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: 07/31/2018
Date of reporting period:
04/30/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 96.1% |
|
|
| Alabama — 0.3% |
|
| City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%,
12/01/35 |
|
$ |
545 |
|
|
$ |
602,470 |
|
|
|
|
|
|
|
|
|
|
|
| Arizona — 1.4% |
|
| Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a) |
|
|
1,645 |
|
|
|
1,705,898 |
|
| City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A,
5.00%, 07/01/46(a) |
|
|
1,070 |
|
|
|
1,091,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,797,384 |
|
| California — 11.2% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |
|
|
1,645 |
|
|
|
1,796,291 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West,
Series A, 6.00%,
07/01/19(b) |
|
|
710 |
|
|
|
744,172 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%,
02/01/42 |
|
|
145 |
|
|
|
157,725 |
|
| California Statewide Communities Development Authority, RB, Series A(a): |
|
|
|
|
|
|
|
|
| Lancer Educational student Housing Project, 5.00%, 06/01/46 |
|
|
1,680 |
|
|
|
1,758,338 |
|
| Loma Linda University Medical Center,
5.00%, 12/01/46 |
|
|
290 |
|
|
|
305,341 |
|
| California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing
Project, Series A,
5.00%, 06/01/36(a) |
|
|
1,360 |
|
|
|
1,430,992 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A,
AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 05/01/28 |
|
|
1,065 |
|
|
|
1,203,003 |
|
| 5.25%, 05/01/33 |
|
|
830 |
|
|
|
919,723 |
|
| 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 |
|
|
|
1,620,465 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47 |
|
|
255 |
|
|
|
262,324 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%,
11/01/33 |
|
$ |
1,620 |
|
|
$ |
1,881,727 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |
|
|
|
|
|
|
|
|
| 5.25%, 05/15/23(b) |
|
|
2,905 |
|
|
|
3,337,119 |
|
| 5.25%, 05/15/38 |
|
|
825 |
|
|
|
931,309 |
|
| State of California, GO, Various Purposes,
6.00%, 03/01/33 |
|
|
2,535 |
|
|
|
2,728,674 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/31 |
|
|
1,000 |
|
|
|
1,149,320 |
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 09/01/33 |
|
|
835 |
|
|
|
941,788 |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%,
08/01/40 |
|
|
625 |
|
|
|
720,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,888,611 |
|
| Colorado — 1.3% |
|
| Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |
|
|
345 |
|
|
|
349,323 |
|
| City & County of Denver Colorado Airport System, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/28 |
|
|
1,000 |
|
|
|
1,126,090 |
|
| 5.50%, 11/15/30 |
|
|
330 |
|
|
|
369,468 |
|
| 5.50%, 11/15/31 |
|
|
400 |
|
|
|
446,760 |
|
| Colorado Health Facilities Authority, Refunding RB, Frasier Meadows Retirement Community Project, Series A,
5.25%, 05/15/37 |
|
|
290 |
|
|
|
315,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,607,065 |
|
| Connecticut — 0.3% |
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing: |
|
|
|
|
|
|
|
|
| Sub-Series A-1, 3.85%,
11/15/43 |
|
|
345 |
|
|
|
340,574 |
|
| Sub-Series B-1, 4.00%,
05/15/45(c) |
|
|
315 |
|
|
|
316,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
656,758 |
|
| Delaware — 0.3% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
500 |
|
|
|
527,655 |
|
|
|
|
|
|
|
|
|
|
| Florida — 9.0% |
|
| City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
|
|
675 |
|
|
|
758,248 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
| City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |
|
$ |
1,600 |
|
|
$ |
1,614,224 |
|
| County of Broward Florida Airport System Revenue, ARB, AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/47 |
|
|
950 |
|
|
|
1,056,980 |
|
| Series A, 5.00%, 10/01/45 |
|
|
1,005 |
|
|
|
1,099,912 |
