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: 07/31/2012

 

Date of reporting period: 10/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments October 31, 2011 (Unaudited)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alaska — 0.8%

 

 

 

 

 

 

 

Alaska Municipal Bond Bank Authority,
RB, Series 1, 5.75%, 9/01/33

 

$

1,000

 

$

1,074,590

 

Northern Tobacco Securitization Corp.,
RB, Asset Backed, Series A, 5.00%,
6/01/46

 

 

690

 

 

435,266

 

 

 

 

 

 

 

1,509,856

 

California — 13.2%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/38

 

 

2,740

 

 

2,960,543

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West,
Series A, 6.00%, 7/01/39

 

 

710

 

 

759,828

 

Sutter Health, Series B,
6.00%, 8/15/42

 

 

1,645

 

 

1,793,675

 

City of San Jose California, RB,
Series A-1, AMT, 5.50%, 3/01/30

 

 

1,500

 

 

1,522,845

 

Cucamonga Valley Water District,
Refunding RB, Series A (AGM), 5.00%,
9/01/26

 

 

3,000

 

 

3,267,240

 

Grossmont Union High School District,
GO, Election of 2008, Series B,
4.75%, 8/01/45

 

 

4,875

 

 

4,912,879

 

Los Angeles Department of Water &
Power, RB, Power System,
Sub-Series A-1, 5.25%, 7/01/38

 

 

3,600

 

 

3,845,664

 

San Diego Regional Building Authority
California, RB, County Operations
Center & Annex, Series A, 5.38%,
2/01/36

 

 

3,310

 

 

3,542,163

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

 

2,535

 

 

2,852,889

 

 

 

 

 

 

 

25,457,726

 

Delaware — 1.3%

 

 

 

 

 

 

 

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

 

 

2,440

 

 

2,454,274

 

District of Columbia — 1.1%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 5.25%,
10/01/29

 

 

2,000

 

 

2,196,560

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 9.2%

 

 

 

 

 

 

 

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

 

$

2,000

 

$

1,988,720

 

County of Miami-Dade Florida, RB,
Miami International Airport, Series A,
AMT(NPFGC), 6.00%, 10/01/29

 

 

3,275

 

 

3,295,043

 

Hillsborough County IDA, RB, AMT
National Gypsum Co.:

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

2,500

 

 

2,228,000

 

Series B, 7.13%, 4/01/30

 

 

3,750

 

 

3,342,000

 

Manatee County Housing Finance
Authority, RB, Series A, AMT
(Ginnie Mae), 5.90%, 9/01/40

 

 

735

 

 

799,092

 

Orange County Health Facilities
Authority, RB, The Nemours
Foundation Project, Series A, 5.00%,
1/01/29

 

 

1,610

 

 

1,649,831

 

Santa Rosa County School Board, COP,
Refunding, Series Two (NPFGC),
5.25%, 2/01/26

 

 

730

 

 

754,908

 

South Lake County Hospital District, RB,
South Lake Hospital Inc., 6.38%,
10/01/34

 

 

1,150

 

 

1,160,936

 

Village Center Community Development
District, RB, Series A (NPFGC):

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

1,995

 

 

1,792,468

 

5.13%, 11/01/36

 

 

1,000

 

 

858,640

 

 

 

 

 

 

 

17,869,638

 

Georgia — 2.9%

 

 

 

 

 

 

 

County of Fulton Georgia, RB (NPFGC),
5.25%, 1/01/35

 

 

1,000

 

 

1,041,010

 

Municipal Electric Authority of Georgia,
Refunding RB, Project One,
Sub-Series D, 6.00%, 1/01/23

 

 

3,880

 

 

4,479,538

 

 

 

 

 

 

 

5,520,548

 

Illinois — 13.8%

 

 

 

 

 

 

 

Chicago Board of Education, GO, Series A (a):

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

1,815

 

 

1,922,992

 

5.00%, 12/01/41

 

 

1,695

 

 

1,689,695

 

Chicago Park District, GO, Harbor
Facilities, Series C, 5.25%, 1/01/40

 

 

1,950

 

 

2,046,778

 

Chicago Transit Authority, RB, Sales Tax
Revenue, 5.25%, 12/01/36 (a)

 

 

615

 

 

635,898

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMT

Alternative Minimum Tax (subject to)

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

OCTOBER 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
General, Third Lien, Series C, 6.50%,
1/01/41

 

$

6,065

 

$

6,977,297

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Carle Foundation, Series A,
6.00%, 8/15/41

 

4,000

 

 

