N-Q 1 d383348dnq.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: 07/31/2017

Date of reporting period: 4/30/2017

Item 1 – Schedule of Investments

 

Schedule of Investments April 30, 2017 (Unaudited)

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 5.1%

 

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

     

6.00%, 6/01/19

    $ 2,985     $ 3,286,157  

6.13%, 6/01/19

      1,500       1,655,190  

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

      350       389,018  

UAB Medicine Finance Authority, Refunding RB, Series B-2, 4.00%, 9/01/47 (b)

      885       886,380  
    

 

 

  
               6,216,745  

California — 21.0%

 

California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18 (a)

      1,960       2,083,754  

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

      1,150       1,307,079  

California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47 (b)

      810       998,131  

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

     

2nd, 5.50%, 5/01/28

      720       836,618  

2nd, 5.25%, 5/01/33

      560       624,887  

5.00%, 5/01/44

      745       813,436  

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

     

5.50%, 3/01/30

      1,600       1,793,776  

6.25%, 3/01/34

      1,250       1,454,300  

County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/18 (a)

      1,400       1,476,608  

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

      970       1,148,907  

Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/21 (a)

      1,000       1,172,350  

Riverside County Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40

      2,000       2,306,500  
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

 

San Diego Public Facilities Financing Authority Water, Refunding RB, Series B (AGC), 5.38%, 8/01/19 (a)

    $ 1,020     $ 1,118,420  

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

      3,450       3,789,790  

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

      1,000       1,197,750  

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

      490       574,829  

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

      370       434,391  

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

      2,235       2,579,279  
    

 

 

  
               25,710,805  

Colorado — 2.5%

 

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

     

5.50%, 11/15/28

      500       573,720  

5.50%, 11/15/30

      225       255,951  

5.50%, 11/15/31

      270       306,245  

Colorado Health Facilities Authority, RB, Hospital,
NCMC, Inc. Project, Series B (AGM), 6.00%,
5/15/19 (a)

      1,300       1,429,168  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

      400       438,268  
    

 

 

  
               3,003,352  

Florida — 13.4%

 

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

      270       311,216  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45

      575       629,539  

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

      1,170       1,332,969  
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017    1

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Municipal Bonds   

Par  

(000)

     Value  

Florida (continued)

 

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

    $ 1,000     $ 1,112,280  

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

      90       90,505  

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

      70       70,934  

County of Miami-Dade Florida, RB, Seaport Department:

     

Series A, 6.00%, 10/01/38

      1,840       2,194,715  

Series A, 5.50%, 10/01/42

      2,125       2,456,139  

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

      590       702,495  

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

      775       921,769  

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

      310       367,871  

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

      410       474,378  

County of Miami-Dade Florida, Refunding RB:

     

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

      735       875,142  

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

      500       580,735  

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

      2,165       2,382,518  

County of Orange Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project, 5.00%, 8/01/41

      1,000       1,068,690  

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

      710       824,026  
    

 

 

  
               16,395,921  

Hawaii — 1.9%

 

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

     

5.25%, 8/01/25

      250       283,725  

5.25%, 8/01/26

      810       911,655  
Municipal Bonds   

Par  

(000)

     Value  

Hawaii (continued)

 

State of Hawaii, Department of Transportation, RB, Series A, AMT, 5.00%, 7/01/45

    $ 1,000     $ 1,098,340  
    

 

 

  
               2,293,720  

Illinois — 17.8%

 

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

      1,010       1,090,083  

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

     

Series A, 5.75%, 1/01/39

      770       867,713  

Series C, 6.50%, 1/01/21 (a)

      3,680       4,370,294  

City of Chicago Illinois Transit Authority, RB:

     

Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 12/01/18 (a)

      1,400       1,510,516  

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

      1,000       1,070,540  

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

      3,000       3,153,990  

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

      1,375       1,446,198  

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

     

5.50%, 12/01/38

      1,000       1,062,890  

5.25%, 12/01/43

      1,160       1,210,448  

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

      1,555       1,761,131  

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      940       1,068,066  

6.00%, 6/01/28

      270       307,149  

State of Illinois, GO:

     

