|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31,
2011
(Unaudited)
|
|
Year
Ended
July 31,
|
|
Period
November 1,
2007
to July 31,
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
2007
|
|
2006
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
13.89
|
|
$
|
12.65
|
|
$
|
13.16
|
|
$
|
13.94
|
|
$
|
14.40
|
|
$
|
14.26
|
|
$
|
14.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
1
|
|
|
0.45
|
|
|
0.90
|
|
|
0.87
|
|
|
0.66
|
|
|
0.84
|
|
|
0.92
|
|
|
0.94
|
|
Net realized and unrealized gain (loss)
|
|
|
(1.38
|
)
|
|
1.08
|
|
|
(0.61
|
)
|
|
(0.77
|
)
|
|
(0.38
|
)
|
|
0.23
|
|
|
(0.50
|
)
|
Dividends to Preferred Shareholders from net investment income
|
|
|
(0.02
|
)
|
|
(0.04
|
)
|
|
(0.13
|
)
|
|
(0.19
|
)
|
|
(0.27
|
)
|
|
(0.24
|
)
|
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
(0.95
|
)
|
|
1.94
|
|
|
0.13
|
|
|
(0.30
|
)
|
|
0.19
|
|
|
0.91
|
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders from net investment income
|
|
|
(0.43
|
)
|
|
(0.70
|
)
|
|
(0.64
|
)
|
|
(0.48
|
)
|
|
(0.65
|
)
|
|
(0.77
|
)
|
|
(0.84
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital charges with respect to issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.00
|
)
2
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
12.51
|
|
$
|
13.89
|
|
$
|
12.65
|
|
$
|
13.16
|
|
$
|
13.94
|
|
$
|
14.40
|
|
$
|
14.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period
|
|
$
|
11.96
|
|
$
|
13.57
|
|
$
|
11.36
|
|
$
|
11.80
|
|
$
|
12.80
|
|
$
|
14.10
|
|
$
|
13.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
(6.99
|
)%
4
|
|
16.15
|
%
|
|
2.29
|
%
|
|
(1.86
|
)%
4
|
|
1.66
|
%
|
|
6.71
|
%
|
|
2.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on market price
|
|
|
(8.99
|
)%
4
|
|
26.36
|
%
|
|
2.44
|
%
|
|
(4.16
|
)%
4
|
|
(4.67
|
)%
|
|
13.13
|
%
|
|
6.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common
Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
5
|
|
|
1.10
|
%
6
|
|
1.11
|
%
|
|
1.34
|
%
|
|
1.48
|
%
6
|
|
1.64
|
%
|
|
1.56
|
%
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived
5
|
|
|
1.09
|
%
6
|
|
1.10
|
%
|
|
1.32
|
%
|
|
1.46
|
%
6
|
|
1.63
|
%
|
|
1.56
|
%
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and excluding interest expense and
fees
5,7
|
|
|
0.98
|
%
6
|
|
1.00
|
%
|
|
1.06
|
%
|
|
1.04
|
%
6
|
|
1.04
|
%
|
|
1.03
|
%
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
5
|
|
|
6.50
|
%
6
|
|
6.69
|
%
|
|
7.11
|
%
|
|
6.36
|
%
6
|
|
5.96
|
%
|
|
6.50
|
%
|
|
6.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders
|
|
|
0.26
|
%
6
|
|
0.27
|
%
|
|
1.09
|
%
|
|
1.82
|
%
6
|
|
1.88
|
%
|
|
1.68
|
%
|
|
0.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income to Common Shareholders
|
|
|
6.24
|
%
6
|
|
6.42
|
%
|
|
6.02
|
%
|
|
4.54
|
%
6
|
|
4.08
|
%
|
|
4.82
|
%
|
|
5.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000)
|
|
$
|
493,514
|
|
$
|
547,812
|
|
$
|
499,093
|
|
$
|
518,912
|
|
$
|
549,910
|
|
$
|
567,954
|
|
$
|
562,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares outstanding at $25,000 liquidation preference, end of
period (000)
|
|
$
|
247,700
|
|
$
|
247,700
|
|
$
|
247,700
|
|
$
|
259,475
|
|
$
|
304,000
|
|
$
|
304,000
|
|
$
|
304,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
8
|
%
|
|
7
|
%
|
|
22
|
%
|
|
17
|
%
|
|
25
|
%
|
|
43
|
%
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset coverage, per Preferred Share at $25,000 liquidation
preference, end of period
|
|
$
|
74,813
|
|
$
|
80,293
|
|
$
|
75,376
|
|
$
|
75,011
|
|
$
|
70,242
|
|
$
|
71,725
|
|
$
|
71,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N
otes to Financial Statements
(Unaudited)
1. Organization and Significant Accounting Policies:
BlackRock MuniHoldings
Quality Fund II, Inc. (MUE), formerly BlackRock MuniHoldings Insured Fund II,
Inc., BlackRock MuniYield California Quality Fund, Inc. (MCA), formerly
BlackRock MuniYield California Insured Fund, Inc., BlackRock MuniYield Quality
Fund III, Inc. (MYI), formerly BlackRock MuniYield Insured Fund, Inc.,
BlackRock MuniYield Michigan Quality Fund II, Inc. (MYM), formerly BlackRock
MuniYield Michigan Insured Fund II, Inc. and BlackRock MuniYield New York
Quality Fund, Inc. (MYN), formerly BlackRock MuniYield New York Insured Fund,
Inc. (collectively the Funds or individually as a Fund), are registered
under the Investment Company Act of 1940, as amended (the 1940 Act), as
non-diversified, closed-end management investment companies. The Funds are
organized as Maryland corporations. The Funds financial statements are prepared
in conformity with accounting principles generally accepted in the United
States of America (US GAAP), which may require management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates. The Funds
determine and make available for publication the net asset value of their
Common Shares on a daily basis.
The following is a summary of
significant accounting policies followed by the Funds:
Valuation:
The Funds fair value their financial instruments at market value using
independent dealers or pricing services under policies approved by each Funds
Board of Directors (the Board). Municipal investments (including commitments
to purchase such investments on a when-issued basis) are valued on the basis
of prices provided by dealers or pricing services. In determining the value of
a particular investment, pricing services may use certain information with
respect to transactions in such investments, quotations from dealers, pricing
matrixes, market transactions in comparable investments and information with
respect to various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Short-term
securities with remaining maturities of 60 days or less may be valued at
amortized cost, which approximates fair value. Investments in open-end
registered investment companies are valued at net asset value each business
day.
In the event that application
of these methods of valuation results in a price for an investment which is
deemed not to be representative of the market value of such investment or is
not available, the investment will be valued in accordance with a policy
approved by the Board as reflecting fair value (Fair Value Assets). When
determining the price for Fair Value Assets, the investment advisor and/or the
sub-advisor seeks to determine the price that each Fund might reasonably expect
to receive from the current sale of that asset in an arms-length transaction.
Fair value determinations shall be based upon all available factors that the
investment advisor and/or sub-advisor deems relevant. The pricing of all Fair
Value Assets is subsequently reported to the Board or a committee thereof.
