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: Anne F. Ackerley, 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: 08/31/2011

 

Date of reporting period: 11/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments November 30, 2010 (Unaudited)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 3.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

4,980

 

$

5,425,362

 

6.00%, 6/01/39

 

 

10,995

 

 

11,816,766

 

 

 

 

 

 

 

 

 

 

 

 

17,242,128

 

Arizona — 2.6%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM):

 

 

 

 

 

 

 

5.25%, 10/01/24

 

 

10,260

 

 

10,746,734

 

5.25%, 10/01/28

 

 

2,240

 

 

2,281,059

 

5.00%, 10/01/29

 

 

585

 

 

580,028

 

 

 

 

 

 

 

 

 

 

 

 

13,607,821

 

California — 16.9%

 

 

 

 

 

 

 

California State Public Works Board, RB,
Various Capital Projects, Series G-1
(AGC), 5.25%, 10/01/24

 

 

5,000

 

 

5,293,050

 

California State University, RB,
Systemwide, Series A (AGM), 5.00%,
11/01/39

 

 

4,000

 

 

3,969,600

 

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

 

 

6,600

 

 

6,818,526

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (NPFGC),
5.00%, 8/01/32

 

 

10,000

 

 

10,055,600

 

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

 

 

7,150

 

 

7,279,701

 

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

 

 

2,980

 

 

3,078,280

 

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

 

 

3,485

 

 

3,705,043

 

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

 

 

 

 

 

 

 

5.63%, 12/01/33

 

 

2,450

 

 

2,568,972

 

5.75%, 12/01/36

 

 

3,285

 

 

3,457,003

 

Oxnard Union High School District, GO,
Refunding, Election of 2004, Series A
(AGM), 5.00%, 8/01/40

 

 

6,750

 

 

6,626,610

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

4,690

 

$

4,895,985

 

San Jacinto Unified School District, GO,
Election of 2006 (AGM), 5.25%,
8/01/32

 

 

3,000

 

 

3,062,340

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

(AGC), 5.50%, 11/01/39

 

 

15,000

 

 

15,189,000

 

(AGM), 5.00%, 6/01/32

 

 

11,245

 

 

11,113,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,113,368

 

Colorado — 1.8%

 

 

 

 

 

 

 

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

 

 

5,925

 

 

6,539,956

 

Regional Transportation District, COP,
Series A, 5.00%, 6/01/25 (a)

 

 

2,845

 

 

2,849,267

 

 

 

 

 

 

 

 

 

 

 

 

9,389,223

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia, Refunding RB,
Georgetown University, Series D
(BHAC), 5.50%, 4/01/36

 

 

1,000

 

 

1,061,960

 

District of Columbia Water & Sewer
Authority, RB, Series A (NPFGC),
5.00%, 10/01/38

 

 

2,545

 

 

2,555,053

 

 

 

 

 

 

 

 

 

 

 

 

3,617,013

 

Florida — 21.5%

 

 

 

 

 

 

 

City of Sunrise Florida, Refunding RB
(AMBAC):

 

 

 

 

 

 

 

5.20%, 10/01/22

 

 

1,225

 

 

1,310,223

 

5.20%, 10/01/22 (b)

 

 

1,025

 

 

1,167,147

 

County of Lee Florida, RB, Series A, AMT
(AGM), 6.00%, 10/01/29

 

 

19,925

 

 

20,108,908

 

County of Miami-Dade Florida, RB, AMT,
Series A:

 

 

 

 

 

 

 

(AGM), 5.13%, 10/01/35

 

 

8,605

 

 

8,192,476

 

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

 

 

11,280

 

 

11,286,204

 

Miami International Airport
(NPFGC), 6.00%, 10/01/29

 

 

8,000

 

 

8,085,600

 

County of Osceola Florida, RB, Series A
(NPFGC), 5.50%, 10/01/27

 

 

5,560

 

 

5,640,898

 

 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

GARB

General Airport Revenue Bonds

GO

General Obligation Bonds

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

County of St. John’s Florida, RB (AGM):

 

 

 

 

 

 

 

5.00%, 10/01/31

 

$

3,200

 

$

3,249,760

 

5.00%, 10/01/37

 

 

2,655

 

 

2,647,035

 

Florida Housing Finance Corp., HRB,
Waverly Apartments, Series C-1, AMT
(AGM), 6.30%, 7/01/30

 

 

2,055

 

 

2,091,065

 

Florida Housing Finance Corp., RB,
Homeowner Mortgage, Series 11,
AMT (AGM), 5.95%, 1/01/32

 

 

5,640

 

