0001193125-15-230346.txt : 20150622 0001193125-15-230346.hdr.sgml : 20150622 20150622153758 ACCESSION NUMBER: 0001193125-15-230346 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150430 FILED AS OF DATE: 20150622 DATE AS OF CHANGE: 20150622 EFFECTIVENESS DATE: 20150622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND CENTRAL INDEX KEY: 0000891188 IRS NUMBER: 223196058 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07156 FILM NUMBER: 15944685 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD INSURED INVESTMENT FUND DATE OF NAME CHANGE: 20080926 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD FLORIDA INSURED FUND DATE OF NAME CHANGE: 20070611 FORMER COMPANY: FORMER CONFORMED NAME: MUNIYIELD FLORIDA INSURED FUND /NJ/ DATE OF NAME CHANGE: 19921217 N-Q 1 d919359dnq.htm BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07156

Name of Fund:  BlackRock MuniYield Investment Quality Fund (MFT)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Investment Quality Fund, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2015

Date of reporting period: 04/30/2015

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2015 (Unaudited)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 4.4%

     

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

     

6.13%, 6/01/34

    $ 1,500      $ 1,747,350   

6.00%, 6/01/39

      2,985        3,453,735   

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35

      350        396,070   
    

 

 

  
               5,597,155   

California — 20.6%

     

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

      1,960        2,202,158   

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

      1,150        1,373,710   

City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT:

     

5.50%, 5/01/28

      720        849,658   

5.25%, 5/01/33

      560        635,835   

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

     

5.50%, 3/01/30

      1,600        1,807,136   

6.25%, 3/01/34

      1,250        1,472,975   

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

      1,400        1,570,142   

Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33

      970        1,147,607   

Los Angeles Community College District California, GO, Election of 2001, Series A (NPFGC), 5.00%, 8/01/17 (a)

      2,780        3,043,266   

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

      1,000        1,164,610   

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

      1,020        1,170,838   

State of California, GO, Refunding, Various Purposes, 5.00%, 11/01/43

      1,000        1,126,730   
Municipal Bonds    Par  
(000)		     Value  

California (concluded)

     

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

    $ 3,450      $ 4,020,871   

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/31

      1,000        1,196,350   

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33

      490        573,521   

Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40

      370        438,975   

University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38

      2,235        2,571,233   
    

 

 

  
               26,365,615   

Colorado — 2.0%

     

City & County of Denver Colorado Airport System, ARB, Series A, AMT:

     

5.50%, 11/15/28

      500        582,760   

5.50%, 11/15/30

      225        260,129   

5.50%, 11/15/31

      270        310,859   

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

      1,300        1,472,887   
    

 

 

  
               2,626,635   

Florida — 12.9%

     

City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33

      270        311,207   

County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29

      1,170        1,347,618   

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

      1,000        1,098,490   

County of Manatee Florida Housing Finance Authority, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40

      90        91,687   

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Florida (concluded)

     

County of Miami-Dade Florida, RB:

     

Seaport Department, Series B, AMT, 6.00%, 10/01/26

    $ 590      $ 722,909   

Seaport Department, Series B, AMT, 6.00%, 10/01/27

      775        952,498   

Seaport, Series A, 5.50%, 10/01/42

      2,125        2,456,011   

County of Miami-Dade Florida, RB:

     

Seaport, Series A, 6.00%, 10/01/38

      1,840        2,220,586   

Seaport, Series B, AMT, 6.25%, 10/01/38

      310        380,835   

Seaport, Series B, AMT, 6.00%, 10/01/42

      410        493,796   

County of Miami-Dade Florida, Refunding RB:

     

Seaport, Series D, AMT, 6.00%, 10/01/26

      735        905,344   

Water & Sewer System, Series B, 5.25%, 10/01/29

      500        584,765   

County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31

      2,165        2,404,341   

County of Osceola Florida, RB, Sales Tax, Series A:

     

5.00%, 10/01/40

      470        525,300   

5.00%, 10/01/44

      1,075        1,193,895   

Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32

      710        815,683   
    

 

 

  
               16,504,965   

Hawaii — 1.0%

     