Forward Commitments and When-Issued Delayed Delivery
Securities:
The Funds
may purchase securities on a when-issued basis and may purchase or sell
securities on a forward commitment basis. Settlement of such transactions
normally occurs within a month or more after the purchase or sale commitment is
made. The Funds may purchase securities under such conditions with the
intention of actually acquiring them, but may enter into a separate agreement
to sell the securities before the settlement date. Since the value of
securities purchased may fluctuate prior to settlement, the Funds may be
required to pay more at settlement than the security is worth. In addition, the
Funds are not entitled to any of the interest earned prior to settlement. When
purchasing a security on a delayed delivery basis, the Funds assume the rights
and risks of ownership of the security, including the risk of price and yield
fluctuations. In the event of default by the counterparty, the Funds maximum
amount of loss is the unrealized appreciation of unsettled when-issued
transactions, which is shown on the Schedules of Investments, if any.
Zero-Coupon Bonds:
The Funds may invest in zero-coupon bonds, which are normally issued at
a significant discount from face value and do not provide for periodic interest
payments. Zero-coupon bonds may experience greater volatility in market value
than similar maturity debt obligations which provide for regular interest
payments.
Municipal Bonds Transferred to Tender Option Bond Trusts:
The Funds leverage their assets through the
use of TOBs. A TOB is established by a third party sponsor forming a special
purpose entity, into which one or more funds, or an agent on behalf of the
funds, transfers municipal bonds. Other funds managed by the investment advisor
may also contribute municipal bonds to a TOB into which a Fund has contributed
bonds. A TOB typically issues two classes of beneficial interests: short-term
floating rate certificates, which are sold to third party investors, and
residual certificates (TOB Residuals), which are generally issued to the
participating funds that made the transfer. The TOB Residuals held by a Fund
include the right of a Fund (1) to cause the holders of a proportional share of
the short-term floating rate certificates to tender their certificates at par,
including during instances of a rise in short-term interest rates, and (2) to
transfer, within seven days, a corresponding share of the municipal bonds from
the TOB to a Fund. The TOB may also be terminated without the consent of a Fund
upon the occurrence of certain events as defined in the TOB agreements. Such
termination events may include the bankruptcy or default of the municipal bond,
a substantial downgrade in credit quality of the municipal bond, the inability
of the TOB to obtain quarterly or annual renewal of the liquidity support
agreement, a substantial decline in market value of the municipal bond or the
inability to remarket the short-term floating rate certificates to third party
investors. During the six months ended January 31, 2011, no TOBs that the Funds
participated in were terminated without the consent of the Funds.
|
|
|
|
|
|
46
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
Notes to Financial Statements (continued)
The cash received by the TOB
from the sale of the short-term floating rate certificates, less transaction expenses,
is paid to a Fund, which typically invests the cash in additional municipal
bonds. Each Funds transfer of the municipal bonds to a TOB is accounted for as
a secured borrowing, therefore the municipal bonds deposited into a TOB are
presented in the Funds Schedules of Investments and the proceeds from the
issuance of the short-term floating rate certificates are shown as trust
certificates in the Statements of Assets and Liabilities.
Interest income, including
amortization and accretion of premiums and discounts, from the underlying
municipal bonds is recorded by the Funds on an accrual basis. Interest expense
incurred on the secured borrowing and other expenses related to remarketing,
administration and trustee services to a TOB are shown as interest expense and
fees in the Statements of Operations. The short-term floating rate certificates
have interest rates that generally reset weekly and their holders have the
option to tender certificates to the TOB for redemption at par at each reset
date. At January 31, 2011, the aggregate value of the underlying municipal
bonds transferred to TOBs, the related liability for trust certificates and the
range of interest rates on the liability for trust certificates were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying
Municipal
Bonds
Transferred to
TOBs
|
|
Liability
for Trust
Certificates
|
|
Range
of
Interest Rates
|
|
|
|
|
|
|
|
|
|
MUE
|
|
$
|
114,714,316
|
|
$
|
62,382,934
|
|
|
0.29%
0.44
|
%
|
MCA
|
|
$
|
339,580,206
|
|
$
|
183,202,421
|
|
|
0.29%
0.44
|
%
|
MYI
|
|
$
|
358,305,999
|
|
$
|
195,573,344
|
|
|
0.27%
0.44
|
%
|
MYM
|
|
$
|
16,511,712
|
|
$
|
9,030,000
|
|
|
0.27%
0.46
|
%
|
MYN
|
|
$
|
145,324,592
|
|
$
|
78,614,804
|
|
|
0.29%
0.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended
ended January 31, 2011, the Funds average trust certificates outstanding and the
daily weighted average interest rates, including fees, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Trust Certificates
Outstanding
|
|
Daily
Weighted
Average
Interest Rate
|
|
|
|
|
|
|
|
MUE
|
|
$
|
62,443,918
|
|
|
0.76
|
%
|
MCA
|
|
$
|
182,279,416
|
|
|
0.80
|
%
|
MYI
|
|
$
|
195,648,740
|
|
|
0.75
|
%
|
MYM
|
|
$
|
9,030,000
|
|
|
0.70
|
%
|
MYN
|
|
$
|
78,614,804
|
|
|
0.77
|
%
|
|
|
|
|
|
|
|
|
Should short-term interest
rates rise, the Funds investments in TOBs may adversely affect the Funds net
investment income and dividends to Common Shareholders. Also, fluctuations in
the market values of municipal bonds deposited into the TOB may adversely
affect the Funds net asset values per share.
Segregation and Collateralization:
In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (SEC)
require that the Funds either deliver collateral or segregate assets in
connection with certain investments (e.g., financial futures contracts), the
Funds will, consistent with SEC rules and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on their books and records
cash or other liquid securities having a market value at least equal to the
amount that would otherwise be required to be physically segregated.
Furthermore, based on requirements and agreements with certain exchanges and
third party broker-dealers, each party has requirements to deliver/deposit
securities as collateral for certain investments.
Investment Transactions and Investment Income:
For financial reporting purposes, investment
transactions are recorded on the dates the transactions are entered into (the
trade dates). Realized gains and losses on investment transactions are
determined on the identified cost basis. Interest income, including
amortization and accretion of premiums and discounts on debt securities, is
recognized on the accrual basis.
Dividends and Distributions:
Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend date. The amount and timing of dividends and distributions are
determined in accordance with federal income tax regulations, which may differ
from US GAAP. Dividends and distributions to Preferred Shareholders are accrued
and determined as described in Note 7.
Income Taxes:
It is each Funds policy to comply with the requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
Each Fund files US federal
and various state and local tax returns. No income tax returns are currently
under examination. The statute of limitations on the Funds US federal tax
returns remains open for each of the four periods ended July 31, 2010, 2009,
2008 and October 31, 2007 (September 30, 2007 for MUE). The statutes of
limitations on the Funds state and local tax returns may remain open for an
additional year depending upon the jurisdiction. Management does not believe
there are any uncertain tax positions that require recognition of a tax
liability.
Deferred Compensation and BlackRock Closed-End Share
Equivalent Investment Plan:
Under the deferred compensation plan approved by each Funds Board,
non-interested Directors (Independent Directors) may defer a portion of their
annual complex-wide compensation. Deferred amounts earn an approximate return
as though equivalent dollar amounts had been invested in common shares of
certain other BlackRock Closed-End Funds selected by the Independent Directors.
This has approximately the same economic effect for the Independent Directors
as if the Independent Directors had invested the deferred amounts directly in
certain other BlackRock Closed-End Funds.