 

5,643,046

 

Florida Housing Finance Corp.,
Refunding RB, AMT, Homeowner
Mortgage:

 

 

 

 

 

 

 

Series 2 (NPFGC), 5.75%, 7/01/14

 

 

640

 

 

641,331

 

Series 2 (NPFGC), 5.90%, 7/01/29

 

 

6,965

 

 

7,044,819

 

Series 4 (AGM), 6.25%, 7/01/22

 

 

535

 

 

563,756

 

Jacksonville Port Authority, RB, AMT
(AGC), 6.00%, 11/01/38

 

 

6,740

 

 

6,847,166

 

Miami-Dade County Housing Finance
Authority Florida, MRB, Marbrisa
Apartments Project, Series 2A, AMT
(AGM), 6.00%, 8/01/26

 

 

2,185

 

 

2,222,975

 

Miami-Dade County IDA, RB, Airis Miami
II LLC Project, AMT (AMBAC), 6.00%,
10/15/19

 

 

3,195

 

 

3,093,463

 

St. Lucie West Services District, RB
(NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/34

 

 

1,720

 

 

1,727,878

 

5.00%, 10/01/38

 

 

4,125

 

 

4,009,954

 

St. Lucie West Services District,
Refunding RB, Senior Lien (NPFGC),
6.00%, 10/01/22

 

 

3,250

 

 

3,325,822

 

Village Center Community Development
District, RB, Series A (NPFGC):

 

 

 

 

 

 

 

5.38%, 11/01/34

 

 

10,775

 

 

9,313,263

 

5.13%, 11/01/36

 

 

1,750

 

 

1,446,463

 

Volusia County IDA, RB, Student
Housing, Stetson University Project,
Series A (CIFG), 5.00%, 6/01/35

 

 

1,740

 

 

1,453,805

 

 

 

 

 

 

 

 

 

 

 

 

111,113,057

 

Georgia — 7.2%

 

 

 

 

 

 

 

Augusta-Richmond County Georgia, RB
(AGM), 5.25%, 10/01/39

 

 

4,350

 

 

4,445,047

 

City of Atlanta Georgia, RB, General,
Series A (AGM):

 

 

 

 

 

 

 

5.00%, 1/01/35

 

 

4,375

 

 

4,326,481

 

5.00%, 1/01/40

 

 

4,375

 

 

4,276,431

 

County of Fulton Georgia, RB (NPFGC),
5.25%, 1/01/35

 

 

3,825

 

 

3,936,155

 

Georgia Higher Education Facilities
Authority, RB, USG Real Estate III,
Series A (AGC), 5.00%, 6/15/38

 

 

4,050

 

 

3,990,343

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

6,445

 

 

6,484,057

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Indenture,
Series B (AGM), 5.00%, 7/01/34

 

$

9,240

 

$

9,447,623

 

 

 

 

 

 

 

 

 

 

 

 

36,906,137

 

Illinois — 11.9%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Refunding, Chicago School Reform
Board, Series A (NPFGC), 5.50%,
12/01/26

 

 

3,745

 

 

4,039,844

 

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

 

 

6,315

 

 

7,154,200

 

City of Chicago Illinois, GO, Refunding,
Projects, Series A (AGM):

 

 

 

 

 

 

 

5.00%, 1/01/28

 

 

4,415

 

 

4,453,322

 

5.00%, 1/01/29

 

 

6,845

 

 

6,859,580

 

5.00%, 1/01/30

 

 

2,730

 

 

2,733,822

 

City of Chicago Illinois, RB, Third Lien:

 

 

 

 

 

 

 

General Airport, Series A (NPFGC),
5.00%, 1/01/33

 

 

5,000

 

 

4,805,900

 

General, Series C (AGM), 5.25%,
1/01/35

 

 

4,905

 

 

4,968,422

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

General, Third Lien, Series C (AGC),
5.25%, 1/01/23

 

 

3,975

 

 

4,278,094

 

Second Lien (NPFGC), 5.50%,
1/01/30

 

 

4,075

 

 

4,379,565

 

Illinois Municipal Electric Agency, RB,
Series A (NPFGC), 5.25%, 2/01/35

 

 

5,000

 

 

5,046,800

 

State of Illinois, RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 6/15/27

 

 

3,000

 

 

3,057,240

 

Build Illinois, Series B, 5.25%,
6/15/26

 

 

5,625

 

 

5,941,744

 

Village of Schaumburg Illinois, GO,
Series B (NPFGC), 5.00%, 12/01/38

 

 

3,785

 

 

3,779,322

 

 

 

 

