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: 07/31/2014

 

Date of reporting period: 10/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments October 31, 2013 (Unaudited)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

   
Municipal Bonds Par
(000)		   Value  
 
Alabama  — 0.8%  
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 $ 545 $ 532,716  
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, AMT, 5.20%, 6/01/25   1,000   1,003,270  
   
    1,535,986  
 
Alaska  — 0.8%  
Alaska Municipal Bond Bank Authority, RB, Series 1, 5.75%, 9/01/33   1,000   1,108,420  
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46   690   474,672  
   
    1,583,092  
 
California  — 13.5%  
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38   2,740   2,934,595  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42   1,645   1,897,244  
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39   710   773,808  
California State Public Works Board, LRB, Department of Corrections and Rehabilitation, Series F, 5.25%, 9/01/33   835   884,265  
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30   1,500   1,592,715  
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45   2,230   2,237,515  
Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33   1,620   1,818,677  
Los Angeles Department of Water & Power, RB, Sub-Series A-1, 5.25%, 7/01/38   3,600   3,821,724  
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36   1,310   1,436,860  
           
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
San Francisco City & County Airports Commission, Refunding ARB, 2nd Series A, AMT:          
  5.50%, 5/01/28 $ 1,065 $ 1,164,684  
  5.25%, 5/01/33   830   864,013  
State of California, GO, Various Purposes, 6.00%, 3/01/33   2,535   2,964,201  
University of California Medical Center, Refunding RB, Series J, 5.25%, 5/15/38   3,730   3,912,509  
   
    26,302,810  
 
Colorado  — 0.9%  
City & County of Denver Colorado Airport System, ARB, Subordinate System, Series A, AMT:          
  5.50%, 11/15/28   1,000   1,075,020  
  5.50%, 11/15/30   330   349,034  
  5.50%, 11/15/31   400   420,140  
   
    1,844,194  
 
Delaware  — 0.3%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40   500   514,215  
 
Florida  — 10.2%  
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33   675   721,244  
County of Escambia Florida, Refunding RB, International Paper Co. Project, Series B, AMT, 5.00%, 8/01/26   600   599,976  
County of Hillsborough Florida IDA, RB, National Gypsum Co. AMT:          
  Series A, 7.13%, 4/01/30   2,500   2,507,075  
  Series B, 7.13%, 4/01/30   2,290   2,291,030  
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32   2,000   2,050,980  
County of Manatee Housing Finance Authority, RB, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40   350   357,382  
County of Miami-Dade Florida, RB:          
  Seaport, Series B, AMT, 6.25%, 10/01/38   525   560,968  
  Seaport, Series B, AMT, 6.00%, 10/01/42   700   730,793  
  Series A, 5.38%, 10/01/33   1,170   1,223,013  
             
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20131
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Florida (concluded)  
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 $ 2,440 $ 2,471,427  
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B, 5.25%, 10/01/29   2,795   3,042,777  
Hillsborough County Aviation Authority, Refunding RB, Series A, 5.50%, 10/01/29   1,995   2,108,914  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32   1,200   1,287,744  
   
    19,953,323  
 
Georgia  — 0.5%  
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23   880   1,035,109  
 
Illinois  — 12.2%  
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41   6,065   6,820,335  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   765   798,484  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36   615   630,848  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38   795   834,495  
Illinois Finance Authority, RB:          
  Carle Foundation, Series A, 6.00%, 8/15/41   4,000   4,324,720  
  University of Chicago, Series B, 5.50%, 7/01/37   1,000   1,087,870  
Illinois Finance Authority, Refunding RB:          
  Central DuPage Health, Series B, 5.38%, 11/01/39   1,200   1,229,952  
  Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39   4,160   4,660,864  
Railsplitter Tobacco Settlement Authority, RB:          
  5.50%, 6/01/23   1,370   1,506,466  
  6.00%, 6/01/28   390   418,158  
State of Illinois, GO, Various Purposes:          
  5.50%, 7/01/33   1,000   1,020,970  
             
Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
State of Illinois, GO, Various Purposes  (concluded):          
  5.50%, 7/01/38 $ 415 $ 416,511  
   
    23,749,673  
 
Indiana  — 4.7%  
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44   555   495,293  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   4,525   5,025,827  
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36   3,360   3,561,096  
   
    9,082,216  
 
Kansas  — 1.8%  
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29   3,275   3,576,562  
 
Kentucky  — 0.7%  
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34   1,200   1,368,192  
 
Louisiana  — 2.0%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, Series A-1, 6.50%, 11/01/35   1,420   1,528,886  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.50%, 5/15/28   1,120   1,166,659  
  5.50%, 5/15/29   1,195   1,233,766  
   
    3,929,311  
 
Maine  — 1.4%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32   2,500   2,804,100  
 
         
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20132
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Massachusetts  — 5.2%  
Massachusetts HFA, Refunding, HRB, AMT:          
  Series B, 5.50%, 6/01/41 $ 3,000 $ 3,052,830  
  Series C, 5.35%, 12/01/42   2,000   1,998,920  
  Series F, 5.70%, 6/01/40   1,995   2,041,643  
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 10/15/41   2,950   3,081,777  
   
    10,175,170  
 
Michigan  — 2.9%  
City of Lansing Michigan, RB, Board of Water & Light, Series A, 5.50%, 7/01/41   1,805   1,935,339  
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38   1,250   1,393,462  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   1,970   2,369,674  
   
    5,698,475  
 
Mississippi  — 1.0%  
Mississippi Development Bank, RB, Special Obligation, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40   1,220   1,459,034  
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 8/01/38   440   472,613  
   
    1,931,647  
 
Nevada  — 3.5%  
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34   2,850   3,116,304  
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42   3,375   3,671,055  
   
    6,787,359  
 
New Jersey  — 5.2%  
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39   2,250   2,380,410  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A, 5.88%, 12/15/38   2,670   2,983,752  
  Series AA, 5.50%, 6/15/39   2,475   2,648,473  
             
Municipal Bonds Par
(000)		   Value  
 
New Jersey (concluded)  
Rutgers The State University of New Jersey, Refunding RB:          
  Series J, 5.00%, 5/01/32 $ 1,250 $ 1,356,225  
  Series L, 5.00%, 5/01/32   775   840,859  
   
    10,209,719  
 
New York  — 0.7%  
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49   1,200   1,271,244  
 
Ohio  — 2.7%  
County of Allen Ohio, Refunding RB, Hospital Facilities, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   3,115   3,173,842  
Ohio State Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:          
  5.25%, 2/15/30   1,000   1,079,210  
  5.25%, 2/15/31   1,000   1,074,430  
   
    5,327,482  
 
Pennsylvania  — 3.6%  
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39   1,075   1,170,224  
Pennsylvania Turnpike Commission, RB, Sub-Series A:          
  5.63%, 12/01/31   2,455   2,631,588  
  6.00%, 12/01/41   3,000   3,252,990  
   
    7,054,802  
 
South Carolina  — 1.6%  
Charleston County Airport District, ARB, AMT Series A:          
  5.50%, 7/01/41   1,000   1,030,920  
  6.00%, 7/01/38   1,955   2,090,892  
   
    3,121,812  
 
Texas  — 11.2%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:          
  5.75%, 1/01/31   1,000   1,039,750  
  6.00%, 1/01/41   2,600   2,655,848  
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37   1,555   1,683,661  
           
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20133
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/35 $ 1,800 $ 2,008,782  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   3,795   4,322,695  
Dallas-Fort Worth International Airport, ARB, Joint Improvement AMT:          
  Series A, 5.00%, 11/01/38   1,365   1,299,562  
  Series D, 5.00%, 11/01/38   650   623,155  
  Series H, 5.00%, 11/01/37   1,535   1,472,878  
North Texas Tollway Authority, Refunding RB, First Tier, Series K-1 (AGC), 5.75%, 1/01/38   1,000   1,094,050  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   710   768,376  
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   1,834,487  
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43   3,000   3,059,190  
   
