NPORT-EX 2 BRMuniYieldInvestQualityFund.htm EX-MFT

Schedule of Investments  (unaudited)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 124.7%

 

Alabama — 0.3%

 

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35

   $ 350     $ 373,768  
   

 

 

  
Arizona — 2.0%  

Arizona IDA, RB(a):

    

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

    

5.00%, 07/01/39

     190       197,380  

5.00%, 07/01/49

     210       218,043  

5.00%, 07/01/54

     165       169,872  

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

     225       224,555  

County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38

     270       307,759  

County of Maricopa Pollution Control Corp., Refunding RB, EL Paso Electric Co. Palo Varde Project, Series B, 3.60%, 04/01/40

     1,250       1,301,425  
   

 

 

  
      2,419,034  
California — 16.6%  

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

     1,150       1,194,447  

California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 4.00%, 12/31/47

     780       837,767  

City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT:

    

5.50%, 05/01/28

     720       818,309  

5.25%, 05/01/33

     560       628,829  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT:

    

5.50%, 03/01/30

     1,600       1,684,224  

6.25%, 03/01/34

     1,250       1,326,312  

County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40

     2,000       2,381,720  

Kern Community College District, GO, Safety, Repair & Improvement,
Series C, 5.50%, 11/01/23(b)

     970       1,139,566  

Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(b)

     1,000       1,077,020  
Security   Par
(000)		     Value  
California (continued)  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J:

    

5.25%, 05/15/23(b)

   $ 1,740     $ 1,994,684  

5.25%, 05/15/38

     495       558,969  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44

     745       832,791  

State of California, GO, Various Purposes (AGC), 5.50%, 11/01/39

     3,450       3,460,833  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/31

     1,000       1,158,910  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F, 5.25%, 09/01/33

     490       558,693  

Township of Washington California Health Care District, GO, Election of 2004,
Series B, 5.50%, 08/01/40

     370       433,851  
   

 

 

  
      20,086,925  
Colorado — 3.1%  

City & County of Denver Colorado, RB, Capital Appreciation Bonds Series,
Series A-2, 0.00%, 08/01/38(c)

     835       428,263  

City & County of Denver Colorado Airport System, ARB, Series A, AMT:

    

5.50%, 11/15/28

     500       574,425  

5.50%, 11/15/30

     225       257,774  

5.50%, 11/15/31

     270       308,891  

Colorado Educational & Cultural Facilities Authority, RB, Rocky Mountain School of Expeditionary Learning, 5.00%, 03/01/50(a)

     320       348,000  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives,
Series B-1, 4.00%, 11/09/22(b)

     615       664,975  

Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48

     495       499,816  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

Haskins Station Metropolitan District, GO, Series A, 5.00%, 12/01/39

   $ 650     $ 671,820  
   

 

 

  
      3,753,964  
Connecticut — 0.3%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1,
4.00%, 05/15/45

     380       401,983  
   

 

 

  
Florida — 13.3%  

Capital Trust Agency, Inc., RB, Advantage Academy of Hillsborough Projects, Series A:

    

5.00%, 12/15/49

     140       151,554  

5.00%, 12/15/54

     125       135,410  

County of Broward Florida Airport System, ARB, Series A, AMT, 5.00%, 10/01/45

     575       657,685  

County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29

     1,170       1,342,341  

County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32

     1,000       1,066,040  

County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40

     40       40,938  

County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40

     30       30,701  

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

    

Series A, 6.00%, 10/01/38

     1,840       2,129,763  

Series A, 5.50%, 10/01/42

     2,125       2,409,686  

Series B, AMT, 6.00%, 10/01/26

     590       683,214  

Series B, AMT, 6.00%, 10/01/27

     775       897,140  

Series B, AMT, 6.25%, 10/01/38

     310       358,698  

Series B, AMT, 6.00%, 10/01/42

     410       472,632  

County of Miami-Dade Florida, Refunding RB:

    

Seaport Department, Series D, AMT,
6.00%, 10/01/26

     735       851,123  

Water & Sewer System, Series B,
5.25%, 10/01/23(b)

     500       573,140  

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

     2,165       2,382,561  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project, 5.00%, 08/01/41

     1,000       1,100,620  
Security   Par
(000)		     Value  
Florida (continued)  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32

   $ 710     $ 802,974  
   

 

 

  
      16,086,220  
Georgia — 3.8%  

Main Street Natural Gas, Inc., RB,
Series A, 5.00%, 05/15/49

     2,000       2,695,840  

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

    

