5.00%, 07/15/54 |
|
2,470 |
2,638,808 |
AMT, 5.00%, 10/15/34 |
|
1,660 |
1,692,569 |
Series 177, AMT, 4.00%, 01/15/43 |
|
285 |
263,634 |
Series 223, AMT, 5.00%, 07/15/56 |
|
825 |
845,988 |
Series 231, AMT, 5.50%, 08/01/47 |
|
3,190 |
3,455,249 |
Series 234, AMT, 5.50%, 08/01/52 |
|
1,330 |
1,423,591 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Port Authority of New York & New Jersey, Refunding RB |
|
|
|
Series 226, AMT, 5.00%, 10/15/39 |
$ |
3,105 |
$ 3,307,525
|
Series 242, AMT, 5.00%, 12/01/39 |
|
680 |
733,624 |
Series 242, AMT, 5.00%, 12/01/53 |
|
1,610 |
1,658,252 |
Triborough Bridge & Tunnel Authority, RB |
|
|
|
Series A, 5.00%, 11/15/47 |
|
3,735 |
3,998,495 |
Series A, 5.50%, 11/15/57 |
|
660 |
722,380 |
Series A, 5.50%, 12/01/59 |
|
4,120 |
4,536,718 |
Series A-1, 4.00%, 11/15/54 |
|
3,410 |
3,225,462 |
Sub-Series B-1, 5.00%, 11/15/48 |
|
1,530 |
1,635,557 |
Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
Series A, 5.00%, 11/15/46 |
|
4,760 |
4,902,465 |
Series A-1, 5.00%, 05/15/51 |
|
1,460 |
1,524,728 |
Series B, 5.00%, 11/15/37 |
|
8,225 |
8,514,652 |
Series C, 5.00%, 05/15/47 |
|
3,925 |
4,164,346 |
Series C, 4.13%, 05/15/52 |
|
7,080 |
6,790,304 |
Series C, 5.25%, 05/15/52 |
|
4,650 |
4,967,906 |
Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
|
1,530 |
1,653,736 |
Series C, Sustainability Bonds, 5.25%, 11/15/42 |
|
615 |
690,060 |
Triborough Bridge & Tunnel Authority, Refunding RB, CAB(c) |
|
|
|
Series B, 0.00%, 11/15/28 |
|
3,215 |
2,876,849 |
Series B, 0.00%, 11/15/32 |
|
7,670 |
5,846,981 |
|
|
|
178,680,505 |
Utilities — 17.4% |
| ||
Long Island Power Authority, RB |
|
|
|
(BAM-TCRS), 5.00%, 09/01/42 |
|
4,645 |
4,787,307 |
5.00%, 09/01/47 |
|
450 |
459,444 |
Series E, Sustainability Bonds, 5.00%, 09/01/48 |
|
625 |
665,392 |
Series E, Sustainability Bonds, 5.00%, 09/01/53 |
|
2,335 |
2,466,896 |
Long Island Power Authority, Refunding RB, Series B, 5.00%, 09/01/41 |
|
750 |
764,827 |
New York City Municipal Water Finance Authority, RB |
|
|
|
Series DD, 5.00%, 06/15/47 |
|
2,250 |
2,286,548 |
Series GG, 5.00%, 06/15/48 |
|
1,330 |
1,389,113 |
Sub-Series CC-1, 5.25%, 06/15/54 |
|
3,415 |
3,702,249 |
New York City Municipal Water Finance Authority,
Refunding RB |
|
|
|
Series AA-3, 5.25%, 06/15/48 |
|
5,860 |
6,405,521 |
Series DD, 4.13%, 06/15/47 |
|
3,410 |
3,372,585 |
Series EE, 5.00%, 06/15/45 |
|
2,250 |
2,403,590 |
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.00%, 11/15/48 |
|
5,385 |
5,777,603 |
New York Power Authority, Refunding RB |
|
|
|
Series A, Sustainability Bonds, 4.00%, 11/15/50 |
|
7,420 |
7,105,466 |
Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
5,505 |
5,176,646 |
Series A, Sustainability Bonds, 4.00%, 11/15/60 |
|
470 |
444,666 |
New York State Environmental Facilities Corp., Refunding RB |
|
|
|
5.00%, 06/15/51 |
|
2,595 |
2,751,076 |
Series A, 5.25%, 06/15/53 |
|
3,410 |
3,730,892 |
Rockland County Solid Waste Management Authority,
RB, Series A, AMT, Sustainability Bonds, 4.00%,
12/15/46 |
|
925 |
838,872 |
Security |
|
Par (000) |
Value |
Utilities (continued) |
| ||
Utility Debt Securitization Authority, Refunding RB |
|
|
|
Series 2, Sustainability Bonds, 5.00%, 12/15/50 |
$ |
2,565 |
$ 2,773,857
|
Series 2, Sustainability Bonds, 5.00%, 06/15/53 |
|
4,035 |
4,350,440 |
|
|
|
61,652,990 |
Total Municipal Bonds in New York |
534,190,176 | ||
Puerto Rico — 3.8% |
| ||
State — 3.8% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
2,549 |
2,492,553 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
6,357 |
6,337,500 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
390 |
384,494 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
1,045 |
1,035,104 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
460 |
449,748 |
Series B-2, Restructured, 4.78%, 07/01/58 |
|
601 |
589,537 |
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(c) |
|
6,358 |
2,083,964 |
Total Municipal Bonds in Puerto Rico |
13,372,900 | ||
South Carolina — 1.0% |
| ||
Corporate — 1.0% |
| ||
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a) |
|
3,280 |
3,527,409 |
Total Municipal Bonds — 163.4% (Cost: $569,100,633) |
577,414,316 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) | |||
New York — 1.3% | |||
Transportation — 1.3% |
| ||
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
|
4,500 |
4,603,532 |
Total Municipal Bonds in New York |
4,603,532 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.3% (Cost: $4,529,820) |
4,603,532 | ||
Total Long-Term Investments — 164.7% (Cost: $573,630,453) |
582,017,848 |
Security |
|
Shares |
Value |
Short-Term Securities | |||
Money Market Funds — 2.9% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(h)(i) |
|
10,355,259 |
$ 10,356,294 |
Total Short-Term Securities — 2.9% (Cost: $10,356,294) |
10,356,294 | ||
Total Investments — 167.6% (Cost: $583,986,747) |
592,374,142 | ||
Other Assets Less Liabilities — 1.8% |
6,790,175 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.6)% |
(2,283,157 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(68.8)% |
(243,353,959 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 353,527,201 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
Zero-coupon bond. |
(d) |
Issuer filed for bankruptcy and/or is in default. |
(e) |
Non-income producing security. |
(f) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect. |
(g) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details. |
(h) |
Affiliate of the Fund. |
(i) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 6,514,268 |
$ 3,842,026 (a) |
$ — |
$ — |
$ — |
$ 10,356,294 |
10,355,259 |
$ 111,546 |
$ — |
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |
|
|
|
|
10-Year U.S. Treasury Note |
125 |
03/20/25 |
$ 13,623 |
$ (127,131 ) |
U.S. Long Bond |
119 |
03/20/25 |
13,570 |
(239,725
) |
5-Year U.S. Treasury Note |
82 |
03/31/25 |
8,736 |
(57,124 ) |
|
|
|
|
$ (423,980 ) |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts Unrealized depreciation on futures
contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 423,980 |
$ — |
$ 423,980 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the
Statements of Assets and Liabilities, only current day’s variation
margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (1,537,351 ) |
$ — |
$ (1,537,351 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 511,026 |
$ — |
$ 511,026 |
Futures contracts: |
|
Average notional value of contracts — short |
$17,964,484
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 577,414,316
|
$ —
|
$ 577,414,316
|
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
4,603,532 |
— |
4,603,532 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
10,356,294 |
— |
— |
10,356,294 |
|
$10,356,294 |
$582,017,848 |
$— |
$592,374,142 |
Derivative Financial Instruments(a)
|
|
|
|
|
Liabilities |
|
|
|
|
Interest Rate Contracts |
$ (423,980 ) |
$ — |
$ — |
$ (423,980 ) |
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the
unrealized appreciation (depreciation) on the instrument. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
TOB Trust Certificates |
$—
|
$(2,250,000
) |
$—
|
$(2,250,000
) |
VRDP Shares at Liquidation Value |
— |
(243,600,000 ) |
— |
(243,600,000 ) |
|
$— |
$(245,850,000 ) |
$— |
$(245,850,000 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
Alabama(a)
— 2.4% |
| ||
Corporate — 2.4% |
| ||
Black Belt Energy Gas District, RB |
|
|
|
Series B, 5.00%, 10/01/55 |
$ |
3,000 |
$ 3,165,661
|
Series D, 5.00%, 03/01/55 |
|
2,880 |
3,072,646 |
Southeast Alabama Gas Supply District, Refunding RB, Series B, 5.00%, 06/01/49 |
|
2,500 |
2,650,483 |
Total Municipal Bonds in Alabama |
8,888,790 | ||
California(a)
— 4.3% |
| ||
Corporate — 4.2% |
| ||
California Community Choice Financing Authority, RB |
|
|
|
Series B, Sustainability Bonds, 5.00%, 01/01/55 |
|
10,720 |
11,326,175 |
Series G, Sustainability Bonds, 5.00%, 11/01/55 |
|
3,750 |
3,948,069 |
|
|
|
15,274,244 |
Transportation — 0.1% |
| ||
California Infrastructure & Economic Development Bank,
RB, Series A-4, AMT, 8.00%, 01/01/50(b) |
|
450 |
463,535 |
Total Municipal Bonds in California |
15,737,779 | ||
Kentucky — 2.1% |
| ||
Corporate — 2.1% |
| ||
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a) |
|
7,315 |
7,770,105 |
Michigan — 145.6% |
| ||
County/City/Special District/School District — 40.9% |
| ||
Belding Area Schools, GO, (Q-SBLF), 5.25%, 05/01/48 |
|
1,620 |
1,729,487 |
Berkley School District, GO, Series II, (Q-SBLF), 5.00%,
05/01/49 |
|
7,475 |
7,852,105 |
Bloomfield Hills School District, GO, 5.00%, 05/01/48 |
|
1,250 |
1,324,704 |
Byron Center Public Schools, GO, Series II, (Q-SBLF),
5.25%, 05/01/53 |
|
5,000 |
5,316,932 |
Cedar Springs Public School District, GO |
|
|
|
Series II, (Q-SBLF), 5.00%, 05/01/46 |
|
1,100 |
1,164,932 |
Series II, (Q-SBLF), 4.50%, 05/01/49 |
|
1,950 |
1,966,700 |
Chippewa Valley Schools, GO, (Q-SBLF), 5.00%,
05/01/43 |
|
4,275 |
4,455,394 |
City of Lansing Michigan, Refunding GO |
|
|
|
Series B, (AGM), 4.00%, 06/01/43 |
|
2,000 |
1,939,502 |
Series B, (AGM), 4.13%, 06/01/48 |
|
5,325 |
5,054,926 |
Clarkston Community Schools, GO |
|
|
|
Series I, (Q-SBLF), 5.00%, 05/01/45 |
|
8,360 |
8,951,776 |
Series I, (Q-SBLF), 5.00%, 05/01/47 |
|
4,500 |
4,787,174 |
Coopersville Area Public Schools, GO |
|
|
|
Series I, (Q-SBLF), 4.00%, 05/01/48 |
|
295 |
279,919 |
Series I, (Q-SBLF), 4.13%, 05/01/52 |
|
600 |
570,658 |
County of Kalamazoo Michigan, GOL, 4.13%, 05/01/47 |
|
1,375 |
1,342,619 |
Farmington Public School District, Refunding GO |
|
|
|
(AGM), 5.00%, 05/01/34 |
|
1,500 |
1,504,986 |
(AGM), 5.00%, 05/01/35 |
|
1,000 |
1,003,137 |
Grand Ledge Public Schools, GO, (Q-SBLF), 5.00%,
05/01/44 |
|
1,585 |
1,647,377 |
Grand Rapids Public Schools, GO, (AGM), 5.00%, 05/01/49 |
|
4,150 |
4,412,986 |
Gull Lake Community School District, GO, Series I, (Q-
SBLF), 5.00%, 05/01/48 |
|
4,000 |
4,086,426 |
Holly Area School District, GO, Series I, (Q-SBLF), 5.25%, 05/01/48 |
|
8,235 |
8,798,520 |
Hudsonville Public Schools, Refunding GO |
|
|
|
(Q-SBLF), 5.00%, 05/01/46 |
|
2,500 |
2,647,572 |
Security |
|
Par (000) |
Value |
County/City/Special District/School District (continued) |
| ||
Hudsonville Public Schools, Refunding GO (continued) |
|
|
|
(Q-SBLF), 5.00%, 05/01/49 |
$ |
2,375 |
$ 2,494,799
|
Karegnondi Water Authority, Refunding RB |
|
|
|
5.00%, 11/01/41 |
|
4,950 |
5,029,213 |
5.00%, 11/01/45 |
|
3,000 |
3,034,866 |
Kentwood Public Schools, GO |
|
|
|
5.00%, 05/01/41 |
|
1,120 |
1,137,072 |
Series II, (AGM), 5.00%, 05/01/46 |
|
3,000 |
3,178,018 |
Series II, (AGM), 5.00%, 05/01/49 |
|
5,000 |
5,260,607 |
L’Anse Creuse Public Schools, GO, Series I, (Q-SBLF), 05/01/49(c) |
|
3,500 |
3,721,200 |
Michigan Finance Authority, RB, 2nd Lien, (BAM-TCRS),
4.00%, 11/01/50 |
|
1,500 |
1,413,456 |
Novi Community School District, GO |
|
|
|
Series I, 5.00%, 05/01/44 |
|
1,175 |
1,227,607 |
Series II, 4.00%, 05/01/43 |
|
1,320 |
1,291,580 |
Okemos Public Schools, GO, Series II, (Q-SBLF),
5.00%, 05/01/49 |
|
2,750 |
2,924,214 |
Rockford Public Schools, GO, Series II, (Q-SBLF), 5.00%, 05/01/46 |
|
1,505 |
1,593,837 |
Southfield Public Schools, GO, (Q-SBLF), 5.00%,
05/01/49 |
|
1,740 |
1,840,220 |
Three Rivers Community Schools, GO |
|
|
|
Series II, (Q-SBLF), 4.13%, 05/01/46 |
|
2,000 |
1,973,011 |
Series II, (Q-SBLF), 4.25%, 05/01/49 |
|
7,000 |
6,918,620 |
Trenton Public Schools School District, GO, (Q-SBLF),
5.00%, 05/01/48 |
|
5,000 |
5,092,155 |
Troy School District, GO |
|
|
|
(Q-SBLF), 5.00%, 05/01/47 |
|
6,445 |
6,807,716 |
(Q-SBLF), 5.00%, 05/01/52 |
|
5,710 |
5,970,694 |
Walled Lake Consolidated School District, GO |
|
|
|
(Q-SBLF), 5.00%, 05/01/45 |
|
2,300 |
2,408,574 |
(Q-SBLF), 5.00%, 05/01/47 |
|
1,000 |
1,057,153 |
(Q-SBLF), 5.00%, 05/01/49 |
|
2,500 |
2,629,006 |
Wayne-Westland Community Schools, GO |
|
|
|
(Q-SBLF), 5.00%, 11/01/44 |
|
2,360 |
2,512,289 |
(Q-SBLF), 4.50%, 11/01/46 |
|
5,250 |
5,332,414 |
West Ottawa Public Schools, GO, (AGM), 4.00%, 11/01/46 |
|
1,730 |
1,666,852 |
Williamston Community Schools School District, GO |
|
|
|
(Q-SBLF), 5.00%, 05/01/46 |
|
1,085 |
1,165,184 |
(Q-SBLF), 5.00%, 05/01/51 |
|
2,250 |
2,380,651 |
|
|
|
150,898,840 |
Education — 23.3% |
| ||
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44 |
|
5,000 |
4,711,512 |
Ferris State University, Refunding RB, Series A, (AGC),
10/01/49(c) |
|
2,000 |
2,124,178 |
Grand Valley State University, RB, 5.00%, 12/01/43 |
|
1,600 |
1,643,539 |
Lake Superior State University, RB, (AGM), 5.00%,
01/15/48 |
|
3,750 |
3,790,509 |
Michigan Finance Authority, Refunding RB |
|
|
|
5.00%, 02/01/33 |
|
830 |
846,881 |
4.00%, 12/01/33 |
|
785 |
726,326 |
5.00%, 12/01/36 |
|
1,550 |
1,549,978 |
5.00%, 12/01/40 |
|
2,900 |
2,756,576 |
5.00%, 12/01/45 |
|
4,400 |
4,144,317 |
4.00%, 09/01/50 |
|
1,550 |
1,396,041 |
Michigan State University, Refunding RB |
|
|
|
Series A, 5.25%, 08/15/46 |
|
3,200 |
3,544,171 |
Series A, 5.00%, 08/15/49 |
|
2,500 |
2,668,119 |
Series B, 4.00%, 02/15/44 |
|
4,000 |
3,938,697 |
Security |
|
Par (000) |
Value |
Education (continued) |
| ||
Michigan State University, Refunding RB (continued) |
|
|
|
Series B, 5.00%, 02/15/44 |
$ |
3,820 |
$ 3,975,665
|
Series B, 5.00%, 02/15/48 |
|
6,160 |
6,352,272 |
Series C, 4.00%, 02/15/44 |
|
4,225 |
4,159,690 |
Michigan Technological University, RB |
|
|
|
Series A, 5.00%, 10/01/45 |
|
1,800 |
1,807,600 |
Series A, (AGM), 5.25%, 10/01/52 |
|
1,675 |
1,770,330 |
Series C, (AGM), 5.25%, 10/01/48 |
|
2,500 |
2,697,675 |
Oakland University, RB |
|
|
|
5.00%, 03/01/41 |
|
3,635 |
3,673,791 |
5.00%, 03/01/47 |
|
3,500 |
3,510,622 |
Wayne State University, RB, Series A, 4.00%, 11/15/48 |
|
8,385 |
7,892,274 |
Western Michigan University, RB |
|
|
|
Series A, (AGM), 5.00%, 11/15/51 |
|
1,815 |
1,887,230 |
Series A, (AGM), 5.00%, 11/15/53 |
|
5,345 |
5,548,334 |
Western Michigan University, Refunding RB, 5.00%, 11/15/49 |
|
8,435 |
8,692,159 |
|
|
|
85,808,486 |
Health — 19.2% |
| ||
Grand Traverse County Hospital Finance Authority, RB,
Series A, 5.00%, 07/01/49 |
|
2,610 |
2,646,884 |
Kentwood Economic Development Corp., Refunding RB, 4.00%, 11/15/43 |
|
750 |
645,594 |
Michigan Finance Authority, RB, 5.00%, 11/01/44 |
|
3,000 |
3,018,100 |
Michigan Finance Authority, Refunding RB |
|
|
|
5.00%, 11/15/37 |
|
3,000 |
3,067,297 |
4.00%, 12/01/40 |
|
4,080 |
4,004,714 |
5.00%, 11/15/41 |
|
1,000 |
1,016,425 |
4.00%, 04/15/42 |
|
3,210 |
3,149,092 |
5.00%, 12/01/45 |
|
16,095 |
16,170,765 |
4.00%, 11/15/46 |
|
8,500 |
7,782,724 |
Series 2, 4.00%, 03/01/51 |
|
4,000 |
3,692,814 |
Series A, 5.00%, 12/01/42 |
|
2,250 |
2,299,780 |
Series A, 4.00%, 12/01/49 |
|
4,500 |
4,134,101 |
Series S, 5.00%, 05/15/34 |
|
1,500 |
1,503,936 |
Series S, 5.00%, 05/15/38 |
|
4,890 |
4,903,014 |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
|
9,030 |
9,222,888 |
Michigan Strategic Fund, RB, 5.00%, 11/15/42 |
|
3,500 |
3,492,037 |
|
|
|
70,750,165 |
Housing — 10.3% |
| ||
Michigan State Housing Development Authority, RB, M/F Housing |
|
|
|
(GNMA), 4.75%, 04/20/37 |
|
2,455 |
2,431,708 |
Series A, 4.45%, 10/01/34 |
|
1,000 |
1,000,177 |
Series A, 4.63%, 10/01/39 |
|
3,490 |
3,490,331 |
Series A, 4.30%, 10/01/40 |
|
3,320 |
3,320,000 |
Series A, 4.75%, 10/01/44 |
|
5,000 |
4,999,696 |
Series A, 5.00%, 10/01/48 |
|
7,000 |
7,146,322 |
Series A, 2.55%, 10/01/51 |
|
5,175 |
3,440,286 |
Michigan State Housing Development Authority, RB, S/F Housing |
|
|
|
Series A, Sustainability Bonds, 6.00%, 06/01/54 |
|
5,895 |
6,381,639 |
Series D, Sustainability Bonds, 5.50%, 06/01/53 |
|
5,665 |
5,956,446 |
|
|
|
38,166,605 |
State — 20.9% |
| ||
Michigan Finance Authority, RB |
|
|
|
Series F, 5.00%, 04/01/31 |
|
1,000 |
1,001,292 |
Series F, 5.25%, 10/01/41 |
|
8,595 |
8,605,030 |
Michigan State Building Authority, Refunding RB |
|
|
|
4.00%, 10/15/49 |
|
7,000 |
6,493,692 |
Security |
|
Par (000) |
Value |
State (continued) |
| ||
Michigan State Building Authority, Refunding
RB (continued) |
|
|
|
Series I, 4.00%, 10/15/46 |
$ |
2,000 |
$ 1,907,786
|
Series I, 5.00%, 10/15/47 |
|
6,000 |
6,334,781 |
Michigan Strategic Fund, RB |
|
|
|
AMT, (AGM), 4.25%, 12/31/38 |
|
14,000 |
13,632,300 |
AMT, 5.00%, 12/31/43 |
|
15,000 |
15,168,070 |
AMT, (AGM), 4.50%, 06/30/48 |
|
3,000 |
2,858,821 |
State of Michigan Trunk Line Revenue, RB |
|
|
|
4.00%, 11/15/46 |
|
4,000 |
3,902,483 |
Series B, 5.00%, 11/15/45 |
|
2,830 |
2,987,152 |
State of Michigan Trunk Line Revenue, RB, BAB |
|
|
|
5.00%, 11/15/42 |
|
3,000 |
3,289,242 |
5.25%, 11/15/49 |
|
10,000 |
10,898,260 |
|
|
|
77,078,909 |
Tobacco — 2.7% |
| ||
Michigan Finance Authority, Refunding RB |
|
|
|
Series A, Class 1, 4.00%, 06/01/39 |
|
1,250 |
1,196,992 |
Series A, Class 1, 4.00%, 06/01/49 |
|
3,750 |
3,306,414 |
Series B-2, Class 2, 0.00%, 06/01/65(d) |
|
50,000 |
5,348,700 |
|
|
|
9,852,106 |
Transportation — 10.8% |
| ||
Gerald R Ford International Airport Authority, ARB |
|
|
|
AMT, (GTD), 5.00%, 01/01/51 |
|
5,435 |
5,598,776 |
AMT, (GTD), 5.00%, 01/01/54 |
|
2,000 |
2,065,946 |
Wayne County Airport Authority, ARB |
|
|
|
Series A, 5.00%, 12/01/42 |
|
400 |
409,541 |
Series A, 5.00%, 12/01/46 |
|
5,000 |
5,309,575 |
Series A, (AGM), 5.25%, 12/01/48 |
|
3,495 |
3,819,059 |
Series D, 5.00%, 12/01/45 |
|
4,500 |
4,520,396 |
AMT, 5.00%, 12/01/48 |
|
5,000 |
5,075,171 |
Series B, AMT, 5.00%, 12/01/42 |
|
2,000 |
2,021,742 |
Wayne County Airport Authority, Refunding RB |
|
|
|
AMT, 5.00%, 12/01/32 |
|
2,940 |
3,044,471 |
Series F, AMT, 5.00%, 12/01/34 |
|
8,000 |
8,048,798 |
|
|
|
39,913,475 |
Utilities — 17.5% |
| ||
City of Detroit Michigan Water Supply System Revenue,
RB, Series A, Senior Lien, (NPFGC), 5.00%, 07/01/34 |
|
10 |
10,011 |
Downriver Utility Wastewater Authority, Refunding RB, (AGM), 5.00%, 04/01/43 |
|
1,000 |
1,033,706 |
Great Lakes Water Authority Sewage Disposal System
Revenue, RB |
|
|
|
Series A, Senior Lien, 5.25%, 07/01/47 |
|
8,000 |
8,649,945 |
Series A, Senior Lien, 5.25%, 07/01/52 |
|
2,000 |
2,136,517 |
Great Lakes Water Authority Water Supply System Revenue, RB |
|
|
|
Series B, 2nd Lien, 5.00%, 07/01/46 |
|
3,000 |
3,023,702 |
