Blackrock Muniyield Investment Quality Fund (MFT) NPORT-P BlackRock MuniYield Investment Quality Fund (Oct 2019 report)

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, SeriesA-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 AirportComm-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, SeriesA-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, SeriesB-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-SeriesB-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, SeriesA-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, SeriesA-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, SeriesA-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, Series123-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:
SeriesA-1, 4.75%, 07/01/53		495		510,533
SeriesA-1, 5.00%, 07/01/58		862		902,135
SeriesA-2, 4.78%, 07/01/58		2,371		2,440,304
SeriesB-1, 4.75%, 07/01/53		164		169,012
SeriesB-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, SeriesB-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, Series39-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)  Annualized7-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