BLACKROCK MUNIYIELD INVESTMENT FUND

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: 07/31/2016

Date of reporting period: 10/31/2015

Item1 – Schedule of Investments

Schedule of Investments October 31, 2015 (Unaudited)

   

BlackRock MuniYield Investment Fund (MYF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 0.3%

     

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A,
5.38%, 12/01/35

    $ 545      $ 601,816   

Alaska — 0.8%

     

Alaska Municipal Bond Bank Authority, RB:

     

5.75%, 9/01/18 (a)

      975        1,108,468   

5.75%, 9/01/33

      25        27,852   

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

      690        575,412   
    

 

 

  
               1,711,732   

California — 12.6%

     

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

      2,740        3,049,236   

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42

      1,645        1,944,176   

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39

      710        810,515   

City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT:

     

5.50%, 5/01/28

      1,065        1,257,595   

5.25%, 5/01/33

      830        940,921   

City & County of San Francisco California Airports Commission, Refunding RB, Series A, AMT,
5.00%, 5/01/44

      1,275        1,384,319   

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

      2,000        2,198,560   

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

      1,500        1,690,665   

Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C,
5.50%, 11/01/33

      1,620        1,916,363   

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

      1,310        1,470,409   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

     

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

    $ 2,535      $ 3,038,071   

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/31

      1,000        1,205,900   

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33

      835        975,455   

Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40

      625        734,994   

University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38

      3,730        4,254,811   
    

 

 

  
               26,871,990   

Colorado — 0.9%

     

City & County of Denver Colorado Airport System, ARB, Series A, AMT:

     

5.50%, 11/15/28

      1,000        1,165,590   

5.50%, 11/15/30

      330        380,655   

5.50%, 11/15/31

      400        459,572   
    

 

 

  
               2,005,817   

Delaware — 0.3%

     

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

      500        557,520   

Florida — 7.6%

     

City of Jacksonville Florida, Refunding RB,
Series A, 5.25%, 10/01/33

      675        788,589   

County of Broward Florida Airport System, RB,
Series A, AMT, 5.00%, 10/01/45 (b)

      985        1,070,528   

County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29

      1,995        2,291,138   

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

      2,000        2,223,740   
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Municipal Bonds   

Par  

(000)

     Value  

Florida (continued)

     

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

    $ 330      $ 332,561   

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

      240        244,385   

County of Miami-Dade Educational Facilities Authority, Refunding RB, University of Miami-dade, Series A, 5.00%, 4/01/45

      1,165        1,267,089   

County of Miami-Dade Florida, RB, Seaport:

     

Series A, 5.38%, 10/01/33

      1,170        1,321,854   

Series B, AMT, 6.25%, 10/01/38

      525        638,678   

Series B, AMT, 6.00%, 10/01/42

      700        820,638   

County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31

      2,440        2,679,803   

County of Orange Florida Health Facilities Authority, RB, Presbyterian Retirement Communities Project, 5.00%, 8/01/45

      1,000        1,060,130   

Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32

      1,200        1,391,652   
    

 

 

  
        16,130,785   

Georgia — 0.5%

     

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

      880        999,258   

Hawaii — 0.5%

     

State of Hawaii, Department of Transportation, COP, AMT:

     

5.25%, 8/01/25

      485        569,987   

5.25%, 8/01/26

      525        614,360   
    

 

 

  
        1,184,347   

Illinois — 16.4%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41

      6,065        7,302,927   

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41

      1,000        1,051,250   
Municipal Bonds   

Par  

(000)

     Value  

Illinois (continued)

     

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts:

     

5.25%, 12/01/36

    $ 1,000      $ 1,066,586   

5.25%, 12/01/40

      1,000        1,062,460   

5.00%, 12/01/44

      2,520        2,674,803   

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

     

5.50%, 12/01/38

      2,000        2,258,480   

5.25%, 12/01/43

      1,500        1,653,450   

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

      4,000        4,689,120   

Illinois Finance Authority, Refunding RB:

     

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

      1,200        1,361,976   

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

      4,160        4,790,864   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      1,370        1,598,379   

6.00%, 6/01/28

      390        462,513   

State of Illinois, GO:

     

5.25%, 2/01/31

      1,005        1,068,516   

5.25%, 2/01/32

      2,200        2,329,646   

5.50%, 7/01/33

      1,000        1,073,580   

5.50%, 7/01/38

      415        437,510   
    

 

