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: 08/31/2019
Date of reporting period:
11/30/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 135.5% |
|
|
| Alabama — 3.5% |
|
| City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 06/01/19 |
|
$ |
10,995 |
|
|
$ |
11,215,670 |
|
| 6.13%, 06/01/19 |
|
|
4,980 |
|
|
|
5,082,986 |
|
| City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%,
12/01/35 |
|
|
1,745 |
|
|
|
1,880,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,179,033 |
|
| Arizona — 1.7% |
|
|
|
|
| County of Maricopa Arizona IDA, RB, Banner Health, Series A, 5.00%, 01/01/41 |
|
|
2,750 |
|
|
|
3,030,170 |
|
| County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, 5.00%, 01/01/38 |
|
|
3,000 |
|
|
|
3,308,970 |
|
| University of Arizona Board of Regents, Refunding RB, Series A, 5.00%, 06/01/40 |
|
|
2,300 |
|
|
|
2,555,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,894,440 |
|
| California — 18.9% |
|
|
|
|
| Anaheim California Union High School District, GO, Election of 2014, 4.00%, 08/01/42 |
|
|
4,000 |
|
|
|
4,128,480 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) |
|
|
5,370 |
|
|
|
5,755,459 |
|
| City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series
A: |
|
|
|
|
|
|
|
|
| 2nd, 5.50%, 05/01/28 |
|
|
3,330 |
|
|
|
3,747,749 |
|
| 2nd, 5.25%, 05/01/33 |
|
|
6,370 |
|
|
|
7,005,089 |
|
| 5.00%, 05/01/44 |
|
|
3,430 |
|
|
|
3,695,962 |
|
| City & County of San Francisco California Airports Commission, Refunding RB, San Francisco City
Country Airport, Series E, 5.00%, 05/01/48 |
|
|
5,000 |
|
|
|
5,618,250 |
|
| City of Manteca California Financing Authority, RB, Manteca Sewer (AGC): |
|
|
|
|
|
|
|
|
| 5.63%, 12/01/33 |
|
|
2,450 |
|
|
|
2,539,842 |
|
| 5.75%, 12/01/36 |
|
|
3,285 |
|
|
|
3,408,483 |
|
| City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT, 5.75%, 03/01/34 |
|
|
4,450 |
|
|
|
4,766,217 |
|
| County of Sacramento California Airport System Revenue, Refunding RB, AMT, Series C, 5.00%, 07/01/39 |
|
|
3,410 |
|
|
|
3,803,241 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C,
5.50%, 11/01/33 |
|
$ |
4,365 |
|
|
$ |
4,993,429 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J,
5.25%, 05/15/38 |
|
|
2,705 |
|
|
|
3,003,172 |
|
| State of California, GO, Various Purposes (AGC), 5.50%, 11/01/39 |
|
|
15,000 |
|
|
|
15,465,150 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
| 5.50%, 11/01/30 |
|
|
4,500 |
|
|
|
5,107,680 |
|
| 5.50%, 11/01/31 |
|
|
2,615 |
|
|
|
2,964,259 |
|
| 5.50%, 11/01/33 |
|
|
2,000 |
|
|
|
2,259,240 |
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 09/01/33 |
|
|
3,240 |
|
|
|
3,614,091 |
|
| State of California University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/42 |
|
|
3,500 |
|
|
|
3,933,930 |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%, 08/01/40 |
|
|
1,685 |
|
|
|
1,931,094 |
|
| University of California, Refunding RB, Series AR, 5.00%, 05/15/38 |
|
|
10,000 |
|
|
|
11,220,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,961,417 |
|
| Colorado — 2.0% |
|
|
|
|
| City & County of Denver Colorado Airport System, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/28 |
|
|
2,700 |
|
|
|
3,045,519 |
|
| 5.50%, 11/15/30 |
|
|
1,040 |
|
|
|
1,170,010 |
|
| 5.50%, 11/15/31 |
|
|
1,250 |
|
|
|
1,404,413 |
|
| Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 05/15/19(a) |
|
|
4,925 |
|
|
|
5,016,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,636,153 |
|
| Florida — 7.8% |
|
|
|
|
| County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A,
AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 10/01/29 |
|
|
5,360 |
|
|
|
5,996,232 |
|
| 5.25%, 10/01/30 |
|
|
3,255 |
|
|
|
3,583,332 |
|