 

 

 

 

 

 

 

 

61,497,855

 

Indiana — 2.9%

 

 

 

 

 

 

 

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

 

 

14,105

 

 

14,943,824

 

Iowa — 1.1%

 

 

 

 

 

 

 

Iowa Finance Authority, Refunding RB,
Iowa Health System (AGC), 5.25%,
2/15/29

 

 

5,500

 

 

5,741,725

 

Kentucky — 1.6%

 

 

 

 

 

 

 

Kentucky Municipal Power Agency, RB,
Prairie State Project, Series A (BHAC),
5.25%, 9/01/42

 

 

4,070

 

 

4,122,706

 

Kentucky State Property & Buildings
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/28

 

 

4,000

 

 

4,245,040

 

 

 

 

 

 

 

 

 

 

 

 

8,367,746

 

Louisiana — 1.5%

 

 

 

 

 

 

 

Louisiana State Citizens Property
Insurance Corp., RB, Series C-3 (AGC),
6.13%, 6/01/25

 

 

5,475

 

 

6,105,884

 

 

 

 

2

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana (concluded)

 

 

 

 

 

 

 

New Orleans Aviation Board Louisiana,
Refunding GARB, Restructuring:

 

 

 

 

 

 

 

Series A-1 (AGC), 6.00%, 1/01/23

 

$

500

 

$

560,415

 

Series A-2 (AGC), 6.00%, 1/01/23

 

 

720

 

 

806,998

 

 

 

 

 

 

 

 

 

 

 

 

7,473,297

 

Maine — 1.0%

 

 

 

 

 

 

 

City of Portland Maine, RB, General
(AGM), 5.25%, 1/01/35

 

 

5,235

 

 

5,340,904

 

Maryland — 0.4%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
University of Maryland Medical
System, 5.13%, 7/01/39

 

 

2,225

 

 

2,236,414

 

Michigan — 16.3%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

Second Lien, Series B (AGM),
6.25%, 7/01/36

 

 

6,320

 

 

6,797,160

 

Second Lien, Series B (AGM),
7.00%, 7/01/36

 

 

850

 

 

962,379

 

Second Lien, Series B (NPFGC),
5.50%, 7/01/29

 

 

7,490

 

 

7,481,536

 

Senior Lien, Series B (AGM), 7.50%,
7/01/33

 

 

6,600

 

 

7,798,164

 

System, Second Lien, Series A
(BHAC), 5.50%, 7/01/36

 

 

20,540

 

 

20,959,838

 

City of Detroit Michigan, Refunding RB,
Second Lien:

 

 

 

 

 

 

 

Series E (BHAC), 5.75%, 7/01/31

 

 

6,000

 

 

6,304,080

 

Series C-1 (AGM), 7.00%, 7/01/27

 

 

9,055

 

 

10,484,241

 

Kalamazoo Hospital Finance Authority,
RB, Bronson Methodist Hospital
(AGM), 5.25%, 5/15/36

 

 

3,650

 

 

3,614,486

 

Michigan State Building Authority, RB,
Facilities Program, Series H (AGM),
5.00%, 10/15/26

 

 

1,760

 

 

1,818,502

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGC):

 

 

 

 

 

 

 

5.25%, 10/15/22

 

 

6,150

 

 

6,686,218

 

5.25%, 10/15/24

 

 

2,755

 

 

2,914,184

 

5.25%, 10/15/25

 

 

1,435

 

 

1,503,320

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William

 

 

 

 

 

 

 

Beaumont Hospital, 8.25%, 9/01/39

 

 

5,780

 

 

6,763,583

 

 

 

 

 

 

 

 

 

 

 

 

84,087,691

 

Minnesota — 2.1%

 

 

 

 

 

 

 

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

 

 

9,900

 

 

10,776,843

 

Nevada — 6.0%

 

 

 

 

 

 

 

County of Clark Nevada, RB:

 

 

 

 

 

 

 

Las Vegas-McCarran International
Airport, Series A (AGC), 5.25%,
7/01/39

 

 

16,005

 

 

15,933,778

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada (concluded)

 

 

 

 

 

 

 

County of Clark Nevada, RB
(concluded):

 

 

 

 

 

 

 

Subordinate Lien, Series A-2
(NPFGC), 5.00%, 7/01/36

 

$

15,500

 

$

14,789,480

 

 

 

 

 

 

 

 

 

 

 

 

30,723,258

 

New Jersey — 2.3%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series Z (AGC), 6.00%,
12/15/34

 

 

4,350

 

 

4,814,841

 

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

 

 

6,500

 

