N-CSR 1 d833625dncsr.htm BLACKROCK MUNIYIELD FUND, INC. BLACKROCK MUNIYIELD FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-06414

Name of Fund:   BlackRock MuniYield Fund, Inc. (MYD)

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield

            Fund, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2020

Date of reporting period: 04/30/2020


Item 1 – Report to Stockholders


 

LOGO   APRIL 30, 2020

 

   2020 Annual Report

 

BlackRock MuniYield Fund, Inc. (MYD)

BlackRock MuniYield Quality Fund, Inc. (MQY)

BlackRock MuniYield Quality Fund II, Inc. (MQT)

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

 

Not FDIC Insured • May Lose Value • No Bank Guarantee


The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of April 30, 2020
     6-month   12-month

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

  (3.16)%   0.86%

U.S. small cap equities
(Russell 2000® Index)

  (15.47)   (16.39)

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

  (14.21)   (11.34)

Emerging market equities
(MSCI Emerging Markets Index)

  (10.50)   (12.00)

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

  0.85   2.07

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

  10.73   19.78

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

  4.86   10.84

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

  (1.26)   2.21

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

  (6.60)   (4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
 

 

 

2    THIS PAGE IS NOT PART OF YOUR FUND REPORT


Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Municipal Market Overview

     4  

The Benefits and Risks of Leveraging

     5  

Derivative Financial Instruments

     5  

Fund Summaries

     6  

Financial Statements:

  

Schedules of Investments

     12  

Statements of Assets and Liabilities

     35  

Statements of Operations

     36  

Statements of Changes in Net Assets

     37  

Statements of Cash Flows

     39  

Financial Highlights

     40  

Notes to Financial Statements

     43  

Report of Independent Registered Public Accounting Firm

     53  

Automatic Dividend Reinvestment Plan

     54  

Director and Officer Information

     55  

Additional Information

     58  

Glossary of Terms Used in this Report

     60  

 

 

          3  


Municipal Market Overview  For the Reporting Period Ended April 30, 2020

 

Municipal Market Conditions

Municipal bonds posted modestly positive total returns amid a bifurcated market narrative in which rallying interest rates and favorable technicals drove strong performance early in the period before sentiment changed as implications of the coronavirus pandemic materialized. During the month of March, municipal bonds experienced volatility that was worse than during the height of the global financial crisis, as performance plummeted -10.87% during a two-week period before rebounding on aggressive valuation-based buying (For comparison, the -11.86% correction in 2008 spanned more than a month.) Performance continued to be hindered in April by the negative fundamental impacts of the prolonged economic shutdown, despite numerous stimulus efforts by the Fed.

 

 
Technical support waned during the period as a streak of 60-consecutive weeks of inflows turned to record outflows. During the 12 months ended April 30, 2020, municipal bond funds experienced net inflows totaling $38 billion, drawn down by nearly $46 billion in outflows during the months of March and April (based on data from the Investment Company Institute). For the same 12-month period, new issuance was elevated from a historical perspective at $417 billion but slowed materially as market liquidity became constrained amid a flight to quality spurred by the pandemic.   S&P Municipal Bond Index
  Total Returns as of April 30, 2020
    6 months: (1.26)%
  12 months: 2.21%

A Closer Look at Yields

 

LOGO

From April 30, 2019 to April 30, 2020, yields on AAA-rated 30-year municipal bonds decreased by 27 basis points (“bps”) from 2.55% to 2.28%, while ten-year rates decreased by 40 bps from 1.86% to 1.46% and five-year rates decreased by 54 bps from 1.63% to 1.09% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 39 bps, on par with the 41 bps of steepening in the comparable U.S. Treasury curve.

During the same time period, tax-exempt municipal bonds significantly underperformed U.S. Treasuries across the yield curve. Relative valuations, which had been broadly stretched since the passage of tax reform, reset to levels not seen since 2008. This has resulted in increased participation from crossover investors in a market that has mainly been driven by retail over the past few years.

Financial Conditions of Municipal Issuers

The coronavirus pandemic is an unprecedented shock to the system impacting nearly every sector in the municipal market. Luckily, most states and municipalities were in excellent fiscal health before the crisis and the federal government has provided an incredible amount of support. Ongoing stability is expected in high-quality states as well as school districts and local governments given that property taxes have proven resilient in past economic downturns. Essential public services such as power, water, and sewer are protected segments. State housing authority bonds, flagship universities, and strong national and regional health systems are well positioned to absorb the impact of the economic shock. However, some segments are facing daunting financial challenges and federal support may be insufficient, requiring issuers to draw down reserves and/or borrow to meet financial obligations. Critical providers (such as safety net hospitals, mass transit and airports) with limited resources will require funding from the states and broader municipalities they serve. We anticipate that a small subset of the market, mainly non-rated stand-alone projects, will experience significant credit deterioration. Assuming the worst case, a prolonged recession would likely mean a spate of defaults, primarily in non-rated credits, and the migration of the municipal market’s overall credit quality from double-A to a still-strong single-A rating. As a result, we advocate careful credit selection and anticipate increased credit dispersion as the market navigates near-term uncertainty.

The opinions expressed are those of BlackRock as of April 30, 2020 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk, including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The S&P Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

 

 

4    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


The Benefits and Risks of Leveraging

 

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

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

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

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

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

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

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

If a Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Fund’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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

 

 

THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS      5  


Fund Summary  as of April 30, 2020    BlackRock MuniYield Fund, Inc.

 

Investment Objective

BlackRock MuniYield Fund, Inc.’s (MYD) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its total assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information

 

Symbol on New York Stock Exchange (“NYSE”)

  MYD

Initial Offering Date

  November 29, 1991

Yield on Closing Market Price as of April 30, 2020 ($12.29)(a)

  5.47%

Tax Equivalent Yield(b)

  9.24%

Current Monthly Distribution per Common Share(c)

  $0.0560

Current Annualized Distribution per Common Share(c)

  $0.6720

Leverage as of April 30, 2020(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 does not guarantee future results.

 
  (b) 

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

 
  (c) 

The distribution rate is not constant and is subject to change.

 
  (d) 

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5.

 

Performance

Returns for the 12 months ended April 30, 2020 were as follows:

 

    Returns Based On  
     Market Price      NAV  

MYD(a)(b)

    (8.94 )%       (3.66 )% 

Lipper General & Insured Municipal Debt Funds (Leveraged)(c)

    (3.22      (2.24

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (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) 

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

 

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

Past performance is not indicative of future results.

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

Municipal bonds performed well for most of the period due to the accommodative Fed policy and favorable supply-and-demand trends in the market. This supportive backdrop changed abruptly in March once the spread of the coronavirus pandemic led to travel restrictions, business closures and stay-at-home orders. The prospect of a sharp economic downturn led to significant, broad-based weakness across the financial markets. Tax-exempt issues were hard hit in the sell-off, as investors withdrew cash from municipal bond funds and a lack of market liquidity inhibited efficient pricing. Municipal bonds subsequently recovered in April following aggressive stimulus from the Fed and U.S. Congress, allowing the category to close the period with a narrow gain.

Prior to the March downturn, the Fund benefited from its investments in longer-dated securities with maturities of 20 years and above. Holdings in bonds on the lower end of the investment-grade spectrum (A and BBB) also aided performance in this time, as did positions in the tax-backed, transportation and tobacco sectors. Once the market turned lower, these same factors detracted from results and were the primary reason for the Fund’s negative return for the full period.

The Fund’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Fund’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the coronavirus pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined amid investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Fund’s use of leverage also weighed on the Fund’s results at a time of falling bond prices.

On the positive side, the Fund’s holdings in AAA and AA rated debt performed better in the sell-off compared to other areas of the market.

The investment adviser increased the Fund’s duration, thereby moving away from the more defensive posture it held for the majority of the period. This change reflected the investment adviser’s belief that yields had fallen to low levels that indicated little additional upside potential from rate movements.

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

 

 

6    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020 (continued)    BlackRock MuniYield Fund, Inc.

 

Market Price and Net Asset Value Per Share Summary

 

     04/30/20      04/30/19      Change      High      Low  

Market Price

  $ 12.29      $ 14.15        (13.14 )%     $ 15.45      $ 9.99  

Net Asset Value

    13.38        14.56        (8.10      15.65        12.28  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Fund’s Total Investments*

 

SECTOR ALLOCATION

 

Sector   04/30/20     04/30/19  

Transportation

    27     26

Utilities

    17       13  

Health

    14       17  

County/City/Special District/School District

    13       12  

Tobacco

    9       8  

State

    8       9  

Education

    6       6  

Corporate

    4       7  

Housing

    2       2  

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

CALL/MATURITY SCHEDULE (c)

 

Calendar Year Ended December 31,

       

2020

    12

2021

    11  

2022

    9  

2023

    7  

2024

    6  

 

  (c) 

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

 
  *

Excludes short-term securities.

 

CREDIT QUALITY ALLOCATION (a)

 

Credit Rating   04/30/20     04/30/19  

AAA/Aaa

    5     3

AA/Aa

    32       37  

A

    26       24  

BBB/Baa

    18       17  

BB/Ba

    6       3  

B

    2       4  

CC

    1       1  

N/R(b)

    10       11  

 

  (a) 

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service (“Moody’s”) 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.

 
  (b) 

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 April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents 3% and 2%, respectively, of the Fund’s total investments.

 
 

 

 

FUND SUMMARY      7  


Fund Summary  as of April 30, 2020    BlackRock MuniYield Quality Fund, Inc.

 

Investment Objective

BlackRock MuniYield Quality Fund, Inc.’s (MQY) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. Effective July 31, 2019, the Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information

 

Symbol on NYSE

  MQY

Initial Offering Date

  June 26, 1992

Yield on Closing Market Price as of April 30, 2020 ($13.88)(a)

  4.58%

Tax Equivalent Yield(b)

  7.74%

Current Monthly Distribution per Common Share(c)

  $0.0530

Current Annualized Distribution per Common Share(c)

  $0.6360

Leverage as of April 30, 2020(d)

  40%

 

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The monthly distribution per Common Share, declared on June 1, 2020, was increased to $0.0600 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (d) 

Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5.

 

Performance

Returns for the 12 months ended April 30, 2020 were as follows:

 

    Returns Based On  
     Market Price      NAV  

MQY(a)(b)

    3.60      (1.44 )% 

Lipper General & Insured Municipal Debt Funds (Leveraged)(c)

    (3.22      (2.24

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (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) 

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

 

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

Past performance is not indicative of future results.

