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 811-08349

 

Name of Fund: BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings 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: 08/31/2012

 

Date of reporting period: 11/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

 

 

Schedule of Investments November 30, 2011 (Unaudited)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 3.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

4,980

 

$

5,480,490

 

6.00%, 6/01/39

 

 

10,995

 

 

11,981,252

 

 

 

 

 

 

 

17,461,742

 

Arizona — 2.2%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM),
5.25%, 10/01/24

 

 

10,260

 

 

11,456,213

 

California — 19.2%

 

 

 

 

 

 

 

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

 

 

8,920

 

 

9,575,174

 

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

 

 

5,370

 

 

5,800,030

 

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

 

 

5,000

 

 

5,507,400

 

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

 

 

4,000

 

 

4,092,360

 

City of San Jose California, RB,
Series A-1, AMT, 5.75%, 3/01/34

 

 

4,450

 

 

4,591,287

 

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

 

 

6,600

 

 

6,876,870

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,424,900

 

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

 

 

3,675

 

 

3,997,297

 

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

 

 

5,000

 

 

5,308,000

 

Los Angeles Municipal Improvement
Corp., Refunding RB, Real Property,
Series B (AGC), 5.50%, 4/01/39

 

 

2,980

 

 

3,083,287

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Los Angeles Unified School District
California, GO, Series D, 5.25%,
7/01/25

 

$

3,485

 

$

3,891,839

 

Manteca Financing Authority California,
RB, Manteca Sewer (AGC):

 

 

 

 

 

 

 

5.63%, 12/01/33

 

 

2,450

 

 

2,635,220

 

5.75%, 12/01/36

 

 

3,285

 

 

3,540,113

 

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

 

 

4,110

 

 

4,499,957

 

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

 

 

3,820

 

 

4,352,088

 

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

 

 

4,690

 

 

5,079,833

 

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

 

 

3,000

 

 

3,126,540

 

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

 

 

15,000

 

 

15,927,900

 

 

 

 

 

 

 

102,310,095

 

Colorado — 1.5%

 

 

 

 

 

 

 

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

 

 

5,925

 

 

6,658,160

 

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

 

 

1,425

 

 

1,515,231

 

 

 

 

 

 

 

8,173,391

 

District of Columbia — 0.5%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A (NPFGC),
5.00%, 10/01/38

 

 

2,545

 

 

2,621,375

 

Florida — 10.0%

 

 

 

 

 

 

 

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

 

 

4,600

 

 

4,573,964

 

County of Miami-Dade Florida, RB,
Miami International Airport, Series A,
AMT:

 

 

 

 

 

 

 

(AGM), 5.50%, 10/01/41

 

 

3,620

 

 

3,660,797

 

(NPFGC), 6.00%, 10/01/29

 

 

8,000

 

 

8,049,200

 

 

 

 

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.

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

GARB

General Airport Revenue Bonds

GO

General Obligation Bonds

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

Q-SBLF

Qualified School Bond Loan Fund

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

1


 

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Florida Housing Finance Corp., HRB,
Waverly Apartments, Series C-1, AMT
(AGM), 6.30%, 7/01/30

 

$

2,055

 

$

2,070,721

 

Florida Housing Finance Corp.,
Refunding RB, Homeowner Mortgage,
Series 2, AMT (NPFGC):

 

 

 

 

 

 

 

5.75%, 7/01/14

 

 

415

 

 

415,905

 

5.90%, 7/01/29

 

 

6,010

 

 

6,079,355

 

Jacksonville Port Authority, RB, AMT
(AGC), 6.00%, 11/01/38

 

 

6,740

 

 

6,815,219

 

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

 

 

2,765

 

 

3,029,306

 

Miami-Dade County Housing Finance
Authority Florida, MRB, Marbrisa
Apartments Project, Series 2A, AMT
(AGM), 6.00%, 8/01/26

 

 

2,185

 

 

2,202,611

 

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

 

 

4,435

 

 

4,543,746

 

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

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

10,775

 

 

9,718,727

 

5.13%, 11/01/36

 

 

1,750

 

 

1,508,780

 

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

 

 

685

 

 

592,326

 

 

 

 

 

 

 

53,260,657

 

Georgia — 1.5%

 

 

 

 

