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: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 – Schedule of Investments
Schedule of Investments October 31, 2012 (Unaudited) |
BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Alabama — 0.7% | ||||||||||
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, AMT, 5.20%, 6/01/25 | $ | 1,000 | $ | 1,033,110 | ||||||
Selma IDB Alabama, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35 | 545 | 597,020 | ||||||||
1,630,130 | ||||||||||
Alaska — 0.8% | ||||||||||
Alaska Municipal Bond Bank Authority, RB, Series 1, 5.38%, 9/01/33 | 1,000 | 1,153,630 | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/46 | 690 | 584,658 | ||||||||
1,738,288 | ||||||||||
Arizona — 0.8% | ||||||||||
Arizona Board of Regents, Refunding RB, University of Arizona, Series A, 5.00%, 6/01/42 | 1,500 | 1,721,280 | ||||||||
California — 10.7% | ||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 | 2,740 | 3,244,872 | ||||||||
California Health Facilities Financing Authority, RB: | ||||||||||
Stanford Hospital and Clinics, Series A, 5.00%, 8/15/42 | 1,625 | 1,826,906 | ||||||||
Sutter Health, Series B, 6.00%, 8/15/42 | 1,645 | 1,976,566 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 710 | 839,682 | ||||||||
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30 | 1,500 | 1,719,810 | ||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 | 4,080 | 4,417,579 | ||||||||
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
3,600 | 4,198,572 | ||||||||
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 | 1,310 | 1,478,885 | ||||||||
State of California, GO, Various Purpose, 6.00%, 3/01/33 | 2,535 | 3,143,299 | ||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 | 1,000 | 1,165,730 | ||||||||
24,011,901 | ||||||||||
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Colorado — 0.5% | ||||||||||
City & County of Denver Colorado, Refunding ARB, Airport System, Series B, 5.00%, 11/15/37 |
$ | 900 | $ | 1,022,418 | ||||||
Florida — 6.2% | ||||||||||
City of Jacksonville Florida Sales Tax, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 | 1,120 | 1,295,269 | ||||||||
County of Escambia Florida, Refunding RB, International Paper Corp. Projects, Series B, AMT, 5.00%, 8/01/26 | 600 | 601,452 | ||||||||
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 | 2,000 | 2,210,560 | ||||||||
County of Miami-Dade Florida, RB, Miami International Airport, Series A, AMT (NPFGC), 6.00%, 10/01/29 | 3,275 | 3,282,401 | ||||||||
County of Miami-Dade Florida, Refunding RB, Special Obligation, Sub-Series B, 5.00%, 10/01/31 (a) | 790 | 889,959 | ||||||||
Hillsborough County IDA, RB, National Gypsum Co., AMT: | ||||||||||
Series A, 7.13%, 4/01/30 | 2,500 | 2,506,250 | ||||||||
Series B, 7.13%, 4/01/30 | 2,290 | 2,290,870 | ||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38 | 225 | 243,203 | ||||||||
Manatee County Housing Finance Authority, RB, Series A, AMT (Ginnie Mae), 5.90%, 9/01/40 | 585 | 636,363 | ||||||||
13,956,327 | ||||||||||
Georgia — 0.5% | ||||||||||
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23 |
880 | 1,046,364 | ||||||||
Illinois — 13.7% | ||||||||||
Chicago Illinois Board of Education, GO, Series A: | ||||||||||
5.00%, 12/01/42 | 2,800 | 3,042,480 | ||||||||
5.50%, 12/01/39 | 1,815 | 2,124,584 | ||||||||
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/36 | 615 | 705,842 | ||||||||
Chicago Park District, GO, Harbor Facilities, Series C, 5.25%, 1/01/40 | 100 | 114,240 | ||||||||
City of Chicago Illinois, GARB, O'Hare International Airport, General Third Lien, Series C, 6.50%, 1/01/41 | 6,065 | 7,527,575 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 | 765 | 885,411 | ||||||||
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 | 570 | 655,905 | ||||||||
Cook County Forest Preserve District, GO, Refunding, Ltd Tax Project, Series B, 5.00%, 12/15/32 |
265 | 304,938 | ||||||||
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 2012 1 |
Schedule of Investments (continued) |
BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Illinois (concluded) | ||||||||||
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 | $ | 4,000 | $ | 4,801,000 | ||||||
Illinois Finance Authority, Refunding RB: | ||||||||||
Central DuPage Health, Series B, 5.38%, 11/01/39 |
1,200 | 1,340,196 | ||||||||
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 | 4,160 | 4,890,454 | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Project, Series B, 5.00%, 12/15/28 | 2,010 | 2,360,283 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: | ||||||||||
5.50%, 6/01/23 | 1,370 | 1,599,995 | ||||||||
6.00%, 6/01/28 | 390 | 463,008 | ||||||||
30,815,911 | ||||||||||
Indiana — 4.2% | ||||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 | 4,525 | 5,475,024 | ||||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36 | 3,360 | 3,895,416 | ||||||||
9,370,440 | ||||||||||
Kansas — 3.2% | ||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health: | ||||||||||
5.50%, 11/15/29 | 3,250 | 3,804,775 | ||||||||
Series A, 5.00%, 11/15/32 | 3,000 | 3,472,920 | ||||||||
7,277,695 | ||||||||||
Kentucky — 1.3% | ||||||||||
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 | 1,300 | 1,547,000 | ||||||||
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 | 1,200 | 1,489,812 | ||||||||
3,036,812 | ||||||||||
Louisiana — 0.7% | ||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A-1, 6.50%, 11/01/35 |
1,420 | 1,656,771 | ||||||||
Maine — 1.4% | ||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32 | 2,500 | 3,196,575 | ||||||||
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Massachusetts — 3.5% | ||||||||||
Massachusetts Development Finance Agency, RB, Wellesley College, Series J, 5.00%, 7/01/42 |
$ | 660 | $ | 771,837 | ||||||
Massachusetts HFA, Refunding HRB, AMT: | ||||||||||
Series B, 5.50%, 6/01/41 | 3,000 | 3,238,800 | ||||||||
Series F, 5.70%, 6/01/40 | 2,015 | 2,170,095 | ||||||||
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 | 1,630 | 1,754,613 | ||||||||
7,935,345 | ||||||||||
Michigan — 2.7% | ||||||||||
Lansing Board of Water & Light Utilities, RB, Series A, 5.50%, 7/01/41 | 1,805 | 2,144,015 | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 6.00%, 10/15/38 | 1,250 | 1,445,725 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 | 1,970 | 2,540,315 | ||||||||
6,130,055 | ||||||||||
Mississippi — 1.6% | ||||||||||
Mississippi Development Bank, Refunding RB, Jacksonville Mississippi Water & Sewer System Project, Series A (AGM), 5.00%, 9/01/30 | 3,010 | 3,510,864 | ||||||||
Nevada — 3.2% | ||||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 | 2,850 | 3,356,531 | ||||||||
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 | 3,375 | 3,882,465 | ||||||||
7,238,996 | ||||||||||
New Jersey — 3.0% | ||||||||||
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39 | 2,250 | 2,521,170 | ||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: | ||||||||||
Series A, 5.88%, 12/15/38 | 2,670 | 3,107,666 | ||||||||
Series B, 5.25%, 6/15/36 | 1,000 | 1,155,810 | ||||||||
6,784,646 | ||||||||||
New York — 4.0% | ||||||||||
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 | 1,393,920 | ||||||||
New York State Dormitory Authority, RB, Series B: | ||||||||||
5.00%, 3/15/37 | 3,600 | 4,155,696 | ||||||||
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 2012 2 |
Schedule of Investments (continued) |
BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
New York (concluded) | ||||||||||
New York State Dormitory Authority, RB, Series B (concluded): | ||||||||||
5.00%, 3/15/42 | $ | 2,000 | $ | 2,296,440 | ||||||
New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/37 | 1,030 | 1,173,613 | ||||||||
9,019,669 | ||||||||||
North Carolina — 1.0% | ||||||||||
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32 | 2,010 | 2,344,444 | ||||||||
Pennsylvania — 3.9% | ||||||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 | 1,075 | 1,259,341 | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A: | ||||||||||
5.63%, 12/01/31 | 2,455 | 2,893,242 | ||||||||
