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, 2013 | 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 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, 2013 | 2 |
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, 2013 | 3 |
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, 2013 | 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 | ||||
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, 2013 | 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 | ||||
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, 2013 | 6 |
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, 2013 | 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 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, 2013 | 8 |
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, 2013 | 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: 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 |