BlackRock MuniYield Investment Fund
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number 811-06502
Name of Fund: BlackRock MuniYield Investment Fund (MYF)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield
Investment Fund, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2019
Date of reporting period:
10/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 100.8% |
|
|
| Alabama — 0.3% |
|
| City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A,
5.38%,
12/01/35 |
|
$ |
545 |
|
|
$ |
589,145 |
|
|
|
|
|
|
|
|
|
|
|
| Arizona — 1.4% |
|
| Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a) |
|
|
1,645 |
|
|
|
1,670,152 |
|
| City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) |
|
|
1,070 |
|
|
|
1,071,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,742,099 |
|
| California — 11.6% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |
|
|
1,645 |
|
|
|
1,764,049 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 07/01/19(b) |
|
|
710 |
|
|
|
730,100 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A,
5.00%,
02/01/42 |
|
|
145 |
|
|
|
155,936 |
|
| California Statewide Communities Development Authority, RB, Series A(a): |
|
|
|
|
|
|
|
|
| Lancer Educational student Housing Project,
5.00%, 06/01/46 |
|
|
1,680 |
|
|
|
1,765,311 |
|
| Loma Linda University Medical Center,
5.00%, 12/01/46 |
|
|
290 |
|
|
|
294,927 |
|
| California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing
Project, Series A,
5.00%, 06/01/36(a) |
|
|
1,360 |
|
|
|
1,445,395 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A,
AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 05/01/28 |
|
|
1,065 |
|
|
|
1,188,103 |
|
| 5.25%, 05/01/33 |
|
|
830 |
|
|
|
904,011 |
|
| 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 |
|
|
|
1,596,990 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1,
5.25%, 06/01/47 |
|
|
655 |
|
|
|
658,576 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%,
11/01/33 |
|
$ |
1,620 |
|
|
$ |
1,842,086 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |
|
|
|
|
|
|
|
|
| 5.25%, 05/15/23(b) |
|
|
2,905 |
|
|
|
3,300,283 |
|
| 5.25%, 05/15/38 |
|
|
825 |
|
|
|
910,536 |
|
| State of California, GO, Various Purposes,
6.00%, 03/01/33 |
|
|
2,535 |
|
|
|
2,671,180 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/31 |
|
|
1,000 |
|
|
|
1,126,590 |
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F, 5.25%, 09/01/33 |
|
|
835 |
|
|
|
925,998 |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%,
08/01/40 |
|
|
625 |
|
|
|
710,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,990,852 |
|
| Colorado — 2.2% |
|
| Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |
|
|
345 |
|
|
|
343,927 |
|
| City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A,
4.00%, 06/01/48 |
|
|
800 |
|
|
|
793,120 |
|
| City & County of Denver Colorado, RB, Capital Appreciation Bonds, Series A-2,
0.00%, 08/01/37(c) |
|
|
1,760 |
|
|
|
798,565 |
|
| City & County of Denver Colorado Airport System, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/28 |
|
|
1,000 |
|
|
|
1,120,000 |
|
| 5.50%, 11/15/30 |
|
|
330 |
|
|
|
368,620 |
|
| 5.50%, 11/15/31 |
|
|
400 |
|
|
|
446,216 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Colorado (continued) |
|
| Colorado Health Facilities Authority, Refunding RB, Frasier Meadows Retirement Community Project, Series A,
5.25%, 05/15/37 |
|
$ |
290 |
|
|
$ |
308,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,179,101 |
|
| Connecticut — 0.4% |
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1,
4.00%, 05/15/45 |
|
|
755 |
|
|
|
735,687 |
|
|
|
|
|
|
|
|
|
|
| Delaware — 0.3% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
500 |
|
|
|
528,790 |
|
|
|
|
|
|
|
|
|
|
| District of Columbia — 0.3% |
|
| District of Columbia HFA, RB, M/F Housing,
Series B-2 (FHA), 4.10%, 09/01/39 |
|
|
605 |
|
|
|
593,330 |
|
|
|
|
|
|
|
|
|
|
| Florida — 6.7% |
|
| County of Broward Florida Airport System, ARB, Series A, AMT, 5.00%, 10/01/45 |
|
|
1,005 |
|
|
|
1,077,059 |
|
| County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT,
5.50%, 10/01/29 |
|
|
1,995 |
|
|
|
2,218,360 |
|
| County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |
|
|
2,000 |
|
|
|
2,128,720 |
|
| 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 |
|
|
115 |
|
|
|
116,098 |
