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: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.8%

 

 

 

 

 

 

 

Courtland Industrial Development
Board, Refunding RB, International
Paper Co. Projects, Series A, AMT,
5.20%, 6/01/25

 

$

1,000

 

$

1,022,810

 

Selma Industrial Development Board,
RB, International Paper Co. Project,
Series A, 5.38%, 12/01/35

 

 

545

 

 

574,610

 

 

 

 

 

 

 

1,597,420

 

Alaska — 0.8%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,134,110

 

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

 

 

690

 

 

522,371

 

 

 

 

 

 

 

1,656,481

 

Arizona — 1.5%

 

 

 

 

 

 

 

Arizona State Board of Regents,
Refunding RB, Arizona State
University System, Series A:

 

 

 

 

 

 

 

5.00%, 7/01/28

 

 

1,375

 

 

1,594,821

 

5.00%, 6/01/42

 

 

1,500

 

 

1,666,860

 

 

 

 

 

 

 

3,261,681

 

California — 10.6%

 

 

 

 

 

 

 

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

 

 

2,740

 

 

3,120,230

 

California Health Facilities Financing
Authority, RB, Scripps Health, Series A,
5.00%, 11/15/40

 

 

340

 

 

364,790

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

710

 

 

819,219

 

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

 

 

1,645

 

 

1,928,318

 

California Statewide Communities
Development Authority, RB, Kaiser
Permanente, Series A, 5.00%, 4/01/42

 

 

1,375

 

 

1,466,891

 

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

 

 

1,500

 

 

1,646,100

 

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

 

 

4,230

 

 

4,429,656

 

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

 

 

3,600

 

 

4,096,944

 

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

 

 

1,310

 

 

1,452,358

 

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

 

 

2,535

 

 

3,015,661

 

 

 

 

 

 

 

22,340,167

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Delaware — 1.3%

 

 

 

 

 

 

 

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

 

$

2,440

 

$

2,642,081

 

District of Columbia — 1.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,333,440

 

Florida — 7.7%

 

 

 

 

 

 

 

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

 

 

2,700

 

 

2,831,031

 

County of Escambia Florida, Refunding
RB, International Paper Corp. Projects,
Series B, AMT, 5.00%, 8/01/26

 

 

600

 

 

600,060

 

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

 

 

2,000

 

 

2,140,960

 

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

 

 

3,275

 

 

3,297,303

 

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

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

2,500

 

 

2,476,125

 

Series B, 7.13%, 4/01/30

 

 

2,290

 

 

2,266,756

 

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

 

 

720

 

 

801,252

 

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

 

 

1,610

 

 

1,772,578

 

 

 

 

 

 

 

16,186,065

 

Georgia — 0.5%

 

 

 

 

 

 

 

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

 

 

880

 

 

1,042,879

 

Illinois — 13.3%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

1,815

 

 

2,051,549

 

5.00%, 12/01/41

 

 

1,695

 

 

1,823,210

 

Chicago O’Hare International
Airport, RB, General, Third Lien,
Series C, 6.50%, 1/01/41

 

 

6,065

 

 

7,274,422

 

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

 

 

1,050

 

 

1,151,745

 

City of Chicago Illinois, Refunding
RB, Sales Tax, Series A, 5.25%,
1/01/38

 

 

765

 

 

851,399

 

City of Chicago Illinois Transit Authority,
RB, Sales Tax Receipts, 5.25%,
12/01/36

 

 

615

 

 

685,018

 

Illinois Finance Authority, RB, Carle
Foundation, Series A, 6.00%,
8/15/41

 

 

4,000

 

 

4,400,160

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

$

1,200

 

$

1,300,380

 

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

 

 

4,160

 

 

4,795,024

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,370

 

 

1,565,595

 

6.00%, 6/01/28

 

 

390

 

 

442,556

 

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

 

 

1,700

 

 

1,870,340

 

 

 

 

 

 

 

28,211,398

 

Indiana — 4.2%

 

 

 

 

 

 

 

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

 

 

4,525

 