Series B, Senior Lien, 5.25%, 07/01/48 |
|
4,250 |
4,632,788 |
Lansing Board of Water & Light, Refunding RB |
|
|
|
Series A, 5.00%, 07/01/44 |
|
6,000 |
6,249,396 |
Series A, 5.00%, 07/01/48 |
|
19,105 |
19,732,071 |
Series A, 5.00%, 07/01/49 |
|
6,275 |
6,683,976 |
Series A, 5.25%, 07/01/54 |
|
2,500 |
2,696,633 |
Michigan Finance Authority, RB, Sustainability Bonds, 5.50%, 02/28/49 |
|
8,985 |
9,910,502 |
|
|
|
64,759,247 |
Total Municipal Bonds in Michigan |
537,227,833 |
Security |
|
Par (000) |
Value |
Nevada — 0.0% |
| ||
Transportation — 0.0% |
| ||
State of Nevada Department of Business & Industry, RB, Series A4, AMT, 8.13%, 01/01/50(a)
|
$ |
100 |
$ 104,017 |
New York — 0.9% |
| ||
Transportation — 0.9% |
| ||
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, (AGC),
5.25%, 12/31/54 |
|
3,110 |
3,285,878 |
Puerto Rico — 4.4% |
| ||
State — 4.4% |
| ||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 |
|
1,061 |
1,169,574 |
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
534 |
522,174 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
1,600 |
1,595,092 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
103 |
101,546 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
277 |
274,377 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
451 |
440,949 |
Series B-1, Restructured, 5.00%, 07/01/58 |
|
7,076 |
7,097,595 |
Series B-2, Restructured, 4.33%, 07/01/40 |
|
2,534 |
2,505,887 |
Series B-2, Restructured, 4.78%, 07/01/58 |
|
597 |
585,614 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d) |
|
5,412 |
1,773,893 |
Total Municipal Bonds in Puerto Rico |
16,066,701 | ||
Texas — 0.7% |
| ||
Corporate — 0.7% |
| ||
Texas Municipal Gas Acquisition & Supply Corp. V, RB, 5.00%, 01/01/55(a) |
|
2,540 |
2,703,510 |
Total Long-Term Investments — 160.4% (Cost: $591,668,290) |
591,784,613 |
Security |
|
Shares |
Value |
Short-Term Securities | |||
Money Market Funds — 2.2% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(e)(f) |
|
8,199,763 |
$ 8,200,583 |
Total Short-Term Securities — 2.2% (Cost: $8,200,368) |
8,200,583 | ||
Total Investments — 162.6% (Cost: $599,868,658) |
599,985,196 | ||
Other Assets Less Liabilities — 0.2% |
504,460 | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(62.8)% |
(231,570,461 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 368,919,195 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
When-issued security. |
(d) |
Zero-coupon bond. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 16,392,727 |
$ — |
$ (8,192,145 )(a) |
$ 174 |
$ (173 ) |
$ 8,200,583 |
8,199,763 |
$ 176,151 |
$ — |
(a) |
Represents net amount purchased (sold). |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 591,784,613
|
$ —
|
$ 591,784,613
|
Short-Term Securities |
|
|
|
|
Money Market Funds |
8,200,583 |
— |
— |
8,200,583 |
|
$8,200,583 |
$591,784,613 |
$— |
$599,985,196 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
VRDP Shares at Liquidation Value |
$— |
$(231,900,000 ) |
$— |
$(231,900,000 ) |
|
$— |
$(231,900,000 ) |
$— |
$(231,900,000 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
Alabama — 4.0% |
| ||
Corporate — 2.4% |
| ||
Black Belt Energy Gas District, RB, Series D, 5.00%,
03/01/55(a) |
$ |
6,420 |
$ 6,849,440
|
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
1,920 |
2,070,967 |
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a) |
|
1,345 |
1,425,960 |
|
|
|
10,346,367 |
Utilities — 1.6% |
| ||
Southeast Energy Authority A Cooperative District, RB, Series A, 5.00%, 01/01/56(a) |
|
6,715 |
7,038,521 |
Total Municipal Bonds in Alabama |
17,384,888 | ||
California(a)
— 1.4% |
| ||
Corporate — 1.3% |
| ||
California Community Choice Financing Authority, RB |
|
|
|
Series B, Sustainability Bonds, 5.00%, 01/01/55 |
|
505 |
533,556 |
Series G, Sustainability Bonds, 5.00%, 11/01/55 |
|
4,570 |
4,811,381 |
|
|
|
5,344,937 |
Transportation — 0.1% |
| ||
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(b) |
|
540 |
556,242 |
Total Municipal Bonds in California |
5,901,179 | ||
Guam — 0.2% |
| ||
Utilities — 0.2% |
| ||
Guam Power Authority, Refunding RB, Series A, 5.00%,
10/01/41 |
|
710 |
744,154 |
Kentucky — 0.3% |
| ||
Corporate — 0.3% |
| ||
Kentucky Public Energy Authority, Refunding RB, Series B, 5.00%, 01/01/55(a) |
|
1,320 |
1,402,124 |
Nevada — 0.0% |
| ||
Transportation — 0.0% |
| ||
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50(a) |
|
100 |
104,017 |
New York — 138.6% |
| ||
Corporate — 4.4% |
| ||
New York Liberty Development Corp., RB, 5.50%, 10/01/37 |
|
1,015 |
1,194,172 |
New York Liberty Development Corp., Refunding RB,
5.25%, 10/01/35 |
|
3,955 |
4,543,809 |
New York State Energy Research & Development Authority, Refunding RB, Series C, 4.00%, 04/01/34 |
|
860 |
874,956 |
New York State Environmental Facilities Corp., RB,
AMT, 2.75%, 09/01/50(a) |
|
1,590 |
1,575,435 |
New York Transportation Development Corp., ARB |
|
|
|
AMT, 5.00%, 01/01/30 |
|
2,500 |
2,556,314 |
AMT, 5.63%, 04/01/40 |
|
2,570 |
2,754,960 |
New York Transportation Development Corp., RB |
|
|
|
AMT, 5.00%, 10/01/35 |
|
2,620 |
2,733,324 |
AMT, 5.00%, 10/01/40 |
|
1,290 |
1,328,830 |
New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31 |
|
1,755 |
1,635,150 |
|
|
|
19,196,950 |
Security |
|
Par (000) |
Value |
County/City/Special District/School District — 25.4% |
| ||
Battery Park City Authority, RB |
|
|
|
Series A, Sustainability Bonds, 5.00%, 11/01/41 |
$ |
810 |
$ 905,783
|
Series A, Sustainability Bonds, 5.00%, 11/01/42 |
|
1,585 |
1,762,877 |
Series A, Sustainability Bonds, 5.00%, 11/01/43 |
|
1,920 |
2,123,314 |
Series A, Sustainability Bonds, 5.00%, 11/01/48 |
|
1,835 |
1,990,641 |
City of New York, GO |
|
|
|
Series A, 5.00%, 08/01/51 |
|
1,625 |
1,712,528 |
Series A-1, 4.00%, 09/01/46 |
|
2,285 |
2,193,740 |
Series A-1, 5.00%, 08/01/47 |
|
2,960 |
3,106,294 |
Series C, 5.25%, 03/01/53 |
|
1,980 |
2,133,170 |
Series D, 5.25%, 04/01/54 |
|
6,005 |
6,480,295 |
Series E1, 5.25%, 04/01/44 |
|
10,000 |
10,947,755 |
Series F-1, 4.00%, 03/01/47 |
|
2,730 |
2,584,750 |
Sub Series C-1, 4.00%, 09/01/52 |
|
990 |
922,932 |
Sub-Series D-1, 5.50%, 05/01/46 |
|
1,360 |
1,493,487 |
Sub-Series E-1, 4.00%, 04/01/45 |
|
2,470 |
2,385,676 |
County of Nassau New York, GOL |
|
|
|
Series A, 4.00%, 04/01/49 |
|
3,360 |
3,253,847 |
Series A, 4.25%, 04/01/52 |
|
5,000 |
4,929,715 |
County of Nassau New York, Refunding GOL |
|
|
|
Series A, (AGM), 4.00%, 04/01/49 |
|
4,235 |
4,179,820 |
Series B, (AGM), 5.00%, 04/01/40 |
|
2,155 |
2,300,312 |
New York City Industrial Development Agency, RB(c) |
|
|
|
(AGC), 0.00%, 03/01/39 |
|
5,000 |
2,674,310 |
(AGC), 0.00%, 03/01/43 |
|
4,330 |
1,822,004 |
New York City Industrial Development Agency, Refunding RB, (AGM), 4.00%, 03/01/45 |
|
4,395 |
4,224,065 |
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB |
|
|
|
Series A-1, 5.00%, 08/01/38 |
|
4,105 |
4,304,491 |
Series B-1, 5.00%, 08/01/45 |
|
4,425 |
4,504,837 |
Sub-Series E-1, 5.00%, 02/01/43 |
|
2,010 |
2,045,361 |
Series F-1, Subordinate, 5.00%, 02/01/44 |
|
430 |
457,669 |
New York City Transitional Finance Authority, RB |
|
|
|
Series D, 5.50%, 05/01/52 |
|
2,015 |
2,241,414 |
Series F-1, 5.25%, 02/01/53 |
|
2,360 |
2,540,536 |
Series B, Subordinate, 5.25%, 05/01/50 |
|
4,120 |
4,448,774 |
New York Convention Center Development Corp., RB, CAB(c) |
|
|
|
Series B, Sub Lien, 0.00%, 11/15/42 |
|
2,640 |
1,121,042 |
Series B, Sub Lien, 0.00%, 11/15/47 |
|
6,740 |
2,114,326 |
Series B, Sub Lien, 0.00%, 11/15/48 |
|
3,550 |
1,012,754 |
Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/56 |
|
7,275 |
1,486,143 |
New York Liberty Development Corp., Refunding RB |
|
|
|
Class 1, 5.00%, 11/15/44(b) |
|
6,110 |
6,111,908 |
Series 1, 3.00%, 02/15/42 |
|
1,110 |
936,792 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |
|
4,805 |
3,619,568 |
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB |
|
|
|
Class A, 4.00%, 05/15/57 |
|
1,600 |
1,457,723 |
Series A, 5.25%, 05/15/52 |
|
4,075 |
4,361,339 |
Series A, 4.13%, 05/15/53 |
|
1,980 |
1,881,548 |
Yonkers Industrial Development Agency, Refunding RB,
(SAW), 4.00%, 05/01/41 |
|
1,280 |
1,295,316 |
|
|
|
110,068,856 |
Education — 14.6% |
| ||
Albany Capital Resource Corp., Refunding
RB(d)(e) |
|
|
|
4.00%, 07/01/41 |
|
880 |
408,320 |
4.00%, 07/01/51 |
|
915 |
424,560 |
Build NYC Resource Corp., RB(b) |
|
|
|
5.00%, 09/01/59 |
|
1,530 |
1,447,042 |
Security |
|
Par (000) |
Value |
Education (continued) |
| ||
Build NYC Resource Corp., RB(b) (continued) |
|
|
|
Sustainability Bonds, 5.75%, 06/01/52 |
$ |
1,000 |
$ 1,037,888
|
Build NYC Resource Corp., Refunding RB |
|
|
|
5.00%, 08/01/47 |
|
815 |
794,581 |
Series A, 5.00%, 06/01/43 |
|
525 |
525,288 |
Dutchess County Local Development Corp., RB |
|
|
|
5.00%, 07/01/43 |
|
685 |
705,914 |
5.00%, 07/01/52 |
|
1,635 |
1,716,305 |
Dutchess County Local Development Corp., Refunding
RB, 4.00%, 07/01/49 |
|
2,035 |
1,934,954 |
Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53 |
|
2,670 |
2,824,623 |
Monroe County Industrial Development Corp.,
Refunding RB |
|
|
|
Series A, 4.00%, 07/01/39 |
|
500 |
500,171 |
Series A, 4.00%, 07/01/50 |
|
14,730 |
13,999,634 |
New York State Dormitory Authority, RB |
|
|
|
Series 1, (AMBAC), 5.50%, 07/01/40 |
|
4,580 |
5,415,419 |
Series A, 5.00%, 07/01/46 |
|
490 |
498,574 |
Series A, Sustainability Bonds, 5.00%, 07/01/48 |
|
580 |
610,704 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 07/01/35 |
|
1,380 |
1,385,507 |
Series A, 5.00%, 07/01/46 |
|
3,255 |
3,279,942 |
Series A, 5.00%, 07/01/48 |
|
6,900 |
6,923,743 |
Series A, 4.00%, 07/01/49 |
|
435 |
400,104 |
Series A, 5.50%, 07/01/54 |
|
4,065 |
4,528,375 |
Onondaga County Trust for Cultural Resources, Refunding RB |
|
|
|
5.00%, 12/01/38 |
|
1,835 |
1,977,730 |
5.00%, 12/01/39 |
|
3,215 |
3,446,717 |
4.00%, 12/01/47 |
|
1,650 |
1,576,069 |
Schenectady County Capital Resource Corp., Refunding RB, 5.00%, 01/01/47 |
|
6,200 |
6,267,446 |
Troy Capital Resource Corp., Refunding RB, 5.00%,
09/01/39 |
|
550 |
582,158 |
|
|
|
63,211,768 |
Health — 8.2% |
| ||
Brookhaven Local Development Corp., Refunding RB, 5.00%, 10/01/50 |
|
2,950 |
3,048,324 |
Build NYC Resource Corp., RB |
|
|
|
Class A, 5.25%, 07/01/37 |
|
1,495 |
1,439,100 |
Class A, 5.50%, 07/01/47 |
|
920 |
868,974 |
Genesee County Funding Corp., Refunding RB, Series A, 5.25%, 12/01/52 |
|
1,810 |
1,850,444 |
Monroe County Industrial Development Corp., RB |
|
|
|
4.00%, 12/01/41 |
|
800 |
741,624 |
Series A, 5.00%, 12/01/32 |
|
830 |
830,664 |
Series A, 5.00%, 12/01/37 |
|
350 |
350,000 |
Monroe County Industrial Development Corp.,
Refunding RB |
|
|
|
4.00%, 12/01/38 |
|
1,450 |
1,394,261 |
4.00%, 12/01/39 |
|
525 |
499,454 |
4.00%, 12/01/46 |
|
2,870 |
2,544,791 |
New York State Dormitory Authority, RB |
|
|
|
(AGC), 5.50%, 10/01/54 |
|
3,045 |
3,334,548 |
Series A, 4.00%, 07/01/50 |
|
1,100 |
1,041,400 |
New York State Dormitory Authority, Refunding RB |
|
|
|
4.00%, 07/01/45 |
|
460 |
394,787 |
4.25%, 05/01/52 |
|
4,355 |
4,253,428 |
5.00%, 05/01/52 |
|
5,910 |
6,129,636 |
Series 1, 4.00%, 07/01/47 |
|
3,250 |
3,039,323 |
Security |
|
Par (000) |
Value |
Health (continued) |
| ||
New York State Dormitory Authority, Refunding
RB (continued) |
|
|
|
Series A, 4.00%, 05/01/54 |
$ |
1,980 |
$ 1,834,474
|
Suffolk County Economic Development Corp., RB,
Series C, 5.00%, 07/01/32 |
|
625 |
625,754 |
Westchester County Local Development Corp., Refunding RB(b)
|
|
|
|
5.00%, 07/01/41 |
|
610 |
616,814 |
5.00%, 07/01/56 |
|
680 |
670,162 |
|
|
|
35,507,962 |
Housing — 11.0% |
| ||
New York City Housing Development Corp., RB, M/F
Housing |
|
|
|
Sustainability Bonds, (HUD SECT 8), 4.80%, 02/01/53 |
|
3,440 |
3,450,927 |
Class F-1, Sustainability Bonds, 4.60%, 11/01/42 |
|
275 |
279,099 |
Series A, Sustainability Bonds, 4.75%, 11/01/48 |
|
420 |
420,890 |
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA, HUD SECT 8), 4.70%, 08/01/54 |
|
3,250 |
3,271,076 |
Series A-1, Sustainability Bonds, 4.65%, 11/01/49 |
|
790 |
794,231 |
Series A-1, Sustainability Bonds, 4.75%, 11/01/54 |
|
1,280 |
1,288,743 |
Series B-1, Class A, Sustainability Bonds, (HUD SECT 8), 4.65%, 11/01/49 |
|
1,185 |
1,191,206 |
Series C-1, Sustainability Bonds, (HUD SECT 8),
4.50%, 08/01/54 |
|
1,345 |
1,330,802 |
Series D-1, Sustainability Bonds, (HUD SECT 8), 4.35%, 11/01/44 |
|
505 |
497,534 |
Series D-1, Sustainability Bonds, (HUD SECT 8),
4.50%, 11/01/54 |
|
810 |
794,376 |
Series D-2, Sustainability Bonds, (HUD SECT 8), 4.45%, 11/01/49 |
|
1,420 |
1,393,809 |
Series D-2, Sustainability Bonds, (HUD SECT 8),
4.50%, 11/01/54 |
|
1,015 |
1,001,761 |
Series E-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.20%, 11/01/42 |
|
1,080 |
1,053,162 |
Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |
|
2,305 |
2,327,049 |
Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
|
4,310 |
4,377,552 |
Series F-1A, Sustainability Bonds, 4.55%, 11/01/54 |
|
6,015 |
6,050,672 |
Series F-1A, Sustainability Bonds, 5.00%, 11/01/59 |
|
1,550 |
1,600,592 |
New York City Housing Development Corp., Refunding
RB, Series A, Sustainability Bonds, 4.25%, 11/01/43 |
|
3,575 |
3,501,075 |
New York State Housing Finance Agency, RB, M/F Housing |
|
|
|
Series A, 4.65%, 11/15/38 |
|
950 |
950,162 |
Series B-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.85%, 11/01/48 |
|
1,525 |
1,544,128 |
Series C-1, Sustainability Bonds, (SONYMA HUD
SECT 8), 4.65%, 11/01/48 |
|
625 |
627,177 |
Series C-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.75%, 11/01/53 |
|
455 |
456,415 |
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing |
|
|
|
Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48 |
|
3,960 |
4,017,800 |
Series 255, Sustainability Bonds, (SONYMA), 4.70%,
10/01/43 |
|
1,220 |
1,246,025 |
Series 261, Sustainability Bonds, (SONYMA), 4.55%, 10/01/49 |
|
4,500 |
4,434,807 |
|
|
|
47,901,070 |
Security |
|
Par (000) |
Value |
State — 13.3% |
| ||
Empire State Development Corp., RB |
|
|
|
Series A, 4.00%, 03/15/45 |
$ |
6,400 |
$ 6,257,371
|
Series A, 5.00%, 03/15/46 |
|
4,070 |
4,362,091 |
Series A, 5.00%, 03/15/50 |
|
4,625 |
4,924,357 |
Empire State Development Corp., Refunding RB,
4.00%, 03/15/46 |
|
5,500 |
5,304,136 |
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 |
|
2,030 |
2,102,041 |
New York State Dormitory Authority, RB |
|
|
|
Series A, 5.00%, 03/15/38 |
|
3,970 |
4,158,339 |
Series A, 5.00%, 03/15/40 |
|
4,580 |
4,705,308 |
Series A, 5.00%, 03/15/44 |
|
5,275 |
5,414,791 |
Series A, 5.00%, 03/15/45 |
|
3,300 |
3,382,083 |
Series A, 5.00%, 03/15/56 |
|
875 |
922,667 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 03/15/46 |
|
1,460 |
1,542,311 |
Series B, 5.00%, 03/15/51 |
|
5,045 |
5,376,503 |
Series D, 5.00%, 02/15/48 |
|
4,835 |
5,036,521 |
New York State Housing Finance Agency, RB, M/F
Housing, Series A-1, Sustainability Bonds, 5.00%,
06/15/54 |
|
2,030 |
2,129,442 |
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 03/15/46 |
|
1,770 |
1,887,164 |
|
|
|
57,505,125 |
Tobacco — 1.9% |
| ||
Chautauqua Tobacco Asset Securitization Corp.,
Refunding RB |
|
|
|
4.75%, 06/01/39 |
|
2,190 |
2,154,610 |
5.00%, 06/01/48 |
|
820 |
793,364 |
New York Counties Tobacco Trust VI, Refunding RB |
|
|
|
Series A-2B, 5.00%, 06/01/45 |
|
330 |
306,924 |
Series A-2B, 5.00%, 06/01/51 |
|
1,110 |
990,800 |
Niagara Tobacco Asset Securitization Corp., Refunding
RB, 5.25%, 05/15/40 |
|
2,250 |
2,250,444 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |
|
2,295 |
1,999,417 |
|
|
|
8,495,559 |
Transportation — 42.1% |
| ||
Buffalo & Fort Erie Public Bridge Authority, RB, 5.00%,
01/01/47 |
|
1,250 |
1,266,130 |
Hudson Yards Infrastructure Corp., Refunding RB |
|
|
|
Series A, 5.00%, 02/15/42 |
|
1,525 |
1,560,086 |
Series A, (AGM), 4.00%, 02/15/47 |
|
2,760 |
2,645,148 |
Metropolitan Transportation Authority Dedicated Tax
Fund, Refunding RB |
|
|
|
Series A, 5.00%, 11/15/48 |
|
3,490 |
3,681,882 |
Series A, 5.00%, 11/15/49 |
|
2,200 |
2,316,351 |
Series B-1, Sustainability Bonds, 5.25%, 11/15/57 |
|
4,070 |
4,156,746 |
Metropolitan Transportation Authority, RB |
|
|
|
Series A-1, Sustainability Bonds, 4.00%, 11/15/45 |
|
1,125 |
1,065,342 |
Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
|
1,950 |
1,807,070 |
Series D-3, Sustainability Bonds, 4.00%, 11/15/49 |
|
3,320 |
3,046,636 |
Metropolitan Transportation Authority, Refunding RB |
|
|
|
Series B, 5.25%, 11/15/55 |
|
2,350 |
2,353,001 |
Series A, Sustainability Bonds, 5.25%, 11/15/49 |
|
3,960 |
4,260,001 |
Series A-1, Sustainability Bonds, (AGM), 4.00%, 11/15/54 |
|
2,155 |
1,998,458 |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |
|
4,580 |
4,694,630 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
MTA Hudson Rail Yards Trust Obligations, Refunding
RB, Series A, 5.00%, 11/15/56 |
$ |
5,655 |
$ 5,654,829
|
New York City Industrial Development Agency, Refunding RB, Series A, 5.00%, 07/01/28 |
|
650 |
652,326 |
New York State Thruway Authority, RB |
|
|
|
Series A, Junior Lien, 5.00%, 01/01/36 |
|
1,715 |
1,735,185 |
Series A, Junior Lien, 5.00%, 01/01/41 |
|
3,050 |
3,074,605 |
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |
|
3,240 |
3,041,712 |
New York Transportation Development Corp., ARB |
|
|
|
AMT, 5.00%, 12/01/34 |
|
6,115 |
6,492,684 |
AMT, 5.00%, 12/01/35 |
|
1,595 |
1,689,217 |
AMT, 5.00%, 12/01/39 |
|
950 |
990,873 |
AMT, 5.00%, 12/01/41 |
|
550 |
569,006 |
Series A, AMT, 5.00%, 07/01/41 |
|
2,035 |
2,009,620 |
Series A, AMT, 5.00%, 07/01/46 |
|
8,210 |
8,207,575 |
Series A, AMT, 5.25%, 01/01/50 |
|
6,685 |
6,684,587 |
New York Transportation Development Corp., RB |
|
|
|
AMT, 4.00%, 10/31/46 |
|
1,815 |
1,585,191 |
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/42 |
|
1,015 |
1,087,567 |
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 |
|
3,700 |
3,798,191 |
AMT, Sustainability Bonds, 5.25%, 06/30/49 |
|
2,030 |
2,113,883 |
AMT, Sustainability Bonds, 6.00%, 06/30/54 |
|
5,035 |
5,426,058 |
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
1,980 |
2,070,394 |
AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
1,980 |
2,077,861 |
