The easiest method would just be to fill the circles with white after filling the yellow circle. If that's not an option, things are less straightforward but the following more-or-less works. That is, it works but you may get artefacts, depending on your viewer. (I do as you see in the screenshot.)
\documentclass[border=10pt,tikz,multi]{standalone}
% code for inverse clipping from Paul Gaborit's answer at http://tex.stackexchange.com/a/59168/
\tikzset{%
invclip/.style={%
clip,insert path={%
{%
[reset cm]
(-16383.99999pt,-16383.99999pt) rectangle (16383.99999pt,16383.99999pt)
}%
}%
},
}
\begin{document}
\begin{tikzpicture}
\begin{scope}
\begin{pgfinterruptboundingbox}
\path[invclip] (3.5,0.7) circle (1cm) (5,0) circle (1cm) (3.5,0.7) circle (1cm);
\end{pgfinterruptboundingbox}
\fill[yellow, even odd rule] (4,0) circle (2cm) (3.5,0.7) circle (1cm);
\end{scope}
\end{tikzpicture}
\end{document}

EDIT
For Venn diagrams, there are some tailor-made packages available which are designed to make this easy. venndiagram is TikZ-based, while venn is based on MetaPost.
Because these are designed for Venn diagrams they do assume that the outermost area is a rectangle. I'm not sure whether this is an issue in this case or not. In any case, here's a couple of examples using the first package to illustrate its use with 2 sets and 3 sets.
\documentclass[border=10pt,tikz,multi]{standalone}
\usepackage{venndiagram}
\begin{document}
\begin{venndiagram2sets}[labelA={}, labelB={}, shade=yellow]
\fillNotAorB
\end{venndiagram2sets}
\begin{venndiagram3sets}[labelA={}, labelB={}, labelC={}, shade=yellow]
\fillNotABC
\end{venndiagram3sets}
\end{document}
This produces

and

Adapting the second diagram slightly
\begin{venndiagram3sets}[labelA={}, labelB={}, labelC={}, shade=yellow, tikzoptions={draw=none}]
\fillNotABC
\end{venndiagram3sets}
we can obtain
