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, | 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, | 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, | 1,735 | 1,829,401 | ||||||
State of New York Thruway Authority, Refunding RB, Subordinate, Series B, | 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, | 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, | 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, | 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% | 196,857,790 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond |
| |||||||
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, | ||||||||
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, | 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, | $ | 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, | 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% |
| $ | 94,713,180 | |||||
|
| |||||||
Total Long-Term Investments — 161.9% |
| 291,570,970 | ||||||
|
| |||||||
Total Investments — 161.9% |
| 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 |