NPORT-EX 2 NPORT_8262791156610108.htm EX-MFT

Schedule of Investments  (unaudited)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 129.6%

 

Alabama — 0.7%

 

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

   $ 350     $ 360,538  

Madison Water & Wastewater Board, RB, 3.00%, 12/01/50

     450       445,797  
   

 

 

  
      806,335  
Arizona — 2.5%  

Arizona IDA, RB(a):

    

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

     190       165,378  

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

     210       168,655  

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

     165       129,155  

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

     225       183,092  

County of Maricopa Arizona IDA, Refunding RB:

    

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

     100       94,030  

Honorhealth, Series A, 4.13%, 09/01/38

     270       284,453  

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

     210       189,508  

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

     1,250       1,243,313  

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

     325       254,787  
   

 

 

  
      2,712,371  
Arkansas — 0.4%  

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

     550       469,673  
   

 

 

  
California — 14.4%  

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

     780       746,023  
Security   Par
(000)		     Value  
California (continued)  

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

    

2nd, 5.50%, 05/01/28

   $ 720     $ 790,675  

2nd, 5.25%, 05/01/33

     560       603,960  

5.00%, 05/01/44

     745       790,400  

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       1,644,800  

6.25%, 03/01/34

     1,250       1,291,137  

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

     2,000       2,283,980  

Golden State Tobacco Securitization Corp., Refunding RB:

    

Series A-1, 5.00%, 06/01/47

     105       101,941  

Series A-2, 5.00%, 06/01/47

     175       170,727  

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

     970       1,120,234  

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

     1,000       1,059,870  

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

    

5.25%, 05/15/23(b)

     1,740       1,962,268  

5.25%, 05/15/38

     495       546,534  

State of California, GO, Refunding, Various Purposes, 4.00%, 03/01/40

     475       530,699  

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

     1,000       1,135,980  

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

     490       547,281  

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

     370       424,612  
   

 

 

  
      15,751,121  
Colorado — 3.5%  

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

     835       424,865  

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

    

5.50%, 11/15/28

     500       554,890  

5.50%, 11/15/30

     225       249,241  

5.50%, 11/15/31

     270       298,871  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

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

   $ 320     $ 271,021  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59(a)

     425       374,297  

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

     615       658,241  

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

     495       466,211  

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

     650       540,709  
   

 

 

  
      3,838,346  
District of Columbia — 0.5%  

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

     620       586,892  
   

 

 

  
Florida — 15.4%  

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

    

5.00%, 12/15/49

     140       143,840  

5.00%, 12/15/54

     125       127,405  

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

     575       613,496  

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

     1,170       1,280,635  

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

     1,000       1,036,710  

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       40,921  

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

     30       30,689  
Security   Par
(000)		     Value  
Florida (continued)  

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

    

Series A, 6.00%, 10/01/38

   $  1,840     $ 2,052,962  

Series A, 5.50%, 10/01/42

     2,125       2,317,716  

Series B, AMT, 6.00%, 10/01/26

     590       659,531  

Series B, AMT, 6.00%, 10/01/27

     775       865,551  

Series B, AMT, 6.25%, 10/01/38

     310       345,709  

Series B, AMT, 6.00%, 10/01/42

     410       454,231  

County of Miami-Dade Florida, Refunding RB:

    

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

     735       821,620  

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

     500       571,060  

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

     2,165       2,364,093  

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

     1,000       1,002,500  

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

    

0.00%, 10/01/46

     555       186,391  

0.00%, 10/01/47

     540       173,718  

0.00%, 10/01/48

     380       117,006  

0.00%, 10/01/49

     315       92,752  

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

    

5.00%, 05/01/29

     180       177,052  

5.00%, 08/01/29(d)

     100       99,954  

Osceola Chain Lakes Community Development District, Special Assessment Bonds:

    

4.00%, 05/01/40

     270       237,360  

4.00%, 05/01/50

     260       219,154  

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

     710       801,796  
   

 

 

  
      16,833,852  
Georgia — 3.9%  

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

     2,000       2,322,300  

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

    

4.00%, 01/01/49

     625       601,331  

4.00%, 01/01/59

     1,180       1,096,173  

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

     230       221,290  
   

 