 

  
        34,882,060   

Indiana — 3.2%

     

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 1/01/34

      1,350        1,628,411   

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

      4,525        5,142,300   
    

 

 

  
        6,770,711   

Kansas — 1.8%

     

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29

      3,275        3,734,286   

 

 

 

                
2    BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Municipal Bonds  

Par  

(000)

     Value  

Kentucky — 0.6%

    

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

   $ 1,200      $ 1,397,364   

Louisiana — 2.2%

    

Lake Charles Harbor & Terminal District, RB, Series B, AMT, 5.50%, 1/01/29

     1,500        1,698,960   

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

     1,420        1,673,115   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29

     1,195        1,313,389   
   

 

 

  
        4,685,464   

Maine — 1.4%

    

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

     2,500        2,988,725   

Massachusetts — 2.5%

    

Massachusetts HFA, Refunding RB, AMT:

    

Series B, 5.50%, 6/01/41

     1,210        1,264,680   

Series C, 5.35%, 12/01/42

     2,000        2,067,700   

Series F, 5.70%, 6/01/40

     1,940        2,031,917   
   

 

 

  
        5,364,297   

Michigan — 2.8%

    

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

     1,805        2,125,550   

Michigan State Building Authority, Refunding RB, Facilities Program Series:

    

6.00%, 10/15/18 (a)

     760        873,605   

6.00%, 10/15/38

     490        552,921   
Municipal Bonds  

Par  

(000)

     Value  

Michigan (continued)

    

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)

   $ 1,970      $ 2,373,672   
   

 

 

  
        5,925,748   

Mississippi — 1.1%

    

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40

     1,785        2,273,519   

Nevada — 3.4%

    

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

     2,850        3,310,361   

County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42

     3,375        3,909,566   
   

 

 

  
        7,219,927   

New Jersey — 4.3%

    

New Jersey EDA, RB, The Goethals Bridge Replacement Project, Private Activity Bond, AMT (AGM), 5.00%, 1/01/31

     900        991,125   

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

     2,250        2,550,735   

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

    

Series A, 5.88%, 12/15/38

     2,670        2,881,518   

Series AA, 5.50%, 6/15/39

     2,475        2,634,761   
   

 

 

  
        9,058,139   

New York — 1.4%

    

Country of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (c)

     1,100        1,135,310   

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        1,859,137   
   

 

 

  
        2,994,447   

Ohio — 2.2%

    

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

     3,115        3,465,344   
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Municipal Bonds  

Par  

(000)

     Value  

Ohio (continued)

    

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31

   $ 1,000      $ 1,151,990   
   

 

 

  
        4,617,334   

Oklahoma — 0.4%

    

Tulsa Airports Improvement Trust, Refunding RB, American Airlines Inc., AMT, 5.00%, 6/01/35 (d)

     700        769,713   

Pennsylvania — 5.4%

    

Pennsylvania Economic Development Financing Authority, RB:

    

American Water Co. Project, 6.20%, 4/01/39

     1,075        1,227,048   

Pennsylvania Bridge Finco LP, AMT, 5.00%, 6/30/42

     1,500        1,588,335   

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44

     1,000        1,027,140   

Pennsylvania Turnpike Commission, RB, Sub-Series A:

    

6.00%, 12/01/16 (a)

     3,000        3,184,020   

5.63%, 12/01/31

     2,455        2,841,319   

Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37

     1,500        1,701,300   
   

 

 

  
        11,569,162   

Rhode Island — 1.8%

    

Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45

     3,950        3,842,757   

South Carolina — 4.2%

    

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

     2,505        2,875,940   

County of Charleston South Carolina Airport District, ARB, Series A, AMT:

    

6.00%, 7/01/38

     1,955        2,256,989   

5.50%, 7/01/41

     1,000        1,119,890   

South Carolina Ports Authority, RB, AMT, 5.25%, 7/01/50 (b)

     1,280        1,400,640   
Municipal Bonds  

Par  

(000)

     Value  

South Carolina (continued)

    

South Carolina State Public Service Authority, Refunding RB, Series C, 5.00%, 12/01/46

   $ 1,130      $ 1,230,197   
   

 

 

  
        8,883,656   

Texas — 9.5%

    

