Schedule of Investments (unaudited) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 1.6% |
| |||||||
Health Care Authority of the City of Huntsville, RB | ||||||||
Series B1, 4.00%, 06/01/45 | $ | 285 | $ | 313,853 | ||||
Series B1, (AGM), 3.00%, 06/01/50 | 1,230 | 1,237,835 | ||||||
Selma Industrial Development Board, RB, | 350 | 365,726 | ||||||
|
| |||||||
1,917,414 | ||||||||
Arizona — 2.6% | ||||||||
Arizona Industrial Development Authority, RB(a) 4.38%, 07/01/39 | 225 | 232,623 | ||||||
Series A, 5.00%, 07/01/39 | 190 | 196,107 | ||||||
Series A, 5.00%, 07/01/49 | 210 | 214,231 | ||||||
Series A, 5.00%, 07/01/54 | 165 | 166,934 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47(a) | 325 | 327,291 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 07/01/39(a) | 100 | 107,171 | ||||||
5.00%, 07/01/54(a) | 210 | 219,059 | ||||||
Series A, 4.13%, 09/01/38 | 270 | 310,279 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 | 1,250 | 1,333,775 | ||||||
|
| |||||||
3,107,470 | ||||||||
Arkansas — 0.5% | ||||||||
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49(a) | 550 | 551,270 | ||||||
|
| |||||||
California — 13.0% | ||||||||
California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 04/01/45 | 265 | 291,701 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 780 | 819,967 | ||||||
California State Public Works Board, RB | ||||||||
Series F, 5.25%, 09/01/33 | 490 | 551,701 | ||||||
Series I, 5.50%, 11/01/31 | 1,000 | 1,144,670 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.00%, 06/01/47 | 620 | 636,095 | ||||||
Series A-2, 5.00%, 06/01/47 | 175 | 179,543 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(b) | 970 | 1,120,040 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB | ||||||||
Series A-1, AMT, 5.50%, 03/01/30 | 1,600 | 1,624,368 | ||||||
Series A-1, AMT, 6.25%, 03/01/34 | 1,250 | 1,271,513 | ||||||
Redondo Beach Unified School District, GO, | 1,000 | 1,039,230 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB | ||||||||
Series J, 5.25%, 05/15/23(b) | 1,740 | 1,957,291 | ||||||
Series J, 5.25%, 05/15/38 | 495 | 547,841 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/40 | 2,000 | 2,374,800 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB Series A, AMT, 5.50%, 05/01/28 | 720 | 801,288 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB (continued) Series A, AMT, 5.25%, 05/01/33 | $ | 560 | $ | 616,084 | ||||
Washington Township Health Care District, GO, Series B, 5.50%, 08/01/40 | 370 | 411,259 | ||||||
|
| |||||||
15,387,391 | ||||||||
Colorado — 2.9% | ||||||||
City & County of Denver Colorado Airport System Revenue, ARB | ||||||||
Series A, AMT, 5.50%, 11/15/28 | 500 | 567,685 | ||||||
Series A, AMT, 5.50%, 11/15/30 | 225 | 254,518 | ||||||
Series A, AMT, 5.50%, 11/15/31 | 270 | 304,814 | ||||||
City & County of Denver Colorado, RB, CAB, | 835 | 462,356 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a) | 320 | 307,952 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, 5.00%, 10/01/59(a) | 425 | 428,612 | ||||||
Denver International Business Center Metropolitan District No.1, GO, Series A, 4.00%, 12/01/48 | 495 | 508,548 | ||||||
Haskins Station Metropolitan District, GO, Series A, 5.00%, 12/01/39 | 650 | 657,969 | ||||||
|
| |||||||
3,492,454 | ||||||||
District of Columbia — 0.6% | ||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | 620 | 673,252 | ||||||
|
| |||||||
Florida — 14.8% | ||||||||
Capital Trust Agency, Inc., RB | ||||||||
Series A, 5.00%, 06/01/45(a) | 190 | 186,557 | ||||||
Series A, 5.00%, 12/15/49 | 140 | 150,714 | ||||||
Series A, 5.00%, 12/15/54 | 125 | 134,303 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 | 575 | 638,923 | ||||||