|
| County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT,
5.50%, 10/01/29 |
|
|
1,995 |
|
|
|
2,235,058 |
|
| County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |
|
|
2,000 |
|
|
|
2,159,860 |
|
| 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 |
|
|
140 |
|
|
|
141,368 |
|
| County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie
Mac), 5.90%, 09/01/40 |
|
|
130 |
|
|
|
132,396 |
|
| County of Miami-Dade Florida, RB, Seaport Department: |
|
|
|
|
|
|
|
|
| Series A, 5.38%, 10/01/33 |
|
|
1,170 |
|
|
|
1,299,226 |
|
| Series B, AMT, 6.25%, 10/01/38 |
|
|
525 |
|
|
|
607,388 |
|
| Series B, AMT, 6.00%, 10/01/42 |
|
|
700 |
|
|
|
800,436 |
|
| County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |
|
|
2,440 |
|
|
|
2,645,521 |
|
| County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities
Project,
5.00%, 08/01/41 |
|
|
1,000 |
|
|
|
1,087,190 |
|
| Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run
Projects: |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/37 |
|
|
240 |
|
|
|
253,015 |
|
| 5.38%, 05/01/47 |
|
|
260 |
|
|
|
273,536 |
|
| Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
|
|
1,200 |
|
|
|
1,354,668 |
|
|
|
|
|
|
|
|
17,519,026 |
|
| Hawaii — 0.6% |
|
| State of Hawaii, Department of Transportation, COP, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 08/01/25 |
|
|
485 |
|
|
|
539,087 |
|
| 5.25%, 08/01/26 |
|
|
525 |
|
|
|
580,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,119,674 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois — 16.7% |
|
| Chicago Board of Education, GO, Series H,
5.00%, 12/01/36 |
|
$
|
295 |
|
|
$ |
293,575 |
|
| Chicago Board of Education, GO, Refunding, Dedicated Revenues: |
|
|
|
|
|
|
|
|
| Series D, 5.00%, 12/01/25 |
|
|
530 |
|
|
|
560,088 |
|
| Series G, 5.00%, 12/01/34 |
|
|
290 |
|
|
|
290,644 |
|
| Chicago Board of Education, GO, Refunding Series F,
5.00%, 12/01/22 |
|
|
400 |
|
|
|
421,888 |
|
| City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT,
5.00%,
01/01/41 |
|
|
1,000 |
|
|
|
1,075,350 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b) |
|
|
6,065 |
|
|
|
6,740,944 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts: |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/36 |
|
|
1,000 |
|
|
|
1,070,200 |
|
| 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,066,360 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/38 |
|
|
1,000 |
|
|
|
1,050,340 |
|
| 5.25%, 12/01/43 |
|
|
1,500 |
|
|
|
1,554,165 |
|
| Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 08/15/41 |
|
|
4,000 |
|
|
|
4,420,200 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Central DuPage Health, Series B, 5.38%,
11/01/19(b) |
|
|
1,200 |
|
|
|
1,260,168 |
|
| Northwestern Memorial Hospital, Series A,
6.00%,
08/15/19(b) |
|
|
4,160 |
|
|
|
4,379,357 |
|
| Presence Health Network, Series C, 4.00%, 02/15/41 |
|
|
910 |
|
|
|
900,554 |
|
| Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds,
Series
A: |
|
|
|
|
|
|
|
|
| 0.00%, 12/15/56(d) |
|
|
2,965 |
|
|
|
378,749 |
|
| 5.00%, 06/15/57 |
|
|
810 |
|
|
|
847,746 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project Bonds,
Series B, 0.00%, 12/15/54(d) |
|
|
4,140 |
|
|
|
592,517 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| Railsplitter Tobacco Settlement Authority,
RB(b): |
|
|
|
|
|
| 5.50%, 06/01/21 |
|
$ |
1,370 |
|
|
$ |
1,506,932 |
|
| 6.00%, 06/01/21 |
|
|
390 |
|
|
|
434,764 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.25%, 02/01/32 |
|
|
2,200 |
|
|
|
2,255,704 |
|
| 5.50%, 07/01/33 |
|
|
1,000 |
|
|
|
1,034,380 |
|
| 5.50%, 07/01/38 |
|
|
415 |
|
|
|
427,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,561,789 |
|
| Indiana — 4.5% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 01/01/34 |
|
|
1,350 |
|
|
|