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
47
|
|
|
|
Notes to Financial Statements
(continued)
|
The deferred compensation
plan is not funded and obligations thereunder represent general unsecured
claims against the general assets of each Fund. Each Fund may, however, elect
to invest in common shares of certain other BlackRock Closed-End Funds selected
by the Independent Directors in order to match its deferred compensation
obligations. Investments to cover each Funds deferred compensation liability,
if any, are included in other assets in the Statements of Assets and
Liabilities. Dividends and distributions from the BlackRock Closed-End Fund
investments under the plan are included in income affiliated in the
Statements of Operations.
Other:
Expenses directly related to a Fund are charged to that Fund. Other
operating expenses shared by several funds are pro rated among those funds on
the basis of relative net assets or other appropriate methods. The Funds have
an arrangement with the custodian whereby fees may be reduced by credits earned
on uninvested cash balances, which if applicable are shown as fees paid
indirectly in the Statements of Operations. The custodian imposes fees on
overdrawn cash balances, which can be offset by accumulated credits earned or
may result in additional custody charges.
2. Derivative Financial Instruments:
The Funds engage in various
portfolio investment strategies using derivative contracts both to increase the
returns of the Funds and to economically hedge, or protect, their exposure to
certain risks such as interest rate risk. These contracts may be transacted on
an exchange.
Losses may arise if the value
of the contract decreases due to an unfavorable change in the market rates or
values of the underlying instrument or if the counterparty does not perform
under the contract. Counterparty risk related to exchange-traded financial
futures contracts is deemed to be minimal due to the protection against
defaults provided by the exchange on which these contracts trade.
Financial Futures Contracts:
The Funds purchase or sell financial futures
contracts and options on financial futures contracts to gain exposure to, or
economically hedge against, changes in interest rates (interest rate risk).
Financial futures contracts are agreements between the Funds and the
counterparty to buy or sell a specific quantity of an underlying instrument at
a specified price and at a specified date. Depending on the terms of the
particular contract, futures contracts are settled either through physical
delivery of the underlying instrument on the settlement date or by payment of a
cash settlement amount on settlement date. Pursuant to the contract, the Funds
agree to receive from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are known as
margin variation and are recorded by the Funds as unrealized gains or losses.
When the contract is closed, the Funds record a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed. The use of financial futures transactions
involves the risk of an imperfect correlation in the movements in the price of
financial futures contracts, interest rates and the underlying assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Effect of Derivative Instruments in the Statement of Operations
Six Months Ended January 31, 2011
|
|
|
|
|
|
Net
Realized Loss From
|
|
|
|
|
|
|
|
MCA
|
|
MYI
|
|
MYN
|
|
|
|
|
|
|
|
|
|
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
Financial futures contracts
|
|
$
|
(117,641
|
)
|
$
|
(521,071
|
)
|
$
|
(213,576
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Change in Unrealized
Appreciation/Depreciation on
|
|
|
|
|
|
|
|
MCA
|
|
MYI
|
|
MYN
|
|
|
|
|
|
|
|
|
|
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
Financial futures contracts
|
|
$
|
89,999
|
|
$
|
399,313
|
|
$
|
141,179
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended January 31, 2011, the
average quarterly bal-ances of outstanding derivative financial instruments
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCA
|
|
MYI
|
|
MYN
|
|
|
|
|
|
|
|
|
|
Financial futures
contracts:
|
|
|
|
|
|
|
|
|
|
|
Average number of contracts sold
|
|
|
21
|
|
|
93
|
|
|
55
|
|
Average notional value of contracts sold
|
|
$
|
2,613,804
|
|
$
|
11,513,184
|
|
$
|
6,845,677
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Investment Advisory Agreement and Other Transactions with
Affiliates:
The PNC Financial Services
Group, Inc. (PNC), Bank of America Corporation (BAC) and Barclays Bank PLC
(Barclays) are the largest stockholders of BlackRock, Inc. (BlackRock). Due
to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes,
but BAC and Barclays are not.
Each Fund entered into an
Investment Advisory Agreement with BlackRock Advisors, LLC (the Manager), the
Funds investment advisor, an indirect, wholly owned subsidiary of BlackRock,
to provide investment advisory and administration services. The Manager is
responsible for the management of each Funds portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of each Fund. For such services, each Fund pays the Manager a
monthly fee at the following annual rates of each Funds average daily net
assets as follows:
|
|
|
|
|
|
|
|
|
|
MUE
|
|
|
0.55
|
%
|
MCA
|
|
|
0.50
|
%
|
MYI
|
|
|
0.50
|
%
|
MYM
|
|
|
0.50
|
%
|
MYN
|
|
|
0.50
|
%
|
|
|
|
|
|
Average daily net assets are
the average daily value of each Funds total assets minus the sum of its
accrued liabilities.
The Manager voluntarily
agreed to waive its investment advisory fees by the amount of investment
advisory fees each Fund pays to the Manager indirectly through its investment
in affiliated money market funds, however
|
|
|
|
|
|
48
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
|
|
|
Notes to Financial
Statements
(continued)
|
the Manager
does not waive its investment advisory fees by the amount of investment
advisory fees paid through each Funds investment in other affiliated
investment companies, if any. These amounts are included in fees waived by
advisor in the Statements of Operations. For the six months ended ended January
31, 2011, the amounts waived were as follows:
|
|
|
|
|
|
|
|
|
|
MUE
|
|
$
|
7,257
|
|
MCA
|
|
$
|
17,503
|
|
MYI
|
|
$
|
3,297
|
|
MYM
|
|
$
|
8,695
|
|
MYN
|
|
$
|
15,881
|
|
|
|
|
|
|
The Manager,
for MUE, voluntarily agreed to waive its investment advisory fee on the
proceeds of the Preferred Shares and TOBs that exceed 35% of net assets
applicable to Common Shareholders. This amount is included in fees waived by
advisor in the Statements of Operations. For the six months ended January 31,
2011 the waiver was $88,088.
The Manager
entered into a sub-advisory agreement with BlackRock Investment Management, LLC
(BIM), an affiliate of the Manager. The Manager pays BIM for services it
provides, a monthly fee that is a percentage of the investment advisory fees
paid by each Fund to the Manager.
For the period
August 1, 2010 through December 31, 2010, the Funds reimbursed the Manager for
certain accounting services, which are included in accounting services in the
Statements of Operations. The reimbursements were as follows:
|
|
|
|
|
|
|
|
|
|
MUE
|
|
$
|
1,901
|
|
MCA
|
|
$
|
3,167
|
|
MYI
|
|
$
|
12,542
|
|
MYM
|
|
$
|
1,052
|
|
MYN
|
|
$
|
3,545
|
|
|
|
|
|
|
Effective
January 1, 2011, the Funds no longer reimburse the Manager for accounting
services.
Certain
officers and/or directors of the Funds are officers and/or directors of
BlackRock or its affiliates. The Funds reimburse the Manager for compensation
paid to the Funds Chief Compliance Officer.
