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: 08/31/2011

 

Date of reporting period: 05/31/2011

 

Item 1 – Schedule of Investments

 


 

 

 

 

Schedule of Investments May 31, 2011 (Unaudited)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 3.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

4,980

 

$

5,383,181

 

6.00%, 6/01/39

 

 

10,995

 

 

11,694,832

 

 

 

 

 

 

 

 

 

 

 

 

 

17,078,013

 

Arizona — 2.6%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM):

 

 

 

 

 

 

 

5.25%, 10/01/24

 

 

10,260

 

 

10,852,720

 

5.25%, 10/01/28

 

 

2,240

 

 

2,288,339

 

 

 

 

 

 

 

 

 

 

 

 

 

13,141,059

 

California — 19.7%

 

 

 

 

 

 

 

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

 

 

8,920

 

 

9,333,353

 

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

 

 

5,370

 

 

5,612,670

 

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

 

 

5,000

 

 

5,353,650

 

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

 

 

4,000

 

 

3,841,640

 

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

 

 

6,600

 

 

6,669,036

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,078,500

 

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

 

 

7,150

 

 

7,364,500

 

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

 

 

5,000

 

 

5,163,850

 

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

 

 

2,980

 

 

3,008,072

 

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

 

 

3,485

 

 

3,729,786

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.63%, 12/01/33

 

$

2,450

 

$

2,568,801

 

5.75%, 12/01/36

 

 

3,285

 

 

3,423,890

 

Oxnard Union High School District, GO,
Refunding, Election of 2004, Series A
(AGM), 5.00%, 8/01/40

 

 

6,750

 

 

6,374,092

 

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

 

 

3,820

 

 

4,242,645

 

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

 

 

4,690

 

 

4,899,080

 

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

 

 

3,000

 

 

3,013,890

 

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

 

 

15,000

 

 

15,457,500

 

 

 

 

 

 

 

 

 

 

 

 

 

100,134,955

 

Colorado — 1.6%

 

 

 

 

 

 

 

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

 

 

5,925

 

 

6,488,823

 

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

 

 

1,425

 

 

1,470,857

 

 

 

 

 

 

 

 

 

 

 

 

 

7,959,680

 

District Of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia, Refunding RB,
Georgetown University, Series D
(BHAC), 5.50%, 4/01/36

 

 

775

 

 

820,919

 

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

 

 

2,545

 

 

2,569,584

 

 

 

 

 

 

 

 

 

 

 

 

 

3,390,503

 

Florida — 18.9%

 

 

 

 

 

 

 

City of Sunrise Florida, Refunding RB
(AMBAC), 5.20%, 10/01/22

 

 

1,225

 

 

1,323,465

 

County of Lee Florida, RB, Series A, AMT
(AGM), 6.00%, 10/01/29

 

 

19,925

 

 

20,004,301

 

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

 

 

 

 

 

 

 

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

 

 

10,900

 

 

10,360,341

 

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

 

 

8,000

 

 

8,086,240

 

(AGM), 5.13%, 10/01/35

 

 

8,605

 

 

7,904,381

 

 

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

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.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 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)

 

 

 

 

 

 

 

County of Osceola Florida, RB, Series A
(NPFGC), 5.50%, 10/01/27

 

$

5,560

 

$

5,626,498

 

County of St. John’s Florida, RB (AGM),
5.00%, 10/01/31

 

 

455

 

 

456,192

 

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

 

 

2,055

 

 

2,075,817

 

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

 

 

 

 

 

 

 

5.75%, 7/01/14

 

 

6,700

 

 

6,777,184

 

5.90%, 7/01/29

 

 

525

 

 

526,066

 

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

 

 

6,740

 

 

6,805,041

 

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

 

 

2,890

 

 

3,123,599

 

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

 

 

2,185

 

 

2,206,566

 

St. Lucie West Services District,
Refunding RB, Senior Lien (NPFGC),
6.00%, 10/01/22

 

 

3,250

 

 

3,325,887

 

St. Lucie West Services District, RB
(NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/34

 

 

1,720

 

 

1,612,242

 

5.00%, 10/01/38

 

 

4,125

 

 

3,669,765

 

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

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

10,775

 

 

9,154,979

 