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

Municipal bonds performed well for most of the period due to the accommodative Fed policy and favorable supply-and-demand trends in the market. This supportive backdrop changed abruptly in March once the spread of the coronavirus pandemic led to travel restrictions, business closures and stay-at-home orders. The prospect of a sharp economic downturn led to significant, broad-based weakness across the financial markets. Tax-exempt issues were hard hit in the sell-off, as investors withdrew cash from municipal bond funds and a lack of market liquidity inhibited efficient pricing. Municipal bonds subsequently recovered in April following aggressive stimulus from the Fed and U.S. Congress, allowing the category to close the period with a narrow gain.

The Fund’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Fund’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the coronavirus pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined amid investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Fund’s use of leverage also weighed on the Fund’s results at a time of falling bond prices.

Positions in lower-rated securities also detracted, as this market segment underperformed by a wide margin at a time of heightened uncertainty. Lower-quality states such as Illinois and New Jersey were especially notable laggards. Both are facing a likely reduction in tax revenues due to the stay-at-home orders and business closures that resulted from the coronavirus pandemic.

Portfolio income contributed to performance. Positions in higher-rated securities and issuers that focus on essential services also helped Fund returns, particularly during the market turmoil in March.

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

 

 

8    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020 (continued)    BlackRock MuniYield Quality Fund, Inc.

 

Market Price and Net Asset Value Per Share Summary

 

     04/30/20      04/30/19      Change      High      Low  

Market Price

  $ 13.88      $ 13.99        (0.79 )%     $ 15.82      $ 11.19  

Net Asset Value

    14.79        15.67        (5.62      16.96        13.42  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Fund’s Total Investments*

 

SECTOR ALLOCATION

 

Sector   04/30/20     04/30/19  

Transportation

    30     29

County/City/Special District/School District

    19       20  

State

    13       12  

Health

    13       15  

Utilities

    11       10  

Housing

    6       6  

Education

    5       3  

Tobacco

    3       3  

Corporate

    (a)      2  

 

  (a) 

Rounds to less than 1%.

 

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

CALL/MATURITY SCHEDULE (d)

 

Calendar Year Ended December 31,

       

2020

    2

2021

    11  

2022

    7  

2023

    7  

2024

    11  

 

  (d) 

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

 
  *

Excludes short-term securities.

 

CREDIT QUALITY ALLOCATION (b)

 

Credit Rating   04/30/20     04/30/19  

AAA/Aaa

    4     4

AA/Aa

    48       50  

A

    28       28  

BBB/Baa

    11       12  

BB/Ba

    1       2  

N/R(c)

    8       4  

 

  (b) 

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s 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.

 
  (c) 

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 April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Fund’s total investments.

 
 

 

 

FUND SUMMARY      9  


Fund Summary  as of April 30, 2020    BlackRock MuniYield Quality Fund II, Inc.

 

Investment Objective

BlackRock MuniYield Quality Fund II, Inc.’s (MQT) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. Effective July 31, 2019, the Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information

 

Symbol on NYSE

  MQT

Initial Offering Date

  August 28, 1992

Yield on Closing Market Price as of April 30, 2020 ($11.99)(a)

  4.40%

Tax Equivalent Yield(b)

  7.43%

Current Monthly Distribution per Common Share(c)

  $0.0440

Current Annualized Distribution per Common Share(c)

  $0.5280

Leverage as of April 30, 2020(d)

  40%

 

  (a) 

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

 
  (b) 

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

 
  (c) 

The monthly distribution per Common Share, declared on June 1, 2020, was increased to $0.0500 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 
  (d) 

Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5.

 

Performance

Returns for the 12 months ended April 30, 2020 were as follows:

 

    Returns Based On  
     Market Price      NAV  

MQT(a)(b)

    1.97      (1.41 )% 

Lipper General & Insured Municipal Debt Funds (Leveraged)(c)

    (3.22      (2.24

 

  (a) 

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

 
  (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) 

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

 

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

Past performance is not indicative of future results.

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

Municipal bonds performed well for most of the period due to the accommodative Fed policy and favorable supply-and-demand trends in the market. This supportive backdrop changed abruptly in March once the spread of the coronavirus pandemic led to travel restrictions, business closures and stay-at-home orders. The prospect of a sharp economic downturn led to significant, broad-based weakness across the financial markets. Tax-exempt issues were hard hit in the sell-off, as investors withdrew cash from municipal bond funds and a lack of market liquidity inhibited efficient pricing. Municipal bonds subsequently recovered in April following aggressive stimulus from the Fed and U.S. Congress, allowing the category to close the period with a narrow gain.

The Fund’s use of U.S. Treasury futures to manage interest rate risk proved detrimental to the Fund’s performance given the breakdown in correlation between the Treasury and municipal markets arising from the coronavirus pandemic. While municipal bond yields rose due to a substantial increase in yield spreads, Treasury yields declined amid investors’ “flight to quality.” (Prices and yields move in opposite directions.) The Fund’s use of leverage also weighed on the Fund’s results at a time of falling bond prices.

Positions in lower-rated securities also detracted, as this market segment underperformed by a wide margin at a time of heightened uncertainty. Lower-quality states such as Illinois and New Jersey were especially notable laggards. Both are facing a likely reduction in tax revenues due to the stay-at-home orders and business closures that resulted from the coronavirus pandemic.

Portfolio income contributed to performance. Positions in higher-rated securities and issuers that focus on essential services also helped Fund returns, particularly during the market turmoil in March.

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

 

 

10    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020 (continued)    BlackRock MuniYield Quality Fund II, Inc.

 

Market Price and Net Asset Value Per Share Summary

 

     04/30/20      04/30/19      Change      High      Low  

Market Price

  $ 11.99      $ 12.26        (2.20 )%     $ 13.70      $ 9.31  

Net Asset Value

    13.02        13.77        (5.45      14.94        11.78  

Market Price and Net Asset Value History For the Past Five Years

 

LOGO

Overview of the Fund’s Total Investments*

 

SECTOR ALLOCATION

 

Sector   04/30/20     04/30/19  

Transportation

    31     28

County/City/Special District/School District

    18       17  

Health

    16       18  

Utilities

    11       12  

State

    10       10  

Housing

    6       5  

Education

    5       5  

Tobacco

    3       2  

Corporate

    (a)      3  

 

  (a) 

Rounds to less than 1%.

 

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

CALL/MATURITY SCHEDULE (d)

 

Calendar Year Ended December 31,

       

2020

    2

2021

    10  

2022

    9  

2023

    9  

2024

    9  

 

  (d) 

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

 
  *

Excludes short-term securities.

 

CREDIT QUALITY ALLOCATION (b)

 

Credit Rating   04/30/20     04/30/19  

AAA/Aaa

    4     5

AA/Aa

    45       48  

A

    28       27  

BBB/Baa

    12       11  

BB/Ba

    1       2  

N/R(c)

    10       7  

 

  (b) 

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s 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.

 
  (c) 

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 April 30, 2020 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Fund’s total investments.

 
 

 

 

FUND SUMMARY      11  


Schedule of Investments

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds — 119.8%

   

Alabama — 2.2%

   

County of Jefferson Alabama Sewer, Refunding RB:

   

Senior Lien, Series A (AGM), 5.00%, 10/01/44

  $ 1,665     $ 1,823,325  

Senior Lien, Series A (AGM), 5.25%, 10/01/48

    3,175       3,504,883  

Sub-Lien, Series D, 6.00%, 10/01/42

    7,410       8,350,625  
   

 

 

 
      13,678,833  
Alaska — 0.0%            

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23

    220       220,218  
   

 

 

 
Arizona — 3.4%            

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)

    3,575       3,262,331  

City of Phoenix Civic Improvement Corp., ARB, Series A, 4.00%, 07/01/45

    2,730       2,731,010  

Salt Verde Financial Corp., RB, Senior:

   

5.00%, 12/01/32

    7,365       8,960,185  

5.00%, 12/01/37

    5,000       6,169,950  
   

 

 

 
      21,123,476  
Arkansas — 0.9%            

Arkansas Development Finance Authority, RB:

   

Baptist Health, 5.00%, 12/01/47

    1,120       1,239,482  

Big River Steel Project, AMT, 4.50%, 09/01/49(a)

    5,230       4,466,158  
   

 

 

 
      5,705,640  
California — 5.5%            

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

    4,455       7,022,327  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b)

    6,465       6,560,294  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33

    2,560       2,790,733  

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

   

5.25%, 08/15/39

    305       329,412  

5.25%, 08/15/49

    770       815,984  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a)

    1,650       1,668,728  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(a):

   

5.00%, 12/01/41

    1,100       1,093,785  

5.00%, 12/01/46

    955       934,343  

California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series A, 6.00%, 05/01/43

    3,285       3,285,131  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A(b):

   

6.25%, 10/01/23

    335       395,685  

6.25%, 10/01/23

    405       478,431  

Golden State Tobacco Securitization Corp., Refunding RB:

   

Series A-1, 5.25%, 06/01/47

    1,140       1,141,493  

Series A-2, 5.00%, 06/01/47

    4,525       4,414,500  

State of California, GO:

   

(AMBAC), 5.00%, 04/01/31

    10       10,028  

Various Purposes, 6.00%, 03/01/33

    1,710       1,715,917  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38

    1,605       1,747,027  
   

 

 

 
      34,403,818  
Security   Par
(000)
    Value  
Colorado — 1.7%            

Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43

  $ 2,635     $ 3,262,156  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

    3,735       3,628,515  

Denver Connection West Metropolitan District, GO, Series A, 5.38%, 08/01/47

    1,250       1,057,550  

State of Colorado, COP, Building Excellent Schools, Series O, 4.00%, 03/15/44

    2,695       2,964,554  
   

 

 

 
      10,912,775  
Connecticut — 1.1%            

State of Connecticut, GO, Series A, 4.00%, 01/15/38

    6,580       6,860,374  
   

 

 

 
Delaware — 2.1%            

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

    2,305       2,331,484  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55

    2,430       2,706,388  

State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45

    8,275       8,276,738  
   

 

 

 
      13,314,610  
District of Columbia — 6.7%            

District of Columbia, Refunding RB:

   