4. Investments:
Purchases and sales
of investments, excluding short-term securities, for the six months ended ended
January 31, 2011, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
Sales
|
|
|
|
|
|
|
|
MUE
|
|
$
|
50,995,790
|
|
$
|
32,418,495
|
|
MCA
|
|
$
|
128,961,924
|
|
$
|
83,124,194
|
|
MYI
|
|
$
|
46,914,736
|
|
$
|
45,340,245
|
|
MYM
|
|
$
|
22,650,567
|
|
$
|
26,415,904
|
|
MYN
|
|
$
|
73,299,523
|
|
$
|
69,705,630
|
|
|
|
|
|
|
|
|
|
5. Capital Loss Carryforwards:
As of July 31,
2010, the Funds had capital loss carryforwards available to offset future
realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires July 31,
|
|
MUE
|
|
MCA
|
|
MYI
|
|
MYM
|
|
MYN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
$
|
4,417,434
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
$
|
306,103
|
|
|
2,675,948
|
|
|
|
|
$
|
1,288,851
|
|
$
|
16,583,200
|
|
2014
|
|
|
|
|
|
|
|
$
|
1,489,118
|
|
|
|
|
|
3,107,506
|
|
2015
|
|
|
|
|
|
1,362,395
|
|
|
5,979,955
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
25,066,903
|
|
|
823,067
|
|
|
2,330,288
|
|
2017
|
|
|
8,936,425
|
|
|
2,753,866
|
|
|
21,251,301
|
|
|
253,932
|
|
|
2,295,738
|
|
2018
|
|
|
6,013,130
|
|
|
5,944,218
|
|
|
26,460,028
|
|
|
|
|
|
3,370,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
15,255,658
|
|
$
|
17,153,861
|
|
$
|
80,247,305
|
|
$
|
2,365,850
|
|
$
|
27,686,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under the
recently enacted Regulated Investment Company Modernization Act of 2010,
capital losses incurred by the Funds after July 31, 2011 will not be subject to
expiration. In addition, these losses must be utilized prior to the losses
incurred in pre-enactment taxable years.
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
49
|
Notes to Financial Statements (continued)
6. Concentration, Market and Credit Risk:
MCA, MYM and MYN invest a
substantial amount of their assets in issuers located in a single state or
limited number of states. Please see the Schedules of Investments for
concentrations in specific states.
Many municipalities insure
repayment of their bonds, which may reduce the potential for loss due to credit
risk. The market value of these bonds may fluctuate for other reasons,
including market perception of the value of such insurance, and there is no
guarantee that the insurer will meet its obligation.
In the normal course of
business, the Funds invest in securities and enter into transactions where
risks exist due to fluctuations in the market (market risk) or failure of the
issuer of a security to meet all its obligations (issuer credit risk). The
value of securities held by the Funds may decline in response to certain
events, including those directly involving the issuers whose securities are
owned by the Funds; conditions affecting the general economy; overall market
changes; local, regional or global political, social or economic instability;
and currency and interest rate and price fluctuations. Similar to issuer credit
risk, the Funds may be exposed to counterparty credit risk, or the risk that
an entity with which the Funds have unsettled or open transactions may fail to
or be unable to perform on its commitments. The Funds manage counterparty
credit risk by entering into transactions only with counterparties that they
believe have the financial resources to honor their obligations and by
monitoring the financial stability of those counterparties. Financial assets,
which potentially expose the Funds to market, issuer and counterparty credit
risks, consist principally of financial instruments and receivables due from
counterparties. The extent of the Funds exposure to market, issuer and
counterparty credit risks with respect to these financial assets is generally
approximated by their value recorded in the Funds Statements of Assets and
Liabilities, less any collateral held by the Funds.
As of January 31, 2011, MUE
invested a significant portion of its assets in the County/City/Special
District/School District, Transportation and Utilities sectors. MCA invested a
significant portion of its assets in securities in the County/City/Special
District/School District and Utilities sectors. MYI and MYN invested a
significant portion of their assets in the Transportation and
County/City/Special District/School District sectors. MYM invested a
significant portion of its assets in the County/City/Special District/ School
District sector. Changes in economic conditions affecting the
County/City/Special District/School District, Transportation and Utilities
sectors would have a greater impact on the Funds and could affect the value,
income and/or liquidity of positions in such securities.
7. Capital Share Transactions:
Each Fund is authorized to
issue 200 million shares, including Preferred Shares, par value $0.10 for MUE,
MCA, MYI and MYM and par value $0.05 for MYM and MYN, all of which were
initially classified as Common Shares. The par value for each Funds Common
Shares is $0.10. Each Funds Board is authorized, however, to reclassify any
unissued shares of Common Shares without approval of Common Shareholders.
Common Shares
For the six months ended
January 31, 2011 and the year ended July 31, 2010, shares issued and
outstanding increased by the following amounts as a result of dividend
reinvestment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months
Ended
January 31, 2011
|
|
Year
Ended
July 31, 2010
|
|
|
|
|
|
|
|
MUE
|
|
|
35,579
|
|
|
26,556
|
|
MYI
|
|
|
147,014
|
|
|
37,906
|
|
MYN
|
|
|
7,531
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued and outstanding
remained constant for MCA and MYM for the six months ended January 31, 2011 and
the year ended July 31, 2010.
Preferred Shares
The Preferred Shares are
redeemable at the option of each Fund, in whole or in part, on any dividend
payment date at their liquidation preference per share plus any accumulated and
unpaid dividends whether or not declared. The Preferred Shares are also subject
to mandatory redemption at their liquidation preference plus any accumulated
and unpaid dividends, whether or not declared, if certain requirements relating
to the composition of the assets and liabilities of a Fund, as set forth in
each Funds Articles of Supplementary (the Governing Instrument) are not
satisfied.
From time to time in the
future, each Fund may effect repurchases of its Preferred Shares at prices
below their liquidation preference as agreed upon by the Fund and seller. Each
Fund also may redeem its Preferred Shares from time to time as provided in the
applicable Governing Instrument. Each Fund intends to effect such redemptions
and/or repurchases to the extent necessary to maintain applicable asset
coverage requirements or for such other reasons as the Board may determine.
|
|
|
|
|
|
50
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
Notes to
Financial Statements (continued)
The holders of Preferred
Shares have voting rights equal to the holders of Common Shares (one vote per
share) and will vote together with holders of Common Shares (one vote per
share) as a single class. However, the holders of Preferred Shares, voting as a
separate class, are also entitled to elect two Directors for each Fund. In
addition, the 1940 Act requires that along with approval by shareholders that
might otherwise be required, the approval of the holders of a majority of any
outstanding Preferred Shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the Preferred
Shares, (b) change a Funds sub-classification as a closed-end investment
company or change its fundamental investment restrictions or (c) change its
business so as to cease to be an investment company.