5.13%, 11/01/36

 

 

1,750

 

 

1,415,575

 

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

 

 

1,740

 

 

1,423,146

 

 

 

 

 

 

 

 

 

 

 

 

 

95,877,285

 

Georgia — 4.5%

 

 

 

 

 

 

 

Augusta-Richmond County Georgia, RB
(AGM), 5.25%, 10/01/39

 

 

4,350

 

 

4,463,187

 

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

 

 

7,575

 

 

7,750,513

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

6,445

 

 

6,444,678

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Indenture,
Series B (AGM), 5.00%, 7/01/34

 

 

4,240

 

 

4,270,782

 

 

 

 

 

 

 

 

 

 

 

 

 

22,929,160

 

Illinois — 14.9%

 

 

 

 

 

 

 

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

 

 

3,745

 

 

3,863,155

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

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

 

$

6,315

 

$

6,971,507

 

City of Chicago Illinois, GO, Refunding,
Projects, Series A (AGM), 5.00%,
1/01/29

 

 

1,180

 

 

1,174,489

 

City of Chicago Illinois, RB:

 

 

 

 

 

 

 

General Airport, Third Lien, Series A
(NPFGC), 5.00%, 1/01/33

 

 

5,000

 

 

4,777,350

 

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

 

 

4,905

 

 

4,962,192

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

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

 

 

16,055

 

 

17,639,147

 

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

 

 

3,975

 

 

4,299,837

 

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

 

 

4,075

 

 

4,278,791

 

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

 

 

10,000

 

 

10,588,000

 

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

 

 

2,700

 

 

2,722,167

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

4,365

 

 

4,327,243

 

6.00%, 6/01/28

 

 

1,245

 

 

1,248,710

 

State of Illinois, RB:

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,069,240

 

Build Illinois, Series B, 5.25%,
6/15/26

 

 

5,625

 

 

5,996,644

 

 

 

 

 

 

 

 

 

 

 

 

 

75,918,472

 

Indiana — 2.9%

 

 

 

 

 

 

 

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

 

 

14,105

 

 

14,562,848

 

Iowa — 0.7%

 

 

 

 

 

 

 

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

 

 

3,375

 

 

3,454,144

 

Kentucky — 0.5%

 

 

 

 

 

 

 

Kentucky State Property & Buildings
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/28

 

 

2,500

 

 

2,646,875

 

Louisiana — 1.8%

 

 

 

 

 

 

 

East Baton Rouge Sewerage
Commission, RB, Series A, 5.25%,
2/01/34

 

 

1,370

 

 

1,417,950

 

Louisiana State Citizens Property
Insurance Corp., RB, Series C-3 (AGC),
6.13%, 6/01/25

 

 

5,475

 

 

6,122,200

 

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

 

 

 

 

 

 

 

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

 

 

500

 

 

566,235

 

 

 

 

2

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

720

 

 

815,378

 

 

 

 

 

 

 

 

 

 

 

 

 

8,921,763

 

Maryland — 0.3%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
University of Maryland Medical
System, 5.13%, 7/01/39

 

 

1,895

 

 

1,773,322

 

Michigan — 16.0%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

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

 

 

6,320

 

 

6,857,200

 

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

 

 

850

 

 

970,352

 

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

 

 

7,490

 

 

7,512,844

 

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

 

 

6,600

 

 

7,733,616

 

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

 

 

20,540

 

 

20,863,710

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

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

 

 

6,000

 

 

6,272,640

 

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

 

 

9,055

 

 

10,567,728

 

Kalamazoo Hospital Finance Authority,
RB, Bronson Methodist Hospital
(AGM), 5.25%, 5/15/36

 

 

910

 

 

892,610

 

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

 

 

1,760

 

 

1,839,464

 

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

 

 

 

 

 

 

 

5.25%, 10/15/22

 

 

6,150

 

 

6,772,503

 

5.25%, 10/15/24

 

 

2,755

 

 

2,975,042

 

5.25%, 10/15/25

 

 

1,435

 

 

1,535,335

 

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

 

 

5,780

 

 

6,633,475

 

 

 

 

 

 

 

 

 

 

 

 

 

81,426,519

 

Minnesota — 2.1%

 

 

 

 

 

 

 

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

 