New York Transportation Development Corp.,
Refunding RB |
|
|
|
Series A, AMT, 5.00%, 12/01/37 |
|
2,350 |
2,423,242 |
Series B, AMT, (AGC), 0.00%, 12/31/54(f) |
|
1,980 |
1,250,013 |
Series A, AMT, Sustainability Bonds, (AGC), 5.25%, 12/31/54 |
|
8,955 |
9,461,426 |
Series A, AMT, Sustainability Bonds, 5.50%,
12/31/54 |
|
1,300 |
1,379,908 |
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55 |
|
8,850 |
7,947,136 |
Port Authority of New York & New Jersey, Refunding
ARB |
|
|
|
5.00%, 10/15/47 |
|
1,000 |
1,016,959 |
Series 198, 5.25%, 11/15/56 |
|
870 |
884,874 |
Series 205, 5.00%, 11/15/47 |
|
4,000 |
4,104,048 |
Series 244, 5.00%, 07/15/54 |
|
2,870 |
3,066,145 |
AMT, 5.00%, 10/15/34 |
|
2,040 |
2,080,025 |
Series 177, AMT, 4.00%, 01/15/43 |
|
735 |
679,898 |
Series 223, AMT, 5.00%, 07/15/56 |
|
1,010 |
1,035,695 |
Series 231, AMT, 5.50%, 08/01/47 |
|
3,810 |
4,126,803 |
Series 234, AMT, 5.50%, 08/01/52 |
|
1,630 |
1,744,701 |
Port Authority of New York & New Jersey, Refunding RB |
|
|
|
Series 242, AMT, 5.00%, 12/01/39 |
|
790 |
852,298 |
Series 242, AMT, 5.00%, 12/01/53 |
|
1,970 |
2,029,041 |
Triborough Bridge & Tunnel Authority, RB |
|
|
|
Series A, 5.00%, 11/15/47 |
|
4,600 |
4,924,519 |
Series A, 5.50%, 11/15/57 |
|
815 |
892,030 |
Series A, 5.50%, 12/01/59 |
|
5,060 |
5,571,795 |
Series A-1, 4.00%, 11/15/54 |
|
3,960 |
3,745,698 |
Sub-Series B-1, 5.00%, 11/15/48 |
|
1,770 |
1,892,115 |
Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
Series A-1, 5.00%, 05/15/51 |
|
1,800 |
1,879,802 |
Series C, 5.00%, 05/15/47 |
|
4,805 |
5,098,008 |
Series C, 4.13%, 05/15/52 |
|
4,900 |
4,699,504 |
Series C, 5.25%, 05/15/52 |
|
5,350 |
5,715,762 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Triborough Bridge & Tunnel Authority, Refunding
RB (continued) |
|
|
|
Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
$ |
1,770 |
$ 1,913,146
|
Series C, Sustainability Bonds, 5.25%, 11/15/42 |
|
715 |
802,264 |
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series B, 0.00%, 11/15/32(c)
|
|
9,700 |
7,394,487 |
|
|
|
182,424,187 |
Utilities — 17.7% |
| ||
Long Island Power Authority, RB |
|
|
|
(BAM-TCRS), 5.00%, 09/01/42 |
|
5,700 |
5,874,629 |
5.00%, 09/01/47 |
|
550 |
561,543 |
Series E, Sustainability Bonds, 5.00%, 09/01/48 |
|
565 |
601,514 |
Series E, Sustainability Bonds, 5.00%, 09/01/53 |
|
2,865 |
3,026,834 |
Long Island Power Authority, Refunding RB, Series B, 5.00%, 09/01/41 |
|
930 |
948,385 |
New York City Municipal Water Finance Authority, RB |
|
|
|
Series DD, 5.00%, 06/15/47 |
|
2,750 |
2,794,670 |
Series GG, 5.00%, 06/15/48 |
|
1,160 |
1,211,557 |
Sub-Series CC-1, 5.25%, 06/15/54 |
|
3,960 |
4,293,091 |
New York City Municipal Water Finance Authority,
Refunding RB |
|
|
|
Series AA-3, 5.25%, 06/15/48 |
|
6,970 |
7,618,854 |
Series DD, 4.13%, 06/15/47 |
|
3,960 |
3,916,550 |
Series EE, 5.00%, 06/15/45 |
|
2,750 |
2,937,721 |
New York Power Authority, RB |
|
|
|
Series A, Sustainability Bonds, (AGM), 5.00%, 11/15/48 |
|
2,565 |
2,752,006 |
Series A, Sustainability Bonds, (AGM), 5.13%,
11/15/58 |
|
6,430 |
6,850,059 |
New York Power Authority, Refunding RB |
|
|
|
Series A, Sustainability Bonds, 4.00%, 11/15/50 |
|
9,875 |
9,456,399 |
Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
6,515 |
6,126,403 |
Series A, Sustainability Bonds, 4.00%, 11/15/60 |
|
560 |
529,815 |
New York State Environmental Facilities Corp., Refunding RB |
|
|
|
5.00%, 06/15/51 |
|
3,180 |
3,371,261 |
Series A, 5.25%, 06/15/53 |
|
3,960 |
4,332,649 |
Rockland County Solid Waste Management Authority,
RB, Series A, AMT, Sustainability Bonds, 4.00%,
12/15/46 |
|
1,125 |
1,020,249 |
Utility Debt Securitization Authority, Refunding RB |
|
|
|
Series 2, Sustainability Bonds, 5.00%, 12/15/50 |
|
2,970 |
3,211,834 |
Series 2, Sustainability Bonds, 5.00%, 06/15/53 |
|
4,880 |
5,261,499 |
|
|
|
76,697,522 |
Total Municipal Bonds in New York |
601,008,999 | ||
Puerto Rico — 4.4% |
| ||
State — 4.4% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
724 |
707,967 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
1,977 |
1,970,935 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
123 |
121,264 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
328 |
324,894 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
551 |
538,720 |
Series B-1, Restructured, 5.00%, 07/01/58 |
|
8,579 |
8,605,181 |
Series B-2, Restructured, 4.33%, 07/01/40 |
|
3,072 |
3,037,918 |
Security |
|
Par (000) |
Value |
State (continued) |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB (continued) |
|
|
|
Series B-2, Restructured, 4.78%, 07/01/58 |
$ |
722 |
$ 708,230
|
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(c) |
|
9,444 |
3,095,464 |
Total Municipal Bonds in Puerto Rico |
19,110,573 | ||
South Carolina — 1.0% |
| ||
Corporate — 1.0% |
| ||
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a) |
|
3,800 |
4,086,632 |
Total Municipal Bonds — 149.9% (Cost: $640,263,675) |
649,742,566 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) | |||
New York — 6.1% | |||
County/City/Special District/School District — 1.3% |
| ||
City of New York, GO, Series B, 5.25%, 10/01/47 |
|
5,395 |
5,809,271 |
State — 2.4% |
| ||
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/44 |
|
10,000 |
10,265,006 |
Transportation — 2.4% |
| ||
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 |
|
5,500 |
5,626,540 |
Triborough Bridge & Tunnel Authority, Refunding RB,
Series C, 4.13%, 05/15/52 |
|
5,000 |
4,795,412 |
|
|
|
10,421,952 |
Total Municipal Bonds in New York |
26,496,229 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.1% (Cost: $25,867,851) |
26,496,229 | ||
Total Long-Term Investments — 156.0% (Cost: $666,131,526) |
676,238,795 |
|
|
Shares |
|
Short-Term Securities | |||
Money Market Funds — 2.3% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(h)(i) |
|
10,231,328 |
10,232,352 |
Total Short-Term Securities — 2.3% (Cost: $10,232,352) |
10,232,352 | ||
Total Investments — 158.3% (Cost: $676,363,878) |
686,471,147 | ||
Other Assets Less Liabilities — 1.8% |
7,731,050 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.0)% |
(13,093,100 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(57.1)% |
(247,512,373 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 433,596,724 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
Zero-coupon bond. |
(d) |
Issuer filed for bankruptcy and/or is in default. |
(e) |
Non-income producing security. |
(f) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect. |
(g) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details. |
(h) |
Affiliate of the Fund. |
(i) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 7,588,938 |
$ 2,643,414 (a) |
$ — |
$ — |
$ — |
$ 10,232,352 |
10,231,328 |
$ 97,457 |
$ — |
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |
|
|
|
|
10-Year U.S. Treasury Note |
146 |
03/20/25 |
$ 15,912 |
$ (148,489 ) |
U.S. Long Bond |
147 |
03/20/25 |
16,763 |
(296,131
) |
5-Year U.S. Treasury Note |
93 |
03/31/25 |
9,908 |
(64,787 ) |
|
|
|
|
$ (509,407 ) |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts Unrealized depreciation on futures
contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 509,407 |
$ — |
$ 509,407 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the
Statements of Assets and Liabilities, only current day’s variation
margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (1,861,181 ) |
$ — |
$ (1,861,181 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 623,295 |
$ — |
$ 623,295 |
Futures contracts: |
|
Average notional value of contracts — short |
$21,291,223
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 649,742,566
|
$ —
|
$ 649,742,566
|
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
26,496,229 |
— |
26,496,229 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
10,232,352 |
— |
— |
10,232,352 |
|
$10,232,352 |
$676,238,795 |
$— |
$686,471,147 |
Derivative Financial Instruments(a)
|
|
|
|
|
Liabilities |
|
|
|
|
Interest Rate Contracts |
$ (509,407 ) |
$ — |
$ — |
$ (509,407 ) |
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the
unrealized appreciation (depreciation) on the instrument. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
TOB Trust Certificates |
$—
|
$(12,949,999
) |
$—
|
$(12,949,999
) |
VRDP Shares at Liquidation Value |
— |
(247,700,000 ) |
— |
(247,700,000 ) |
|
$— |
$(260,649,999 ) |
$— |
$(260,649,999 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
California — 0.1% |
| ||
Transportation — 0.1% |
| ||
California Infrastructure & Economic Development Bank,
RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b) |
$ |
235 |
$ 242,068 |
Pennsylvania — 133.6% |
| ||
Corporate — 1.1% |
| ||
Montgomery County Industrial Development Authority, Refunding RB, Series A, 4.10%,
04/01/53(a) |
|
855 |
872,553 |
Pennsylvania Economic Development Financing Authority,
Refunding RB |
|
|
|
Series B, 5.25%, 12/01/38(a) |
|
325 |
328,109 |
Series C, 5.25%, 12/01/37(a) |
|
570 |
575,445 |
AMT, 5.50%, 11/01/44 |
|
135 |
135,009 |
|
|
|
1,911,116 |
County/City/Special District/School District — 20.0% |
| ||
Allentown Neighborhood Improvement Zone Development
Authority, RB(b) |
|
|
|
5.00%, 05/01/32 |
|
1,260 |
1,272,011 |
5.00%, 05/01/42 |
|
1,505 |
1,530,951 |
Altoona Area School District, GOL, Series A, (AGM SAW), 5.00%, 12/01/36 |
|
1,180 |
1,192,374 |
Bethlehem Area School District, GOL |
|
|
|
Series A, (BAM SAW), 5.00%, 08/01/34 |
|
1,610 |
1,616,920 |
Series A, (BAM SAW), 5.00%, 08/01/35 |
|
1,210 |
1,215,040 |
Borough of West Chester Pennsylvania, Refunding GO, 3.50%, 11/15/35 |
|
1,095 |
1,057,275 |
Bristol Township School District, GOL, (BAM SAW),
5.00%, 06/01/42 |
|
1,685 |
1,722,333 |
Chester County Industrial Development Authority, SAB(b) |
|
|
|
4.25%, 03/01/35 |
|
655 |
614,660 |
4.75%, 03/01/50 |
|
1,500 |
1,356,402 |
City of Philadelphia Pennsylvania, Refunding GO,
Series A, 5.00%, 08/01/37 |
|
1,360 |
1,401,886 |
City of Pittsburgh Pennsylvania, GO, 5.00%, 09/01/43 |
|
100 |
106,264 |
Coatesville School District, GOL, CAB(c) |
|
|
|
Series A, (BAM SAW), 0.00%, 10/01/34 |
|
160 |
104,832 |
Series A, (BAM SAW), 0.00%, 10/01/35 |
|
1,435 |
901,210 |
Series A, (BAM SAW), 0.00%, 10/01/37 |
|
1,395 |
780,484 |
Coatesville School District, Refunding GOL, CAB(c) |
|
|
|
Series B, (BAM SAW), 0.00%, 10/01/33 |
|
275 |
188,999 |
Series B, (BAM SAW), 0.00%, 10/01/34 |
|
550 |
360,359 |
Series C, (BAM SAW), 0.00%, 10/01/33 |
|
360 |
247,816 |
Pennsylvania Economic Development Financing Authority,
RB |
|
|
|
AMT, 5.00%, 06/30/32 |
|
925 |
967,641 |
AMT, 5.50%, 06/30/43 |
|
2,500 |
2,681,717 |
AMT, 6.00%, 06/30/61 |
|
1,305 |
1,419,401 |
School District of Philadelphia, GOL |
|
|
|
Series A, (SAW), 5.00%, 09/01/44 |
|
1,000 |
1,039,326 |
Series A, (SAW), 5.50%, 09/01/48 |
|
2,500 |
2,757,683 |
Series D, (AGM SAW), 3.00%, 09/01/44 |
|
2,345 |
1,834,018 |
Shaler Area School District, GO, (XLCA SAW), 0.00%,
09/01/30(c) |
|
6,145 |
5,121,560 |
State Public School Building Authority, RB, (AGM SAW), 0.00%, 12/15/25(c) |
|
1,770 |
1,725,505 |
|
|
|
33,216,667 |
Education — 21.8% |
| ||
Berks County Municipal Authority, Refunding RB |
|
|
|
5.00%, 10/01/39 |
|
590 |
558,419 |
Security |
|
Par (000) |
Value |
Education (continued) |
| ||
Berks County Municipal Authority, Refunding
RB (continued) |
|
|
|
5.00%, 10/01/49 |
$ |
430 |
$ 379,827
|
Chester County Industrial Development Authority, RB,
Sustainability Bonds, 4.00%, 12/01/51 |
|
3,600 |
3,298,734 |
Delaware County Authority, RB, 5.00%, 08/01/40 |
|
3,505 |
3,519,458 |
East Hempfield Township Industrial Development
Authority, RB, 5.00%, 07/01/25(d) |
|
1,255 |
1,266,170 |
Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46 |
|
285 |
239,158 |
Montgomery County Industrial Development Authority,
Refunding RB, 5.25%, 11/01/54 |
|
1,330 |
1,330,846 |
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |
|
1,160 |
1,157,184 |
Pennsylvania Higher Education Assistance Agency, RB |
|
|
|
Sub-Series 1C, AMT, 5.00%, 06/01/51 |
|
3,130 |
3,054,145 |
Series B, AMT, Subordinate, 3.13%, 06/01/48 |
|
350 |
261,639 |
Series B, AMT, Subordinate, 5.00%, 06/01/50 |
|
520 |
508,814 |
Pennsylvania Higher Educational Facilities Authority, RB |
|
|
|
Series AT-1, 4.00%, 06/15/26(d)
|
|
25 |
25,417 |
Series AT-1, 4.00%, 06/15/34(e) |
|
1,975 |
1,984,374 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB |
|
|
|
5.00%, 05/01/41 |
|
500 |
503,782 |
Series A, 5.00%, 11/01/31 |
|
845 |
882,257 |
Series A, (AGM), 4.00%, 05/01/50 |
|
4,645 |
4,342,306 |
Pennsylvania State University, RB, 5.25%, 09/01/54 |
|
1,285 |
1,392,736 |
Philadelphia Authority for Industrial Development, RB |
|
|
|
4.00%, 06/15/29 |
|
240 |
230,870 |
5.00%, 06/15/39 |
|
335 |
324,771 |
4.00%, 12/01/48 |
|
3,300 |
3,055,683 |
5.00%, 06/15/49 |
|
935 |
856,998 |
5.00%, 06/15/50 |
|
575 |
541,072 |
5.25%, 11/01/52 |
|
1,355 |
1,449,497 |
Philadelphia Authority for Industrial Development, Refunding RB |
|
|
|
5.00%, 06/15/40(b) |
|
300 |
300,266 |
Series 2015, 5.00%, 04/01/45 |
|
2,170 |
2,170,766 |
Series A, 5.25%, 06/15/52 |
|
375 |
374,283 |
Swarthmore Borough Authority, Refunding RB, 5.00%, 09/15/47 |
|
1,950 |
2,093,699 |
|
|
|
36,103,171 |
Health — 33.2% |
| ||
Allegheny County Hospital Development Authority, RB |
|
|
|
Series B, (NPFGC), 6.00%, 07/01/26 |
|
2,000 |
2,085,724 |
Series D2, 2.95%, 11/15/47(a) |
|
1,040 |
1,026,667 |
Allegheny County Hospital Development Authority, Refunding RB |
|
|
|
Series A, 4.00%, 04/01/37 |
|
1,700 |
1,665,018 |
Series A, (AGM-CR), 4.00%, 04/01/44 |
|
3,440 |
3,280,554 |
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46 |
|
1,000 |
874,542 |
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/52 |
|
1,000 |
1,010,444 |
Cumberland County Municipal Authority, Refunding RB |
|
|
|
5.00%, 01/01/29(d) |
|
580 |
627,146 |
4.00%, 01/01/36 |
|
395 |
374,002 |
4.13%, 01/01/38 |
|
160 |
150,380 |
5.00%, 01/01/38 |
|
875 |
857,835 |
Doylestown Hospital Authority, RB |
|
|
|
5.00%, 07/01/29(d) |
|
50 |
54,546 |
Security |
|
Par (000) |
Value |
Health (continued) |
| ||
Doylestown Hospital Authority, RB (continued) |
|
|
|
5.00%, 07/01/49 |
$ |
450 |
$ 453,568
|
DuBois Hospital Authority, Refunding RB, (BAM-TCRS),
4.00%, 07/15/48 |
|
2,060 |
1,949,481 |
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45 |
|
4,395 |
4,443,926 |
Lancaster Industrial Development Authority, RB |
|
|
|
4.00%, 12/01/44 |
|
565 |
516,998 |
5.00%, 12/01/49 |
|
420 |
421,117 |
Lancaster Municipal Authority, Refunding RB |
|
|
|
Series A, 5.00%, 05/01/44 |
|
510 |
528,697 |
Series A, 5.00%, 05/01/49 |
|
385 |
394,040 |
Series A, 12/01/55(f) |
|
550 |
559,845 |
Montgomery County Higher Education and Health Authority, Refunding RB |
|
|
|
4.00%, 09/01/49 |
|
665 |
595,228 |
Class B, 4.00%, 05/01/52 |
|
1,530 |
1,390,133 |
Series A, 5.00%, 09/01/37 |
|
840 |
870,160 |
Montgomery County Industrial Development Authority, RB, Series C, 4.00%, 11/15/43 |
|
200 |
185,762 |
Montgomery County Industrial Development Authority,
Refunding RB |
|
|
|
5.25%, 01/01/40 |
|
220 |
210,408 |
5.00%, 12/01/46 |
|
400 |
393,368 |
Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48 |
|
2,345 |
2,151,928 |
Northampton County General Purpose Authority,
Refunding RB |
|
|
|
5.00%, 08/15/46 |
|
1,000 |
1,003,555 |
Series A1, (AGM), 4.00%, 08/15/43 |
|
2,085 |
2,014,368 |
Series A1, 5.25%, 08/15/53 |
|
2,085 |
2,215,482 |
Pennsylvania Economic Development Financing Authority,
RB |
|
|
|
Series A-2, 4.00%, 05/15/53 |
|
1,020 |
937,757 |
Series B, 4.00%, 03/15/40 |
|
8,000 |
7,695,948 |
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 02/15/52 |
|
640 |
591,334 |
Pennsylvania Higher Educational Facilities Authority, RB,
3.00%, 08/15/47 |
|
1,600 |
1,304,113 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB |
|
|
|
Series A, 5.00%, 09/01/45 |
|
2,000 |
2,002,287 |
Series B2, 5.00%, 11/01/54 |
|
2,000 |
2,072,230 |
Philadelphia Authority for Industrial Development, RB,
Series A, 4.00%, 07/01/49 |
|
2,380 |
2,235,012 |
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 01/01/27(d) |
|
3,000 |
3,124,050 |
St. Mary Hospital Authority, Refunding RB, 5.00%,
12/01/48 |
|
1,255 |
1,281,347 |
Wayne County Hospital & Health Facilities Authority, RB, Series A, (GTD), 4.00%, 07/01/46 |
|
1,595 |
1,475,105 |
|
|
|
55,024,105 |
Housing — 10.1% |
| ||
Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
Series 137, Sustainability Bonds, 2.60%, 04/01/46 |
|
2,230 |
1,569,902 |
Series 145A, Sustainability Bonds, 4.60%, 10/01/44 |
|
2,120 |
2,139,105 |
Series 145A, Sustainability Bonds, 6.00%, 10/01/54 |
|
2,120 |
2,306,057 |
Series 146A, Sustainability Bonds, 4.13%, 10/01/39 |
|
1,000 |
983,741 |
Series 146A, Sustainability Bonds, 4.50%, 10/01/44 |
|
1,000 |
996,320 |
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing |
|
|
|
Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 |
|
1,000 |
1,043,967 |
Security |
|
Par (000) |
Value |
Housing (continued) |
| ||
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing (continued) |
|
|
|
Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |
$ |
2,030 |
$ 2,068,128
|
Series 2022, Sustainability Bonds, 4.15%, 10/01/42 |
|
2,100 |
2,027,467 |
Philadelphia Authority for Industrial Development, RB, M/F Housing(g)(h) |
|
|
|
Series A, 3.50%, 12/01/36 |
|
810 |
626,658 |
Series A, 4.00%, 12/01/46 |
|
2,970 |
2,297,693 |
Series A, 4.00%, 12/01/51 |
|
805 |
622,775 |
|
|
|
16,681,813 |
State — 8.5% |
| ||
Commonwealth of Pennsylvania, GO, 1st Series, Class B, 4.00%, 08/15/43 |
|
1,000 |
995,663 |
Pennsylvania Economic Development Financing Authority,
RB, 5.00%, 06/30/42 |
|
9,380 |
9,470,402 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51 |
|
3,920 |
3,722,924 |
|
|
|
14,188,989 |
Tobacco — 6.0% |
| ||
Commonwealth Financing Authority, RB |
|
|
|
5.00%, 06/01/34 |
|
4,175 |
4,380,262 |
5.00%, 06/01/35 |
|
1,295 |
1,354,510 |
(AGM), 4.00%, 06/01/39 |
|
4,300 |
4,303,180 |
|
|
|
10,037,952 |
Transportation — 23.8% |
| ||
Allegheny County Airport Authority, ARB |
|
|
|
Series A, AMT, 5.00%, 01/01/51 |
|
1,000 |
1,017,666 |
Series A, AMT, (AGM), 5.50%, 01/01/53 |