County of Lee Florida Airport Revenue, Refunding RB, Series A, AMT, 5.38%, 10/01/32 | 1,000 | 1,029,620 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/22(b) | 2,165 | 2,349,826 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(b) | 500 | 571,225 | ||||||
County of Miami-Dade Seaport Department, ARB | ||||||||
Series A, 6.00%, 10/01/38 | 1,840 | 2,076,017 | ||||||
Series A, 5.50%, 10/01/42 | 2,125 | 2,344,619 | ||||||
Series B, AMT, 6.00%, 10/01/26 | 590 | 672,765 | ||||||
Series B, AMT, 6.00%, 10/01/27 | 775 | 882,748 | ||||||
Series B, AMT, 6.25%, 10/01/38 | 310 | 349,596 | ||||||
Series B, AMT, 6.00%, 10/01/42 | 410 | 460,324 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series D, AMT, 6.00%, 10/01/26 | 735 | 838,106 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) | ||||||||
Series A-2, 0.00%, 10/01/46 | 555 | 214,541 | ||||||
Series A-2, 0.00%, 10/01/47 | 540 | 201,220 | ||||||
Series A-2, 0.00%, 10/01/48 | 380 | 135,584 | ||||||
Series A-2, 0.00%, 10/01/49 | 315 | 108,417 | ||||||
Florida Development Finance Corp., RB(a) | ||||||||
AMT, 5.00%, 05/01/29 | 180 | 191,678 | ||||||
Series A, AMT, 5.00%, 08/01/29(d) | 100 | 101,081 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(a) | $ | 105 | $ | 111,256 | ||||
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/29 | 1,170 | 1,320,415 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 | 40 | 40,544 | ||||||
Manatee County Housing Finance Authority, RB, S/F Housing, Series A, AMT, (FHLMC, FNMA, GNMA), 5.90%, 09/01/40 | 15 | 15,203 | ||||||
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41 | 1,000 | 1,102,870 | ||||||
Osceola Chain Lakes Community Development District, SAB | ||||||||
4.00%, 05/01/40 | 270 | 270,540 | ||||||
4.00%, 05/01/50 | 260 | 254,628 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(b) | 710 | 799,680 | ||||||
|
| |||||||
17,553,000 | ||||||||
Georgia — 4.2% | ||||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 | 2,000 | 2,767,000 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
4.00%, 01/01/49 | 625 | 694,312 | ||||||
4.00%, 01/01/59 | 1,180 | 1,301,835 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49 | 230 | 254,440 | ||||||
|
| |||||||
5,017,587 | ||||||||
Hawaii — 1.9% | ||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45 | 1,000 | 1,106,370 | ||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.25%, 08/01/25 | 250 | 276,152 | ||||||
AMT, 5.25%, 08/01/26 | 810 | 893,754 | ||||||
|
| |||||||
2,276,276 | ||||||||
Idaho — 0.6% | ||||||||
Idaho Health Facilities Authority, RB, 4.00%, 12/01/43 | 605 | 684,443 | ||||||
|
| |||||||
Illinois — 14.1% | ||||||||
Chicago Midway International Airport, Refunding ARB, Series A, 2nd Lien, AMT, 5.00%, 01/01/41 | 1,010 | 1,088,932 | ||||||
Chicago O’Hare International Airport, ARB, | 125 | 126,110 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(b) | 1,000 | 1,053,620 | ||||||
Chicago Transit Authority, Refunding RB, (AGM), 5.00%, 06/01/28 | 3,000 | 3,006,210 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, 2nd Lien, 5.00%, 01/01/42 | 1,375 | 1,426,947 | ||||||
Cook County Community College District No.508, GO | ||||||||
5.50%, 12/01/38 | 1,000 | 1,050,070 | ||||||
5.25%, 12/01/43 | 1,190 | 1,229,175 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/37 | 480 | 482,074 | ||||||
Series A, 6.00%, 08/15/41 | 1,555 | 1,613,997 | ||||||
Metropolitan Pier & Exposition Authority, RB, | 400 | 430,104 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 410 | 413,719 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Railsplitter Tobacco Settlement Authority, RB(b) | ||||||||
5.50%, 06/01/21 | $ | 940 | $ | 968,303 | ||||
6.00%, 06/01/21 | 270 | 278,980 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/32 | 1,000 | 1,039,720 | ||||||
5.50%, 07/01/33 | 1,500 | 1,569,015 | ||||||
5.50%, 07/01/38 | 280 | 289,153 | ||||||
Series C, 4.00%, 11/01/43 | 440 | 418,836 | ||||||
Series D, 5.00%, 11/01/28 | 175 | 188,515 | ||||||
