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: 04/30/2014

 

Item 1 – Schedule of Investments

 
 

 

Schedule of Investments April 30, 2014 (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 $ 578,032  
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, AMT, 5.20%, 6/01/25   1,000   1,011,740  
   
    1,589,772  
 
Alaska — 0.8%  
Alaska Municipal Bond Bank Authority, RB, Series 1, 5.75%, 9/01/33   1,000   1,137,570  
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46   690   500,912  
   
    1,638,482  
 
California — 12.9%  
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38   2,740   3,099,022  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42   1,645   1,948,634  
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39   710   788,625  
California State Public Works Board, LRB:          
  Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33   835   934,248  
  Various Capital Projects, Series I, 5.50%, 11/01/31   1,000   1,164,900  
City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT:          
  5.50%, 5/01/28   1,065   1,221,182  
  5.25%, 5/01/33   830   917,706  
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.50%, 3/01/30   1,500   1,655,025  
Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33   1,620   1,888,564  
           
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 $ 3,600 $ 4,045,068  
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36   1,310   1,491,003  
State of California, GO, Various Purposes, 6.00%, 3/01/33   2,535   3,038,299  
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40   625   717,925  
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38   3,730   4,113,519  
   
    27,023,720  
 
Colorado — 0.9%  
City & County of Denver Colorado Airport System, ARB, Series A, AMT:          
  5.50%, 11/15/28   1,000   1,125,600  
  5.50%, 11/15/30   330   367,551  
  5.50%, 11/15/31   400   441,520  
   
    1,934,671  
 
Delaware — 0.3%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   500   535,075  
 
Florida — 8.4%  
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33   675   751,869  
County of Escambia Florida, Refunding RB, International Paper Co. Project, Series B, AMT, 5.00%, 8/01/26   600   600,264  
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29   1,995   2,231,188  
County of Hillsborough Florida IDA, RB, National Gypsum Co., AMT:          
  Series A, 7.13%, 4/01/30   2,500   2,511,250  
  Series B, 7.13%, 4/01/30   2,290   2,291,809  
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32   2,000   2,144,220  
           
     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 1
           
 
 
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 Manatee Florida Housing Finance Authority, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40 $ 325 $ 331,578  
County of Miami-Dade Florida, RB, Seaport:          
  Series A, 5.38%, 10/01/33   1,170   1,282,203  
  Series B, AMT, 6.25%, 10/01/38   525   597,476  
  Series B, AMT, 6.00%, 10/01/42   700   782,145  
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31   2,440   2,602,114  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32   1,200   1,339,440  
   
    17,465,556  
 
Georgia — 0.5%  
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23   880   1,042,571  
 
Hawaii — 0.5%  
State of Hawaii, Department of Transportation, COP, AMT:          
  5.25%, 8/01/25   485   537,705  
  5.25%, 8/01/26   525   576,476  
   
    1,114,181  
 
Illinois — 16.0%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41   6,065   7,036,856  
City of Chicago Illinois, GO, Refunding, Series A:          
  5.25%, 1/01/29   1,000   1,055,000  
  5.25%, 1/01/33   980   1,012,193  
City of Chicago Illinois, Refunding RB, Series A:          
  Sales Tax, 5.25%, 1/01/38   765   811,489  
  Waterworks, Second Lien (AMBAC), 5.00%, 11/01/36   1,015   1,054,138  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts:          
  5.25%, 12/01/36   1,000   1,074,290  
  5.25%, 12/01/40   1,000   1,067,570  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago:          
  5.50%, 12/01/38   1,000   1,102,510  
             
Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago (concluded):          
  5.25%, 12/01/43 $ 1,500 $ 1,596,375  
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41   4,000   4,496,000  
Illinois Finance Authority, Refunding RB:          
  Central DuPage Health, Series B, 5.38%, 11/01/39   1,200   1,272,264  
  Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39   4,160   4,806,256  
Railsplitter Tobacco Settlement Authority, RB:          
  5.50%, 6/01/23   1,370   1,596,598  
  6.00%, 6/01/28   390   452,564  
State of Illinois, GO:          
  5.25%, 2/01/31   1,005   1,091,179  
  5.25%, 2/01/32   2,200   2,374,020  
  5.50%, 7/01/33   1,000   1,095,640  
  5.50%, 7/01/38   415   452,711  
   
    33,447,653  
 
Indiana — 3.4%  
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 1/01/34   1,350   1,447,889  
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44   555   560,411  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   4,525   5,080,715  
   
    7,089,015  
 
Kansas — 1.8%  
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29   3,275   3,691,875  
 
Kentucky — 0.7%  
County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34   1,200   1,410,960  
 
         

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 2
           
 
 
Schedule of Investments (continued) BlackRock MuniYield Investment Fund, Inc. (MYF)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Louisiana — 2.2%  
Lake Charles Harbor & Terminal District, RB, Series B, AMT, 5.50%, 1/01/29 $ 1,500 $ 1,672,500  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   1,420   1,579,423  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29   1,195   1,299,097  
   