| County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |
|
|
7,100 |
|
|
|
7,570,091 |
|
| 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 |
|
|
340 |
|
|
|
343,029 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
| County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie
Mac), 5.90%, 09/01/40 |
|
$ |
145 |
|
|
$ |
145,787 |
|
| County of Miami-Dade Florida, RB, Seaport Department: |
|
|
|
|
|
|
|
|
| Series A, 5.38%, 10/01/33 |
|
|
3,145 |
|
|
|
3,472,363 |
|
| Series B, AMT, 6.25%, 10/01/38 |
|
|
1,405 |
|
|
|
1,593,200 |
|
| Series B, AMT, 6.00%, 10/01/42 |
|
|
1,885 |
|
|
|
2,121,077 |
|
| County of Miami-Dade Florida, Refunding RB, Water & Sewer System, Series B,
5.25%, 10/01/29 |
|
|
2,870 |
|
|
|
3,207,369 |
|
| County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |
|
|
5,465 |
|
|
|
5,863,890 |
|
| Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
|
|
3,225 |
|
|
|
3,594,650 |
|
| South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%,
08/15/42 |
|
|
2,965 |
|
|
|
3,278,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,769,154 |
|
| Georgia — 0.7% |
|
|
|
|
| County of Fulton Development Authority, Refunding RB, Piedmont Helthcare, Series A,
4.00%, 07/01/35 |
|
|
3,500 |
|
|
|
3,556,875 |
|
|
|
|
|
|
|
|
|
|
| Hawaii — 2.1% |
|
|
|
|
| State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45 |
|
|
5,985 |
|
|
|
6,554,293 |
|
| State of Hawaii Airports System, COP, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 08/01/25 |
|
|
1,350 |
|
|
|
1,489,968 |
|
| 5.25%, 08/01/26 |
|
|
2,500 |
|
|
|
2,746,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,790,861 |
|
| Illinois — 19.7% |
|
|
|
|
| Chicago Housing Authority, RB, M/F Housing, Series A (HUD), 5.00%, 01/01/38 |
|
|
2,150 |
|
|
|
2,364,936 |
|
| City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT: |
|
|
|
|
|
|
|
|
| 5.50%, 01/01/30 |
|
|
6,500 |
|
|
|
7,123,155 |
|
| 5.50%, 01/01/32 |
|
|
6,275 |
|
|
|
6,853,931 |
|
| City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%,
01/01/41 |
|
|
8,020 |
|
|
|
8,556,297 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| City of Chicago Illinois O’Hare International Airport, GARB: |
|
|
|
|
|
|
|
|
| 3rd Lien, Series A, 5.75%, 01/01/21(a) |
|
$ |
6,210 |
|
|
$ |
6,683,575 |
|
| 3rd Lien, Series A, 5.75%, 01/01/39 |
|
|
1,185 |
|
|
|
1,257,273 |
|
| 3rd Lien, Series C, 6.50%, 01/01/21(a) |
|
|
16,800 |
|
|
|
18,332,328 |
|
| Senior Lien, Series D, 5.25%, 01/01/42 |
|
|
2,630 |
|
|
|
2,907,307 |
|
| City of Chicago Illinois O’Hare International Airport, Refunding RB, Senior Lien, Series B,
5.00%, 01/01/35 |
|
|
4,300 |
|
|
|
4,754,338 |
|
| City of Chicago Illinois Transit Authority, RB: |
|
|
|
|
|
|
|
|
| Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 12/01/18(a) |
|
|
6,000 |
|
|
|
6,000,000 |
|
| Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
10,960 |
|
|
|
11,541,209 |
|
| City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309
(AGM), 5.00%, 06/01/28 |
|
|
7,735 |
|
|
|
7,987,934 |
|
| Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 08/15/41 |
|
|
4,000 |
|
|
|
4,333,640 |
|
| Railsplitter Tobacco Settlement Authority,
RB(a): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
4,365 |
|
|
|
4,716,819 |
|
| 6.00%, 06/01/21 |
|
|
1,245 |
|
|
|
1,360,362 |
|
| State of Illinois, GO, Series C, 5.00%, 11/01/29 |
|
|
5,000 |
|
|
|
5,241,450 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
|
|
|
| State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/37 |
|
$ |
2,700 |
|
|
$ |
3,005,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,020,491 |
|
| Indiana — 0.2% |
|
|
|
|
| State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%,
07/01/40 |
|
|
1,240 |
|
|
|
1,299,793 |
|
|
|
|
|
|
|
|
|
|
| Kansas — 0.9% |