State of Illinois, Refunding GO, | 60 | 66,350 | ||||||
|
| |||||||
16,739,830 | ||||||||
Indiana — 0.3% | ||||||||
Indiana Finance Authority, RB, Series A, AMT, 5.00%, 07/01/40 | 375 | 400,470 | ||||||
|
| |||||||
Iowa — 1.1% | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, | 1,275 | 1,261,141 | ||||||
|
| |||||||
Louisiana — 1.1% | ||||||||
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 | 1,000 | 1,139,960 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A-2, 6.50%, 11/01/35 | 135 | 135,531 | ||||||
|
| |||||||
1,275,491 | ||||||||
Maine — 0.7% | ||||||||
Maine State Housing Authority, RB, S/F Housing, Series G, 2.38%, 11/15/40(e) | 875 | 864,509 | ||||||
|
| |||||||
Maryland — 0.4% | ||||||||
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38 .. | 435 | 469,265 | ||||||
|
| |||||||
Massachusetts — 2.0% | ||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 645 | 710,338 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
5.00%, 01/01/41 | 525 | 565,877 | ||||||
Series A, 4.00%, 07/01/44 | 685 | 732,779 | ||||||
Series C, (AGM), 4.00%, 10/01/45 | 370 | 415,051 | ||||||
|
| |||||||
2,424,045 | ||||||||
Michigan — 0.5% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 | 5 | 5,020 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 | 515 | 580,565 | ||||||
|
| |||||||
585,585 | ||||||||
Minnesota — 3.0% | ||||||||
Duluth Economic Development Authority, | ||||||||
Series A, 4.25%, 02/15/48 | 2,790 | 3,038,757 | ||||||
Series A, 5.25%, 02/15/58 | 475 | 554,339 | ||||||
|
| |||||||
3,593,096 | ||||||||
Mississippi — 1.4% | ||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 | 1,190 | 1,387,516 | ||||||
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(b) | 260 | 295,212 | ||||||
|
| |||||||
1,682,728 |
2 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Hampshire(a)(d) — 0.4% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series A, 3.63%, 07/01/43 | $ | 170 | $ | 166,146 | ||||
Series B, AMT, 3.75%, 07/01/45 | 270 | 260,037 | ||||||
|
| |||||||
426,183 | ||||||||
New Jersey — 10.5% | ||||||||
New Jersey Economic Development Authority, RB | ||||||||
Series EEE, 5.00%, 06/15/43 | 140 | 157,107 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 530 | 584,897 | ||||||
AMT, 5.38%, 01/01/43 | 1,000 | 1,100,570 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 | 665 | 656,096 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
5.00%, 06/15/46 | 1,885 | 2,095,234 | ||||||
Series AA, 5.50%, 06/15/39 | 1,600 | 1,718,416 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 550 | 613,140 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36 | 2,500 | 2,522,050 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 525 | 634,872 | ||||||
Series A, 5.25%, 06/01/46 | 1,255 | 1,467,810 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 740 | 835,571 | ||||||
|
| |||||||
12,385,763 | ||||||||
New Mexico — 0.1% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 100 | 103,371 | ||||||
|
| |||||||
New York — 9.9% | ||||||||
Metropolitan Transportation Authority, RB, | 100 | 98,848 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 5.00%, 11/15/25 | 100 | 106,750 | ||||||
Series C-1, 5.00%, 11/15/26 | 65 | 69,935 | ||||||
Series C-1, 4.75%, 11/15/45 | 2,075 | 2,198,006 | ||||||
Monroe County Industrial Development Corp., Refunding RB(e) | ||||||||
4.00%, 12/01/38 | 180 | 199,289 | ||||||
4.00%, 12/01/46 | 170 | 184,912 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series C-1A, 4.20%, 11/01/44 | 1,500 | 1,572,735 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
(AGM), 3.00%, 03/01/49 | 705 | 710,605 | ||||||
3.00%, 03/01/49 | 550 | 536,211 | ||||||
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(a) | 425 | 434,720 | ||||||