 

 

 

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

 

 

7,575

 

 

7,821,718

 

Illinois — 19.3%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

6,370

 

 

6,715,764

 

5.00%, 12/01/41

 

 

9,505

 

 

9,505,000

 

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

 

 

3,745

 

 

4,051,116

 

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

 

 

6,315

 

 

7,133,235

 

Chicago Transit Authority, RB, Sales Tax
Receipts Revenue, 5.25%, 12/01/36

 

 

1,960

 

 

2,037,302

 

City of Chicago Illinois, RB, General,
Third Lien, O’Hare International
Airport:

 

 

 

 

 

 

 

Series A, 5.75%, 1/01/39

 

 

7,395

 

 

8,026,163

 

Series C (AGM), 5.25%, 1/01/35

 

 

4,535

 

 

4,747,601

 

City of Chicago Illinois, RB, Sales Tax
Revenue, Series A, 5.25%, 1/01/38

 

 

2,445

 

 

2,588,204

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

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

 

 

16,800

 

 

19,228,440

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB
(concluded):

 

 

 

 

 

 

 

General, Third Lien, Series C (AGC),
5.25%, 1/01/23

 

$

3,975

 

$

4,437,372

 

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

 

 

4,075

 

 

4,512,084

 

Illinois Finance Authority, RB, University
of Chicago, Series B, 5.50%, 7/01/37

 

 

10,000

 

 

10,782,600

 

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

 

 

4,000

 

 

4,103,120

 

Illinois Municipal Electric Agency, RB,
Series A (NPFGC), 5.25%, 2/01/35

 

 

2,700

 

 

2,786,022

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

4,365

 

 

4,654,269

 

6.00%, 6/01/28

 

 

1,245

 

 

1,310,350

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/26

 

 

5,625

 

 

6,120,787

 

 

 

 

 

 

 

102,739,429

 

Indiana — 5.3%

 

 

 

 

 

 

 

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

 

 

5,810

 

 

6,282,469

 

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

 

 

6,535

 

 

6,978,138

 

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

 

 

14,105

 

 

15,119,996

 

 

 

 

 

 

 

28,380,603

 

Iowa — 0.7%

 

 

 

 

 

 

 

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

 

 

3,375

 

 

3,541,826

 

Louisiana — 0.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

500

 

 

579,190

 

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

 

 

720

 

 

834,034

 

 

 

 

 

 

 

1,413,224

 

Michigan — 16.7%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

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

 

 

6,320

 

 

7,097,234

 

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

 

 

850

 

 

1,002,600

 

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

 

 

7,490

 

 

7,924,645

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

2


 

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

City of Detroit Michigan, RB (concluded):

 

 

 

 

 

 

 

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

 

$

6,600

 

$

7,804,434

 

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

 

 

20,540

 

 

21,555,497

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

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

 

 

6,000

 

 

6,440,820

 

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

 

 

9,055

 

 

10,610,106

 

Hudsonville Public Schools, GO, School
Building & Site (Q-SBLF), 5.25%,
5/01/41

 

 

6,015

 

 

6,306,246

 

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

 

 

1,760

 

 

1,882,725

 

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

 

 

 

 

 

 

 

5.25%, 10/15/22

 

 

6,150

 

 

6,956,818

 

5.25%, 10/15/24

 

 

2,755

 

 

3,048,848

 

5.25%, 10/15/25

 

 

1,435

 

 

1,573,162

 

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

 

 

5,780

 

 

6,859,242

 

 

 

 

 

 

 

89,062,377

 

Minnesota — 2.1%

 

 

 

 

 

 

 

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

 

 

9,900

 

 

11,040,183

 

Nebraska — 1.0%

 

 

 

 

 

 

 

Nebraska Investment Finance Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.90%, 9/01/36

 

 

3,650

 

 

3,939,299

 

6.05%, 9/01/41

 

 

1,205

 

 

1,275,999

 

 

 

 

 

 

 

5,215,298

 

Nevada — 7.0%

 

 

 

 

 

 

 

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

 

 

11,140

 

 

11,796,257

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

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

 

 

10,630

 

 

11,033,621

 

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

 

 

14,500

 

 

14,576,125

 

 

 

 

 

 

 

37,406,003

 