|
|
|
|
| County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47 |
|
|
4,000 |
|
|
|
4,641,280 |
|
|
|
|
|
|
|
|
|
|
| Kentucky — 1.0% |
|
|
|
|
| Kentucky Public Energy Authority, RB, Series A, 4.00%, 04/01/48(b) |
|
|
5,000 |
|
|
|
5,232,250 |
|
|
|
|
|
|
|
|
|
|
| Louisiana — 0.1% |
|
|
|
|
| City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 01/01/19(a) |
|
|
720 |
|
|
|
722,246 |
|
|
|
|
|
|
|
|
|
|
| Maryland — 3.1% |
|
|
|
|
| Maryland Stadium Authority, RB, Baltimore City Public School, 5.00%, 05/01/41 |
|
|
15,000 |
|
|
|
16,508,100 |
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 5.3% |
|
|
|
|
| Commonwealth of Massachusetts, GOL, Series G, 4.00%, 09/01/42 |
|
|
15,000 |
|
|
|
15,138,600 |
|
| Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/41 |
|
|
4,710 |
|
|
|
5,142,661 |
|
| Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT,
5.00%, 01/01/27 |
|
|
1,000 |
|
|
|
1,094,570 |
|
| Massachusetts School Building Authority, RB, Series B, 4.00%, 02/15/42 |
|
|
6,200 |
|
|
|
6,214,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,589,967 |
|
| Michigan — 2.8% |
|
|
|
|
| City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM): |
|
|
|
|
|
|
|
|
| 6.25%, 07/01/19(a) |
|
|
6,310 |
|
|
|
6,466,488 |
|
| 6.25%, 07/01/36 |
|
|
10 |
|
|
|
10,226 |
|
| Hudsonville Michigan Public Schools, GO, School Building & Site
(Q-SBLF), 5.25%, 05/01/21(a) |
|
|
6,015 |
|
|
|
6,472,320 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Michigan (continued) |
|
|
|
|
| Michigan Finance Authority, Refunding RB, Henry Ford Health System, 5.00%, 11/15/41 |
|
$ |
1,525 |
|
|
$ |
1,632,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,581,974 |
|
| Mississippi — 2.8% |
|
|
|
|
| Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM): |
|
|
|
|
|
|
|
|
| 6.88%, 12/01/40 |
|
|
6,405 |
|
|
|
7,492,633 |
|
| Special Obligation, 6.75%, 12/01/31 |
|
|
3,775 |
|
|
|
4,438,230 |
|
| Special Obligation, 6.75%, 12/01/33 |
|
|
2,350 |
|
|
|
2,753,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,684,193 |
|
| Nevada — 2.2% |
|
|
|
|
| County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM),
5.25%, 07/01/39 |
|
|
11,175 |
|
|
|
11,523,548 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 7.5% |
|
|
|
|
| New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond: |
|
|
|
|
|
|
|
|
| 5.38%, 01/01/43 |
|
|
7,000 |
|
|
|
7,474,320 |
|
| (AGM), 5.00%, 01/01/31 |
|
|
2,425 |
|
|
|
2,613,786 |
|
| New Jersey EDA, Refunding RB, Series B, 5.50%, 06/15/30 |
|
|
4,080 |
|
|
|
4,552,831 |
|
| New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC),
5.50%, 07/01/38 |
|
|
6,500 |
|
|
|
6,629,870 |
|
| New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT,
5.75%, 12/01/28 |
|
|
2,250 |
|
|
|
2,382,548 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series AA,
5.50%, 06/15/39 |
|
|
8,175 |
|
|
|
8,732,126 |
|
| New Jersey Turnpike Authority, Refunding RB, Series A, 5.00%, 01/01/34 |
|
|
1,685 |
|
|
|
1,877,023 |
|
| State of New Jersey, GO, 4.00%, 06/01/29 |
|
|
5,000 |
|
|
|
5,128,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,390,754 |
|
| New York — 13.1% |
|
|
|
|
| City of New York, GO, Subseries F-1, 5.00%, 04/01/38 |
|
|
10,000 |
|
|
|
11,277,500 |
|
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd
General Resolution, Series EE, 5.38%, 06/15/43 |
|
|
3,475 |
|
|
|
3,677,245 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2009,
Series EE, 5.25%, 06/15/40 |
|
$ |
7,500 |
|
|
$ |
7,608,375 |
|
| City of New York Transitional Finance Authority, RB, Future Tax Secured Subordinate, Subseries B-1, 5.00%, 08/01/40 |
|
|
5,000 |
|
|
|
5,535,200 |
|
| City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
4,000 |
|
|
|
4,066,640 |
|