State of Hawaii, Department of Transportation, COP, AMT:

     

5.25%, 8/01/25

      250        289,918   

5.25%, 8/01/26

      810        931,678   
    

 

 

  
               1,221,596   

Illinois — 21.8%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien:

     

Series A, 5.75%, 1/01/39

      770        877,492   

Series C, 6.50%, 1/01/41

      3,680        4,455,597   

City of Chicago Illinois, GO, Refunding, Series A, Project, 5.25%, 1/01/33

      570        571,927   

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

      525        570,092   
Municipal Bonds    Par  
(000)		     Value  

Illinois (concluded)

     

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41

    $ 385      $ 416,466   

City of Chicago Illinois Transit Authority, RB:

     

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

      1,400        1,611,722   

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

      1,000        1,106,450   

Sales Tax Receipts, 5.00%, 12/01/44

      1,830        2,042,390   

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

      3,000        3,256,050   

City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42

      1,375        1,451,422   

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

     

5.50%, 12/01/38

      1,500        1,713,600   

5.25%, 12/01/43

      2,700        3,013,767   

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

      1,555        1,833,267   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      940        1,100,261   

6.00%, 6/01/28

      270        318,019   

State of Illinois, GO:

     

5.25%, 2/01/31

      585        627,793   

5.25%, 2/01/32

      1,000        1,067,870   

5.50%, 7/01/33

      1,500        1,656,495   

5.50%, 7/01/38

      280        307,983   
    

 

 

  
               27,998,663   

Indiana — 4.1%

     

Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 7/01/40

      375        401,029   

 

                
2    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

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

    $ 4,310      $ 4,891,764   
    

 

 

  
               5,292,793   

Louisiana — 3.9%

     

City of New Orleans Louisiana Aviation Board, RB, Series B, AMT, 5.00%, 1/01/45

      1,080        1,175,785   

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

     

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

      375        433,129   

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

      160        184,061   

Lake Charles Harbor & Terminal District, RB, Series B, AMT, 5.50%, 1/01/29

      1,000        1,130,030   

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 10/01/37

      1,105        1,246,451   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29

      805        890,748   
    

 

 

  
               5,060,204   

Massachusetts — 2.3%

     

Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/26

      880        979,810   

Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42

      1,910        1,982,694   
    

 

 

  
               2,962,504   

Michigan — 2.8%

     

City of Detroit Michigan Water Supply System, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/36

      1,800        1,973,538   
Municipal Bonds    Par  
(000)		     Value  

Michigan (concluded)

     

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)

    $ 1,265      $ 1,563,388   
    

 

 

  
               3,536,926   

Minnesota — 2.7%

     

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

      3,000        3,486,870   

Mississippi — 1.4%

     

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40

      1,190        1,535,422   

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38

      260        295,950   
    

 

 

  
               1,831,372   

Nevada — 4.3%

     

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 7/01/39

      2,375        2,672,231   

County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38

      1,000        1,096,450   

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

      1,500        1,703,385   
    

 

 

  
               5,472,066   

New Jersey — 5.8%

     

New Jersey EDA, RB:

     

School Facilities Construction (AGC), 6.00%, 12/15/18 (a)

      980        1,148,246   

School Facilities Construction (AGC), 6.00%, 12/15/34

      20        23,030   

The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43

      1,000        1,105,940   

The Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 1/01/31

      530        589,609   

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

      1,400        1,561,154   

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New Jersey (concluded)

     

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

     

Series A, 5.50%, 6/15/41

    $ 1,195      $ 1,309,123   

Series AA, 5.50%, 6/15/39

      1,600        1,741,856   
    

 

 

  
               7,478,958   

New York — 5.4%

     

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

      1,545        1,776,441   

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

      2,000        2,291,840   

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 7/15/36

      2,500        2,819,550   
    

 

 

  
               6,887,831   

Ohio — 1.3%

     

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31

      1,500        1,730,625   

Pennsylvania — 2.7%

     

Pennsylvania Economic Development Financing Authority, RB, AMT, Pennsylvania Bridges Finco LP:

     