|
500 |
528,448 |
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB |
|
|
|
Series B, AMT, 5.00%, 07/01/35 |
|
700 |
713,759 |
Series B, AMT, 5.00%, 07/01/37 |
|
1,100 |
1,122,332 |
Delaware River Joint Toll Bridge Commission, RB |
|
|
|
5.00%, 07/01/42 |
|
610 |
625,710 |
5.00%, 07/01/47 |
|
1,500 |
1,529,148 |
Delaware River Port Authority, RB, 5.00%, 01/01/37 |
|
2,285 |
2,286,553 |
Pennsylvania Economic Development Financing Authority,
RB, AMT, 5.25%, 06/30/53 |
|
3,695 |
3,813,372 |
Pennsylvania Turnpike Commission, RB |
|
|
|
Sub-Series B-1, 5.00%, 06/01/42 |
|
385 |
393,212 |
Sub-Series B-1, 5.25%, 06/01/47 |
|
1,000 |
1,020,918 |
1st Series, Subordinate, 5.00%, 12/01/40 |
|
2,035 |
2,234,071 |
Series A, Subordinate, 3.00%, 12/01/42 |
|
1,400 |
1,194,704 |
Series A, Subordinate, 4.00%, 12/01/46 |
|
1,000 |
947,512 |
Series A, Subordinate, 4.00%, 12/01/50 |
|
2,500 |
2,337,639 |
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 |
|
1,385 |
1,343,398 |
Pennsylvania Turnpike Commission, RB,
CAB(c) |
|
|
|
Sub-Series A-3, (AGM), 0.00%, 12/01/40 |
|
1,975 |
977,323 |
Sub-Series A-3, 0.00%, 12/01/42 |
|
4,760 |
2,134,590 |
Pennsylvania Turnpike Commission, Refunding RB |
|
|
|
1st Series, 5.00%, 12/01/43 |
|
860 |
941,547 |
Series B, 5.25%, 12/01/52 |
|
775 |
833,348 |
Series 2017-3, Subordinate, 5.00%, 12/01/40 |
|
2,345 |
2,418,892 |
Southeastern Pennsylvania Transportation Authority, RB |
|
|
|
5.25%, 06/01/47 |
|
2,305 |
2,485,324 |
5.25%, 06/01/52 |
|
8,000 |
8,532,682 |
|
|
|
39,432,148 |
Utilities — 9.1% |
| ||
Allegheny County Sanitary Authority, Refunding RB |
|
|
|
4.00%, 12/01/49 |
|
485 |
459,937 |
Security |
|
Par (000) |
Value |
Utilities (continued) |
| ||
Allegheny County Sanitary Authority, Refunding
RB (continued) |
|
|
|
5.25%, 12/01/55 |
$ |
645 |
$ 695,280
|
Bucks County Water and Sewer Authority, RB, Series A,
(AGM), 5.25%, 12/01/47 |
|
670 |
729,632 |
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB |
|
|
|
Series A, 5.00%, 10/01/43 |
|
3,040 |
3,134,995 |
Series A, 5.25%, 10/01/52 |
|
810 |
827,436 |
Series C, 5.50%, 06/01/52 |
|
1,900 |
2,061,440 |
Series C, (AGC), 5.25%, 09/01/54 |
|
2,000 |
2,166,340 |
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 4.50%,
09/01/48 |
|
1,240 |
1,271,914 |
New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47 |
|
1,195 |
958,186 |
Philadelphia Gas Works Co., Refunding RB, Series A,
5.25%, 08/01/49 |
|
1,070 |
1,153,785 |
Pittsburgh Water & Sewer Authority, RB, Series A, 1st Lien, (AGC), 5.00%, 09/01/55 |
|
970 |
1,037,834 |
Williamsport Sanitary Authority, Refunding RB, (BAM),
4.00%, 01/01/40 |
|
580 |
579,046 |
|
|
|
15,075,825 |
Total Municipal Bonds in Pennsylvania |
221,671,786 | ||
Puerto Rico — 4.3% |
| ||
State — 4.3% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
265 |
259,132 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
739 |
736,733 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
46 |
45,351 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
125 |
123,816 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
208 |
203,365 |
Series B-1, Restructured, 5.00%, 07/01/58 |
|
3,258 |
3,267,943 |
Series B-2, Restructured, 4.33%, 07/01/40 |
|
1,162 |
1,149,108 |
Series B-2, Restructured, 4.78%, 07/01/58 |
|
274 |
268,774 |
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(c) |
|
3,205 |
1,050,504 |
Total Municipal Bonds in Puerto Rico |
7,104,726 | ||
Wisconsin — 1.2% |
| ||
Transportation — 1.2% |
| ||
Public Finance Authority, RB |
|
|
|
Series A, AMT, Senior Lien, 5.50%, 07/01/44 |
|
850 |
895,898 |
Series A, AMT, Senior Lien, 5.75%, 07/01/49 |
|
1,000 |
1,067,715 |
Total Municipal Bonds in Wisconsin |
1,963,613 | ||
Total Municipal Bonds — 139.2% (Cost: $232,419,321) |
230,982,193 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
Pennsylvania — 14.3% | |||
Education — 6.8% |
| ||
Pennsylvania Higher Educational Facilities Authority, RB,
Series AR, 4.00%, 06/15/38 |
|
1,175 |
11,338,854 |
Housing — 2.9% |
| ||
Pennsylvania Housing Finance Agency, RB, S/F Housing |
|
|
|
Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |
|
3,209 |
3,323,199 |
Series 147 A, Sustainability Bonds, 4.70%, 10/01/49(j) |
|
1,410 |
1,400,080 |
|
|
|
4,723,279 |
Security |
|
Par (000) |
Value |
Utilities — 4.6% |
| ||
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, 5.50%, 09/01/53 |
$ |
2,481 |
$ 2,731,561
|
Philadelphia Gas Works Co., Refunding RB, 5.25%, 08/01/54(j) |
|
4,648 |
4,954,436 |
|
|
|
7,685,997 |
Total Municipal Bonds in Pennsylvania |
23,748,130 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 14.3% (Cost: $23,639,915) |
23,748,130 | ||
Total Long-Term Investments — 153.5% (Cost: $256,059,236) |
254,730,323 |
|
|
Shares |
|
Short-Term Securities | |||
Money Market Funds — 4.4% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(k)(l) |
|
7,247,391 |
7,248,115 |
Total Short-Term Securities — 4.4% (Cost: $7,248,107) |
7,248,115 | ||
Total Investments — 157.9% (Cost: $263,307,343) |
261,978,438 | ||
Other Assets Less Liabilities — 0.7% |
1,128,614 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.9)% |
(14,828,877 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(49.7)% |
(82,403,098 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 165,875,077 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
Zero-coupon bond. |
(d) |
U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) |
When-issued security. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
Non-income producing security. |
(i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details. |
(j) |
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreement, which expires on August 1, 2032 to October 1, 2042, is
$3,962,288. See Note 4 of the Notes to Financial Statements for
details. |
(k) |
Affiliate of the Fund. |
(l) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 5,575,065 |
$ 1,673,051 (a) |
$ — |
$ — |
$ (1 ) |
$ 7,248,115 |
7,247,391 |
$ 62,946 |
$ — |
(a) |
Represents net amount purchased (sold). |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 230,982,193
|
$ —
|
$ 230,982,193
|
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
23,748,130 |
— |
23,748,130 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
7,248,115 |
— |
— |
7,248,115 |
|
$7,248,115 |
$254,730,323 |
$— |
$261,978,438 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
TOB Trust Certificates |
$—
|
$(14,742,973
) |
$—
|
$(14,742,973
) |
VRDP Shares at Liquidation Value |
— |
(82,600,000 ) |
— |
(82,600,000 ) |
|
$— |
$(97,342,973 ) |
$— |
$(97,342,973 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
Alabama — 3.5% |
| ||
Corporate — 1.9% |
| ||
Black Belt Energy Gas District, RB, Series D, 5.00%,
03/01/55(a) |
$ |
4,230 |
$ 4,512,949
|
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
645 |
695,716 |
|
|
|
5,208,665 |
Utilities — 1.6% |
| ||
Southeast Energy Authority A Cooperative District, RB,
Series A, 5.00%, 01/01/56(a) |
|
4,375 |
4,585,782 |
Total Municipal Bonds in Alabama |
9,794,447 | ||
California(a)
— 1.4% |
| ||
Corporate — 1.3% |
| ||
California Community Choice Financing Authority, RB |
|
|
|
Series B, Sustainability Bonds, 5.00%, 01/01/55 |
|
395 |
417,336 |
Series G, Sustainability Bonds, 5.00%, 11/01/55 |
|
2,960 |
3,116,343 |
|
|
|
3,533,679 |
Transportation — 0.1% |
| ||
California Infrastructure & Economic Development Bank, RB, Series A-4, AMT, 8.00%,
01/01/50(b) |
|
425 |
437,783 |
Total Municipal Bonds in California |
3,971,462 | ||
Guam — 0.2% |
| ||
Utilities — 0.2% |
| ||
Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/41 |
|
460 |
482,128 |
Kentucky — 0.3% |
| ||
Corporate — 0.3% |
| ||
Kentucky Public Energy Authority, Refunding RB,
Series B, 5.00%, 01/01/55(a) |
|
855 |
908,194 |
New York — 147.5% |
| ||
Corporate — 4.5% |
| ||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) |
|
420 |
413,888 |
New York Liberty Development Corp., RB, 5.50%,
10/01/37 |
|
655 |
770,623 |
New York Liberty Development Corp., Refunding RB, 5.25%, 10/01/35 |
|
2,155 |
2,475,830 |
New York State Energy Research & Development
Authority, Refunding RB, Series C, 4.00%, 04/01/34 |
|
575 |
585,000 |
New York State Environmental Facilities Corp., RB, AMT, 2.75%, 09/01/50(a) |
|
1,040 |
1,030,473 |
New York Transportation Development Corp., ARB, AMT,
5.63%, 04/01/40 |
|
1,670 |
1,790,188 |
New York Transportation Development Corp., RB |
|
|
|
AMT, 5.00%, 10/01/35 |
|
930 |
970,226 |
AMT, 5.00%, 10/01/40 |
|
3,280 |
3,378,730 |
New York Transportation Development Corp., Refunding
ARB, AMT, 3.00%, 08/01/31 |
|
1,180 |
1,099,417 |
|
|
|
12,514,375 |
County/City/Special District/School District — 24.0% |
| ||
Battery Park City Authority, RB |
|
|
|
Series A, Sustainability Bonds, 5.00%, 11/01/41 |
|
525 |
587,082 |
Series A, Sustainability Bonds, 5.00%, 11/01/42 |
|
1,015 |
1,128,908 |
Series A, Sustainability Bonds, 5.00%, 11/01/43 |
|
1,235 |
1,365,778 |
Series A, Sustainability Bonds, 5.00%, 11/01/48 |
|
1,170 |
1,269,237 |
Security |
|
Par (000) |
Value |
County/City/Special District/School District (continued) |
| ||
City of New York, GO |
|
|
|
Series A, 5.00%, 08/01/51 |
$ |
1,050 |
$ 1,106,557
|
Series A-1, 4.00%, 09/01/46 |
|
540 |
518,433 |
Series A-1, 5.00%, 08/01/47 |
|
1,895 |
1,988,658 |
Series B, 5.25%, 10/01/39 |
|
525 |
585,312 |
Series B, 5.25%, 10/01/40 |
|
405 |
449,348 |
Series C, 5.25%, 03/01/53 |
|
1,315 |
1,416,727 |
Series D, 5.38%, 06/01/32 |
|
25 |
25,041 |
Series D, 5.25%, 04/01/54 |
|
3,930 |
4,241,059 |
Series E-1, 5.00%, 03/01/39 |
|
1,620 |
1,687,840 |
Series F-1, 5.00%, 03/01/44 |
|
2,000 |
2,113,798 |
Sub Series C-1, 4.00%, 09/01/52 |
|
655 |
610,626 |
County of Nassau New York, GOL |
|
|
|
Series A, 4.00%, 04/01/49 |
|
2,170 |
2,101,443 |
Series B, (AGM), 5.00%, 07/01/49 |
|
5,000 |
5,138,119 |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, Sustainability Bonds, 4.00%, 02/15/43 |
|
2,095 |
2,075,121 |
New York City Industrial Development Agency, RB(c) |
|
|
|
(AGC), 0.00%, 03/01/35 |
|
500 |
333,656 |
(AGC), 0.00%, 03/01/39 |
|
1,000 |
534,862 |
(AGC), 0.00%, 03/01/42 |
|
3,710 |
1,663,423 |
(AGC), 0.00%, 03/01/45 |
|
2,000 |
739,579 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
|
|
|
Sub-Series E-1, 5.00%, 02/01/43 |
|
1,290 |
1,312,694 |
Series A-1, Subordinate, 5.00%, 08/01/41 |
|
1,000 |
1,083,437 |
Series A-1, Subordinate, 4.00%, 08/01/48 |
|
2,000 |
1,921,172 |
New York City Transitional Finance Authority, RB |
|
|
|
Series D, 5.50%, 05/01/52 |
|
4,170 |
4,638,560 |
Series F-1, 5.25%, 02/01/53 |
|
1,565 |
1,684,719 |
Series B, Subordinate, 5.25%, 05/01/50 |
|
915 |
988,016 |
New York Convention Center Development Corp., RB, CAB, Series B, Sub Lien, (AGM-CR), 0.00%, 11/15/55(c) |
|
4,000 |
859,673 |
New York Liberty Development Corp., Refunding RB |
|
|
|
Class 1, 5.00%, 11/15/44(b) |
|
2,730 |
2,730,852 |
Class 2, 5.38%, 11/15/40(b) |
|
680 |
680,049 |
Series 1, 3.00%, 02/15/42 |
|
1,015 |
856,616 |
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB |
|
|
|
Series A, 4.00%, 05/15/48 |
|
3,110 |
2,958,239 |
Series A, 5.25%, 05/15/52 |
|
9,110 |
9,750,134 |
Series A, 4.13%, 05/15/53 |
|
1,315 |
1,249,614 |
Series A, 4.50%, 05/15/63 |
|
5,000 |
4,943,928 |
|
|
|
67,338,310 |
Education — 14.2% |
| ||
Albany Capital Resource Corp., Refunding
RB(d)(e) |
|
|
|
4.00%, 07/01/41 |
|
595 |
276,080 |
4.00%, 07/01/51 |
|
615 |
285,360 |
Amherst Development Corp., Refunding RB |
|
|
|
5.00%, 10/01/43 |
|
535 |
539,963 |
5.00%, 10/01/48 |
|
410 |
409,975 |
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 |
|
345 |
353,574 |
Build NYC Resource Corp., RB(b) |
|
|
|
5.00%, 02/01/33 |
|
315 |
308,056 |
5.75%, 02/01/49 |
|
455 |
443,955 |
5.00%, 09/01/59 |
|
1,020 |
964,694 |
Series A, 5.13%, 05/01/38 |
|
660 |
650,876 |
Series A, 5.50%, 05/01/48 |
|
270 |
265,655 |
Build NYC Resource Corp., Refunding RB |
|
|
|
5.00%, 08/01/47 |
|
525 |
511,847 |
Security |
|
Par (000) |
Value |
Education (continued) |
| ||
Build NYC Resource Corp., Refunding RB (continued) |
|
|
|
Series A, 5.00%, 06/01/38 |
$ |
750 |
$ 750,498
|
County of Cattaraugus New York, RB |
|
|
|
5.00%, 05/01/34 |
|
170 |
170,097 |
5.00%, 05/01/39 |
|
125 |
125,071 |
Dobbs Ferry Local Development Corp., RB |
|
|
|
5.00%, 07/01/39 |
|
1,000 |
1,000,744 |
5.00%, 07/01/44 |
|
500 |
500,616 |
Dutchess County Local Development Corp., RB |
|
|
|
5.00%, 07/01/43 |
|
455 |
468,892 |
4.00%, 07/01/49 |
|
3,000 |
2,822,016 |
Dutchess County Local Development Corp., Refunding RB, 4.00%, 07/01/49 |
|
1,310 |
1,245,597 |
Hempstead Town Local Development Corp., Refunding
RB, 5.00%, 10/01/35 |
|
935 |
935,905 |
Monroe County Industrial Development Corp., RB, Series A, 5.00%, 07/01/53 |
|
1,765 |
1,867,213 |
Monroe County Industrial Development Corp., Refunding
RB, Series A, 4.00%, 07/01/50 |
|
6,310 |
5,997,128 |
New York State Dormitory Authority, RB |
|
|
|
Series 1, (AMBAC), 5.50%, 07/01/40 |
|
1,440 |
1,702,665 |
Series A, Sustainability Bonds, 5.00%, 07/01/48 |
|
385 |
405,381 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 07/01/35 |
|
3,445 |
3,458,748 |
Series A, 5.00%, 07/01/46 |
|
2,100 |
2,116,092 |
Series A, 4.00%, 07/01/47 |
|
1,285 |
1,195,888 |
Series A, 4.00%, 07/01/49 |
|
285 |
262,137 |
Series A, 5.50%, 07/01/54 |
|
2,625 |
2,924,227 |
Onondaga County Trust for Cultural Resources,
Refunding RB |
|
|
|
5.00%, 05/01/40 |
|
1,065 |
1,081,415 |
4.00%, 12/01/47 |
|
1,000 |
955,193 |
Schenectady County Capital Resource Corp., Refunding RB |
|
|
|
5.00%, 01/01/47 |
|
3,995 |
4,038,459 |
5.25%, 07/01/52 |
|
715 |
759,917 |
|
|
|
39,793,934 |
Health — 10.3% |
| ||
Brookhaven Local Development Corp., Refunding RB,
5.00%, 10/01/50 |
|
1,900 |
1,963,327 |
Build NYC Resource Corp., RB |
|
|
|
Class A, 5.25%, 07/01/37 |
|
1,010 |
972,235 |
Class A, 5.50%, 07/01/47 |
|
620 |
585,613 |
Genesee County Funding Corp., Refunding RB,
Series A, 5.25%, 12/01/52 |
|
680 |
695,194 |
Monroe County Industrial Development Corp., RB |
|
|
|
4.00%, 12/01/41 |
|
600 |
556,218 |
Series A, 5.00%, 12/01/32 |
|
420 |
420,336 |
Monroe County Industrial Development Corp., Refunding
RB |
|
|
|
4.00%, 12/01/36 |
|
2,800 |
2,741,877 |
4.00%, 12/01/46 |
|
2,150 |
1,906,376 |
New York State Dormitory Authority, RB |
|
|
|
(AGC), 5.50%, 10/01/54 |
|
1,970 |
2,157,327 |
Series A, 4.00%, 07/01/50 |
|
710 |
672,176 |
New York State Dormitory Authority, Refunding RB |
|
|
|
4.00%, 07/01/38 |
|
890 |
802,950 |
4.00%, 07/01/39 |
|
1,165 |
1,044,156 |
4.25%, 05/01/52 |
|
3,000 |
2,930,031 |
5.00%, 05/01/52 |
|
2,210 |
2,292,131 |
Security |
|
Par (000) |
Value |
Health (continued) |
| ||
New York State Dormitory Authority, Refunding
RB (continued) |
|
|
|
Series 1, 4.00%, 07/01/47 |
$ |
2,090 |
$ 1,954,519
|
Series A, 5.00%, 05/01/43 |
|
3,430 |
3,446,024 |
Series A, 4.00%, 05/01/54 |
|
1,315 |
1,218,350 |
Oneida County Local Development Corp., RB, Class A,
(AGM), 4.00%, 12/01/46 |
|
1,100 |
1,051,328 |
Suffolk County Economic Development Corp., RB, Series C, 5.00%, 07/01/32 |
|
530 |
530,639 |
Tompkins County Development Corp., Refunding RB,
5.00%, 07/01/44 |
|
110 |
108,500 |
Westchester County Local Development Corp., Refunding RB(b)
|
|
|
|
5.00%, 07/01/41 |
|
410 |
414,580 |
5.00%, 07/01/56 |
|
465 |
458,273 |
|
|
|
28,922,160 |
Housing — 13.6% |
| ||
New York City Housing Development Corp., RB, M/F
Housing |
|
|
|
Series C-1A, 4.20%, 11/01/44 |
|
1,000 |
971,485 |
Sustainability Bonds, (HUD SECT 8), 4.80%,
02/01/53 |
|
4,115 |
4,128,071 |
Class F-1, Sustainability Bonds, 4.30%, 11/01/37 |
|
1,000 |
1,010,783 |
Series A, Sustainability Bonds, 4.75%, 11/01/48 |
|
280 |
280,594 |
Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA, HUD SECT 8), 4.70%, 08/01/54 |
|
2,100 |
2,113,618 |
Series A-1, Sustainability Bonds, 4.65%, 11/01/49 |
|
525 |
527,812 |
Series A-1, Sustainability Bonds, 4.75%, 11/01/54 |
|
825 |
830,635 |
Series B-1, Class A, Sustainability Bonds, (HUD
SECT 8), 4.65%, 11/01/49 |
|
790 |
794,138 |
Series C-1, Sustainability Bonds, (HUD SECT 8), 4.50%, 08/01/54 |
|
895 |
885,552 |
Series D-1, Sustainability Bonds, (HUD SECT 8),
4.35%, 11/01/44 |
|
330 |
325,121 |
Series D-1, Sustainability Bonds, (HUD SECT 8), 4.50%, 11/01/54 |
|
525 |
514,873 |
Series D-2, Sustainability Bonds, (HUD SECT 8),
4.45%, 11/01/49 |
|
920 |
903,031 |
Series D-2, Sustainability Bonds, (HUD SECT 8), 4.50%, 11/01/54 |
|
660 |
651,392 |
Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |
|
1,490 |
1,504,253 |
Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |
|
2,835 |
2,879,434 |
Series F-1A, Sustainability Bonds, 4.55%, 11/01/54 |
|
4,000 |
4,023,722 |
Series F-1A, Sustainability Bonds, 5.00%, 11/01/59 |
|
1,005 |
1,037,803 |
New York City Housing Development Corp., Refunding
RB, Series A, Sustainability Bonds, 4.25%, 11/01/43 |
|
4,385 |
4,294,325 |
New York State Housing Finance Agency, RB, M/F Housing |
|
|
|
Series B-1, Sustainability Bonds, (SONYMA HUD
SECT 8), 4.85%, 11/01/48 |
|
1,015 |
1,027,731 |
Series C-1, Sustainability Bonds, (SONYMA HUD SECT 8), 4.65%, 11/01/48 |
|
405 |
406,411 |
Series C-1, Sustainability Bonds, (SONYMA HUD
SECT 8), 4.75%, 11/01/53 |
|
295 |
295,917 |
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing |
|
|
|
Series 259, AMT, Sustainability Bonds, (SONYMA),
4.45%, 10/01/39 |
|
2,310 |
2,300,639 |
Series 250, Sustainability Bonds, (SONYMA), 4.80%, 10/01/48 |
|
2,630 |
2,668,387 |
Security |
|
Par (000) |
Value |
Housing (continued) |
| ||
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing (continued) |
|
|
|
Series 255, Sustainability Bonds, (SONYMA), 4.70%, 10/01/43 |
$ |
810 |
$ 827,279
|
Series 261, Sustainability Bonds, (SONYMA), 4.55%,
10/01/49 |
|
2,945 |
2,902,335 |
|
|
|
38,105,341 |
State — 9.5% |
| ||
Empire State Development Corp., RB |
|
|
|
Series A, 5.00%, 03/15/46 |
|
2,610 |
2,797,312 |
Series A, 4.00%, 03/15/49 |
|
2,720 |
2,588,246 |
Series A, 5.00%, 03/15/50 |
|
2,995 |
3,188,854 |
Empire State Development Corp., Refunding RB |
|
|
|
4.00%, 03/15/45 |
|
3,425 |
3,348,671 |
4.00%, 03/15/46 |
|
2,790 |
2,690,643 |
New York City Transitional Finance Authority Building Aid
Revenue, RB |
|
