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, | 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, | 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, | 490 | 558,693 | ||||||
Township of Washington California Health Care District, GO, Election of 2004, | 370 | 433,851 | ||||||
|
| |||||||
20,086,925 | ||||||||
Colorado — 3.1% | ||||||||
City & County of Denver Colorado, RB, Capital Appreciation Bonds Series, | 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, | 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, | 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, | 735 | 851,123 | ||||||
Water & Sewer System, Series 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, | 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, | 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, | 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), | 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, | 1,885 | 2,143,698 | ||||||
Transportation System, Series AA, | 1,600 | 1,771,008 | ||||||
New Jersey Turnpike Authority, RB, | 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, | 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, | 830 | 1,220,391 | ||||||
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, | 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, | 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, | 715 | 833,654 | ||||||
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, | 800 | 942,056 | ||||||
State of South Carolina Ports Authority, RB, AMT, | 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, | 2,500 | 2,878,200 | ||||||
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, Series H, AMT, | 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, | 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% | 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, | $ | 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 |
| 50,785,889 | ||||||
|
| |||||||
Total Long-Term Investments — 166.6% | 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% |
| 1,357,370 | ||||||
|
| |||||||
Total Investments — 167.7% |
| 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 |