NPORT-EX 2 BRMuniYieldInvestmentFund.htm EX-MYF

Schedule of Investments  (unaudited)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 105.5%

 

Alabama — 0.3%

 

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

   $ 545     $ 582,011  
   

 

 

  
Arizona — 1.8%  

Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a)

     1,645       1,806,671  

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)

     1,070       1,135,719  

County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38

     550       626,918  
   

 

 

  
      3,569,308  
Arkansas — 0.6%  

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

     1,210       1,281,112  
   

 

 

  
California — 10.8%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b)

     1,645       1,708,579  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42

     145       170,794  

California Statewide Communities Development Authority, RB, Series A(a):

    

Lancer Educational student Housing Project, 5.00%, 06/01/46

     1,680       1,874,242  

Loma Linda University Medical Center, 5.00%, 12/01/46

     290       324,090  

California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing Project, Series A, 5.00%, 06/01/36(a)

     1,360       1,536,827  

City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT:

    

5.50%, 05/01/28

     1,065       1,210,415  

5.25%, 05/01/33

     830       932,015  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.50%, 03/01/30

     1,500       1,578,960  
Security   Par
(000)		     Value  
California (continued)  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47

   $ 655     $ 674,224  

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

     1,620       1,903,192  

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

    

5.25%, 05/15/23(b)

     2,905       3,330,205  

5.25%, 05/15/38

     825       931,615  

State of California, GO, Various Purposes, 6.00%, 03/01/33

     2,535       2,575,357  

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

     1,000       1,158,910  

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

     835       952,059  

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

     625       732,856  
   

 

 

  
      21,594,340  
Colorado — 2.4%  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a)

     345       364,651  

City & County of Denver Colorado, RB, Capital Appreciation Bonds, Series A-2, 0.00%, 08/01/37(c)

     1,760       948,376  

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

    

5.50%, 11/15/28

     1,000       1,148,850  

5.50%, 11/15/30

     330       378,068  

5.50%, 11/15/31

     400       457,616  

Colorado Health Facilities Authority, Refunding RB:

    

Commonspirit Health, Series A-2, 3.25%, 08/01/49

     1,195       1,130,147  

Frasier Meadows Retirement Community Project, Series A, 5.25%, 05/15/37

     290       332,706  
   

 

 

  
      4,760,414  
Connecticut — 1.8%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing:

    

Sub-Series A-1, 3.85%, 11/15/43

     1,545       1,653,876  

Series A-1, 3.80%, 11/15/39

     1,000       1,066,940  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing (continued):

    

Sub-Series B-1, 4.00%, 05/15/45

   $ 755     $ 798,677  
   

 

 

  
      3,519,493  
Delaware — 1.2%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

     500       520,785  

Delaware State Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/48

     1,605       1,876,903  
   

 

 

  
      2,397,688  
Florida — 6.6%  

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

     1,005       1,149,519  

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

     1,995       2,288,863  

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

     2,000       2,132,080  

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

     85       86,993  

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

     80       81,870  

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

    

Series A, 5.38%, 10/01/33

     1,170       1,333,238  

Series B, AMT, 6.25%, 10/01/38

     525       607,472  

Series B, AMT, 6.00%, 10/01/42

     700       806,932  

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

     2,440       2,685,196  

Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run Projects:

    

5.25%, 05/01/37

     240       263,388  

5.38%, 05/01/47

     260       281,341  
Security   Par
(000)		     Value  
Florida (continued)  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32

   $ 1,200     $ 1,357,140  
   

 

 

  
      13,074,032  
Georgia — 2.7%  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/37

     1,475       1,936,011  

5.00%, 05/15/38

     910       1,196,086  

5.00%, 05/15/49

     1,080       1,455,754  

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

    

4.00%, 01/01/49

     280       299,922  

5.00%, 01/01/56

     385       444,663  
   

 

 

  
      5,332,436  
Hawaii — 0.7%  

State of Hawaii Airports System, COP, AMT:

    

5.25%, 08/01/25

     485       547,997  

5.25%, 08/01/26

     525       592,756  

State of Hawaii Department of Budget & Finance, Refunding RB, 3.20%, 07/01/39

     275       279,136  
   

 

 

  
      1,419,889  
Illinois — 15.0%  

Chicago Board of Education, GO, Series C:

    

Dedicated Revenues, Series H, 5.00%, 12/01/36

     295       336,952  

Project, 5.25%, 12/01/35

     970       1,069,939  

Chicago Board of Education, GO, Refunding:

    

Dedicated Revenues, Series D, 5.00%, 12/01/25

     530       602,186  

Dedicated Revenues, Series G, 5.00%, 12/01/34

     290       332,268  

5.00%, 12/01/25

     415       471,523  

Chicago Board of Education, GO:

    

, 5.00%, 12/01/46

     345       393,700  

, 5.00%, 12/01/46

     885       945,764  

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

     1,000       1,104,260  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b)

     6,065       6,429,567  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts:

    

5.25%, 12/01/36

     1,000       1,067,820  

5.25%, 12/01/40

     1,000       1,064,980  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

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

     1,500       1,585,770  

Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 08/15/41

     4,000       4,287,920  

Metropolitan Pier & Exposition Authority, RB:

    

Mccormick Place Expansion (BAM), 0.00%, 12/15/56(c)

     2,965       760,819  

McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57

     810       893,649  

Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Expansion (BAM), 0.00%, 12/15/54(c)

     4,140       1,169,095  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     1,370       1,460,406  

6.00%, 06/01/21

     390       418,673  

State of Illinois, GO:

    

5.25%, 02/01/32

     2,200       2,392,984  

5.50%, 07/01/33

     1,000       1,094,030  

5.50%, 07/01/38

     415       452,300  

Series D, 5.00%, 11/01/28

     440       501,151  
   

 

 

  
      29,910,286  
Indiana — 2.1%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 01/01/34

     1,350       1,565,555  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

    

6.63%, 01/15/34

     170       188,715  

6.75%, 01/15/43

     355       390,358  

6.88%, 01/15/52

     515       565,944  

Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32

     700       732,634  

Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1,
6.38%, 01/15/51(a)

     720       775,454  
   

 

 

  
      4,218,660  
Iowa — 1.1%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(d)

     1,255       1,357,007  
Security   Par
(000)		     Value  
Iowa (continued)  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project (continued):

    

Midwestern Disaster Area, 5.25%, 12/01/25

   $ 865     $ 927,444  
   

 

 

  
      2,284,451  
Kansas — 2.0%  

City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43

     655       718,915  

Kansas Development Finance Authority, Refunding RB, Adventist Health System:

    

5.50%, 11/15/19(b)

     75       75,097  

5.50%, 11/15/29

     3,200       3,204,160  
   

 

 

  
      3,998,172  
Louisiana — 3.2%  

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

     1,500       1,726,920  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     1,420       1,482,750  

Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/47

     1,895       2,159,656  

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

     965       966,775  
   

 

 

  
      6,336,101  
Maine — 0.6%  

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32

     765       826,361  

State of Maine Housing Authority, RB, M/F Housing, Series E, 4.25%, 11/15/43

     420       458,816  
   

 

 

  
      1,285,177  
Maryland — 0.1%  

City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A, 4.50%, 09/01/33

     185       198,268  
   

 

 

  
Massachusetts — 2.6%  

Massachusetts Development Finance Agency, Refunding RB:

    

Atrius Health Issue, Series A, 4.00%, 06/01/49

     170       180,824  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts (continued)  

Massachusetts Development Finance Agency, Refunding RB (continued):

    

Suffolk University, 4.00%, 07/01/39

   $ 2,045     $ 2,204,776  

Massachusetts Educational Financing Authority, RB, Subordinate Education Loan Revenue Bonds, AMT, 3.75%, 07/01/47