 

9,900

 

 

10,712,097

 

Nebraska — 1.0%

 

 

 

 

 

 

 

Nebraska Investment Finance Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.90%, 9/01/36

 

 

3,650

 

 

3,791,912

 

6.05%, 9/01/41

 

 

1,305

 

 

1,341,410

 

 

 

 

 

 

 

 

 

 

 

 

 

5,133,322

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada — 8.0%

 

 

 

 

 

 

 

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

 

$

11,140

 

$

11,570,449

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

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

 

 

15,005

 

 

14,596,264

 

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

 

 

15,500

 

 

14,372,065

 

 

 

 

 

 

 

 

 

 

 

 

 

40,538,778

 

New Jersey — 2.2%

 

 

 

 

 

 

 

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

 

 

4,350

 

 

4,656,980

 

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

 

 

6,500

 

 

6,648,590

 

 

 

 

 

 

 

 

 

 

 

 

 

11,305,570

 

New York — 6.8%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

7,500

 

 

7,834,650

 

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

 

 

6,705

 

 

7,107,770

 

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

 

 

4,000

 

 

4,264,480

 

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

 

 

5,000

 

 

5,039,850

 

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

 

 

 

 

 

 

 

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

 

 

5,625

 

 

5,802,806

 

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

 

 

4,000

 

 

4,298,200

 

 

 

 

 

 

 

 

 

 

 

 

 

34,347,756

 

Ohio — 1.4%

 

 

 

 

 

 

 

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

 

 

7,725

 

 

7,348,638

 

Pennsylvania — 1.2%

 

 

 

 

 

 

 

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

 

 

4,945

 

 

5,079,850

 

Pittsburgh & Allegheny County Sports &
Exhibition Authority, Refunding RB,
Regional Asset District Sales Tax
(AGM), 5.00%, 2/01/31

 

 

1,280

 

 

1,296,819

 

 

 

 

 

 

 

 

 

 

 

 

 

6,376,669

 

Puerto Rico — 2.2%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB, Series CC
(AGM), 5.50%, 7/01/30

 

 

4,000

 

 

4,158,720

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2011

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 (concluded)

 

 

 

 

 

 

 

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

 

$

6,610

 

$

6,976,921

 

 

 

 

 

 

 

 

 

 

 

 

 

11,135,641

 

Texas — 19.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

3,360

 

 

3,530,419

 

5.00%, 11/15/29

 

 

4,255

 

 

4,433,923

 

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

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

12,700

 

 

14,132,306

 

6.00%, 11/15/36

 

 

9,435

 

 

10,472,284

 

5.38%, 11/15/38

 

 

5,000

 

 

5,252,200

 

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

 

 

5,690

 

 

5,972,964

 

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

 

 

10,110

 

 

10,588,203

 

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

 

 

1,500

 

 

1,650,855

 

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

 

 

3,295

 

 

3,406,338

 

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

 

 

2,300

 

 

2,410,492

 

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

 

 

12,400

 

 

12,775,348

 

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

 

 

 

 

 

 

 

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

 

 

5,555

 

 

5,865,302

 

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

 

 

7,000

 

 

7,184,520

 

Series A (NPFGC), 5.13%, 1/01/28

 

 

9,645

 

 

9,787,167

 

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

 

 

1,770

 

 

1,862,766

 

 

 

 

 

 

 

 

 

 

 

 

 

99,325,087

 

Utah — 1.2%

 

 

 

 

 

 

 

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

 

 

6,375

 

 

6,200,261

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

4,300

 

 

4,816,215

 

Washington — 1.6%

 

 

 

 

 

 

 

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

 

 

4,200

 

 

4,437,720

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

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

 

$

3,290

 

$

3,494,737

 

 

 

 

 

 

 

 

 

 

 

 

 

7,932,457

 

Total Municipal Bonds – 136.6%

 

 

 

 

 

694,387,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

 

 

 

 

 

 

Alabama — 1.3%

 

 

 

 

 

 

 

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

 

 

6,500

 

 

6,592,690

 

California — 3.0%

 

 

 

 

 

 

 

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

 

 

7,960

 

 

7,836,302

 

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

 

 

2,400

 

 

2,406,216

 

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

 

 

5,000

 