 

5,183,750

 

Indianapolis Local Public Improvement
Bond Bank, RB, Series F, 5.25%,
2/01/36

 

 

3,360

 

 

3,799,824

 

 

 

 

 

 

 

8,983,574

 

Kansas — 1.8%

 

 

 

 

 

 

 

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

 

 

3,250

 

 

3,735,583

 

Kentucky — 4.2%

 

 

 

 

 

 

 

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

 

 

1,300

 

 

1,487,317

 

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

 

 

3,200

 

 

3,701,344

 

Louisville & Jefferson County
Metropolitan Government, Refunding
RB, Jewish Hospital & St. Mary’s
Healthcare, 6.13%, 2/01/18 (a)

 

 

2,955

 

 

3,756,101

 

 

 

 

 

 

 

8,944,762

 

Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

 

1,420

 

 

1,593,765

 

Maine — 1.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,977,300

 

Massachusetts — 4.2%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Wellesley College, Series
J, 5.00%, 7/01/42

 

 

660

 

 

745,879

 

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

 

 

3,000

 

 

3,143,340

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

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

 

$

2,040

 

$

2,146,060

 

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

 

 

1,630

 

 

1,719,242

 

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

 

 

1,000

 

 

1,112,760

 

 

 

 

 

 

 

8,867,281

 

Michigan — 2.8%

 

 

 

 

 

 

 

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

 

 

1,805

 

 

2,085,984

 

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

 

 

1,250

 

 

1,421,487

 

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

 

 

1,970

 

 

2,505,210

 

 

 

 

 

 

 

6,012,681

 

Nevada — 4.8%

 

 

 

 

 

 

 

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

 

 

2,850

 

 

3,301,469

 

County of Clark Nevada, RB, Series B,
5.75%, 7/01/42

 

 

6,055

 

 

6,761,255

 

 

 

 

 

 

 

10,062,724

 

New Jersey — 3.1%

 

 

 

 

 

 

 

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

 

 

2,250

 

 

2,470,972

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

Series A, 5.88%, 12/15/38

 

 

2,670

 

 

3,043,640

 

Series B, 5.25%, 6/15/36

 

 

1,000

 

 

1,117,420

 

 

 

 

 

 

 

6,632,032

 

New York — 3.5%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,746,900

 

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

 

 

1,335,996

 

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

 

 

3,030

 

 

3,423,779

 

 

 

 

 

 

 

7,506,675

 

Pennsylvania — 4.5%

 

 

 

 

 

 

 

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

 

 

1,075

 

 

1,242,678

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

2

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A:

 

 

 

 

 

 

 

5.63%, 12/01/31

 

$

3,455

 

$

3,899,624

 

6.00%, 12/01/41

 

 

3,000

 

 

3,331,050

 

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

 

 

1,030

 

 

1,147,678

 

 

 

 

 

 

 

9,621,030

 

Puerto Rico — 0.5%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,128,120

 

Texas — 9.8%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/31

 

 

1,000

 

 

1,100,910

 

6.00%, 1/01/41

 

 

2,600

 

 

2,869,360

 

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

 

 

1,800

 

 

2,188,566

 

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

 

 

1,320

 

 

1,488,128

 

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

 

 

800

 

 

954,816

 

Lamar Texas Consolidated ISD, GO,
Refunding, School House, Series A,
5.00%, 2/15/45

 

 

1,500

 

 

1,681,125

 

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

 

 

1,000

 

 

1,115,740

 

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

 

 

3,795

 

 

4,360,531

 

Texas Private Activity Bond Surface
Transportation Corp., RB, NTE Mobility
Partners LLC, North Tarrant Express
Managed Lanes Project, 6.88%,
12/31/39

 

 

1,700

 

 

1,949,713

 

University of Texas, Refunding RB,
Financing System Series B, 5.00%,
8/15/43

 

 

2,680

 

 

3,062,115

 

 

 

 

 

 

 

20,771,004

 

Virginia — 2.2%

 

 

 

 

 

 

 

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

 