Georgetown University, 5.00%, 04/01/35

    910       1,008,853  

The Catholic University of America Issue, 5.00%, 10/01/48

    4,875       5,434,650  

District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41

    4,440       4,603,792  

Metropolitan Washington Airports sAuthority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

    4,240       4,353,971  

Metropolitan Washington Airports Authority, Refunding RB, CAB, 2nd Senior Lien, Series B (AGC)(c):

   

0.00%, 10/01/31

    8,350       5,975,594  

0.00%, 10/01/32

    15,000       10,254,900  

Dulles Toll Road, 0.00%, 10/01/33

    13,410       8,735,274  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53

    1,615       1,542,228  
   

 

 

 
      41,909,262  
Florida — 4.6%            

County of Alachua Florida Health Facilities Authority, RB, Shands Teaching Hospital and Clinics, Series A, 5.00%, 12/01/44

    4,825       5,077,251  

County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45

    2,790       3,068,944  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(b)

    7,530       7,667,724  

County of Volusia Educational Facility Authority, Refunding RB, Embry Riddle Aeronautical Project:

   

5.00%, 10/15/44

    1,215       1,358,163  

5.00%, 10/15/49

    2,480       2,773,880  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b)

    6,150       6,692,246  

Santa Rosa Bay Bridge Authority, RB,
6.25%, 07/01/28(d)(e)

    3,162       2,529,732  
   

 

 

 
      29,167,940  
Georgia — 1.9%        

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

    1,075       1,174,964  
 

 

 

12    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Georgia (continued)        

Main Street Natural Gas, Inc., RB, Series A:

   

5.00%, 05/15/35

  $ 1,040     $ 1,184,934  

5.00%, 05/15/36

    1,040       1,180,889  

5.00%, 05/15/37

    1,145       1,305,186  

5.00%, 05/15/38

    630       713,387  

5.00%, 05/15/49

    2,100       2,438,415  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49

    3,290       2,957,940  

Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49

    1,285       1,236,337  
   

 

 

 
      12,192,052  
Hawaii — 0.4%            

State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30

    2,760       2,777,802  
   

 

 

 
Idaho — 1.6%            

County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, 6.45%, 08/01/32

    10,000       10,026,500  
   

 

 

 
Illinois — 14.9%            

Chicago Board of Education, GO:

   

5.00%, 12/01/46

    1,125       1,012,624  

5.00%, 12/01/46

    2,915       2,521,242  

Dedicated Revenues, Series H, 5.00%, 12/01/36

    460       443,412  

Series C, 5.25%, 12/01/35

    3,095       3,065,814  

Chicago Board of Education, GO, Refunding:

   

5.00%, 12/01/25

    1,365       1,393,187  

Dedicated Revenues, Series D, 5.00%, 12/01/25

    1,735       1,770,828  

Dedicated Revenues, Series D, 5.00%, 12/01/31

    1,000       994,220  

Dedicated Revenues, Series F, 5.00%, 12/01/22

    1,305       1,328,634  

Dedicated Revenues, Series G, 5.00%, 12/01/34

    455       439,225  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:

   

5.63%, 01/01/35

    810       826,257  

Series A, 5.75%, 01/01/21(b)

    2,940       3,037,932  

Series A, 5.75%, 01/01/39

    560       571,385  

Series C, 6.50%, 01/01/21(b)

    11,920       12,365,212  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

    2,130       2,239,631  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

    1,635       1,656,974  

Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:

   

5.00%, 02/15/47

    425       421,443  

5.00%, 02/15/50

    210       207,211  

Illinois Finance Authority, Refunding RB, Ascension Health, Series A, 5.00%, 11/15/21(b)

    1,970       2,094,839  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57

    1,835       1,634,104  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

   

4.00%, 06/15/50

    2,830       2,356,569  

CAB, Series B (AGM), 0.00%, 06/15/47(c)

    27,225       8,038,181  

Series B (AGM), 0.00%, 06/15/43 (c)

    10,925       3,862,097  

Series B (AGM), 5.00%, 06/15/50

    12,435       12,464,844  

Series B-2, 5.00%, 06/15/50

    5,085       5,085,153  

Railsplitter Tobacco Settlement Authority, RB(b):

   

5.50%, 06/01/21

    2,730       2,866,145  

6.00%, 06/01/21

    2,335       2,464,102  

State of Illinois, GO:

   

5.50%, 07/01/38

    4,000       3,778,280  

5.00%, 02/01/39

    3,195       2,836,297  
Security   Par
(000)
    Value  
Illinois (continued)            

State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/28

  $ 1,000     $ 974,640  

State of Illinois, GO, Series A, 5.00%, 04/01/38

    2,510       2,235,030  

State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37

    5,815       6,365,622  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44

    2,045       2,117,638  
   

 

 

 
      93,468,772  
Indiana — 3.3%            

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

   

6.75%, 01/01/34

    1,635       1,710,798  

7.00%, 01/01/44

    3,950       4,139,205  

Indiana Finance Authority, RB, Series A:

   

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

    6,665       7,016,979  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

    910       931,321  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

    3,015       3,094,596  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

    840       860,597  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

    2,580       2,813,361  
   

 

 

 
      20,566,857  
Iowa — 1.6%            

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

   

Series B, 5.25%, 12/01/50(f)

    5,720       5,453,791  

Midwestern Disaster Area, 5.25%, 12/01/25

    940       935,366  

Midwestern Disaster Area, 5.88%, 12/01/26(a)

    835       847,392  

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, CAB, Series B, 5.60%, 06/01/34

    2,695       2,695,431  
   

 

 

 
      9,931,980  
Kentucky — 1.2%            

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/23(b)

    2,055       2,261,959  

Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45

    2,625       2,922,019  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(g)

    2,485       2,321,934  
   

 

 

 
      7,505,912  
Louisiana — 1.7%            

Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project, 2.10%, 06/01/37(f)

    950       824,229  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

   

5.50%, 05/15/30

    2,055       2,057,877  

5.25%, 05/15/31

    1,750       1,796,935  

5.25%, 05/15/32

    2,240       2,352,851  

5.25%, 05/15/33

    2,430       2,551,014  

5.25%, 05/15/35

    1,025       1,086,736  
   

 

 

 
      10,669,642  
Maryland — 0.6%            

County of Prince George’s Maryland, Special Obligation, Remarketing, National Harbor Project, 5.20%, 07/01/34

    1,289       1,284,102  

Maryland EDC, Refunding RB, CNX Marine Terminal, Inc., 5.75%, 09/01/25

    1,545       1,553,915  
 

 

 

SCHEDULES OF INVESTMENTS      13  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Maryland (continued)            

Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

  $ 880     $ 968,897  
   

 

 

 
      3,806,914  
Massachusetts — 1.5%            

Massachusetts Bay Transportation Authority, Refunding RB, Senior Series A-1, 5.25%, 07/01/29

    3,250       4,294,258  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series C-1:

   

3.15%, 12/01/49

    1,165       1,124,330  

3.25%, 12/01/54

    4,280       4,200,948  
   

 

 

 
      9,619,536  
Michigan — 3.3%            

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

    8,995       9,551,521  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

   

5.50%, 05/15/20(b)

    1,545       1,547,178  

5.50%, 05/15/36

    1,250       1,251,413  

Michigan Finance Authority, Refunding RB:

   

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

    1,830       1,900,729  

Series A, 4.00%, 12/01/49

    1,710       1,757,247  

Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48

    2,105       2,492,678  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

    2,255       2,270,808  
   

 

 

 
      20,771,574  
Minnesota — 1.1%            

Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:

   

4.25%, 02/15/48

    2,160       2,194,193  

5.25%, 02/15/53

    4,315       4,715,216  
   

 

 

 
      6,909,409  
Missouri — 1.1%            

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

    510       549,122  

State of Missouri Health & Educational Facilities Authority, Refunding RB:

   

Mercy Health, Series C, 5.00%, 11/15/47

    5,470       6,052,664  

St. Louis College of Pharmacy Project, 5.50%, 05/01/43

    510       533,282  
   

 

 

 
      7,135,068  
Nebraska — 0.4%            

Central Plains Nebraska Energy Project, RB, Gas Project No. 3:

   

5.00%, 09/01/42

    925       978,807  

5.25%, 09/01/37

    1,670       1,777,815  
   

 

 

 
      2,756,622  
New Hampshire — 0.7%            

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a):

   

Series B, 4.63%, 11/01/42

    3,205       2,873,251  

Series C, AMT, 4.88%, 11/01/42

    1,665       1,505,110  
   

 

 

 
      4,378,361  
Security   Par
(000)
    Value  
New Jersey — 13.3%            

Casino Reinvestment Development Authority, Inc., Refunding RB:

   

5.25%, 11/01/39

  $ 3,490     $ 3,358,427  

5.25%, 11/01/44

    3,180       2,956,192  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

    2,250       2,255,355  

New Jersey EDA, RB:

   

Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31

    2,295       2,355,427  

School Facilities Construction, 5.00%, 06/15/49

    4,850       4,612,398  

Series EEE, 5.00%, 06/15/48

    7,780       7,410,917  

Transit transportation Project, 4.00%, 11/01/38

    1,075       954,385  

Transit transportation Project, 4.00%, 11/01/39

    860       760,481  

New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47

    3,040       2,845,714  

New Jersey State Turnpike Authority, RB:

   

Series A, 5.00%, 01/01/43

    685       720,380  

Series E, 5.00%, 01/01/45

    5,425       5,890,356  

New Jersey Transportation Trust Fund Authority, RB:

   

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

    7,395       3,703,934  

Series BB, 4.00%, 06/15/50

    3,150       2,691,140  

Series BB, 5.00%, 06/15/50

    10,800       10,262,268  

Transportation Program, Series AA, 5.00%, 06/15/44

    3,875       3,743,909  

Transportation System, Series A, 5.50%, 06/15/21(b)

    3,630       3,829,323  

Transportation System, Series B, 5.25%, 06/15/36

    4,990       4,999,730  

Tobacco Settlement Financing Corp., Refunding RB:

   

Series A, 5.25%, 06/01/46

    5,120       5,456,282  

Sub-Series B, 5.00%, 06/01/46

    14,860       14,939,055  
   

 

 

 
      83,745,673  
New York — 6.7%            

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

    4,235       4,449,587  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

    3,700       3,690,750  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

    440       462,895  

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45

    4,070       3,720,346  

Metropolitan Transportation Authority, RB, Series B:

   

5.25%, 11/15/38

    4,960       5,145,008  

5.25%, 11/15/39

    1,765       1,829,423  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(a):

   

Class 1, 5.00%, 11/15/44

    8,145       7,507,165  

Class 2, 5.15%, 11/15/34

    705       675,771  

Class 2, 5.38%, 11/15/40

    1,760       1,730,309  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50

    1,525       1,554,738  

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:

   

6.00%, 12/01/36

    2,625       2,672,092  

6.00%, 12/01/42

    1,485       1,493,999  

State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48

    3,750       4,436,250  

State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60(h)

    2,765       2,915,444  
   

 

 

 
      42,283,777  
 

 

 

14    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
North Carolina — 0.6%            

North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, Duke Energy Carolinas Project, Series B, 4.63%, 11/01/40

  $ 1,140     $ 1,155,447  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b)

    1,210       1,278,619  

University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapel Hills, 5.00%, 02/01/49

    1,130       1,444,976  
   

 

 

 
      3,879,042  
North Dakota — 0.3%            

County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58

    2,000       2,178,700  
   

 

 

 
Ohio — 3.3%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior:

   

Class 1, Series A-2, 4.00%, 06/01/37

    610       653,011  

Class 1, Series A-2, 4.00%, 06/01/38

    610       653,029  

Class 1, Series A-2, 4.00%, 06/01/39

    610       647,649  

Class 1, Series A-2, 4.00%, 06/01/48

    1,605       1,584,585  

Class 2, Series B-2, 5.00%, 06/01/55

    7,035       6,223,724  

County of Allen Ohio Hospital Facilities, Refunding RB, Mercy Health, Series A, 4.00%, 11/01/44

    4,160       4,203,555  

County of Franklin Ohio, RB:

   

OPRS Communities Obligation Group, Series A, 6.13%, 07/01/22(b)

    80       89,046  

OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

    1,300       1,321,138  

Series A, 4.00%, 12/01/49

    1,060       1,117,166  

Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

    840       934,382  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

    1,545       1,403,694  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53

    1,685       1,848,698  
   

 

 

 
      20,679,677  
Oklahoma — 1.9%            

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57

    2,460       2,579,015  

Oklahoma Turnpike Authority, RB,

   

Series A, 4.00%, 01/01/48

    4,320       4,672,425  

2nd Series C, 4.00%, 01/01/42

    4,115       4,472,388  
   

 

 

 
      11,723,828  
Pennsylvania — 3.7%            

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42

    5,250       5,385,555  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42

    1,325       1,371,282  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:

   

5.00%, 09/01/43

    2,610       2,865,075  

4.00%, 09/01/49

    1,185       1,192,169  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

    1,765       1,777,814  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

    3,210       2,754,565  

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49

    4,875       5,135,715  
Security   Par
(000)
    Value  
Pennsylvania (continued)            

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

  $ 2,305     $ 2,481,356  
   

 

 

 
      22,963,531  
Puerto Rico — 5.5%            

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

   

5.50%, 05/15/39

    1,430       1,431,130  

5.63%, 05/15/43

    1,430       1,408,693  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

   

5.00%, 07/01/33

    5,165       4,905,975  

5.13%, 07/01/37

    1,470       1,387,959  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

   

6.00%, 07/01/38

    1,530       1,517,332  

6.00%, 07/01/44

    2,770       2,769,501  

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

   

CAB, Series A-1, 0.00%, 07/01/51(c)

    1,547       269,395  

Series A-1, 4.75%, 07/01/53

    3,304       2,976,342  

Series A-1, 5.00%, 07/01/58

    13,094       12,230,058  

Series A-2, 4.78%, 07/01/58

    6,236       5,613,585  
   

 

 

 
      34,509,970  
Rhode Island — 3.1%            

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(d)(e)

    4,155       637,099  

Tobacco Settlement Financing Corp., Refunding RB, Series B:

   

4.50%, 06/01/45

    8,215       8,373,960  

5.00%, 06/01/50

    9,875       10,319,967  
   

 

 

 
      19,331,026  
South Carolina — 5.5%            

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48

    6,455       6,962,879  

State of South Carolina Ports Authority, ARB(b):

   

5.25%, 07/01/20

    6,000       6,041,700  

AMT, 5.25%, 07/01/25

    2,225       2,651,911  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

    8,090       8,538,510  

State of South Carolina Public Service Authority, Refunding RB:

   

Series A, 5.00%, 12/01/50

    5,000       5,220,250  

Series E, 5.25%, 12/01/55

    4,550       4,817,540  
   

 

 

 
      34,232,790  
Tennessee — 1.2%            

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b)

    2,855       3,163,168  

City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

    330       320,592  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40

    1,440       1,559,664  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58

    2,025       2,158,711  
   

 

 

 
      7,202,135  
 

 

 

SCHEDULES OF INVESTMENTS      15  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Texas — 7.3%            

Central Texas Regional Mobility Authority, Refunding RB:

   

Senior Lien, 6.25%, 01/01/21(b)

  $ 4,365     $ 4,523,712  

Sub-Lien, 5.00%, 01/01/33

    725       744,691  

City of Houston Texas Airport System, RB, AMT, Series B-1, 5.00%, 07/15/30

    3,600       3,517,272  

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29

    1,765       1,746,891  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48

    2,440       2,915,873  

Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43

    1,525       1,683,737  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:

   

7.00%, 01/01/23(b)

    485       561,814  

6.38%, 01/01/33

    460       474,600  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48

    9,585       10,624,877  

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c)

    4,110       2,111,924  

North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/38

    1,910       2,062,093  

San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48

    5,260       6,211,745  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40

    6,000       6,014,520  

Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57

    2,435       2,461,663  
   

 

 

 
      45,655,412  
Utah — 0.7%            

City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:

   

5.00%, 07/01/47

    1,920       2,081,318  

5.00%, 07/01/48

    1,845       2,030,644  
   

 

 

 
      4,111,962  
Virginia — 1.2%            

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

   

5.25%, 01/01/32

    3,270       3,327,062  

6.00%, 01/01/37

    3,900       4,020,237  
   

 

 

 
      7,347,299  
Washington — 1.7%            

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

    3,120       3,382,923  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

    1,565       1,659,651  

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45

    4,745       5,086,640  

Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

    715       694,615  
   

 

 

 
      10,823,829  
Wisconsin — 0.3%            

Public Finance Authority, RB:

   

A&T Real Estate Foundation, Series B, 5.00%, 06/01/49

    930       938,928  

American Preparatory Academy — Las Vegas Project, Series A, 5.00%, 07/15/39(a)

    190       161,705  

American Preparatory Academy — Las Vegas Project, Series A, 5.00%, 07/15/49(a)

    720       577,354  
Security   Par
(000)
    Value  
Wisconsin (continued)            

American Preparatory Academy — Las Vegas Project, Series A, 5.00%, 07/15/54(a)

  $ 345     $ 271,070  
   

 

 

 
      1,949,057  
   

 

 

 

Total Municipal Bonds — 119.8%
(Cost — $737,938,224)

 

    752,431,655  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts — 38.5%(i)

 

California — 3.0%

   

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(j)

    6,496       6,950,735  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40

    4,689       4,697,653  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

    6,494       7,498,120  
   

 

 

 
      19,146,508  
Colorado — 2.2%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(j)

    4,775       5,331,478  

County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45

    7,820       8,300,774  
   

 

 

 
      13,632,252  
District of Columbia — 1.8%            

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39

    10,265       11,150,352  
   

 

 

 
Georgia — 1.6%            

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48

    6,660       6,868,924  

Georgia Housing & Finance Authority, RB, S/F Housing, Series 2020, 3.60%, 12/01/44

    3,037       3,148,975  
   

 

 

 
      10,017,899  
Illinois — 0.5%            

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

   

4.00%, 02/15/27(b)

    6       6,110  

4.00%, 02/15/41

    2,994       3,158,787  
   

 

 

 
      3,164,897  
Massachusetts — 1.5%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45

    4,333       4,616,837  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(b)

    4,607       4,889,231  
   

 

 

 
      9,506,068  
New York — 12.8%            

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(j):

   

5.75%, 02/15/21(b)

    2,018       2,089,322  

5.75%, 02/15/47

    1,242       1,285,288  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

    21,629       22,681,665  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j)

    13,081       13,642,793  

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47

    12,580       13,513,184  
 

 

 

16    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New York (continued)            

New York State Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50

  $ 6,065     $ 6,227,350  

Port Authority of New York & New Jersey, Refunding ARB, Series 194th, 5.25%, 10/15/55

    5,400       5,951,556  

State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46

    13,980       15,068,483  
   

 

 

 
      80,459,641  
North Carolina — 1.0%            

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

    5,290       6,033,298  
   

 

 

 
Pennsylvania — 0.9%            

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

    4,877       5,483,949  
   

 

 

 
Rhode Island — 0.6%            

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/22(b)

    3,272       3,519,582  
   

 

 

 
Texas — 7.4%            

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43

    5,060       5,504,926  

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/21(b)

    6,920       7,352,708  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43

    4,335       4,447,103  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42

    5,700       5,919,507  

Texas Water Development Board, RB, State Water Implementation Fund, Series A, 4.00%, 10/15/49

    14,560       16,261,627  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43

    6,243       6,728,309  
   

 

 

 
      46,214,180  
Virginia — 2.6%            

Virginia Small Business Financing Authority, Refunding RB:

   

Bon Secours Health System, Series A, 4.00%, 12/01/49

    10,097       10,463,880  

Sentara Healthcare, 5.00%, 11/01/40

    6,075       6,075,913  
   

 

 

 
      16,539,793  
Washington — 0.6%            

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B (AGM), 4.00%, 10/01/53

    3,778       3,825,483  
   

 

 

 
Wisconsin — 2.0%            

State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46

    5,950       6,343,939  

Wisconsin Health & Educational Facilities Authority, RB, Thedacare, Inc., 4.00%, 12/15/49(j)

    6,200       6,398,524  
   

 

 

 
      12,742,463  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 38.5%
(Cost — $236,312,924)

 

    241,436,365  
   

 

 

 

Total Long-Term Investments — 158.3%
(Cost — $974,251,148)

 

    993,868,020  
   

 

 

 
Security       
Shares
    Value  
Short-Term Securities — 3.3%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%(k)(l)

    20,523,315     $ 20,527,420  
   

 

 

 

Total Short-Term Securities — 3.3%
(Cost — $20,520,041)

 

    20,527,420  
   

 

 

 

Total Investments — 161.6%
(Cost — $994,771,189)

 

    1,014,395,440  

Other Assets Less Liabilities — 2.0%

 

    12,810,125  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.6)%

 

    (148,343,510

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (40.0)%

 

    (251,064,141
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 627,797,914  
 

 

 

 

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Non-income producing security.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(g) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(h) 

When-issued security.