|
|
Series S-1, Subordinate, (SAW), 5.00%, 07/15/43 |
|
1,310 |
1,356,490 |
Series S-1, Subordinate, (SAW), 4.00%, 07/15/45 |
|
1,290 |
1,269,601 |
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/56 |
|
560 |
590,507 |
New York State Dormitory Authority, Refunding RB |
|
|
|
Series A, 5.00%, 03/15/46 |
|
935 |
987,713 |
Series A, 4.00%, 03/15/47 |
|
1,170 |
1,131,250 |
Series B, 5.00%, 03/15/51 |
|
5,115 |
5,451,103 |
New York State Housing Finance Agency, RB, M/F
Housing, Series A-1, Sustainability Bonds, 5.00%,
06/15/54 |
|
1,315 |
1,379,417 |
|
|
|
26,779,807 |
Tobacco — 3.4% |
| ||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB |
|
|
|
4.75%, 06/01/39 |
|
400 |
393,536 |
5.00%, 06/01/48 |
|
550 |
532,134 |
New York Counties Tobacco Trust IV, Refunding RB,
Series A, 6.25%, 06/01/41(b) |
|
1,300 |
1,299,942 |
New York Counties Tobacco Trust VI, Refunding RB |
|
|
|
Series A-2B, 5.00%, 06/01/51 |
|
2,340 |
2,088,714 |
Series C, 4.00%, 06/01/51 |
|
2,250 |
1,742,078 |
Niagara Tobacco Asset Securitization Corp., Refunding
RB, 5.25%, 05/15/40 |
|
630 |
630,124 |
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |
|
910 |
917,264 |
Westchester Tobacco Asset Securitization Corp.,
Refunding RB |
|
|
|
Sub-Series C, 4.00%, 06/01/42 |
|
890 |
775,373 |
Sub-Series C, 5.13%, 06/01/51 |
|
1,225 |
1,119,115 |
|
|
|
9,498,280 |
Transportation — 44.2% |
| ||
Metropolitan Transportation Authority Dedicated Tax Fund, Refunding RB |
|
|
|
Series A, 5.00%, 11/15/49 |
|
3,715 |
3,911,474 |
Series B-1, Sustainability Bonds, 5.25%, 11/15/57 |
|
2,625 |
2,680,948 |
Sub-Series B-1, Sustainability Bonds, 5.00%,
11/15/51 |
|
1,050 |
1,059,663 |
Metropolitan Transportation Authority, RB |
|
|
|
Series A-1, Sustainability Bonds, 4.00%, 11/15/46 |
|
2,000 |
1,890,811 |
Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |
|
1,255 |
1,163,012 |
Series D-3, Sustainability Bonds, 4.00%, 11/15/49 |
|
2,150 |
1,972,972 |
Metropolitan Transportation Authority, Refunding RB |
|
|
|
Series B, 5.00%, 11/15/37 |
|
1,000 |
1,017,554 |
Sub-Series C-1, 5.00%, 11/15/34 |
|
1,860 |
1,878,002 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Metropolitan Transportation Authority, Refunding
RB (continued) |
|
|
|
Series A, Sustainability Bonds, 5.25%, 11/15/49 |
$ |
2,630 |
$ 2,829,243
|
Series A-1, Sustainability Bonds, (AGM), 4.00%,
11/15/54 |
|
1,395 |
1,293,665 |
Series A-1, Sustainability Bonds, 5.25%, 11/15/57 |
|
1,000 |
1,014,485 |
MTA Hudson Rail Yards Trust Obligations, Refunding RB,
Series A, 5.00%, 11/15/56 |
|
5,160 |
5,159,844 |
New York City Industrial Development Agency, Refunding RB, Series A, 5.00%, 07/01/28 |
|
785 |
787,809 |
New York State Thruway Authority, RB, Series A, Junior
Lien, 5.00%, 01/01/41 |
|
1,970 |
1,985,892 |
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 |
|
3,720 |
3,492,336 |
New York Transportation Development Corp., ARB |
|
|
|
AMT, 5.00%, 12/01/34 |
|
1,300 |
1,380,293 |
AMT, 5.00%, 12/01/35 |
|
5,000 |
5,295,351 |
AMT, 5.00%, 12/01/36 |
|
1,995 |
2,104,060 |
AMT, 5.00%, 12/01/40 |
|
1,040 |
1,078,832 |
Series A, AMT, (AGM-CR), 4.00%, 07/01/41 |
|
1,100 |
1,022,401 |
Series A, AMT, 5.00%, 07/01/41 |
|
3,310 |
3,268,718 |
Series A, AMT, 5.00%, 07/01/46 |
|
1,540 |
1,539,545 |
Series A, AMT, 5.25%, 01/01/50 |
|
8,440 |
8,439,478 |
New York Transportation Development Corp., RB |
|
|
|
AMT, 4.00%, 10/31/46 |
|
2,000 |
1,746,767 |
AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/42 |
|
1,660 |
1,778,680 |
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49 |
|
2,425 |
2,489,355 |
AMT, Sustainability Bonds, 5.25%, 06/30/49 |
|
1,315 |
1,369,338 |
AMT, Sustainability Bonds, 5.50%, 06/30/54 |
|
945 |
995,521 |
AMT, Sustainability Bonds, 6.00%, 06/30/54 |
|
3,290 |
3,545,528 |
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 |
|
1,315 |
1,375,035 |
AMT, Sustainability Bonds, 5.50%, 06/30/60 |
|
1,315 |
1,379,994 |
New York Transportation Development Corp., Refunding
RB |
|
|
|
Series B, AMT, (AGC), 0.00%,
12/31/54(f) |
|
1,315 |
830,185 |
Series A, AMT, Sustainability Bonds, (AGC), 5.25%,
12/31/54 |
|
2,630 |
2,778,732 |
Series A, AMT, Sustainability Bonds, 5.50%, 12/31/54 |
|
845 |
896,940 |
Port Authority of New York & New Jersey, ARB |
|
|
|
Series 218, AMT, 5.00%, 11/01/44 |
|
1,450 |
1,497,842 |
Series 221, AMT, 4.00%, 07/15/45 |
|
1,105 |
1,030,095 |
Port Authority of New York & New Jersey, Refunding ARB |
|
|
|
Series 198, 5.25%, 11/15/56 |
|
655 |
666,198 |
Series 244, 5.00%, 07/15/54 |
|
1,905 |
2,035,194 |
AMT, 5.00%, 10/15/34 |
|
1,300 |
1,325,506 |
AMT, 5.00%, 01/15/47 |
|
1,970 |
2,056,841 |
AMT, 5.00%, 01/15/52 |
|
2,795 |
2,889,269 |
Series 177, AMT, 4.00%, 01/15/43 |
|
1,120 |
1,036,036 |
Series 223, AMT, 5.00%, 07/15/56 |
|
655 |
671,663 |
Series 231, AMT, 5.50%, 08/01/47 |
|
3,000 |
3,249,451 |
Series 234, AMT, 5.50%, 08/01/52 |
|
1,040 |
1,113,184 |
Port Authority of New York & New Jersey, Refunding RB |
|
|
|
Series 242, AMT, 5.00%, 12/01/39 |
|
530 |
571,795 |
Series 242, AMT, 5.00%, 12/01/53 |
|
1,275 |
1,313,212 |
Triborough Bridge & Tunnel Authority, RB |
|
|
|
Series A, 5.00%, 11/15/49 |
|
9,500 |
10,000,015 |
Series A, 4.00%, 11/15/56 |
|
1,555 |
1,472,996 |
Series A, 5.50%, 11/15/57 |
|
525 |
574,621 |
Series A, 5.50%, 12/01/59 |
|
3,270 |
3,600,745 |
Series A-1, 4.00%, 11/15/54 |
|
2,630 |
2,487,673 |
Sub-Series B-1, 5.00%, 11/15/48 |
|
1,175 |
1,256,065 |
Security |
|
Par (000) |
Value |
Transportation (continued) |
| ||
Triborough Bridge & Tunnel Authority, Refunding RB |
|
|
|
Series B, 5.00%, 11/15/37 |
$ |
725 |
$ 750,532
|
Series C, 5.25%, 05/15/52 |
|
5,000 |
5,341,834 |
Series B-1, Sustainability Bonds, 5.25%, 05/15/54 |
|
1,175 |
1,270,026 |
Series C, Sustainability Bonds, 5.25%, 11/15/42 |
|
470 |
527,363 |
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series B, 0.00%, 11/15/32(c)
|
|
2,335 |
1,780,013 |
|
|
|
123,970,632 |
Utilities — 23.8% |
| ||
Long Island Power Authority, RB |
|
|
|
(AGM), 0.00%, 06/01/28(c) |
|
3,515 |
3,176,514 |
5.00%, 09/01/39 |
|
3,500 |
3,684,378 |
(BAM-TCRS), 5.00%, 09/01/42 |
|
3,655 |
3,766,977 |
5.00%, 09/01/47 |
|
555 |
566,647 |
Series C, (AGC), 5.25%, 09/01/29 |
|
4,000 |
4,354,340 |
Series E, Sustainability Bonds, 5.00%, 09/01/48 |
|
440 |
468,436 |
Series E, Sustainability Bonds, 5.00%, 09/01/53 |
|
1,835 |
1,938,653 |
New York City Municipal Water Finance Authority, RB |
|
|
|
Series CC-1, 4.00%, 06/15/52 |
|
5,000 |
4,755,066 |
Sub-Series BB-1, 5.25%, 06/15/54 |
|
1,000 |
1,076,938 |
Sub-Series CC-1, 5.25%, 06/15/54 |
|
2,625 |
2,845,799 |
Series FF-1, Subordinate, 4.00%, 06/15/49 |
|
9,535 |
9,119,686 |
New York City Municipal Water Finance Authority, Refunding RB |
|
|
|
Series AA-3, 5.25%, 06/15/48 |
|
4,560 |
4,984,501 |
Series DD, 4.13%, 06/15/47 |
|
2,630 |
2,601,143 |
New York Power Authority, RB, Series A, Sustainability
Bonds, (AGM), 5.00%, 11/15/48 |
|
4,180 |
4,484,750 |
New York Power Authority, Refunding RB |
|
|
|
Series A, Sustainability Bonds, 4.00%, 11/15/55 |
|
7,610 |
7,156,090 |
Series A, Sustainability Bonds, 4.00%, 11/15/60 |
|
580 |
548,737 |
New York State Environmental Facilities Corp.,
Refunding RB |
|
|
|
5.00%, 06/15/51 |
|
2,035 |
2,157,395 |
Series A, 5.25%, 06/15/53 |
|
2,630 |
2,877,492 |
Rockland County Solid Waste Management Authority, RB, Series A, AMT, Sustainability Bonds, 4.00%, 12/15/46 |
|
730 |
662,028 |
Utility Debt Securitization Authority, Refunding RB |
|
|
|
Series 2, Sustainability Bonds, 5.00%, 12/15/50 |
|
1,965 |
2,125,001 |
Series 2, Sustainability Bonds, 5.00%, 06/15/53 |
|
3,170 |
3,417,818 |
|
|
|
66,768,389 |
Total Municipal Bonds in New York |
413,691,228 | ||
Puerto Rico — 5.2% |
| ||
State — 5.2% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
2,089 |
2,042,739 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
6,243 |
6,223,849 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
1,544 |
1,522,202 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
3,004 |
2,975,551 |
Series B-1, Restructured, 4.75%, 07/01/53 |
|
5 |
4,889 |
Series B-2, Restructured, 4.78%, 07/01/58 |
|
126 |
123,597 |
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(c) |
|
5,441 |
1,783,399 |
Total Municipal Bonds in Puerto Rico |
14,676,226 |
Security |
|
Par (000) |
Value |
South Carolina — 1.0% |
| ||
Corporate — 1.0% |
| ||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
$ |
2,520 |
$ 2,710,082 |
Total Municipal Bonds — 159.1% (Cost: $440,335,933) |
446,233,767 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) | |||
New York — 0.9% | |||
Transportation — 0.9% |
| ||
Port Authority of New York & New Jersey, ARB, AMT,
Series 221, 4.00%, 07/15/55 |
|
2,860 |
2,568,227 |
Total Municipal Bonds in New York |
2,568,227 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 0.9% (Cost: $2,758,270) |
2,568,227 | ||
Total Long-Term Investments — 160.0% (Cost: $443,094,203) |
448,801,994 |
|
|
Shares |
|
Short-Term Securities | |||
Money Market Funds — 1.8% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(h)(i) |
|
5,135,569 |
5,136,083 |
Total Short-Term Securities — 1.8% (Cost: $5,136,083) |
5,136,083 | ||
Total Investments — 161.8% (Cost: $448,230,286) |
453,938,077 | ||
Other Assets Less Liabilities — 2.5% |
7,151,624 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.5)% |
(1,431,790 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(63.8)% |
(179,100,234 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 280,557,677 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(c) |
Zero-coupon bond. |
(d) |
Issuer filed for bankruptcy and/or is in default. |
(e) |
Non-income producing security. |
(f) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect. |
(g) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4
of the Notes to Financial Statements for details. |
(h) |
Affiliate of the Fund. |
(i) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 7,022,409 |
$ — |
$ (1,886,326 )(a) |
$ — |
$ — |
$ 5,136,083 |
5,135,569 |
$ 70,262 |
$ — |
(a) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |
|
|
|
|
10-Year U.S. Treasury Note |
97 |
03/20/25 |
$ 10,571 |
$ (98,653 ) |
U.S. Long Bond |
98 |
03/20/25 |
11,175 |
(197,421
) |
5-Year U.S. Treasury Note |
60 |
03/31/25 |
6,392 |
(41,798 ) |
|
|
|
|
$ (337,872 ) |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts Unrealized depreciation on futures
contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 337,872 |
$ — |
$ 337,872 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the
Statements of Assets and Liabilities, only current day’s variation
margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (1,231,037 ) |
$ — |
$ (1,231,037 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 412,891 |
$ — |
$ 412,891 |
Futures contracts: |
|
Average notional value of contracts — short |
$14,069,445
|
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 446,233,767
|
$ —
|
$ 446,233,767
|
Municipal Bonds Transferred to Tender Option Bond Trusts |
— |
2,568,227 |
— |
2,568,227 |
Short-Term Securities |
|
|
|
|
Money Market Funds |
5,136,083 |
— |
— |
5,136,083 |
|
$5,136,083 |
$448,801,994 |
$— |
$453,938,077 |
Derivative Financial Instruments(a)
|
|
|
|
|
Liabilities |
|
|
|
|
Interest Rate Contracts |
$ (337,872 ) |
$ — |
$ — |
$ (337,872 ) |
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the
unrealized appreciation (depreciation) on the instrument. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
TOB Trust Certificates |
$—
|
$(1,430,000
) |
$—
|
$(1,430,000
) |
VRDP Shares at Liquidation Value |
— |
(179,400,000 ) |
— |
(179,400,000 ) |
|
$— |
$(180,830,000 ) |
$— |
$(180,830,000 ) |
Security |
|
Par (000) |
Value |
Municipal Bonds | |||
Alabama — 5.6% |
| ||
Corporate — 5.6% |
| ||
Black Belt Energy Gas District, RB, Series A, 5.25%,
01/01/54(a) |
$ |
1,015 |
$ 1,080,596 |
California — 2.2% |
| ||
Tobacco — 2.2% |
| ||
California County Tobacco Securitization Agency, RB, Series D, 0.00%, 06/01/55(b) |
|
4,680 |
419,889 |
District of Columbia — 10.9% |
| ||
Tobacco — 2.8% |
| ||
District of Columbia Tobacco Settlement Financing Corp.,
RB, Series C, 0.00%, 06/15/55(b) |
|
5,400 |
547,297 |
Transportation — 8.1% |
| ||
Washington Metropolitan Area Transit Authority, RB,
Series B, 5.00%, 07/01/37 |
|
1,500 |
1,550,787 |
Total Municipal Bonds in District of Columbia |
2,098,084 | ||
Iowa — 5.3% |
| ||
Corporate — 5.3% |
| ||
PEFA, Inc., RB, 5.00%, 09/01/49(a) |
|
1,000 |
1,019,009 |
Puerto Rico — 4.5% |
| ||
State — 4.5% |
| ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
|
|
|
Series A-1, Restructured, 4.75%, 07/01/53 |
|
127 |
124,187 |
Series A-1, Restructured, 5.00%, 07/01/58 |
|
573 |
571,242 |
Series A-2, Restructured, 4.78%, 07/01/58 |
|
129 |
127,179 |
Series A-2, Restructured, 4.33%, 07/01/40 |
|
60 |
59,432 |
Total Municipal Bonds in Puerto Rico |
882,040 | ||
Virginia — 124.3% |
| ||
County/City/Special District/School District — 22.6% |
| ||
Albemarle County Economic Development Authority, RB, Series A, 5.00%, 06/01/42 |
|
500 |
546,953 |
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46 |
|
94 |
90,450 |
Ballston Quarter Community Development Authority, TA, CAB, Series A-2, 7.13%, 03/01/59(c)
|
|
225 |
179,941 |
Cherry Hill Community Development Authority, SAB,
5.40%, 03/01/45(d) |
|
250 |
250,000 |
Chesterfield County Economic Development Authority, RB, 5.00%, 04/01/48 |
|
1,000 |
1,066,399 |
Dulles Town Center Community Development Authority,
Refunding SAB, 4.25%, 03/01/26 |
|
135 |
135,015 |
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |
|
2,000 |
1,850,385 |
Lower Magnolia Green Community Development
Authority, SAB, 5.00%, 03/01/35(d) |
|
235 |
235,017 |
|
|
|
4,354,160 |
Education — 8.7% |
| ||
Virginia College Building Authority, Refunding RB |
|
|
|
(NPFGC), 5.25%, 01/01/26 |
|
110 |
112,121 |
(NPFGC), 5.25%, 01/01/31 |
|
1,000 |
1,089,652 |
Virginia Small Business Financing Authority, Refunding
RB, 4.00%, 10/01/38 |
|
500 |
485,638 |
|
|
|
1,687,411 |
Security |
|
Par (000) |
Value |
Health — 21.5% |
| ||
Danville Industrial Development Authority, Refunding RB,
(AMBAC), 5.25%, 10/01/28(e) |
$ |
90 |
$ 94,533
|
Henrico County Economic Development Authority, RB, Class A, 5.00%, 10/01/52 |
|
1,000 |
1,022,555 |
Henrico County Economic Development Authority,
Refunding RB, 4.25%, 06/01/26 |
|
145 |
145,063 |
Isle Wight County Industrial Development Authority, RB, (AGM), 5.25%, 07/01/53 |
|
250 |
265,708 |
Virginia Commonwealth University Health System
Authority, RB, Series A, 5.25%, 07/01/49 |
|
1,000 |
1,102,287 |
Virginia Small Business Financing Authority, Refunding RB, Series A, 5.50%, 12/01/54 |
|
500 |
518,392 |
Winchester Economic Development Authority, Refunding
RB, 5.00%, 01/01/44 |
|
1,000 |
1,003,782 |
|
|
|
4,152,320 |
Housing — 23.0% |
| ||
Virginia Housing Development Authority, RB, M/F Housing |
|
|
|
Series A, 4.60%, 09/01/49 |
|
1,000 |
987,131 |
Series B, 5.00%, 03/01/65 |
|
1,000 |
1,020,222 |
Series F, (HUD SECT 8), 5.35%, 11/01/58 |
|
1,000 |
1,042,010 |
Series G, 5.15%, 11/01/52 |
|
600 |
616,651 |
Virginia Housing Development Authority, RB, S/F Housing,
Series C, 4.88%, 07/01/48 |
|
750 |
765,699 |
|
|
|
4,431,713 |
State — 16.2% |
| ||
Virginia College Building Authority, RB |
|
|
|
4.00%, 02/01/42 |
|
1,000 |
1,008,062 |
4.00%, 02/01/43 |
|
500 |
494,625 |
Series A, 4.00%, 02/01/42 |
|
500 |
497,969 |
Series A, (SAW), 4.00%, 09/01/47 |
|
605 |
581,802 |
Virginia Resources Authority, RB, Class B, 5.25%,
11/01/47 |
|
500 |
549,101 |
|
|
|
3,131,559 |
Tobacco — 7.0% |
| ||
Tobacco Settlement Financing Corp., Refunding RB |
|
|
|
Series B-1, 5.00%, 06/01/47 |
|
885 |
853,442 |
Series B-2, Convertible, 5.20%,
06/01/46(c) |
|
500 |
497,627 |
|
|
|
1,351,069 |
Transportation — 10.4% |
| ||
Chesapeake Bay Bridge & Tunnel District, RB, 5.00%,
07/01/46 |
|
1,000 |
1,005,979 |
Virginia Small Business Financing Authority, RB |
|
|
|
AMT, 5.00%, 12/31/52 |
|
500 |
502,436 |
AMT, 5.00%, 12/31/56 |
|
500 |
500,971 |
|
|
|
2,009,386 |
Utilities — 14.9% |
| ||
Alexandria Sanitation Authority, RB, Sustainability Bonds,
5.00%, 07/15/49 |
|
500 |
542,351 |
City of Norfolk Virginia Water Revenue, RB, 5.00%, 11/01/45 |
|
500 |
539,466 |
Security |
|
Par (000) |
Value |
Utilities (continued) |
| ||
County of Fairfax Virginia Sewer Revenue, RB, Series A,
5.00%, 07/15/54 |
$ |
750 |
$ 803,648
|
County of Henrico Virginia Water & Sewer Revenue, RB, 4.00%, 05/01/46 |
|
1,000 |
981,564 |
|
|
|
2,867,029 |
Total Municipal Bonds in Virginia |
23,984,647 | ||
Total Long-Term Investments — 152.8% (Cost: $29,105,152) |
29,484,265 |
|
|
Shares |
|
Short-Term Securities | |||
Money Market Funds — 5.3% |
| ||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 1.99%(f)(g) |
|
1,016,960 |
1,017,062 |
Total Short-Term Securities — 5.3% (Cost: $1,016,995) |
1,017,062 | ||
Total Investments — 158.1% (Cost: $30,122,147) |
30,501,327 | ||
Other Assets Less Liabilities — 1.8% |
351,004 | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(59.9)% |
(11,558,550 ) | ||
Net Assets Applicable to Common Shares — 100.0% |
$ 19,293,781 |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available. |
(b) |
Zero-coupon bond. |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors. |
(e) |
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 07/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/25 |
Shares Held at 01/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares |
$ 792,630 |
$ 224,431 (a) |
$ — |
$ — |
$ 1 |
$ 1,017,062 |
1,016,960 |
$ 14,067 |
$ — |
(a) |
Represents net amount purchased (sold). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (47,990 ) |
$ — |
$ (47,990 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 22,823 |
$ — |
$ 22,823 |
Futures contracts: |
|
Average notional value of contracts — short |
$—
(a) |
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an
indicator of activity during the period. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Long-Term Investments |
|
|
|
|
Municipal Bonds |
$ —
|
$ 29,484,265
|
$ —
|
$ 29,484,265
|
Short-Term Securities |
|
|
|
|
Money Market Funds |
1,017,062 |
— |
— |
1,017,062 |
|
