NPORT-EX 2 NPORT_8262600408363545.htm EX-MYF

Schedule of Investments  (unaudited)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  

Municipal Bonds — 109.3%

 

Alabama — 0.3%

 

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

   $ 545      $ 561,410  
    

 

 

  
Arizona — 2.6%  

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

     1,645        1,499,056  

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

     1,070        976,418  

City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, 3.00%, 07/01/49

     1,500        1,356,930  

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

     550        579,441  

Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32

     155        188,571  
    

 

 

  
       4,600,416  
Arkansas — 0.6%  

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

     1,210        1,033,279  
    

 

 

  
California — 10.3%  

ABC Unified School District, GO, (FGIC), 0.00%, 08/01/34(b)

     1,215        785,874  

Alvord Unified School District, GO, Refunding Series B, 0.00%, 08/01/41(b)

     1,175        548,749  

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

     145        161,565  

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

     

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

     1,680        1,525,272  

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

     290        283,727  

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

     1,360        1,310,700  

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

     

5.50%, 05/01/28

     1,065        1,169,540  
Security   Par
(000)		      Value  
California (continued)  

5.25%, 05/01/33

   $ 830      $ 895,155  

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        1,542,000  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47

     655        639,005  

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

     1,620        1,870,906  

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

     

5.25%, 05/15/23(c)

     2,905        3,276,085  

5.25%, 05/15/38

     825        910,891  

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

     850        852,941  

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

     835        932,611  

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

     625        717,250  
    

 

 

  
       18,558,251  
Colorado — 2.5%  

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

     345        287,440  

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

     1,760        938,502  

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

     

5.50%, 11/15/28

     1,000        1,109,780  

5.50%, 11/15/30

     330        365,554  

5.50%, 11/15/31

     400        442,772  

Colorado Health Facilities Authority, Refunding RB:

     

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

     1,195        1,002,223  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Colorado (continued)  

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

   $ 290      $ 270,814  
    

 

 

  
       4,417,085  
Connecticut — 1.4%  

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

     

Sub-Series A-1, 3.85%, 11/15/43

     1,545        1,580,921  

Series A-1, 3.80%, 11/15/39

     995        1,026,213  
    

 

 

  
       2,607,134  
Delaware — 1.2%  

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

     500        505,745  

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

     1,605        1,737,589  
    

 

 

  
       2,243,334  
District of Columbia — 0.3%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, Series B, 4.00%, 10/01/49

     530        501,698  
    

 

 

  
Florida — 8.1%  

Broward County FL Airport System Revenue, RB, AMT, Series A, 5.00%, 10/01/49

     300        329,295  

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

     1,005        1,072,285  

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

     1,995        2,183,647  

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

     2,000        2,073,420  

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

     80        81,842  

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

     80        81,837  
Security   Par
(000)		      Value  
Florida (continued)  

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

     

Series A, 5.38%, 10/01/33

   $ 1,170      $ 1,287,644  

Series B, AMT, 6.25%, 10/01/38

     525        585,475  

Series B, AMT, 6.00%, 10/01/42

     700        775,516  

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

     2,440        2,664,382  

County of Osceola FL Transportation Revenue, Refunding RB, Series A-2(b):

     

0.00%, 10/01/38

     1,000        535,790  

0.00%, 10/01/41

     555        231,085  

0.00%, 10/01/42

     410        163,656  

0.00%, 10/01/43

     370        141,414  

0.00%, 10/01/44

     380        139,198  

0.00%, 10/01/45

     1,315        461,328  

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

     

5.25%, 05/01/37

     240        248,057  

5.38%, 05/01/47

     260        267,940  

Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/23(c)

     1,200        1,355,148  
    

 

 

  
       14,678,959  
Georgia — 2.6%  

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

     

5.00%, 05/15/37

     1,475        1,681,353  

5.00%, 05/15/38

     910        1,030,448  

5.00%, 05/15/49

     1,080        1,254,042  

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

     