New Jersey — 2.7%

 

 

 

 

 

 

 

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

 

 

6,500

 

 

6,773,585

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey Higher Education Student
Assistance Authority, RB, Series 1,
AMT, 5.75%, 12/01/28

 

$

4,475

 

$

4,626,255

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series B, 5.25%, 6/15/36 (a)

 

 

2,960

 

 

3,060,936

 

 

 

 

 

 

 

14,460,776

 

New York — 7.2%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series EE, 5.25%,
6/15/40

 

 

7,500

 

 

8,009,400

 

Second General Resolution,
Series EE, 5.38%, 6/15/43

 

 

3,475

 

 

3,744,243

 

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

 

 

4,000

 

 

4,387,240

 

New York City Municipal Water Finance
Authority, Refunding RB, Series D,
5.00%, 6/15/37

 

 

3,730

 

 

3,861,408

 

New York City Transitional Finance
Authority, RB, Sub-Series S-2A, 5.00%,
7/15/30

 

 

7,110

 

 

7,687,830

 

New York City Transitional Finance
Authority, RB, Fiscal 2009:

 

 

 

 

 

 

 

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

 

 

5,625

 

 

5,974,481

 

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

 

 

4,000

 

 

4,415,520

 

 

 

 

 

 

 

38,080,122

 

North Carolina — 2.3%

 

 

 

 

 

 

 

City of Charlotte NC, RB, Airport
Revenue, Charlotte Douglas Airport:

 

 

 

 

 

 

 

Series A, 5.00%, 7/01/41

 

 

8,540

 

 

8,869,217

 

Series B, AMT, 5.00%,
7/01/41

 

 

3,515

 

 

3,474,683

 

 

 

 

 

 

 

12,343,900

 

Ohio — 1.3%

 

 

 

 

 

 

 

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

 

 

7,125

 

 

7,154,284

 

Pennsylvania — 2.3%

 

 

 

 

 

 

 

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

 

 

4,945

 

 

5,239,920

 

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

 

 

6,875

 

 

7,123,737

 

 

 

 

 

 

 

12,363,657

 

Puerto Rico — 1.4%

 

 

 

 

 

 

 

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

 

 

6,610

 

 

7,320,046

 

Texas — 18.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

3,360

 

 

3,626,582

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

3


 

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 11/15/29

 

$

4,255

 

$

4,546,212

 

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

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

12,700

 

 

14,393,799

 

6.00%, 11/15/36

 

 

9,435

 

 

10,673,816

 

5.38%, 11/15/38

 

 

5,000

 

 

5,382,700

 

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

 

 

5,690

 

 

6,161,929

 

Dallas Area Rapid Transit, Refunding
RB, Senior Lien, 5.25%, 12/01/38

 

 

10,110

 

 

10,767,251

 

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

 

 

3,645

 

 

3,880,576

 

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

 

 

1,500

 

 

1,684,170

 

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

 

 

2,345

 

 

2,486,075

 

Lower Colorado River Authority,
Refunding RB, LCRA Transmission
Services Project (AGC), 5.50%,
5/15/36

 

 

3,295

 

 

3,484,627

 

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

 

 

2,300

 

 

2,479,538

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

12,150

 

 

13,039,380

 

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

 

 

 

 

 

 

 

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

 

 

5,555

 

 

6,153,107

 

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

 

 

7,000

 

 

7,441,910

 

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

 

 

1,770

 

 

1,895,104

 

 

 

 

 

 

 

98,096,776

 

Utah — 1.2%

 

 

 

 

 

 

 

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

 

 

6,375

 

 

6,468,203

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

4,300

 

 

4,877,920

 

Washington — 1.5%

 

 

 

 

 

 

 

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

 

 

4,200

 

 

4,565,820

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

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

 

$

3,290

 

$

3,589,686

 

 

 

 

 

 

 

8,155,506

 

Total Municipal Bonds – 129.8%

 

 

 

 

 

691,225,324

 

 

 

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

 

 

 

 

 

 

 

Alabama — 1.3%

 

 

 

 

 

 

 

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

 

 

6,500

 

 

6,690,710

 

California — 3.0%

 

 

 

 

 

 

 

California State University, Refunding
RB, Systemwide, Series A (AGM),
5.00%, 11/01/32