5.25%, 2/01/32

      1,000       1,022,160  

5.50%, 7/01/33

      1,500       1,561,125  

5.50%, 7/01/38

      280       290,195  
    

 

 

  
               21,792,498  

Indiana — 4.1%

 

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

      375       398,164  
 

 

                
2    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Municipal Bonds   

Par  

(000)

     Value  

Indiana (continued)

 

Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC):

     

5.50%, 1/01/19 (a)

    $ 840     $ 902,765  

5.50%, 1/01/38

      3,470       3,692,114  
    

 

 

  
               4,993,043  

Kentucky — 0.9%

 

Kentucky State Property & Building Commission, Refunding RB, Project No. 93, (AGC):

     

5.25%, 2/01/19 (a)

      885       949,517  

5.25%, 2/01/27

      115       122,768  
    

 

 

  
               1,072,285  

Louisiana — 2.1%

 

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

     

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

      375       403,646  

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

      160       171,973  

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

      1,000       1,156,060  

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

      805       848,269  
    

 

 

  
               2,579,948  

Massachusetts — 2.4%

 

Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 1/01/47

      645       696,291  

Massachusetts Development Finance Agency, Refunding RB:

     

Emerson College, 5.00%, 1/01/41

      525       564,401  

Suffolk University, 4.00%, 7/01/39

      125       123,365  

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

      1,480       1,573,758  
    

 

 

  
               2,957,815  

Michigan — 2.8%

 

City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM):

     

6.25%, 7/01/19 (a)

      1,795       1,991,875  

6.25%, 7/01/36

      5       5,459  
Municipal Bonds   

Par  

(000)

     Value  

Michigan (continued)

 

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

    $ 1,265     $ 1,386,946  
    

 

 

  
               3,384,280  

Minnesota — 2.6%

 

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC):

     

6.50%, 11/15/18 (a)

      460       498,746  

6.50%, 11/15/38

      2,540       2,726,233  
    

 

 

  
               3,224,979  

Mississippi — 1.5%

 

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

      1,190       1,518,607  

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

      260       298,415  
    

 

 

  
               1,817,022  

Montana — 0.3%

 

County of Flathead High School District No. 5 Kalispell, GO, 4.00%, 7/01/35 (b)

      335       355,067  

Nevada — 3.9%

 

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

      2,375       2,570,486  

County of Clark Nevada, GO, Limited Tax, 5.00%,
6/01/18 (a)

      500       522,190  

County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 7/01/19 (a)

      1,500       1,634,415  
    

 

 

  
               4,727,091  

New Jersey — 4.9%

 

New Jersey EDA, RB:

     

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 1/01/43

      1,000       1,108,880  

Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 1/01/31

      530       577,758  

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

      980       1,060,095  
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017    3

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

 

New Jersey EDA, RB (continued):

     

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

    $ 20     $ 21,635  

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

      1,400       1,507,464  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series AA, 5.50%, 6/15/39

      1,600       1,673,472  
    

 

 

  
               5,949,304  

New York — 6.2%

 

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       1,682,675  

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

      2,000       2,144,920  

New York State Dormitory Authority, Refunding RB, State University of New York Dormitory Facilities, Series A, 5.00%, 7/01/38

      300       344,880  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 1/01/50

      600       650,196  

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

      2,500       2,794,725  
    

 

 

  
               7,617,396  

Ohio — 1.4%

 

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

      1,500       1,720,395  

Oklahoma — 1.6%

 

Norman Regional Hospital Authority, Refunding RB, 5.00%, 9/01/37

      910       988,442  
Municipal Bonds   

Par  

(000)

     Value  

Oklahoma (continued)

 

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 8/01/57

    $ 915     $ 987,532  
    

 

 

  
               1,975,974  

Oregon — 0.1%

 

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 6/15/38 (c)

      475       188,404  

Pennsylvania — 0.5%

 

Geisinger Authority, Refunding RB, Geisinger Health System, Series A-1, 5.00%, 2/15/45 (b)

      535       600,404  

South Carolina — 7.6%

 

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

      1,470       1,697,806  

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

     

