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: 05/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments May 31, 2012 (Unaudited)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 5.2%

 

 

 

 

 

 

 

Auburn University, Refunding RB,
Series A:

 

 

 

 

 

 

 

5.00%, 6/01/29

 

$

5,665

 

$

6,691,272

 

5.00%, 6/01/31

 

 

3,250

 

 

3,795,740

 

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

 

 

 

 

 

 

 

6.13%, 6/01/34

 

 

4,980

 

 

5,765,296

 

6.00%, 6/01/39

 

 

10,995

 

 

12,692,958

 

Selma IDB, RB, International Paper Co.,
Project, Series A, 5.38%, 12/01/35

 

 

1,745

 

 

1,871,041

 

 

 

 

 

 

 

30,816,307

 

Arizona — 5.9%

 

 

 

 

 

 

 

Arizona Board of Regents, Refunding
COP, University of Arizona, Series C,
5.00%, 6/01/25 (a)

 

 

7,755

 

 

8,940,817

 

Arizona Board of Regents,
Refunding RB:

 

 

 

 

 

 

 

Arizona State University,
System, Series A, 5.00%,
7/01/42

 

 

5,000

 

 

5,600,850

 

Series A, 5.00%, 6/01/42

 

 

3,000

 

 

3,376,950

 

Arizona Board of Regents, Tax Exempt
Refunding RB, Series A, 5.00%,
7/01/30

 

 

3,140

 

 

3,659,074

 

Arizona State Board of Regents,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.00%, 7/01/28

 

 

620

 

 

727,781

 

5.00%, 7/01/29

 

 

580

 

 

678,072

 

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

 

 

10,260

 

 

11,920,786

 

 

 

 

 

 

 

34,904,330

 

California — 22.7%

 

 

 

 

 

 

 

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

 

 

8,920

 

 

10,356,031

 

California Health Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

Stanford Hospital and Clinics,
Series A, 5.00%, 8/15/42

 

 

450

 

 

496,107

 

Stanford Hospital and Clinics,
Series A, 5.00%, 8/15/51

 

 

4,690

 

 

5,083,632

 

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

 

 

5,370

 

 

6,349,434

 

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

 

 

5,000

 

 

5,745,000

 

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

 

 

2,975

 

 

3,195,091

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

4,345

 

$

4,695,164

 

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

 

 

4,450

 

 

5,040,960

 

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

 

 

6,600

 

 

7,344,216

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,000

 

 

11,094,900

 

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

 

 

3,675

 

 

4,246,793

 

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

 

 

5,000

 

 

5,800,850

 

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

 

 

2,980

 

 

3,304,909

 

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

 

 

3,485

 

 

4,085,012

 

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

 

 

 

 

 

 

 

5.63%, 12/01/33

 

 

2,450

 

 

2,782,171

 

5.75%, 12/01/36

 

 

3,285

 

 

3,738,691

 

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

 

 

4,110

 

 

4,805,823

 

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

 

 

3,820

 

 

4,544,807

 

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

 

 

4,690

 

 

5,436,085

 

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

 

 

3,000

 

 

3,263,760

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

5.00%, 9/01/41

 

 

10,345

 

 

11,096,254

 

(AGC), 5.50%, 11/01/39

 

 

15,000

 

 

16,871,400

 

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

 

 

3,275

 

 

3,761,731

 

 

 

 

 

 

 

133,138,821

 

Colorado — 1.2%

 

 

 

 

 

 

 

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

 

 

5,925

 

 

6,954,528

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB:

 

 

 

 

 

 

 

Series A (NPFGC), 5.00%,
10/01/38

 

 

1,000

 

 

1,107,950

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB (concluded):

 

 

 

 

 

 

 

Sub Lien, Series A, Public
Utility Revenue, 5.00%,
10/01/30

 

$

7,515

 

$

8,848,988

 

 

 

 

 

 

 

9,956,938

 

Florida — 9.0%

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,460,100

 

City of Jacksonville Florida, Refunding
RB, Sales Tax Revenue, Better
Jacksonville (AGM), 5.00%, 10/01/29

 

 

3,500

 

 

3,955,035

 

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

 

 

4,600

 

 

4,979,638

 

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

 

 

 

 

 

 

 

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

 

 

3,500

 

 

3,738,490

 

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

 

 

8,000

 

 

8,055,760

 

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

 

 

2,055

 

 

2,058,411

 

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

 

 

 

 

 

 

 

5.75%, 7/01/14

 

 

350

 

 

350,931

 

5.90%, 7/01/29

 

 

5,670

 

 

5,735,092

 

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

 

 

2,700

 

 

3,009,069

 

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

 

 

2,185

 

 

2,192,364

 

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

 

 

3,555

 

 

3,949,889

 