4.00%, 01/01/49

     280        269,396  

5.00%, 01/01/56

     385        406,094  
    

 

 

  
       4,641,333  
Hawaii — 0.6%  

State of Hawaii Airports System, COP, AMT:

     

5.25%, 08/01/25

     485        528,223  

5.25%, 08/01/26

     525        570,539  
    

 

 

  
       1,098,762  
Illinois — 13.3%  

Chicago Board of Education, GO, Series C:

     

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

     295        284,362  

Project, 5.25%, 12/01/35

     970        960,853  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Illinois (continued)  

Chicago Board of Education, GO, Refunding:

     

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

   $ 530      $ 540,944  

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

     290        279,946  

5.00%, 12/01/25

     415        423,570  

Chicago Board of Education, GO:

     

,5.00%, 12/01/46

     345        310,538  

,5.00%, 12/01/46

     885        765,454  

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

     1,000        1,043,700  

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

     2,065        2,142,128  

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

     

5.25%, 12/01/36

     1,000        1,053,840  

5.25%, 12/01/40

     1,000        1,051,470  

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

     1,500        1,498,020  

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

     4,000        4,189,000  

Metropolitan Pier & Exposition Authority, RB:

     

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

     2,965        529,756  

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

     1,215        1,081,982  

Metropolitan Pier & Exposition Authority, Refunding RB:

     

Mccormick Place Expansion (BAM), 0.00%, 12/15/54(b)

     4,140        823,280  

McCormick Place Expansion Project, 4.00%, 06/15/50

     315        262,304  

Railsplitter Tobacco Settlement Authority, RB(c):

     

5.50%, 06/01/21

     1,370        1,438,322  

6.00%, 06/01/21

     390        411,563  

State of Illinois, GO:

     

5.25%, 02/01/32

     2,200        2,118,534  

5.50%, 07/01/33

     1,000        972,770  

5.50%, 07/01/38

     415        391,997  

Series D, 5.00%, 11/01/28

     440        428,547  
    

 

 

  
       24,016,320  
Security   Par
(000)		      Value  
Indiana — 2.1%  

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

   $ 1,350      $ 1,412,586  

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

     

6.63%, 01/15/34

     170        168,059  

6.75%, 01/15/43

     355        339,834  

6.88%, 01/15/52

     515        487,236  

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

     700        683,760  

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

     720        639,022  
    

 

 

  
       3,730,497  
Iowa — 2.1%  

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

     

Series B, 5.25%, 12/01/50(d)

     1,255        1,196,592  

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

     865        860,736  

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

     1,885        1,774,049  
    

 

 

  
       3,831,377  
Kansas — 0.3%  

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

     655        581,077  
    

 

 

  
Louisiana — 3.4%  

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

     1,500        1,679,505  

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

     1,420        1,437,849  

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

     1,895        1,996,193  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Louisiana (continued)  

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

   $ 965      $ 965,869  
    

 

 

  
       6,079,416  
Maine — 0.7%  

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

     765        794,284  

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

     420        452,172  
    

 

 

  
       1,246,456  
Maryland — 1.3%  

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

     185        173,867  

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

     2,200        2,217,644  
    

 

 

  
       2,391,511  
Massachusetts — 2.7%  

Massachusetts Development Finance Agency, Refunding RB:

     

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

     170        170,485  

Suffolk University, 4.00%, 07/01/39

     2,045        2,070,971  

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

     2,135        2,056,197  

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

     545        545,654  
    

 

 

  
       4,843,307  
Michigan — 2.4%  

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

     1,455        1,474,119  

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

     645        619,761  

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

     570        573,996  

State of Michigan HDA, RB, S/F Housing, Series C, 4.13%, 12/01/38

     860        923,941  

State of Michigan Housing Development Authority, RB:

     

M/F Housing, Series A-1, 3.35%, 10/01/49

     420        422,705  
Security   Par
(000)		      Value  
Michigan (continued)  