(i) 

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

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 15, 2020 to December 15, 2027, is $20,198,477. See Note 4 of the Notes to Financial Statements for details.

(k) 

Annualized 7-day yield as of period end.

 

 

 

SCHEDULES OF INVESTMENTS      17  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Fund, Inc. (MYD)

 

(l) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
04/30/19
     Shares
Purchased
     Shares
Sold
     Shares
Held at
04/30/20
     Value at
04/30/20
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds,
MuniCash, Institutional Class

     5,922,549        14,600,766 (b)              20,523,315      $ 20,527,420      $ 249,839      $ 731      $ 7,961  
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
    

Interest

Rate
Contracts

     Other
Contracts
     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $      $      $ (11,772,429    $      $ (11,772,429
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $      $      $ 231,809      $      $ 231,809  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments:

 

Futures contracts:

        

Average notional value of contracts — long

   $ (a) 

Average notional value of contracts — short

     36,304,004  

 

  (a) 

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $        $ 993,868,020        $        $ 993,868,020  

Short-Term Securities

     20,527,420                            20,527,420  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 20,527,420        $ 993,868,020        $        $ 1,014,395,440  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $                —        $ (147,785,028      $        $ (147,785,028

VRDP Shares at Liquidation Value

              (251,400,000                 (251,400,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (399,185,028      $        $ (399,185,028
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

18    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds — 116.3%

   

Alabama — 0.3%

 

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/34

  $ 1,145     $ 1,275,232  
   

 

 

 
Alaska — 0.3%  

Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41

    1,400       1,462,300  
   

 

 

 
Arizona — 1.7%  

Arizona IDA, RB(a):

   

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39

    740       644,103  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49

    835       670,605  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54

    640       500,966  

Odyssey Preparatory Academy Project, 4.38%, 07/01/39

    875       712,023  

County of Maricopa Arizona IDA, Refunding RB:

   

HonorHealth, Series A, 5.00%, 09/01/36

    880       987,844  

Legacy Traditional Schools Project, 5.00%, 07/01/39(a)

    315       296,195  

Legacy Traditional Schools Project, 5.00%, 07/01/54(a)

    720       649,743  

County of Pima IDA, RB(a):

   

American Leadership Academy Project, 5.00%, 06/15/47

    1,275       999,549  

Imagine East Mesa Charter Schools Project, 5.00%, 07/01/49

    1,150       973,567  

County of Pima IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/49(a)

    1,460       1,135,836  
   

 

 

 
      7,570,431  
Arkansas — 0.4%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

    2,135       1,823,183  
   

 

 

 
California — 16.5%  

California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47

    1,770       2,461,946  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

    2,000       2,107,120  

California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53

    1,325       1,354,574  

Carlsbad California Unified School District, GO, Election of 2006, Series B, 6.00%, 05/01/34

    5,000       5,953,150  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

   

Series A, 5.00%, 03/01/36

    565       632,958  

Series A, 5.00%, 03/01/37

    620       694,977  

Series A-1, 5.75%, 03/01/34

    1,150       1,183,177  

County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b)

    900       939,150  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.50%, 06/01/36

    2,010       1,963,931  

Grossmont California Union High School District, GO, CAB, Election of 2004, 0.00%, 08/01/31(c)

    5,000       3,756,300  

Grossmont-Cuyamaca Community College District, GO, Refunding, CAB, Election of 2002, Series C (AGC), 0.00%, 08/01/30(c)

    10,030       8,026,207  

Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 7.00%, 08/01/34(d)

    4,125       4,913,824  

Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(d)

    1,945       1,957,720  
Security   Par
(000)
    Value  
California (continued)  

Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 08/01/36(c)

  $ 5,000     $ 3,149,150  

Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 08/01/37(c)

    4,005       2,469,163  

San Bernardino Community College District, GO, CAB, Election of 2008, Series B, 6.38%, 08/01/34

    10,000       12,245,900  

San Diego California Unified School District, GO, Election of 2008(c):

   

CAB, Series C, 0.00%, 07/01/38

    2,200       1,327,216  

CAB, Series G, 0.00%, 07/01/34(b)

    900       492,453  

CAB, Series G, 0.00%, 07/01/35(b)

    950       489,544  

CAB, Series G, 0.00%, 07/01/36(b)

    1,430       694,008  

CAB, Series G, 0.00%, 07/01/37(b)

    950       434,378  

San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31(c)

    1,725       1,341,291  

San Marcos Unified School District, GO, Election of 2010, Series A(b):

   

5.00%, 08/01/34

    900       948,411  

5.00%, 08/01/38

    760       801,260  

State of California, GO, 5.50%, 04/01/28

    5       5,016  

State of California, GO, Refunding, Various Purposes:

   

5.00%, 09/01/41

    2,300       2,398,049  

5.00%, 10/01/41

    1,300       1,357,486  

State of California, GO, , 5.00%, 04/01/42

    1,500       1,589,940  

Yosemite Community College District, GO, CAB, Election of 2004, Series D, 0.00%, 08/01/36(c)

    15,000       9,434,550  
   

 

 

 
      75,122,849  
Colorado — 1.3%  

City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48

    1,725       1,730,486  

Colorado Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, Series A, 4.00%, 11/15/46

    1,485       1,513,690  

Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/20(b)

    1,885       1,891,145  

Regional Transportation District, COP, Series A, 5.00%, 06/01/39

    540       586,478  
   

 

 

 
      5,721,799  
Connecticut — 1.0%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing:

   

Sub-Series A-1, 3.85%, 11/15/43

    520       532,090  

Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36

    1,060       1,152,464  

Series A-1, 3.80%, 11/15/39

    635       654,920  

Connecticut State Health & Educational Facilities Authority, RB, Mary Wade Home Issue, Series A-1, 5.00%, 10/01/54(a)

    355       293,649  

Connecticut State Health & Educational Facilities Authority, Refunding RB, University of Hartford Issue:

   

4.00%, 07/01/39

    395       390,998  

4.00%, 07/01/49

    735       700,521  

State of Connecticut, GO, Series C, 5.00%, 06/15/32

    840       974,459  
   

 

 

 
      4,699,101  
District of Columbia — 0.3%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, Series B, 4.00%, 10/01/49

    1,350       1,277,910  
   

 

 

 
Florida — 11.2%  

County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39

    2,175       2,276,616  
 

 

 

SCHEDULES OF INVESTMENTS      19  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Florida (continued)  

County of Lee Florida, Refunding ARB, Series A, AMT:

   

5.63%, 10/01/26

  $ 1,280     $ 1,335,155  

5.38%, 10/01/32

    1,700       1,762,407  

County of Miami-Dade Florida, RB, Seaport Department:

   

Series A, 6.00%, 10/01/38

    2,755       3,073,864  

Series B, AMT, 6.00%, 10/01/30

    870       969,902  

Series B, AMT, 6.25%, 10/01/38

    560       624,506  

Series B, AMT, 6.00%, 10/01/42

    895       991,553  

County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38

    655       709,208  

County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34

    260       280,436  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/22(b)

    3,550       3,876,458  

County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40

    3,600       3,822,840  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:

   

5.00%, 08/01/41

    765       766,912  

5.00%, 08/01/47

    2,225       2,179,232  

County of Orange HFA, RB, S/F Housing, Multi-County Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/47

    655       688,150  

County of Osceola FL Transportation Revenue, Refunding RB, Series A-2(c):

   

0.00%, 10/01/41

    775       322,687  

0.00%, 10/01/42

    1,035       413,131  

0.00%, 10/01/43

    945       361,179  

0.00%, 10/01/44

    965       353,489  

0.00%, 10/01/45

    810       284,164  

County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:

   

5.00%, 10/01/21(b)

    45       47,587  

5.00%, 10/01/31

    2,780       2,921,335  

County of Putnam Florida Development Authority, Refunding RB, Seminole Project, Series A, 5.00%, 03/15/42

    2,390       2,797,017  

Florida Development Finance Corp., RB, Waste Pro USA, Inc. Project, AMT(a):

   

5.00%, 05/01/29

    740       727,879  

5.00%, 08/01/29(e)

    290       289,867  

Florida Housing Finance Corp., RB, S/F Housing, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 07/01/42

    1,575       1,650,899  

Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT:

   

5.13%, 06/01/27

    1,395       1,445,806  

5.38%, 10/01/29

    1,900       2,004,025  

Greater Orlando Aviation Authority, RB, Priority Subordinated, AMT:

   

Series A, 5.00%, 10/01/47

    4,785       5,176,652  

Sub-Series A, 5.00%, 10/01/52

    2,050       2,197,620  

Lakewood Ranch Stewardship District, Special Assessment Bonds, S/F Housing, Stewardship District:

   

4.00%, 05/01/40

    365       316,305  

4.00%, 05/01/50

    605       541,336  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(b)

    1,620       1,829,450  

State of Florida, GO, Department of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, 4.00%, 07/01/39

    2,840       3,179,664  

Storey Creek Community Development District, Special Assessment Bonds, Assessment Area One Project:

   

4.00%, 12/15/39

    415       372,234  

4.13%, 12/15/49

    350       318,091  
   

 

 

 
      50,907,656  
Security   Par
(000)
    Value  
Georgia — 1.4%  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

  $ 680     $ 743,233  

County of LaGrange-Troup Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 4.00%, 04/01/47

    1,730       1,735,571  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43

    935       1,000,553  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:

   

4.00%, 01/01/49

    725       697,544  

5.00%, 01/01/56

    985       1,038,968  

Private Colleges & Universities Authority, RB, Savannah College of Art & Design:

   

5.00%, 04/01/33

    190       206,253  

5.00%, 04/01/44

    855       885,412  
   

 

 

 
      6,307,534  
Illinois — 11.4%  

Chicago Board of Education, GO, Refunding, Series A:

   

CAB, 0.00%, 12/01/25(c)