     2,135       2,164,548  

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

     545       551,616  
   

 

 

  
      5,101,764  
Michigan — 3.1%  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     1,805       1,918,570  

Eastern Michigan University, RB, Series A, 4.00%, 03/01/47

     1,455       1,581,716  

Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46

     645       692,395  

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

     570       670,571  

State of Michigan Housing Development Authority, RB, S/F Housing:

    

Series A, 4.00%, 06/01/49

     310       335,079  

Series C, 4.13%, 12/01/38

     860       938,105  
   

 

 

  
      6,136,436  
Montana — 0.1%  

City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A, 5.25%, 05/15/37

     170       188,391  
   

 

 

  
Nevada — 2.8%  

County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42

     3,375       3,395,891  

Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49

     2,000       2,172,880  
   

 

 

  
      5,568,771  
New Hampshire — 0.5%  

New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52

     1,000       1,059,210  
   

 

 

  
New Jersey — 5.8%  

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

     900       1,008,882  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39

   $ 2,250     $ 2,256,772  

New Jersey Transportation Trust Fund Authority, RB, Series AA:

    

Transportation Program Bonds, 4.13%, 06/15/39

     1,210       1,287,343  

Transportation System, 5.50%, 06/15/39

     2,475       2,739,528  

New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36

     180       208,712  

Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46

     3,610       3,988,328  
   

 

 

  
      11,489,565  
New York — 1.7%  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     1,100       1,116,742  

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(b)

     1,650       1,666,979  

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

     475       529,967  
   

 

 

  
      3,313,688  
Ohio — 2.9%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:

    

5.75%, 06/01/34

     310       309,988  

5.88%, 06/01/47

     1,775       1,788,330  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20(b)

     1,615       1,652,807  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     460       508,024  

Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48

     310       329,375  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

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

   $ 1,000     $ 1,123,130  
   

 

 

  
      5,711,654  
Oklahoma — 0.9%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     325       358,475  

County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37

     450       514,584  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48

     760       897,849  
   

 

 

  
      1,770,908  
Oregon — 0.1%  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43

     245       262,415  
   

 

 

  
Pennsylvania — 5.0%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a)

     585       653,311  

County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/50

     915       1,037,885  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

     560       602,431  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

     1,000       1,052,010  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 119, 3.50%, 10/01/36

     1,490       1,557,884  

Pennsylvania Turnpike Commission, RB, Series A:

    

5.63%, 12/01/20(b)

     1,470       1,539,707  

5.63%, 12/01/20(b)

     545       570,893  

Subordinate, 4.00%, 12/01/49

     1,215       1,337,642  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37

   $ 1,500     $ 1,670,625  
   

 

 

  
      10,022,388  
Puerto Rico — 5.0%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     430       436,708  

5.63%, 05/15/43

     445       451,951  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 07/01/33

     1,280       1,341,337  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     465       469,799  

6.00%, 07/01/44

     840       848,627  

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

    

Series A-1, 4.75%, 07/01/53

     1,791       1,847,201  

Series A-1, 5.00%, 07/01/58

     3,882       4,062,746  

Series B-1, 4.75%, 07/01/53

     252       259,701  

Series B-2, 4.78%, 07/01/58

     244       250,415  
   

 

 

  
      9,968,485  
Rhode Island — 2.4%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     525       590,326  

Series B, 4.50%, 06/01/45

     3,950       4,116,729  
   

 

 

  
      4,707,055  
South Carolina — 5.3%  

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

     2,505       2,857,278  

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

    

6.00%, 07/01/38

     1,955       2,234,917  

5.50%, 07/01/41

     1,000       1,121,970  

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 4.25%, 05/01/48

     1,685       1,836,465  

State of South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/55

     820       955,546  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)  

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

   $ 1,280     $ 1,541,529  
   

 

 

  
      10,547,705  
Tennessee — 0.8%  

Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40

     1,500       1,595,415  
   

 

 

  
Texas — 9.3%  

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien(b):

    

