N-Q 1 d15501dnq.htm BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND BLACKROCK MUNIHOLDINGS 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: 811-08349

Name of Fund: BlackRock MuniHoldings Investment Quality Fund (MFL)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 08/31/2016

Date of reporting period: 11/30/2015

Item 1 – Schedule of Investments

Schedule of Investments November 30, 2015 (Unaudited)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 3.6%

     

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

     

6.00%, 6/01/19

    $ 10,995      $ 12,825,448   

6.13%, 6/01/19

      4,980        5,830,385   

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

      1,745        1,929,708   
    

 

 

  
               20,585,541   

California — 24.7%

     

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

      8,920        9,927,514   

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

      5,370        6,423,862   

California State University, Refunding RB, Systemwide, Series A, (AGM):

     

5.00%, 5/01/17 (a)

      3,030        3,218,315   

5.00%, 11/01/32

      4,930        5,191,438   

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

     

5.50%, 5/01/28

      3,330        3,997,665   

5.25%, 5/01/33

      2,600        2,982,746   

City & County of San Francisco California Airports Commission, Refunding RB, Series A, AMT, 5.00%, 5/01/44

      3,430        3,789,121   

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

      5,000        5,479,850   

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

     

5.63%, 12/01/33

      2,450        2,810,591   

5.75%, 12/01/36

      3,285        3,762,376   

City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34

      4,450        5,165,961   

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

      5,600        6,165,320   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

     

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

    $ 4,365      $ 5,207,052   

Los Angeles California Unified School District, GO, Election of 2002, Series D, 5.25%, 7/01/25

      3,485        3,981,125   

Los Angeles Community College District California, GO:

     

Election of 2001, Series A (NPFGC), 5.00%, 8/01/17 (a)

      10,000        10,720,700   

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

      3,375        3,913,718   

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

      2,980        3,340,818   

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

      4,110        4,844,087   

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

      4,690        5,309,924   

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

      15,000        17,418,300   

State of California Public Works Board, LRB, Various Capital Projects, Series I:

     

5.50%, 11/01/30

      4,500        5,504,220   

5.50%, 11/01/31

      2,615        3,185,907   

5.50%, 11/01/33

      2,000        2,436,640   

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

      2,240        2,643,917   

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

      1,685        1,990,288   

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

      12,250        14,061,897   
    

 

 

  
               143,473,352   

Colorado — 2.1%

     

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

     

5.50%, 11/15/28

      2,700        3,159,594   
 

 

                
   BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Municipal Bonds   

Par  

(000)

     Value  

Colorado (continued)

     

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

     

5.50%, 11/15/30

    $ 1,040      $ 1,205,287   

5.50%, 11/15/31

      1,250        1,443,913   

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

      5,925        6,587,474   
    

 

 

  
               12,396,268   

Connecticut — 1.3%

     

Connecticut State Health & Educational Facility Authority, Refunding RB, Quinnipiac University, Series L, 5.00%, 7/01/45

      6,685        7,386,457   

Florida — 8.9%

     

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

      1,250        1,468,900   

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

      2,655        2,928,067   

County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT:

     

5.50%, 10/01/29

      5,360        6,192,140   

5.25%, 10/01/30

      3,255        3,682,772   

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

      7,100        7,926,937   

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

      930        935,338   

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

      350        356,233   

County of Miami-Dade Florida, RB, Seaport:

     

Series A, 5.38%, 10/01/33

      3,145        3,574,796   

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

      1,405        1,720,591   

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

      1,885        2,223,829   
Municipal Bonds   

Par  

(000)

     Value  

Florida (continued)

     

County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B, 5.25%, 10/01/29

    $ 2,870      $ 3,363,755   

County of Miami-Dade Florida Aviation, Refunding ARB, AMT, Series A:

     

Miami International Airport (AGM), 5.50%, 10/01/41

      3,500        3,848,495   

5.00%, 10/01/31

      5,465        6,053,690   

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami-Dade, Series A, 5.00%, 4/01/45

      3,135        3,448,907   

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

      3,225        3,761,092   
    

 

 

  
               51,485,542   

Hawaii — 1.9%

     

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

     