6.00%, 12/01/41 | 3,000 | 3,421,710 | ||||||||
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Children's Hospital of Philadelphia, Series D, 5.00%, 7/01/32 | 1,030 | 1,199,816 | ||||||||
8,774,109 | ||||||||||
Puerto Rico — 0.5% | ||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.00%, 8/01/42 | 1,000 | 1,106,010 | ||||||||
South Carolina — 0.7% | ||||||||||
City of North Charleston South Carolina, RB, Public Facilities Corp., 5.00%, 6/01/35 | 1,340 | 1,519,922 | ||||||||
Texas — 10.2% | ||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: | ||||||||||
5.75%, 1/01/31 | 1,000 | 1,167,850 | ||||||||
6.00%, 1/01/41 | 2,600 | 3,031,990 | ||||||||
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 | 1,800 | 2,192,652 | ||||||||
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35 | 800 | 1,003,944 | ||||||||
Katy ISD Texas, GO, Refunding, School Building, Series A (PSF-GTD), 5.00%, 2/15/42 | 1,115 | 1,305,419 | ||||||||
Lamar Texas Consolidated ISD, GO, Refunding, School House, Series A (PSF-GTD), 5.00%, 2/15/45 | 1,500 | 1,744,215 | ||||||||
Par (000) |
Value | |||||||||
Municipal Bonds | ||||||||||
Texas (concluded) | ||||||||||
North Texas Tollway Authority, Refunding RB, Series K-1 (AGC), 5.75%, 1/01/38 | $ | 1,000 | $ | 1,143,440 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 | 3,795 | 4,507,853 | ||||||||
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 | 2,061,998 | ||||||||
Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42 | 1,500 | 1,509,795 | ||||||||
University of Texas System, Refunding RB, Financing System Series B, 5.00%, 8/15/43 | 2,680 | 3,166,554 | ||||||||
22,835,710 | ||||||||||
Virginia — 3.5% | ||||||||||
Fairfax County IDA, RB, Inova Health System Project, Series A, 5.00%, 5/15/40 | 1,035 | 1,163,547 | ||||||||
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35 | 1,500 | 1,862,595 | ||||||||
Virginia Resources Authority, RB, Infrastructure, 5.00%, 11/01/42 | 1,840 | 2,148,973 | ||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossing OPCO LLC Project, AMT, 6.00%, 1/01/37 | 2,440 | 2,806,781 | ||||||||
7,981,896 | ||||||||||
Wisconsin — 2.9% | ||||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41 | 1,840 | 2,053,771 | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health: | ||||||||||
5.25%, 4/01/39 | 3,470 | 3,858,328 | ||||||||
Series A, 5.00%, 4/01/42 | 470 | 524,454 | ||||||||
6,436,553 | ||||||||||
Total Municipal Bonds – 85.4% | 192,099,131 | |||||||||
|
||||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | ||||||||||
California — 20.1% | ||||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 | 2,680 | 3,120,533 | ||||||||
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 2012 3 |
Schedule of Investments (continued) |
BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | ||||||||||
California (concluded) | ||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (c) |
$ | 4,200 | $ | 4,918,410 | ||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 | 6,000 | 6,718,320 | ||||||||
Los Angeles Community College District California, GO, Refunding, Series A, 6.00%, 8/01/33 | 7,697 | 9,719,953 | ||||||||
Los Angeles Community College District California, GO, Series C, 5.25%, 8/01/39 (c) | 5,250 | 6,341,265 | ||||||||
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 | 790 | 894,746 | ||||||||
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 | 8,412 | 9,862,130 | ||||||||
University of California, RB, Series O, 5.75%, 5/15/34 | 3,000 | 3,602,920 | ||||||||
45,178,277 | ||||||||||
Colorado — 1.1% | ||||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health, Catholic Healthcare, Series A, 5.50%, 7/01/34 (c) | 2,149 | 2,457,954 | ||||||||
District of Columbia — 3.4% | ||||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c) | 2,805 | 3,517,386 | ||||||||
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 | 3,507 | 4,092,248 | ||||||||
7,609,634 | ||||||||||
Florida — 2.9% | ||||||||||
County of Miami-Dade Florida, RB, Transit System, Sales Surtax, 5.00%, 7/01/42 | 980 | 1,105,636 | ||||||||
