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, | 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, | 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, | ||||||||
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, | 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% |
| 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, | $ | 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, | 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% |
| 47,958,425 | ||||||
|
| |||||||
Total Long-Term Investments — 173.4% |
| 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% |
| 634,607 | ||||||
|
| |||||||
Total Investments — 174.0% |
| 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 | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, | 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