The Funds had the following
series of Preferred Shares outstanding, effective yields and reset frequency as
of January 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Preferred
Shares
|
|
Effective
Yield
|
|
Reset
Frequency
Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
A
|
|
|
1,345
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
B
|
|
|
1,345
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
C
|
|
|
2,550
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCA
|
|
A
|
|
|
1,090
|
1
|
|
0.37
|
%
|
|
28
|
|
|
|
|
B
|
|
|
1,090
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
C
|
|
|
969
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
D
|
|
|
1,211
|
1
|
|
0.41
|
%
|
|
28
|
|
|
|
|
E
|
|
|
1,211
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
F
|
|
|
1,090
|
2
|
|
1.50
|
%
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYI
|
|
A
|
|
|
1,376
|
1
|
|
0.38
|
%
|
|
28
|
|
|
|
|
B
|
|
|
1,376
|
1
|
|
0.37
|
%
|
|
28
|
|
|
|
|
C
|
|
|
1,376
|
1
|
|
0.41
|
%
|
|
28
|
|
|
|
|
D
|
|
|
1,376
|
1
|
|
0.44
|
%
|
|
28
|
|
|
|
|
E
|
|
|
2,502
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
F
|
|
|
1,501
|
1
|
|
0.37
|
%
|
|
28
|
|
|
|
|
G
|
|
|
1,501
|
1
|
|
0.41
|
%
|
|
7
|
|
|
|
|
H
|
|
|
1,625
|
2
|
|
1.50
|
%
|
|
7
|
|
|
|
|
I
|
|
|
1,625
|
2
|
|
1.50
|
%
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYM
|
|
A
|
|
|
1,941
|
1
|
|
0.41
|
%
|
|
7
|
|
|
|
|
B
|
|
|
1,200
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
C
|
|
|
353
|
2
|
|
1.50
|
%
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYN
|
|
A
|
|
|
1,385
|
1
|
|
0.50
|
%
|
|
28
|
|
|
|
|
B
|
|
|
1,385
|
1
|
|
0.41
|
%
|
|
7
|
|
|
|
|
C
|
|
|
2,282
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
D
|
|
|
1,597
|
1
|
|
0.44
|
%
|
|
7
|
|
|
|
|
E
|
|
|
1,793
|
1
|
|
0.44
|
%
|
|
28
|
|
|
|
|
F
|
|
|
1,466
|
2
|
|
1.50
|
%
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
The maximum applicable rate on this series of
Preferred Shares is the higher of 110% of the AA commercial paper rate or
110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00
minus the marginal tax rate.
|
|
|
2
|
The maximum applicable rate on this series of
Preferred Shares is the higher of 110% plus or times (i) the Telerate/BAA
LIBOR or (ii) 90% of Kenny S&P 30-day High Grade Index rate divided by
1.00 minus the marginal tax rate.
|
Dividends on seven-day and
28-day Preferred Shares are cumulative at a rate which is reset every seven or
28 days, respectively, based on the results of an auction. If the Preferred
Shares fail to clear the auction on an
auction date, each Fund is
required to pay the maximum applicable rate on the Preferred Shares to holders
of such shares for successive dividend periods until such time as the shares
are successfully auctioned. The maximum applicable rate on all series of
Preferred Shares is footnoted as applicable on the above chart. The low, high
and average dividend rates on the Preferred Shares for each Fund for the six
months ended ended January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Low
|
|
High
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
A
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
B
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
C
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MCA
|
|
A
|
|
|
0.37
|
%
|
|
0.46
|
%
|
|
0.43
|
%
|
|
|
|
B
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
C
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
D
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.43
|
%
|
|
|
|
E
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
F
|
|
|
1.43
|
%
|
|
1.56
|
%
|
|
1.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYI
|
|
A
|
|
|
0.38
|
%
|
|
0.46
|
%
|
|
0.42
|
%
|
|
|
|
B
|
|
|
0.37
|
%
|
|
0.46
|
%
|
|
0.43
|
%
|
|
|
|
C
|
|
|
0.38
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
D
|
|
|
0.38
|
%
|
|
0.50
|
%
|
|
0.41
|
%
|
|
|
|
E
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
F
|
|
|
0.35
|
%
|
|
0.47
|
%
|
|
0.43
|
%
|
|
|
|
G
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
H
|
|
|
1.43
|
%
|
|
1.56
|
%
|
|
1.48
|
%
|
|
|
|
I
|
|
|
1.43
|
%
|
|
1.56
|
%
|
|
1.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYM
|
|
A
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.43
|
%
|
|
|
|
B
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.43
|
%
|
|
|
|
C
|
|
|
1.43
|
%
|
|
1.56
|
%
|
|
1.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MYN
|
|
A
|
|
|
0.38
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
B
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
C
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
D
|
|
|
0.37
|
%
|
|
0.50
|
%
|
|
0.42
|
%
|
|
|
|
E
|
|
|
0.38
|
%
|
|
0.50
|
%
|
|
0.41
|
%
|
|
|
|
F
|
|
|
1.43
|
%
|
|
1.56
|
%
|
|
1.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Since February 13, 2008, the
Preferred Shares of the Funds failed to clear any of their auctions. As a
result, the Preferred Shares dividend rates were reset to the maximum
applicable rate, which ranged from 0.35% to 1.56% for the six months ended
ended January 31, 2011. A failed auction is not an event of default for the
Funds but it has a negative impact on the liquidity of Preferred Shares. A
failed auction occurs when there are more sellers of a Funds auction rate
Preferred Shares than buyers. A successful auction for the Funds Preferred
Shares may not occur for some time, if ever, and even if liquidity does resume,
Preferred Shareholders may not have the ability to sell the Preferred Shares at
their liquidation preference.
The Funds may not declare
dividends or make other distributions on Common Shares or purchase any such
shares if, at the time of the declaration, distribution or purchase, asset
coverage with respect to the outstanding Preferred Shares is less than 200%.
The Funds pay commissions of
0.25% on the aggregate principal amount of all shares that successfully clear
their auctions and 0.15% on the
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
51
|
|
|
|
Notes to Financial
Statements (concluded)
|
aggregate
principal amount of all shares that fail to clear their auctions. Certain
broker dealers have individually agreed to reduce commissions for failed
auctions.
Preferred
Shares issued and outstanding remained constant for the six months ended ended
January 31, 2011 for MUE, MCA, MYI, MYM, and MYN.
Preferred
Shares issued and outstanding remained constant for the year ended July 31,
2010 for MUE, MCA, MYM and MYN. Preferred Shares issued and outstanding decreased
by 87 shares for MYI for the year ended July 31, 2010.
During the
period, MYI, MYM and MYN entered into a Fee Agreement (the Agreement) with a
financial institution in relation to the potential refinancing of Preferred
Shares. Pursuant to the terms of the Agreement, effective February 1, 2011 MYI,
MYM and MYN will pay a liquidity fee, through the earlier of the date of the
potential refinancing or July 1, 2011, at an annual rate of 0.50% of the
potential refinancing amounts.
8. Restatement Information:
During the
year ended September 30, 2006 for MUE and October 31, 2006 for MYI, the Funds
determined that the criteria for sale accounting in ASC 860 (formerly FAS 140)
had not been met for certain transfers of municipal bonds related to
investments in TOB Residuals, and that these transfers should have been
accounted for as secured borrowings rather than as sales. As a result, certain
financial highlights for the period ended September 30, 2005 with respect to
MUE, and for the period ended October 31, 2005 with respect to MYI, have been
restated to give effect to recording the transfers of the municipal bonds as
secured borrowings, including recording interest on the bonds as interest
income and interest on the secured borrowings as interest expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights for MUE
For the Year Ended September 30, 2005
|
|
|
|
|
|
|
|
|
|
|
2005
|
|
|
|
|
|
|
|
Previously
Reported
|
|
Restated
|
|
|
|
|
|
|
|
Total expenses, net of
waiver
1
|
|
|
1.15
|
%
|
|
1.32
|
%
|
Total expenses
1
|
|
|
1.21
|
%
|
|
1.38
|
%
|
Portfolio turnover
|
|
|
58.19
|
%
|
|
46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights for MYI
For the Year Ended October 31, 2005 and 2004
|
|
|
|
|
|
|
|
|
|
|
2005
|
|
|
|
|
|
|
|
Previously
Reported
|
|
Restated
|
|
|
|
|
|
|
|
Total expenses, net of
waiver
1
|
|
|
1.01
|
%
|
|
1.60
|
%
|
Total expenses
1
|
|
|
1.01
|
%
|
|
1.60
|
%
|
Portfolio turnover
|
|
|
123.85
|
%
|
|
105
|
%
|
|
|
|
|
|
|
|
|
|
|
1
|
Do not reflect the effect
of dividends to Preferred Shareholders.