| Metropolitan Transportation Authority, RB, Series A-1,
5.25%, 11/15/39 |
|
|
4,490 |
|
|
|
4,897,243 |
|
| Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/37 |
|
|
6,140 |
|
|
|
6,733,861 |
|
| Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%,
07/15/36 |
|
|
10,000 |
|
|
|
10,583,700 |
|
| Port Authority of New York & New Jersey, Refunding RB, Consolidated, 205th Series: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/39 |
|
|
6,000 |
|
|
|
6,925,080 |
|
| 5.25%, 05/15/42 |
|
|
900 |
|
|
|
1,031,985 |
|
| Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/38 |
|
|
5,660 |
|
|
|
6,373,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,709,932 |
|
| Ohio — 1.6% |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1: |
|
|
|
|
|
|
|
|
| 5.25%, 02/15/31 |
|
|
5,145 |
|
|
|
5,672,877 |
|
| 5.25%, 02/15/32 |
|
|
2,250 |
|
|
|
2,477,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,149,947 |
|
| Pennsylvania — 6.3% |
|
| Pennsylvania State University, RB, Series A, 5.00%, 09/01/42 |
|
|
2,945 |
|
|
|
3,342,369 |
|
| Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 12/01/44 |
|
|
5,000 |
|
|
|
5,705,250 |
|
| Sub-Series A, 5.50%, 12/01/46 |
|
|
18,570 |
|
|
|
20,932,661 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |
|
$ |
3,000 |
|
|
$ |
3,264,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,244,850 |
|
| South Carolina — 6.7% |
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
6,735 |
|
|
|
7,599,100 |
|
| County of Charleston South Carolina Airport District, ARB, Series A, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 07/01/25 |
|
|
4,490 |
|
|
|
5,032,931 |
|
| 5.50%, 07/01/38 |
|
|
3,000 |
|
|
|
3,311,550 |
|
| 6.00%, 07/01/38 |
|
|
5,270 |
|
|
|
5,929,014 |
|
| 5.50%, 07/01/41 |
|
|
4,170 |
|
|
|
4,597,467 |
|
| South Carolina Jobs-Economic Development Authority, Refunding RB, Prisma Health Obligated Group, Series A,
5.00%, 05/01/37(c) |
|
|
4,480 |
|
|
|
4,853,542 |
|
| State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/50 |
|
|
3,445 |
|
|
|
3,735,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,058,811 |
|
| Texas — 20.1% |
|
| City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 |
|
|
4,190 |
|
|
|
4,598,483 |
|
| City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 05/15/19 |
|
|
12,030 |
|
|
|
12,251,713 |
|
| 6.00%, 05/15/19 |
|
|
670 |
|
|
|
682,495 |
|
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 05/15/19 |
|
|
8,940 |
|
|
|
9,104,764 |
|
| 6.00%, 05/15/19 |
|
|
495 |
|
|
|
504,232 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A
(AGC), 6.50%, 07/01/37 |
|
|
1,450 |
|
|
|
1,455,336 |
|
| Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/38 |
|
|
5,580 |
|
|
|
5,763,247 |
|
| Series H, 5.00%, 11/01/37 |
|
|
4,575 |
|
|
|
4,784,398 |
|
| Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |
|
|
3,735 |
|
|
|
4,176,963 |
|
| North Texas Tollway Authority, Refunding RB, 1st
Tier(a): |
|
|
|
|
|
|
|
|
| (AGM), 6.00%, 01/01/21 |
|
|
5,555 |
|
|
|
5,994,900 |
|
| Series K-1 (AGC), 5.75%, 01/01/19 |
|
|
9,000 |
|
|
|
9,026,910 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 03/15/38 |
|
$ |
7,170 |
|
|
$ |
7,895,461 |
|
| State of Texas, GO: |
|
|
|
|
|
|
|
|
| Transportation Commission Highway Improvement, 5.00%, 04/01/43 |
|
|
15,550 |
|
|
|
17,250,859 |
|
| Water Financial Assistance, Series D, 5.00%, 05/15/40 |
|
|
8,000 |
|
|
|
8,890,720 |
|
| Refunding Transportation Commission, Series A, 5.00%, 10/01/44 |
|
|
1,945 |
|
|
|
2,129,289 |
|
| Texas Water Development Board, RB: |
|
|
|
|
|
|
|
|
| State Water Implementation Fund, Series B, 4.00%, 10/15/43 |
|
|
5,000 |
|
|
|
5,075,600 |
|
| State Water Implementation Revenue, 5.25%, 10/15/46 |
|
|
4,780 |
|
|
|