5.25%, 8/01/25

      1,350        1,588,356   

5.25%, 8/01/26

      2,500        2,928,175   

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

      5,985        6,618,093   
    

 

 

  
               11,134,624   

Illinois — 25.4%

     

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

     

Series A, 5.75%, 1/01/39

      7,395        8,605,118   

Series C, 6.50%, 1/01/41

      16,800        20,221,824   

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT:

     

5.50%, 1/01/30

      6,500        7,374,835   

5.50%, 1/01/32

      6,275        7,060,567   

5.00%, 1/01/41

      8,020        8,615,004   

City of Chicago Illinois Transit Authority, RB:

     

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

      6,315        7,241,347   

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

      1,960        2,108,000   
 

 

                
2    BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (continued)

     

City of Chicago Illinois Transit Authority, RB (continued):

     

Sales Tax Receipts, 5.25%, 12/01/40

    $ 10,960      $ 11,733,009   

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

      6,450        6,923,494   

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

      7,735        8,226,637   

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

     

5.50%, 12/01/38

      5,395        6,150,516   

5.25%, 12/01/43

      6,305        7,018,159   

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

      4,000        4,691,480   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      4,365        5,092,384   

6.00%, 6/01/28

      1,245        1,478,935   

State of Illinois, GO:

     

5.25%, 2/01/31

      2,700        2,896,101   

5.25%, 2/01/32

      5,525        5,906,556   

5.50%, 7/01/33

      7,820        8,453,185   

5.50%, 7/01/38

      1,295        1,375,691   

5.00%, 2/01/39

      5,000        5,165,550   

State of Illinois Finance Authority, RB, University of Chicago, Series B, 5.50%, 7/01/18 (a)

      10,000        11,151,400   
    

 

 

  
               147,489,792   

Indiana — 3.6%

     

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

      1,240        1,323,328   

Indiana Municipal Power Agency, Refunding RB, Series A:

     

5.25%, 1/01/32

      1,500        1,732,935   

5.25%, 1/01/33

      1,500        1,729,635   
Municipal Bonds   

Par  

(000)

     Value  

Indiana (continued)

     

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

    $ 14,105      $ 15,882,089   
    

 

 

  
               20,667,987   

Louisiana — 0.9%

     

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

     

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

      500        564,205   

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

      720        809,676   

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

      3,735        4,109,583   
    

 

 

  
        5,483,464   

Massachusetts — 0.4%

     

Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/27

      2,000        2,235,020   

Michigan — 3.6%

     

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

      6,320        6,979,239   

Hudsonville Public Schools, GO, School Building & Site (Q-SBLF), 5.25%, 5/01/41

      6,015        6,893,010   

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

      5,780        6,911,955   
    

 

 

  
               20,784,204   

Minnesota — 1.9%

     

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

     

6.50%, 11/15/18 (a)

      1,525        1,765,248   

6.50%, 11/15/38

      8,375        9,484,939   
    

 

 

  
               11,250,187   

Mississippi — 2.8%

     

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM):

     

6.88%, 12/01/40

      6,405        8,205,125   

Special Obligation, 6.75%, 12/01/31

      3,775        4,890,814   
 

 

                
   BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Municipal Bonds   

Par  

(000)

     Value  

Mississippi (continued)

     

Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM) (continued):

     

Special Obligation, 6.75%, 12/01/33

    $ 2,350      $ 3,031,853   
    

 

 

  
        16,127,792   

Nevada — 5.4%

     

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

      11,175        12,504,378   

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

      11,245        12,163,716   

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

      5,850        6,581,484   
    

 

 

  
        31,249,578   

New Jersey — 7.9%

     

New Jersey EDA, RB:

     

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

      4,280        4,914,210   

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

      70        79,165   

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

      7,000        7,484,470   

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

      2,425        2,677,394   

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

      6,500        7,285,785   

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT, 5.75%, 12/01/28

      4,475        4,961,343   

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

     

Series A, 5.50%, 6/15/41

      5,410        5,762,624   

Series AA, 5.50%, 6/15/39

      8,175        8,784,691   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

     

New Jersey Turnpike Authority, RB, Series E, 5.00%, 1/01/45

    $ 3,675      $ 4,100,786   
    

 

 

  
        46,050,468   

New York — 7.4%

     