$1,017,062 |
$29,484,265 |
$— |
$30,501,327 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Liabilities |
|
|
|
|
VRDP Shares at Liquidation Value |
$— |
$(11,600,000 ) |
$— |
$(11,600,000 ) |
|
$— |
$(11,600,000 ) |
$— |
$(11,600,000 ) |
|
MUJ |
MHN |
MIY |
MYN |
ASSETS |
|
|
|
|
Investments, at value —
unaffiliated(a) |
$ 1,074,026,880 |
$ 582,017,848 |
$ 591,784,613 |
$ 676,238,795 |
Investments, at value —
affiliated(b) |
35,901,516 |
10,356,294 |
8,200,583 |
10,232,352 |
Cash pledged for futures contracts |
— |
805,000 |
— |
967,000 |
Receivables: |
|
|
|
|
Investments sold |
20,000 |
2,904,163 |
1,994,553 |
3,453,736 |
Dividends — affiliated |
58,573 |
10,260 |
14,751 |
9,407 |
Interest — unaffiliated |
8,280,335 |
6,196,255 |
6,128,643 |
7,107,879 |
Variation margin on futures contracts |
— |
112,032 |
— |
135,674 |
Prepaid expenses |
468,457 |
289,847 |
119,146 |
319,342 |
Total assets |
1,118,755,761 |
602,691,699 |
608,242,289 |
698,464,185 |
ACCRUED LIABILITIES |
|
|
|
|
Bank overdraft |
68,635 |
6,582 |
— |
20,640 |
Payables: |
|
|
|
|
Investments purchased |
— |
1,320,671 |
5,820,085 |
1,618,214 |
Accounting services fees |
73,433 |
48,757 |
48,655 |
53,714 |
Custodian fees |
5,886 |
3,690 |
3,275 |
4,354 |
Income dividend distributions — Common Shares |
2,871,995 |
1,557,444 |
1,578,579 |
1,961,636 |
Interest expense and fees |
106,145 |
33,157 |
— |
143,101 |
Investment advisory fees |
468,652 |
278,674 |
248,418 |
293,536 |
Directors’ and Officer’s fees |
60,223 |
178,113 |
2,658 |
249,352 |
Other accrued expenses |
298,499 |
87,187 |
11,616 |
12,958 |
Professional fees |
25,183 |
27,250 |
28,054 |
29,474 |
Reorganization costs |
— |
543 |
— |
633 |
Transfer agent fees |
— |
18,471 |
11,293 |
17,477 |
Total accrued liabilities |
3,978,651 |
3,560,539 |
7,752,633 |
4,405,089 |
OTHER LIABILITIES |
|
|
|
|
TOB Trust Certificates |
16,899,999 |
2,250,000 |
— |
12,949,999 |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
416,424,771 |
243,353,959 |
231,570,461 |
247,512,373 |
Total other liabilities |
433,324,770 |
245,603,959 |
231,570,461 |
260,462,372 |
Total liabilities |
437,303,421 |
249,164,498 |
239,323,094 |
264,867,461 |
Commitments and contingent liabilities |
|
|
|
|
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 681,452,340
|
$ 353,527,201
|
$ 368,919,195
|
$ 433,596,724 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
|
|
|
|
Paid-in capital(f)(g)(h) |
$ 746,209,061 |
$ 419,590,001 |
$ 409,271,940 |
$ 505,995,493 |
Accumulated loss |
(64,756,721) |
(66,062,800) |
(40,352,745) |
(72,398,769) |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 681,452,340 |
$ 353,527,201 |
$ 368,919,195 |
$ 433,596,724 |
Net asset value per Common Share |
$ 12.81 |
$ 11.69 |
$ 12.74 |
$ 11.32 |
(a) Investments, at cost—unaffiliated |
$1,079,494,489 |
$573,630,453 |
$591,668,290 |
$666,131,526 |
(b) Investments, at cost—affiliated |
$35,901,366 |
$10,356,294 |
$8,200,368 |
$10,232,352 |
(c) Preferred Shares outstanding
|
4,171 |
2,436 |
2,319 |
2,477 |
(d) Preferred Shares authorized
|
12,291 |
14,956 |
8,919 |
14,637 |
(e) Par value per Preferred Share
|
$0.10 |
$0.10 |
$0.10 |
$0.10 |
(f) Common Shares outstanding
|
53,185,098 |
30,241,637 |
28,964,750 |
38,313,208 |
(g) Common Shares authorized |
199,987,709 |
199,985,044 |
199,991,081 |
199,985,363 |
(h) Par value per Common Share
|
$0.10 |
$0.10 |
$0.10 |
$0.10 |
|
MPA |
BNY |
BHV |
ASSETS |
|
|
|
Investments, at value —
unaffiliated(a) |
$ 254,730,323 |
$ 448,801,994 |
$ 29,484,265 |
Investments, at value —
affiliated(b) |
7,248,115 |
5,136,083 |
1,017,062 |
Cash pledged for futures contracts |
— |
641,000 |
— |
Receivables: |
|
|
|
Investments sold |
35,000 |
4,482,000 |
185,000 |
Dividends — affiliated |
11,701 |
6,362 |
1,565 |
Interest — unaffiliated |
2,539,723 |
4,355,865 |
303,020 |
Variation margin on futures contracts |
— |
90,188 |
— |
Prepaid expenses |
171,327 |
338,422 |
17,417 |
Total assets |
264,736,189 |
463,851,914 |
31,008,329 |
ACCRUED LIABILITIES |
|
|
|
Bank overdraft |
— |
2,029 |
— |
Payables: |
|
|
|
Investments purchased |
559,625 |
1,049,229 |
— |
Accounting services fees |
26,463 |
39,356 |
6,577 |
Custodian fees |
1,444 |
3,342 |
703 |
Income dividend distributions — Common Shares |
854,675 |
1,229,972 |
81,795 |
Interest expense and fees |
85,904 |
1,790 |
— |
Investment advisory fees |
108,451 |
214,519 |
13,514 |
Directors’ and Officer’s fees |
12,558 |
52,766 |
12,596 |
Other accrued expenses |
3,296 |
127,719 |
4,758 |
Printing and postage fees |
9,525 |
10,454 |
8,753 |
Professional fees |
37,705 |
21,664 |
20,730 |
Reorganization costs |
— |
1,310 |
— |
Transfer agent fees |
15,395 |
9,853 |
6,572 |
Total accrued liabilities |
1,715,041 |
2,764,003 |
155,998 |
OTHER LIABILITIES |
|
|
|
TOB Trust Certificates |
14,742,973 |
1,430,000 |
— |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e) |
82,403,098 |
179,100,234 |
11,558,550 |
Total other liabilities |
97,146,071 |
180,530,234 |
11,558,550 |
Total liabilities |
98,861,112 |
183,294,237 |
11,714,548 |
Commitments and contingent liabilities |
|
|
|
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 165,875,077 |
$ 280,557,677 |
$ 19,293,781 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
|
|
|
Paid-in capital(f)(g)(h) |
$ 187,526,807 |
$ 328,625,169 |
$ 22,466,621 |
Accumulated loss |
(21,651,730) |
(48,067,492) |
(3,172,840) |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
$ 165,875,077 |
$ 280,557,677 |
$ 19,293,781 |
Net asset value per Common Share |
$ 12.81 |
$ 11.63 |
$ 12.15 |
(a) Investments, at cost—unaffiliated |
$256,059,236 |
$443,094,203 |
$29,105,152 |
(b) Investments, at cost—affiliated |
$7,248,107 |
$5,136,083 |
$1,016,995 |
(c) Preferred Shares outstanding
|
826 |
1,794 |
116 |
(d) Preferred Shares authorized
|
1,000,000 |
Unlimited |
Unlimited |
(e) Par value per Preferred Share
|
$0.05 |
$0.001 |
$0.001 |
(f) Common Shares outstanding
|
12,949,630 |
24,117,105 |
1,588,241 |
(g) Common Shares authorized |
Unlimited |
Unlimited |
Unlimited |
(h) Par value per Common Share
|
$0.10 |
$0.001 |
$0.001 |
|
MUJ |
MHN |
MIY |
MYN |
INVESTMENT INCOME |
|
|
|
|
Dividends — affiliated |
$455,988
|
$111,546
|
$176,151
|
$97,457
|
Interest — unaffiliated |
23,798,879 |
13,048,622 |
12,646,312 |
15,144,110 |
Total investment income |
24,254,867 |
13,160,168 |
12,822,463 |
15,241,567 |
EXPENSES |
|
|
|
|
Investment advisory |
2,843,656 |
1,687,137 |
1,504,610 |
1,778,547 |
Liquidity fees |
712,072 |
415,873 |
— |
— |
Remarketing fees on Preferred Shares |
109,484 |
63,942 |
— |
— |
Accounting services |
71,261 |
47,330 |
47,289 |
52,110 |
Professional |
48,505 |
38,272 |
38,205 |
42,729 |
Transfer agent |
43,754 |
12,548 |
20,669 |
16,804 |
Directors and Officer |
21,068 |
19,524 |
11,929 |
25,343 |
Registration |
9,179 |
5,274 |
5,056 |
6,672 |
Custodian |
5,820 |
3,710 |
3,247 |
4,299 |
Printing and postage |
4,428 |
3,420 |
4,382 |
4,420 |
Reorganization |
— |
— |
145 |
— |
Miscellaneous |
38,030 |
37,363 |
36,557 |
36,623 |
Total expenses excluding interest expense, fees and amortization of offering costs |
3,907,257 |
2,334,393 |
1,672,089 |
1,967,547 |
Interest expense, fees and amortization of offering costs(a) |
8,071,294 |
4,543,308 |
4,726,861 |
5,298,532 |
Total expenses |
11,978,551 |
6,877,701 |
6,398,950 |
7,266,079 |
Less: |
|
|
|
|
Fees waived and/or reimbursed by the Manager |
(82,782 ) |
(164,408 ) |
(89,383 ) |
(73,295 ) |
Total expenses after fees waived and/or reimbursed |
11,895,769 |
6,713,293 |
6,309,567 |
7,192,784 |
Net investment income |
12,359,098 |
6,446,875 |
6,512,896 |
8,048,783 |
REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
Investments — unaffiliated |
(2,711,365 ) |
(866,955 ) |
(507,107 ) |
(978,888 ) |
Investments — affiliated |
— |
— |
174 |
— |
Futures contracts |
— |
(1,537,351 ) |
— |
(1,861,181 ) |
|
(2,711,365 ) |
(2,404,306 ) |
(506,933 ) |
(2,840,069 ) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
Investments — unaffiliated |
(6,262,581 ) |
(8,181,736 ) |
(7,028,324 ) |
(10,342,452 ) |
Investments — affiliated |
(1 ) |
— |
(173 ) |
— |
Futures contracts |
— |
511,026 |
— |
623,295 |
|
(6,262,582 ) |
(7,670,710 ) |
(7,028,497 ) |
(9,719,157 ) |
Net realized and unrealized loss |
(8,973,947 ) |
(10,075,016 ) |
(7,535,430 ) |
(12,559,226 ) |
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$3,385,151 |
$(3,628,141 ) |
$(1,022,534 ) |
$(4,510,443 ) |
(a) Related to TOB Trusts and/or VRDP
Shares. |
|
MPA |
BNY |
BHV |
INVESTMENT INCOME |
|
|
|
Dividends — affiliated |
$62,946
|
$70,262
|
$14,067
|
Interest — unaffiliated |
5,446,349 |
10,087,650 |
691,570 |
Total investment income |
5,509,295 |
10,157,912 |
705,637 |
EXPENSES |
|
|
|
Investment advisory |
649,915 |
1,300,130 |
102,580 |
Rating agency |
29,019 |
29,019 |
29,033 |
Professional |
28,990 |
31,193 |
30,333 |
Accounting services |
25,709 |
38,107 |
6,288 |
Transfer agent |
14,126 |
14,505 |
13,604 |
Directors and Officer |
6,256 |
11,601 |
1,425 |
Registration |
4,293 |
4,283 |
4,293 |
Printing and postage |
3,985 |
4,268 |
2,080 |
Custodian |
1,508 |
3,362 |
731 |
Reorganization |
145 |
— |
145 |
Liquidity fees |
— |
282,092 |
— |
Remarketing fees on Preferred Shares |
— |
43,994 |
— |
Miscellaneous |
6,231 |
7,557 |
6,153 |
Total expenses excluding interest expense, fees and amortization of offering costs |
770,177 |
1,770,111 |
196,665 |
Interest expense, fees and amortization of offering costs(a) |
1,904,900 |
3,376,961 |
237,707 |
Total expenses |
2,675,077 |
5,147,072 |
434,372 |
Less: |
|
|
|
Fees waived and/or reimbursed by the Manager |
(65,941 ) |
(14,394 ) |
(20,995 ) |
Total expenses after fees waived and/or reimbursed |
2,609,136 |
5,132,678 |
413,377 |
Net investment income |
2,900,159 |
5,025,234 |
292,260 |
REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
Net realized loss from: |
|
|
|
Investments — unaffiliated |
(249,417 ) |
(960,055 ) |
(42,463 ) |
Futures contracts |
— |
(1,231,037 ) |
(47,990 ) |
|
(249,417 ) |
(2,191,092 ) |
(90,453 ) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
Investments — unaffiliated |
(451,689 ) |
(6,249,425 ) |
(294,717 ) |
Investments — affiliated |
(1 ) |
— |
1 |
Futures contracts |
— |
412,891 |
22,823 |
|
(451,690 ) |
(5,836,534 ) |
(271,893 ) |
Net realized and unrealized loss |
(701,107 ) |
(8,027,626 ) |
(362,346 ) |
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |
$2,199,052 |
$(3,002,392 ) |
$(70,086 ) |
(a) Related to TOB Trusts and/or VRDP
Shares. |
|
MUJ |
MHN | ||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Six Months Ended
01/31/25
(unaudited) |
Year Ended 07/31/24
|
INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
OPERATIONS |
|
|
|
|
Net investment income |
$12,359,098
|
$23,629,881
|
$6,446,875
|
$11,494,031
|
Net realized loss |
(2,711,365 ) |
(3,022,708 ) |
(2,404,306 ) |
(10,761,140 ) |
Net change in unrealized appreciation (depreciation) |
(6,262,582 ) |
9,068,337 |
(7,670,710 ) |
12,616,625 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
3,385,151 |
29,675,510 |
(3,628,141 ) |
13,349,516 |
DISTRIBUTIONS TO COMMON
SHAREHOLDERS(a) |
|
|
|
|
From net investment income |
(16,806,491 )(b) |
(26,027,060 ) |
(8,860,800 )(b) |
(12,758,370 ) |
Return of capital |
— |
(3,273,377 ) |
— |
(1,902,330 ) |
Decrease in net assets resulting from distributions to Common Shareholders |
(16,806,491 ) |
(29,300,437 ) |
(8,860,800 ) |
(14,660,700 ) |
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Redemption of shares resulting from share repurchase program (including transaction costs) |
— |
(5,349,075 ) |
— |
(2,806,910 ) |
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS |
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
(13,421,340 ) |
(4,974,002 ) |
(12,488,941 ) |
(4,118,094 ) |
Beginning of period |
694,873,680 |
699,847,682 |
366,016,142 |
370,134,236 |
End of period |
$681,452,340 |
$694,873,680 |
$353,527,201 |
$366,016,142 |
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
|
MIY |
MYN | ||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Six Months Ended
01/31/25
(unaudited) |
Year Ended 07/31/24
|
INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
OPERATIONS |
|
|
|
|
Net investment income |
$6,512,896
|
$12,154,801
|
$8,048,783
|
$14,341,840
|
Net realized loss |
(506,933 ) |
(1,852,625 ) |
(2,840,069 ) |
(12,734,540 ) |
Net change in unrealized appreciation (depreciation) |
(7,028,497 ) |
8,021,641 |
(9,719,157 ) |
17,028,861 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(1,022,534 ) |
18,323,817 |
(4,510,443 ) |
18,636,161 |
DISTRIBUTIONS TO COMMON
SHAREHOLDERS(a) |
|
|
|
|
From net investment income |
(9,008,037 )(b) |
(13,485,030 ) |
(11,233,432 )(b) |
(15,932,038 ) |
Return of capital |
— |
(1,310,905 ) |
— |
(2,555,616 ) |
Decrease in net assets resulting from distributions to Common Shareholders |
(9,008,037 ) |
(14,795,935 ) |
(11,233,432 ) |
(18,487,654 ) |
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Redemption of shares resulting from share repurchase program (including transaction costs) |
— |
(2,750,841 ) |
— |
(3,787,717 ) |
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS |
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
(10,030,571 ) |
777,041 |
(15,743,875 ) |
(3,639,210 ) |
Beginning of period |
378,949,766 |
378,172,725 |
449,340,599 |
452,979,809 |
End of period |
$368,919,195 |
$378,949,766 |
$433,596,724 |
$449,340,599 |
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
|
MPA |
BNY | ||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Six Months Ended
01/31/25
(unaudited) |
Year Ended 07/31/24
|
INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS |
|
|
|
|
OPERATIONS |
|
|
|
|
Net investment income |
$2,900,159
|
$4,888,070
|
$5,025,234
|
$8,898,849
|
Net realized loss |
(249,417 ) |
(2,540,557 ) |
(2,191,092 ) |
(9,050,293 ) |
Net change in unrealized appreciation (depreciation) |
(451,690 ) |
4,005,501 |
(5,836,534 ) |
10,904,506 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
2,199,052 |
6,353,014 |
(3,002,392 ) |
10,753,062 |
DISTRIBUTIONS TO COMMON
SHAREHOLDERS(a) |
|
|
|
|
From net investment income |
(5,128,053 )(b) |
(5,803,582 ) |
(6,993,960 )(b) |
(9,884,014 ) |
Return of capital |
— |
(1,403,077 ) |
— |
(1,373,067 ) |
Decrease in net assets resulting from distributions to Common Shareholders |
(5,128,053 ) |
(7,206,659 ) |
(6,993,960 ) |
(11,257,081 ) |
CAPITAL SHARE TRANSACTIONS |
|
|
|
|
Redemption of shares resulting from share repurchase program (including transaction costs) |
— |
(809,297 ) |
— |
(1,898,566 ) |
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS |
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
(2,929,001 ) |
(1,662,942 ) |
(9,996,352 ) |
(2,402,585 ) |
Beginning of period |
168,804,078 |
170,467,020 |
290,554,029 |
292,956,614 |
End of period |
$165,875,077 |
$168,804,078 |
$280,557,677 |
$290,554,029 |
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
|
BHV | |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended 07/31/24
|
INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS |
|
|
OPERATIONS |
|
|
Net investment income |
$292,260
|
$461,167
|
Net realized loss |
(90,453 ) |
(583,682 ) |
Net change in unrealized appreciation (depreciation) |
(271,893 ) |
812,996 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(70,086 ) |
690,481 |
DISTRIBUTIONS TO COMMON
SHAREHOLDERS(a) |
|
|
From net investment income |
(452,649 )(b) |
(612,122 ) |
Return of capital |
— |
(59,174 ) |
Decrease in net assets resulting from distributions to Common Shareholders |
(452,649 ) |
(671,296 ) |
CAPITAL SHARE TRANSACTIONS |
|
|
Redemption of shares resulting from share repurchase program (including transaction costs) |
— |
(158,886 ) |
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS |
|
|
Total decrease in net assets applicable to Common Shareholders |
(522,735 ) |
(139,701 ) |
Beginning of period |
19,816,516 |
19,956,217 |
End of period |
$19,293,781 |
$19,816,516 |
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
|
MUJ |
MHN |
MIY |
MYN |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
$3,385,151
|
$(3,628,141
) |
$(1,022,534
) |
$(4,510,443
) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by
operating activities: |
|
|
|
|
Proceeds from sales of long-term investments and principal paydowns/payups |
104,468,086 |
102,953,057 |
67,473,800 |
116,880,953 |
Purchases of long-term investments |
(114,010,884 ) |
(95,560,438 ) |
(74,253,472 ) |
(109,650,423 ) |
Net proceeds from sales (purchases) of short-term securities |
16,343,491 |
(3,842,026 ) |
8,192,145 |
(2,643,414 ) |
Amortization of premium and accretion of discount on investments and other fees |
(428,702 ) |
369,308 |
991,790 |
359,213 |
Net realized loss on investments |
2,711,365 |
866,955 |
506,933 |
978,888 |
Net unrealized depreciation on investments |
6,262,582 |
8,181,736 |
7,028,497 |
10,342,452 |
(Increase) Decrease in Assets |
|
|
|
|
Receivables |
|
|
|
|
Dividends — affiliated |
70,679 |
4,750 |
12,058 |
3,908 |
Interest — unaffiliated |
207,858 |
(86,509 ) |
(185,473 ) |
(162,291 ) |
Variation margin on futures contracts |
— |
(112,032 ) |
— |
(135,674 ) |
Prepaid expenses |
(366,911 ) |
(219,846 ) |
32,018 |
(60,131 ) |
Increase (Decrease) in Liabilities |
|
|
|
|
Payables |
|
|
|
|
Accounting services fees |
35,374 |
23,498 |
23,496 |
25,863 |
Custodian fees |
2,924 |
1,872 |
1,636 |
2,148 |
Interest expense and fees |
(36,743 ) |
(2,980 ) |
— |
(17,587 ) |
Investment advisory fees |
(3,420 ) |
(4,405 ) |
(3,256 ) |
6,974 |
Directors’ and Officer’s fees |
9,205 |
(17,240 ) |
(1 ) |
(19,829 ) |
Other accrued expenses |
278,844 |
71,498 |
(1,401 ) |
(471 ) |
Professional fees |
(13,537 ) |
(10,754 ) |
(15,367 ) |
(12,966 ) |
Proxy fees |
— |
(48,229 ) |
— |
(63,206 ) |
Reorganization costs |
— |
543 |
— |
633 |
Transfer agent fees |
(16,569 ) |
207 |
(1,643 ) |
1,859 |
Variation margin on futures contracts |
— |
(223,337 ) |
— |
(272,168 ) |
Net cash provided by operating activities |
18,898,793 |
8,717,487 |
8,779,226 |
11,054,288 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