5,391,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,977,258 |
|
| Utah — 2.4% |
|
| County of Utah Utah, RB, IHC Health Services, Inc., Series B, 5.00%, 05/15/46 |
|
|
7,500 |
|
|
|
8,265,450 |
|
| Utah State University, RB, Series B, 4.00%, 12/01/45 |
|
|
4,390 |
|
|
|
4,404,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,670,288 |
|
| Virginia — 1.2% |
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
|
|
1,750 |
|
|
|
1,876,175 |
|
| State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18(a) |
|
|
4,300 |
|
|
|
4,300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,176,175 |
|
| Washington — 1.8% |
|
| City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21(a) |
|
|
4,200 |
|
|
|
4,488,666 |
|
| Everett Public Facilities District, Refunding RB, Series A, 4.00%, 12/01/41 |
|
|
1,930 |
|
|
|
1,925,908 |
|
| State of Washington, GO, Series C, 5.00%, 02/01/41 |
|
|
2,500 |
|
|
|
2,822,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,237,099 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 135.5%
(Cost — $689,525,610) |
|
|
|
709,206,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(d) — 35.1% |
|
| Alabama — 8.3% |
|
| City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Senior Credit: |
|
|
|
|
|
|
|
|
| Ascension Health, Series C, 5.00%, 11/15/46 |
|
$ |
11,920 |
|
|
$ |
12,982,430 |
|
| Ascension Group, Series B, 5.00%, 11/15/46 |
|
|
27,798 |
|
|
|
30,276,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,258,454 |
|
| California — 0.5% |
|
| Los Angeles California Unified School District, GO, Series I, 5.00%, 01/01/34 |
|
|
2,400 |
|
|
|
2,438,592 |
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 4.4% |
|
|
|
|
| Commonwealth of Massachusetts, GO, Consolidated Loan, Series E, 5.25%, 09/01/43 |
|
|
20,000 |
|
|
|
23,117,200 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 1.0% |
|
| County of Clark Nevada Water Reclamation District, GO, Series B, 5.50%, 07/01/19(a) |
|
|
5,008 |
|
|
|
5,114,163 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 1.7% |
|
|
|
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC,
5.25%, 10/01/29 |
|
|
5,922 |
|
|
|
5,956,947 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36(e) |
|
|
2,961 |
|
|
|
3,093,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,050,808 |
|
| New York — 13.7% |
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
4,995 |
|
|
|
5,076,652 |
|
| City of New York Transitional Finance Authority, BARB, Fiscal 2009, Series
S-3, 5.25%, 01/15/39 |
|
|
5,619 |
|
|
|
5,641,551 |
|
| City of New York Transitional Finance Authority, RB, Series, S-1,
5.00%, 07/15/43 |
|
|
11,825 |
|
|
|
13,262,016 |
|
| Hudson Yards Infrastructure Corp., RB, Senior-Fiscal
2012(e): |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(a) |
|
|
5,726 |
|
|
|
6,160,723 |
|
| 5.75%, 02/15/47 |
|
|
3,523 |
|
|
|
3,789,890 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
13,950 |
|
|
|
15,069,190 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(e) |
|
$ |
8,200 |
|
|
$ |
8,940,784 |
|
| State of New York Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 03/15/19(a) |
|
|
13,500 |
|
|
|
13,631,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,571,959 |
|
| Texas — 4.3% |
|
| City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 02/01/19(a)(e) |
|
|
12,027 |
|
|
|
12,090,944 |
|
| North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 09/01/21(a) |
|
|
9,640 |
|
|
|
10,492,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,583,168 |
|
| Utah — 1.2% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(a) |
|
|
6,373 |
|
|
|
6,512,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Value |
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.1%
(Cost —
$182,975,742) |
|
$ |
