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 811-07156

 

Name of Fund: BlackRock MuniYield Investment Quality Fund (MFT)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Investment Quality 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: 07/31/2012

 

Date of reporting period: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 4.3%

 

 

 

 

 

 

 

Birmingham Special Care Facilities
Financing Authority, RB, Children’s
Hospital (AGC):

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

1,500

 

$

1,720,830

 

6.00%, 6/01/39

 

 

2,985

 

 

3,400,631

 

Selma Industrial Development Board,
RB, International Paper Company
Project, 5.38%, 12/01/35

 

 

375

 

 

395,374

 

 

 

 

 

 

 

5,516,835

 

Arizona — 1.3%

 

 

 

 

 

 

 

Arizona State Board of Regents,
Refunding RB:

 

 

 

 

 

 

 

University of Arizona, Series A,
5.00%, 6/01/42

 

 

500

 

 

555,620

 

University System Revenue,
Series A, 5.00%, 7/01/28

 

 

935

 

 

1,084,478

 

 

 

 

 

 

 

1,640,098

 

California — 21.6%

 

 

 

 

 

 

 

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

 

 

1,960

 

 

2,231,989

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

5.00%, 11/15/40

 

 

165

 

 

177,030

 

Sutter Health, Series B,
6.00%, 8/15/42

 

 

1,150

 

 

1,348,065

 

California State Public Works Board, RB,
Various Capital Projects, Series G-1
(AGC), 5.25%, 10/01/24

 

 

2,000

 

 

2,290,840

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

1,000

 

 

1,066,080

 

California Statewide Communities
Development Authority, RB, Kaiser
Permanente, Series A, 5.00%,
4/01/42

 

 

940

 

 

1,002,820

 

City of San Jose California, RB, Series A-
1, AMT, 6.25%, 3/01/34

 

 

1,250

 

 

1,431,488

 

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

 

 

1,600

 

 

1,755,840

 

County of Sacramento California Airport
System, RB, Senior Series A (AGC),
5.50%, 7/01/41

 

 

1,400

 

 

1,522,500

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (NPFGC),
5.00%, 8/01/32

 

 

2,780

 

 

3,121,829

 

Election of 2008, Series C,
5.25%, 8/01/39

 

 

500

 

 

569,525

 

Redondo Beach Unified School District,
GO, Election Of 2008, Series E,
5.50%, 8/01/34

 

 

1,000

 

 

1,156,860

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

San Bernardino Community College
District, GO, Election of 2002, Series
A, 6.25%, 8/01/33

 

$

840

 

$

992,443

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series B
(AGC), 5.38%, 8/01/34

 

 

1,020

 

 

1,172,500

 

San Jacinto Unified School District, GO,
Election of 2006 (AGM), 5.25%,
8/01/32

 

 

1,000

 

 

1,081,260

 

State of California, GO, Refunding,
5.25%, 2/01/30

 

 

2,500

 

 

2,832,200

 

State of California, GO, Various Purpose
(AGC), 5.50%, 11/01/39

 

 

3,450

 

 

3,825,015

 

 

 

 

 

 

 

27,578,284

 

Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Hospital NCMC Inc. Project, Series B
(AGM), 6.00%, 5/15/26

 

 

1,300

 

 

1,515,020

 

District of Columbia — 1.5%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Public Utility Revenue,
Sub Lien, Series A, 5.00%, 10/01/30

 

 

1,625

 

 

1,891,793

 

Florida — 5.2%

 

 

 

 

 

 

 

City of Gainesville Florida, Refunding
RB, Series C, 5.25%, 10/01/34

 

 

2,000

 

 

2,254,820

 

City of Jacksonville Florida, RB, Sales
Tax Revenue, Better Jacksonville
(NPFGC), 5.00%, 10/01/27

 

 

1,310

 

 

1,373,574

 

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

 

 

1,000

 

 

1,070,480

 

Florida Housing Finance Corp., HRB,
Brittany Rosemont Apartments, Series
C-1, AMT (AMBAC), 6.75%, 8/01/14

 

 

285

 

 

285,653

 

Manatee County Housing Finance
Authority, RB, Series A, AMT (Fannie
Mae), 5.90%, 9/01/40

 

 

520

 

 

578,682

 

Orange County Health Facilities
Authority, RB, The Nemours
Foundation Project, Series A, 5.00%,
1/01/29