Palm Beach County Florida School
Board, Refunding COP, Series A,
5.00%, 8/01/28

 

 

4,000

 

 

4,524,000

 

 

 

 

 

 

 

53,008,779

 

Illinois — 16.3%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A, 5.50%, 12/01/39

 

 

6,370

 

 

7,281,419

 

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

 

 

1,620

 

 

1,974,181

 

Chicago Transit Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,315

 

 

7,411,221

 

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

 

 

1,960

 

 

2,206,509

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Chicago Transit Authority, RB
(concluded):

 

 

 

 

 

 

 

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

 

$

5,515

 

$

6,180,385

 

City of Chicago Illinois, RB:

 

 

 

 

 

 

 

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

 

 

7,395

 

 

8,577,534

 

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

 

 

16,800

 

 

20,328,000

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

Sales Tax Revenue, Series A,
5.25%, 1/01/38

 

 

2,445

 

 

2,758,889

 

Waterworks Revenue Project,
5.00%, 11/01/42

 

 

4,360

 

 

4,870,120

 

City of Chicago Illinois, Refunding RB,
O’Hare International Airport, General,
Third Lien, Series C, 5.25%, 1/01/35

 

 

4,520

 

 

4,995,188

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Carle Foundation, Series A,
6.00%, 8/15/41

 

 

4,000

 

 

4,444,640

 

University of Chicago, Series B,
5.50%, 7/01/37

 

 

10,000

 

 

11,694,200

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

4,365

 

 

5,028,567

 

6.00%, 6/01/28

 

 

1,245

 

 

1,428,613

 

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

 

 

5,625

 

 

6,478,875

 

 

 

 

 

 

 

95,658,341

 

Indiana — 3.5%

 

 

 

 

 

 

 

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

 

 

4,080

 

 

4,471,558

 

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

 

 

14,105

 

 

15,829,759

 

 

 

 

 

 

 

20,301,317

 

Kentucky — 0.4%

 

 

 

 

 

 

 

The Turnpike Authority of Kentucky, RB,
Revitalization Projects, Series A,
5.00%, 7/01/29

 

 

2,235

 

 

2,655,649

 

Louisiana — 0.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

500

 

 

597,230

 

Series A-2, (AGC), 6.00%,
1/01/23

 

 

720

 

 

860,011

 

 

 

 

 

 

 

1,457,241

 

Massachusetts — 0.4%

 

 

 

 

 

 

 

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

 

 

2,090

 

 

2,398,400

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan — 7.8%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

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

 

$

6,320

 

$

7,303,139

 

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

 

 

7,490

 

 

8,406,027

 

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

 

 

2,780

 

 

3,506,025

 

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

 

 

9,055

 

 

11,040,399

 

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

 

 

6,015

 

 

6,698,123

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGC), 5.25%, 10/15/25

 

 

1,435

 

 

1,682,911

 

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

 

 

5,780

 

 

7,387,245

 

 

 

 

 

 

 

46,023,869

 

Minnesota — 2.0%

 

 

 

 

 

 

 

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

 

 

9,900

 

 

11,753,577

 

Mississippi — 1.0%

 

 

 

 

 

 

 

Medical Center Educational Building
Corporation, RB, University of
Mississippi Medical Center Facilities
Expansion & Renovation Project,
Series A, 5.00%, 6/01/41

 

 

5,380

 

 

5,950,710

 

Nebraska — 0.9%

 

 

 

 

 

 

 

Nebraska Investment Finance Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.90%, 9/01/36

 

 

3,650

 

 

4,171,001

 

6.05%, 9/01/41

 

 

1,015

 

 

1,078,712

 

 

 

 

 

 

 

5,249,713

 

Nevada — 5.5%

 

 

 

 

 

 

 

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

 

 

10,850

 

 

12,685,711

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

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

 

 

12,750

 

 

14,063,760

 

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

 

 

5,390

 

 

5,701,704

 

 

 

 

 

 

 

32,451,175

 

New Jersey — 3.7%

 

 

 

 

 

 

 

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

 

 

6,500

 

 

7,142,265

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

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

 

$

4,475

 

$

5,039,924

 

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

 

 

 

 

 

 

 

Series A, 5.50%, 6/15/41

 

 

5,410

 

 

6,269,432

 

Series B, 5.25%, 6/15/36

 

 

2,960

 

 

3,365,757

 

 

 

 

 

 

 

21,817,378

 

New York — 9.6%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Refunding RB, Transportation, Series
C, 5.00%, 11/15/28

 

 

5,500

 

 

6,347,330

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

7,500

 

 

8,457,000

 

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

 

 

4,000

 

 

4,608,320

 

New York City Municipal Water Finance
Authority, Refunding RB, Second
General Resolution, Series EE, 5.38%,
6/15/43

 

 

3,475

 

 