4.00%, 01/01/49

     625       669,469  

4.00%, 01/01/59

     1,180       1,258,647  
   

 

 

  
      4,623,956  
Hawaii — 1.9%  

State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45

     1,000       1,140,140  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

     250       282,472  

5.25%, 08/01/26

     810       914,539  
   

 

 

  
      2,337,151  
Idaho — 0.6%  

Idaho Health Facilities Authority, RB, Trinity Health Credit Group, 4.00%, 12/01/43

     605       668,834  
   

 

 

  
Illinois — 16.9%  

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41

     1,010       1,115,303  

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

    

Series A, 5.75%, 01/01/21(b)

     645       678,211  

Series A, 5.75%, 01/01/39

     125       130,756  

Series C, 6.50%, 01/01/21(b)

     3,680       3,901,205  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36

     1,000       1,067,820  

City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%, 06/01/28

     3,000       3,065,790  

City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42

     1,375       1,445,152  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

    

5.50%, 12/01/38

     1,000       1,074,530  

5.25%, 12/01/43

     1,190       1,258,044  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, RB, Series A:

    

Carle Foundation, 6.00%, 08/15/41

   $ 1,555     $ 1,666,929  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/37

     480       550,277  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     940       1,002,031  

6.00%, 06/01/21

     270       289,850  

State of Illinois, GO:

    

5.25%, 02/01/32

     1,000       1,087,720  

5.50%, 07/01/33

     1,500       1,641,045  

5.50%, 07/01/38

     280       305,166  

State of Illinois, GO, Refunding,
Series B, 5.00%, 10/01/27

     235       268,368  
   

 

 

  
      20,548,197  
Indiana — 0.3%  

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

     375       408,435  
   

 

 

  
Louisiana — 1.5%  

Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29

     1,000       1,151,280  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29

     650       651,196  
   

 

 

  
      1,802,476  
Maryland — 1.6%  

Maryland Community Development Administration, Refunding RB, S/F Housing:

    

Series A, 4.10%, 09/01/38

     645       700,283  

Series B, 3.35%, 09/01/42

     1,200       1,224,552  
   

 

 

  
      1,924,835  
Massachusetts — 2.1%  

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

     645       735,268  

Massachusetts Development Finance Agency, Refunding RB:

    

Emerson College, 5.00%, 01/01/41

     525       587,454  

Series A, 4.00%, 07/01/44

     685       740,464  
Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42

   $ 520     $ 526,313  
   

 

 

  
      2,589,499  
Michigan — 0.5%  

City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM),
6.25%, 07/01/36

     5       5,018  

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

     515       605,867  
   

 

 

  
      610,885  
Minnesota — 3.0%  

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

    

4.25%, 02/15/48

     2,790       3,081,555  

5.25%, 02/15/58

     475       564,062  
   

 

 

  
      3,645,617  
Mississippi — 1.4%  

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40

     1,190       1,421,324  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23(b)

     260       298,795  
   

 

 

  
      1,720,119  
Nevada — 2.0%  

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 07/01/39

     2,375       2,388,704  
   

 

 

  
New Jersey — 8.1%  

New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond:

    

5.38%, 01/01/43

     1,000       1,124,450  

(AGM), 5.00%, 01/01/31

     530       594,119  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49

     665       676,870  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program Bonds, Series S,
5.00%, 06/15/46

     1,885       2,143,698  

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

     1,600       1,771,008  

New Jersey Turnpike Authority, RB,
Series A, 4.00%, 01/01/48

     550       606,876  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

   $ 525     $ 629,701  

Series A, 5.00%, 06/01/46

     1,255       1,430,273  

Sub-Series B, 5.00%, 06/01/46

     740       817,552  
   

 

 

  
      9,794,547  
New Mexico — 0.1%            

City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project,
Series A, 5.00%, 05/15/44(d)

     100       110,622  
   

 

 

  
New York — 5.5%            

New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/45

     1,530       1,858,292  

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

     600       669,432  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36

     2,500       2,613,350  

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

     1,410       1,561,787  
   

 

 

  
      6,702,861  
Ohio — 3.2%            

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     995       1,002,472  

County of Hamilton Ohio, RB, Cincinnati Children’s Hospital Medical Center,
Series CC, 5.00%, 11/15/49

     830       1,220,391  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects,
Series A-1, 5.25%, 02/15/31

     1,500       1,684,695  
   

 

 

  
      3,907,558  
Oklahoma — 0.4%            

Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37

     400       465,356  
   

 

 