5.75%, 01/01/21

     1,000       1,051,260  

6.00%, 01/01/21

     2,600       2,741,362  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 08/15/20(b)

     3,515       3,646,145  

Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT:

    

Series A, 5.00%, 11/01/20(b)

     1,365       1,412,898  

Series H, 5.00%, 11/01/37

     1,535       1,625,212  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     720       798,264  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38

     710       791,693  

Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43

     230       248,225  

Texas Private Activity Bond Surface Transportation Corp., RB:

    

Segment 3C Project, AMT, 5.00%, 06/30/58

     1,795       2,092,898  

Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

     1,700       1,713,532  

Texas Transportation Commission, RB, First Tier Toll Revenue(c):

    

CAB, 0.00%, 08/01/41

     1,950       796,380  

0.00%, 08/01/35

     310       176,542  

0.00%, 08/01/36

     170       91,815  

0.00%, 08/01/37

     225       114,682  

0.00%, 08/01/38

     810       389,934  

0.00%, 08/01/44

     1,010       346,390  
Security   Par
(000)		     Value  
Texas (continued)  

Texas Transportation Commission, RB, First Tier Toll Revenue (c) (continued):

    

0.00%, 08/01/45

   $ 1,315     $ 430,465  
   

 

 

  
      18,467,697  
Virginia — 2.3%  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43

     560       599,682  

Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47

     1,395       1,395,000  

Virginia Small Business Financing Authority, RB, AMT:

    

Covanta Project, 5.00%, 01/01/48(a)(d)

     585       616,719  

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37

     1,715       1,898,419  
   

 

 

  
      4,509,820  
West Virginia — 1.0%  

West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51

     1,940       2,086,916  
   

 

 

  
Wisconsin — 0.9%  

Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a)

     1,015       1,108,512  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.45%, 05/01/57

     660       710,193  
   

 

 

  
      1,818,705  
   

 

 

  

Total Municipal Bonds — 105.5%
(Cost — $194,279,295)

 

     210,088,826  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

Arizona — 0.6%

 

County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41

     1,065       1,169,668  
   

 

 

  
California — 8.1%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge,
4.00%, 04/01/42(f)

     1,998       2,222,836  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

Grossmont California Union High School District, GO, Election of 2008, Series B,
5.00%, 08/01/20(b)

   $ 6,000     $ 6,176,040  

Los Angeles Community College District California, GO, Election of 2008, Series C,
5.25%, 08/01/20(b)(f)

     5,251       5,415,165  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     1,980       2,360,301  
   

 

 

  
      16,174,342  
District of Columbia — 1.8%  

District of Columbia, RB, Series A,
5.50%, 12/01/30(f)

     2,804       2,813,007  

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

     610       657,232  
   

 

 

  
      3,470,239  
Florida — 5.5%  

City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46

     1,918       2,060,019  

County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49

     2,656       2,870,327  

Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(f)

     3,858       4,236,074  

South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47

     1,575       1,842,860  
   

 

 

  
      11,009,280  
Georgia — 2.3%  

Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A:

    

3.70%, 06/01/49

     2,696       2,796,302  

3.60%, 12/01/44

     1,615       1,674,025  
   

 

 

  
      4,470,327  
Illinois — 0.5%  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(b)

     2       2,490  
Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C (continued):

    

4.00%, 02/15/41

   $ 912     $ 992,812  
   

 

 

  
      995,302  
Iowa — 0.9%  

Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39

     1,890       1,868,435  
   

 

 

  
Maine — 0.3%  

State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38

     563       620,131  
   

 

 

  
Maryland — 1.1%  

County of Montgomery Housing Opportunites Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39

     2,207       2,231,111  
   

 

 

  
Michigan — 3.9%  

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

     1,964       2,154,095  

Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 4.00%, 04/15/54

     2,524       2,747,046  

State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,756       2,947,360  
   

 

 

  
      7,848,501  
Nebraska — 0.7%  

Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47

     1,381       1,459,476  
   

 

 