 

 

1,000

 

 

1,100,980

 

 

 

 

 

 

 

6,664,189

 

Illinois — 13.5%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

1,500

 

 

1,695,495

 

5.00%, 12/01/41

 

 

1,000

 

 

1,075,640

 

City of Chicago Illinois, GARB, O’Hare
International Airport, General, Third
Lien, Series A, 5.75%, 1/01/39

 

 

770

 

 

881,812

 

City of Chicago Illinois, RB, General,
Third Lien, Series C, 6.50%, 1/01/41

 

 

3,680

 

 

4,413,829

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
General, Third Lien, Series C (AGC),
5.25%, 1/01/38

 

$

525

 

$

584,294

 

City of Chicago Illinois Transit Authority,
RB:

 

 

 

 

 

 

 

Federal Transit Administration
Section 5309, Series A (AGC),
6.00%, 6/01/26

 

 

1,400

 

 

1,631,350

 

Sales Tax Receipts, 5.25%,
12/01/36

 

 

425

 

 

473,386

 

Sales Tax Receipts, 5.25%,
12/01/40

 

 

1,215

 

 

1,347,156

 

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

 

 

1,555

 

 

1,710,562

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

940

 

 

1,074,204

 

6.00%, 6/01/28

 

 

270

 

 

306,385

 

State of Illinois, RB, Build Illinois, Series
B, 5.25%, 6/15/28

 

 

1,750

 

 

1,955,607

 

 

 

 

 

 

 

17,149,720

 

Indiana — 5.4%

 

 

 

 

 

 

 

Indiana Finance Authority Waste Water
Utility, RB, CWA Authority Project, First
Lien, Series A, 5.00%, 10/01/41

 

 

1,500

 

 

1,619,160

 

Indiana Municipal Power Agency, RB,
Series A (NPFGC), 5.00%, 1/01/42

 

 

1,485

 

 

1,578,807

 

Indianapolis Local Public Improvement
Bond Bank, Refunding RB,
Waterworks Project, Series A (AGC),
5.50%, 1/01/38

 

 

3,310

 

 

3,685,983

 

 

 

 

 

 

 

6,883,950

 

Iowa — 0.6%

 

 

 

 

 

 

 

Iowa Finance Authority, Refunding RB,
Iowa Health System (AGC), 5.25%,
2/15/29

 

 

700

 

 

765,912

 

Louisiana — 0.5%

 

 

 

 

 

 

 

New Orleans Aviation Board Louisiana,
Refunding RB, GARB, Restructuring
(AGC):

 

 

 

 

 

 

 

Series A-1, 6.00%, 1/01/23

 

 

375

 

 

446,520

 

Series A-2, 6.00%, 1/01/23

 

 

160

 

 

190,515

 

 

 

 

 

 

 

637,035

 

Massachusetts — 0.4%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Wellesley College, Series
J, 5.00%, 7/01/42

 

 

450

 

 

508,554

 

Michigan — 7.7%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

Second Lien, Series B (AGM),
6.25%, 7/01/36

 

 

1,800

 

 

2,064,654

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

City of Detroit Michigan, RB (concluded):

 

 

 

 

 

 

 

Second Lien, Series B (NPFGC),
5.50%, 7/01/29

 

$

1,640

 

$

1,820,613

 

Sewage Disposal System, Senior
Lien, Series B (AGM), 7.50%,
7/01/33

 

 

660

 

 

827,020

 

City of Detroit Michigan, Refunding RB,
Senior Lien, Series C-1 (AGM), 7.00%,
7/01/27

 

 

1,650

 

 

2,000,444

 

Michigan State Building Authority,
Refunding RB, Facilities Program:

 

 

 

 

 

 

 

Series H (AGM), 5.00%, 10/15/26

 

 

375

 

 

418,991

 

Series I (AGC), 5.25%, 10/15/24

 

 

615

 

 

710,540

 

Series I (AGC), 5.25%, 10/15/25

 

 

310

 

 

355,542

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,265

 

 

1,608,675

 

 

 

 

 

 

 

9,806,479

 

Minnesota — 2.8%

 

 

 

 

 

 

 

City of Minneapolis Minnesota,
Refunding RB, Series B (AGC), 6.50%,
11/15/38

 

 

3,000

 

 

3,529,770

 