    340       271,221  

5.00%, 12/01/29

    900       904,617  

5.00%, 12/01/30

    1,080       1,079,946  

City of Chicago Illinois, Refunding ARB, Senior Lien, Series B, 5.00%, 01/01/41

    3,800       4,133,678  

City of Chicago Illinois, Refunding GARB, O'Hare International Airport, Passenger Facility Charge, Series B, AMT, 5.00%, 01/01/31

    2,500       2,570,550  

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/34

    1,475       1,550,343  

City of Chicago Illinois O'Hare International Airport, GARB:

   

3rd Lien, Series A, 5.75%, 01/01/39

    885       902,992  

Senior Lien, Series D, 5.25%, 01/01/42

    3,985       4,447,898  

City of Chicago Illinois O'Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.38%, 01/01/39

    4,090       4,304,929  

City of Chicago Illinois Transit Authority, RB:

   

5.25%, 12/01/49

    710       760,566  

Sales Tax Receipts, 5.25%, 12/01/36

    840       885,226  

County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37

    280       299,516  

Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34

    850       889,636  

Illinois Finance Authority, Refunding RB:

   

Silver Cross Hospital & Medical Centers, Series C, 4.13%, 08/15/37

    1,690       1,692,282  

Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44

    470       485,519  

University of Chicago Medical Center, Series B, 4.00%, 08/15/41

    1,100       1,141,558  

Illinois Housing Development Authority, RB, S/F Housing, Series A, 4.13%, 10/01/38

    1,875       2,045,812  

Metropolitan Pier & Exposition Authority, RB:

   

(NPFGC), 0.00%, 06/15/30(c)(f)

    800       636,416  

(NPFGC), 0.00%, 06/15/30(c)

    14,205       9,740,795  

McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57

    1,030       917,236  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

   

CAB, Series B (AGM), 0.00%, 06/15/44(c)

    4,625       1,564,684  

4.00%, 06/15/50

    790       657,841  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)

    900       949,761  

Regional Transportation Authority, RB, Series B (NPFGC), 5.75%, 06/01/33

    3,200       4,215,328  
 

 

 

20    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Illinois (continued)  

State of Illinois, GO:

   

5.25%, 02/01/33

  $ 1,140     $ 1,086,260  

5.50%, 07/01/33

    1,100       1,070,047  

5.25%, 02/01/34

    1,140       1,073,743  

5.50%, 07/01/38

    1,840       1,738,009  
   

 

 

 
      52,016,409  
Indiana — 0.7%  

Indiana Finance Authority, RB, Series A:

   

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

    1,400       1,473,934  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

    690       706,167  

State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40

    1,190       1,221,190  
   

 

 

 
      3,401,291  
Louisiana — 2.5%  

City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40

    2,260       2,422,381  

Jefferson Sales Tax District, RB, Series B (AGM):

   

5.00%, 12/01/34

    330       393,832  

5.00%, 12/01/35

    440       523,886  

5.00%, 12/01/36

    395       470,066  

5.00%, 12/01/37

    495       588,802  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB:

   

East Baton Rouge Sewerage Commission Projects, Series A, 5.00%, 02/01/44

    4,015       4,403,411  

Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35

    570       577,165  

Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/46

    1,900       2,015,729  
   

 

 

 
      11,395,272  
Maine — 0.6%  

State of Maine Housing Authority, RB:

   

M/F Housing, Series E, 4.15%, 11/15/38

    1,305       1,405,537  

M/F Housing, Series E, 4.25%, 11/15/43

    975       1,049,685  

S/F Housing, Mortgage Purchase Bonds, Series B, 3.35%, 11/15/44

    265       263,447  
   

 

 

 
      2,718,669  
Maryland — 1.1%  

City of Baltimore Maryland, Refunding, Tax Allocation Bonds, Senior Lien, Harbor Point Project, Series A(a):

   

3.50%, 06/01/39

    650       508,651  

3.63%, 06/01/46

    355       260,226  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38

    1,580       1,682,210  

Maryland Health & Higher Educational Facilities Authority, RB, Medstar Health Issue, Series A, 5.00%, 05/15/42

    2,170       2,336,960  
   

 

 

 
      4,788,047  
Massachusetts — 2.9%  

Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47

    2,855       2,976,737  

Massachusetts Development Finance Agency, Refunding RB, Partners Health Care System, 4.00%, 07/01/41

    4,450       4,670,765  

Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46

    75       77,579  

Massachusetts HFA, Refunding RB, AMT:

   

Series A, 4.45%, 12/01/42

    1,055       1,088,823  

Series C, 5.00%, 12/01/30

    810       812,430  

Series C, 5.35%, 12/01/42

    415       415,498  

Massachusetts School Building Authority, RB:

   

Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43

    1,720       1,894,563  

Sub-Series B, 4.00%, 02/15/43

    1,025       1,077,870  
   

 

 

 
      13,014,265  
Security   Par
(000)
    Value  
Michigan — 5.0%  

City of Detroit Michigan Water Supply System Revenue, RB, Senior Lien, Series A, 5.25%, 07/01/41

  $ 1,000     $ 1,034,950  

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

    840       918,674  

Michigan Finance Authority, Refunding RB:

   

Henry Ford Health System, 4.00%, 11/15/46

    1,600       1,537,392  

Trinity Health Credit Group, 5.00%, 12/01/21(b)

    25       26,610  

Trinity Health Credit Group, Series A, 4.00%, 12/01/40

    4,055       4,223,566  

Michigan State Housing Development Authority, RB, Series B, 2.95%, 12/01/39

    675       671,443  

Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48

    865       1,024,307  

Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43

    2,235       2,252,657  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39

    1,470       1,573,973  

State of Michigan Building Authority, Refunding RB, Facilities Program:

   

Series I-A, 5.38%, 10/15/36

    1,200       1,267,776  

Series I-A, 5.38%, 10/15/41

    1,000       1,053,960  

Series II-A (AGM), 5.25%, 10/15/36

    4,270       4,492,979  

State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 4.13%, 12/01/38

    2,010       2,159,444  

Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39

    520       571,376  
   

 

 

 
      22,809,107  
Nebraska — 0.2%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37

    1,000       1,064,560  
   

 

 

 
New Hampshire — 0.5%  

New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52

    2,200       2,280,718  
   

 

 

 
New Jersey — 9.3%  

New Jersey EDA, RB:

   

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

    1,220       1,240,386  

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34

    935       965,790  

Series WW, 5.25%, 06/15/25(b)

    25       30,306  

Series WW, 5.25%, 06/15/33

    215       218,234  

Series WW, 5.00%, 06/15/34

    280       280,328  

Series WW, 5.00%, 06/15/36

    1,280       1,268,646  

Series WW, 5.25%, 06/15/40

    465       466,162  

New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32

    470       452,079  

New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT:

   

Series 1, 5.50%, 12/01/25

    300       314,205  

Series 1, 5.75%, 12/01/27

    145       152,305  

Series 1, 5.75%, 12/01/28

    160       167,995  

Series 1, 5.88%, 12/01/33

    1,980       2,075,872  

Series B, 3.25%, 12/01/39

    3,290       3,242,427  

Sub-Series C, 3.63%, 12/01/49

    1,000       908,780  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33

    1,225       1,262,975  

New Jersey Transportation Trust Fund Authority, RB:

   

Transportation Program, Series AA, 5.25%, 06/15/33

    2,035       2,057,405  

Transportation Program, Series AA, 5.00%, 06/15/38

    2,440       2,392,615  

Transportation System, CAB, Series A, 0.00%, 12/15/29(c)

    7,530       4,969,273  
 

 

 

SCHEDULES OF INVESTMENTS      21  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New Jersey (continued)  

Transportation System, Series A, 5.50%, 06/15/21(b)

  $ 1,605     $ 1,693,131  

Transportation System, Series A (NPFGC), 5.75%, 06/15/25

    2,000       2,198,840  

Transportation System, Series AA, 5.50%, 06/15/39

    3,565       3,608,386  

Transportation System, Series B, 5.00%, 06/15/21(b)

    725       759,756  

Transportation System, Series B, 5.50%, 06/15/31

    2,750       2,771,010  

Transportation System, Series D, 5.00%, 06/15/32

    875       880,171  

Tobacco Settlement Financing Corp., Refunding RB:

   

Series A, 5.00%, 06/01/34

    1,260       1,418,659  

Series A, 5.00%, 06/01/36

    1,855       2,064,021  

Series A, 4.00%, 06/01/37

    1,150       1,182,821  

Sub-Series B, 5.00%, 06/01/46

    3,105       3,121,519  
   

 

 

 
      42,164,097  
New Mexico — 0.2%  

City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/49

    270       224,602  

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44

    500       538,085  
   

 

 

 
      762,687  
New York — 4.2%  

City of New York Transitional Finance Authority, RB, Series S-3, 4.00%, 07/15/46

    1,550       1,676,434  

City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32

    5,520       5,972,916  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

   

5.75%, 02/15/21(b)

    615       638,948  

5.75%, 02/15/47

    385       396,277  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56

    2,050       2,095,674  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

    1,480       1,364,101  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50

    2,855       2,910,672  

Port Authority of New York & New Jersey, Refunding ARB, AMT:

   

Consolidated, 186th Series, 5.00%, 10/15/36

    850       922,658  

Consolidated,186th Series, 5.00%, 10/15/44

    1,690       1,803,974  

Series 207, 4.00%, 09/15/43

    630       646,556  

State of New York HFA, RB, M/F Housing, Green Bond, Series B (SONYMA), 3.88%, 11/01/48

    230       240,529  

State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60(g)

    610       643,190  
   

 

 

 
      19,311,929  
North Carolina — 0.1%  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:

   

4.00%, 01/01/55

    270       241,672  

(AGM), 4.00%, 01/01/55

    215       219,551  
   

 

 

 
      461,223  
Ohio — 2.1%  

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55

    5,725       5,064,793  

County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37

    635       644,277  

County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b)

    725       787,510  

Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48

    425       440,079  
Security   Par
(000)
    Value  
Ohio (continued)  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

   

5.25%, 02/15/32

  $ 950     $ 1,029,933  

5.25%, 02/15/33

    1,325       1,436,790  
   

 

 

 
      9,403,382  
Oklahoma — 0.2%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

    760       822,001  
   

 

 

 
Oregon — 0.4%  

County of Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/39(d)

    605       705,654  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c)

    1,360       687,725  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43

    575       600,771  
   

 