 

6,830,785

 

 

 

 

 

 

 

 

 

 

 

 

11,645,626

 

New York — 2.0%

 

 

 

 

 

 

 

New York City Transitional Finance
Authority, RB, Fiscal 2009:

 

 

 

 

 

 

 

Series S-3, 5.25%, 1/15/39

 

 

5,625

 

 

5,808,600

 

Series S-4 (AGC), 5.50%, 1/15/29

 

 

4,000

 

 

4,383,480

 

 

 

 

 

 

 

 

 

 

 

 

10,192,080

 

Ohio — 1.5%

 

 

 

 

 

 

 

Ohio Higher Educational Facility
Commission, Refunding RB, Summa
Health System, 2010 Project (AGC),
5.25%, 11/15/40

 

 

7,725

 

 

7,659,106

 

Pennsylvania — 4.6%

 

 

 

 

 

 

 

Allegheny County Sanitation Authority,
Refunding RB (AGM), 5.00%,
6/01/40

 

 

8,440

 

 

8,539,423

 

Pennsylvania Turnpike Commission,
Refunding RB, Sub-Series B-1 (AGM),
5.00%, 12/01/37

 

 

9,000

 

 

9,019,350

 

Pittsburgh & Allegheny County Sports &
Exhibition Authority, Refunding RB,
Regional Asset District Sales Tax
(AGM), 5.00%, 2/01/31

 

 

5,895

 

 

5,953,125

 

 

 

 

 

 

 

 

 

 

 

 

23,511,898

 

Puerto Rico — 1.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

 

6,610

 

 

7,160,283

 

South Carolina — 0.3%

 

 

 

 

 

 

 

City of Spartanburg South Carolina, RB,
System (AGC), 5.00%, 6/01/39

 

 

1,700

 

 

1,719,958

 

Texas — 19.9%

 

 

 

 

 

 

 

City of Austin Texas, Refunding RB,
Series A (AGM):

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

3,360

 

 

3,501,792

 

5.00%, 11/15/29

 

 

4,255

 

 

4,399,968

 

City of Dallas Texas, Refunding RB
(AGC), 5.25%, 8/15/38

 

 

4,000

 

 

4,052,680

 

City of Houston Texas, Refunding RB,
Combined, First Lien, Series A (AGC):

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

12,700

 

 

14,178,915

 

6.00%, 11/15/36

 

 

9,435

 

 

10,519,648

 

5.38%, 11/15/38

 

 

5,000

 

 

5,251,000

 

County of Bexar Texas, RB, Venue
Project, Motor Vehicle Rental (BHAC),
5.00%, 8/15/39

 

 

4,120

 

 

4,107,228

 

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

$

1,500

 

$

1,676,325

 

Lower Colorado River Authority,
Refunding RB, LCRA Transmission
Services Project (AGC), 5.50%,
5/15/36

 

 

5,325

 

 

5,488,158

 

Lubbock Cooper ISD Texas, GO, School
Building (AGC), 5.75%, 2/15/42

 

 

2,300

 

 

2,424,269

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

12,400

 

 

12,919,684

 

North Texas Tollway Authority,
Refunding RB, System, First Tier,
Series A:

 

 

 

 

 

 

 

(AGC), 5.75%, 1/01/40

 

 

7,000

 

 

7,246,400

 

(BHAC), 5.75%, 1/01/48

 

 

7,500

 

 

7,811,400

 

(NPFGC), 5.13%, 1/01/28

 

 

17,500

 

 

17,371,375

 

Tarrant County Cultural Education
Facilities Finance Corp., Refunding
RB, Christus Health, Series A (AGC),
6.50%, 7/01/37

 

 

1,770

 

 

1,908,113

 

 

 

 

 

 

 

 

 

 

 

 

 

102,856,955

 

Utah — 1.5%

 

 

 

 

 

 

 

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

 

 

7,795

 

 

7,821,737

 

Virginia — 0.9%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
School Financing, 6.50%, 12/01/35

 

 

4,300

 

 

4,832,641

 

Total Municipal Bonds – 133.2%

 

 

 

 

 

687,578,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

 

 

 

 

 

 

Alabama — 1.3%

 

 

 

 

 

 

 

Mobile Board of Water & Sewer
Commissioners, RB (NPFGC), 5.00%,
1/01/31

 

 

6,500

 

 

6,537,375

 

California — 3.0%

 

 

 

 

 

 

 

California State University, Refunding
RB, Systemwide, Series A (AGM),
5.00%, 11/01/32

 

 

7,960

 

 

8,038,008

 

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

 

 

