N-Q 1 d544845dnq.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: 07/31/2018

Date of reporting period: 04/30/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 128.3%

 

Alabama — 4.3%  

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

    

6.00%, 06/01/19

   $ 2,985     $ 3,116,549  

6.13%, 06/01/19

     1,500       1,568,100  

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

     350       386,907  
   

 

 

  
      5,071,556  
California — 17.9%  

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

     500       507,385  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a)

     1,150       1,255,765  

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

    

2nd, 5.50%, 05/01/28

     720       813,298  

2nd, 5.25%, 05/01/33

     560       620,536  

5.00%, 05/01/44

     745       812,557  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT:

    

5.50%, 03/01/30

     1,600       1,728,496  

6.25%, 03/01/34

     1,250       1,386,687  

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

     2,000       2,288,580  

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

     970       1,126,713  

Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(a)

     1,000       1,112,480  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB,
Series J:

    

5.25%, 05/15/23(a)

     1,740       1,998,825  

5.25%, 05/15/38

     495       558,786  

San Diego Public Facilities Financing Authority Water, Refunding RB, Series B (AGC),
5.38%, 08/01/19(a)

     1,020       1,063,972  

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

     3,450       3,636,162  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 1,000     $ 1,149,320  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F, 5.25%, 09/01/33

     490       552,666  

Township of Washington California Health Care District, GO, Election of 2004,
Series B, 5.50%, 08/01/40

     370       426,418  
   

 

 

  
      21,038,646  
Colorado — 2.1%  

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

    

5.50%, 11/15/28

     500       563,045  

5.50%, 11/15/30

     225       251,910  

5.50%, 11/15/31

     270       301,563  

Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM),
6.00%, 05/15/19(a)

     1,300       1,353,729  
   

 

 

  
      2,470,247  
Connecticut — 1.5%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Sub-Series B-1, 4.00%, 05/15/45

     425       426,598  

State of Connecticut, GO, Series A, 5.00%, 04/15/37

     1,180       1,294,366  
   

 

 

  
      1,720,964  
Florida — 13.6%  

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

     270       303,299  

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

     575       629,303  

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

     1,170       1,310,786  

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

     1,000       1,079,930  

County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40

     65       65,635  

County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40

     55       56,014  

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

    

Series A, 6.00%, 10/01/38

     1,840       2,105,990  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

County of Miami-Dade Florida, RB, Seaport Department (continued):

    

Series A, 5.50%, 10/01/42

   $ 2,125     $ 2,351,652  

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

     590       674,972  

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

     775       884,957  

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

     310       358,648  

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

     410       468,827  

County of Miami-Dade Florida, Refunding RB:

    

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

     735       840,855  

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

     500       561,665  

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

     2,165       2,347,358  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project,
5.00%, 08/01/41

     1,000       1,087,190  

Reedy Creek Florida Improvement District, GO, Series A,
5.25%, 06/01/32

     710       801,512  
   

 

 

  
      15,928,593  
Hawaii — 1.9%  

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

    

5.25%, 08/01/25

     250       277,880  

5.25%, 08/01/26

     810       895,763  

State of Hawaii, Department of Transportation, RB, Series A, AMT, 5.00%, 07/01/45

     1,000       1,101,600  
   

 

 

  
      2,275,243  
Illinois — 18.7%  

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

     1,010       1,086,103  

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

    

Series A, 5.75%, 01/01/21(a)

     645       705,307  

Series A, 5.75%, 01/01/39

     125       135,502  

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

     3,680       4,090,136  

City of Chicago Illinois Transit Authority, RB:

    

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

     1,400       1,434,272  

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

     1,000       1,070,200  
Security   Par
(000)		     Value  
Illinois (continued)  

City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%, 06/01/28

   $ 3,000     $ 3,138,630  

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

     1,375       1,439,501  

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

    

5.50%, 12/01/38

     1,000       1,050,340  

5.25%, 12/01/43

     1,190       1,232,971  

Illinois Finance Authority, RB, Series A:

    

Carle Foundation, 6.00%, 08/15/41

     1,555       1,718,353  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/37

     480       512,674  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/47

     110       116,268  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/50

     55       57,918  

Railsplitter Tobacco Settlement Authority, RB(a):

    

5.50%, 06/01/21

     940       1,033,953  

6.00%, 06/01/21

     270       300,991  

State of Illinois, GO:

    

5.25%, 02/01/32

     1,000       1,025,320  

5.50%, 07/01/33

     1,500       1,551,570  

5.50%, 07/01/38

     280       288,207  
   

 

 

  
      21,988,216  
Indiana — 4.1%  

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

    

5.50%, 01/01/19(a)

     840       860,739  

5.50%, 01/01/38

     3,470       3,547,971  

State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40

     375       400,249  
   

 

 

  
      4,808,959  
Kentucky — 0.9%  

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

    

5.25%, 02/01/19

     885       907,532  

5.25%, 02/01/19

     115       117,928  
   

 

 

  
      1,025,460  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Louisiana — 2.1%  

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

    

Series A-1 (AGC), 6.00%, 01/01/19

   $   375     $   385,489  

Series A-2 (AGC), 6.00%, 01/01/19

     160       164,475  

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

     1,000       1,116,040  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29

     805       834,334  
   

 

 

  
      2,500,338  
Massachusetts — 1.7%  

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

     645       695,233  

Massachusetts Development Finance Agency, Refunding RB, Emerson College, 5.00%, 01/01/41

     525       559,051  

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

     760       773,741  
   

 

 

  
      2,028,025  
Michigan — 2.7%  

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

    

6.25%, 07/01/19(a)

     1,795       1,883,978  

6.25%, 07/01/36

     5       5,230  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital,
Series V, 8.25%, 09/01/18(a)

     1,265       1,291,793  
   

 

 

  
      3,181,001  
Minnesota — 2.6%  

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

    

6.50%, 11/15/18(a)

     460       471,555  

6.50%, 11/15/38

     2,540       2,603,246  
   

 

 

  
      3,074,801  
Security   Par
(000)		     Value  
Mississippi — 1.5%  

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

   $ 1,190     $ 1,432,748  

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project,
5.25%, 08/01/23(a)

     260       298,114  
   

 

 

  
      1,730,862  
Missouri — 0.3%  

Health & Educational Facilities Authority of the State of Missouri, RB, SSM Health, Series A,
4.00%, 06/01/48

     395       394,984  
   

 

 

  
Nevada — 4.6%  

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM),
5.25%, 07/01/39

     2,375       2,495,033  

County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/43

     1,145       1,305,460  

County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 07/01/19(a)

     1,500       1,558,065  
   

 

 

  
      5,358,558  
New Jersey — 7.3%  

New Jersey EDA, RB:

    

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

     1,000       1,089,630  

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

     530       584,818  

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

     980       1,005,284  

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

     20       20,522  

New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC),
5.50%, 07/01/38

     1,400       1,455,230  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series AA, 5.50%, 06/15/39

     1,600       1,709,264  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/36

   $ 395     $ 435,420  

Series A, 5.00%, 06/01/46

     1,255       1,354,986  

Series A, 5.25%, 06/01/46

     480       533,103  

Sub-Series B, 5.00%, 06/01/46

     315       330,504  
   

 

 

  
      8,518,761  
New York — 6.0%  

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4 (AGC), 5.50%, 01/15/29

     2,000       2,052,820  

City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution,
Series FF-2, 5.50%, 06/15/40

     1,545       1,608,206  

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

     600       648,744  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36

     2,500       2,696,200  
   

 

 

  
      7,005,970  
Ohio — 1.4%  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 02/15/31

     1,500       1,664,190  
   

 

 

  
Oklahoma — 1.2%  

Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37

     400       440,884  

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57

     915       975,646  
   

 

 

  
      1,416,530  
Oregon — 0.2%  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A,
0.00%, 06/15/38(b)