 

1,700

 

 

1,989,986

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Virginia (concluded)

 

 

 

 

 

 

 

Virginia Small Business Financing
Authority, RB, Senior Lien, Elizabeth
River Crossings OpCo LLC Project,
AMT, 6.00%, 1/01/37

 

$

2,440

 

$

2,650,718

 

 

 

 

 

 

 

4,640,704

 

Washington — 1.5%

 

 

 

 

 

 

 

University of Washington, Refunding RB,
Series A, 5.00%, 7/01/41

 

 

2,745

 

 

3,104,677

 

Wisconsin — 2.6%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Ascension Health, Series D,
5.00%, 11/15/41 (b)

 

 

1,840

 

 

1,995,369

 

Froedtert & Community
Health, 5.25%, 4/01/39

 

 

3,290

 

 

3,575,671

 

 

 

 

 

 

 

5,571,040

 

Total Municipal Bonds – 89.5%

 

 

 

 

 

189,424,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

California — 20.5%

 

 

 

 

 

 

 

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

 

 

2,680

 

 

3,004,945

 

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

 

 

4,200

 

 

4,765,194

 

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

 

 

6,000

 

 

6,514,500

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

7,697

 

 

9,103,028

 

Series C, 5.25%, 8/01/39

 

 

5,250

 

 

5,980,012

 

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

 

 

790

 

 

869,261

 

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

 

 

8,412

 

 

9,631,868

 

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

 

 

3,000

 

 

3,480,900

 

 

 

 

 

 

 

43,349,708

 

Colorado — 1.1%

 

 

 

 

 

 

 

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

 

 

2,149

 

 

2,405,430

 

District of Columbia — 3.5%

 

 

 

 

 

 

 

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

 

 

2,805

 

 

3,424,316

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

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 (c)

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

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

 

$

3,507

 

$

3,940,031

 

 

 

 

 

 

 

7,364,347

 

Florida — 2.6%

 

 

 

 

 

 

 

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

 

 

3,869

 

 

4,091,252

 

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

 

 

1,395

 

 

1,485,814

 

 

 

 

 

 

 

5,577,066

 

Illinois — 3.9%

 

 

 

 

 

 

 

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

 

 

5,300

 

 

6,419,837

 

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

 

 

1,750

 

 

1,909,366

 

 

 

 

 

 

 

8,329,203

 

Massachusetts — 1.6%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Sales Tax, Senior Series
B, 5.00%, 10/15/41

 

 

2,950

 

 

3,306,183

 

Nevada — 9.2%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

5,000

 

 

6,137,350

 

Series B, 5.50%, 7/01/29

 

 

5,668

 

 

6,540,710

 

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

 

 

6,070

 

 

6,793,301

 

 

 

 

 

 

 

19,471,361

 

New Hampshire — 1.2%

 

 

 

 

 

 

 

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

 

 

2,159

 

 

2,481,495

 

New Jersey — 3.3%

 

 

 

 

 

 

 

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

 

 

2,251

 

 

2,421,902

 

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

 

 

4,000

 

 

4,431,400

 

 

 

 

 

 

 

6,853,302

 

New York — 12.0%

 

 

 

 

 

 

 

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

 

 

1,290

 

 

1,455,727

 

New York City Municipal Water Finance
Authority, RB, Second General
Resolution, Fiscal Year 2012, Series
BB, 5.25%, 6/15/44

 

 

4,408

 

 

4,972,334

 

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

 

 

2,504

 

 

2,861,819

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Transitional Finance
Authority, RB, 5.00%, 2/01/42

 

$

1,720

 

$

1,910,108

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Port
Authority Construction, 5.25%,
12/15/43

 

 

4,365

 

 

4,904,732

 

New York Liberty Development Corp.,
Refunding RB, 4 World Trade Center
Project, 5.75%, 11/15/51

 

 

2,560

 

 

2,905,882

 

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

 

 

5,700

 

 

6,315,600

 

 

 

 

 

 

 

25,326,202

 

Ohio — 1.6%

 