  
Nevada — 4.9%  

County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48

     2,740       3,282,795  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nevada (continued)  

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

   $ 6,070     $ 6,425,216  
   

 

 

  
      9,708,011  
New Jersey — 0.5%  

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

     1,000       1,047,972  
   

 

 

  
New York — 11.5%  

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

     1,280       1,397,849  

City of New York Municipal Water Finance Authority, Refunding RB:

    

Series FF, 5.00%, 06/15/45

     3,859       4,187,248  

Water & Sewer System, 2nd General Resolution, Series BB, 5.25%, 12/15/21(b)

     4,408       4,795,352  

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

    

5.75%, 02/15/21(b)

     799       843,434  

5.75%, 02/15/47

     491       518,855  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     2,996       3,568,534  

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

     4,365       4,722,667  

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

     2,560       2,775,754  
   

 

 

  
      22,809,693  
Pennsylvania — 1.9%  

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(f)

     1,769       1,985,177  

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

     1,514       1,820,279  
   

 

 

  
      3,805,456  
Rhode Island — 1.2%  

Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac):

    

3.55%, 10/01/33

     1,440       1,549,152  
Security   Par
(000)		     Value  
Rhode Island (continued)  

Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac) (continued):

    

3.95%, 10/01/43

   $ 840     $ 904,369  
   

 

 

  
      2,453,521  
South Carolina — 1.2%  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(f)

     2,235       2,419,633  
   

 

 

  
Texas — 3.8%  

County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43

     2,703       3,009,487  

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

     3,480       3,743,853  

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

    

3.63%, 09/01/44

     495       523,915  

3.75%, 09/01/49

     271       287,239  
   

 

 

  
      7,564,494  
Washington — 0.9%  

Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43

     1,641       1,764,053  
   

 

 

  
Wisconsin — 0.9%  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53

     1,605       1,722,374  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 52.5%
(Cost — $100,388,342)

 

     104,612,019  
   

 

 

  

Total Long-Term Investments — 158.0%
(Cost — $294,667,637)

 

     314,700,845  
   

 

 

  
     Shares         
Short-Term Securities — 0.2%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(g)(h)

     340,300       340,334  
   

 

 

  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Total Short-Term Securities — 0.2%
(Cost — $340,334)

     $ 340,334  
   

 

 

  

Total Investments — 158.2%
(Cost — $295,007,971)

       315,041,179  

Other Assets Less Liabilities — 2.1%

       4,343,216  
Security   Shares     Value  

Liability for TOB Trust Certificates, Including Interest Expense and Fees
Payable — (30.6)%

     $ (61,019,791 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (29.7)%

       (59,169,099 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

     $ 199,195,505  
   

 

 

  
 

 

(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) 

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 November 15, 2019 to December 01, 2030 is $13,703,539.

(g) 

Annualized 7-day yield as of period end.

(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

      382,946        (42,646 )       340,300      $ 340,334      $ 3,062      $ (69 )     $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Portfolio Abbreviations

 

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
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

 

 

     9  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

 

 

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

      13          12/19/19        $ 1,694        $ 2,187  

Long U.S. Treasury Bond

      53          12/19/19          8,553          8,233  

5-Year U.S. Treasury Note

      9          12/31/19          1,073          2,369  
                 

 

 

  
                  $ 12,789  
                 

 

 

  

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”) Fund’s 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.

 

 

10   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Investment Fund (MYF)

 

Fair Value Hierarchy as of Period End (continued)

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)

    $ —        $ 314,700,845        $ —        $ 314,700,845  

Short-Term Securities

     340,334          —          —          340,334  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 340,334        $ 314,700,845        $ —        $ 315,041,179  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 12,789        $ —        $ —        $ 12,789  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 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

   $ —        $ (60,857,837 )       $ —        $ (60,857,837 ) 

VRDP Shares at Liquidation Value

     —          (59,400,000 )         —          (59,400,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (120,257,837 )       $ —        $ (120,257,837 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     11