|
|
|
Cash dividends paid to Common Shareholders |
(16,593,751 ) |
(8,618,867 ) |
(8,776,319 ) |
(10,965,240 ) |
Repayments of TOB Trust Certificates |
(2,385,000 ) |
— |
— |
— |
Increase (decrease) in bank overdraft |
54,898 |
(6,196 ) |
(8,629 ) |
10,937 |
Amortization of deferred offering costs |
25,060 |
10,576 |
5,722 |
11,015 |
Net cash used for financing activities |
(18,898,793 ) |
(8,614,487 ) |
(8,779,226 ) |
(10,943,288 ) |
CASH |
|
|
|
|
Net increase in restricted and unrestricted cash |
— |
103,000 |
— |
111,000 |
Restricted and unrestricted cash at beginning of period |
— |
702,000 |
— |
856,000 |
Restricted and unrestricted cash at end of period |
$— |
$805,000 |
$— |
$967,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
Cash paid during the period for interest expense |
$8,082,977 |
$4,535,712 |
$4,721,139 |
$5,305,104 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
|
|
Cash pledged |
|
|
|
|
Futures contracts |
— |
805,000 |
— |
967,000 |
|
$— |
$805,000 |
$— |
$967,000 |
|
MPA |
BNY |
BHV |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
|
Net increase (decrease) in net assets resulting from operations |
$2,199,052
|
$(3,002,392
) |
$(70,086
) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |
|
|
|
Proceeds from sales of long-term investments |
31,712,482 |
77,716,537 |
990,215 |
Purchases of long-term investments |
(37,133,971 ) |
(76,685,688 ) |
(618,282 ) |
Net proceeds from sales (purchases) of short-term securities |
601,950 |
1,886,326 |
(224,431 ) |
Amortization of premium and accretion of discount on investments and other fees |
23,766 |
247,873 |
(17,441 ) |
Net realized loss on investments |
249,417 |
960,055 |
42,463 |
Net unrealized depreciation on investments |
451,690 |
6,249,425 |
294,716 |
(Increase) Decrease in Assets |
|
|
|
Receivables |
|
|
|
Dividends — affiliated |
3,853 |
12,578 |
370 |
Interest — unaffiliated |
(140,791 ) |
9,004 |
(15,084 ) |
Variation margin on futures contracts |
— |
(90,188 ) |
— |
Prepaid expenses |
(47,637 ) |
(297,510 ) |
33,218 |
Increase (Decrease) in Liabilities |
|
|
|
Payables |
|
|
|
Accounting services fees |
12,776 |
18,895 |
3,116 |
Custodian fees |
774 |
1,695 |
376 |
Interest expense and fees |
53,236 |
(272 ) |
— |
Investment advisory fees |
20,995 |
(3,229 ) |
(257 ) |
Directors’ and Officer’s fees |
499 |
2,292 |
640 |
Other accrued expenses |
(655 ) |
121,469 |
238 |
Printing and postage fees |
— |
— |
109 |
Professional fees |
(18,999 ) |
(17,944 ) |
(240 ) |
Proxy fees |
(49,698 ) |
(80,465 ) |
— |
Reorganization costs |
— |
1,310 |
— |
Transfer agent fees |
2,553 |
(3,757 ) |
1,795 |
Variation margin on futures contracts |
— |
(181,361 ) |
(5,692 ) |
Net cash provided by (used for) operating activities |
(2,058,708 ) |
6,864,653 |
415,743 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
|
|
Cash dividends paid to Common Shareholders |
(5,128,054 ) |
(6,801,024 ) |
(433,590 ) |
Proceeds from TOB Trust Certificates |
7,182,973 |
— |
— |
Decrease in bank overdraft |
(8,047 ) |
(5,553 ) |
(1,701 ) |
Amortization of deferred offering costs |
11,836 |
10,924 |
1,548 |
Net cash provided by (used for) for financing activities |
2,058,708 |
(6,795,653 ) |
(433,743 ) |
CASH |
|
|
|
Net increase (decrease) in restricted and unrestricted cash |
— |
69,000 |
(18,000 ) |
Restricted and unrestricted cash at beginning of period |
— |
572,000 |
18,000 |
Restricted and unrestricted cash at end of period |
$— |
$641,000 |
$— |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
Cash paid during the period for interest expense |
$1,839,828 |
$3,366,309 |
$236,159 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
|
Cash pledged |
|
|
|
Futures contracts |
— |
641,000 |
— |
|
$— |
$641,000 |
$— |
|
MUJ | |||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Net asset value, beginning of period |
$13.07 |
$13.03 |
$13.58 |
$16.29 |
$15.83 |
$15.95 |
Net investment income(a) |
0.23 |
0.44 |
0.48 |
0.64 |
0.73 |
0.69 |
Net realized and unrealized gain (loss) |
(0.17 ) |
0.15 |
(0.49 ) |
(2.59 ) |
0.48 |
(0.16 ) |
Net increase (decrease) from investment operations |
0.06 |
0.59 |
(0.01 ) |
(1.95 ) |
1.21 |
0.53 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
From net investment income |
(0.32 )(c) |
(0.49 ) |
(0.45 ) |
(0.76 ) |
(0.75 ) |
(0.65 ) |
Return of capital |
— |
(0.06 ) |
(0.09 ) |
— |
— |
— |
Total distributions to Common Shareholders |
(0.32 ) |
(0.55 ) |
(0.54 ) |
(0.76 ) |
(0.75 ) |
(0.65 ) |
Net asset value, end of period |
$12.81 |
$13.07 |
$13.03 |
$13.58 |
$16.29 |
$15.83 |
Market price, end of period |
$11.38 |
$11.57 |
$11.20 |
$13.36 |
$15.63 |
$14.21 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
Based on net asset value |
0.68
%(e)
|
5.34 % |
0.52 % |
(12.14 )% |
8.22 % |
3.98 % |
Based on market price |
1.03
%(e)
|
8.49 % |
(12.17 )% |
(9.91 )% |
15.67 % |
3.17 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f) |
|
|
|
|
|
|
Total expenses |
3.43
%(g)
|
3.68 % |
3.17 % |
1.77
%(h)
|
1.44 % |
2.14 % |
Total expenses after fees waived and/or reimbursed |
3.40
%(g)
|
3.64 % |
3.17 % |
1.74
%(h)
|
1.44 % |
2.14 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense,
fees and amortization of offering costs(i)(j) |
1.09
%(g)
|
0.86 % |
0.89 % |
0.95
%(h)
|
0.89 % |
0.92 % |
Net investment income to Common Shareholders |
3.54
%(g)
|
3.45 % |
3.71 % |
4.37 % |
4.59 % |
4.39 % |
Supplemental Data |
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$681,452 |
$694,874 |
$699,848 |
$740,380 |
$490,103 |
$476,309 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$417,100 |
$417,100 |
$417,100 |
$417,100 |
$237,100 |
$237,100 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$257,017 (k) |
$259,234 (k) |
$259,361 (k) |
$245,762 (k) |
$306,707 (l) |
$300,890 (l) |
TOB Trust Certificates, end of period (000) |
$16,900 |
$19,285 |
$22,060 |
$90,838 |
$61,534 |
$71,300 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$65,963 |
$58,624 |
$51,599 |
$13,734 |
N/A |
N/A |
Portfolio turnover rate |
9 % |
14 % |
17 % |
20 % |
10 % |
13 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after
fees waived and/or reimbursed and excluding interest expense, fees, and amortization
of offering costs, would have been 1.71%, 1.70% and 0.92%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Expense ratios |
0.86 % |
0.85 % |
0.88 % |
0.94 % |
0.88 % |
0.91 % |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
MHN | ||||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Period from
09/01/21
to 07/31/22 |
Year Ended
08/31/21 |
Year Ended
08/31/20 |
Year Ended
08/31/19 |
| |||||||
Net asset value, beginning of period |
$12.10 |
$12.12 |
$12.58 |
$15.21 |
$14.92 |
$15.31 |
$14.27 |
Net investment income(a) |
0.21 |
0.38 |
0.41 |
0.51 |
0.63 |
0.60 |
0.55 |
Net realized and unrealized gain (loss) |
(0.33 ) |
0.08 |
(0.43 ) |
(2.56 ) |
0.31 |
(0.43 ) |
1.02 |
Net increase (decrease) from investment operations |
(0.12 ) |
0.46 |
(0.02 ) |
(2.05 ) |
0.94 |
0.17 |
1.57 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
|
From net investment income |
(0.29 )(c) |
(0.42 ) |
(0.37 ) |
(0.58 ) |
(0.65 ) |
(0.56 ) |
(0.53 ) |
Return of capital |
— |
(0.06 ) |
(0.07 ) |
— |
— |
— |
— |
Total distributions to Common Shareholders |
(0.29 ) |
(0.48 ) |
(0.44 ) |
(0.58 ) |
(0.65 ) |
(0.56 ) |
(0.53 ) |
Net asset value, end of period |
$11.69 |
$12.10 |
$12.12 |
$12.58 |
$15.21 |
$14.92 |
$15.31 |
Market price, end of period |
$10.38 |
$10.77 |
$10.44 |
$11.23 |
$14.74 |
$13.79 |
$13.74 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
|
Based on net asset value |
(0.73
)%(e)
|
4.61 % |
0.53 % |
(13.49
)%(e)
|
6.70 % |
1.54 % |
11.88 % |
Based on market price |
(0.97
)%(e)
|
8.09 % |
(3.00 )% |
(20.31
)%(e)
|
11.88 % |
4.57 % |
16.02 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f)
|
|
|
|
|
|
|
|
Total expenses |
3.76
%(g)
|
4.12
%(h)
|
3.52 % |
1.78
%(g)
|
1.57 % |
2.15 % |
2.62 % |
Total expenses after fees waived and/or reimbursed |
3.67
%(g)
|
4.01
%(h)
|
3.43 % |
1.70
%(g)
|
1.51 % |
2.09 % |
2.55 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)(j) |
1.19
%(g)
|
1.00
%(h)
|
0.95 % |
0.94
%(g)
|
0.95 % |
0.94 % |
0.94 % |
Net investment income to Common Shareholders |
3.53
%(g)
|
3.20 % |
3.47 % |
4.05
%(g)
|
4.17 % |
4.03 % |
3.82 % |
Supplemental Data |
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$353,527 |
$366,016 |
$370,134 |
$391,737 |
$473,389 |
$464,504 |
$476,549 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$243,600 |
$243,600 |
$243,600 |
$243,600 |
$243,600 |
$243,600 |
$243,600 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$243,798 (k) |
$248,878 (k) |
$247,532 (k) |
$239,843 (k) |
$294,330 (l) |
$290,683 (l) |
$295,628 (l) |
TOB Trust Certificates, end of period (000) |
$2,250 |
$2,250 |
$7,284 |
$36,527 |
$56,376 |
$63,384 |
$55,899 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$266,281 |
$271,826 |
$85,220 |
$18,386 |
N/A |
N/A |
N/A |
Portfolio turnover rate |
16 % |
44 % |
43 % |
29 % |
14 % |
10 % |
23 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees
waived and/or reimbursed and excluding interest expense, fees, and amortization
of offering costs would have been 4.05%, 3.94% and 0.93%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Period from
09/01/21
to 07/31/22 |
Year Ended
08/31/21 |
Year Ended
08/31/20 |
Year Ended
08/31/19 |
| |||||||
Expense ratios |
0.93 % |
0.99 % |
0.94 % |
0.93 % |
0.94 % |
0.93 % |
0.93 % |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
MIY | |||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Net asset value, beginning of period |
$13.08 |
$12.94 |
$13.56 |
$16.04 |
$15.88 |
$15.70 |
Net investment income(a) |
0.22 |
0.42 |
0.42 |
0.61 |
0.68 |
0.63 |
Net realized and unrealized gain (loss) |
(0.25 ) |
0.23 |
(0.55 ) |
(2.42 ) |
0.14 |
0.14 |
Net increase (decrease) from investment operations |
(0.03 ) |
0.65 |
(0.13 ) |
(1.81 ) |
0.82 |
0.77 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
From net investment income |
(0.31 )(c) |
(0.46 ) |
(0.43 ) |
(0.67 ) |
(0.66 ) |
(0.59 ) |
Return of capital |
— |
(0.05 ) |
(0.06 ) |
— |
— |
— |
Total distributions to Common Shareholders |
(0.31 ) |
(0.51 ) |
(0.49 ) |
(0.67 ) |
(0.66 ) |
(0.59 ) |
Net asset value, end of period |
$12.74 |
$13.08 |
$12.94 |
$13.56 |
$16.04 |
$15.88 |
Market price, end of period |
$11.70 |
$11.61 |
$11.12 |
$13.67 |
$15.80 |
$14.24 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
Based on net asset value |
0.01
%(e)
|
5.82 % |
(0.40 )% |
(11.35 )% |
5.61 % |
5.52 % |
Based on market price |
3.47
%(e)
|
9.30 % |
(15.09 )% |
(9.28 )% |
16.02 % |
4.31 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f) |
|
|
|
|
|
|
Total expenses |
3.37
%(g)
|
3.66
%(h)
|
3.27 % |
1.66 % |
1.44 % |
2.07 % |
Total expenses after fees waived and/or reimbursed |
3.32
%(g)
|
3.62
%(h)
|
3.27 % |
1.66 % |
1.44 % |
2.07 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense,
fees, amortization of offering costs and reorganization costs(i)(j) |
0.83
%(g)
|
0.87
%(h)
|
0.91 % |
0.88 % |
0.85 % |
1.20 % |
Net investment income to Common Shareholders |
3.43
%(g)
|
3.28 % |
3.31 % |
4.10 % |
4.32 % |
4.06 % |
Supplemental Data |
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$368,919 |
$378,950 |
$378,173 |
$400,206 |
$473,464 |
$468,752 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$231,900 |
$231,900 |
$231,900 |
$231,900 |
$231,900 |
$231,900 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$259,085 (k) |
$263,411 (k) |
$258,740 (k) |
$246,506 (k) |
$304,167 (l) |
$302,135 (l) |
TOB Trust Certificates, end of period (000) |
$— |
$— |
$6,334 |
$41,267 |
$41,267 |
$41,362 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
N/A |
N/A |
$97,262 |
$16,309 |
N/A |
N/A |
Portfolio turnover rate |
12 % |
27 % |
37 % |
22 % |
7 % |
9 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after
fees waived and/or reimbursed and excluding interest expense, fees, and
amortization of offering costs would have been 3.64%, 3.60% and 0.85%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for
details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Expense ratios |
0.83 % |
0.87 % |
0.91 % |
0.88 % |
0.85 % |
0.88 % |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
MYN | |||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Net asset value, beginning of period |
$11.73 |
$11.70 |
$12.12 |
$14.73 |
$14.52 |
$14.38 |
Net investment income(a) |
0.21 |
0.37 |
0.39 |
0.52 |
0.60 |
0.56 |
Net realized and unrealized gain (loss) |
(0.33 ) |
0.14 |
(0.39 ) |
(2.53 ) |
0.22 |
0.10 |
Net increase (decrease) from investment operations |
(0.12 ) |
0.51 |
— |
(2.01 ) |
0.82 |
0.66 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
From net investment income |
(0.29 )(c) |
(0.41 ) |
(0.37 ) |
(0.60 ) |
(0.61 ) |
(0.52 ) |
Return of capital |
— |
(0.07 ) |
(0.05 ) |
— |
— |
— |
Total distributions to Common Shareholders |
(0.29 ) |
(0.48 ) |
(0.42 ) |
(0.60 ) |
(0.61 ) |
(0.52 ) |
Net asset value, end of period |
$11.32 |
$11.73 |
$11.70 |
$12.12 |
$14.73 |
$14.52 |
Market price, end of period |
$10.10 |
$10.58 |
$10.08 |
$10.94 |
$14.56 |
$13.26 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
Based on net asset value |
(0.75
)%(e)
|
5.14 % |
0.64 % |
(13.74 )% |
6.10 % |
5.11 % |
Based on market price |
(1.82
)%(e)
|
10.07 % |
(3.94 )% |
(21.23 )% |
14.84 % |
4.65 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f) |
|
|
|
|
|
|
Total expenses |
3.24
%(g)
|
3.57
%(h)
|
3.07 % |
1.59 % |
1.47 % |
2.05 % |
Total expenses after fees waived and/or reimbursed |
3.21
%(g)
|
3.54
%(h)
|
3.07 % |
1.59 % |
1.47 % |
2.05 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense,
fees and amortization of offering costs(i)(j) |
0.84
%(g)
|
0.93
%(h)
|
0.89 % |
1.24 % |
1.27 % |
1.21 % |
Net investment income to Common Shareholders |
3.59
%(g)
|
3.26 % |
3.42 % |
3.91 % |
4.17 % |
3.91 % |
Supplemental Data |
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$433,597 |
$449,341 |
$452,980 |
$479,869 |
$583,221 |
$574,856 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$247,700 |
$247,700 |
$247,700 |
$247,700 |
$247,700 |
$247,700 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$266,352 (k) |
$272,392 (k) |
$269,699 (k) |
$256,882 (k) |
$335,455 (l) |
$332,077 (l) |
TOB Trust Certificates, end of period (000) |
$12,950 |
$12,950 |
$19,231 |
$58,179 |
$103,573 |
$111,089 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$53,595 |
$54,810 |
$37,423 |
$13,502 |
N/A |
N/A |
Portfolio turnover rate |
15 % |
43 % |
40 % |
31 % |
11 % |
11 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees
waived and/or reimbursed and excluding interest expense, fees, and amortization of
offering costs would have been 3.50%, 3.47% and 0.86%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Expense ratios |
0.84 % |
0.93 % |
0.89 % |
0.88 % |
0.90 % |
0.89 % |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
MPA | |||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Net asset value, beginning of period |
$13.04 |
$13.09 |
$13.92 |
$16.64 |
$16.09 |
$16.06 |
Net investment income(a) |
0.22 |
0.38 |
0.40 |
0.59 |
0.69 |
0.65 |
Net realized and unrealized gain (loss) |
(0.05 ) |
0.13 |
(0.76 ) |
(2.65 ) |
0.52 |
(0.05 ) |
Net increase (decrease) from investment operations |
0.17 |
0.51 |
(0.36 ) |
(2.06 ) |
1.21 |
0.60 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
From net investment income |
(0.40 )(c) |
(0.45 ) |
(0.40 ) |
(0.66 ) |
(0.66 ) |
(0.57 ) |
Return of capital |
— |
(0.11 ) |
(0.07 ) |
— |
— |
— |
Total distributions to Common Shareholders |
(0.40 ) |
(0.56 ) |
(0.47 ) |
(0.66 ) |
(0.66 ) |
(0.57 ) |
Net asset value, end of period |
$12.81 |
$13.04 |
$13.09 |
$13.92 |
$16.64 |
$16.09 |
Market price, end of period |
$11.83 |
$12.35 |
$11.69 |
$13.54 |
$16.23 |
$14.09 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
Based on net asset value |
1.47
%(e)
|
4.43 % |
(2.05 )% |
(12.45 )% |
8.09 % |
4.33 % |
Based on market price |
(1.06
)%(e)
|
10.75 % |
(10.08 )% |
(12.69 )% |
20.40 % |
3.47 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f) |
|
|
|
|
|
|
Total expenses |
3.14
%(g)
|
3.52
%(h)
|
3.02 % |
1.63 % |
1.48 % |
2.13 % |
Total expenses after fees waived and/or reimbursed |
3.06
%(g)
|
3.47
%(h)
|
3.01 % |
1.63 % |
1.48 % |
2.12 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense,
fees, amortization of offering costs and reorganization costs(i)(j) |
0.83
%(g)
|
1.07
%(h)
|
0.95 % |
1.24 % |
1.25 % |
1.23 % |
Net investment income to Common Shareholders |
3.40
%(g)
|
2.94 % |
3.10 % |
3.85 % |
4.24 % |
4.08 % |
Supplemental Data |
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$165,875 |
$168,804 |
$170,467 |
$185,332 |
$221,384 |
$214,155 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$82,600 |
$82,600 |
$82,600 |
$82,600 |
$82,600 |
$82,600 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$270,403 (k) |
$287,227 (k) |
$276,357 (k) |
$248,524 (k) |
$368,019 (l) |
$359,268 (l) |
TOB Trust Certificates, end of period (000) |
$14,743 |
$7,560 |
$14,060 |
$42,183 |
$44,012 |
$54,482 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) |
$17,840 |
$34,227 |
$18,983 |
$7,346 |
N/A |
N/A |
Portfolio turnover rate |
12 % |
18 % |
31 % |
18 % |
13 % |
12 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of proxy and reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total
expenses after fees waived and/or reimbursed and excluding interest expense, fees,
and amortization of offering costs would have been 3.33%, 3.28% and 0.88%, respectively. |
(i) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(j) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Expense ratios |
0.83 % |
1.07 % |
0.95 % |
0.93 % |
0.92 % |
0.93 % |
(k) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(m) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
BNY | |||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Net asset value, beginning of period |
$12.05 |
$12.05 |
$12.51 |
$15.30 |
$15.09 |
$15.09 |
Net investment income(a) |
0.21 |
0.37 |
0.40 |
0.57 |
0.66 |
0.61 |
Net realized and unrealized gain (loss) |