5.00%, 12/31/34

      800        869,936   

5.00%, 12/31/38

      350        377,979   

Pennsylvania Turnpike Commission, RB, Sub-Series A, 6.00%, 12/01/16 (a)

      2,000        2,173,600   
    

 

 

  
               3,421,515   

South Carolina — 4.9%

     

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

      1,470        1,701,716   

County of Charleston South Carolina Airport District, ARB, Series A, AMT:

     

5.50%, 7/01/26

      1,810        2,128,469   

6.00%, 7/01/38

      1,155        1,346,072   
Municipal Bonds    Par  
(000)		     Value  

South Carolina (concluded)

     

County of Charleston South Carolina Airport District, ARB, Series A, AMT (concluded):

     

5.50%, 7/01/41

    $ 1,000      $ 1,129,620   
    

 

 

  
               6,305,877   

Texas — 19.0%

     

Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/18 (a)

      2,250        2,501,977   

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37

      930        1,061,177   

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

      1,210        1,419,584   

City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC):

     

6.00%, 11/15/35

      2,700        3,198,555   

6.00%, 11/15/36

      2,055        2,434,456   

5.38%, 11/15/38

      1,000        1,137,250   

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A (AGC):

     

6.50%, 1/01/19 (a)

      265        313,691   

6.50%, 7/01/37

      835        958,330   

Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series H, AMT, 5.00%, 11/01/37

      980        1,055,382   

Dallas-Fort Worth International Airport, Refunding RB, Joint Revenue, Series E, 5.50%, 11/01/27

      2,500        2,951,250   

Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33

      730        852,713   

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

      2,750        3,228,362   

North Texas Tollway Authority, Refunding RB, 1st Tier:

     

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

      1,000        1,172,930   

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

      1,400        1,586,410   

 

                
4    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

     

Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38

    $ 420      $ 480,131   
    

 

 

  
               24,352,198   

Virginia — 1.3%

     

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43

      380        421,010   

Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)

      1,000        1,190,450   
    

 

 

  
               1,611,460   

Washington — 1.5%

     

City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/36

      1,000        1,133,280   

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

      725        837,390   
    

 

 

  
               1,970,670   
Total Municipal Bonds — 126.1%        161,716,498   
    
   
Municipal Bonds Transferred to
Tender Option Bond Trusts (b)		        

District of Columbia — 0.7%

                 

District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/35 (c)

      760        885,606   

Florida — 2.3%

     

County of Hillsborough Florida Aviation Authority, ARB, Tampa International Airport, Series A, AMT (AGC), 5.50%, 10/01/38

      2,499        2,777,627   

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

      175        178,156   
    

 

 

  
               2,955,783   
Municipal Bonds Transferred to
Tender Option Bond Trusts (b)		   

Par  

(000)

     Value  

Kentucky — 0.9%

     

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

    $ 1,002      $ 1,141,425   

Nevada — 7.4%

     

County of Clark Nevada Water Reclamation District, GO:

     

Limited Tax, 6.00%, 7/01/38

      2,010        2,300,023   

Series B, 5.50%, 7/01/29

      1,994        2,315,246   

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

      4,200        4,829,202   
    

 

 

  
               9,444,471   

New Jersey — 2.1%

     

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

      1,610        1,706,102   

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

      1,000        1,054,161   
    

 

 

  
               2,760,263   

New York — 12.5%

     

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:

     

Series BB, 5.25%, 6/15/44

      2,999        3,399,420   

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

      1,095        1,258,859   

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39

      1,000        1,118,657   

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (c)

      1,000        1,150,157   

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

      3,000        3,433,740   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (c)

      1,770        2,048,049   

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015    5

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (b)

   

Par  

(000)

     Value  

New York (concluded)

     

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

    $ 3,250      $ 3,675,100   
    

 

 

  
               16,083,982   

Texas — 2.3%

     

City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (c)

      2,609        2,948,185   

Utah — 0.9%

     

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

      1,004        1,102,933   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 29.1%		         37,322,648   

Total Long-Term Investments

(Cost — $179,066,818) — 155.2%

  

  

     199,039,146   

Short-Term Securities

   

Shares

     Value  

FFI Institutional Tax-Exempt Fund, 0.03% (d)(e)