1,575,842 |
|
| County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(a): |
|
|
|
|
|
|
|
|
| 6.63%, 01/15/34 |
|
|
170 |
|
|
|
180,892 |
|
| 6.75%, 01/15/43 |
|
|
355 |
|
|
|
377,255 |
|
| 6.88%, 01/15/52 |
|
|
515 |
|
|
|
548,377 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32 |
|
|
700 |
|
|
|
715,939 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%,
01/01/19(b) |
|
|
4,525 |
|
|
|
4,648,487 |
|
| Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1,
6.38%, 01/15/51(a) |
|
|
720 |
|
|
|
742,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,789,234 |
|
| Iowa — 1.2% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(e) |
|
|
1,255 |
|
|
|
1,318,139 |
|
| Midwestern Disaster Area,
5.50%, 12/01/22 |
|
|
5 |
|
|
|
5,073 |
|
| Midwestern Disaster Area,
5.25%, 12/01/25 |
|
|
865 |
|
|
|
920,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,243,563 |
|
| Kansas — 2.1% |
|
| City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A,
5.00%, 05/15/43 |
|
|
655 |
|
|
|
690,023 |
|
| Kansas Development Finance Authority, Refunding RB, Adventist Health System: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/19(b) |
|
|
75 |
|
|
|
78,823 |
|
| 5.50%, 11/15/29 |
|
|
3,200 |
|
|
|
3,385,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,154,446 |
|
| Louisiana — 2.3% |
|
| Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM),
5.50%,
01/01/29 |
|
|
1,500 |
|
|
|
1,674,060 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Louisiana (continued) |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
$ |
1,420 |
|
|
$ |
1,563,207 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |
|
|
1,195 |
|
|
|
1,238,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,475,813 |
|
| Maine — 0.4% |
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%,
07/01/32 |
|
|
765 |
|
|
|
853,411 |
|
|
|
|
|
|
|
|
|
|
| Maryland — 0.4% |
|
| City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A,
4.50%, 09/01/33 |
|
|
185 |
|
|
|
191,260 |
|
| City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A, 5.38%, 06/01/36 |
|
|
585 |
|
|
|
592,816 |
|
| Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series
2017, 5.00%, 12/01/46 |
|
|
20 |
|
|
|
22,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
806,591 |
|
| Massachusetts — 2.3% |
|
| Massachusetts HFA, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| Series B, 5.50%, 06/01/41 |
|
|
975 |
|
|
|
1,003,333 |
|
| Series C, 5.35%, 12/01/42 |
|
|
795 |
|
|
|
809,374 |
|
| Series F, 5.70%, 06/01/40 |
|
|
1,645 |
|
|
|
1,662,536 |
|
| Massachusetts Housing Finance Agency, RB, M/F Housing, Series D, 3.95%, 12/01/52 |
|
|
950 |
|
|
|
908,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,383,775 |
|
| Michigan — 2.7% |
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A,
5.50%,
07/01/41 |
|
|
1,805 |
|
|
|
1,975,590 |
|
| Michigan State Building Authority, Refunding RB, Facilities Program Series: |
|
|
|
|
|
|
|
|
| 6.00%, 10/15/18(b) |
|
|
760 |
|
|
|
774,106 |
|
| 6.00%, 10/15/18(b) |
|
|
450 |
|
|
|
458,352 |
|
| 6.00%, 10/15/38 |
|
|
40 |
|
|
|
40,739 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Michigan (continued) |
|
| Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%,
09/01/18(b) |
|
$ |
1,970 |
|
|
$ |
2,011,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,260,512 |
|
| Montana — 0.1% |
|
| City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A,
5.25%,
05/15/37 |
|
|
170 |
|
|
|
177,835 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 3.4% |
|
| City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(b) |
|
|
2,850 |
|
|
|
2,956,903 |
|
| County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42 |
|
|
3,375 |
|
|
|
3,581,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,538,487 |
|
| New Hampshire — 0.5% |
|