|
| County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie
Mac), 5.90%, 09/01/40 |
|
|
120 |
|
|
|
120,844 |
|
| County of Miami-Dade Florida, RB, Seaport Department: |
|
|
|
|
|
|
|
|
| Series A, 5.38%, 10/01/33 |
|
|
1,170 |
|
|
|
1,283,712 |
|
| Series B, AMT, 6.25%, 10/01/38 |
|
|
525 |
|
|
|
591,917 |
|
| Series B, AMT, 6.00%, 10/01/42 |
|
|
700 |
|
|
|
783,041 |
|
| County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |
|
|
2,440 |
|
|
|
2,606,798 |
|
| Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run
Projects: |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/37 |
|
|
240 |
|
|
|
244,944 |
|
| 5.38%, 05/01/47 |
|
|
260 |
|
|
|
264,701 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
| Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
|
$ |
1,200 |
|
|
$ |
1,334,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,770,462 |
|
| Georgia — 0.2% |
|
| County of Griffin-Spalding Hospital Authority, RB, Revenue Anticipation Certificates, 4.00%,
04/01/42 |
|
|
370 |
|
|
|
355,292 |
|
|
|
|
|
|
|
|
|
|
| Hawaii — 0.6% |
|
| State of Hawaii Airports System, COP, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 08/01/25 |
|
|
485 |
|
|
|
532,026 |
|
| 5.25%, 08/01/26 |
|
|
525 |
|
|
|
573,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,105,263 |
|
| Illinois — 17.2% |
|
| Chicago Board of Education, GO, Refunding Dedicated Revenues: |
|
|
|
|
|
|
|
|
| Series H, 5.00%, 12/01/36 |
|
|
295 |
|
|
|
297,345 |
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
970 |
|
|
|
987,625 |
|
| Chicago Board of Education, GO, Refunding, Series D, 5.00%, 12/01/25 |
|
|
530 |
|
|
|
548,820 |
|
| Chicago Board of Education, GO, Dedicated Revenues: |
|
|
|
|
|
|
|
|
| Series F, 5.00%, 12/01/22 |
|
|
400 |
|
|
|
414,908 |
|
| Series G, 5.00%, 12/01/34 |
|
|
290 |
|
|
|
293,364 |
|
| City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%,
01/01/41 |
|
|
1,000 |
|
|
|
1,059,580 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b) |
|
|
6,065 |
|
|
|
6,615,641 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts: |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/36 |
|
|
1,000 |
|
|
|
1,051,250 |
|
| 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,050,060 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/38 |
|
|
1,000 |
|
|
|
1,039,400 |
|
| 5.25%, 12/01/43 |
|
|
1,500 |
|
|
|
1,537,530 |
|
| Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 08/15/41 |
|
|
4,000 |
|
|
|
4,328,280 |
|
| Illinois Finance Authority, Refunding RB(b): |
|
|
|
|
|
|
|
|
| Central DuPage Health, Series B,
5.38%, 11/01/19 |
|
|
1,200 |
|
|
|
1,239,060 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| Illinois Finance Authority,
Refunding
RB(b) (continued): |
|
| Northwestern Memorial Hospital, Series A, 6.00%, 08/15/19 |
|
$ |
4,160 |
|
|
$ |
4,288,669 |
|
| Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series
A: |
|
|
|
|
|
|
|
|
| 0.00%, 12/15/56(c) |
|
|
2,965 |
|
|
|
378,986 |
|
| 5.00%, 06/15/57 |
|
|
810 |
|
|
|
832,048 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project Bonds,
Series B, 0.00%, 12/15/54(c) |
|
|
4,140 |
|
|
|
589,495 |
|
| Railsplitter Tobacco Settlement Authority,
RB(b): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
1,370 |
|
|
|
1,479,203 |
|
| 6.00%, 06/01/21 |
|
|
390 |
|
|
|
425,946 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.25%, 02/01/32 |
|
|
2,200 |
|
|
|
2,271,016 |
|
| 5.50%, 07/01/33 |
|
|
1,000 |
|
|
|
1,054,480 |
|
| 5.50%, 07/01/38 |
|
|
415 |
|
|
|
433,854 |
|
| Series D, 5.00%, 11/01/28 |
|
|
440 |
|
|
|
453,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,669,734 |
|
| Indiana — 3.0% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 01/01/34 |
|
|
1,350 |
|
|
|
1,541,848 |
|
| County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(a): |
|
|
|
|
|
|
|
|
| 6.63%, 01/15/34 |
|
|
170 |
|
|
|
178,129 |
|
| 6.75%, 01/15/43 |
|
|
355 |
|
|
|
371,309 |
|
| 6.88%, 01/15/52 |
|
|
515 |
|
|
|
539,720 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32 |
|
|
700 |
|
|
|
707,476 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%,
01/01/19(b) |
|
|
1,525 |
|
|
|
1,535,370 |
|
| Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1,
6.38%, 01/15/51(a) |
|
|
720 |
|
|
|
732,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,605,934 |