 

  
      4,241,094  
 

 

2

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Hawaii — 2.0%  

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

   $  1,000     $  1,061,770  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

     250       272,280  

5.25%, 08/01/26

     810       880,259  
   

 

 

  
      2,214,309  
Idaho — 0.6%  

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

     605       628,371  
   

 

 

  
Illinois — 18.5%  

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

     1,010       1,054,137  

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

    

Series A, 5.75%, 01/01/21(b)

     645       666,485  

Series A, 5.75%, 01/01/39

     125       127,541  

Series C, 6.50%, 01/01/21(b)

     3,280       3,402,508  

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

     1,000       1,053,840  

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

     3,000       3,006,660  

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

     1,375       1,411,231  

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

    

5.50%, 12/01/38

     1,000       1,013,440  

5.25%, 12/01/43

     1,190       1,188,429  

Illinois Finance Authority, RB, Series A:

    

Carle Foundation, 6.00%, 08/15/41

     1,555       1,628,474  

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

     480       483,682  

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

     400       356,208  
Security   Par
(000)		     Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 4.00%, 06/15/50

   $ 410     $ 341,411  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     940       986,878  

6.00%, 06/01/21

     270       284,928  

State of Illinois, GO:

    

5.25%, 02/01/32

     1,000       962,970  

5.50%, 07/01/33

     1,500       1,459,155  

5.50%, 07/01/38

     280       264,480  

Rebuild Illinois Program, Series C, 4.00%, 11/01/43

     440       354,314  

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

     235       230,622  
   

 

 

  
      20,277,393  
Indiana — 0.4%  

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

     375       384,829  
   

 

 

  
Iowa — 1.1%  

Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series B, 5.50%, 05/15/29

     1,275       1,199,953  
   

 

 

  
Louisiana — 1.7%  

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

     1,000       1,119,670  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35

     135       136,697  

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

     650       650,585  
   

 

 

  
      1,906,952  
Maryland — 0.6%  

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

     645       686,725  
   

 

 

  
Massachusetts — 2.2%  

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

     645       672,503  

Massachusetts Development Finance Agency, Refunding RB:

    

Emerson College, 5.00%, 01/01/41

     525       551,339  

Series A, 4.00%, 07/01/44

     685       640,900  

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

     520       520,624  
   

 

 

  
      2,385,366  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan — 0.5%  

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

   $ 5     $ 5,016  

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

     515       518,610  
   

 

 

  
      523,626  
Minnesota — 3.1%  

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

    

4.25%, 02/15/48

     2,790       2,834,166  

5.25%, 02/15/58

     475       517,037  
   

 

 

  
      3,351,203  
Mississippi — 1.5%  

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

     1,190       1,359,432  

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

     260       295,326  
   

 

 

  
      1,654,758  
New Jersey — 8.2%  

New Jersey EDA, RB:

    

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

     1,000       1,016,710  

Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 01/01/31

     530       577,483  

School Facilities Construction, Series EEE, 5.00%, 06/15/43

     140       135,814  

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

     665       604,339  

New Jersey Transportation Trust Fund Authority,
RB:(f)

    

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

     1,885       1,805,019  

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

     1,600       1,619,472  

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

     550       572,919  
Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

   $ 525     $ 586,603  

Series A, 5.25%, 06/01/46

     1,255       1,337,428  

Sub-Series B, 5.00%, 06/01/46

     740       743,937  
   

 

 

  
      8,999,724  
New Mexico — 0.1%  

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

     100       85,232  
   

 

 

  
New York — 8.5%  

City of New York, GO, Multi Modal, Series D-1, 4.00%, 03/01/44

     440       472,384  

Metropolitan Transportation Authority, RB, Series C, 4.00%, 11/15/33

     100       94,579  

Metropolitan Transportation Authority, Refunding RB, Green Bonds, Series C-1:

    

5.00%, 11/15/25

     100       101,624  

5.00%, 11/15/26

     65       66,096  

New York City Housing Development Corp., RB, M/F Housing, Series C-1A, 4.20%, 11/01/44

