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: 10/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments October 31, 2011 (Unaudited)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 4.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

1,500

 

$

1,660,155

 

6.00%, 6/01/39

 

 

2,985

 

 

3,271,053

 

 

 

 

 

 

 

4,931,208

 

California — 19.0%

 

 

 

 

 

 

 

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

 

 

1,960

 

 

2,117,760

 

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

 

 

1,150

 

 

1,253,937

 

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

 

 

2,000

 

 

2,193,300

 

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

 

 

1,000

 

 

1,027,340

 

City of San Jose California, RB, Series A-1,
AMT:

 

 

 

 

 

 

 

5.50%, 3/01/30

 

 

1,600

 

 

1,624,368

 

6.25%, 3/01/34

 

 

1,250

 

 

1,350,775

 

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

 

 

1,400

 

 

1,464,190

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

2,780

 

 

2,916,998

 

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

 

 

500

 

 

546,890

 

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

 

 

1,000

 

 

1,103,060

 

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

 

 

840

 

 

962,531

 

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

 

 

1,020

 

 

1,111,892

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,045,800

 

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

 

 

3,450

 

 

3,689,189

 

 

 

 

 

 

 

22,408,030

 

Colorado — 1.5%

 

 

 

 

 

 

 

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

 

 

1,300

 

 

1,460,563

 

Regional Transportation District, COP,
Series A, 5.00%, 6/01/25

 

 

305

 

 

323,324

 

 

 

 

 

 

 

1,783,887

 

Florida — 10.0%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,154,780

 

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

 

 

1,000

 

 

994,360

 

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

 

 

345

 

 

345,745

 

Jacksonville Economic Development
Commission, RB, Mayo Clinic, Series B
(NPFGC), 5.50%, 11/15/36

 

 

750

 

 

756,450

 

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

 

 

545

 

 

592,524

 

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

 

 

1,000

 

 

1,024,740

 

Santa Rosa County School Board, COP,
Refunding, Series 2 (NPFGC), 5.25%,
2/01/26

 

 

340

 

 

351,601

 

South Broward Hospital District, RB,
Hospital (NPFGC), 5.63%, 5/01/12 (a)

 

 

3,000

 

 

3,110,640

 

Village Center Community Development
District, RB, Series A (NPFGC):

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

1,640

 

 

1,473,507

 

5.13%, 11/01/36

 

 

1,000

 

 

858,640

 

 

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)

BHAC

Berkshire Hathaway Assurance Corp.

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

FGIC

Financial Guaranty Insurance Co.

GARB

General Airport Revenue Bonds

GO

General Obligation Bonds

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

OCTOBER 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Volusia County IDA, RB, Student
Housing-Stetson University Project,
Series A (CIFG), 5.00%, 6/01/35

 

$

200

 

$

172,220

 

 

 

 

 

 

 

11,835,207

 

Georgia — 0.9%

 

 

 

 

 

 

 

County of Fulton Georgia, RB (FGIC),
5.25%, 1/01/35

 

 

1,000

 

 

1,041,010

 

Illinois — 16.4%

 

 

 

 

 

 

 

Chicago Board of Education, GO,
Series A (b):

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

1,255

 

 

1,329,672

 

5.00%, 12/01/41

 

 

330

 

 

328,967

 

Chicago Board of Education Illinois, GO,
Refunding, Chicago School Reform
Board, Series A (FGIC), 5.50%,
12/01/26

 

 

680

 

 

729,960

 

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

 

 

1,400

 

 

1,579,452

 

Chicago Transit Authority, RB, Sales Tax
Revenue, 5.25%, 12/01/36 (b)

 

 

425

 

 

439,442

 

City of Chicago Illinois, RB:

 

 

 

 

 

 

 

General, Third Lien, Series C (AGC),
5.25%, 1/01/35

 

 

425

 

 

446,556

 

General, Third Lien, Series A,
5.75%, 1/01/39

 

 

770

 

 

840,386

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

Second Lien (NPFGC), 5.50%,
1/01/30

 

 

895

 

 

983,748

 

General, Third Lien, Series C,
6.50%, 1/01/41

 

 

3,680

 

 

4,233,546

 

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

 

 

1,555

 

 

1,591,807

 

Illinois Municipal Electric Agency, RB,
Series A (FGIC):

 

 

 

 

 

 

 

5.25%, 2/01/28

 

 

1,565

 

 

1,643,109

 

5.25%, 2/01/35

 

 

1,000

 

 

1,034,650

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

940

 

 

992,245

 

6.00%, 6/01/28

 

 

270

 

 

280,751

 

State of Illinois, RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 6/15/27

 

 

1,000

 

 

1,037,810

 

Build Illinois, Series B, 5.25%,
6/15/28

 

 

1,750

 

 

1,873,427

 

 

 

 

 

 

 

19,365,528

 

Indiana — 7.3%

 

 

 