S/F Housing, Series A, 4.00%, 06/01/49

   $ 310      $ 328,826  
    

 

 

  
       4,343,348  
Montana — 0.1%  

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

     170        154,290  
    

 

 

  
Nevada — 1.0%  

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

     2,000        1,802,200  
    

 

 

  
New Hampshire — 0.6%  

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

     1,000        1,036,690  
    

 

 

  
New Jersey — 4.7%  

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

     900        980,631  

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

     

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

     1,210        1,089,811  

Transportation System, 5.50%, 06/15/39

     2,475        2,505,121  

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

     180        177,831  

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

     3,610        3,629,205  
    

 

 

  
       8,382,599  
New York — 5.4%  

City of New York Water & Sewer System, RB, 2nd General Resolution Revenue Bonds, 3.00%, 06/15/50

     3,000        2,767,800  

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

     1,100        1,097,250  

Metropolitan Transportation Authority, Refunding RB, Sereis C-1, 5.00%, 11/15/56

     3,010        3,077,063  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
New York (continued)  

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

   $ 475      $ 484,263  

State of New York Power Authority, Refunding RB, Series A,
4.00%, 11/15/60(e)

     1,735        1,829,401  

State of New York Thruway Authority, Refunding RB, Subordinate, Series B,
4.00%, 01/01/50

     510        523,642  
    

 

 

  
       9,779,419  
North Carolina — 0.4%  

North Carolina Medical Care Commission, RB, Novant Health Obligated Group, 4.00%, 11/01/52

     445        463,089  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:

     

4.00%, 01/01/55

     105        93,984  

(AGM), 4.00%, 01/01/55

     100        102,117  
    

 

 

  
       659,190  
Ohio — 2.9%  

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior, Class 2, Series B-2, 5.00%, 06/01/55

     1,895        1,676,468  

County of Montgomery Ohio, Refunding RB, Premier Health Partners Obligated Group, 4.00%, 11/15/42

     715        600,157  

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

     460        417,928  

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

     295        305,467  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     1,055        1,077,788  

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

     1,000        1,077,070  
    

 

 

  
       5,154,878  
Oklahoma — 0.9%  

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

     325        351,514  

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

     450        443,020  
Security   Par
(000)		      Value  
Oklahoma (continued)  

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

   $ 760      $ 782,025  
    

 

 

  
       1,576,559  
Oregon — 0.1%  

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

     245        255,981  
    

 

 

  
Pennsylvania — 6.9%             

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

     585        562,361  

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

     915        908,375  

County of Bucks IDA, RB, St. Luke’s University Health Network Project, 4.00%, 08/15/50

     1,430        1,430,501  

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

     560        563,388  

Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50

     525        532,124  

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

     1,000        858,120  

Pennsylvania Higher Education Assistance Agency, RB, AMT, Series B, 3.00%, 06/01/47

     105        87,839  

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/44

     1,000        1,057,120  

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

     1,490        1,537,799  

Pennsylvania Turnpike Commission, RB, Series A:

     

5.63%, 12/01/20(c)

     1,470        1,510,410  

5.63%, 12/01/20(c)

     545        559,982  

Subordinate, 4.00%, 12/01/49

     1,215        1,244,184  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Pennsylvania (continued)             

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

   $ 1,500      $ 1,666,275  
    

 

 

  
       12,518,478  
Puerto Rico — 5.3%  

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

     

5.50%, 05/15/39

     430        430,340  

5.63%, 05/15/43

     445        438,369  

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

     1,280        1,215,808  

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

     

6.00%, 07/01/38

     465        461,150  

6.00%, 07/01/44

     840        839,849  

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

     

Series A-1, 4.75%, 07/01/53

     991        892,722  

Series A-1, 5.00%, 07/01/58

     4,612        4,307,700  

Series A-2, 4.33%, 07/01/40

     364        325,088  

Series A-2, 4.78%, 07/01/58

     136        122,426  

Series B-1, 4.75%, 07/01/53

     252        227,123  

Series B-2, 4.78%, 07/01/58

     244        217,521  
    

 