4,007,718

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

Future Tax Secured, Subseries
E-1, 5.00%, 2/01/42

 

 

7,210

 

 

8,127,977

 

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

 

 

5,625

 

 

6,283,125

 

Sub-Future Tax Secured,
Series C, 5.00%, 11/01/39

 

 

4,865

 

 

5,438,000

 

Sub-Series S-2A, 5.00%,
7/15/30

 

 

7,110

 

 

8,182,117

 

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

 

 

4,000

 

 

4,680,160

 

 

 

 

 

 

 

56,131,747

 

North Carolina — 2.1%

 

 

 

 

 

 

 

City of Charlotte NC, ARB, Airport
Revenue, Charlotte Douglas Airport,
Series A, 5.00%, 7/01/41

 

 

7,540

 

 

8,345,272

 

University of North Carolina, Refunding
RB, 5.00%, 4/01/28

 

 

3,275

 

 

3,818,519

 

 

 

 

 

 

 

12,163,791

 

Pennsylvania — 1.7%

 

 

 

 

 

 

 

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

 

 

4,945

 

 

5,589,136

 

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

 

 

3,785

 

 

4,302,258

 

 

 

 

 

 

 

9,891,394

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico — 1.3%

 

 

 

 

 

 

 

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

 

$

6,610

 

$

7,731,915

 

Texas — 18.1%

 

 

 

 

 

 

 

City of Austin Texas, Refunding RB,
Series A (AGM), 5.00%, 11/15/28

 

 

3,360

 

 

3,902,102

 

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

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

12,700

 

 

15,350,236

 

6.00%, 11/15/36

 

 

9,435

 

 

11,364,080

 

5.38%, 11/15/38

 

 

5,000

 

 

5,730,300

 

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

 

 

10,110

 

 

11,330,176

 

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

 

 

3,645

 

 

4,147,682

 

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

 

 

1,500

 

 

1,801,320

 

Katy Independent School District,
Refunding RB, School Building, Series
A, (PSF-GTD), 5.00%, 2/15/42 (a)

 

 

3,505

 

 

4,002,500

 

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

 

 

4,175

 

 

4,752,695

 

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

 

 

3,500

 

 

4,091,080

 

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

 

 

 

 

 

 

 

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

 

 

5,555

 

 

6,563,233

 

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

 

 

12,150

 

 

13,729,379

 

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

 

 

1,770

 

 

2,045,978

 

Texas State Turnpike Authority, RB,
Central Texas Turnpike System, First
Tier, Series A (AMBAC), 5.00%,
8/15/42

 

 

5,790

 

 

5,790,463

 

Texas Tech University, Refunding RB,
Improvement Bonds, 14th Series A,
5.00%, 8/15/32

 

 

1,500

 

 

1,733,160

 

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

 

 

8,495

 

 

9,801,021

 

 

 

 

 

 

 

106,135,405

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

4,300

 

 

5,077,053

 

Washington — 1.5%

 

 

 

 

 

 

 

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

 

 

4,200

 

 

4,843,566

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

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

 

$

3,290

 

$

3,813,011

 

 

 

 

 

 

 

8,656,577

 

Wisconsin — 1.1%

 

 

 

 

 

 

 

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

 

 

5,800

 

 

6,314,750

 

Total Municipal Bonds – 123.7%

 

 

 

 

 

726,599,705

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Alabama — 1.2%

 

 

 

 

 

 

 

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

 

 

6,500

 

 

6,863,610

 

California — 2.0%

 

 

 

 

 

 

 

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

 

 

7,960

 

 

8,954,761

 

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

 

 

2,400

 

 

2,663,760

 

 

 

 

 

 

 

11,618,521

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

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

 

 

3,381

 

 

4,242,689

 

Florida — 2.7%

 

 

 

 

 

 

 

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

 

 

10,657

 

 

11,401,520

 

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

 

 

4,065

 

 

4,334,591

 

 

 

 

 

 

 

15,736,111

 

Illinois — 1.4%

 

 

 

 

 

 

 

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

 

 

7,737

 

 

8,406,383

 

Indiana — 1.8%

 

 

 

 

 

 

 

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

 

 

9,850

 

 

10,466,019

 

Kentucky — 0.1%

 

 

 

 

 

 

 

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

 

 

404

 

 

464,440

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

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 — 1.8%

 

 

 

 

 

 

 

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

 

$

9,440

 

$

10,716,194

 

Nevada — 2.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

8,000

 

 

9,896,560

 

Series B, 5.50%, 7/01/29

 

 

5,008

 

 

5,836,972

 

 

 

 

 

 

 

15,733,532

 

New Jersey — 3.8%

 

 

 

 

 

 

 

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

 

 

4,350

 

 

5,021,814

 

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

 

 

7,402

 

 

8,083,990

 

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

 

 

8,000

 

 