     1,500       1,553,580  

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

     425       391,719  

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

     1,530       1,781,134  

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

     600       611,700  

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

     2,500       2,556,700  

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

     410       432,308  

State of New York Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/45

     1,240       1,278,167  
   

 

 

  
      9,339,991  
North Carolina — 0.6%  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55

     230       234,869  

University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapel Hills, 5.00%, 02/01/45

     350       453,394  
   

 

 

  
      688,263  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio — 2.7%  

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

   $  1,455     $  1,287,209  

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

     1,500       1,615,605  
   

 

 

  
      2,902,814  
Oklahoma — 0.4%  

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

     400       416,984  
   

 

 

  
Oregon — 0.5%  

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

     475       240,198  

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

     470       264,051  
   

 

 

  
      504,249  
Puerto Rico — 3.6%  

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

    

CAB, Series A-1, 0.00%, 07/01/46(c)

     729       167,641  

Series A-1, 4.75%, 07/01/53

     1,404       1,264,765  

Series A-1, 5.00%, 07/01/58

     2,023       1,889,523  

Series A-2, 4.33%, 07/01/40

     287       256,320  

Series A-2, 4.78%, 07/01/58

     107       96,320  

Series B-1, 4.75%, 07/01/53

     164       147,810  

Series B-2, 4.78%, 07/01/58

     159       141,745  
   

 

 

  
      3,964,124  
Rhode Island — 0.9%  

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

     950       980,039  
   

 

 

  
South Carolina — 12.9%  

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

     1,470       1,665,201  

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

    

5.50%, 07/01/26

     1,810       1,988,104  
Security   Par
(000)		     Value  
South Carolina (continued)  

6.00%, 07/01/38

   $  1,155     $ 1,274,323  

5.50%, 07/01/41

     1,000       1,070,820  

South Carolina Jobs EDA, RB, Hilton Head Christian Academy, 5.00%, 01/01/55(a)

     335       260,396  

South Carolina Jobs EDA, Refunding RB:

    

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

     2,710       2,980,621  

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

     715       771,256  

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

     800       864,312  

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

     750       893,940  

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

     40       42,042  

State of South Carolina Public Service Authority, Refunding RB:

    

Series C, 5.00%, 12/01/46

     1,795       1,871,970  

Series E, 5.25%, 12/01/55

     425       449,990  
   

 

 

  
      14,132,975  
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       191,179  

5.25%, 10/01/58

     1,930       2,057,438  
   

 

 

  
      2,248,617  
Texas — 12.4%  

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

     205       173,467  

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

     930       1,022,544  

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

     150       151,611  
 

 

5

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

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

   $  2,500     $ 2,742,000  

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

     980       1,008,763  

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

     730       807,052  

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

     2,120       2,253,263  

North Texas Tollway Authority, Refunding RB:

    

4.25%, 01/01/49

     2,335       2,525,022  

1st Tier (AGM), 6.00%, 01/01/21(b)

     1,000       1,033,900  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23(b)

     420       471,223  

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

     95       95,573  

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

     525       496,424  

Texas Transportation Commission, RB, First Tier Toll Revenue:

    

CAB, 0.00%, 08/01/41(c)

     1,000       368,090  

CAB, 0.00%, 08/01/42(c)

     615       214,272  

5.00%, 08/01/57

     210       212,300  
   

 

 

  
      13,575,504  
Utah — 0.1%  

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

     100       88,334  
   

 

 

  
Virginia — 0.4%  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22(b)

     380       406,596  
   

 

 

  
Washington — 2.0%  

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

     1,000       1,032,820  

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

     195       154,787  
Security   Par
(000)		     Value  
Washington (continued)  

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

   $  1,000     $ 982,270  
   

 

 

  
      2,169,877  
Wisconsin — 0.7%  

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

     115       90,633  

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

     660       711,249  
   

 

 

  
      801,882  

Total Municipal Bonds — 129.6%
(Cost — $138,816,320)

 

     141,758,374  
 

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f) — 43.8%

 

California — 4.7%

 

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

     2,050       2,214,164  

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

     2,565       2,986,070  
   

 

 

  
      5,200,234  
 

 