    4,551,020  
 
Maine — 1.4%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32   2,500   2,857,900  
 
Massachusetts — 3.4%  
Massachusetts HFA, Refunding, HRB, Series B, 5.50%, 6/01/41   3,000   3,099,960  
Massachusetts HFA, Refunding RB, AMT:          
  Series C, 5.35%, 12/01/42   2,000   2,039,400  
  Series F, 5.70%, 6/01/40   1,980   2,049,181  
   
    7,188,541  
 
Michigan — 2.8%  
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41   1,805   2,045,516  
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38   1,250   1,430,325  
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Services V, 8.25%, 9/01/18 (a)   1,970   2,416,245  
   
    5,892,086  
 
Mississippi — 1.3%  
Mississippi Development Bank, RB, Special Obligation, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40   1,785   2,300,597  
           
Municipal Bonds Par
(000)		   Value  
 
Mississippi (concluded)  
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38 $ 440 $ 493,368  
   
    2,793,965  
 
Nevada — 3.4%  
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34   2,850   3,293,660  
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42   3,375   3,867,142  
   
    7,160,802  
 
New Jersey — 4.4%  
New Jersey EDA, RB, The Goethals Bridge Replacement Project, Private Bond, AMT, 5.00%, 1/01/31   900   961,110  
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series A, AMT, 5.70%, 10/01/39   2,250   2,437,132  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A, 5.88%, 12/15/38   2,670   3,102,914  
  Series AA, 5.50%, 6/15/39   2,475   2,762,397  
   
    9,263,553  
 
New York — 2.2%  
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/44   2,500   2,730,350  
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49   1,650   1,794,573  
   
    4,524,923  
 
Ohio — 2.7%  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   3,115   3,330,340  
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:          
  5.25%, 2/15/30   1,000   1,128,170  
             

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 3
           
 
 
Schedule of Investments (continued) BlackRock MuniYield Investment Fund, Inc. (MYF)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Ohio (concluded)  
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1 (concluded):          
  5.25%, 2/15/31 $ 1,000 $ 1,121,750  
   
    5,580,260  
 
Pennsylvania — 4.6%  
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39   1,075   1,224,511  
Pennsylvania Turnpike Commission, RB:          
  Series A, 5.00%, 12/01/44   755   811,512  
  Sub-Series A, 5.63%, 12/01/31   2,455   2,722,865  
  Sub-Series A, 6.00%, 12/01/41   3,000   3,297,120  
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37   1,500   1,644,000  
   
    9,700,008  
 
South Carolina — 2.9%  
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38   2,505   2,852,744  
County of Charleston South Carolina Airport District, ARB, Series A, AMT:          
  6.00%, 7/01/38   1,955   2,182,543  
  5.50%, 7/01/41   1,000   1,086,130  
   
    6,121,417  
 
Texas — 9.1%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:          
  5.75%, 1/01/31   1,000   1,092,320  
  6.00%, 1/01/41   2,600   2,868,164  
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37   1,555   1,748,893  
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/35   1,800   2,056,860  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   3,795   4,493,622  
           
Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT:          
  Series A, 5.00%, 11/01/38 $ 1,365 $ 1,408,543  
  Series H, 5.00%, 11/01/37   1,535   1,589,339  
North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 1/01/38   1,000   1,134,330  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   710   797,720  
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   1,940,414  
   
    19,130,205  
 
Virginia — 2.0%  
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43   560   610,148  
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)   800   993,272  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37   2,440   2,646,058  
   
    4,249,478  
 
Wisconsin — 1.8%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39   3,470   3,690,519  
 
Total Municipal Bonds — 91.2%   190,688,208  
 

 

 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (b)

  
 
California — 20.7%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44   2,680   2,933,174  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (c)   4,200   4,761,708  
           
     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 4
           
 
 
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  
 
California (concluded)  
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 $ 6,000 $ 6,424,620  
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (c)   5,250   5,969,565  
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33   7,697   9,142,218  
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34   790   879,633  
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39   8,412   9,725,836  
University of California, RB, Series O, 5.75%, 5/15/34   3,000   3,496,240  
   
    43,332,994  
 
Colorado — 1.2%  
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (c)   2,149   2,437,465  
 
District of Columbia — 3.5%  
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c)   2,805   3,291,452  
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/39   3,507   3,948,619  
   
    7,240,071  
 
Florida — 2.3%  
County of Hillsborough Florida Aviation Authority, ARB, Tempa International Airport, Series A, AMT (AGC), 5.50%, 10/01/38   3,869   4,244,040  
County of Lee Florida Housing Finance Authority, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40   540   560,590  
   
    4,804,630  
 
Illinois — 3.8%  
State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38   5,300   6,117,472  
           

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (b)

 Par
(000)		   Value  
 
Illinois (concluded)  
State of Illinois Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/33 $ 1,750 $ 1,944,961  
   