New York Power Authority, Refunding RB, | 410 | 464,694 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/45 | 1,530 | 1,821,052 | ||||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45 | 1,240 | 1,399,501 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | 600 | 645,024 | ||||||
New York Transportation Development Corp., RB AMT, 5.00%, 10/01/35 | 135 | 145,727 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., RB (continued) | ||||||||
AMT, 5.00%, 10/01/40 | $ | 390 | $ | 418,482 | ||||
AMT, 4.38%, 10/01/45 | 40 | 40,291 | ||||||
Port Authority of New York & New Jersey, ARB, Consolidated, 221st Series, AMT, 4.00%, 07/15/50 | 615 | 674,360 | ||||||
|
| |||||||
11,721,142 | ||||||||
Ohio — 3.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 1,690 | 1,798,126 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 | 590 | 661,732 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/31 | 1,500 | 1,654,470 | ||||||
|
| |||||||
4,114,328 | ||||||||
Oklahoma — 0.4% | ||||||||
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37 | 400 | 452,740 | ||||||
|
| |||||||
Oregon(c) — 0.5% | ||||||||
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38 | 475 | 252,795 | ||||||
Multnomah & Clackamas Counties School District No.10JT Gresham-Barlow, GO, CAB, Series A, 0.00%, 06/15/38 | 470 | 282,587 | ||||||
|
| |||||||
535,382 | ||||||||
Puerto Rico — 4.5% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 1,571 | 1,646,942 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 2,122 | 2,256,832 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 516 | 531,134 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 107 | 112,338 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 164 | 172,017 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 159 | 166,840 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) | 1,749 | 502,943 | ||||||
|
| |||||||
5,389,046 | ||||||||
Rhode Island — 0.9% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40 | 950 | 1,045,522 | ||||||
|
| |||||||
South Carolina — 12.6% | ||||||||
Charleston County Airport District, ARB | ||||||||
Series A, AMT, 5.50%, 07/01/26 | 1,810 | 2,031,978 | ||||||
Series A, AMT, 6.00%, 07/01/38 | 1,155 | 1,287,686 | ||||||
Series A, AMT, 5.50%, 07/01/41 | 1,000 | 1,096,790 | ||||||
County of Charleston South Caolina, ARB, 5.25%, 12/01/38 | 1,470 | 1,659,248 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(a) | 335 | 305,574 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
5.00%, 02/01/38 | 2,710 | 3,130,565 | ||||||
Series A, 5.00%, 05/01/43 | 800 | 926,024 | ||||||
Series A, 5.00%, 05/01/48 | 715 | 821,135 |
3 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(b) | $ | 750 | $ | 910,478 | ||||
South Carolina Public Service Authority, RB, | 40 | 44,364 | ||||||
South Carolina Public Service Authority, | ||||||||
Series A, 3.00%, 12/01/41(e) | 260 | 261,921 | ||||||
Series C, 5.00%, 12/01/46 | 1,795 | 1,992,055 | ||||||
Series E, 5.25%, 12/01/55 | 425 | 485,150 | ||||||
|
| |||||||
14,952,968 | ||||||||
South Dakota — 0.0% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50 | 25 | 27,357 | ||||||
|
| |||||||
Tennessee — 1.9% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.25%, 10/01/58 | 1,930 | 2,088,839 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 4.00%, 10/01/49 | 205 | 197,413 | ||||||
|
| |||||||
2,286,252 | ||||||||
Texas — 11.3% | ||||||||
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40 | 205 | 188,619 | ||||||
City of Beaumont Texas, GO, 5.25%, 03/01/23(b) | 930 | 1,035,667 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 100 | 101,884 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
Series A, AMT, 5.00%, 07/01/27 | 100 | 101,966 | ||||||
Series A, AMT, 6.63%, 07/15/38 | 150 | 151,767 | ||||||
Dallas Fort Worth International Airport, ARB, | 980 | 1,023,737 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27 | 2,500 | 2,842,475 | ||||||