| New Hampshire Housing Finance Authority, RB, Cimarron, Whittier Falls & Marshall (FHA), 4.00%,
07/01/52 |
|
|
1,000 |
|
|
|
996,260 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 5.7% |
|
| New Jersey EDA, RB, Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%,
01/01/31 |
|
|
900 |
|
|
|
993,087 |
|
| New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%,
10/01/39 |
|
|
2,250 |
|
|
|
2,347,762 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A, 5.88%, 12/15/38 |
|
|
2,670 |
|
|
|
2,724,121 |
|
| Series AA, 5.50%, 06/15/39 |
|
|
2,475 |
|
|
|
2,644,018 |
|
| South Jersey Port Corp., ARB, Marine Terminal, Series B, AMT, 5.00%, 01/01/42 |
|
|
230 |
|
|
|
245,799 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/46 |
|
|
935 |
|
|
|
1,009,491 |
|
| Series A, 5.25%, 06/01/46 |
|
|
240 |
|
|
|
266,551 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
895 |
|
|
|
939,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,169,881 |
|
| New York — 1.7% |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) |
|
|
1,100 |
|
|
|
1,145,540 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| 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 |
|
|
$ |
1,745,354 |
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 01/01/50 |
|
|
475 |
|
|
|
513,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,404,483 |
|
| Ohio — 2.4% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.75%, 06/01/34 |
|
|
310 |
|
|
|
307,225 |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
|
3,115 |
|
|
|
3,318,285 |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |
|
|
1,000 |
|
|
|
1,109,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,734,970 |
|
| Oklahoma — 1.2% |
|
| County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project,
5.25%,
11/15/37 |
|
|
450 |
|
|
|
496,057 |
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
760 |
|
|
|
832,033 |
|
| Oklahoma Turnpike Authority, RB, 2nd Series C,
4.00%, 01/01/42 |
|
|
1,075 |
|
|
|
1,099,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,427,568 |
|
| Pennsylvania — 4.4% |
|
| Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project,
5.00%, 05/01/42(a) |
|
|
585 |
|
|
|
619,316 |
|
| Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/33 |
|
|
130 |
|
|
|
145,385 |
|
| 5.00%, 06/01/34 |
|
|
235 |
|
|
|
261,130 |
|
| 5.00%, 06/01/35 |
|
|
445 |
|
|
|
493,296 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49(c) |
|
|
380 |
|
|
|
373,973 |
|
| Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project,
6.20%,
04/01/39 |
|
|
1,075 |
|
|
|
1,113,872 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%,
11/01/44 |
|
$ |
1,000 |
|
|
$ |
1,051,200 |
|
| Pennsylvania Turnpike Commission, RB, Series
A(b): |
|
|
|
|
|
|
|
|
| 5.63%, 12/01/20 |
|
|
1,470 |
|
|
|
1,600,242 |
|
| 5.63%, 12/01/20 |
|
|
545 |
|
|
|
593,287 |
|
| State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A,
5.00%, 06/01/34 |
|
|
625 |
|
|
|
691,025 |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |
|
|
1,500 |
|
|
|
1,649,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,592,471 |
|
| Puerto Rico — 1.2% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
1,200 |
|
|
|
1,170,768 |
|
| 5.63%, 05/15/43 |
|
|
1,145 |
|
|
|
1,094,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,265,743 |
|
| Rhode Island — 2.3% |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/35 |
|
|
525 |
|
|
|
564,449 |
|
| Series B, 4.50%, 06/01/45 |
|
|
3,950 |
|
|
|
3,990,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,554,897 |
|
| South Carolina — 3.9% |
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
2,505 |
|
|
|
2,850,490 |
|
| County of Charleston South Carolina Airport District, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 6.00%, 07/01/38 |
|
|
1,955 |
|
|
|