     475       205,110  
   

 

 

  
Pennsylvania — 1.6%  

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment, 5.00%, 06/01/32

     360       404,226  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

   $ 485     $ 477,308  

Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42

     940       948,009  
   

 

 

  
      1,829,543  
Rhode Island — 0.4%  

Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34

     485       483,982  
   

 

 

  
South Carolina — 7.6%  

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

     1,470       1,672,742  

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

    

5.50%, 07/01/26

     1,810       2,049,879  

6.00%, 07/01/38

     1,155       1,303,649  

5.50%, 07/01/41

     1,000       1,103,620  

State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50

     750       828,495  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series E, 5.50%, 12/01/53

     40       43,620  

State of South Carolina Public Service Authority, Refunding RB, Series C, 5.00%, 12/01/46

     1,795       1,919,322  
   

 

 

  
      8,921,327  
Texas — 18.5%  

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37

     930       1,032,681  

City of Frisco Texas ISD, GO, School Building (AGC), 5.50%, 08/15/41

     1,210       1,264,728  

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

    

5.38%, 05/15/19(a)

     950       983,706  

6.00%, 05/15/19(a)

     2,560       2,667,162  

6.00%, 05/15/19(a)

     1,945       2,026,418  

6.00%, 11/15/35

     140       146,007  

6.00%, 11/15/36

     110       114,720  

5.38%, 11/15/38

     50       51,717  

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

    

6.50%, 01/01/19(a)

     265       273,104  

6.50%, 07/01/37

     835       858,555  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Texas (continued)  

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

   $   2,500      $ 2,840,350  

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

     980        1,046,963  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

     730        825,637  

North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(a)

     2,750        3,043,563  

North Texas Tollway Authority, Refunding RB, 1st Tier(a):

     

(AGM), 6.00%, 01/01/21

     1,000        1,101,310  

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

     1,400        1,436,386  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38

     420        466,523  

San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48(c)

     905        1,028,895  

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

     525        563,635  
    

 

 

  
       21,772,060  
Virginia — 1.2%  

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

     380        411,662  

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

     1,000        1,027,360  
    

 

 

  
       1,439,022  
Washington — 1.6%  

City of Seattle Washington Municipal Light & Power, Refunding RB, Series A,
5.25%, 02/01/21(a)

     1,000        1,085,860  

State of Washington, GO, Various Purposes, Series B,
5.25%, 02/01/21(a)

     725        787,248  
    

 

 

  
       1,873,108  
Security   Par
(000)		      Value  
Wisconsin — 0.8%  

State of Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc. Obligated Group, 4.00%, 04/01/39

   $ 270      $ 269,233  

Wisconsin Housing & Economic Development Authority, RB, M/F Housning, WHPC Madison Pool Project, Series A, 4.70%, 07/01/47

     660        697,719  
    

 

 

  
       966,952  
    

 

 

  

Total Municipal Bonds — 128.3%
(Cost — $142,467,615)

 

      150,693,008  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

   
California — 5.8%  

City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/46

     2,050        2,272,261  

Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46

     1,520        1,577,099  

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

     2,565        2,923,091  
    

 

 

  
       6,772,451  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut — 1.1%  

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

   $ 1,216     $ 1,350,973  
   

 

 

  
District of Columbia — 0.7%  

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

     759       772,457  
   

 

 

  
Florida — 2.1%  

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

     2,499       2,531,890  
   

 

 

  
Georgia — 0.9%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48

     1,025       1,024,949  
   

 

 

  
Idaho — 1.4%  

Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48

     1,570       1,619,337  
   

 

 

  
Illinois — 0.9%  

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

     1,004       1,100,483  
   

 

 

  
Nevada — 7.3%  

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

    

Limited Tax, 6.00%, 07/01/38

     2,010       2,024,080  

Series B, 5.50%, 07/01/29

     1,994       2,075,660  

Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 06/01/28

     4,200       4,533,228  
   

 

 