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:

    

5.75%, 1/01/31

     1,000        1,136,370   

6.00%, 1/01/41

     2,600        2,960,802   

Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/18 (a)

     1,800        2,004,318   

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare:

    

6.00%, 8/15/20 (a)

     280        339,816   

6.00%, 8/15/45

     3,515        4,154,273   

Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT:

    

Series A, 5.00%, 11/01/38

     1,365        1,448,565   

Series H, 5.00%, 11/01/37

     1,535        1,649,235   

Mesquite Independent School District, GO, Series E, 5.00%, 8/15/41 (b)

     630        722,963   

North Texas Tollway Authority, Refunding RB:

    

1st Tier, Series K-1 (AGC), 5.75%, 1/01/38

     1,000        1,120,150   

Series B, 5.00%, 1/01/40

     1,630        1,778,379   

Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38

     710        806,418   

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        1,979,667   
   

 

 

  
        20,100,956   

Virginia — 2.0%

    

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43

     560        615,675   

Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)

     800        937,424   
 

 

                
4    BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Municipal Bonds  

Par  

(000)

     Value  

Virginia (continued)

    

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

   $ 2,440      $ 2,765,764   
   

 

 

  
        4,318,863   

Wisconsin — 1.8%

    

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39

     3,470        3,751,209   
Total Municipal Bonds - 91.9%        195,211,602   
   
                 

Municipal Bonds Transferred to

Tender Option Bond Trusts (e)

              

California — 20.7%

    

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (a)

     2,680        3,109,283   

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f)

     4,200        4,661,244   

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

     6,000        6,852,780   

Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (f)

     5,250        6,092,074   

Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/19 (a)

     7,697        9,131,284   

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

     790        890,014   

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

     8,412        9,629,680   

University of California, RB, Series O, 5.75%, 5/15/19 (a)

     3,000        3,501,400   
   

 

 

  
    43,867,759   
Municipal Bonds Transferred to
Tender Option Bond Trusts (e)		  

Par  

(000)

     Value  

Colorado — 1.1%

    

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (f)

   $ 2,149      $ 2,422,749   

District of Columbia — 3.4%

    

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

     2,805        3,263,393   

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

     3,507        3,902,743   
   

 

 

  
        7,166,136   

Florida — 2.0%

    

County of Hillsborough Florida Aviation Authority, ARB, Tampa International Airport, Series A, AMT (AGC), 5.50%, 10/01/38

     3,869        4,247,909   

Illinois — 3.8%

    

State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/18 (a)

     5,300        6,058,271   

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

     1,750        1,901,264   
   

 

 

  
        7,959,535   

Nevada — 9.0%

    

County of Clark Nevada Water Reclamation District, GO:

    

Limited Tax, 6.00%, 7/01/18 (a)

     5,000        5,683,850   

Series B, 5.50%, 7/01/29

     5,668        6,481,345   

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

     6,070        7,037,194   
   

 

 

  
        19,202,389   

New Hampshire — 1.1%

    

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

     2,159        2,427,530   

New Jersey — 3.6%

    

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

     2,251        2,377,173   

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

    

Series A (AMBAC), 5.00%, 12/15/32

     4,000        4,189,400   
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015    5

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)		  

Par  

(000)

     Value  

New Jersey (continued)

    

New Jersey Transportation Trust Fund Authority, RB, Transportation System (continued):

    

Series B, 5.25%, 6/15/36 (f)

   $ 1,000      $ 1,037,088   
   

 

 

  
        7,603,661   

New York — 14.5%

    

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        5,089,375   

Series FF, 5.00%, 6/15/45

     3,859        4,250,987   

Series FF-2, 5.50%, 6/15/40

     2,505        2,852,226   

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

     2,499        2,776,493   

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (f)

     1,290        1,467,139   

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

     4,365        5,005,136   

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

     2,560        2,948,018   

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

     5,700        6,398,763   
   

 

 

  
        30,788,137   

South Carolina — 1.7%

    

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

     3,240        3,617,168   

Texas — 6.9%

    

City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (f)

     3,989        4,452,931   

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

     5,400        6,134,670   
Municipal Bonds Transferred to
Tender Option Bond Trusts (e)		  

Par  

(000)

     Value  

Texas (continued)

    

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

   $ 3,480      $ 4,085,102   
   

 