2,206,608 |
|
| 5.50%, 07/01/41 |
|
|
1,000 |
|
|
|
1,103,620 |
|
| State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50 |
|
|
1,280 |
|
|
|
1,413,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,574,683 |
|
| Texas — 7.9% |
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien(b): |
|
|
|
|
|
|
|
|
| 5.75%, 01/01/21 |
|
|
1,000 |
|
|
|
1,090,790 |
|
| 6.00%, 01/01/21 |
|
|
2,600 |
|
|
|
2,852,772 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 08/15/20(b) |
|
|
3,515 |
|
|
|
3,828,362 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/38 |
|
$ |
1,365 |
|
|
$ |
1,434,588 |
|
| Series H, 5.00%, 11/01/37 |
|
|
1,535 |
|
|
|
1,639,887 |
|
| North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1
(AGC), 5.75%, 01/01/19(b) |
|
|
1,000 |
|
|
|
1,025,990 |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%,
03/15/38 |
|
|
710 |
|
|
|
788,647 |
|
| San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48(c) |
|
|
805 |
|
|
|
915,204 |
|
| 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 |
|
|
|
1,827,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,403,876 |
|
| Virginia — 3.3% |
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
|
|
560 |
|
|
|
606,659 |
|
| County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health(b): |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/19 |
|
|
610 |
|
|
|
632,418 |
|
| 5.50%, 05/15/19 |
|
|
1,135 |
|
|
|
1,177,313 |
|
| State of Virginia Public School Authority, RB, Fluvanna County School Financing,
6.50%, 12/01/18(b) |
|
|
800 |
|
|
|
821,888 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,395 |
|
|
|
1,374,786 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT, 6.00%, 01/01/37 |
|
|
1,715 |
|
|
|
1,908,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,521,567 |
|
| Wisconsin — 1.1% |
|
| Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a) |
|
|
1,015 |
|
|
|
1,094,434 |
|
| Wisconsin Health & Educational Facilities Authority, RB, Aspirus, Inc. Obligated Group, 5.00%,
08/15/52 |
|
|
935 |
|
|
|
1,025,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,120,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 96.1%
(Cost — $177,137,782) |
|
|
|
187,730,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
|
|
| California — 22.7% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area: |
|
|
|
|
|
|
|
|
| Toll Bridge, 4.00%, 04/01/42(g) |
|
$ |
1,998 |
|
|
$ |
2,067,443 |
|
| Series F-1, 5.63%, 04/01/19(b) |
|
|
2,681 |
|
|
|
2,775,455 |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(b)(g) |
|
|
4,198 |
|
|
|
4,259,244 |
|
| Grossmont California Union High School District, GO, Election of 2008, Series B,
5.00%, 08/01/20(b) |
|
|
6,000 |
|
|
|
6,406,530 |
|
| Los Angeles California Unified School District, GO, Series I, 5.00%, 01/01/34 |
|
|
790 |
|
|
|
817,283 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b)(g) |
|
|
5,251 |
|
|
|
5,641,579 |
|
| Los Angeles Community College District California, GO, Refunding, Go, Refunding, Election of 2008, Series A,
6.00%, 08/01/19(b) |
|
|
7,696 |
|
|
|
8,097,905 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds,
5.00%, 10/01/47 |
|
|
1,980 |
|
|
|
2,246,861 |
|
| San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 08/01/19(b) |
|
|
8,412 |
|
|
|
8,791,627 |
|
| University of California, RB, Series O,
5.75%,
05/15/19(b) |
|
|
3,001 |
|
|
|
3,121,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,225,674 |
|
| Colorado — 1.1% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 07/01/34(g) |
|
|
2,149 |
|
|
|
2,217,489 |
|
|
|
|
|
|
|
|
|
|
| District of Columbia — 3.3% |
|
| District of Columbia, RB, Series A,
5.50%,
12/01/30(g) |
|
|
2,804 |
|
|
|
2,958,206 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| District of Columbia (continued) |
|