 

 

 

 

Indiana Finance Authority WasteWater
Utility, RB, CWA Authority Project, First
Lien, Series A, 5.25%, 10/01/31

 

 

1,830

 

 

1,978,303

 

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

 

 

1,485

 

 

1,516,051

 

Indianapolis Local Public Improvement
Bond Bank, RB, Series K (AGM),
5.00%, 6/01/25

 

 

1,440

 

 

1,532,405

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

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

 

$

3,310

 

$

3,563,116

 

 

 

 

 

 

 

8,589,875

 

Iowa — 0.7%

 

 

 

 

 

 

 

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

 

 

725

 

 

761,178

 

Louisiana — 0.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

375

 

 

432,154

 

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

 

 

160

 

 

184,385

 

 

 

 

 

 

 

616,539

 

Massachusetts — 1.8%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Senior Dedicated Sales
Tax, Series B, 5.00%, 10/15/41 (b)

 

 

2,035

 

 

2,173,136

 

Michigan — 17.7%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

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

 

 

1,640

 

 

1,719,360

 

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

 

 

1,500

 

 

1,778,235

 

Senior Lien, Series B (BHAC),
5.50%, 7/01/35

 

 

3,750

 

 

3,926,287

 

System, Second Lien, Series A
(BHAC), 5.50%, 7/01/36

 

 

2,265

 

 

2,372,791

 

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

 

 

1,800

 

 

2,018,322

 

Second Lien, Series B (AGM),
7.00%, 7/01/36

 

 

200

 

 

235,650

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

Senior Lien, Series C-1 (AGM),
7.00%, 7/01/27

 

 

1,650

 

 

1,931,160

 

Second Lien, Series E (BHAC),
5.75%, 7/01/31

 

 

2,270

 

 

2,433,054

 

Michigan State Building Authority, RB,
Facilities Program, Series H (AGM),
5.00%, 10/15/26

 

 

375

 

 

401,651

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGC):

 

 

 

 

 

 

 

5.25%, 10/15/22

 

 

1,350

 

 

1,513,499

 

5.25%, 10/15/24

 

 

615

 

 

678,517

 

5.25%, 10/15/25

 

 

310

 

 

340,117

 

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

 

 

1,265

 

 

1,500,366

 

 

 

 

 

 

 

20,849,009

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

OCTOBER 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Minnesota — 2.9%

 

 

 

 

 

 

 

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

 

$

3,000

 

$

3,364,260

 

Nevada — 5.9%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,137,680

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,020,610

 

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

 

 

1,675

 

 

1,746,003

 

 

 

 

 

 

 

6,904,293

 

New Jersey — 1.2%

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,466,710

 

New York — 5.1%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
5.75%, 2/15/47

 

 

1,000

 

 

1,058,910

 

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

 

 

1,545

 

 

1,702,296

 

New York City Transitional Finance
Authority, RB, Series S-3, 5.25%,
1/15/39

 

 

1,000

 

 

1,067,200

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-4
(AGC), 5.50%, 1/15/29

 

 

2,000

 

 

2,201,840

 

 

 

 

 

 

 

6,030,246

 

Ohio — 1.3%

 

 

 

 

 

 

 

Ohio Higher Educational Facility
Commission, Refunding RB, Summa
Health System, 2010 Project (AGC),
5.25%, 11/15/40

 

 

1,550

 

 

1,564,942

 

Pennsylvania — 7.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 8/01/35

 

 

1,615

 

 

1,697,817

 

5.00%, 8/01/40

 

 

2,880

 

 

3,012,710

 

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

 

 

2,000

 

 

2,126,480

 

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

 

 

1,480

 

 

1,531,534

 

 

 

 

 

 

 

8,368,541

 

Puerto Rico — 1.3%

 

 

 

 

 

 

 

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

 

 

1,425

 

 

1,579,385

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas — 21.9%

 

 

 

 

 

 

 

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

 

$

2,250

 

$

2,379,330

 

City of Austin Texas, Refunding RB,
Series A (AGM):

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

720

 

 

778,126

 

5.00%, 11/15/29

 

 

915

 

 

980,230

 

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

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

2,700

 

 

3,082,374

 

6.00%, 11/15/36

 

 

2,055

 

 

2,341,693

 

5.38%, 11/15/38

 

 

1,000

 

 

1,083,970

 

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

 

 

1,235

 

 

1,338,172

 

County of Bexar Texas, RB, Venue
Project, Motor Vehicle Rental (BHAC):

 

 

 

 

 

 

 

5.00%, 8/15/27

 

 

1,040

 

 

1,114,651

 

5.00%, 8/15/28

 

 

1,090

 

 

1,161,515

 

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

 

 

1,210

 

 

1,321,054

 

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

 

 

800

 

 

849,408

 

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

 

 

500

 

 

561,000

 

Harris County Metropolitan Transit
Authority, RB, Series A, 5.00%,
11/01/36

 