 

 

7,960

 

 

8,269,405

 

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

 

 

2,400

 

 

2,496,648

 

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

 

 

5,000

 

 

5,291,250

 

 

 

 

 

 

 

16,057,303

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

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

 

 

3,381

 

 

3,963,163

 

Florida — 4.8%

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,199,700

 

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

 

 

10,657

 

 

10,783,133

 

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

 

 

4,140

 

 

4,376,270

 

 

 

 

 

 

 

25,359,103

 

Illinois — 1.5%

 

 

 

 

 

 

 

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

 

 

7,737

 

 

7,953,129

 

Indiana — 1.9%

 

 

 

 

 

 

 

Indiana Health & Educational Facilities
Financing Authority, Refunding RB, St.
Francis, Series E (AGM), 5.25%,
5/15/41

 

 

9,850

 

 

9,988,787

 

Kentucky — 0.1%

 

 

 

 

 

 

 

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

 

 

404

 

 

438,140

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

4


 

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Massachusetts — 1.9%

 

 

 

 

 

 

 

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

 

$

9,440

 

$

9,997,904

 

Nevada — 2.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

8,000

 

 

8,927,840

 

Series B, 5.50%, 7/01/29

 

 

5,008

 

 

5,533,717

 

 

 

 

 

 

 

14,461,557

 

New Jersey — 3.9%

 

 

 

 

 

 

 

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

 

 

4,350

 

 

4,775,691

 

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

 

 

7,532

 

 

7,842,954

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGM), 5.00%, 12/15/32

 

 

8,000

 

 

8,308,000

 

 

 

 

 

 

 

20,926,645

 

New York — 7.2%

 

 

 

 

 

 

 

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

 

 

9,249

 

 

9,783,361

 

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

 

 

4,994

 

 

5,477,180

 

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

 

 

8,200

 

 

8,704,054

 

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

 

 

13,500

 

 

14,390,325

 

 

 

 

 

 

 

38,354,920

 

Texas — 4.4%

 

 

 

 

 

 

 

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

 

 

12,027

 

 

13,136,071

 

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

 

 

9,640

 

 

10,417,273

 

 

 

 

 

 

 

23,553,344

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts –
33.4%

 

 

 

 

 

177,744,705

 

Total Long-Term Investments
(Cost – $830,516,456) – 163.2%

 

 

 

 

 

868,970,029

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

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

 

 

15,436,017

 

$

15,436,017

 

Total Short-Term Securities
(Cost – $15,436,017) – 2.9%

 

 

 

 

 

15,436,017

 

Total Investments (Cost — $845,952,473*) -166.1%

 

 

 

 

 

884,406,046

 

Other Assets Less Liabilities – 2.1%

 

 

 

 

 

11,303,160

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (16.6)%

 

 

 

 

 

(88,454,796

)

VRDP Shares, at Liquidation Value – (51.6)%

 

 

 

 

 

(274,600,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

532,654,410

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

757,776,657

 

Gross unrealized appreciation

 

$

40,279,177

 

Gross unrealized depreciation

 

 

(2,059,065

)

Net unrealized appreciation

 

$

38,220,112

 

 

 

(a)

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


 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Morgan Stanley

 

$

2,806,878

 

$

27,338

 

 

Piper Jaffray

 

$

254,058

 

$

2,474

 

 

 

(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)

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
August 31,
2011

 

Net
Activity

 


Shares
Held at
November 30,
2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

22,122,505

 

 

(6,686,488

)

 

15,436,017

 

$

694

 

 

 

(d)

Represents the current yield as of report date.


 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

5


 

 

 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

 

 

•

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)

 

 

 

Chages 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 November 30, 2011 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

868,970,029

 

 

—

 

$

868,970,029

 

Short-Term
Securities

 

$

15,436,017

 

 

—

 

 

—

 

 

15,436,017

 

Total

 

$

15,436,017

 

$

868,970,029

 

 

—

 

$

884,406,046

 

 

 

1

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

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2011

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 MuniHoldings Investment Quality Fund
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniHoldings Investment Quality Fund
   
  Date: January 23, 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 MuniHoldings Investment Quality Fund
   
  Date: January 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Investment Quality Fund
     
  Date: January 23, 2012