|
9. Subsequent Events:
Managements
evaluation of the impact of all subsequent events on the Funds financial
statements was completed through the date the financial statements were issued
and the following items were noted:
The Funds paid
a net investment income dividend in the following amounts per share on March 1,
2011 to Common Shareholders of record on February 15, 2011:
|
|
|
|
|
|
|
|
|
|
|
Common
Dividend Per Share
|
|
|
|
|
|
MUE
|
|
$
|
0.0735
|
|
MCA
|
|
$
|
0.0735
|
|
MYI
|
|
$
|
0.0720
|
|
MYM
|
|
$
|
0.0715
|
|
MYN
|
|
$
|
0.0710
|
|
|
|
|
|
|
The dividends
declared on Preferred Shares for the period February 1, 2011 to February 28,
2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
|
|
Dividends
Declared
|
|
|
|
|
|
|
|
|
MUE
|
|
A
|
|
$
|
10,631
|
|
|
|
B
|
|
$
|
10,658
|
|
|
|
C
|
|
$
|
20,309
|
|
|
|
|
|
|
|
|
MCA
|
|
A
|
|
$
|
8,156
|
|
|
|
B
|
|
$
|
8,707
|
|
|
|
C
|
|
$
|
7,717
|
|
|
|
D
|
|
$
|
9,680
|
|
|
|
E
|
|
$
|
9,572
|
|
|
|
F
|
|
$
|
30,851
|
|
|
|
|
|
|
|
|
MYI
|
|
A
|
|
$
|
10,426
|
|
|
|
B
|
|
$
|
10,465
|
|
|
|
C
|
|
$
|
11,013
|
|
|
|
D
|
|
$
|
11,522
|
|
|
|
E
|
|
$
|
19,825
|
|
|
|
F
|
|
$
|
11,185
|
|
|
|
G
|
|
$
|
12,056
|
|
|
|
H
|
|
$
|
45,963
|
|
|
|
I
|
|
$
|
46,103
|
|
|
|
|
|
|
|
|
MYM
|
|
A
|
|
$
|
15,590
|
|
|
|
B
|
|
$
|
9,557
|
|
|
|
C
|
|
$
|
9,991
|
|
|
|
|
|
|
|
|
MYN
|
|
A
|
|
$
|
11,745
|
|
|
|
B
|
|
$
|
11,124
|
|
|
|
C
|
|
$
|
18,230
|
|
|
|
D
|
|
$
|
12,719
|
|
|
|
E
|
|
$
|
15,014
|
|
|
|
F
|
|
$
|
41,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
|
|
|
O
fficers
and Directors
|
|
Richard E.
Cavanagh, Chairman of the Board and Director
|
Karen P. Robards,
Vice Chair of the Board,
|
Chair of the Audit Committee and Director
|
Richard S.
Davis, Director
|
Frank J.
Fabozzi, Director and Member of the Audit Committee
|
Kathleen F.
Feldstein, Director
|
James T.
Flynn, Director and Member of the Audit Committee
|
Henry
Gabbay, Director
|
Jerrold B.
Harris, Director
|
R. Glenn
Hubbard, Director
|
W. Carl
Kester, Director and
Member of the Audit Committee
|
Anne
Ackerley, Fund President and Chief Executive Officer
|
Brendan
Kyne, Vice President
|
Brian
Schmidt, Vice President
|
Neal
Andrews, Chief Financial Officer
|
Jay Fife,
Treasurer
|
Brian
Kindelan, Chief Compliance Officer of the Funds
|
Ira Shapiro,
Secretary
|
|
Investment Advisor
|
BlackRock
Advisors, LLC
|
Wilmington, DE 19809
|
|
Sub-Advisor
|
BlackRock
Investment Management, LLC
|
Plainsboro, NJ 08536
|
|
Custodians
|
State Street
Bank and Trust Company
1
|
Boston, MA
02101
|
|
The Bank of
New York Mellon
2
|
New York, NY
10286
|
|
Transfer Agents
|
Common Shares
|
Computershare
Trust Company, N.A.
1
|
Providence,
RI 02940
|
|
BNY Mellon
Shareowner Services
2
|
Jersey City,
NJ 07310
|
|
Auction Agent
|
Preferred Shares
|
BNY Mellon
Shareowner Services
|
Jersey City,
NJ 07310
|
|
|
Accounting Agent
|
State Street
Bank and Trust Company
|
Princeton,
NJ 08540
|
|
|
Independent Registered Public Accounting Firm
|
Deloitte
& Touche LLP
|
Princeton,
NJ 08540
|
|
Legal Counsel
|
Skadden,
Arps, Slate, Meagher & Flom LLP
|
New York, NY
10036
|
|
Address of the Funds
|
100 Bellevue
Parkway
|
Wilmington,
DE 19809
|
|
|
1
|
For MUE, MCA and MYI.
|
|
|
2
|
For MYM and MYN.
|
|
|
Effective
February 11, 2011, John M. Perlowski became President and Chief Executive
Officer of the Funds.
|
|
Effective
November 10, 2010, Ira Shapiro became Secretary of the Funds.
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
53
|
|
|
|
A
dditional
Information
|
|
|
Proxy Results
|
|
The Annual
Meeting of Shareholders was held on September 2, 2010 for shareholders of
record on July 6, 2010, to elect director nominees for each Fund. Due to a lack
of quorum of Preferred Shares, action on the proposal regarding the preferred
shares nominees election for MUE, MYM and MYN was subsequently adjourned to
October 5, 2010. There were no broker non-votes with regard to any of the
Funds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richard
E. Cavanagh
|
|
Richard
S. Davis
|
|
Frank
J. Fabozzi
|
|
|
|
|
|
|
|
|
|
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
|
17,876,661
|
|
|
631,091
|
|
0
|
|
|
17,872,752
|
|
|
635,000
|
|
0
|
|
|
1,462
|
|
|
9
|
|
|
710
|
|
MCA
|
|
|
27,268,079
|
|
|
1,821,271
|
|
0
|
|
|
27,268,079
|
|
|
1,821,271
|
|
0
|
|
|
3,974
|
|
|
101
|
|
|
0
|
|
MYI
|
|
|
59,381,855
|
|
|
2,672,685
|
|
0
|
|
|
59,247,026
|
|
|
2,807,514
|
|
0
|
|
|
4,306
|
|
|
786
|
|
|
0
|
|
MYM
|
|
|
10,800,657
|
|
|
253,086
|
|
0
|
|
|
10,806,691
|
|
|
247,052
|
|
0
|
|
|
961
|
|
|
15
|
|
|
288
|
|
MYN
|
|
|
32,073,635
|
|
|
2,297,091
|
|
0
|
|
|
32,074,007
|
|
|
2,296,719
|
|
0
|
|
|
2,532
|
|
|
301
|
|
|
509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kathleen
F. Feldstein
|
|
James
T. Flynn
|
|
Henry
Gabbay
|
|
|
|
|
|
|
|
|
|
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
|
17,844,101
|
|
|
663,651
|
|
0
|
|
|
17,861,412
|
|
|
646,340
|
|
0
|
|
|
17,867,995
|
|
|
639,757
|
|
0
|
|
MCA
|
|
|
27,045,998
|
|
|
2,043,352
|
|
0
|
|
|
27,265,643
|
|
|
1,823,707
|
|
0
|
|
|
27,349,165
|
|
|
1,740,185
|
|
0
|
|
MYI
|
|
|
59,103,351
|
|
|
2,951,189
|
|
0
|
|
|
59,204,556
|
|
|
2,849,984
|
|
0
|
|
|
59,374,064
|
|
|
2,680,476
|
|
0
|
|
MYM
|
|
|
10,736,572
|
|
|
317,171
|
|
0
|
|
|
10,724,167
|
|
|
329,576
|
|
0
|
|
|
10,747,864
|
|
|
305,879
|
|
0
|
|
MYN
|
|
|
31,714,380
|
|
|
2,656,346
|
|
0
|
|
|
32,002,653
|
|
|
2,368,073
|
|
0
|
|
|
32,105,635
|
|
|
2,265,091
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jerrold
B. Harris
|
|
R.