Missouri — 2.1%

 

 

 

 

 

 

 

Missouri Joint Municipal Electric Utility
Commission Power, RB, Prairie State
Project, Series A (AMBAC), 5.00%,
1/01/32

 

 

2,500

 

 

2,671,250

 

Nevada — 4.9%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO, Series A, 5.25%,
7/01/34

 

 

2,000

 

 

2,291,480

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

Las Vegas-McCarran International
Airport, Series A (AGM), 5.25%,
7/01/39

 

 

2,675

 

 

2,908,554

 

Subordinate Lien, Series A-2
(NPFGC), 5.00%, 7/01/36

 

 

1,000

 

 

1,040,050

 

 

 

 

 

 

 

6,240,084

 

New Jersey — 3.1%

 

 

 

 

 

 

 

New Jersey Health Care Facilities
Financing Authority, RB, Virtua Health
(AGC), 5.50%, 7/01/38

 

 

1,400

 

 

1,524,236

 

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

 

 

 

 

 

 

 

5.25%, 6/15/36

 

 

1,000

 

 

1,117,420

 

Series A, 5.50%, 6/15/41

 

 

1,195

 

 

1,362,228

 

 

 

 

 

 

 

4,003,884

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 7.8%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Transportation Revenue, Series C,
5.00%, 11/15/28 (a)

 

$

1,200

 

$

1,356,396

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

 

1,545

 

 

1,765,502

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

1,000

 

 

1,098,760

 

Fiscal 2009, Series S-4 (AGC),
5.50%, 1/15/29

 

 

2,000

 

 

2,324,100

 

Future Tax Secured,
Subordinate Bonds, Series
C, 5.00%, 11/01/39

 

 

1,075

 

 

1,186,886

 

New York State Dormitory Authority, RB,
General Purpose, Series C, 5.00%,
3/15/41

 

 

2,035

 

 

2,251,341

 

 

 

 

 

 

 

9,982,985

 

Pennsylvania — 6.3%

 

 

 

 

 

 

 

City of Philadelphia Pennsylvania, RB,
Series C (AGM):

 

 

 

 

 

 

 

5.00%, 8/01/35

 

 

1,615

 

 

1,769,071

 

5.00%, 8/01/40

 

 

2,880

 

 

3,131,194

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A, 6.00%, 12/01/41

 

 

2,000

 

 

2,220,700

 

Philadelphia Hospitals & Higher
Education Facilities Authority,
Refunding RB, The Children’s Hospital
of Philadelphia Project, Series D,
5.00%, 7/01/32

 

 

870

 

 

969,397

 

 

 

 

 

 

 

8,090,362

 

Puerto Rico — 1.3%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

 

1,425

 

 

1,657,560

 

Texas — 21.9%

 

 

 

 

 

 

 

Austin Community College District, RB,
Educational Facilities Project, Round
Rock Campus, 5.25%, 8/01/33

 

 

2,250

 

 

2,466,630

 

City of Houston Texas, Refunding RB,
Combined, First Lien, Series A (AGC):

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

2,700

 

 

3,233,412

 

6.00%, 11/15/36

 

 

2,055

 

 

2,452,314

 

5.38%, 11/15/38

 

 

1,000

 

 

1,134,120

 

Clifton Higher Education Finance Corp.,
Refunding RB, Baylor University,
5.25%, 3/01/32

 

 

1,235

 

 

1,407,048

 

Frisco ISD Texas, GO, School Building
(AGC), 5.50%, 8/15/41

 

 

1,210

 

 

1,430,111

 

Harris County Cultural Education
Facilities Finance Corp., RB, Texas
Children’s Hospital Project, 5.25%,
10/01/29

 

 

800

 

 

901,896

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

$

500

 

$

596,760

 

Lamar Texas Consolidated ISD, GO,
Refunding, School House, Series A,
5.00%, 2/15/45

 

 

1,000

 

 

1,120,750

 

Lubbock Cooper ISD Texas, GO, School
Building (AGC), 5.75%, 2/15/42

 

 

500

 

 

561,030

 

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

 

 

3,120

 

 

3,623,943

 

North Texas Tollway Authority,
Refunding RB, System, First Tier:

 

 

 

 

 

 

 

(AGM), 6.00%, 1/01/43

 

 

1,000

 

 

1,163,550

 