  
Oregon — 0.4%            

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

     475       242,464  
Security
   Par
(000)		     Value  
Oregon (continued)  

Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Deferred Interest, Series A, 0.00%, 06/15/38(c)

   $ 470     $ 262,034  
   

 

 

  
      504,498  
Pennsylvania — 2.1%            

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

    

Mortgage, Series 123-B, 4.00%, 10/01/42

     935       990,492  

Series 129, 3.40%, 10/01/49

     1,500       1,543,320  
   

 

 

  
      2,533,812  
Puerto Rico — 3.5%            

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

    

Series A-1, 4.75%, 07/01/53

     495       510,533  

Series A-1, 5.00%, 07/01/58

     862       902,135  

Series A-2, 4.78%, 07/01/58

     2,371       2,440,304  

Series B-1, 4.75%, 07/01/53

     164       169,012  

Series B-2, 4.78%, 07/01/58

     159       163,180  
   

 

 

  
      4,185,164  
Rhode Island — 1.2%            

Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34

     430       449,539  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40

     950       1,055,878  
   

 

 

  
      1,505,417  
South Carolina — 12.0%            

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

     1,470       1,676,726  

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

    

5.50%, 07/01/26

     1,810       2,064,830  

6.00%, 07/01/38

     1,155       1,320,373  

5.50%, 07/01/41

     1,000       1,121,970  

South Carolina Jobs EDA, Refunding RB:

    

Anmed Health Projects, 5.00%, 02/01/38

     2,710       3,109,129  

Prisma Health Obligated Group, Series A,
5.00%, 05/01/48

     715       833,654  

State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A,
5.00%, 05/01/43

     800       942,056  

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

     750       903,240  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)            

State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53

   $ 40     $ 45,143  

State of South Carolina Public Service Authority, Refunding RB:

    

Series C, 5.00%, 12/01/46

     1,795       2,031,922  

Series E, 5.25%, 12/01/55

     425       493,055  
   

 

 

  
      14,542,098  
Tennessee — 2.1%            

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A:

    

4.00%, 10/01/49

     205       221,666  

5.25%, 10/01/58

     1,930       2,340,704  
   

 

 

  
      2,562,370  
Texas — 11.2%            

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37

     930       1,035,825  

Dallas-Fort Worth International Airport, Refunding ARB, Joint Revenue, Series E, AMT,
5.50%, 11/01/27

     2,500       2,878,200  

Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, Series H, AMT,
5.00%, 11/01/37

     980       1,037,595  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

     730       828,134  

North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b)

     2,120       2,280,738  

North Texas Tollway Authority, Refunding RB:

    

4.25%, 01/01/49

     2,335       2,588,814  

1st Tier (AGM), 6.00%, 01/01/21(b)

     1,000       1,055,020  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38

     420       468,325  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, Blueridge Transportation Group, AMT,
5.00%, 12/31/55

     525       580,094  

Texas Transportation Commission, RB, First Tier Toll Revenue:

    

CAB, 0.00%, 08/01/41(c)

     1,000       408,400  

CAB, 0.00%, 08/01/42(c)

     615       237,476  
Security   Par
(000)		     Value  
Texas (continued)            

5.00%, 08/01/57

   $ 210     $ 246,979  
   

 

 

  
      13,645,600  
Utah — 0.1%            

Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/39(a)

     100       106,530  
   

 

 

  
Virginia — 0.3%            

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43

     380       406,927  
   

 

 

  
Washington — 2.6%            

City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21(b)

     1,000       1,049,810  

State of Washington, GO, Various Purposes, Series B, 5.25%, 02/01/21(b)

     725       761,112  

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

     195       212,020  

Washington State Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/43(a)

     1,000       1,128,630  
   

 

 

  
      3,151,572  
Wisconsin — 0.7%            

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

     115       123,175  

Wisconsin Housing & Economic Development Authority, RB, M/F Housning, WHPC Madison Pool Project, Series A, 4.70%, 07/01/47

     660       711,566  
   

 

 

  
      834,741  
   

 

 

  

Total Municipal Bonds — 124.7%
(Cost — $140,420,453)

       151,350,275  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 5.9%

 

City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46

     2,050       2,385,482  

Fremont Union High School District, GO, Refunding, Series A, 4.00%, 08/01/46

     1,520       1,723,194  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)            

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series A, 5.00%, 10/01/43

   $ 2,565     $ 3,080,411  
   

 

 

  
      7,189,087  
Colorado — 1.2%            

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/49(f)

     1,310       1,400,822  
   

 

 