|
| Iowa — 1.3% |
|
| Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/43 |
|
|
295 |
|
|
|
302,410 |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(d) |
|
|
1,255 |
|
|
|
1,332,710 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
5 |
|
|
|
5,010 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
913,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,553,959 |
|
| Kansas — 2.5% |
|
| City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/15/39 |
|
|
660 |
|
|
|
677,107 |
|
| 5.00%, 05/15/43 |
|
|
655 |
|
|
|
663,162 |
|
| Kansas Development Finance Authority, Refunding RB, Adventist Health System: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/19(b) |
|
|
75 |
|
|
|
77,513 |
|
| 5.50%, 11/15/29 |
|
|
3,200 |
|
|
|
3,303,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,721,014 |
|
| Louisiana — 3.4% |
|
| Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29 |
|
|
1,500 |
|
|
|
1,656,180 |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,420 |
|
|
|
1,522,510 |
|
| Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%,
05/15/47 |
|
|
1,895 |
|
|
|
1,987,040 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |
|
|
1,195 |
|
|
|
1,213,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,379,432 |
|
| Maine — 1.3% |
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center,
7.50%,
07/01/32 |
|
|
765 |
|
|
|
834,791 |
|
| State of Maine Housing Authority, RB, M/F Housing, Series
E(e): |
|
|
|
|
|
|
|
|
| 4.15%, 11/15/38 |
|
|
830 |
|
|
|
833,096 |
|
| 4.25%, 11/15/43 |
|
|
740 |
|
|
|
741,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,409,530 |
|
| Maryland — 0.4% |
|
| City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A,
4.50%, 09/01/33 |
|
|
185 |
|
|
|
187,549 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Maryland (continued) |
|
| City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A,
5.38%, 06/01/36 |
|
$ |
585 |
|
|
$ |
583,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
770,876 |
|
| Massachusetts — 2.2% |
|
| Massachusetts Development Finance Agency, Refunding RB, Suffolk University, 4.00%, 07/01/39 |
|
|
1,300 |
|
|
|
1,224,782 |
|
| Massachusetts HFA, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| Series B, 5.50%, 06/01/41 |
|
|
700 |
|
|
|
709,891 |
|
| Series C, 5.35%, 12/01/42 |
|
|
645 |
|
|
|
647,767 |
|
| Series F, 5.70%, 06/01/40 |
|
|
1,625 |
|
|
|
1,627,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,210,056 |
|
| Michigan — 2.6% |
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A,
5.50%, 07/01/41 |
|
|
1,805 |
|
|
|
1,942,198 |
|
| Eastern Michigan University, RB, Series A,
4.00%, 03/01/47 |
|
|
2,205 |
|
|
|
2,059,470 |
|
| State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 4.13%, 12/01/38(e) |
|
|
860 |
|
|
|
860,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,862,614 |
|
| Montana — 0.1% |
|
| City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A,
5.25%, 05/15/37 |
|
|
170 |
|
|
|
174,345 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 4.4% |
|
| City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(b) |
|
|
2,850 |
|
|
|
2,897,994 |
|
| County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42 |
|
|
3,375 |
|
|
|
3,508,650 |
|
| Las Vegas Convention & Visitors Authority, RB, Series B, 4.00%, 07/01/49 |
|
|
2,000 |
|
|
|
1,894,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,301,604 |
|
| New Hampshire — 0.5% |
|
| New Hampshire Housing Finance Authority, RB, Cimarron, Whittier Falls & Marshall (FHA),
4.00%, 07/01/52 |
|
|
1,000 |
|
|
|
945,150 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 5.8% |
|
| New Jersey EDA, RB, Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM),
5.00%, 01/01/31 |
|
|
900 |
|
|
|
972,054 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
2,308,613 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A, 5.88%, 12/15/38 |
|
|
2,670 |
|
|
|
2,682,148 |
|
| Series AA, 5.50%, 06/15/39 |
|
|
2,475 |
|
|
|
2,625,777 |
|
| New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A,
5.00%, 12/15/36 |
|
|
180 |
|
|
|
188,586 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/46 |
|
|
935 |
|
|
|
965,144 |
|
| Series A, 5.25%, 06/01/46 |
|
|
240 |
|
|
|
253,682 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
895 |
|
|
|