5.50%, 7/01/26

      1,810       2,088,070  

6.00%, 7/01/38

      1,155       1,320,246  

5.50%, 7/01/41

      1,000       1,112,500  

South Carolina Ports Authority, RB, AMT, 5.25%, 7/01/50

      750       817,507  

State of South Carolina Public Service Authority, Refunding RB:

     

Series C, 5.00%, 12/01/46

      1,785       1,896,009  

Series E, 5.25%, 12/01/55

      350       378,242  
    

 

 

  
               9,310,380  

Texas — 19.6%

 

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

      2,250       2,372,108  

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

      930       1,059,493  

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

      1,210       1,317,339  

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

     

5.38%, 5/15/19 (a)

      950       1,032,812  
 

 

                
4    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

 

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

     

6.00%, 5/15/19 (a)

    $ 2,560     $ 2,815,462  

6.00%, 5/15/19 (a)

      1,945       2,139,092  

6.00%, 11/15/35

      140       153,833  

6.00%, 11/15/36

      110       120,869  

5.38%, 11/15/38

      50       53,781  

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

     

6.50%, 1/01/19 (a)

      265       288,818  

6.50%, 7/01/37

      835       893,408  

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

      980       1,054,362  

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

      2,500       2,909,000  

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

      730       849,523  

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

      2,750       3,163,105  

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

     

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

      1,000       1,140,630  

Series K-1 (AGC), 5.75%, 1/01/19 (a)

      1,400       1,509,186  

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

      420       473,966  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, Blueridge Transportation Group, AMT, 5.00%, 12/31/55

      525       556,920  
    

 

 

  
               23,903,707  

Virginia — 1.2%

 

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

      380       421,127  
Municipal Bonds   

Par  

(000)

     Value  

Virginia (continued)

 

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

    $ 1,000     $ 1,087,530  
    

 

 

  
               1,508,657  

Washington — 1.6%

 

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

      1,000       1,117,160  

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

      725       814,987  
    

 

 

  
               1,932,147  

Wisconsin — 1.0%

 

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc. Obligated Group, 4.00%, 4/01/39

      560       565,477  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, WHPC Madison Pool Project, Series A, 4.70%, 7/01/47

      660       695,448  
    

 

 

  
               1,260,925  
Total Municipal Bonds — 128.0%       156,492,264  
    
                  

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (d)

 

 

        

Alabama — 0.8%

 

Auburn University, Refunding RB, Series A, 4.00%, 6/01/41

      920       949,734  

California — 4.2%

 

City of Los Angeles Department of Airports, RB, Los Angeles International Airport, AMT, Series B, 5.00%, 5/15/46

      2,050       2,271,564  
 

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017    5

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (d)

   

Par  

(000)

     Value  

California (continued)

 

Sacramento Area Flood Control Agency, Refunding RB, Consolidated Capital Assessment District No.2, 5.00%, 10/01/43

    $ 2,565     $ 2,917,918  
    

 

 

  
               5,189,482  

Connecticut — 1.1%

 

Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

      1,216       1,355,400  

District of Columbia — 0.7%

 

District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/18 (a)(e)

      759       813,720  

Florida — 2.1%

 

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

      2,499       2,629,565  

Illinois — 0.9%

 

Illinois State Toll Highway Authority, RB, Series C, 5.00%, 1/01/38

      1,004       1,110,892  

Nevada — 7.4%

 

County of Clark Nevada Water Reclamation District, GO (a):

 

  

Limited Tax, 6.00%, 7/01/18

      2,010       2,129,756  

Series B, 5.50%, 7/01/19

      1,994       2,183,775  

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

      4,200       4,729,872  
    

 

 

  
               9,043,403  

New Jersey — 2.2%

 

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

      1,570       1,626,953  

Municipal Bonds Transferred to

Tender Option Bond Trusts (d)

   

Par  

(000)

     Value  

New Jersey (continued)

 

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

    $ 1,000     $ 1,023,246  
    

 

 

  
               2,650,199  

New York — 15.0%

 