| District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A,
5.50%,
10/01/18(b) |
|
$ |
3,507 |
|
|
$ |
3,560,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,519,032 |
|
| Florida — 2.9% |
|
| County of Hillsborough Florida Aviation Authority, ARB, Tampa International Airport, Series A, AMT (AGC),
5.50%, 10/01/38 |
|
|
3,869 |
|
|
|
3,919,366 |
|
| South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida,
5.00%,
08/15/47 |
|
|
1,575 |
|
|
|
1,750,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,669,653 |
|
| Illinois — 2.7% |
|
| State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 07/01/18(b) |
|
|
5,300 |
|
|
|
5,338,822 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 10.6% |
|
| County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48(c) |
|
|
2,740 |
|
|
|
3,110,560 |
|
| County of Clark Nevada Water Reclamation District,
GO(b): |
|
|
|
|
|
|
|
|
| Limited Tax, 6.00%, 07/01/18 |
|
|
5,000 |
|
|
|
5,035,025 |
|
| Series B, 5.50%, 07/01/19 |
|
|
5,668 |
|
|
|
5,899,244 |
|
| Las Vegas Valley Water District, GO, Refunding, Series C,
5.00%, 06/01/28 |
|
|
6,070 |
|
|
|
6,551,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,596,423 |
|
| New Hampshire — 1.1% |
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 06/01/19(b)(g) |
|
|
2,159 |
|
|
|
2,236,992 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 3.6% |
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC,
5.25%,
10/01/29 |
|
|
1,970 |
|
|
|
2,002,576 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A (AMBAC) (AGM),
5.00%, 12/15/32 |
|
|
4,000 |
|
|
|
4,008,380 |
|
| Series B, 5.25%, 06/15/36(g) |
|
|
1,000 |
|
|
|
1,040,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,051,039 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York — 16.6% |
|
| City of New York Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series FF, 5.00%, 06/15/45 |
|
$ |
3,859 |
|
|
$ |
4,184,576 |
|
| Water & Sewer System, 2nd General Resolution,
Series BB, 5.25%, 06/15/44 |
|
|
4,408 |
|
|
|
4,847,648 |
|
| Water & Sewer System, 2nd General Resolution,
Series
FF-2, 5.50%, 06/15/40 |
|
|
2,505 |
|
|
|
2,605,492 |
|
| City of New York Transitional Finance Authority, BARB, Fiscal 2009, Series
S-3, 5.25%, 01/15/39 |
|
|
2,499 |
|
|
|
2,555,812 |
|
| Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(g) |
|
|
1,290 |
|
|
|
1,407,973 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
3,000 |
|
|
|
3,379,523 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
|
4,365 |
|
|
|
4,755,458 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,
5.75%, 11/15/51(g) |
|
|
2,560 |
|
|
|
2,832,780 |
|
| New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 03/15/19(b) |
|
|
5,700 |
|
|
|
5,869,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,438,581 |
|
| Pennsylvania — 0.9% |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%,
12/01/42 |
|
|
1,514 |
|
|
|
1,724,213 |
|
|
|
|
|
|
|
|
|
|
| South Carolina — 1.7% |
|
| South Carolina Public Service Authority, Refunding RB, Series
A(b)(g): |
|
|
|
|
|
|
|
|
| 5.50%, 01/01/19 |
|
|
258 |
|
|
|
264,238 |
|
| 5.50%, 01/01/19 |
|
|
2,986 |
|
|
|
3,055,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,319,570 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas — 7.0% |
|
| City of San Antonio Texas Public Service Board, Refunding RB, Series A,
5.25%, 02/01/19(b)(g) |
|
$
|
3,989 |
|
|
$
|
4,088,524 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital
Project,
5.50%, 10/01/39 |
|
|
5,400 |
|
|
|
5,650,965 |
|
| North Texas Tollway Authority, RB, Special Projects System, Series A,
5.50%, 09/01/21(b) |
|
|
3,480 |
|
|
|
3,847,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,587,447 |
|
| Utah — 1.1% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41 |
|
|
1,994 |
|
|
|