Lower Colorado River Authority, Refunding | 730 | 816,315 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a) | 180 | 182,743 | ||||||
North Texas Tollway Authority, RB, Series A, 5.50%, 09/01/21(b) | 2,120 | 2,211,393 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 2,335 | 2,635,958 | ||||||
Red River Education Finance Corp., | 420 | 468,510 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 95 | 99,117 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55 | 525 | 569,378 | ||||||
Texas Transportation Commission, RB, | 210 | 239,558 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Texas Transportation Commission, RB, CAB(c) | ||||||||
0.00%, 08/01/41 | $ | 1,000 | $ | 417,920 | ||||
0.00%, 08/01/42 | 615 | 243,442 | ||||||
|
| |||||||
13,330,449 | ||||||||
Utah(a) — 0.2% | ||||||||
Utah Charter School Finance Authority, RB, | 100 | 102,951 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 | 135 | 141,413 | ||||||
|
| |||||||
244,364 | ||||||||
Virginia — 0.5% | ||||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/45(e) | 145 | 155,301 | ||||||
Lexington Industrial Development Authority, | 380 | 400,831 | ||||||
|
| |||||||
556,132 | ||||||||
Washington — 0.9% | ||||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43(a) | 1,000 | 1,061,360 | ||||||
|
| |||||||
Wisconsin — 1.1% | ||||||||
Public Finance Authority, RB | ||||||||
Series A, 5.00%, 11/15/41 | 70 | 81,675 | ||||||
Series A, 5.00%, 07/01/55(a) | 120 | 121,547 | ||||||
Series A-1, 4.50%, 01/01/35(a) | 210 | 210,076 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 09/01/54(a) | 115 | 109,987 | ||||||
Series A, 3.00%, 01/01/50 | 95 | 89,590 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 660 | 715,453 | ||||||
|
| |||||||
1,328,328 | ||||||||
|
| |||||||
Total Municipal Bonds — 126.5% |
| 149,917,404 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
California — 4.5% |
| |||||||
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46 | 2,050 | 2,304,364 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43 | 2,565 | 3,056,223 | ||||||
|
| |||||||
5,360,587 | ||||||||
Colorado — 1.2% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(g) | 1,310 | 1,409,416 | ||||||
|
| |||||||
Connecticut — 1.2% | ||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45 | 1,215 | 1,411,850 | ||||||
|
| |||||||
District of Columbia — 0.7% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 | 790 | 882,770 | ||||||
|
|
4 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida — 1.6% | ||||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(g) | $ | 1,771 | $ | 1,880,898 | ||||
|
| |||||||
Georgia — 1.0% | ||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 1,025 | 1,128,002 | ||||||
|
| |||||||
Idaho — 1.5% | ||||||||
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48 | 1,570 | 1,740,392 | ||||||
|
| |||||||
Illinois — 1.0% | ||||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 | 1,004 | 1,144,626 | ||||||
|
| |||||||
Michigan — 1.4% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/47 | 1,444 | 1,607,675 | ||||||
|
| |||||||
Nevada — 3.6% | ||||||||
Las Vegas Valley Water District, Refunding GO, Series C, 5.00%, 06/01/28 | 4,200 | 4,313,190 | ||||||
|
| |||||||
New Jersey — 1.7% | ||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, | 977 | 991,603 | ||||||
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 06/15/36(g) | 1,000 | 1,039,684 | ||||||
|
| |||||||
2,031,287 | ||||||||
New York — 12.9% | ||||||||
City of New York, GO, Sub-Series-D1, Series D, 5.00%, 12/01/43(g) | 2,380 | 2,838,602 | ||||||
Hudson Yards Infrastructure Corp., RB(g) | ||||||||
5.75%, 02/15/47(b) | 619 | 627,878 | ||||||
5.75%, 02/15/47 | 381 | 386,252 | ||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 1,740 | 1,930,043 | ||||||