Glenn Hubbard
|
|
W. Carl
Kester
|
|
|
|
|
|
|
|
|
|
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
|
17,863,852
|
|
|
643,900
|
|
0
|
|
|
17,855,484
|
|
|
652,268
|
|
0
|
|
|
1,462
|
|
|
9
|
|
|
710
|
|
MCA
|
|
|
27,280,584
|
|
|
1,808,766
|
|
0
|
|
|
27,342,659
|
|
|
1,746,691
|
|
0
|
|
|
3,974
|
|
|
101
|
|
|
0
|
|
MYI
|
|
|
59,207,436
|
|
|
2,847,104
|
|
0
|
|
|
59,150,617
|
|
|
2,903,923
|
|
0
|
|
|
4,306
|
|
|
786
|
|
|
0
|
|
MYM
|
|
|
10,737,301
|
|
|
316,442
|
|
0
|
|
|
10,798,370
|
|
|
255,373
|
|
0
|
|
|
961
|
|
|
15
|
|
|
288
|
|
MYN
|
|
|
31,776,792
|
|
|
2,593,934
|
|
0
|
|
|
31,707,681
|
|
|
2,663,045
|
|
0
|
|
|
2,532
|
|
|
301
|
|
|
509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Karen
P. Robards
|
|
|
|
|
|
|
|
|
|
Votes
For
|
|
Votes
Withheld
|
|
Abstain
|
|
|
|
|
|
|
|
|
|
|
|
MUE
|
|
|
17,855,861
|
|
|
651,891
|
|
0
|
|
|
MCA
|
|
|
27,199,531
|
|
|
1,889,819
|
|
0
|
|
|
MYI
|
|
|
59,088,296
|
|
|
2,966,244
|
|
0
|
|
|
MYM
|
|
|
10,806,656
|
|
|
247,087
|
|
0
|
|
|
MYN
|
|
|
32,093,758
|
|
|
2,276,968
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
|
|
|
Additional Information (continued)
|
|
|
Dividend Policy
|
|
The Funds dividend policy is
to distribute all or a portion of their net investment income to their
shareholders on a monthly basis. In order to provide shareholders with a more
stable level of dividend distributions, the Funds may at times pay out less
than the entire amount of net investment income earned in any particular month
and may at times in any particular month pay out such accumulated but
undistributed income in addition to net investment income earned in that
month. As a result, the dividends paid by the Funds for any particular month may
be more or less than the amount of net investment income earned by the Funds
during such month. The Funds current accumulated but undistributed net
investment income, if any, is disclosed in the Statements of Assets and
Liabilities, which comprises part of the financial information included in this
report.
|
|
|
|
SEMI-ANNUAL
REPORT
|
JANUARY 31, 2011
|
55
|
|
|
|
Additional Information (continued)
|
|
|
General Information
|
|
On June 10, 2010, the Manager
announced that MUE, MCA, and MYI received demand letters from a law firm on
behalf of MUEs, MCAs, and MYIs common shareholders. The demand letter alleges
that the Manager and MUEs, MCAs, and MYIs officers and Board of Directors
(the Board) breached their fiduciary duties by redeeming at par certain of
MUEs, MCAs, and MYIs Preferred Shares, and demanded that the Board take
action to remedy those alleged breaches. In response to the demand letter, the
Board established a Demand Review Committee (the Committee) of the
Independent Directors to investigate the claims made in the demand letter with
the assistance of independent counsel. Based upon its investigation, the
Committee recommended that the Board reject the demand specified in the demand
letter. After reviewing the findings of the Committee, the Board unanimously
adopted the Committees recommendation and unanimously voted to reject the
demand.
On August 11, 2010, the
Manager announced that a shareholder derivative complaint was filed on August
3, 2010 in the Supreme Court of the State of New York, New York County with
respect to MCA and MYI, which had previously received a demand letter from a
law firm on behalf of each funds common shareholders. The complaint was filed
against the Manager, BlackRock, Inc., MCA, MYI and certain of the directors,
officers and portfolio managers (collectively, the BlackRock Parties) in
connection with the redemption of auction-market preferred shares, auction rate
preferred securities, auction preferred shares and auction rate securities
(collectively, AMPS). The complaint alleges, among other things, that the
BlackRock Parties breached their fiduciary duties to the common shareholders of
MCA and MYI (the Shareholders) by redeeming AMPS at their liquidation
preference and alleges that such redemptions caused losses to the Shareholders.
The plaintiffs are seeking monetary damages for the alleged losses suffered and
to enjoin MCA and MYI from future redemptions of AMPS at their liquidation
preference. The BlackRock Parties believe that the claims asserted in the
complaint are without merit and intend to vigorously defend themselves in the
litigation.
Electronic Delivery
Electronic copies of most
financial reports are available on the Funds website or shareholders can sign
up for e-mail notifications of quarterly statements, annual and semi-annual
reports by enrolling in the Funds electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages:
Please contact your financial
advisor to enroll. Please note that not all investment advisors, banks or
brokerages may offer this service.
Householding
The Funds will mail only one
copy of shareholder documents, including annual and semi-annual reports and
proxy statements, to shareholders with multiple accounts at the same address.
This practice is commonly called householding and is intended to reduce
expenses and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please call (800) 441-7762.
Availability of Quarterly Portfolio Schedule of Investments
Each Fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (the
SEC) for the first and third quarters of each fiscal year on Form N-Q. The
Funds Forms N-Q are available on the SECs website at http://www.sec.gov and
may also be reviewed and copied at the SECs Public Reference Room in
Washington, DC. Information on the operation of the Public Reference Room may
be obtained by calling (800) SEC-0330. Each Funds Forms N-Q may also be
obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies
and procedures that the Funds use to determine how to vote proxies relating to
portfolio securities is available (1) without charge, upon request, by calling
(800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SECs website
at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the
Funds voted proxies relating to securities held in the Funds portfolios during
the most recent 12-month period ended June 30 is available upon request and
without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and
(2) on the SECs website at http://www.sec.gov.
Availability of Fund Updates
BlackRock will update
performance and certain other data for the Funds on a monthly basis on its
website in the Closed-end Funds section of http://www.blackrock.com.
Investors and others are advised to periodically check the website for updated
performance information and the release of other material information about the
Funds.
|
|
|
|
56
|
SEMI-ANNUAL
REPORT
|
JANUARY 31, 2011
|
|
|
|
Additional Information (continued)
|
|
|
Board Approvals
|
|
On September 1, 2010, the
Board of each Fund approved changes to certain investment policies of the
Funds.