2,068,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 75.3%
(Cost —
$142,199,036) |
|
|
|
146,993,389 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 171.4%
(Cost — $319,336,818) |
|
|
|
334,724,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
| Short-Term Securities — 0.9% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
1.48%(h)(i) |
|
|
1,699,648 |
|
|
|
1,699,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short Term Securities — 0.9%
(Cost — $1,699,648) |
|
|
|
1,699,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 172.3%
(Cost — $321,036,466) |
|
|
|
336,423,851 |
|
| Other Assets Less Liabilities — 0.5% |
|
|
|
895,035 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(42.5)% |
|
|
|
(82,879,454 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.3)% |
|
|
|
(59,232,212 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
195,207,220 |
|
|
|
|
|
|
|
|
|
|
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
|
| (b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (c) |
When-issued security. |
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF) |
| (e) |
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. |
| (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 expire between May 7, 2018 to
April 1, 2025, is $19,649,317. |
| (h) |
Annualized 7-day yield as of period end. |
| (i) |
During the period ended April 30, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated |
|
Shares
Held at
07/31/17 |
|
|
Net
Activity |
|
|
Shares
Held at
04/30/18 |
|
|
Value at
04/30/18 |
|
|
Income |
|
|
Net
Realized
Gain (Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
1,140,114 |
|
|
|
559,534 |
|
|
|
1,699,648 |
|
|
$ |
1,699,648 |
|
|
$ |
5,040 |
|
|
$ |
30 |
|
|
$ |
(69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may
combine such sector sub-classifications for reporting ease.
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 |
|
|
11 |
|
|
|
06/20/18 |
|
|
$ |
1,316 |
|
|
$ |
7,561 |
|
| Long U.S. Treasury Bond |
|
|
23 |
|
|
|
06/20/18 |
|
|
|
3,308 |
|
|
|
2,426 |
|
| 5-Year U.S. Treasury Note |
|
|
18 |
|
|
|
06/29/18 |
|
|
|
2,043 |
|
|
|
5,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF) |
Portfolio Abbreviations (continued)
|
|
|
| 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 |
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 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 semi-annual report.
As of April 30, 2018, 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) |
|
$ |
— |
|
|
$ |
334,724,203 |
|
|
$ |
— |
|
|
$ |
334,724,203 |
|
| Short-Term Securities |
|
|
1,699,648 |
|
|
|
— |
|
|
|
— |
|
|
|
1,699,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,699,648 |
|
|
$ |
334,724,203 |
|
|
$ |
— |
|
|
$ |
336,423,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments
(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
15,337 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
April 30, 2018 |
|
BlackRock MuniYield Investment Fund (MYF) |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying 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 |
|
$ |
— |
|
|
$ |
(82,571,275 |
) |
|
$ |
— |
|
|
$ |
(82,571,275 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(59,400,000 |
) |
|
|
— |
|
|
|
(59,400,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(141,971,275 |
) |
|
$ |
— |
|
|
$ |
(141,971,275 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended April 30, 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: |
|
June 18, 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: |
|
June 18, 2018 |
|
|
|
|
|
|
|
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
|
|
|
|
Neal J. Andrews |
|
|
|
|
|
|
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Investment Fund |
|
|
|
|
|
Date: |
|
June 18, 2018 |