City of New York New York Municipal Water Finance Authority, Refunding RB:

     

2nd General Resolution, Fiscal 2009, Series EE, 5.25%, 6/15/40

      7,500        8,428,425   

Water & Sewer System, 2nd General Resolution, Series EE, 5.38%, 6/15/43

      3,475        4,041,703   

Water & Sewer System, Series FF-2, 5.50%, 6/15/40

      4,000        4,538,280   

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

      4,000        4,511,080   

Metropolitan Transportation Authority, RB:

     

Series A, 5.25%, 11/15/38

      4,000        4,699,760   

Series A-1, 5.25%, 11/15/39

      4,490        5,238,483   

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

      10,000        11,475,000   
    

 

 

  
        42,932,731   

Ohio — 1.5%

     

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

     

5.25%, 2/15/31

      5,145        5,955,132   

5.25%, 2/15/32

      2,250        2,597,940   
    

 

 

  
        8,553,072   

Pennsylvania — 2.8%

     

Pennsylvania Economic Development Financing Authority, RB, AMT, Pennsylvania Bridge Finco LP, 5.00%, 6/30/42

      7,000        7,483,560   

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

      4,945        5,220,882   
 

 

                
4    BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (continued)

     

Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37

    $ 3,000      $ 3,422,370   
    

 

 

  
        16,126,812   

South Carolina — 6.7%

     

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

      6,735        7,785,323   

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

     

5.25%, 7/01/25

      4,490        5,258,868   

5.50%, 7/01/38

      3,000        3,385,980   

6.00%, 7/01/38

      5,270        6,125,690   

5.50%, 7/01/41

      4,170        4,712,434   

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

      3,445        3,831,391   

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

      7,000        7,709,240   
    

 

 

  
        38,808,926   

Texas — 16.5%

     

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

      4,190        4,782,592   

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

     

6.00%, 11/15/35

      12,700        14,784,705   

6.00%, 11/15/36

      9,435        10,983,755   

5.38%, 11/15/38

      5,000        5,642,400   

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

     

6.50%, 1/01/19 (a)

      320        371,334   

6.50%, 7/01/37

      1,450        1,635,020   

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

      9,110        10,092,604   

Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT:

     

Series A, 5.00%, 11/01/38

      5,580        5,996,882   

Series H, 5.00%, 11/01/37

      4,575        4,977,142   

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

      3,735        4,373,872   
Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

     

North Texas Tollway Authority, Refunding RB:

     

1st Tier (AGM), 6.00%, 1/01/43

    $ 5,555      $ 6,562,455   

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

      12,150        13,568,634   

Series B, 5.00%, 1/01/40

      3,280        3,623,121   

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

      7,170        8,193,948   
    

 

 

  
        95,588,464   

Virginia — 1.2%

     

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

      1,750        1,933,085   

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

      4,300        5,006,705   
    

 

 

  
        6,939,790   

Washington — 1.5%

     

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

      4,200        4,875,486   

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

      3,290        3,819,131   
    

 

 

  
        8,694,617   
Total Municipal Bonds — 132.0%        765,444,688   
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts (b)

  

California — 0.5%

     

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

      2,400        2,696,232   

District of Columbia — 0.6%

     

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

      3,378        3,847,947   

Florida — 2.0%

     

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

      10,657        11,662,584   
 

 

                
   BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015    5

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (b)

   

Par  

(000)

     Value  

Indiana — 1.8%

     

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

    $ 9,850      $   10,417,655   

Kentucky — 0.1%

     

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

      404        450,188   

Nevada — 2.5%

     

County of Clark Nevada Water Reclamation District, GO:

     

Limited Tax, 6.00%, 7/01/18 (a)

      8,000        9,025,200   

Series B, 5.50%, 7/01/29

      5,008        5,689,779   
    

 

 

  
        14,714,979   

New Jersey — 3.3%

     

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

      7,402        7,825,285   

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

     

Series A (AMBAC), 5.00%, 12/15/32

      8,000        8,414,880   

Series B, 5.25%, 6/15/36 (c)

      2,961        3,092,078   
    

 

 

  
        19,332,243   

New York — 10.9%

     