2,400

 

 

2,390,136

 

San Diego Community College District
California, GO, Election of 2002
(AGM), 5.00%, 5/01/30

 

 

5,000

 

 

5,118,850

 

 

 

 

 

 

 

 

 

 

 

 

15,546,994

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

3,381

 

 

3,704,999

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

 

Par
(000)

 

 

Value

 

Florida — 5.7%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB, Better
Jacksonville (NPFGC), 5.00%,
10/01/27

 

$

10,000

 

$

10,149,800

 

Hillsborough County Aviation Authority,
RB, Series A, AMT (AGC), 5.50%,
10/01/38

 

 

10,657

 

 

10,679,625

 

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

 

 

4,785

 

 

5,196,223

 

Manatee County Housing Finance
Authority, RB, Series A, AMT (Ginnie
Mae), 5.90%, 9/01/40

 

 

3,412

 

 

3,646,775

 

 

 

 

 

 

 

 

 

 

 

 

29,672,423

 

Illinois — 1.5%

 

 

 

 

 

 

 

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

 

 

7,737

 

 

7,742,988

 

Indiana — 1.9%

 

 

 

 

 

 

 

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

 

 

9,850

 

 

9,891,567

 

Kentucky — 0.1%

 

 

 

 

 

 

 

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

 

 

404

 

 

431,672

 

Nevada — 2.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

8,000

 

 

8,720,720

 

Series B, 5.50%, 7/01/29

 

 

5,008

 

 

5,395,040

 

 

 

 

 

 

 

 

 

 

 

 

14,115,760

 

New Jersey — 3.1%

 

 

 

 

 

 

 

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

 

 

7,532

 

 

7,715,396

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGM), 5.00%, 12/15/32

 

 

8,000

 

 

8,180,800

 

 

 

 

 

 

 

 

 

 

 

 

15,896,196

 

New York — 3.8%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Series FF-2, 5.50%,
6/15/40

 

 

4,994

 

 

5,351,806

 

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

 

 

13,500

 

 

14,041,620

 

 

 

 

 

 

 

 

 

 

 

 

19,393,426

 

Texas — 2.5%

 

 

 

 

 

 

 

City of San Antonio Texas, Refunding
RB, Series A, 5.25%, 2/01/31

 

 

12,027

 

 

12,806,809

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 26.3%

 

 

 

 

 

135,740,209

 

Total Long-Term Investments
(Cost – $812,416,981) – 159.5%

 

 

 

 

 

823,318,797

 

 

 

 

4

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.15% (d)(e)

 

 

30,862,793

 

$

30,862,793

 

Total Short-Term Securities
(Cost – $30,862,793) – 6.0%

 

 

 

 

 

30,862,793

 

Total Investments
(Cost – $843,279,774*) – 165.5%

 

 

 

 

 

854,181,590

 

Other Assets Less Liabilities – 1.3%

 

 

 

 

 

6,803,739

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (13.6)%

 

 

 

 

 

(70,169,464

)

Preferred Shares, at Redemption Value – (53.2)%

 

 

 

 

 

(274,667,352

)

 

 

 

 

 

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

516,148,513

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

773,347,224

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

19,593,217

 

 

Gross unrealized depreciation

 

 

 

 

 

(8,866,043

)

 

 

 

 

 

 

 

Net unrealized appreciation

 

 

 

 

$

10,727,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

 

Value

 

 

Unrealized
Appreciation

 

 

Morgan Stanley Co.

 

$

2,849,267

 

$

33,201

 

 

 

(b)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(c)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(d)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
August 31,
2010

 

Net
Activity

 

Shares
Held at
November 30,
2010

 

Income

 

 

 

FFI Institutional

 

 

 

 

 

 

 

 

 

 

Tax-Exempt

 

 

 

 

 

 

 

 

 

 

Fund

 

32,301,054

 

(1,438,261)

 

30,862,793

 

$13,088

 

 

 

 

 

(e)

Represents the current yield as of report date.

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of November 30, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

823,318,797

 

 

—

 

$

823,318,797

 

Short-Term
Securities

 

$

30,862,793

 

 

—

 

 

—

 

 

30,862,793

 

 

 

Total

 

$

30,862,793

 

$

823,318,797

 

 

—

 

$

854,181,590

 

 

 

 

 

 

 

1

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

 

 

 

BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND

NOVEMBER 30, 2010

5

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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniHoldings Investment Quality Fund
   
  Date: January 26, 2011
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniHoldings Investment Quality Fund
   
  Date: January 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniHoldings Investment Quality Fund
     
  Date: January 26, 2011