BlackRock has more than 100 different closed-end funds. They cover a wide range of investments, ranging from municipal bond or income trusts to equity funds, and risk levels. The Muni-Yield California Fund, for example, invests primarily in long-term municipal obligations on which the interest is exempt from state and federal taxes, while a higher risk (but potentially higher return) fund like the Corporate High Yield Fund V, Inc., invests primarily in a fixed-income securities that have low ratings.