 

  
        14,672,703   

Utah — 1.0%

    

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

     1,994        2,167,665   

Virginia — 0.9%

    

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

     1,749        1,967,938   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts - 69.7%

  

  

     148,111,279   

Total Long-Term Investments

(Cost — $308,772,234) — 161.6%

  

  

     343,322,881   
   
                 
Short-Term Securities — 1.7%   Shares         

FFI Institutional Tax-Exempt
Fund, 0.02% (g)(h)

     3,474,599        3,474,599   
Total Short-Term Securities (Cost — $3,474,599) — 1.7%        3,474,599   
Total Investments (Cost — $312,246,833*) — 163.3%        346,797,480   
Other Assets Less Liabilities — 0.2%        528,727   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (35.5)%

   

     (75,522,812 ) 
VRDP Shares, at Liquidation Value — (28.0)%        (59,400,000 ) 
   

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 212,420,968   
   

 

 

  

 

*   As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 237,329,858   
 

 

 

  

Gross unrealized appreciation

   $ 34,627,562   

Gross unrealized depreciation

     (666,044 ) 
 

 

 

  

Net unrealized appreciation

   $ 33,961,518   
 

 

 

  
 

 

                
6    BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Notes to Schedule of Investments

 

*   Cost for federal income tax purposes.

 

(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)   When-issued security.

 

(c)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d)   Variable rate security. Rate shown is as of period end.

 

(e)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

 

(f)   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 or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements which expire between October 1, 2017 to November 15, 2019 is $18,118,175.

 

(g)   During the period ended October 31, 2015, investments in issuers considered to be an affiliate of the Fund 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,
2015		        Net
Activity		        Shares Held
at October 31,
2015		        Income  

FFI Institutional Tax-Exempt Fund

        2,293,764           1,180,835           3,474,599         $ 106   

 

(h)   Represents the current yield as of period end.

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

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
IDA    Industrial Development Authority
IDB    Industrial Development Board
ISD    Independent School District
LRB    Lease Revenue Bonds
OTC    Over-the-Counter
RB    Revenue Bonds
S/F    Single-Family

 

                
   BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015    7

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Fund (MYF)

 

Financial Futures Contracts

 

Contracts
Short		     Issue   Expiration   Notional
Value		   Unrealized
Appreciation		  
  (18 )    10-Year U.S. Treasury Note   December 2015   $2,298,375   $ 35,697   
  (20 )    5-Year U.S. Treasury Note   December 2015   $2,395,469     28,094   
  (18 )    10-Year U.S. Treasury Note   December 2015   $2,298,375     35,697   
  (7 )    Long U.S. Treasury Bond   December 2015   $1,095,062     22,002   
  (1 )    U.S. Ultra Bond   December 2015   $159,750     3,561   
  Total            $ 89,354   
       

 

 

  

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, 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:

 

     Level 1        Level 2        Level 3      Total  

Assets:

  

Investments:                 

Long-Term Investments1

     —         $ 343,322,881         —      $ 343,322,881   

Short-Term Securities

   $ 3,474,599           —         —        3,474,599   
 

 

 

  

Total

   $ 3,474,599         $ 343,322,881         —      $ 346,797,480   
 

 

 

  

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

       

 

                
8    BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015   

Schedule of Investments (concluded)

   

BlackRock MuniYield Investment Fund (MYF)

 

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments1             

Assets:

                 

Interest rate contracts

   $ 89,354           —         —      $ 89,354   

 

1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

       

 

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

   

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash

   $ 3,949           —         —      $ 3,949   

Cash pledged for financial futures contracts

     70,550                     70,550   

Liabilities:

                 

TOB Trust Certificates

     —         $ (75,506,104 )       —        (75,506,104 ) 

VRDP Shares

     —           (59,400,000 )       —        (59,400,000 ) 
 

 

 

  

Total

   $ 74,499         $ (134,906,104 )       —      $ (134,831,605 ) 
 

 

 

  

During the period ended October 31, 2015, there were no transfers between levels.

 

                
   BLACKROCK MUNIYIELD INVESTMENT FUND    OCTOBER 31, 2015    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 22, 2015

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 22, 2015

 

By:    

   /s/ Neal J. Andrews                            
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Investment Fund

Date: December 22, 2015