 

 
      1,994,150  
Pennsylvania — 10.4%  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/47

    2,210       2,323,727  

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39

    1,445       1,520,342  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

    1,310       1,317,926  

Pennsylvania Economic Development Financing Authority, RB:

   

AMT, 5.00%, 06/30/42

    1,420       1,430,309  

Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34

    3,420       3,472,907  

Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38

    11,890       12,026,973  

Series A-1, 4.00%, 04/15/50

    1,355       1,373,387  

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42

    1,305       1,326,024  

Pennsylvania Higher Education Assistance Agency, RB, AMT, Series B, 3.00%, 06/01/47

    270       225,871  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50

    4,575       4,874,845  

Pennsylvania Housing Finance Agency, RB, S/F Housing:

   

Series 127-B, 3.88%, 10/01/38

    1,210       1,281,814  

Series 128B, 3.85%, 04/01/38

    2,680       2,855,245  

Pennsylvania Turnpike Commission, RB:

   

Series A, 5.00%, 12/01/38

    860       931,741  

Series A-1, 5.00%, 12/01/41

    1,125       1,248,953  

Series B, 5.00%, 12/01/40

    440       482,742  

Series C, 5.50%, 12/01/23(b)

    760       880,772  

Series C, 5.00%, 12/01/39

    1,500       1,614,525  

Sub-Series A-1, 5.00%, 12/01/41

    2,725       2,944,144  

Pennsylvania Turnpike Commission, Refunding RB:

   

Motor Licensed Fund Enhancement, Third Series, 4.00%, 12/01/38

    2,845       3,014,448  

Series A-1, 5.00%, 12/01/40

    1,040       1,132,643  

Philadelphia School District, GO, Refunding, Series F, 5.00%, 09/01/38

    425       482,358  

State Public School Building Authority, RB, The School District of Philadelphia Project, 5.00%, 04/01/22(b)

    500       539,190  
   

 

 

 
      47,300,886  
 

 

 

22    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Puerto Rico — 3.5%  

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

   

CAB, Series A-1, 0.00%, 07/01/46(c)

  $ 2,870     $ 659,985  

Series A-1, 5.00%, 07/01/58

    5,062       4,728,009  

Series A-2, 4.33%, 07/01/40

    9,843       8,790,783  

Series A-2, 4.78%, 07/01/58

    400       360,076  

Series B-1, 4.75%, 07/01/53

    649       584,931  

Series B-2, 4.78%, 07/01/58

    629       560,741  
   

 

 

 
      15,684,525  
Rhode Island — 1.9%  

Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Multi Family Development Bond, Series 1B, 3.90%, 10/01/37

    550       561,347  

Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40

    640       722,579  

Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45

    7,180       7,318,933  
   

 

 

 
      8,602,859  
South Carolina — 7.6%  

County of Berkeley South Carolina, Special Assessment Bonds, Nexton Improvement District Assessment:

   

4.25%, 11/01/40

    485       378,349  

4.38%, 11/01/49

    715       526,126  

County of Charleston South Carolina Airport District, ARB, Series A, AMT:

   

5.50%, 07/01/38

    1,500       1,619,835  

5.50%, 07/01/41

    2,725       2,917,985  

South Carolina Jobs EDA, RB, McLeod Health Obligated Group, 5.00%, 11/01/48

    3,090       3,462,870  

South Carolina Jobs EDA, Refunding RB, Series A:

   

Palmetto Health (AGM), 6.50%, 08/01/21(b)

    320       342,304  

Prisma Health Obligated Group, 5.00%, 05/01/38

    3,395       3,704,556  

South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55(a)

    1,315       1,022,150  

State of South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/55

    1,970       2,138,159  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b)

    3,160       3,766,467  

State of South Carolina Public Service Authority, RB:

   

Santee Cooper, Series A, 5.50%, 12/01/54

    9,985       10,538,568  

Series E, 5.50%, 12/01/53

    985       1,035,294  

State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38

    2,850       2,993,155  
   

 

 

 
      34,445,818  
South Dakota — 0.4%  

South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue, 4.00%, 07/01/37

    1,690       1,776,494  
   

 

 

 
Tennessee — 0.6%  

Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40

    1,130       1,088,393  

Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46

    1,700       1,829,421  
   

 

 

 
      2,917,814  
Texas — 10.9%  

Brazos Higher Education Authority, Inc., RB, Subordinate, Student Loan Program, Series 1B (AMT), 3.00%, 04/01/40

    180       152,312  

Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/37

    1,895       1,938,149  
Security   Par
(000)
    Value  
Texas (continued)  

Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/22(b)

  $ 2,330     $ 2,545,292  

City of Houston Texas Airport System, Refunding ARB, Special Facilities, Continental Airlines, Inc., Series A, AMT, 6.63%, 07/15/38

    625       631,713  

City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38

    760       829,570  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(c)

    2,870       1,524,860  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children's Medical Center, 5.25%, 12/01/39

    1,100       1,214,829  

Dallas Texas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/48

    4,340       4,859,845  

Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT:

   

5.00%, 11/01/38

    8,550       8,792,221  

5.00%, 11/01/42

    1,500       1,521,330  

Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33

    1,325       1,438,023  

Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(c)

    4,665       2,183,873  

North Texas Tollway Authority, Refunding RB:

   

4.25%, 01/01/49

    1,675       1,811,311  

1st Tier-Series A, 5.00%, 01/01/43

    570       652,040  

Series B, 5.00%, 01/01/40

    1,375       1,453,678  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(c):

   

0.00%, 09/15/35

    3,180       1,613,532  

0.00%, 09/15/36

    6,015       2,890,809  

0.00%, 09/15/37

    4,305       1,934,667  

Texas City Industrial Development Corp., RB, NRG Energy Project, 4.13%, 12/01/45

    400       402,412  

Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43

    535       571,760  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

   

5.00%, 12/15/31

    1,600       1,662,048  

5.00%, 12/15/32

    3,620       3,748,981  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45

    1,745       1,666,039  

University of Texas System, Refunding RB, Series A, 3.50%, 08/15/50

    2,690       3,346,629  
   

 

 

 
      49,385,923  
Utah — 0.8%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT:

   

5.00%, 07/01/42

    1,700       1,868,742  

5.00%, 07/01/48

    610       671,378  

Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49(a)

    285       236,140  

Utah Housing Corp., RB, S/F Housing, Class III, Series D-2 (FHA), 4.00%, 01/01/36

    790       856,470  
   

 

 

 
      3,632,730  
Washington — 2.8%  

County of Snohomish Washington Housing Authority, Refunding RB, 4.00%, 04/01/44

    655       699,763  

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

    2,690       2,916,686  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

    1,380       1,463,462  
 

 

 

SCHEDULES OF INVESTMENTS      23  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Washington (continued)  

Washington Health Care Facilities Authority, RB:

   

MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44

  $ 4,000     $ 4,193,120  

Providence Health & Services, 4.00%, 10/01/45

    965       994,500  

Seattle Children's Hospital, Series A, 5.00%, 10/01/45

    1,785       1,958,413  

Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a)

    760       603,273  
   

 

 

 
      12,829,217  
West Virginia — 0.3%  

West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51

    1,255       1,280,891  
   

 

 

 
Wisconsin — 1.3%  

Public Finance Authority, RB, American Preparatory Academy — Las Vegas Project, Series A(a):

   

5.00%, 07/15/39

    145       123,407  

5.00%, 07/15/49

    550       441,034  

5.00%, 07/15/54

    260       204,284  

Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/54(a)

    455       358,590  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:

   

4.15%, 11/01/48

    2,930       3,134,660  

4.45%, 05/01/57

    1,575       1,696,039  
   

 

 

 
      5,958,014  
   

 

 

 

Total Municipal Bonds — 116.3%
(Cost — $502,388,699)

      528,390,973  
   

 

 

 

Municipal Bonds Transferred to Tender Option Bond Trusts — 49.7%(h)

 

Arizona — 0.5%

 

County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41

    2,310       2,450,263  
   

 

 

 
California — 1.8%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47(i)

    5,282       5,553,349  

Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(i)

    2,158       2,559,134  
   

 

 

 
      8,112,483  
Colorado — 0.8%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(a)(i)

    3,194       3,565,634  
   

 

 

 
Connecticut — 0.5%  

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

    1,891       2,049,259  
   

 

 

 
District of Columbia — 0.3%  

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39

    1,411       1,532,982  
   

 

 

 
Florida — 5.8%  

County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49

    3,140       3,133,312  

County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42

    2,390       2,502,091  

County of Miami-Dade Florida Water & Sewer System, RB (AGM), 5.00%, 10/01/20(b)

    8,728       8,878,004  

County of Seminole Florida, Refunding RB, Series B (NPFGC), 5.25%, 10/01/31

    6,300       8,381,394  

Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(a)(i)

    3,228       3,274,427  
   

 

 

 
      26,169,228  
Security   Par
(000)
    Value  
Georgia — 0.6%  

Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49(a)

  $ 2,771     $ 2,845,377  
   

 

 

 
Illinois — 3.3%  

City of Chicago Illinois Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33

    2,850       2,857,182  

State of Illinois Toll Highway Authority, RB:

   

Series A, 5.00%, 01/01/38

    2,878       3,053,754  

Series A, 5.00%, 01/01/40

    3,721       4,081,170  

Series B, 5.00%, 01/01/40

    1,409       1,560,988  

Series C, 5.00%, 01/01/38

    3,243       3,543,288  
   

 

 

 
      15,096,382  
Kansas — 1.8%  

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/26(b)

    6,444       8,075,944  
   

 

 

 
Louisiana — 0.5%  

County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41

    2,085       2,217,606  
   

 

 

 
Maryland — 1.3%  

City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46

    1,485       1,689,104  

City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41

    3,845       4,422,557  
   

 

 

 
      6,111,661  
Massachusetts — 0.5%  

Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46

    2,022       2,233,913  
   

 

 

 
Michigan — 4.0%  

Michigan Finance Authority, RB, Series A:

   

Beaumont Health Credit Group, 5.00%, 11/01/44

    2,701       2,919,436  

McLaren Health Care, 4.00%, 02/15/50

    3,975       4,097,867  

Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/21(b)

    9,075       9,659,612  

State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45

    1,180       1,336,515  
   

 

 

 
      18,013,430  
Nebraska — 0.7%  

Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47

    2,901       3,040,513  
   

 

 