 

5,061,800

 

 

 

 

 

 

 

 

 

 

 

 

 

15,304,318

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

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

 

 

3,381

 

 

3,758,673

 

Florida — 5.0%

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,153,200

 

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

 

 

10,657

 

 

10,391,272

 

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

 

 

4,320

 

 

4,706,208

 

 

 

 

 

 

 

 

 

 

 

 

 

25,250,680

 

Illinois — 1.5%

 

 

 

 

 

 

 

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

 

 

7,737

 

 

7,632,577

 

Indiana — 1.9%

 

 

 

 

 

 

 

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

 

 

9,850

 

 

9,761,547

 

 

 

 

4

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

Par
(000)

 

Value

 

Kentucky — 0.1%

 

 

 

 

 

 

 

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

 

$

404

 

$

429,683

 

Nevada — 2.8%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

8,000

 

 

8,776,480

 

Series B, 5.50%, 7/01/29

 

 

5,008

 

 

5,400,902

 

 

 

 

 

 

 

 

 

 

 

 

 

14,177,382

 

New Jersey — 3.1%

 

 

 

 

 

 

 

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

 

 

7,532

 

 

7,632,867

 

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

 

 

8,000

 

 

8,048,560

 

 

 

 

 

 

 

 

 

 

 

 

 

15,681,427

 

New York — 3.8%

 

 

 

 

 

 

 

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

 

 

4,994

 

 

5,323,884

 

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

 

 

13,500

 

 

14,076,990

 

 

 

 

 

 

 

 

 

 

 

 

 

19,400,874

 

Texas — 2.5%

 

 

 

 

 

 

 

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

 

 

12,027

 

 

12,904,252

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 25.7%

 

 

 

 

 

130,894,103

 

Total Long-Term Investments

 

 

 

 

 

 

 

(Cost – $812,069,583) – 162.3%

 

 

 

 

 

825,281,192

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.11% (b)(c)

 

 

15,031,057

 

 

15,031,057

 

Total Short-Term Securities
(Cost – $15,031,057) – 3.0%

 

 

 

 

 

15,031,057

 

Total Investments
(Cost – $827,100,640*) – 165.3%

 

 

 

 

 

840,312,249

 

Other Assets Less Liabilities – 2.1%

 

 

 

 

 

10,749,906

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (13.4)%

 

 

 

 

 

(68,151,969

)

Preferred Shares, at Redemption Value – (54.0)%

 

 

 

 

 

(274,666,834

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

508,243,352

 

 

 

 

 

 

 

 

 

*

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

 

 

 

 

 

Aggregate Cost

 

$

759,063,147

 

 

 

 

Gross unrealized appreciation

 

$

22,298,346

 

Gross unrealized depreciation

 

 

(9,139,303

)

 

 

 

Net unrealized appreciation

 

$

13,159,043

 

 

 

 

 

 

(a)

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

 

 

(b)

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,
2010

 

Net
Activity

 

Shares
Held at
May 31, 2011

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

32,301,054

 

 

(17,269,997

)

 

15,031,057

 

$

26,346

 

 

 

(c)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of May 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

363

 

10-Year
U.S.
Treasury
Note

 

Chicago
Board of
Trade

 

June
2011

 

$

43,020,482

 

$

(2,002,862

)

131

 

10-Year
U.S.
Treasury
Note

 

Chicago
Board of
Trade

 

September
2011

 

$

16,040,087

 

 

(21,741

)

Total

 

 

 

 

 

 

 

 

 

 

$

(2,024,603

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — 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)


 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2011

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Investment Quality Fund (MFL)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk 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, 2011 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

 

 

—

 

$

825,281,192

 

 

—

 

$

825,281,192

 

Short-Term
Securities

 

$

15,031,057

 

 

—

 

 

—

 

 

15,031,057

 

 

 

Total

 

$

15,031,057

 

$

825,281,192

 

 

—

 

$

840,312,249

 

 

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(2,024,603

)

 

—

 

 

—

 

$

(2,024,603

)

 

 

 

 

2

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


 

 

 

6

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

MAY 31, 2011

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 26, 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 MuniHoldings Investment Quality Fund
   
  Date: July 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Investment Quality Fund
     
  Date: July 26, 2011