906,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,902,532 |
|
| New Mexico — 0.4% |
|
| New Mexico Mortgage Finance Authority, RB, S/F Housing, Mortgage Program, Class I, Series B (Ginnie
Mae, Fannie Mae & Freddie Mac), 3.90%, 07/01/48 |
|
|
870 |
|
|
|
835,922 |
|
|
|
|
|
|
|
|
|
|
| New York — 2.4% |
|
| City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A,
4.15%, 11/01/38(e) |
|
|
1,280 |
|
|
|
1,262,950 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(a) |
|
|
1,100 |
|
|
|
1,131,878 |
|
| New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park
Project, Class 3, 6.38%, 07/15/49 |
|
|
1,650 |
|
|
|
1,714,416 |
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project,
Series A, AMT, 5.25%, 01/01/50 |
|
|
475 |
|
|
|
499,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,609,125 |
|
| Ohio — 2.6% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed,
Senior Turbo Term, Series A-2, 5.75%, 06/01/34 |
|
|
310 |
|
|
|
298,502 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Ohio (continued) |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
$ |
3,115 |
|
|
$ |
3,260,253 |
|
| Ohio HFA, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48 |
|
|
310 |
|
|
|
302,070 |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 02/15/31 |
|
|
1,000 |
|
|
|
1,099,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,960,365 |
|
| Oklahoma — 0.8% |
|
| City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
|
|
325 |
|
|
|
320,031 |
|
| County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project,
5.25%,
11/15/37 |
|
|
450 |
|
|
|
486,382 |
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
760 |
|
|
|
804,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,611,078 |
|
| Oregon — 0.1% |
|
| State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series
C, 3.95%, 07/01/43 |
|
|
250 |
|
|
|
244,965 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 4.1% |
|
| Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) |
|
|
585 |
|
|
|
607,558 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
560 |
|
|
|
533,266 |
|
| Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project,
6.20%,
04/01/39 |
|
|
1,075 |
|
|
|
1,091,867 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%,
11/01/44 |
|
|
1,000 |
|
|
|
1,033,470 |
|
| Pennsylvania Turnpike Commission, RB, Series
A(b): |
|
|
|
|
|
|
|
|
| 5.63%, 12/01/20 |
|
|
1,470 |
|
|
|
1,572,738 |
|
| 5.63%, 12/01/20 |
|
|
545 |
|
|
|
583,090 |
|
| State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A,
5.00%, 06/01/34 |
|
|
625 |
|
|
|
675,387 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Township of Bristol Pennsylvania School District, GO,
5.25%, 06/01/37 |
|
$ |
1,500 |
|
|
$ |
1,620,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,718,081 |
|
| Puerto Rico — 1.3% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
1,200 |
|
|
|
1,217,040 |
|
| 5.63%, 05/15/43 |
|
|
1,145 |
|
|
|
1,160,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,377,623 |
|
| Rhode Island — 2.3% |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/35 |
|
|
525 |
|
|
|
552,300 |
|
| Series B, 4.50%, 06/01/45 |
|
|
3,950 |
|
|
|
3,895,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,447,908 |
|
| South Carolina — 5.0% |
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
2,505 |
|
|
|
2,808,832 |
|
| County of Charleston South Carolina Airport District, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 6.00%, 07/01/38 |
|
|
1,955 |
|
|
|
2,187,625 |
|
| 5.50%, 07/01/41 |
|
|
1,000 |
|
|
|
1,096,140 |
|
| State of South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/55 |
|
|
820 |
|
|
|
872,964 |
|
| State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50 |
|
|
1,280 |
|
|
|
1,382,822 |
|
| State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
|
|
1,020 |
|
|
|
1,075,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,424,146 |
|
| Texas — 8.0% |
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien(b): |
|
|
|
|
|
|
|
|
| 5.75%, 01/01/21 |
|
|
1,000 |
|
|
|
1,071,950 |
|
| 6.00%, 01/01/21 |
|
|
2,600 |
|
|
|
2,800,694 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 08/15/20(b) |
|
|
3,515 |
|
|
|
3,750,751 |
|
| Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/38 |
|
|
1,365 |
|
|
|
1,412,175 |
|
| Series H, 5.00%, 11/01/37 |
|