 
Nevada — 2.3%  

County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38

    4,202       4,999,908  

Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46

    4,720       5,295,604  
   

 

 

 
      10,295,512  
New Jersey — 2.3%  

County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51

    1,120       1,275,209  

New Jersey State Turnpike Authority, Refunding RB:

   

Series B, 4.00%, 01/01/37

    3,193       3,412,748  

Series G, 4.00%, 01/01/43

    2,957       3,127,939  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36

    2,580       2,585,628  
   

 

 

 
      10,401,524  
   

 

 

 
New York — 10.0%  

City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38

    2,990       3,196,011  
 

 

 

24    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New York (continued)  

City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42(i)

  $ 2,280     $ 2,336,749  

City of New York Transitional Finance Authority, RB, Future Tax, Sub-Series A-3, 5.00%, 08/01/40(i)

    4,228       4,849,722  

City of New York Water & Sewer System, Refunding RB:

   

2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47

    7,641       8,445,143  

2nd General Resolution, Series FF, 5.00%, 06/15/39

    4,050       4,606,146  

Series DD, 5.00%, 06/15/35

    2,280       2,575,032  

Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44

    4,750       4,874,593  

Port Authority of New York & New Jersey, RB, 169th Series, AMT, 5.00%, 10/15/34

    10,830       11,260,492  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56

    3,081       3,445,755  
   

 

 

 
      45,589,643  
Ohio — 1.7%  

Northeast Ohio Regional Sewer District, Refunding RB:

   

4.00%, 11/15/49(i)

    3,210       3,411,620  

4.00%, 11/15/43

    4,007       4,444,365  
   

 

 

 
      7,855,985  
Pennsylvania — 2.2%  

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(i)

    4,273       4,716,556  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

    1,220       1,381,113  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49

    2,096       2,099,769  

Philadelphia Authority for Industrial Development, RB, Children's Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44

    1,678       1,733,878  
   

 

 

 
      9,931,316  
Rhode Island — 0.3%  

Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43

    1,200       1,365,086  
   

 

 

 
South Carolina — 0.6%  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(i)

    2,850       2,901,043  
   

 

 

 
Texas — 5.1%  

City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43(a)

    2,010       2,096,711  

County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43

    1,679       1,985,577  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

    879       943,991  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41

    4,720       5,347,052  

Dallas-Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/37(i)

    4,501       4,633,583  

Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43

    2,985       3,273,799  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42

    2,564       2,662,298  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):

   

3.63%, 09/01/44

    1,114       1,198,233  

3.75%, 09/01/49

    790       850,246  
   

 

 

 
      22,991,490  
Security   Par
(000)
    Value  
Virginia — 0.8%  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57

  $ 3,079     $ 3,695,748  
   

 

 

 
Washington — 1.8%  

Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30

    3,400       3,635,008  

Washington Health Care Facilities Authority, Refunding RB, Seattle Children's Hospital, Series B, 5.00%, 10/01/38

    3,930       4,754,907  
   

 

 

 
      8,389,915  
Wisconsin — 0.2%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42

    640       683,942  
   

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.7%
(Cost — $217,525,739)

 

    225,615,879  
   

 

 

 

Total Long-Term Investments — 166.0%
(Cost — $719,914,438)

 

    754,006,852  
   

 

 

 
     Shares         

Short-Term Securities — 0.1%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%(j)(k)

    649,780       649,910  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost — $649,910)

 

    649,910  
   

 

 

 

Total Investments — 166.1%
(Cost — $720,564,348)

 

    754,656,762  

Other Assets Less Liabilities — 1.3%

 

    6,027,867  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.6)%

 

    (130,023,870

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (38.8)%

 

    (176,384,521
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

    $ 454,276,238  
   

 

 

 

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(e) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(f) 

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

(g) 

When-issued security.

(h) 

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

(i) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 1, 2021 to October 1, 2027, is $24,274,284. See Note 4 of the Notes to Financial Statements for details.

(j) 

Annualized 7-day yield as of period end.

 

 

 

SCHEDULES OF INVESTMENTS      25  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund, Inc. (MQY)

 

(k) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the year ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
04/30/19
     Shares
Purchased
     Shares
Sold
     Shares
Held at
04/30/20
     Value at
04/30/20
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

     487,772        162,008 (b)              649,780      $ 649,910      $ 18,550      $ 2,270      $  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

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

Net Realized Gain (Loss) from:

 

                 

Futures contracts

   $      $      $      $      $ (8,497,404    $      $ (8,497,404
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

                    

Futures contracts

   $      $      $      $      $ 302,473      $      $ 302,473  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments:

 

Futures contracts:

        

Average notional value of contracts — short

   $ 29,603,842  

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund's policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund's investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments (a)

   $        $ 754,006,852        $                 —        $ 754,006,852  

Short-Term Securities

     649,910                            649,910  
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ 649,910        $ 754,006,852        $        $ 754,656,762  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

Loan for TOB Trust Certificates

   $           —        $ (2,375,000      $                 —        $ (2,375,000

TOB Trust Certificates

               —          (127,099,870                        —          (127,099,870

VRDP Shares at Liquidation Value

              (176,600,000                 (176,600,000
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (306,074,870      $        $ (306,074,870
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

26    2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments

April 30, 2020

  

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  

Municipal Bonds — 117.6%

   
Alabama — 0.7%  

City of Birmingham Alabama, GO, Convertible CAB, Series A1, 5.00%, 03/01/45

  $ 915     $ 1,023,565  

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A:

   

5.00%, 12/01/34

    240       267,298  

5.00%, 12/01/47

    655       697,267  
   

 

 

 
      1,988,130  
Alaska — 0.3%  

Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41

    850       887,825  
   

 

 

 
Arizona — 2.0%  

Arizona IDA, RB(a):

   

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A:

   

5.00%, 07/01/39

    480       417,797  

5.00%, 07/01/49

    545       437,700  

5.00%, 07/01/54

    420       328,759  

Odyssey Preparatory Academy Project, 5.00%, 07/01/54

    545       440,932  

City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Senior Lien, AMT, 5.00%, 07/01/32

    1,000       1,073,490  

City of Phoenix Industrial Development Authority, RB, Imagine East Mesa Charter Schools Project, 5.00%, 07/01/39(a)

    500       445,155  

County of Maricopa Arizona IDA, Refunding RB:

   

HonorHealth, Series A, 5.00%, 09/01/36

    575       645,466  

Legacy Traditional Schools Project(a):

   

5.00%, 07/01/39

    200       188,060  

5.00%, 07/01/54

    470       424,137  

County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52(a)

    470       362,469  

County of Pima IDA, RB, American Leadership Academy Project, 5.00%, 06/15/47(a)

    830       650,687  

County of Pima IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/49(a)

    485       377,316  
   

 

 

 
      5,791,968  
Arkansas — 0.4%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

    1,375       1,174,181  
   

 

 

 
California — 8.4%  

California Health Facilities Financing Authority, Refunding RB:

   

Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47

    1,140       1,585,660  

St. Joseph Health System, Series A, 5.00%, 07/01/37

    945       1,014,637  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

    1,290       1,359,092  

California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53

    865       884,307  

City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/49

    705       789,156  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

   

Series A, 5.00%, 03/01/36

    365       408,902  

Series A, 5.00%, 03/01/37

    400       448,372  

Series A-1, 5.75%, 03/01/34

    700       720,195  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.50%, 06/01/36

    1,310       1,279,975  

Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(b)

    5,000       5,032,700  
    
Security
  Par
(000)
    Value  
California (continued)  

San Diego California Community College District, GO, CAB, Election of 2006(c):

   

0.00%, 08/01/31

  $ 1,855     $ 1,129,862  

0.00%, 08/01/32

    2,320       1,327,086  

San Diego California Unified School District, GO, Election of 2008(c):

   

CAB, Series C, 0.00%, 07/01/38

    1,400       844,592  

CAB, Series G, 0.00%, 01/01/24(d)

    580       317,359  

CAB, Series G, 0.00%, 01/01/24(d)

    615       316,916  

CAB, Series G, 0.00%, 01/01/24(d)

    920       446,494  

CAB, Series G, 0.00%, 01/01/24(d)

    615       281,203  

San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31(c)

    1,110       863,092  

San Marcos Unified School District, GO, Election of 2010, Series A(d):

   

5.00%, 08/01/21

    600       632,274  

5.00%, 08/01/21

    490       516,602  

State of California, GO, Various Purposes, 5.00%, 04/01/42

    1,500       1,589,940  

Yosemite Community College District, GO, CAB, Election of 2004, Series D(c):

   

0.00%, 08/01/36

    2,000       1,257,940  

0.00%, 08/01/37

    2,790       1,676,092  
   

 

 

 
      24,722,448  
Colorado — 3.2%  

City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48

    1,165       1,168,705  

Colorado Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, Series A, 4.00%, 11/15/46

    945       963,257  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

    940       913,201  

E-470 Public Highway Authority, Refunding RB, CAB, Series B (NPFGC), 0.00%, 09/01/32(c)

    5,500       2,773,265  

Regional Transportation District, COP, Refunding, Series A,

   

5.38%, 06/01/20(d)

    1,000       1,003,260  

5.00%, 06/01/39

    2,500       2,715,175  
   

 

 

 
      9,536,863  
Connecticut — 1.0%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing:

   

Sub-Series A-1, 3.85%, 11/15/43

    370       378,602  

Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36

    685       744,752  

Series A-1, 3.80%, 11/15/39

    415       428,019  

Connecticut State Health & Educational Facilities Authority, Refunding RB, University of Hartford Issue:

   

4.00%, 07/01/39

    255       252,417  

4.00%, 07/01/49

    475       452,718  

State of Connecticut, GO, Series C, 5.00%, 06/15/32

    545       632,238  
   

 

 

 
      2,888,746  
District of Columbia — 0.3%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, Series B, 4.00%, 10/01/49

    875       828,275  
   

 

 

 
Florida — 10.8%  

County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39

    1,420       1,486,342  

County of Lee Florida, Refunding ARB, Series A, AMT:

   

5.63%, 10/01/26

    825       860,549  

5.38%, 10/01/32

    1,100       1,140,381  
 

 

 

SCHEDULES OF INVESTMENTS      27  


Schedule of Investments  (continued)

April 30, 2020

  

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Florida (continued)  

County of Miami-Dade Florida, RB, Seaport Department:

   

Series A, 6.00%,&nb