New York City Water & Sewer System, Refunding RB, Series BB, 5.25%, 12/15/21(b) | 2,999 | 3,165,313 | ||||||
New York Liberty Development Corp., | 3,000 | 3,133,982 | ||||||
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(g) | 1,770 | 1,856,884 | ||||||
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60 | 1,242 | 1,363,807 | ||||||
|
| |||||||
15,302,761 | ||||||||
North Carolina — 0.7% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48 . | 824 | 874,571 | ||||||
|
| |||||||
Pennsylvania — 1.7% | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 | 1,664 | 1,976,876 | ||||||
|
| |||||||
Rhode Island — 1.7% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 1,832 | 2,000,617 | ||||||
|
| |||||||
Texas — 1.5% | ||||||||
Texas Department of Housing & Community | ||||||||
Series A, (GNMA), 3.63%, 09/01/44 | 982 | 1,061,072 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 | 697 | 752,919 | ||||||
|
| |||||||
1,813,991 |
Security | Par (000) | Value | ||||||
Virginia(g) — 2.3% | ||||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, Senior Lien, 5.50%, 07/01/57 | $ | 1,668 | $ | 2,022,334 | ||||
Series A, Senior Lien, 4.00%, 07/01/60 | 570 | 642,304 | ||||||
|
| |||||||
2,664,638 | ||||||||
West Virginia — 1.3% | ||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(g) | 1,391 | 1,562,521 | ||||||
|
| |||||||
Wisconsin — 2.5% | ||||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing | ||||||||
Series A, 4.10%, 11/01/43 | 1,222 | 1,339,547 | ||||||
Series A, 4.45%, 05/01/57 | 1,528 | 1,674,465 | ||||||
|
| |||||||
3,014,012 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 44.0% | 52,120,680 | |||||||
|
| |||||||
Total Long-Term Investments — 170.5% | 202,038,084 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i) | 594,930 | 594,989 | ||||||
|
| |||||||
Total Short-Term Securities — 0.5% | 594,989 | |||||||
|
| |||||||
Total Investments — 171.0% | 202,633,073 | |||||||
Other Assets Less Liabilities — 0.3% |
| 293,199 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.6)% |
| (27,931,595 | ) | |||||
VMTP Shares at Liquidation Value — (47.7)% |
| (56,500,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 118,494,677 | |||||
|
|
(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 rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(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 agreement, which expires on December 15, 2020 to February 15, 2047, is $7,379,242. |
(h) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period end. |
5 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/20 | Shares Held at 10/31/20 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 698,478 | $ | — | $ | (103,403 | )(a) | $ | (86 | ) | $ | — | $ | 594,989 | 594,930 | $ | 17 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of 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’s”) assumptions used in determining the fair value of 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
| |||||||||||||||
Investments |
| |||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 149,917,404 | $ | — | $ | 149,917,404 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 52,120,680 | — | 52,120,680 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 594,989 | — | — | 594,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 594,989 | $ | 202,038,084 | $ | — | $ | 202,633,073 | |||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | (27,921,097 | ) | $ | — | $ | (27,921,097 | ) | ||||||
VMTP Shares at Liquidation Value | — | (56,500,000 | ) | — | (56,500,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (84,421,097 | ) | $ | — | $ | (84,421,097 | ) | |||||||
|
|
|
|
|
|
|
|
6 |
|
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock MuniYield Investment Quality Fund (MFT) |
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds |
| 7 |