      2,755,294      $ 2,755,294   

Total Short-Term Securities

(Cost — $2,755,294) — 2.2%

              2,755,294   
Total Investments (Cost — $181,822,112*) — 157.4%        201,794,440   
Other Assets Less Liabilities — 1.9%        2,430,701   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (15.2%)

   

     (19,492,510 ) 
VMTP Shares, at Liquidation Value — (44.1%)        (56,500,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 128,232,631   
    

 

 

  

 

*  As of April 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

      

Tax cost

  

   $ 162,594,373   
    

 

 

  

Gross unrealized appreciation

  

   $ 20,018,261   

Gross unrealized depreciation

  

     (306,487 ) 
    

 

 

  

Net unrealized appreciation

  

   $ 19,711,774   
    

 

 

  

 

 

Notes to Schedule of Investments

 

(a)   U.S. 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)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

 

(c)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019, is $4,627,651.

 

(d)   During the period ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund 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,
2014		        Net
Activity		       

Shares Held

at April 30,
2015

        Income  

FFI Institutional Tax-Exempt Fund

        2,565,273           190,021           2,755,294         $ 803   

 

(e)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.              
AGM    Assured Guaranty Municipal Corp.              
AMT    Alternative Minimum Tax (subject to)              
ARB    Airport Revenue Bonds              
BARB    Building Aid Revenue Bonds              
COP    Certificates of Participation              
EDA    Economic Development Authority              
ERB    Education Revenue Bonds              

 

                
6    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015   

Schedule of Investments (continued)

    BlackRock MuniYield Investment Quality Fund (MFT)

 

GARB    General Airport Revenue Bonds              
GO    General Obligation Bonds              
HFA    Housing Finance Agency              
IDA    Industrial Development Authority              
IDB    Industrial Development Board              
ISD    Independent School District              
LRB    Lease Revenue Bonds              
NPFGC    National Public Finance Guarantee Corp.              
RB    Revenue Bonds              
S/F    Single-Family              

 

•  

As of April 30, 2015, financial futures contracts outstanding were as follows:

 

Contracts
Short		     Issue   Exchange   Expiration  

Notional

Value

    

Unrealized

Depreciation

  
  (93 )    10-Year U.S. Treasury Note   Chicago Board of Trade   June 2015   $ 11,938,875      $ (105,107 ) 

 

•  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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. The three levels of the fair value hierarchy are as follows:

 

  •  

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

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. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 199,039,146         —      $ 199,039,146   

Short-Term Securities

   $ 2,755,294           —         —        2,755,294   
 

 

 

  

Total

   $ 2,755,294         $ 199,039,146         —      $ 201,794,440   
 

 

 

  

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

     

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015    7

Schedule of Investments (concluded)

    BlackRock MuniYield Investment Quality Fund (MFT)

 

 

     Level 1        Level 2      Level 3      Total  
Derivative Financial Instruments2          

Liabilities:

                 

Interest rate contracts

   $ (105,107 )       —      —      $ (105,107 ) 

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

      

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 132,000           —         —      $ 132,000   

Liabilities:

                 

TOB Trust Certificates

     —         $ (19,488,293 )       —        (19,488,293 ) 

VMTP Shares

     —           (56,500,000 )       —        (56,500,000 ) 
 

 

 

  

Total

   $ 132,000         $ (75,988,293 )       —      $ (75,856,293 ) 
 

 

 

  

During the period ended April 30, 2015, there were no transfers between levels.

 

                
8    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2015   

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: June 22, 2015

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: June 22, 2015
By:

/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Investment Quality Fund
Date: June 22, 2015
EX-99.CERT 2 d919359dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications Pursuant to Section 302

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Investment Quality Fund, certify that:

1. I have reviewed this report on Form N-Q of BlackRock MuniYield Investment Quality Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 22, 2015
/s/ John M. Perlowski                
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Investment Quality Fund

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Investment Quality Fund, certify that:

1. I have reviewed this report on Form N-Q of BlackRock MuniYield Investment Quality Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 22, 2015
/s/ Neal J. Andrews                
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Investment Quality Fund