9,002,480

 

 

 

 

 

 

 

22,108,284

 

New York — 10.7%

 

 

 

 

 

 

 

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

 

 

9,249

 

 

10,648,882

 

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

 

 

4,994

 

 

5,753,254

 

New York City Transitional Finance
Authority, RB, Future Tax Secured,
Sub-Series E1, 5.00%, 2/01/42

 

 

5,439

 

 

6,131,360

 

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

 

 

13,950

 

 

15,866,591

 

New York State Dormitory Authority, RB,
Short Term Personal Income, Tax
Revenue Education, Series B, 5.25%,
3/15/38

 

 

13,500

 

 

15,388,110

 

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

 

 

8,200

 

 

9,431,886

 

 

 

 

 

 

 

63,220,083

 

Puerto Rico — 1.0%

 

 

 

 

 

 

 

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

 

 

5,590

 

 

6,184,776

 

Texas — 6.4%

 

 

 

 

 

 

 

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

 

 

12,027

 

 

13,894,922

 

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

 

 

9,640

 

 

11,268,003

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

11,250

 

$

12,672,900

 

 

 

 

 

 

 

37,835,825

 

Utah — 1.2%

 

 

 

 

 

 

 

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

 

 

6,373

 

 

6,880,389

 

Washington — 1.7%

 

 

 

 

 

 

 

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

 

 

8,698

 

 

9,949,581

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 39.2%

 

 

 

 

 

230,426,437

 

Total Long-Term Investments
(Cost – $874,585,048) – 162.9%

 

 

 

 

 

957,026,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

Alabama — 0.1%

 

 

 

 

 

 

 

Eutaw Industrial Development Board,
Refunding RB, VRDN, Alabama Power
Company Project, 0.13%, 6/01/12 (c)

 

 

600

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.04% (d)(e)

 

 

19,976,206

 

 

19,976,206

 

Total Short-Term Securities
(Cost – $20,576,206) – 3.5%

 

 

 

 

 

20,576,206

 

Total Investments (Cost - $895,161,254*) – 166.4%

 

 

 

 

 

977,602,348

 

Liabilities in Excess of Other Assets – (0.2)%

 

 

 

 

 

(1,018,003

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (19.5)%

 

 

 

 

 

(114,578,616

)

VRDP Shares, at Liquidation Value – (46.7)%

 

 

 

 

 

(274,600,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

587,405,729

 

 

 

*

As of May 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

Tax cost

 

$

780,880,026

 

Gross unrealized appreciation

 

$

82,276,631

 

Gross unrealized depreciation

 

 

(68,998

)

Net unrealized appreciation

 

$

82,207,633

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

 

(a)

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


 

 

 

 

 

 

 

 

 Counterparty

 

Value

 

Unrealized
Appreciation

 

 Citigroup Global Markets

 

$

8,940,817

 

$

33,269

 

 Piper Jaffrey

 

$

4,002,500

 

$

33,192

 

 

 

(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)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

 

 

(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
August 31,
2011

 

Net
Activity

 

Shares
Held at
May 31,
2012

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

22,122,505

 

 

(2,146,299

)

 

19,976,206

 

$

2,701

 

 

 

(e)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of May 31, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

195

 

10-Year US
Treasury
Note

 

Chicago
Board of
Trade

 

September
2012

 

$

26,117,813

 

$

(228,886

)

 

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

COP

Certificates of Participation

EDA

Economic Development Authority

GARB

General Airport Revenue Bonds

GO

General Obligation Bonds

Ginnie Mae

Government National Mortgage Association

IDB

Industrial Development Board

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

Q-SBLF

Qualified School Bond Loan Fund

RB

Revenue Bonds

S/F

Single-Family

VRDN

Variable Rate Demand Notes

 

 

 

•

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 instrument 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 May 31, 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

 

 

—

 

$

957,026,142

 

 

—

 

$

957,026,142

 

Short-Term
Securities

 

$

19,976,206

 

 

600,000

 

 

—

 

 

20,576,206

 

Total

 

$

19,976,206

 

$

957,626,142

 

 

—

 

$

977,602,348

 

 

 

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

 

$

(228,886

)

 

—

 

 

—

 

$

(228,886

)

 

 

2

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

6


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Investment Quality Fund (MFL)

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2012, 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

 

$

515,000

 

 

—

 

 

—

 

$

515,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

—

 

$

(114,514,689

)

 

—

 

 

(114,514,689

)

VRDP shares

 

 

—

 

 

(274,600,000

)

 

—

 

 

(274,600,000

)

Total

 

$

515,000

 

$

(389,114,689

)

 

—

 

$

(388,599,689

)

There were no transfers between levels during the period ended May 31, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2012

7

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: July 25, 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: July 25, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Investment Quality Fund
     
  Date: July 25, 2012