(0.34 ) |
0.10 |
(0.43 ) |
(2.73 ) |
0.28 |
(0.05 ) |
Net increase (decrease) from investment operations |
(0.13 ) |
0.47 |
(0.03 ) |
(2.16 ) |
0.94 |
0.56 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
From net investment income |
(0.29 )(c) |
(0.41 ) |
(0.36 ) |
(0.63 ) |
(0.73 ) |
(0.56 ) |
Return of capital |
— |
(0.06 ) |
(0.07 ) |
— |
— |
— |
Total distributions to Common Shareholders |
(0.29 ) |
(0.47 ) |
(0.43 ) |
(0.63 ) |
(0.73 ) |
(0.56 ) |
Net asset value, end of period |
$11.63 |
$12.05 |
$12.05 |
$12.51 |
$15.30 |
$15.09 |
Market price, end of period |
$10.36 |
$10.71 |
$10.35 |
$11.46 |
$15.49 |
$14.10 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
Based on net asset value |
(0.83
)%(e)
|
4.62 % |
0.46 % |
(14.24 )% |
6.55 % |
4.12 % |
Based on market price |
(0.61
)%(e)
|
8.26 % |
(5.81 )% |
(22.40 )% |
15.45 % |
6.30 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f) |
|
|
|
|
|
|
Total expenses |
3.54
%(g)
|
3.93
%(h)
|
3.40 % |
1.78 % |
1.74
%(i)
|
2.36 % |
Total expenses after fees waived and/or reimbursed |
3.53
%(g)
|
3.89
%(h)
|
3.40 % |
1.78 % |
1.74
%(i)
|
2.36 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense,
fees and amortization of offering costs(j)(k) |
1.21
%(g)
|
1.10
%(h)
|
1.03 % |
1.03 % |
1.16
%(i)
|
1.16 % |
Net investment income to Common Shareholders |
3.46
%(g)
|
3.13 % |
3.37 % |
4.12 % |
4.35 % |
4.06 % |
Supplemental Data |
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$280,558 |
$290,554 |
$292,957 |
$308,308 |
$376,645 |
$195,844 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$179,400 |
$179,400 |
$179,400 |
$179,400 |
$179,400 |
$— |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$255,150 (l) |
$260,678 (l) |
$258,872 (l) |
$237,449 (l) |
$309,947 (m) |
$— |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |
$— |
$— |
$— |
$— |
$— |
$94,500 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |
$— |
$— |
$— |
$— |
$— |
$307,243 (m) |
TOB Trust Certificates, end of period (000) |
$1,430 |
$1,430 |
$4,998 |
$44,907 |
$72,273 |
$42,523 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(n) |
$322,439 |
$329,422 |
$95,444 |
$11,853 |
N/A |
N/A |
Portfolio turnover rate |
16 % |
43 % |
37 % |
35 % |
12 % |
17 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees
waived and/or reimbursed and excluding interest expense, fees, and amortization
of offering costs would have been 3.82%, 3.78% and 0.99%, respectively. |
(i) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after
fees waived and/or reimbursed and excluding interest expense, fees, and
amortization of offering costs would have been 1.69%, 1.69% and 1.11%, respectively. |
(j) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for
details |
(k) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Year Ended
07/31/22 |
Year Ended
07/31/21 |
Year Ended
07/31/20 |
| ||||||
Expense ratios |
0.99 % |
1.09 % |
1.02 % |
1.02 % |
1.16 % |
1.16 % |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(m) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP/VMTP Shares) from the
Fund’s total assets and dividing this by the liquidation
value of the VRDP/VMTP Shares, and by multiplying the results by
100,000. |
(n) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
|
BHV | ||||||
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Period from
09/01/21
to 07/31/22 |
Year Ended
08/31/21 |
Year Ended
08/31/20 |
Year Ended
08/31/19 |
| |||||||
Net asset value, beginning of period |
$12.48 |
$12.44 |
$13.32 |
$15.73 |
$15.38 |
$15.64 |
$14.97 |
Net investment income(a) |
0.18 |
0.29 |
0.35 |
0.46 |
0.54 |
0.55 |
0.58 |
Net realized and unrealized gain (loss) |
(0.22 ) |
0.17 |
(0.85 ) |
(2.37 ) |
0.36 |
(0.26 ) |
0.74 |
Net increase (decrease) from investment operations |
(0.04 ) |
0.46 |
(0.50 ) |
(1.91 ) |
0.90 |
0.29 |
1.32 |
Distributions to Common Shareholders(b) |
|
|
|
|
|
|
|
From net investment income |
(0.29 )(c) |
(0.38 ) |
(0.32 ) |
(0.50 ) |
(0.55 ) |
(0.55 ) |
(0.65 ) |
Return of capital |
— |
(0.04 ) |
(0.06 ) |
— |
— |
— |
— |
Total distributions to Common Shareholders |
(0.29 ) |
(0.42 ) |
(0.38 ) |
(0.50 ) |
(0.55 ) |
(0.55 ) |
(0.65 ) |
Net asset value, end of period |
$12.15 |
$12.48 |
$12.44 |
$13.32 |
$15.73 |
$15.38 |
$15.64 |
Market price, end of period |
$10.94 |
$11.11 |
$10.78 |
$14.41 |
$18.75 |
$16.09 |
$16.54 |
Total Return Applicable to Common Shareholders(d) |
|
|
|
|
|
|
|
Based on net asset value |
(0.15
)%(e)
|
4.38 % |
(3.42 )% |
(12.61
)%(e)
|
5.76 % |
1.87 % |
8.94 % |
Based on market price |
1.00
%(e)
|
7.23 % |
(22.64 )% |
(20.69
)%(e)
|
20.50 % |
0.77 % |
4.15 % |
Ratios to Average Net Assets Applicable to Common Shareholders(f)
|
|
|
|
|
|
|
|
Total expenses |
4.37
%(g)
|
5.16
%(h)
|
4.43 % |
2.60
%(g)(i)
|
2.28 % |
2.86 % |
3.37 % |
Total expenses after fees waived and/or reimbursed |
4.16
%(g)
|
4.93
%(h)
|
4.20 % |
2.38
%(g)(i)
|
2.06 % |
2.64 % |
3.15 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs and reorganization costs(j)(k) |
1.77
%(g)
|
2.22
%(h)
|
1.74 % |
1.55
%(g)(i)
|
1.43 % |
1.69 % |
1.82 % |
Net investment income to Common Shareholders |
2.94
%(g)
|
2.38 % |
2.82 % |
3.52
%(g)
|
3.49 % |
3.63 % |
3.88 % |
Supplemental Data |
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
$19,294 |
$19,817 |
$19,956 |
$21,460 |
$25,326 |
$24,728 |
$25,119 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |
$11,600 |
$11,600 |
$11,600 |
$11,600 |
$11,600 |
$11,600 |
$11,600 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |
$266,326 (l) |
$270,832 (l) |
$246,737 (l) |
$246,984 (l) |
$318,324 (m) |
$313,171 (m) |
$316,539 (m) |
TOB Trust Certificates, end of period (000) |
$— |
$— |
$2,000 |
$3,000 |
$4,876 |
$4,876 |
$5,396 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period(n) |
N/A |
N/A |
$16,755 |
$12,003 |
N/A |
N/A |
N/A |
Portfolio turnover rate |
2 % |
46 % |
31 % |
39 % |
10 % |
28 % |
17 % |
(a) |
Based on average Common Shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where
applicable, excludes the effects of any sales charges and assumes the reinvestment
of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after
feeswaived and/or reimbursed and excluding interest expense, fees, and amortization
of offering costs would have been 4.68%, 4.45% and 1.74%, respectively. |
(i) |
Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees
waived and/or reimbursed and total expenses after fees waived and/or reimbursed
and excluding interest expense, fees and amortization of offering costs would have been 2.62%, 2.40% and 1.57%, respectively. |
(j) |
Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details. |
(k) |
The total expense ratio after fees waived and/or reimbursed and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees as
follows: |
|
Six Months Ended
01/31/25
(unaudited) |
Year Ended
07/31/24 |
Year Ended
07/31/23 |
Period from
09/01/21
to 07/31/22 |
Year Ended
08/31/21 |
Year Ended
08/31/20 |
Year Ended
08/31/19 |
| |||||||
Expense ratios |
1.77 % |
2.22 % |
1.74 % |
1.55 % |
1.43 % |
1.40 % |
1.42 % |
(l) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by
100,000. |
(m) |
Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying
the results by 100,000. |
(n) |
Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including
VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by
multiplying the results by 1,000. |
Fund Name |
Herein Referred To As |
Organized |
Diversification Classification |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. |
MUJ |
Maryland |
Non-diversified |
BlackRock MuniHoldings New York Quality Fund, Inc. |
MHN |
Maryland |
Non-diversified |
BlackRock MuniYield Michigan Quality Fund, Inc. |
MIY |
Maryland |
Non-diversified |
BlackRock MuniYield New York Quality Fund, Inc. |
MYN |
Maryland |
Non-diversified |
BlackRock MuniYield Pennsylvania Quality Fund |
MPA |
Massachusetts |
Non-diversified |
BlackRock New York Municipal Income Trust |
BNY |
Delaware |
Diversified |
BlackRock Virginia Municipal Bond Trust |
BHV |
Delaware |
Non-diversified |
Fund Name |
Interest Expense |
Liquidity Fees |
Other Expenses |
Total |
MUJ |
$ 289,960
|
$ 38,642
|
$ 8,682
|
$ 337,284
|
MHN |
36,002 |
4,310 |
1,135 |
41,447 |
MYN |
207,214 |
24,429 |
6,528 |
238,171 |
MPA |
179,220 |
24,997 |
7,234 |
211,451 |
BNY |
23,022 |
2,595 |
936 |
26,553 |
Fund Name |
Underlying Municipal Bonds Transferred to TOB Trusts(a)
|
Liability for TOB Trust Certificates(b)
|
Range of Interest Rates on TOB Trust Certificates at Period End |
Average TOB Trust Certificates Outstanding |
Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
MUJ |
$ 27,535,252
|
$ 16,899,999
|
2.26% — 2.37
% |
$ 17,827,499
|
3.75 % |
MHN |
4,603,532 |
2,250,000 |
2.28 |
2,250,000 |
3.65 |
MYN |
26,496,229 |
12,949,999 |
2.28 |
12,949,999 |
3.64 |
MPA |
33,911,585 |
14,742,973 |
2.28 —
2.37 |
11,643,094 |
3.60 |
BNY |
2,568,227 |
1,430,000 |
2.30 |
1,430,000 |
3.68 |
(a) |
The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal
bonds, the TOB Trust transaction may include a credit enhancement feature
that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders,
would be responsible for reimbursement of any payments of principal and
interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
(b) |
TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to
make a payment under the liquidity facility to allow the TOB Trust to
repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis,
a Fund enters into a reimbursement
agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the
“Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any
Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 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 January 31, 2025. |
|
MUJ |
MHN |
MIY |
MYN |
MPA |
Investment advisory fees |
0.50 % |
0.55
% |
0.49
% |
0.50
% |
0.49 % |
|
BNY |
BHV |
Investment advisory fees |
0.55 % |
0.65 % |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
MUJ |
$ 16,209
|
MHN |
3,734 |
MIY |
6,043 |
MYN |
3,150 |
MPA |
2,222 |
BNY |
2,422 |
BHV |
479 |
Fund Name |
Fees Waived and/or Reimbursed by the Manager |
MUJ |
$ 66,573
|
MHN |
20,449 |
MIY |
83,340 |
MYN |
70,145 |
MPA |
63,719 |
BNY |
11,972 |
BHV |
— |
Fund Name |
Purchases |
Sales |
MUJ |
$ 112,998,534
|
$ 104,473,086
|
MHN |
92,575,234 |
105,857,220 |
Fund Name |
Purchases |
Sales |
MIY |
$ 79,527,682
|
$ 68,476,458
|
MYN |
106,133,437 |
120,334,689 |
MPA |
36,468,238 |
31,747,482 |
BNY |
74,368,104 |
82,096,221 |
BHV |
618,282 |
1,175,215 |
Fund Name |
Non-Expiring Capital Loss Carryforwards |
MUJ |
$ (49,322,647
) |
MHN |
(68,794,083 ) |
MIY |
(36,216,301 ) |
MYN |
(75,473,378 ) |
MPA |
(16,927,552 ) |
BNY |
(48,957,590 ) |
BHV |
(3,292,878 ) |
Fund Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
MUJ |
$ 1,098,462,695
|
$ 20,310,895
|
$ (25,745,193
) |
$ (5,434,298
) |
MHN |
581,475,435 |
14,255,084 |
(6,030,357 ) |
8,224,727 |
MIY |
599,725,103 |
6,093,474 |
(5,833,381 ) |
260,093 |
MYN |
662,961,707 |
17,273,514 |
(7,223,480 ) |
10,050,034 |
MPA |
248,585,969 |
3,697,153 |
(5,047,657 ) |
(1,350,504 ) |
BNY |
446,649,039 |
10,316,475 |
(4,795,309 ) |
5,521,166 |
BHV |
30,077,552 |
699,600 |
(275,825 ) |
423,775 |
|
MUJ | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
507,049 |
5,349,075 |
|
MHN | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
293,363 |
2,806,910 |
|
MIY | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
267,446 |
2,750,841 |
|
MYN | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
408,538 |
3,787,717 |
|
MPA | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
75,192 |
809,297 |
|
BNY | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
201,069 |
1,898,566 |
|
BHV | |
|
Shares |
Amounts |
Six Months Ended January 31, 2025 |
— |
$ —
|
Year Ended July 31, 2024 |
16,336 |
158,886 |
Fund Name |
Issue Date |
Shares Issued |
Aggregate Principal |
Maturity Date |
MUJ |
06/30/11 |
1,727 |
$ 172,700,000
|
07/01/41 |
|
04/13/15 |
644 |
64,400,000 |
07/01/41 |
|
04/11/22 |
1,800 |
180,000,000 |
07/01/41 |
MHN |
06/30/11 |
2,436 |
243,600,000 |
07/01/41 |
MIY |
04/21/11 |
1,446 |
144,600,000 |
05/01/41 |
|
09/14/15 |
873 |
87,300,000 |
05/01/41 |
MYN |
04/21/11 |
2,477 |
247,700,000 |
05/01/41 |
MPA |
05/19/11 |
663 |
66,300,000 |
06/01/41 |
|
04/13/15 |
163 |
16,300,000 |
06/01/41 |
BNY |
03/31/21 |
945 |
94,500,000 |
03/31/51 |
|
04/12/21 |
849 |
84,900,000 |
03/31/51 |
BHV |
06/14/12 |
116 |
11,600,000 |
07/01/42 |
|
MUJ |
MHN |
MIY |
MYN |
MPA |
BNY |
BHV |
Expiration date |
11/29/25 |
11/29/25 |
07/06/25 |
07/06/25 |
07/06/25 |
11/29/25 |
07/06/25 |
Fund Name |
Moody’s Investors Service, Inc. Long-Term Ratings |
Moody’s Investors Service, Inc. Short-Term Ratings |
Fitch Ratings, Inc. Long-Term Ratings |
S&P Global Short-Term Ratings |
MUJ |
Aa2 |
P-1 |
AA |
A-1 |
MHN |
Aa2 |
P-1 |
AA |
A-1 |
MIY |
Aa2 |
N/A |
AA |
N/A |
MYN |
Aa2 |
N/A |
AA |
N/A |
MPA |
Aa2 |
N/A |
AA |
N/A |
BNY |
Aa2 |
P-1 |
AA |
A-1 |
BHV |
Aa2 |
N/A |
AA |
N/A |
Fund Name |
Commencement Date |
Expiration Date as of Period Ended 01/31/25 |
MIY |
06/25/20 |
06/18/25 |
MYN |
06/22/22 |
06/18/25 |
MPA |
06/22/22 |
06/18/25 |
BHV |
06/25/20 |
06/18/25 |
Fund Name |
Commencement Date |
Termination Date |
MUJ |
04/17/14 |
11/06/24 |
MHN |
04/17/14 |
11/06/24 |
BNY |
03/31/21 |
11/13/24 |
|
MUJ |
MHN |
MIY |
MYN |
MPA |
BNY |
BHV |
Dividend rates |
3.67 % |
3.66
% |
4.04
% |
4.04
% |
4.04
% |
3.69
% |
4.04 % |
Fund Name |
Dividends |
Deferred Offering Costs Amortization |
MUJ |
$ 7,708,950
|
$ 25,060
|
MHN |
4,491,285 |
10,576 |
MIY |
4,721,139 |
5,722 |
MYN |
5,049,346 |
11,015 |
MPA |
1,681,613 |
11,836 |
BNY |
3,339,484 |
10,924 |
BHV |
236,159 |
1,548 |
Fund Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
|
Dividend Per Common Share |
MUJ |
02/03/25 |
02/14/25 |
03/03/25 |
|
$ 0.054000
|
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.054000 |
MHN |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.051500 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.051500 |
MIY |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.054500 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.054500 |
MYN |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.051200 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.051200 |
MPA |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.066000 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.066000 |
BNY |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.051000 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.051000 |
BHV |
02/03/25 |
02/14/25 |
03/03/25 |
|
0.051500 |
|
03/03/25 |
03/14/25 |
04/01/25 |
|
0.051500 |
|
|
|
Preferred Shares(a) |
||
Fund Name |
|
|
Shares |
Series |
Declared |
MUJ |
|
|
VRDP |
W-7 |
$ 880,481
|
MHN |
|
|
VRDP |
W-7 |
510,492 |
MIY |
|
|
VRDP |
W-7 |
621,174 |
MYN |
|
|
VRDP |
W-7 |
663,497 |
MPA |
|
|
VRDP |
W-7 |
221,255 |
BNY |
|
|
VRDP |
W-7 |
375,954 |
BHV |
|
|
VRDP |
W-7 |
31,072 |
(a) |
Dividends declared for period February 1, 2025 to February 28, 2025. |
Portfolio Abbreviation | |
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp.
|
AGM-CR |
AGM Insured Custodial Receipt |
AMBAC |
AMBAC Assurance Corp. |
AMT |
Alternative Minimum Tax |
ARB |
Airport Revenue Bonds |
BAB |
Build America Bond |
BAM |
Build America Mutual Assurance Co.
|
BAM-TCRS |
Build America Mutual Assurance Co. - Transferable
Custodial Receipts |
BHAC-CR |
Berkshire Hathaway Assurance Corp. - Custodian
Receipt |
CAB |
Capital Appreciation Bonds |
COP |
Certificates of Participation |
CR |
Custodian Receipt |
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 |
U.S. Department of Housing and Urban Development
Section 8 |
M/F |
Multi-Family |
NPFGC |
National Public Finance Guarantee
Corp. |
Q-SBLF |
Qualified School Bond Loan Fund
|
RB |
Revenue Bond |
S/F |
Single-Family |
SAB |
Special Assessment Bonds |
SAW |
State Aid Withholding |
SONYMA |
State of New York Mortgage Agency
|
TA |
Tax Allocation |
(b) Not Applicable
Item 2 Code of Ethics Not Applicable to this semi-annual report
Item 3 Audit Committee Financial Expert Not Applicable to this semi-annual report
Item 4 Principal Accountant Fees and Services Not Applicable to this semi-annual report
Item 5 Audit Committee of Listed Registrant Not Applicable to this semi-annual report
Item 6 Investments
(a) The registrants Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 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 Not Applicable
Item 12 Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable to this semi-annual report
Item 13 Portfolio Managers of Closed-End Management Investment Companies
(a) Not Applicable to this semi-annual report.
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 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
(a) The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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.
(b) There were no changes in the registrants 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 registrants internal control over financial reporting.
Item 17 Disclosure of Securities Lending Activities for Closed-End Management Investment Companies Not Applicable to this semi-annual report
Item 18 Recovery of Erroneously Awarded Compensation Not Applicable
Item 19 Exhibits attached hereto
(a)(1) Code of Ethics Not Applicable to this semi-annual report
(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 registrants securities are listed Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 Not Applicable
(a)(5) Change in Registrants independent public accountant Not Applicable
|
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 New York Quality Fund, Inc.
By: |
/s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock MuniYield New York Quality Fund, Inc. |
Date: March 24, 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: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock MuniYield New York Quality Fund, Inc. | ||
Date: March 24, 2025
| ||
By: | /s/ Trent Walker | |
Trent Walker | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock MuniYield New York Quality Fund, Inc. | ||
Date: March 24, 2025 |