4,094,680

 

Central DuPage Health, Series B,
5.38%, 11/01/39

 

1,200

 

 

1,232,556

 

Northwestern Memorial
Hospital, Series A, 6.00%,
8/15/39

 

4,160

 

 

4,554,410

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,370

 

 

1,446,145

 

6.00%, 6/01/28

 

 

390

 

 

405,530

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

1,700

 

 

1,779,186

 

 

 

 

 

 

 

26,785,167

 

Indiana — 7.4%

 

 

 

 

 

 

 

Indiana Finance Authority WasteWater
Utility, RB, CWA Authority Project, First
Lien, Series A, 5.25%, 10/01/31

 

3,000

 

 

3,243,120

 

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 1/01/39

 

4,525

 

 

4,939,445

 

Indianapolis Local Public Improvement
Bond Bank, RB:

 

 

 

 

 

 

(AGM) Series K, 5.00%,
6/01/25

 

2,355

 

 

2,506,120

 

Series F, 5.25%, 2/01/36

 

 

3,360

 

 

3,635,923

 

 

 

 

 

 

 

14,324,608

 

Iowa — 0.2%

 

 

 

 

 

 

 

Iowa Tobacco Settlement Authority, RB,
Asset Backed, Series C, 5.63%,
6/01/46

 

550

 

 

392,689

 

Kansas — 1.8%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.50%, 11/15/29

 

3,250

 

 

3,535,675

 

Kentucky — 4.1%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, RB, Owensboro
Medical Health System, Series A,
6.38%, 6/01/40

 

 

1,300

 

 

1,357,941

 

Louisville & Jefferson County
Metropolitan Government Parking
Authority, RB, Series A, 5.75%,
12/01/34

 

3,200

 

 

3,546,112

 

Louisville/Jefferson County Metropolitan
Government, Refunding RB, Jewish
Hospital & St. Mary’s Healthcare,
6.13%, 2/01/37

 

2,955

 

 

3,041,818

 

 

 

 

 

 

 

7,945,871

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

$

1,420

 

$

1,480,151

 

Maine — 1.4%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Maine General
Medical Center, 7.50%, 7/01/32

 

 

2,500

 

 

2,735,275

 

Massachusetts — 5.7%

 

 

 

 

 

 

 

Massachusetts HFA, HRB, Series B,
AMT, 5.50%, 6/01/41

 

 

3,000

 

 

3,044,940

 

Massachusetts HFA, Refunding HRB,
Series F, AMT, 5.70%, 6/01/40

 

 

2,055

 

 

2,107,793

 

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

 

 

1,630

 

 

1,642,192

 

Massachusetts School Building
Authority, RB, Senior Dedicated Sales
Tax Revenue, Series B, 5.00%,
10/15/41 (a)

 

 

2,950

 

 

3,150,246

 

Massachusetts State College Building
Authority, RB, Series A, 5.50%,
5/01/39

 

 

1,000

 

 

1,081,560

 

 

 

 

 

 

 

11,026,731

 

Michigan — 2.9%

 

 

 

 

 

 

 

Lansing Board of Water & Light, RB,
Series A, 5.50%, 7/01/41

 

 

1,805

 

 

1,986,727

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I, 6.00%, 10/15/38

 

 

1,250

 

 

1,375,763

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,970

 

 

2,336,538

 

 

 

 

 

 

 

5,699,028

 

Nevada — 5.7%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited
Tax, Performing Arts Center, 6.00%,
4/01/34

 

 

2,850

 

 

3,177,750

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

Motor Vehicle Fuel Tax, 5.00%,
7/01/28

 

 

1,300

 

 

1,370,109

 

Series B, 5.75%, 7/01/42

 

 

6,055

 

 

6,490,112

 

 

 

 

 

 

 

11,037,971

 

New Jersey — 2.7%

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB, New
Jersey American Water Co., Inc.
Project, Series A, AMT, 5.70%,
10/01/39

 

 

2,250

 

 

2,355,120

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A, 5.88%, 12/15/38

 

 

2,670

 

 

2,944,423

 

 

 

 

 

 

 

5,299,543

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

OCTOBER 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 4.5%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
Series A, 5.75%, 2/15/47

 

$

1,290

 

$

1,365,994

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

2,500

 

 

2,668,000

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

1,200

 

 

1,245,204

 

Triborough Bridge & Tunnel Authority,
RB, General, Series A-2, 5.38%,
11/15/38

 

 

3,030

 

 

3,328,152

 

 

 

 

 

 

 

8,607,350

 