 

  
       9,478,096  
Rhode Island — 3.0%  

Rhode Island Turnpike & Bridge Authority, RB, Series A:

     

3.00%, 10/01/38

     375        375,626  

3.00%, 10/01/39

     535        535,080  

Tobacco Settlement Financing Corp., Refunding RB:

     

Series A, 5.00%, 06/01/35

     525        552,631  

Series B, 4.50%, 06/01/45

     3,950        4,026,433  
    

 

 

  
       5,489,770  
South Carolina — 5.7%  

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

     2,505        2,837,639  

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

     

6.00%, 07/01/38

     1,955        2,156,971  

5.50%, 07/01/41

     1,000        1,070,820  

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

     1,685        1,702,423  

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

     820        889,995  
Security   Par
(000)		      Value  
South Carolina (continued)  

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

   $ 1,280      $ 1,525,658  
    

 

 

  
       10,183,506  
Tennessee — 0.8%  

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

     1,500        1,444,770  
    

 

 

  
Texas — 6.6%             

Brazos Higher Education Authority, Inc., RB, Subordinate, Student Loan Program, Series 1B (AMT), 3.00%, 04/01/40

     70        59,233  

Central Texas Regional Mobility Authority,
Refunding RB, Senior Lien,
6.00%, 01/01/21(c)

     2,600        2,690,402  

City of Houston Texas Airport System Revenue, Refunding RB, Special Facilities, Continental Airlines, Inc., Series A, AMT, 6.63%, 07/15/38

     250        252,685  

Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, Series H, AMT, 5.00%, 11/01/37

     1,535        1,580,052  

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

     720        778,594  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23(c)

     710        796,592  

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

     230        245,803  

Texas Private Activity Bond Surface Transportation Corp., RB, Segment 3C Project, AMT, 5.00%, 06/30/58

     1,795        1,857,125  

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

     

CAB, 0.00%, 08/01/41

     1,950        717,775  

0.00%, 08/01/35

     310        157,886  

0.00%, 08/01/36

     170        82,239  

0.00%, 08/01/37

     225        103,304  

0.00%, 08/01/38

     810        351,961  

0.00%, 08/01/44

     1,010        315,797  

0.00%, 08/01/45

     1,775        526,802  

University of Texas System, Refunding RB, Series A, 3.50%, 08/15/50

     1,060        1,318,746  
    

 

 

  
       11,834,996  
Virginia — 3.8%  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/22(c)

     560        599,194  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Virginia (continued)  

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

   $ 1,395      $ 1,321,763  

Virginia Housing Development Authority, RB:

     

M/F, Rental Housing, Series D, 3.90%, 10/01/48

     1,570        1,645,815  

Series E, 3.15%, 12/01/49

     1,070        1,040,372  

Virginia Small Business Financing Authority, RB, AMT:

     

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

     585        547,695  

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

     1,715        1,767,873  
    

 

 

  
       6,922,712  
West Virginia — 1.1%  

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

     1,940        1,980,022  
    

 

 

  
Wisconsin — 1.2%             

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

     1,015        963,976  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:

     

4.45%, 05/01/57

     660        710,721  

3.15%, 11/01/44

     520        523,967  
    

 

 

  
       2,198,664  
    

 

 

  

Total Municipal Bonds — 109.3%
(Cost — $195,187,832)

        196,857,790  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond
Trusts — 52.6%(f)

 

Arizona — 0.6%

 

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

     1,065        1,129,667  
    

 

 

  
California — 8.8%             

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

     1,998        2,137,631  

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

     6,000        6,061,080  
Security   Par
(000)		      Value  
California (continued)             

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

   $ 5,251      $ 5,309,097  

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

     1,980        2,285,801  
    

 

 

  
       15,793,609  
District of Columbia — 0.4%  

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

     610        662,613  
    

 

 