|
1,535 |
|
|
|
1,603,538 |
|
| North Texas Tollway Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 4.25%, 01/01/49(e) |
|
|
720 |
|
|
|
706,752 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| North Texas Tollway Authority, Refunding RB (continued): |
|
| 1st Tier, Series K-1 (AGC), 5.75%, 01/01/19(b) |
|
$ |
1,000 |
|
|
$ |
1,006,110 |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%,
03/15/38 |
|
|
710 |
|
|
|
777,684 |
|
| Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae),
4.25%, 09/01/43 |
|
|
230 |
|
|
|
230,998 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North
Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
|
|
1,700 |
|
|
|
1,777,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,137,747 |
|
| Virginia — 3.3% |
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
|
|
560 |
|
|
|
598,786 |
|
| County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health(b): |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/19 |
|
|
610 |
|
|
|
621,688 |
|
| 5.50%, 05/15/19 |
|
|
1,135 |
|
|
|
1,156,747 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,395 |
|
|
|
1,366,667 |
|
| Virginia Small Business Financing Authority, RB, AMT: |
|
|
|
|
|
|
|
|
| Covanta Project, 5.00%, 01/01/48(a)(d) |
|
|
585 |
|
|
|
593,459 |
|
| Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 |
|
|
1,715 |
|
|
|
1,866,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,203,404 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| West Virginia — 1.3% |
|
| West Virginia Hospital Finance Authority, RB, Improvement West Virginia University Health System Obligated
Group, Series A,
4.00%, 06/01/51 |
|
$ |
2,705 |
|
|
$ |
2,457,709 |
|
|
|
|
|
|
|
|
|
|
| Wisconsin — 0.5% |
|
| Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a) |
|
|
1,015 |
|
|
|
1,041,654 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 100.8%
(Cost — $184,002,795) |
|
|
|
191,166,528 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
|
|
| Arizona — 0.5% |
|
| County of Maricopa Industrial Development Authority, RB, Banner Health, Series A,
4.00%, 01/01/41 |
|
|
1,065 |
|
|
|
1,049,543 |
|
|
|
|
|
|
|
|
|
|
| California — 20.7% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area: |
|
|
|
|
|
|
|
|
| Toll Bridge, 4.00%, 04/01/42(g) |
|
|
1,998 |
|
|
|
2,013,352 |
|
| Series F-1, 5.63%, 04/01/19(b) |
|
|
2,681 |
|
|
|
2,724,575 |
|
| Grossmont California Union High School District, GO, Election of 2008, Series B,
5.00%, 08/01/20(b) |
|
|
6,000 |
|
|
|
6,316,920 |
|
| Los Angeles California Unified School District, GO, Series I, 5.00%, 01/01/34 |
|
|
790 |
|
|
|
804,734 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C,
5.25%, 08/01/20(b)(g) |
|
|
5,251 |
|
|
|
5,552,303 |
|
| Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 08/01/19(b) |
|
|
7,697 |
|
|
|
7,940,864 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds,
5.00%, 10/01/47 |
|
|
1,980 |
|
|
|
2,177,337 |
|
| San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 08/01/19(b) |
|
|
8,412 |
|
|
|
8,643,523 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| University of California, RB, Series O,
5.75%, 05/15/19(b) |
|
$ |
3,001 |
|
|
$ |
3,064,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,238,475 |
|
| Colorado — 1.2% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 07/01/34(g) |
|
|
2,149 |
|
|
|
2,196,816 |
|
|
|
|
|
|
|
|
|
|
| District of Columbia — 1.5% |
|
| District of Columbia, RB, Series
A,
5.50%, 12/01/30(g) |
|
|
2,804 |
|
|
|
2,901,751 |
|
|
|
|
|
|
|
|
|
|
| Florida — 1.9% |
|
| City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |
|
|
1,918 |
|
|
|
1,866,981 |
|
| South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida,
5.00%,
08/15/47 |
|
|
1,575 |
|
|
|
1,714,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,581,951 |
|
| Illinois — 0.5% |
|
| Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
|
|
914 |
|
|
|
878,928 |
|
|
|
|
|
|
|
|
|
|
| Michigan — 0.9% |
|
| State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
|
|
1,678 |
|
|
|
1,641,289 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 8.1% |
|
| County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48 |
|
|
2,740 |
|
|
|
3,036,181 |
|
| County of Clark Nevada Water Reclamation District, GO, Series B, 5.50%, 07/01/19(b) |
|
|
5,668 |
|