Pennsylvania — 5.3%

 

 

 

 

 

 

 

Pennsylvania Economic Development
Financing Authority, RB, American
Water Co. Project, 6.20%, 4/01/39

 

 

1,075

 

 

1,191,971

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A:

 

 

 

 

 

 

 

5.63%, 12/01/31

 

 

3,455

 

 

3,728,670

 

6.00%, 12/01/41

 

 

3,000

 

 

3,189,720

 

Philadelphia Hospitals and Higher
Education Facilities Authority, RB,
Children’s Hospital of Philadelphia,
Series D, 5.00%, 7/01/32

 

 

2,150

 

 

2,224,863

 

 

 

 

 

 

 

10,335,224

 

Puerto Rico — 0.6%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.00%,
8/01/42

 

 

1,000

 

 

1,078,160

 

Texas — 9.0%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/31

 

 

1,000

 

 

1,007,700

 

6.00%, 1/01/41

 

 

2,600

 

 

2,617,394

 

City of Houston TX, Refunding RB,
Series B, 5.25%, 9/01/28

 

 

1,600

 

 

1,635,472

 

Conroe ISD Texas, GO, School Building,
Series A, 5.75%, 2/15/35

 

 

1,800

 

 

2,051,802

 

Harris County Cultural Education
Facilities Finance Corp., RB, Texas
Children’s Hospital Project, 5.25%,
10/01/29

 

 

1,320

 

 

1,401,523

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

 

800

 

 

897,600

 

Harris County Metropolitan Transit
Authority, RB, Series A, 5.00%,
11/01/36

 

 

730

 

 

782,838

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

1,000

 

 

1,077,690

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Scott &
White Healthcare, 6.00%, 8/15/45

 

 

3,795

 

 

4,061,902

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

1,813,951

 

 

 

 

 

 

 

17,347,872

 

Utah — 1.1%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health
Services Inc., 5.00%, 8/15/41

 

 

2,000

 

 

2,026,900

 

Virginia — 1.0%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
School Financing, 6.50%, 12/01/35

 

 

1,700

 

 

1,942,947

 

West Virginia — 0.5%

 

 

 

 

 

 

 

West Virginia University, RB, West
Virginia University Projects, Series B,
5.00%, 10/01/36

 

 

985

 

 

1,054,117

 

Total Municipal Bonds – 97.0%

 

 

 

 

 

187,663,881

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (b)

 

 

 

 

 

 

 

California — 21.5%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

 

2,680

 

 

2,902,944

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/39

 

 

4,200

 

 

4,538,058

 

Grossmont Union High School District,
GO, Election of 2008, Series B,
5.00%, 8/01/40

 

 

6,000

 

 

6,214,620

 

Los Angeles Community College District
California, GO Election of 2008:

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

7,697

 

 

8,773,622

 

Series C, 5.25%, 8/01/39

 

 

5,250

 

 

5,742,345

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

790

 

 

834,730

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series B,
5.50%, 8/01/39

 

 

8,412

 

 

9,163,573

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

3,000

 

 

3,357,360

 

 

 

 

 

 

 

41,527,252

 

Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34

 

 

2,149

 

 

2,251,877

 

District of Columbia — 3.6%

 

 

 

 

 

 

 

District of Columbia, RB, Series A,
5.50%, 12/01/30

 

 

2,805

 

 

3,177,925

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

OCTOBER 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (b)

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 5.50%,
10/01/39

 

$

3,507

 

$

3,831,607

 

 

 

 

 

 

 

7,009,532

 

Florida — 4.2%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB, Better
Jacksonville (NPFGC), 5.00%,
10/01/27

 

 

2,700

 

 

2,755,242

 

Hillsborough County Aviation Authority,
RB, Series A, AMT (AGC), 5.50%,
10/01/38

 

 

3,869

 

 

3,953,441

 

Lee County Housing Finance Authority,
RB, Multi-County Program, Series A-2,
AMT (Ginnie Mae), 6.00%, 9/01/40

 

 

1,395

 

 

1,469,158

 

 

 

 

 

 

 

8,177,841

 

Illinois — 4.1%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, University
of Chicago, Series B, 6.25%, 7/01/38

 

 

5,300

 

 

6,095,053

 

Illinois State Toll Highway Authority, RB,
Series B, 5.50%, 1/01/33

 

 

1,750

 

 

1,845,806

 

 

 

 

 

 

 

7,940,859

 

Nevada — 9.5%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

5,000

 

 

5,617,100

 

Series B, 5.50%, 7/01/29

 