  
Florida — 5.7%             

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

     1,575        1,727,743  

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

     1,918        2,021,247  

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

     2,660        2,654,334  

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

     3,858        3,914,083  
    

 

 

  
       10,317,407  
Georgia — 2.5%  

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

     

3.70%, 06/01/49

     2,696        2,775,472  

3.60%, 12/01/44

     1,615        1,666,407  
    

 

 

  
       4,441,879  
Illinois — 0.5%  

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

     

4.00%, 02/15/27(c)

     2        2,413  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Illinois (continued)  

4.00%, 02/15/41

   $ 912      $ 962,142  
    

 

 

  
       964,555  
Maine — 0.3%  

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

     563        606,776  
    

 

 

  
Maryland — 2.0%             

City of Baltimore Maryland, RB, Water Projects, Series A, 4.00%, 07/01/49

     3,378        3,618,691  
    

 

 

  
Michigan — 4.3%             

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

     1,964        2,030,460  

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

     2,524        2,752,067  

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

     2,756        2,917,097  
    

 

 

  
       7,699,624  
Nebraska — 0.7%  

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

     1,206        1,264,295  
    

 

 

  
Nevada — 5.2%             

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

     2,740        3,138,038  

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

     6,070        6,312,133  
    

 

 

  
       9,450,171  
New Jersey — 0.6%  

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

     1,000        1,002,181  
    

 

 

  
New York — 10.4%             

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

     1,280        1,368,192  

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

     

Series FF, 5.00%, 06/15/45

     3,859        4,116,903  
Security   Par
(000)		      Value  
New York (continued)             

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

   $ 4,408      $ 4,726,584  

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

     

5.75%, 02/15/21(c)

     799        826,756  

5.75%, 02/15/47

     491        508,596  

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

     4,365        4,577,229  

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

     2,560        2,670,149  
    

 

 

  
       18,794,409  
Pennsylvania — 2.0%  

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

     1,769        1,952,820  

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

     1,514        1,702,406  
    

 

 

  
       3,655,226  
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        1,530,389  

3.95%, 10/01/43

     514        585,036  
    

 

 

  
       2,115,425  
South Carolina — 1.3%  

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

     2,235        2,275,029  
    

 

 

  
Texas — 4.2%             

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

     2,703        2,969,757  

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

     3,480        3,698,753  

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

     

3.63%, 09/01/44

     495        531,905  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Texas (continued)             

3.75%, 09/01/49

   $ 271      $ 291,620  
    

 

 

  
       7,492,035  
Washington — 0.9%  

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

     1,641        1,711,403  
    

 

 

  
Wisconsin — 1.0%             

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

     1,605        1,718,185  
    

 

 

  
Security               
Value		  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 52.6%
(Cost — $92,870,165)

 

    $ 94,713,180  
    

 

 

  

Total Long-Term Investments — 161.9%
(Cost — $288,057,997)

 

      291,570,970  
    

 

 

  

Total Investments — 161.9%
(Cost — $288,057,997)

 

      291,570,970  

Other Assets Less Liabilities — 2.0%

        3,443,937  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (31.0)%

 

      (55,800,355 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (32.9)%

 

      (59,158,449 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 180,056,103  
    

 

 

  
 

 

(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) 

Zero-coupon bond.

(c) 

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.

(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 expire between August 15, 2020 to August 1, 2039, is $11,759,292.

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
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class(b)

      382,946        —        (382,946 )(c)       —      $ —      $ 8,701      $ 2,141      $ —  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

As of period end, the entity is no longer held by the Fund.

 
  (c) 

Represents net shares purchased (sold).

 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

 

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

HDA — Housing Development Authority

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

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.

 

 

10   

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Investment Fund (MYF)

 

Fair Value Hierarchy as of Period End (continued)

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments (a)

    $ —        $ 291,570,970        $ —        $ 291,570,970  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in state or political division.

 

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

    $ —        $ (55,572,504 )       $ —        $ (55,572,504 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (114,972,504 )       $ —        $ (114,972,504 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     11