    8,062,433  
 
Nevada — 9.2%  
County of Clark Nevada Water Reclamation District, GO:          
  Limited Tax, 6.00%, 7/01/38   5,000   5,799,450  
  Series B, 5.50%, 7/01/29   5,668   6,644,301  
Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 6/01/28   6,070   6,761,737  
   
    19,205,488  
 
New Hampshire — 1.2%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (c)   2,159   2,450,160  
 
New Jersey — 3.8%  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29   2,251   2,394,654  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A (AMBAC), 5.00%, 12/15/32   4,000   4,406,520  
  Series B, 5.25%, 6/15/36 (c)   1,000   1,085,401  
   
    7,886,575  
 
New York — 14.3%  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:          
  Series BB, 5.25%, 6/15/44   4,408   4,803,328  
  Series FF, 5.00%, 6/15/45   3,859   4,124,041  
  Series FF-2, 5.50%, 6/15/40   2,505   2,836,920  
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39   2,499   2,773,168  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (c)   1,290   1,432,393  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43   4,365   4,711,407  
           

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 5
           
 
 
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  
 
New York (concluded)  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (c) $ 2,560 $ 2,831,590  
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38   5,700   6,490,248  
   
    30,003,095  
 
South Carolina — 1.7%  
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (c)   3,240   3,639,913  
 
Texas — 7.0%  
City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (c)   3,989   4,517,914  
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children's Hospital Project, 5.50%, 10/01/39   5,400   6,159,618  
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41   3,480   3,919,524  
   
    14,597,056  
 
Utah — 1.0%  
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41   1,994   2,103,460  
 
         

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (b)

 Par
(000)		   Value  
 
Virginia — 0.9%  
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 $ 1,749 $ 1,920,172  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 70.6%   147,683,512  
 
Total Long-Term Investments
(Cost — $308,115,501) — 161.8%		   338,371,720  
 

 

 

Short-Term Securities — 1.1%
Shares		      
 
FFI Institutional Tax-Exempt Fund, 0.03% (d)(e)   2,164,092   2,164,092  
 
Total Short-Term Securities
(Cost — $2,164,092) — 1.1%		   2,164,092  
 
Total Investments
(Cost — $310,279,593*) — 162.9%		   340,535,812  
Other Assets Less Liabilities — 1.8%   3,846,841  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (36.3%)   (75,881,863 )
VRDP Shares, at Liquidation Value — (28.4%)   (59,400,000 )
   
Net Assets Applicable to Common Shares — 100.0% $ 209,100,790  
 

 

* As of April 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:  
     
Tax cost $ 235,357,130  
Gross unrealized appreciation $ 30,437,402  
Gross unrealized depreciation (1,124,134 )
Net unrealized appreciation $ 29,313,268  
         
 

 

Notes to Schedule of Investments

(a) U.S. 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 for which 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 October 1, 2016 to November 15, 2019 is $18,095,745.
(d) Represents the current yield as of report date.

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 6
           
 
 
Schedule of Investments (continued) BlackRock MuniYield Investment Fund, Inc. (MYF)
   

(e)

 Investments in issuers considered to be an affiliate of the Fund during the period ended April 30, 2014, 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
April 30, 2014		 Income  
 
  FFI Institutional Tax-Exempt Fund   7,703,960   (5,539,868)   2,164,092 $ 516  
 
                                           

 

Portfolio Abbreviations

   
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
COP Certificates of Participation
EDA Economic Development Authority
ERB Education Revenue Bonds
GARB General Airport Revenue Bonds
GO General Obligation Bonds
HFA Housing Finance Agency
HRB Housing Revenue Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
ISD Independent School District
LRB Lease Revenue Bonds
RB Revenue Bonds
S/F Single-Family
     

 


•
Financial futures contracts outstanding as of April 30, 2014 were as follows:

 

 
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
 
(183) 10-Year U.S. Treasury Note Chicago Board of Trade June
2014		 $ 22,769,203         $ (20,960)  
 
                 

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 7
           
 
 
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 semi-annual report.

 

The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments1   — $ 338,371,720   — $ 338,371,720  
  Short-Term Securities $ 2,164,092   —   —   2,164,092  
 
Total $ 2,164,092 $ 338,371,720   — $ 340,535,812  
                                 
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 $ (20,960)   —   — $ (20,960)  
                               
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 8
           
 
 
Schedule of Investments (concluded) BlackRock MuniYield Investment Fund, Inc. (MYF)
   
The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial reporting purposes. As of April 30, 2014, 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 $ 281,000   —   — $ 281,000  
Liabilities:    
  TOB trust certificates   — $ (75,865,414)   —   (75,865,414)  
  VRDP Shares   —   (59,400,000)   —   (59,400,000)  
   
 
Total $ 281,000 $ (135,265,414)   — $ (134,984,414)  
 
                                   

 


There were no transfers between levels during the period ended April 30, 2014.

 

 

     
  BlackRock MuniYield Investment Fund, Inc. April 30, 2014 9
           
 
 
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 23, 2014
     
  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 23, 2014
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Investment Fund
     
  Date: June 23, 2014