Historically, under normal
market conditions, each Fund has been required to invest at least 80% of its
assets in municipal bonds either (i) insured under an insurance policy
purchased by the Fund or (ii) insured under an insurance policy obtained by the
issuer of the municipal bond or any other party. In September 2008, the Funds
adopted an amended investment policy of purchasing only municipal bonds insured
by insurance providers with claims-paying abilities rated investment grade at
the time of investment (the Insurance Investment Policy).
Following the onset of the
credit and liquidity crises, the claims-paying ability rating of most of the
municipal bond insurance providers was lowered by the rating agencies. These
downgrades called into question the long-term viability of the municipal bond
insurance market, which had the potential to severely limit the ability of the
Manager to manage the Funds under the Insurance Investment Policy.
As a result, on September 1,
2010, the Manager recommended, and the Boards approved, the removal of the
Insurance Investment Policy. As a result of this investment policy change, the
Funds are not required to dispose of assets currently held within the Funds.
The Funds will maintain, and have no current intention to amend, their
investment policy of, under normal market conditions, generally investing in
municipal obligations rated investment grade at the time of investment.
As each Fund increases the
amount of its assets that are invested in municipal obligations that are not
insured, the Funds shareholders will be exposed to the risk of the failure of
such securities issuers to pay interest and repay principal and will not have
the benefit of protection provided under municipal bond insurance policies. As
a result, shareholders will be more dependent on the analytical ability of the
Manager to evaluate the credit quality of issuers of municipal obligations in
which the Fund invests. The Boards believe that the amended investment policy
is in the best interests of each Fund and its shareholders because it believes
that the potential benefits from increased flexibility outweigh the potential
increase in risk from the lack of insurance policies provided by weakened
insurance providers. Of course, the new investment policy cannot assure that
each Fund will achieve its investment objective.
As disclosed in each Funds
prospectus, each Fund is required to provide shareholders 60 days notice of a
change to the Insurance Investment Policy. Accordingly, a notice describing the
changes discussed above was mailed to shareholders of record as of September 1,
2010. The new investment policy took effect on November 9, 2010. The Manager has
been gradually repositioning each Funds portfolios over time, and during such
period, each Fund may continue to hold a substantial portion of its assets in
insured municipal bonds. At this time, the repositioning of each Funds
portfolio is still taking place, and the Funds will continue to be subject to
risks associated with investing a substantial portion of their assets in
insured municipal bonds until the repositioning is complete. No action is
required by shareholders of the Funds in connection with this change.
In connection with this
change in non-fundamental policy, each of the Funds underwent a name change to
reflect its new portfolio characteristics. Each Fund continues to trade on the
New York Stock Exchange under its current ticker symbol.
The approved changes did not
alter any Funds investment objective.
|
|
|
|
SEMI-ANNUAL
REPORT
|
JANUARY 31, 2011
|
57
|
|
|
|
Additional Information (concluded)
|
|
|
BlackRock Privacy Principles
|
|
BlackRock is committed to
maintaining the privacy of its current and former fund investors and individual
clients (collectively, Clients) and to safeguarding their non-public personal
information. The following information is provided to help you understand what
personal information BlackRock collects, how we protect that information and
why in certain cases we share such information with select parties.
If you are located in a
jurisdiction where specific laws, rules or regulations require BlackRock to
provide you with additional or different privacy-related rights beyond what is
set forth below, then BlackRock will comply with those specific laws, rules or
regulations.
BlackRock obtains or verifies
personal non-public information from and about you from different sources,
including the following: (i) information we receive from you or, if applicable,
your financial intermediary, on applications, forms or other documents; (ii)
information about your transactions with us, our affiliates, or others; (iii)
information we receive from a consumer reporting agency; and (iv) from visits to
our websites.
BlackRock does not sell or
disclose to non-affiliated third parties any non-public personal information
about its Clients, except as permitted by law or as is necessary to respond to
regulatory requests or to service Client accounts. These non-affiliated third
parties are required to protect the confidentiality and security of this
information and to use it only for its intended purpose.
We may share information with
our affiliates to service your account or to provide you with information about
other BlackRock products or services that may be of interest to you. In
addition, BlackRock restricts access to non-public personal information about
its Clients to those BlackRock employees with a legitimate business need for
the information. BlackRock maintains physical, electronic and procedural
safeguards that are designed to protect the non-public personal information of
its Clients, including procedures relating to the proper storage and disposal
of such information.
|
|
|
|
58
|
SEMI-ANNUAL REPORT
|
JANUARY 31, 2011
|
This report is transmitted to
shareholders only. It is not a prospectus. Past performance results shown in
this report should not be considered a representation of future performance.
The Funds have leveraged their Common Shares, which creates risks for Common
Shareholders, including the likelihood of greater volatility of net asset value
and market price of the Common Shares and the risk that fluctuations in the
short-term dividend rates of the Preferred Shares, currently set at the maximum
reset rate as a result of failed auctions, may reduce the Common Shares yield.
Statements and other information herein are as dated and are subject to change.
|
|
#MHMYINS5-1/11
|
|
Item 2
|
Code of Ethics Not Applicable to this semi-annual report
|
|
|
Item 3
|
Audit Committee Financial Expert Not Applicable to this semi-annual report
|
|
|
Item 4
|
Principal Accountant Fees and Services Not Applicable to this semi-annual report
|
|
|
Item 5
|
Audit Committee of Listed Registrants Not Applicable to this semi-annual report
|
|
|
Item 6
|
Investments
|
|
(a) The registrants Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
|
|
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
|
|
|
Item 7
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable to this semi-annual report
|
|
|
Item 8
|
Portfolio Managers of Closed-End Management Investment Companies
|
|
(a) Not Applicable to this semi-annual report
|
|
(b) As of the date of this filing, there have been no changes to any of the portfolio managers identified in the most recent annual report on Form N-CSR
|
|
|
Item 9
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not Applicable
|
|
|
Item 10
|
Submission of Matters to a Vote of Security Holders There have been no material changes to these procedures.
|
|
|
Item 11
|
Controls and Procedures
|
|
|
|
(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
|
|
|
|
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
|
|
|
Item 12
|
Exhibits attached hereto
|
|
|
|
(a)(1) Code of Ethics Not Applicable to this semi-annual report
|
|
|
|
(a)(2) Certifications Attached hereto
|
|
|
|
(a)(3) Not Applicable
|
|
|
|
(b) Certifications Attached hereto
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
BlackRock MuniYield Quality Fund III, Inc.
|
|
|
|
By:
|
/s/ John M. Perlowski
|
|
|
|
John M. Perlowski
|
|
|
Chief Executive Officer (principal executive officer) of
|
|
|
BlackRock MuniYield Quality Fund III, Inc.
|
|
|
|
Date: April 4, 2011
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
By:
|
/s/ John M. Perlowski
|
|
|
|
John M. Perlowski
|
|
|
Chief Executive Officer (principal executive officer) of
|
|
|
BlackRock MuniYield Quality Fund III, Inc.
|
|
|
|
Date: April 4, 2011
|
|
|
|
By:
|
/s/ Neal J. Andrews
|
|
|
|
Neal J. Andrews
|
|
|
Chief Financial Officer (principal financial officer) of
|
|
|
BlackRock MuniYield Quality Fund III, Inc.
|
|
|
|
|
Date: April 4, 2011
|
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