183,646,676 |
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 170.6%
(Cost — $872,501,352) |
|
|
892,853,565 |
|
|
|
|
|
|
|
|
|
|
| Total Investments — 170.6%
(Cost — $872,501,352) |
|
|
892,853,565 |
|
| Liabilities in Excess of Other Assets — (0.0)% |
|
|
(89,011 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(18.2)% |
|
|
(95,195,435 |
) |
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.4)% |
|
|
(274,217,370 |
) |
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
$ |
523,351,749 |
|
|
|
|
|
|
|
|
| (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) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (c) |
When-issued security. |
| (d) |
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. |
| (e) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could
ultimately be required to pay under the agreement(s), which expire between February 1, 2019 to November 15, 2019, is $19,874,974. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
During the period ended November 30, 2018, 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
08/31/18 |
|
|
Net
Activity |
|
|
Shares
Held at
11/30/18 |
|
|
Value at
11/30/18 |
|
|
Income |
|
|
Net Realized
Gain (Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
1,018,845 |
|
|
|
(1,018,845 |
) |
|
|
— |
|
|
$ |
— |
|
|
$ |
10,487 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
Portfolio Abbreviations
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL) |
Portfolio Abbreviations (continued)
|
|
|
| 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 |
| HFA |
|
Housing Finance Agency |
| HUD |
|
Department of Housing and Urban Development |
| IDA |
|
Industrial Development Authority |
| IDB |
|
Industrial Development Board |
| LRB |
|
Lease Revenue Bonds |
| M/F |
|
Multi-Family |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
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 |
|
|
83 |
|
|
|
03/20/19 |
|
|
$ |
9,915 |
|
|
$ |
(25,601 |
) |
| Long U.S. Treasury Bond |
|
|
154 |
|
|
|
03/20/19 |
|
|
|
21,546 |
|
|
|
(91,029 |
) |
| 5-Year U.S. Treasury Note |
|
|
69 |
|
|
|
03/29/19 |
|
|
|
7,794 |
|
|
|
(10,080 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(126,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 the 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. 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.
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock MuniHoldings Investment Quality Fund (MFL) |
Fair Value Hierarchy as of Period End (continued)
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 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.
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) |
|
$ |
— |
|
|
$ |
892,853,565 |
|
|
$ |
— |
|
|
$ |
892,853,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
(126,710 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(126,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in sector. |
|
| |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on
the instrument. |
|
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 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(94,902,961 |
) |
|
$ |
— |
|
|
$ |
(94,902,961 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(274,600,000 |
) |
|
|
— |
|
|
|
(274,600,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(369,502,961 |
) |
|
$ |
— |
|
|
$ |
(369,502,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended November 30, 2018, there were no transfers between levels.
|
|
|
| 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 18, 2019
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 18, 2019 |
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
|
BlackRock MuniHoldings Investment Quality Fund |
|
|
Date: January 18, 2019