Hillsborough County Aviation Authority, RB, Series A, AMT (AGC), 5.50%, 10/01/38 | 3,869 | 4,222,986 | ||||||||
Lee County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 | 1,080 | 1,148,051 | ||||||||
6,476,673 | ||||||||||
Illinois — 4.6% | ||||||||||
City of Chicago Illinois Waterworks, Refunding RB, Water System, Second Lien, 5.00%, 11/01/42 | 1,559 | 1,772,181 | ||||||||
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 | 5,300 | 6,600,620 | ||||||||
Par (000) |
Value | |||||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | ||||||||||
Illinois (concluded) | ||||||||||
Illinois State Toll Highway Authority, RB, Series B, 5.50%, 1/01/33 | $ | 1,750 | $ | 1,967,484 | ||||||
10,340,285 | ||||||||||
Massachusetts — 1.5% | ||||||||||
Massachusetts School Building Authority, RB, Sales Tax, Senior Series B, 5.00%, 10/15/41 |
2,950 | 3,427,900 | ||||||||
Nevada — 9.0% | ||||||||||
Clark County Water Reclamation District, GO: | ||||||||||
Limited Tax, 6.00%, 7/01/38 | 5,000 | 6,138,450 | ||||||||
Series B, 5.50%, 7/01/29 | 5,668 | 6,992,496 | ||||||||
Las Vegas Valley Water District, GO, Refunding, 5.00%, 6/01/28 | 6,070 | 7,117,864 | ||||||||
20,248,810 | ||||||||||
New Hampshire — 1.1% | ||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (c) | 2,159 | 2,582,258 | ||||||||
New Jersey — 3.2% | ||||||||||
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 | 2,251 | 2,492,822 | ||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A (AGM), 5.00%, 12/15/32 | 4,000 | 4,617,960 | ||||||||
7,110,782 | ||||||||||
New York — 15.0% | ||||||||||
Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 | 1,290 | 1,522,942 | ||||||||
New York City Municipal Water Finance Authority, Refunding RB: | ||||||||||
Second General Resolution, Fiscal Year 2012, Series BB, 5.25%, 6/15/44 | 4,408 | 5,179,075 | ||||||||
Series FF, 5.00%, 6/15/45 | 3,859 | 4,412,798 | ||||||||
Series FF-2, 5.50%, 6/15/40 | 2,504 | 3,001,147 | ||||||||
New York City Transitional Finance Authority, RB: | ||||||||||
Fiscal 2009, Series S-3, 5.25%, 1/15/39 | 2,499 | 2,821,687 | ||||||||
Subseries E-1, 5.00%, 2/01/42 | 1,720 | 1,982,073 | ||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 | 4,365 | 5,019,376 | ||||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 | 2,560 | 3,018,215 | ||||||||
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 2012 4 |
Schedule of Investments (continued) |
BlackRock MuniYield Investment Fund (MYF) (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) | ||||||||
New York (concluded) | ||||||||
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 | $ | 5,700 | $ | 6,880,299 | ||||
33,837,612 | ||||||||
Ohio — 1.5% | ||||||||
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 | 3,120 | 3,458,895 | ||||||
Puerto Rico — 0.9% | ||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 | 1,750 | 1,920,923 | ||||||
South Carolina — 1.7% | ||||||||
South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (c) | 3,240 | 3,845,200 | ||||||
Texas — 8.4% | ||||||||
City of San Antonio Texas, Refunding RB, Series A, 5.25%, 2/01/31 (c) | 3,989 | 4,796,443 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Children's Hospital Project, 5.50%, 10/01/39 | 5,400 | 6,427,296 | ||||||
North Texas Tollway Authority, RB, Special Projects, System, Series A, 5.50%, 9/01/41 | 3,480 | 4,144,610 | ||||||
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 | 3,000 | 3,443,040 | ||||||
18,811,389 | ||||||||
Utah — 1.0% | ||||||||
City of Riverton Utah Hospital, RB, IHC Health Services Inc., 5.00%, 8/15/41 | 1,995 | 2,186,420 | ||||||
Virginia — 0.9% | ||||||||
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 | 1,749 | 2,010,008 | ||||||
Washington — 1.4% | ||||||||
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 | 2,744 | 3,206,993 | ||||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 77.7% | 174,710,013 | |||||||
Total Long-Term Investments (Cost – $325,295,166) – 163.1% |
366,809,144 | |||||||
Shares |