 

5,668

 

 

6,279,947

 

Las Vegas Valley Water District, GO,
Refunding, Series C, 5.00%, 6/01/28

 

 

6,070

 

 

6,400,633

 

 

 

 

 

 

 

18,297,680

 

New Hampshire — 1.2%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Dartmouth College, 5.25%, 6/01/39

 

 

2,159

 

 

2,387,491

 

New Jersey — 3.4%

 

 

 

 

 

 

 

New Jersey State Housing & Mortgage
Finance Agency, RB, S/F Housing,
Series CC, 5.25%, 10/01/29

 

 

2,291

 

 

2,383,205

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGM), 5.00%, 12/15/32

 

 

4,000

 

 

4,166,600

 

 

 

 

 

 

 

6,549,805

 

New York — 4.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

 

2,504

 

 

2,759,339

 

New York State Dormitory Authority,
ERB, Series B, 5.25%, 3/15/38

 

 

5,700

 

 

6,177,261

 

 

 

 

 

 

 

8,936,600

 

Ohio — 1.6%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB,
Catholic Healthcare, Series A, 5.25%,
6/01/38

 

 

3,120

 

 

3,145,584

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (b)

 

Par
(000)

 

Value

 

South Carolina — 1.8%

 

 

 

 

 

 

 

South Carolina State Public Service
Authority, RB, Santee Cooper,
Series A, 5.50%, 1/01/38

 

$

3,240

 

$

3,523,209

 

Texas — 7.1%

 

 

 

 

 

 

 

City of San Antonio Texas, Refunding
RB, Series A, 5.25%, 2/01/31

 

 

3,989

 

 

4,371,016

 

Harris County Cultural Education
Facilities Finance Corp., RB, Hospital,
Texas Children’s Hospital Project,
5.50%, 10/01/39

 

 

5,400

 

 

5,675,346

 

North Texas Tollway Authority, RB,
Special Projects, System, Series A,
5.50%, 9/01/41

 

 

3,480

 

 

3,782,690

 

 

 

 

 

 

 

13,829,052

 

Virginia — 1.0%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding
RB, Health Care, Inova Health System,
Series A, 5.50%, 5/15/35

 

 

1,749

 

 

1,868,792

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

3,289

 

 

3,327,370

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 66.5%

 

 

 

 

 

128,772,944

 

Total Long-Term Investments
(Cost – $301,136,829) – 163.5%

 

 

 

 

 

316,436,825

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (c)(d)

 

 

4,385,878

 

 

4,385,878

 

Total Short-Term Investments
(Cost – $4,385,878) – 2.3%

 

 

 

 

 

4,385,878

 

Total Investments (Cost — $305,522,707*) - 165.8%

 

 

 

 

 

320,822,703

 

Liabilities in Excess of Other Assets – (0.8)%

 

 

 

 

 

(1,553,644

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (34.3)%

 

 

 

 

 

(66,416,198

)

VRDP Shares, at Liquidation Value – (30.7)%

 

 

 

 

 

(59,400,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

193,452,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

OCTOBER 31, 2011

4


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Investment Fund (MYF)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate Cost

 

$

239,944,785

 

Gross unrealized appreciation

 

$

16,479,522

 

Gross unrealized depreciation

 

 

(1,990,591

)

Net unrealized appreciation

 

$

14,488,931

 

 

 

(a)

When-issued security. Unsettled when-issued transactions were as follows:


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Barclays Capital, Inc.

 

$

3,150,246

 

$

10,001

 

Citigroup Global Market

 

$

1,211,197

 

$

8,848

 

Jefferies & Company, Inc.

 

$

2,401,490

 

$

47,672

 

Wells Fargo

 

$

635,898

 

$

2,491

 

 

 

(b)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.


(c)


Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2011

 

Net
Activity

 

Shares
Held at
October 31,
2011

 

Income

 

 

 

 

 

 

 

 

 

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

2,085,565

 

 

2,300,313

 

 

4,385,878

 

$

201

 

 

 

(d)

Represents the current yield as of report date.


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy of three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

316,436,825

 

 

—

 

$

316,436,825

 

Short -Term
Securities

 

$

4,385,878

 

 

—

 

 

—

 

 

4,385,878

 

Total

 

$

4,385,878

 

$

316,436,825

 

 

—

 

$

320,822,703

 

 

 

1

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

OCTOBER 31, 2011

5

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 21, 2011

 

 

 

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 21, 2011

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock MuniYield Investment Fund

 

 

 

 

Date: December 21, 2011