|
|
5,802,419 |
|
| Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 06/01/28 |
|
|
6,070 |
|
|
|
6,453,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,292,558 |
|
| New Hampshire — 1.2% |
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 06/01/19(b)(g) |
|
|
2,159 |
|
|
|
2,200,546 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 3.6% |
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,801 |
|
|
|
1,812,575 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A (AMBAC) (AGM), 5.00%, 12/15/32 |
|
$ |
4,000 |
|
|
$ |
4,005,920 |
|
| Series B, 5.25%, 06/15/36(g) |
|
|
1,000 |
|
|
|
1,041,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,859,843 |
|
| New York — 16.8% |
|
| City of New York Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series FF, 5.00%, 06/15/45 |
|
|
3,859 |
|
|
|
4,152,345 |
|
| Water & Sewer System, 2nd General Resolution, Series FF-2,
5.50%, 06/15/40 |
|
|
2,505 |
|
|
|
2,553,171 |
|
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd
General Resolution, Series BB,
5.25%, 06/15/44 |
|
|
4,408 |
|
|
|
4,760,727 |
|
| City of New York Transitional Finance Authority, BARB, Fiscal 2009, Series
S-3, 5.25%, 01/15/39 |
|
|
2,499 |
|
|
|
2,516,918 |
|
| Hudson Yards Infrastructure Corp., RB, Senior-Fiscal
2012(g): |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
|
799 |
|
|
|
859,027 |
|
| 5.75%, 02/15/47 |
|
|
491 |
|
|
|
528,448 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
2,996 |
|
|
|
3,273,013 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
|
4,365 |
|
|
|
4,704,970 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g) |
|
|
2,560 |
|
|
|
2,786,520 |
|
| State of New York Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 03/15/19(b) |
|
|
5,700 |
|
|
|
5,772,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,907,273 |
|
| Pennsylvania — 1.8% |
|
| Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(g) |
|
|
1,769 |
|
|
|
1,764,649 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
$ |
1,514 |
|
|
$ |
1,694,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,459,577 |
|
| Rhode Island — 0.4% |
|
| Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity
Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43 |
|
|
840 |
|
|
|
829,471 |
|
|
|
|
|
|
|
|
|
|
| South Carolina — 1.7% |
|
| South Carolina Public Service Authority, Refunding RB, Series
A(b)(g): |
|
|
|
|
|
|
|
|
| 5.50%, 01/01/19 |
|
|
258 |
|
|
|
259,723 |
|
| 5.50%, 01/01/19 |
|
|
2,986 |
|
|
|
3,003,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,262,859 |
|
| Texas — 8.4% |
|
| City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 02/01/19(b)(g) |
|
|
3,989 |
|
|
|
4,021,212 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital
Project, 5.50%, 10/01/39 |
|
|
5,400 |
|
|
|
5,538,861 |
|
| County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43 |
|
|
2,703 |
|
|
|
2,652,501 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| North Texas Tollway Authority, RB, Special Projects System, Series A,
5.50%, 09/01/21(b) |
|
$ |
3,480 |
|
|
$ |
3,778,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,991,141 |
|
| Utah — 1.1% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b) |
|
|
1,994 |
|
|
|
2,041,934 |
|
|
|
|
|
|
|
|
|
|
| Washington — 0.9% |
|
| Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B,
4.13%, 08/15/43 |
|
|
1,641 |
|
|
|
1,629,764 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 71.2%
(Cost —
$132,513,104) |
|
|
|
134,963,719 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 172.0%
(Cost — $316,515,899) |
|
|
|
326,130,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
| Short-Term Securities — 1.0% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
1.45%(h)(i) |
|
|
1,828,860 |
|
|
|
1,829,043 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 1.0%
(Cost — $1,829,043) |
|
|
|
1,829,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 173.0%
(Cost — $318,344,942) |
|
|
|
327,959,290 |
|
| Liabilities in Excess of Other Assets — (0.3)% |
|
|
|
(363,508 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(41.5)% |
|
|
|
(78,741,907 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (31.2)% |
|
|
|
(59,235,870 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
189,618,005 |
|
|
|
|
|
|
|
|
|
|
| (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. |