Series A (AGC), 5.75%, 1/01/40

 

 

1,500

 

 

1,649,445

 

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

 

 

1,400

 

 

1,562,036

 

Tarrant County Cultural Education
Facilities Finance Corp., Refunding
RB, Christus Health, Series A (AGC),
6.50%, 7/01/37

 

 

1,100

 

 

1,261,590

 

Texas Tech University, Refunding RB,
Improvement Bonds, 14th Series A,
5.00%, 8/15/29

 

 

1,105

 

 

1,280,087

 

University of Texas, Refunding RB,
Financing System, Series B, 5.00%,
8/15/43

 

 

1,835

 

 

2,096,634

 

 

 

 

 

 

 

27,941,356

 

Virginia — 1.0%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
School Financing, 6.50%, 12/01/35

 

 

1,100

 

 

1,287,638

 

Washington — 5.0%

 

 

 

 

 

 

 

City of Seattle Washington, Refunding
RB, Series A, 5.25%, 2/01/36

 

 

1,000

 

 

1,138,990

 

State of Washington, GO:

 

 

 

 

 

 

 

Motor Vehicle Tax, Senior 520,
Corridor Program, Series C,
5.00%, 6/01/41

 

 

2,000

 

 

2,213,660

 

Various Purpose, Series B,
5.25%, 2/01/36

 

 

725

 

 

829,900

 

University of Washington, Refunding RB,
Acension Health, Series A, 5.00%,
7/01/41

 

 

1,880

 

 

2,126,337

 

 

 

 

 

 

 

6,308,887

 

Wisconsin — 1.1%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Series D, 5.00%, 11/15/41 (a)

 

 

1,250

 

 

1,355,550

 

Total Municipal Bonds – 120.5%

 

 

 

 

 

153,627,195

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)

 

Par
(000)

 

Value

 

Alabama — 1.3%

 

 

 

 

 

 

 

Mobile Board of Water & Sewer
Commissioners, RB (NPFGC), 5.00%,
1/01/31

 

$

1,500

 

$

1,577,835

 

California — 2.2%

 

 

 

 

 

 

 

San Diego Community College District
California, GO, Election of 2002
(AGM), 5.00%, 5/01/15 (c)

 

 

2,500

 

 

2,845,325

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, Refunding RB, Series A,
6.00%, 10/01/35

 

 

750

 

 

929,463

 

Florida — 2.6%

 

 

 

 

 

 

 

Hillsborough County Aviation Authority,
RB, Series A, AMT (AGC), 5.50%,
10/01/38

 

 

2,499

 

 

2,642,927

 

Lee County Housing Finance Authority,
RB, Multi-County Program, Series A-2,
AMT (Ginnie Mae), 6.00%, 9/01/40

 

 

615

 

 

655,037

 

 

 

 

 

 

 

3,297,964

 

Illinois — 2.5%

 

 

 

 

 

 

 

Chicago Transit Authority, Refunding RB,
Federal Transit Administration Section
5309 (AGM), 5.00%, 6/01/28

 

 

2,999

 

 

3,221,553

 

Kentucky — 0.9%

 

 

 

 

 

 

 

Kentucky State Property & Building
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/27

 

 

1,002

 

 

1,143,636

 

Massachusetts — 1.8%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Senior Series B, 5.00%,
10/15/41

 

 

2,040

 

 

2,286,310

 

Nevada — 7.4%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,010

 

 

2,467,214

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,301,361

 

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

 

 

4,200

 

 

4,700,472

 

 

 

 

 

 

 

9,469,047

 

New Jersey — 2.3%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series Z (AGC), 6.00%,
12/15/34

 

 

1,000

 

 

1,146,640

 

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

 

 

1,610

 

 

1,733,006

 

 

 

 

 

 

 

2,879,646

 

New York — 14.3%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, Series A, 5.75%, 2/15/47

 

 

1,000

 

 

1,128,470

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Second General Resolution,
Fiscal 2012, Series BB,
5.25%, 6/15/44

 

$

2,999

 

$

3,382,540

 

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

 

 

1,095

 

 

1,250,975

 

New York City Transitional Finance
Authority, RB, Sub-Series E-1, 5.00%,
2/01/42

 

 

1,160

 

 

1,288,213

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Project,
5.25%, 12/15/43

 

 

3,000

 

 