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       3,385,720  

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

      1,095       1,192,576  

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

      1,000       1,064,277  

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

      1,000       1,136,287  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

      2,360       2,677,869  

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

      3,000       3,385,036  

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

      1,770       2,015,073  

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

      3,250       3,490,825  
    

 

 

  
               18,347,663  

Pennsylvania — 1.6%

 

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

      1,664       1,914,092  

Texas — 2.3%

 

City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/19 (a)(e)

      2,609       2,798,188  

Utah — 0.9%

 

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

      1,005       1,068,780  
 

 

                
6    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

             Value  

Total Municipal Bonds Transferred to

Tender Option Bond Trusts— 39.2%

 

 

   $ 47,871,118  

Total Long-Term Investments

(Cost — $189,806,191) — 167.2%

 

 

     204,363,382  
    
                  
Short-Term Securities    Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.70% (f)(g)

      423,561       423,646  

Total Short-Term Securities

(Cost — $423,646) — 0.3%

 

 

     423,646  
           Value  
Total Investments (Cost — $190,229,837) — 167.5%    $ 204,787,028  
Other Assets Less Liabilities — 0.4%      473,127  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.7)%

      (26,530,890 ) 

VMTP Shares at Liquidation Value — (46.2)%

      (56,500,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

    $ 122,229,265  
    

 

 

  

*  As of April 30, 2017, gross unrealized appreciation and depreciation

    based on cost for U.S. federal income tax purposes were as follows:

   

     

Tax cost

    $ 163,954,403  
    

 

 

  

Gross unrealized appreciation

    $ 14,895,074  

Gross unrealized depreciation

      (532,096 ) 
    

 

 

  

Net unrealized appreciation

    $ 14,362,978  
    

 

 

  
 
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)   When-issued security.

 

(c)   Zero-coupon bond.

 

(d)   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.

 

(e)   All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to November 15, 2019, is $4,627,650.

 

(f)   During the period ended April 30, 2017, 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,
2016		       

Net

Activity

        Shares Held
at April 30,
2017		       

Value at

April 30,
2017

        Income       

Net

Realized

Gain1

       

Change in
Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

        204,010          219,551          423,561        $ 423,646        $ 2,776        $ 1,784          —  

 

1    Includes  

net capital gain distributions.

(g)   Current yield as of period end.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017    7

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts

 

Contracts

Short

        Issue   Expiration    

Notional

Value

    

Unrealized

Depreciation

  
  (26 )       5-Year U.S. Treasury Note     June 2017     $ 3,078,562     $ (13,164 ) 
  (55 )       10-Year U.S. Treasury Note     June 2017     $ 6,914,531       (55,534 ) 
  (26 )       Long U.S. Treasury Bond     June 2017     $ 3,977,188       (49,137 ) 
  (6 )       Ultra U.S. Treasury Bond     June 2017     $ 977,625       (12,853 ) 
  Total              $ (130,688 ) 
          

 

 

  

 

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
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
ERB    Education Revenue Bonds
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
M/F    Multi-Family
RB    Revenue Bonds
S/F    Single-Family

 

                
8    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations 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)

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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

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 Investments 1

     —        $ 204,363,382          —        $ 204,363,382  

Short-Term Securities

  $ 423,646          —          —          423,646  
 

 

 

  

Total

   $ 423,646        $ 204,363,382          —        $ 204,787,028  
 

 

 

  
                
Derivative Financial Instruments 2  

Liabilities:

 

Long-Term Investments 1

   $ (130,688 )         —          —        $ (130,688 ) 

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

     

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

     

 

                
   BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017    9

Schedule of Investments (concluded)

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

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

 

     Level 1        Level 2        Level 3        Total  

Liabilities:

                

TOB Trust Certificates

    —        $ (26,469,647 )         —        $ (26,469,647 ) 

VMTP Shares at Liquidation Value

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

 

 

  

Total

    —        $ (82,969,647 )         —        $ (82,969,647 ) 
 

 

 

  

During the period ended April 30, 2017, there were no transfers between levels.

 

                
10    BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND    APRIL 30, 2017   

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, 2017

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, 2017

 

By:     /s/ Neal J. Andrews                        
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniYield Investment Quality Fund

Date: June 22, 2017