| (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 security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could
ultimately be required to pay under the agreements, which expires December 1, 2018 to January 1, 2038, is $17,934,949. |
| (h) |
Annualized 7-day yield as of period end. |
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
| (i) |
During the period ended October 31, 2018, investments in issuers considered to be an affiliate 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
07/31/18 |
|
|
Net
Activity |
|
|
Shares
Held at
10/31/18 |
|
|
Value at
10/31/18 |
|
|
Income |
|
|
Net Realized
Gain (Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
2,045,731 |
|
|
|
(216,871 |
) |
|
|
1,828,860 |
|
|
$ |
1,829,043 |
|
|
$ |
4,102 |
|
|
$ |
(195 |
) |
|
$ |
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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
AGC — Assured Guarantee Corp.
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
AMT — Alternative Minimum
Tax (subject to)
ARB — Airport Revenue Bonds
BARB — Building Aid
Revenue Bonds
COP — Certificates of Participation
EDA — Economic
Development Authority
ERB — Education Revenue Bonds
FHA — Federal
Housing Administration
GARB — General Airport Revenue Bonds
GO —
General Obligation Bonds
HFA — Housing Finance Agency
IDA — Industrial
Development Authority
IDB — Industrial Development Board
LRB — Lease
Revenue Bonds
M/F — Multi-Family
RB — Revenue Bonds
S/F — Single-Family
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 |
|
|
4 |
|
|
|
12/19/18 |
|
|
$ |
474 |
|
|
$ |
3,307 |
|
| Long U.S. Treasury Bond |
|
|
29 |
|
|
|
12/19/18 |
|
|
|
4,006 |
|
|
|
101,345 |
|
| 5-Year U.S. Treasury Note |
|
|
17 |
|
|
|
12/31/18 |
|
|
|
1,911 |
|
|
|
5,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
110,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock MuniYield Investment Fund (MYF) |
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 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 BlackRock Global Valuation Methodologies Committee (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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers
between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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.
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) |
|
$ |
— |
|
|
$ |
326,130,247 |
|
|
$ |
— |
|
|
$ |
326,130,247 |
|
| Short-Term Securities |
|
|
1,829,043 |
|
|
|
— |
|
|
|
— |
|
|
|
1,829,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,829,043 |
|
|
$ |
326,130,247 |
|
|
$ |
— |
|
|
$ |
327,959,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
110,216 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
110,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each state or political subdivision. |
|
| |
(b) |
Derivative financial instruments are futures contracts which 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 |
|
$ |
— |
|
|
$ |
(78,477,377 |
) |
|
$ |
— |
|
|
$ |
(78,477,377 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(59,400,000 |
) |
|
|
— |
|
|
|
(59,400,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(137,877,377 |
) |
|
$ |
— |
|
|
$ |
(137,877,377 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended October 31, 2018, there were no transfers between levels.
|
|
|
| Item 2 – |
|
Controls and Procedures |
|
|
| 2(a) – |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
|
| 2(b) – |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last
fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
|
| Item 3 – |
|
Exhibits |
|
|
|
|
Certifications – Attached hereto |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniYield Investment Fund
|
|
|
|
|
| By: |
|
|
|
/s/ John M. Perlowski |
|
|
|
|
John M. Perlowski |
|
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
|
|
BlackRock MuniYield Investment Fund |
Date: December 19, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
| By: |
|
|
|
/s/ John M. Perlowski |
|
|
|
|
John M. Perlowski |
|
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
|
|
BlackRock MuniYield Investment Fund |
Date: December 19, 2018
|
|
|
|
|
| By: |
|
|
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
|
BlackRock MuniYield Investment Fund |
Date: December 19, 2018