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



Schedule of Investments October 31, 2011 (Unaudited)	BlackRock MuniYield Investment Quality Fund (MFT)
Schedule of Investments October 31, 2011 (Unaudited)	(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


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



Schedule of Investments (continued)	BlackRock MuniYield Investment Quality Fund (MFT)
Schedule of Investments (continued)	(Percentages shown are based on Net Assets)



BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND	OCTOBER 31, 2011	1



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)


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


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


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


¹	See above Schedule of Investments for values in each state or political subdivision.