  
Connecticut — 1.2%            

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

     1,216       1,420,663  
   

 

 

  
District of Columbia — 0.7%            

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

     790       851,170  
   

 

 

  
Georgia — 0.9%            

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

     1,025       1,111,797  
   

 

 

  
Idaho — 1.4%            

Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48

     1,570       1,740,141  
   

 

 

  
Illinois — 0.9%            

State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38

     1,004       1,145,057  
   

 

 

  
Iowa — 1.0%            

Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39

     1,275       1,260,452  
   

 

 

  
Michigan — 1.3%            

Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47

     1,444       1,583,321  
   

 

 

  
Nevada — 3.7%            

Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 06/01/28

     4,200       4,445,784  
   

 

 

  
New Jersey — 0.9%            

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

     1,000       1,047,972  
   

 

 

  
Security   Par
(000)		     Value  
New York — 11.8%            

City of New York, GO, Sub-Series-D1,
Series D, 5.00%, 12/01/43(f)

   $ 2,380     $ 2,907,479  

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

     1,740       1,900,202  

City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series BB, 5.25%, 12/15/21(b)

     2,999       3,262,144  

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

    

5.75%, 02/15/21(b)

     619       653,825  

5.75%, 02/15/47

     381       402,213  

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

     3,000       3,245,819  

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

     1,770       1,919,174  
   

 

 

  
      14,290,856  
North Carolina — 0.8%            

North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48

     877       936,767  
   

 

 

  
Pennsylvania — 1.6%            

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

     1,664       2,000,505  
   

 

 

  
Rhode Island — 1.6%            

Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     1,832       1,994,865  
   

 

 

  
Texas — 1.5%            

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

    

3.63%, 09/01/44

     982       1,040,182  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)            

3.75%, 09/01/49

   $ 697     $ 738,097  
   

 

 

  
      1,778,279  
Virginia — 1.7%            

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

     1,668       2,077,631  
   

 

 

  
West Virginia — 1.3%            

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(f)

     1,391       1,538,835  
   

 

 

  
Wisconsin — 2.5%            

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

    

4.10%, 11/01/43

     1,222       1,320,825  
Security   Par
(000)		     Value  
Wisconsin (continued)            

4.45%, 05/01/57

   $ 1,528     $ 1,651,060  
   

 

 

  
      2,971,885  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 41.9%
(Cost — $47,752,540)

 

     50,785,889  
   

 

 

  

Total Long-Term Investments — 166.6%
(Cost — $188,172,993)

       202,136,164  
   

 

 

  
     Shares         

Short-Term Securities — 1.1%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(g)(h)

     1,357,234       1,357,370  
   

 

 

  

Total Short-Term Securities — 1.1%
(Cost — $1,357,370)

 

     1,357,370  
   

 

 

  

Total Investments — 167.7%
(Cost — $189,530,363)

 

     203,493,534  

Other Assets Less Liabilities — 1.1%

       1,248,611  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.2)%

 

     (26,903,082 ) 

VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (46.6)%

 

     (56,500,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 121,339,063  
   

 

 

  
 
(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) 

When-issued security.

(e) 

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.

(f) 

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 November 15, 2019, to August 01, 2027, is $5,288,748.

(g) 

Annualized 7-day yield as of period end.

 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

(h) 

During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/19		      Net
Activity		      Shares
Held at
10/31/19		      Value at
10/31/19		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      2,088,769        (731,535 )       1,357,234      $ 1,357,370      $ 1,657      $ (3 )     $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
FHA    Federal Housing Administration
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
IDB    Industrial Development Board
LRB    Lease Revenue Bonds
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value /
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

                  

10-Year U.S. Treasury Note

      10          12/19/19        $ 1,303        $ 3,269  

Long U.S. Treasury Bond

      29          12/19/19          4,680          30,923  

5-Year U.S. Treasury Note

      13          12/31/19          1,550          1,521  
                 

 

 

  
                  $ 35,713  
                 

 

 

  

 

 

8   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

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

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors.The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $ —        $ 202,136,164        $ —        $ 202,136,164  

Short-Term Securities

     1,357,370          —          —          1,357,370  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,357,370        $ 202,136,164        $ —        $ 203,493,534  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 35,713        $ —        $         —        $ 35,713  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 
  (b) 

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

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $ —        $ (26,821,206 )       $ —        $ (26,821,206 ) 

VMTP Shares at Liquidation Value

     —          (56,500,000 )         —          (56,500,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $         —        $ (83,321,206 )       $         —        $ (83,321,206 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     9