    21,862,434  
 
Virginia  — 2.1%  
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43   560   587,115  
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/18 (a)   800   1,013,360  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37   2,440   2,526,401  
   
    4,126,876  
 
Wisconsin  — 1.8%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39   3,470   3,561,851  
 
Total Municipal Bonds — 91.3%   178,407,654  
 
         
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) Par
(000)		   Value  
 
California  — 21.7%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 $ 2,680 $ 2,881,129  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (c)   4,200   4,497,906  
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40   6,000   6,186,660  
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (c)   5,250   5,661,810  
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33   7,697   8,863,824  
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34   790   820,613  
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39   8,412   9,132,522  
University of California, RB, Series O, 5.75%, 5/15/34   3,000   3,387,410  
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37   1,000   1,048,938  
   
    42,480,812  
 
Colorado  — 1.2%  
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (c)   2,149   2,354,109  
 
District of Columbia  — 3.5%  
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c)   2,805   3,144,704  
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/39   3,507   3,771,212  
   
    6,915,916  
 
Florida  — 2.5%  
County of Lee Housing Finance Authority, RB, Multi-County Program, Series A-2, (Ginnie Mae), AMT, 6.00%, 9/01/40   690   722,140  
           
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20134
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) Par
(000)		   Value  
 
Florida (concluded)  
Hillsborough County Florida Aviation Authority, RB, Tempa International Airport, Series A, (AGC), AMT, 5.50%, 10/01/38 $ 3,869 $ 4,119,735  
   
    4,841,875  
 
Illinois  — 4.0%  
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38   5,300   5,849,027  
Illinois State Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/33   1,750   1,892,672  
   
    7,741,699  
 
Nevada  — 9.6%  
County of Clark Nevada Water Reclamation District, GO:          
  Limited Tax, 6.00%, 7/01/38   5,000   5,670,600  
  Series B, 5.50%, 7/01/29   5,668   6,498,638  
Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 6/01/28   6,070   6,558,271  
   
    18,727,509  
 
New Hampshire  — 1.2%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (c)   2,159   2,348,086  
 
New Jersey  — 3.9%  
New Jersey Housing & Mortgage Finance State Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29   2,251   2,347,337  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A (AMBAC), 5.00%, 12/15/32   4,000   4,195,280  
  Series B, 5.25%, 6/15/36 (c)   1,000   1,051,411  
   
    7,594,028  
 
New York  — 14.7%  
Hudson Yards Infrastructure Corp., RB, Senior, Series A, 5.75%, 2/15/47 (c)   1,290   1,366,375  
           
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) Par
(000)		   Value  
 
New York (concluded)  
New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System Second General Resolution:          
  Fiscal 2012, Series BB, 5.25%, 6/15/44 $ 4,408 $ 4,652,344  
  Fiscal 2012, Series FF, 5.00%, 6/15/45   3,859   4,000,792  
  Series FF-2, 5.50%, 6/15/40   2,505   2,681,585  
New York City Transitional Finance Authority, BARB, Series S-3, 5.25%, 1/15/39   2,499   2,740,249  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43   4,365   4,555,270  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (c)   2,560   2,732,877  
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38   5,700   6,038,295  
   
    28,767,787  
 
South Carolina  — 1.8%  
South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (c)   3,240   3,508,531  
 
Texas  — 7.2%  
City of San Antonio Texas Public Service Board, Refunding RB, Electric and Gas System, Series A, 5.25%, 2/01/31 (c)   3,989   4,410,809  
Harris County Cultural Education Facilities Finance Corp., RB, Texas Children's Hospital Project, 5.50%, 10/01/39   5,400   5,931,360  
North Texas Tollway Authority, RB, Special Projects, System, Series A, 5.50%, 9/01/41   3,480   3,757,426  
   