6

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado — 1.2%  

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

   $  1,310     $  1,262,919  
   

 

 

  
Connecticut — 1.2%  

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

     1,216       1,317,381  
   

 

 

  
District of Columbia — 0.8%  

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

     790       858,137  
   

 

 

  
Florida — 1.6%  

Escambia County Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bonds, 4.00%, 08/15/45(g)

     1,771       1,732,532  
   

 

 

  
Georgia — 1.0%  

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

     1,025       1,057,154  
   

 

 

  
Idaho — 1.6%  

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

     1,570       1,710,060  
   

 

 

  
Illinois — 1.0%  

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

     1,004       1,096,838  
   

 

 

  
Michigan — 1.4%  

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

     1,444       1,492,446  
   

 

 

  
Nevada — 4.0%  

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

     4,200       4,367,538  
   

 

 

  
New Jersey — 0.9%  

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

     1,000       1,002,181  
   

 

 

  
Security   Par
(000)		     Value  
New York — 12.7%  

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

   $  2,380     $ 2,741,784  

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

     1,740       1,859,886  

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       3,215,363  

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

    

5.75%, 02/15/21(b)

     619       640,896  

5.75%, 02/15/47

     381       394,260  

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

     3,000       3,145,862  

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

     1,770       1,846,158  
   

 

 

  
      13,844,209  
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

     851       908,179  
   

 

 

  
Pennsylvania — 1.7%  

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

     1,664       1,870,962  
   

 

 

  
Rhode Island — 1.8%  

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

     1,832       2,005,636  
   

 

 

  
Texas — 1.6%  

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

    

3.63%, 09/01/44

     982       1,056,709  

3.75%, 09/01/49

     697       749,823  
   

 

 

  
      1,806,532  
 

 

 

7

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia — 1.8%  

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

   $  1,668     $  2,002,184  
   

 

 

  
West Virginia — 1.3%  

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

     1,391       1,469,935  
   

 

 

  
Wisconsin — 2.7%  

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

    

4.10%, 11/01/43

     1,222       1,312,595  
Security   Par
(000)		     Value  
Wisconsin (continued)  

4.45%, 05/01/57

   $ 1,528     $ 1,640,773  
   

 

 

  
      2,953,368  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.8%
(Cost — $46,484,346)

 

     47,958,425  
 

 

 

  

Total Long-Term Investments — 173.4%
(Cost — $185,300,666)

 

     189,716,799  
   

 

 

  
     Shares         

Short-Term Securities — 0.6%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.12%(h)( i)

      634,480       634,607  
   

 

 

  

Total Short-Term Securities — 0.6%
(Cost — $634,607)

 

     634,607  
   

 

 

  

Total Investments — 174.0%
(Cost — $185,935,273)

 

     190,351,406  

Other Assets Less Liabilities — 1.7%

 

     1,735,366  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.0)%

 

     (26,206,336 ) 

VMTP Shares, at Liquidation Value — (51.7)%

 

     (56,500,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  109,380,436  
   

 

 

  
 

 

(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) 

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

(e) 

When-issued security.

(f) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(g) 

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 expires between August 15, 2020 to February 15, 2028, is $6,210,145.

(h) 

Annualized 7-day yield as of period end.

 

8

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

(i) 

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

 

Affiliated Issuer    Shares
Held at
07/31/19		      Shares
Purchased		     

Shares

Sold

      Shares
Held at
04/30/20		      Value at
04/30/20		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash,
Institutional Class

      2,088,769        —        (1,454,289 )(b)       634,480      $ 634,607      $ 7,739      $ 333      $ —  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

 

Portfolio Abbreviations
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

 

9

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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’s”) assumptions used in determining the fair value of investments)

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 is based on the pricing transparency of the investments 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, refer to the Fund’s most recent financial statements as contained in its semi-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)

    $ —        $ 189,716,799        $             —        $ 189,716,799  

Short-Term Securities

     634,607          —          —          634,607  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 634,607        $ 189,716,799        $ —        $ 190,351,406  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting 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

   $             —        $ (26,079,088 )       $             —        $ (26,079,088 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (82,579,088 )       $ —        $ (82,579,088 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

.

 

 

 

10