Value | ||||||||
Short-Term Securities | |||||||||
FFI Institutional Tax-Exempt Fund (d)(e) | 1,099,153 | $ | 1,099,153 | ||||||
Total Short-Term Securities (Cost – $1,099,153) – 0.5% |
1,099,153 | ||||||||
Total Investments (Cost - $326,394,319*) – 163.6% | 367,908,297 | ||||||||
Other Assets Less Liabilities – 1.1% | 2,518,123 | ||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (38.3)% | (86,209,252) | ||||||||
VRDP Shares, at Liquidation Value – (26.4)% | (59,400,000) | ||||||||
Net Assets Applicable to Common Shares – 100.0% | $ | 224,817,168 | |||||||
* | As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
Tax cost | $ | 241,245,675 | ||
Gross unrealized appreciation | $ | 41,546,426 | ||
Gross unrealized depreciation | (1,047,635) | |||
Net unrealized appreciation | $ | 40,498,791 |
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | Value | Unrealized Appreciation | ||||||
Citigroup, Inc. | $ | 889,959 | $ | 2,994 |
(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) | All or a portion of security is subject to a recourse agreement which may require the Fund to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $14,627,442. |
(d) | Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, 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, 2012 | Net Activity | Shares Held at October 31, 2012 | Income | ||||||||||||
FFI Institutional Tax-Exempt Fund | 176,582 | 922,571 | 1,099,153 | $ | 68 | |||||||||||
(e) | Represents the current yield as of report date. |
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 2012 5 |
Schedule of Investments (concluded) |
BlackRock MuniYield Investment Fund (MYF)
|
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. | ||||
AMBAC | American Municipal Bond Assurance Corp. | ||||
AMT | Alternative Minimum Tax (subject to) | ||||
ARB | Airport Revenue Bonds | ||||
EDA | Economic Development Authority | ||||
ERB | Education Revenue Bonds | ||||
GARB | General Airport Revenue Bonds | ||||
GO | General Obligation Bonds | ||||
Ginnie Mae | Government National Mortgage Association | ||||
HFA | Housing Finance Agency | ||||
HRB | Housing Revenue Bonds | ||||
IDA | Industrial Development Authority | ||||
IDB | Industrial Development Board | ||||
ISD | Independent School District | ||||
M/F | Multi-Family | ||||
NPFGC | National Public Finance Guarantee Corp. | ||||
PSF-GTD | Permanent School Fund Guaranteed | ||||
RB | Revenue Bonds | ||||
S/F | Single-Family | ||||
• | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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 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) | ||||
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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||
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 is based on the pricing transparency of the investment 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 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 Fund's investments categorized in the disclosure hierarchy as of October 31, 2012: | ||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Investments: | |||||||||
Long-Term Investments1 |
— | $ | 366,809,144 | — | $ | 366,809,144 | |||
Short-Term Securities |
$ | 1,099,153 | — | — | 1,099,153 | ||||
Total | $ | 1,099,153 | $ | 366,809,144 | — | $ | 367,908,297 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows: |
Level 1 | Level 2 | Level 3 | Total | ||||||||
Liabilities: | |||||||||||
TOB trust certificates | — | $ | (86,163,831) | — | $ | (86,163,831) | |||||
VRDP Shares | — | (59,400,000) | — | (59,400,000) | |||||||
Total | — | $ | (145,563,831) | — | $ | (145,563,831) | |||||
There were no transfers between levels during the period ended October 31, 2012.
BLACKROCK MUNIYIELD INVESTMENT FUND | OCTOBER 31, 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: December 21, 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: December 21, 2012
By: | /s/ Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock MuniYield Investment Fund |
Date: December 21, 2012