3,370,950

 

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

 

 

1,770

 

 

2,009,145

 

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

 

 

3,250

 

 

3,601,000

 

New York State Thruway Authority, RB,
Series G (AGM), 5.00%, 1/01/32

 

 

2,000

 

 

2,197,560

 

 

 

 

 

 

 

18,228,853

 

Puerto Rico — 1.0%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, Series C, 5.25%,
8/01/40

 

 

1,200

 

 

1,313,040

 

Texas — 4.3%

 

 

 

 

 

 

 

City of San Antonio Texas, Refunding
RB, Series A, 5.25%, 2/01/31

 

 

2,609

 

 

2,993,338

 

Waco Educational Finance Corporation,
Refunding RB, Baylor University,
5.00%, 3/01/43

 

 

2,220

 

 

2,465,709

 

 

 

 

 

 

 

5,459,047

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

1,005

 

 

1,076,884

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 42.2%

 

 

 

 

 

53,728,603

 

Total Long-Term Investments
(Cost – $190,582,419) – 162.7%

 

 

 

 

 

207,355,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.09% (d)(e)

 

 

3,993,146

 

 

3,993,146

 

Total Short-Term Securities
(Cost – $3,993,146) – 3.1%

 

 

 

 

 

3,993,146

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Value

Total Investments (Cost - $194,575,565*) – 165.8%

 

$

211,348,944

 

Liabilities in Excess of Other Assets – (0.2)%

 

 

(274,108

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (21.2)%

 

 

(27,070,481

)

VMTP Shares, at Liquidation Value – (44.4)%

 

 

(56,500,000

)

Net Assets Applicable to Common Shares – 100.0%

 

$

127,504,355

 

 

 

 

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

Tax Cost

 

$

167,546,973

 

Gross unrealized appreciation

 

$

16,797,100

 

Gross unrealized depreciation

 

 

(53,048

)

Net unrealized appreciation

 

$

16,744,052

 

 

 

(a)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 

 

Counterparty

 

 

Value

 

 

Unrealized
Appreciation
(Depreciation)

 

 

Jeffries & Company, Inc.

 

$

1,356,396

 

$

(7,824

)

 

Morgan Stanley

 

$

1,355,550

 

$

12,575

 

 

 

(b)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(c)

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.

 

 

(d)

Investments in companies considered to be an affiliate of the Fund during the period, 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, 2011

 

Net
Activity

 

Shares
Held at
April 30, 2012

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

6,706,791

 

 

(2,713,645

)

 

3,993,146

 

$

560

 

 

 

(e)

Represents the current yield as of report date.

 

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 Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds

EDA

Economic Development Authority

ERB

Education Revenue Bonds

Fannie Mae

Federal National Mortgage Association

GARB

General Airport Revenue Bonds

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

HRB

Housing Revenue Bonds

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

•

Financial futures contracts sold as of April 30, 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 


Issue

 


Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

   129

 

10-Year US
Treasury
Note

 

Chicago
Board of
Trade

 

June 2012

 

$

17,064,281

 

$

(191,729

)

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Investment Quality Fund (MFT)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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 and liabilities

 

 

 

 

•

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)

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 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 and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

207,355,798

 

 

—

 

$

207,355,798

 

Short-Term
Securities

 

$

3,993,146

 

 

—

 

 

—

 

 

3,993,146

 

Total

 

$

3,993,146

 

$

207,355,798

 

 

—

 

$

211,348,944

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial
Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(191,729

)

 

—

 

 

—

 

$

(191,729

)

 

 

2

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

Certain of the Fund’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash pledged
as collateral
for financial
futures
contracts

 

$

171,000

 

 

—

 

 

—

 

$

171,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

—

 

$

(27,057,919

)

 

—

 

 

(27,057,919

)

VMTP shares

 

 

—

 

 

(56,500,000

)

 

—

 

 

(56,500,000

)

Total

 

$

171,000

 

$

(83,557,919

)

 

—

 

$

(83,386,919

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

APRIL 30, 2012

6

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 Quality Fund

 

 

 

 By: /s/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock MuniYield Investment Quality Fund

 

 

 

Date: June 22, 2012

 

 

 

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 Quality Fund

 

 

 

Date: June 22, 2012

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock MuniYield Investment Quality Fund

 

 

 

 

Date: June 22, 2012