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

      4,994        5,666,393   

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

      5,619        6,224,036   

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

      9,249        10,554,407   

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

      13,950        16,029,276   

Municipal Bonds Transferred to

Tender Option Bond Trusts (b)

   

Par  

(000)

     Value  

New York (continued)

     

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

    $ 8,200      $ 9,461,074   

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

      13,500        15,110,415   
    

 

 

  
        63,045,601   

Texas — 4.3%

     

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

      12,027        13,380,319   

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

      9,640        11,361,222   
    

 

 

  
        24,741,541   

Utah — 1.2%

     

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

      6,373        6,926,941   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 27.2%

  

  

     157,835,911   

Total Long-Term Investments

(Cost — $836,122,345) — 159.2%

  

  

     923,280,599   
    
                  
Short-Term Securities — 0.9%    Shares         

FFI Institutional Tax-Exempt Fund, 0.02% (d)(e)

      4,961,477        4,961,477   
    

 

 

  

Total Short-Term Securities

(Cost — $4,961,477) — 0.9%

  

  

     4,961,477   
Total Investments (Cost — $841,083,822*) — 160.1%        928,242,076   
Other Assets Less Liabilities — 1.3%        7,077,778   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.0)%

   

     (80,940,569 ) 
VRDP Shares, at Liquidation Value — (47.4)%        (274,600,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 579,779,285   
    

 

 

  

 

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

 

Tax cost

   $ 761,222,346   
 

 

 

  

Gross unrealized appreciation

   $ 87,297,700   

Gross unrealized depreciation

     (1,195,825 ) 
 

 

 

  

Net unrealized appreciation

   $ 86,101,875   
 

 

 

  
 

 

                
6    BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015   

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

 

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 Trust. 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 Trust 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 Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019. Is $22,519,117.

 

(d)   During the period ended November 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate     

Shares Held

at August 31,
2015

        Net
Activity		        Shares Held
at November 30,
2015		        Income  

FFI Institutional Tax-Exempt Fund

        3,674,880           1,286,597           4,961,477         $ 176   

 

(e)   Represents the current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

 

Contracts
(Short)		     Issue   Expiration  

Notional

Value

     Unrealized
Depreciation		  
  (52 )    10-Year U.S. Treasury Note   March 2016   $ 6,574,750      $ (15,579 ) 
  (50 )    5-Year U.S. Treasury Note   March 2016     5,933,984        (10,619 ) 
  (20 )    Long U.S. Treasury Bond   March 2016     3,080,000        (10,649 ) 
  (4 )    Ultra U.S. Treasury Bond   March 2016     633,750        (3,381 ) 

 

Total

     $ (40,228 ) 
       

 

 

  

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance 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
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
IDB    Industrial Development Board
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

 

                
   BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015    7

Schedule of Investments (continued)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

 

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 Trust 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 Trust’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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

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

As of period end, the following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 923,280,599         —      $ 923,280,599   

Short-Term Securities

   $ 4,961,477           —         —        4,961,477   
 

 

 

  

Total

   $ 4,961,477         $ 923,280,599         —      $ 928,242,076   
 

 

 

  

1    See above Schedule of Investments for values in each sector.

 

       

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments1                 

Liabilities:

                 

Interest rate contracts

   $ (40,228 )         —         —      $ (40,228 ) 

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

       

 

                
8    BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015   

Schedule of Investments (concluded)

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

The Trust 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  

Assets:

  

Cash pledged for financial future contracts

      $ 200,150           —         —      $ 200,150   

Liabilities:

                    

TOB Trust Certificates

        —         $ (80,917,855 )       —        (80,917,855 ) 

VRDP Shares

        —           (274,600,000 )       —        (274,600,000 ) 
    

 

 

  

Total

      $ 200,150         $ (355,517,855 )       —      $ (355,317,705 ) 
    

 

 

  

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

 

                
   BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND    NOVEMBER 30, 2015    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 MuniHoldings Investment Quality Fund

 

By:    /s/ John M. Perlowski                
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock MuniHoldings Investment Quality Fund
Date:    January 22, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:    /s/ John M. Perlowski                
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock MuniHoldings Investment Quality Fund
Date:    January 22, 2016
By:    /s/ Neal J. Andrews                    
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock MuniHoldings Investment Quality Fund
Date:    January 22, 2016