 

 

 

 

 

 

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

 

 

3,120

 

 

3,380,333

 

Puerto Rico — 0.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, Series C, 5.25%,
8/01/40

 

 

1,750

 

 

1,914,850

 

South Carolina — 1.7%

 

 

 

 

 

 

 

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

 

 

3,240

 

 

3,648,985

 

Texas — 8.5%

 

 

 

 

 

 

 

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

 

 

3,989

 

 

4,576,022

 

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

 

 

5,400

 

 

6,029,154

 

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

 

 

3,480

 

 

4,042,090

 

Waco Educational Finance Corporation,
Refunding RB, Baylor University,
5.00%, 3/01/43

 

 

3,000

 

 

3,332,040

 

 

 

 

 

 

 

17,979,306

 

Utah — 1.0%

 

 

 

 

 

 

 

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

 

 

1,995

 

 

2,137,696

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

1,749

 

 

1,953,929

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 73.5%

 

 

 

 

 

155,479,396

 

Total Long-Term Investments
(Cost – $312,906,493) – 163.0%

 

 

 

 

 

344,903,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Fund (MYF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

Short-Term Securities

 

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.09% (d)(e)

 

 

2,565,642

 

$

2,565,642

 

Total Short-Term Securities
(Cost – $2,565,642) – 1.2%

 

 

 

 

 

2,565,642

 

Total Investments (Cost - $315,472,135*) – 164.2%

 

 

 

 

 

347,469,602

 

Other Assets Less Liabilities – 0.8%

 

 

 

 

 

1,707,720

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (36.9)%

 

 

 

 

 

(78,149,878

)

VRDP Shares, at Liquidation Value – (28.1)%

 

 

 

 

 

(59,400,000

)

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

211,627,444

 

 

 


*


As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax cost

 

$

238,166,284

 

Gross unrealized appreciation

 

$

32,029,924

 

Gross unrealized depreciation

 

 

(843,522

)

Net unrealized appreciation

 

$

31,186,402

 

 

 

(a)

US 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.

 

 

(b)

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


 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Morgan Stanley

 

$

1,995,369

 

$

18,510

 

 

 

(c)

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.

 

 

(d)

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
April 30, 2012

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

2,085,565

 

 

480,077

 

 

2,565,642

 

$

674

 

 

 

(e)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of April 30, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Contracts

 

Issue

 

Exchange

 

Expiration

 

 

Notional
Value

 

 

Unrealized
Depreciation

 

       213

 

10-Year US
Treasury
Note

 

Chicago
Board of
Trade

 

June 2012

 

$

28,175,906

 

$

(316,577

)

 

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)

ARB

Airport Revenue Bonds

EDA

Economic Development Authority

ERB

Education Revenue Bonds

Ginnie Mae

Government National Mortgage Association

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

 

 

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting 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 and derivative financial instruments)


 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Investment Fund (MYF)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure 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 investment 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 and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

344,903,960

 

 

—

 

$

344,903,960

 

Short-Term
Securities

 

$

2,565,642

 

 

—

 

 

—

 

 

2,565,642

 

Total

 

$

2,565,642

 

$

344,903,960

 

 

—

 

$

347,469,602

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(316,577

)

 

—

 

 

—

 

$

(316,577

)

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/deprecation on the instrument.

Certain of the Fund’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash pledged
as collateral
for financial
futures
contracts

 

$

282,000

 

 

—

 

 

—

 

$

282,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank
Overdraft

 

 

(4,950

)

 

—

 

 

—

 

 

(4,950

)

TOB trust
certificates

 

 

—

 

$

(78,116,916

)

 

—

 

 

(78,116,916

)

VRDP Shares

 

 

—

 

 

(59,400,000

)

 

—

 

 

(59,400,000

)

Total

 

$

277,050

 

$

(137,516,916

)

 

—

 

$

(137,239,866

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT FUND

APRIL 30, 2012

6

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 22, 2012
   
  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 22, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Investment Fund
     
  Date: June 22, 2012