 

505

 

 

541,552

 

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

 

 

500

 

 

541,665

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,508,766

 

Special Projects System,
Series A, 5.50%, 9/01/41

 

 

2,120

 

 

2,304,397

 

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

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,601,550

 

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

 

 

1,000

 

 

1,113,970

 

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

 

 

1,100

 

 

1,183,864

 

 

 

 

 

 

 

25,787,287

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,013,450

 

Virginia — 1.1%

 

 

 

 

 

 

 

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

 

 

1,100

 

 

1,257,201

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

OCTOBER 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington — 1.6%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,096,600

 

State of Washington, GO, Various
Purpose, Series B, 5.25%, 2/01/36

 

 

725

 

 

797,979

 

 

 

 

 

 

 

1,894,579

 

West Virginia — 0.6%

 

 

 

 

 

 

 

West Virginia University, RB, West
Virginia University Projects, Series B,
5.00%, 10/01/36

 

 

680

 

 

727,716

 

Total Municipal Bonds – 130.9%

 

 

 

 

 

154,313,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Alabama — 1.3%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,544,190

 

California — 2.3%

 

 

 

 

 

 

 

San Diego Community College District
California, GO, Election of 2002
(AGM), 5.00%, 5/01/30

 

 

2,500

 

 

2,652,600

 

District of Columbia — 0.8%

 

 

 

 

 

 

 

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

 

 

750

 

 

884,433

 

Florida — 3.9%

 

 

 

 

 

 

 

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

 

 

1,320

 

 

1,347,007

 

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

 

 

2,499

 

 

2,553,903

 

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

 

 

645

 

 

679,288

 

 

 

 

 

 

 

4,580,198

 

Illinois — 2.6%

 

 

 

 

 

 

 

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

 

 

2,999

 

 

3,076,683

 

Kentucky — 0.9%

 

 

 

 

 

 

 

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

 

 

1,002

 

 

1,084,099

 

Nevada — 7.5%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,010

 

 

2,258,074

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,209,611

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Nevada (concluded)

 

 

 

 

 

 

 

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

 

$

4,200

 

$

4,428,774

 

 

 

 

 

 

 

8,896,459

 

New Jersey — 2.4%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,101,360

 

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

 

 

1,620

 

 

1,685,935

 

 

 

 

 

 

 

2,787,295

 

New York — 5.8%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,206,178

 

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

 

 

3,250

 

 

3,522,123

 

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

 

 

2,000

 

 

2,085,500

 

 

 

 

 

 

 

6,813,801

 

Texas — 2.4%

 

 

 

 

 

 

 

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

 

 

2,609

 

 

2,859,236

 

Total Municipal Bonds Transferred to

 

 

 

 

 

 

 

Tender Option Bond (TOB) Trusts – 29.9%

 

 

 

 

 

35,178,994

 

Total Long-Term Investments
(Cost – $180,263,383) – 160.8%

 

 

 

 

 

189,492,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (d)(e)

 

 

4,692,211

 

 

4,692,211

 

Total Short-Term Securities
(Cost – $4,692,211) – 4.0%

 

 

 

 

 

4,692,211

 

Total Investments (Cost — $184,955,594*) - 164.8%

 

 

 

 

 

194,184,422

 

Liabilities in Excess of Other Assets – (1.8)%

 

 

 

 

 

(2,066,205

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (15.0)%

 

 

 

 

 

(17,728,172

)

AMPS, at Redemption Value – (48.0)%

 

 

 

 

 

(56,528,454

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

117,861,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

OCTOBER 31, 2011

4


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Investment Quality Fund (MFT)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate Cost

 

$

167,265,191

 

Gross unrealized appreciation

 

$

9,668,962

 

Gross unrealized depreciation

 

 

(469,461

)

Net unrealized appreciation

 

$

9,199,501

 

 

 

(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)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Jefferies & Company, Inc.

 

$

1,658,639

 

$

39,025

 

Wells Fargo

 

$

439,442

 

$

1,721

 

Barclays Capital, Inc.

 

$

2,173,136

 

$

6,899

 

 

 

(c)

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.

 

 

(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
October 31,
2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

6,706,791

 

 

(2,014,580

)

 

4,692,211

 

$

121

 

 

 

 

(e)

Represents the current yield as of report date.

 

 

•

Fair Value Measurements – Various inputs are used in determining the fair value of investments. 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)


Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Funds’ investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

189,492,211

 

 

—

 

$

189,492,211

 

Short-Term Securities

 

$

4,692,211

 

 

—

 

 

—

 

 

4,692,211

 

Total

 

$

4,692,211

 

$

189,492,211

 

 

—

 

$

194,184,422

 

 

 

1

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

OCTOBER 31, 2011

5

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: December 21, 2011
   
  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: December 21, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Investment Quality Fund
     
  Date: December 21, 2011