    14,099,595  
 
Utah  — 1.0%  
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41   1,995   2,021,360  
 
         
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20135
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b) Par
(000)		   Value  
 
Virginia  — 1.0%  
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 $ 1,749 $ 1,859,176  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 73.3%   143,260,483  
 
Total Long-Term Investments
(Cost — $305,079,817) — 164.6%		   321,668,137  
 
Short-Term Securities
Shares		      
 
   
FFI Institutional Tax-Exempt Fund, 0.03% (d)(e) 1,083,349   1,083,349  
 
Total Short-Term Securities
(Cost — $1,083,349) — 0.5%		   1,083,349  
 
Total Investments
(Cost — $306,163,166*) — 165.1%		   322,751,486  
Other Assets Less Liabilities — 4.4%   8,568,713  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (39.1%)   (76,481,531)  
VRDP Shares, at Liquidation Value — (30.4%)   (59,400,000)  
Net Assets Applicable to Common Shares — 100.0% $ 195,438,668  
 
             
* As of October 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 230,639,826  
Gross unrealized appreciation $ 17,768,812  
Gross unrealized depreciation   (2,123,443)  
Net unrealized appreciation $ 15,645,369  
 

Notes to Schedule of Investments

(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) Represent bonds transferred to a TOB. In exchange the Fund acquired residual interest certificates. These bonds 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, which expire from 10/01/16 to 11/15/19 is $18,095,736.
(d) Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2013, 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, 2013		   Net
Activity		   Shares
Held at
October 31, 2013		   Income  
 
  FFI Institutional Tax-Exempt Fund   7,703,960   (6,620,611)   1,083,349 $ 187  
 
                                           
(e) Represents the current yield as of report date.
   
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20136
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (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 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
EDA Economic Development Authority
ERB Education Revenue Bonds
Fannie Mae Federal National Mortgage Association
Freddie Mac Federal Home Loan Mortgage Corporation
GARB General Airport Revenue Bonds
Ginnie Mae Government National Mortgage Association
GO General Obligation Bonds
HFA Housing Finance Agency
HRB Housing Revenue Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
ISD Independent School District
RB Revenue Bonds
S/F Single Family

•
Financial futures contracts as of October 31, 2013 were as follows:
 
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
 
(120) 10-Year US Treasury Note Chicago Board of Trade December
2013		 USD 15,283,125    $ (9,506)  
   
                 
BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20137
 
Schedule of Investments (continued)

BlackRock MuniYield Investment Fund, Inc. (MYF)

 

• Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 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.

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 instrument 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, please refer to the Fund's most recent financial statements as contained in its annual report.

The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2013:

 

  Level 1   Level 2   Level 3   Total  
Assets:    
Investments1:  
  Long-Term Investments1   — $ 321,668,137   — $ 321,668,137  
  Short-Term Securities $ 1,083,349   —   —   1,083,349  
 
Total $ 1,083,349 $ 321,668,137   — $ 322,751,486  
                                 
1    See above Schedule of Investments for values in each state or political subdivision.

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments2  
Liabilities:  
Interest rate contracts $ (9,506)   —   — $ (9,506)  
                               
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20138
 
Schedule of Investments (concluded)

BlackRock MuniYield Investment Fund, Inc. (MYF)

 

Certain of the Fund's assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  
 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash pledged for financial futures contracts $ 213,000   —   — $ 213,000  
Liabilities:    
  TOB trust certificates   — $ (76,466,291)   —   (76,466,291)  
  VRDP Shares   —   (59,400,000)   —   (59,400,000)  
   
Total $ 213,000 $ (135,866,291)   — $ (135,653,291)  
                                   
There were no transfers between levels during the period ended October 31, 2013.

 

BLACKROCK MUNIYIELD INVESTMENT FUND, INC.OCTOBER 31, 20139
 

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 23, 2013
     
  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 23, 2013
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Investment Fund
     
  Date: December 23, 2013