  
      8,632,968  
New Jersey — 2.1%  

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

     1,410       1,433,316  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 06/15/36(e)

     1,000       1,040,083  
   

 

 

  
      2,473,399  
Security   Par
(000)		     Value  
New York — 15.1%  

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

    

Series BB, 5.25%, 06/15/44

   $ 2,998     $ 3,297,720  

Series FF-2, 5.50%, 06/15/40

     1,095       1,138,928  

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3,
5.25%, 01/15/39

     1,000       1,022,325  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(e)

     1,000       1,091,452  

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

     2,360       2,658,558  

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

     3,000       3,268,356  

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

     1,770       1,958,602  

New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 03/15/38(a)

     3,250       3,346,541  
   

 

 

  
      17,782,482  
Pennsylvania — 1.6%  

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

     1,664       1,894,928  
   

 

 

  
Rhode Island — 1.6%  

Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     1,832       1,853,206  
   

 

 

  
Texas — 2.3%  

City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 02/01/31(a)(e)

     2,609       2,674,448  
   

 

 

  
Utah — 0.9%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41

     1,005       1,042,003  
   

 

 

  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia — 1.7%  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57(e)

   $ 1,668     $ 1,972,351  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.5%
(Cost — $52,406,189)

 

     53,498,325  
   

 

 

  

Total Long-Term Investments — 173.8%
(Cost — $194,873,804)

 

     204,191,333  
   

 

 

  

 

Security

       
Shares		     Value  
Short-Term Securities — 1.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.48%(f)(g)

     1,888,370     $ 1,888,370  
   

 

 

  

Total Short-Term Securities
(Cost — $1,888,370) — 1.6%

 

     1,888,370  
   

 

 

  

Total Investments — 175.4%
(Cost — $196,762,174)

 

     206,079,703  

Liabilities in Excess of Other Assets — (1.4)%

 

     (1,675,099 ) 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (25.9)%

 

     (30,383,633 ) 

VMTP Shares at Liquidation Value — (48.1)%

 

     (56,500,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 117,520,971  
   

 

 

  
 

 

(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) Zero-coupon bond.
(c) When-issued security.
(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 September 6, 2018 to January 1, 2026, is $5,779,796.
(f) Annualized 7-day yield as of period end.
(g) During the period ended April 30, 2018, 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:

 

Affiliated    Shares
Held at
07/31/17		        Net
Activity		        Shares
Held at
04/30/18		        Value at
04/30/18		        Income       

Net

Realized
Gain (Loss)(a)

        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      623,916          1,264,454          1,888,370        $ 1,888,370        $ 6,020        $ (204 )       $ (62 ) 
                 

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) Includes net capital gain distributions, if applicable.  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value /
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

                  

10-Year U.S. Treasury Note

      17          06/20/18        $ 2,034        $ 11,851  

Long U.S. Treasury Bond

      18          06/20/18          2,589          1,529  

5-Year U.S. Treasury Note

      12          06/29/18          1,362          6,900  
                 

 

 

  
                  $ 20,280  
                 

 

 

  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

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

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 quoted prices in active markets/exchanges for identical assets or liabilities that 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 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.

 

 

8   

Schedule of Investments  (unaudited) (continued)

April 30, 2018

   

BlackRock MuniYield Investment Quality Fund (MFT)

 

As of April 30, 2018, 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(a)

    $ —        $ 204,191,333        $ —        $ 204,191,333  

Short-Term Securities

     1,888,370          —          —          1,888,370  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,888,370        $ 204,191,333        $ —        $ 206,079,703  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 20,280        $ —        $ —        $ 20,280  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state.  
  (b)  Derivative financial instruments are 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 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

   $ —        $ (30,263,699 )       $ —        $ (30,263,699 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (86,763,699 )       $ —        $ (86,763,699 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended April 30, 2018, there were no transfers between levels.

 

 

     9  

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 18, 2018  

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 18, 2018  
By:  

/s/ Neal J. Andrews

  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniYield Investment Quality Fund
Date: June 18, 2018