NPORT-EX 2 NPORT_5365416090205271.htm EX-MFL

Schedule of Investments  (unaudited)

November 30, 2020

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

 

Alabama — 0.3%

 

Selma Industrial Development Board, RB, Series A, 5.38%, 12/01/35

   $ 1,745     $ 1,820,576  
   

 

 

  
Arizona — 5.0%            

Arizona Industrial Development Authority, RB(a) 4.38%, 07/01/39

     1,015       1,065,405  

Series A, 5.00%, 07/01/39

     855       881,582  

Series A, 5.00%, 07/01/49

     965       982,727  

Series A, 5.00%, 07/01/54

     745       755,169  

Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47(a)

    1,480       1,497,449  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52(a)

    825       848,529  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/39(a)

    360       400,046  

5.00%, 07/01/54(a)

    820       885,461  

Series A, 5.00%, 01/01/38

     3,000       3,634,920  

Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/41

     12,000       14,581,080  

University of Arizona, Refunding RB, Series A, 5.00%, 06/01/40

     2,300       2,701,327  
   

 

 

  
      28,233,695  
Arkansas — 0.4%  

Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49(a)

    2,395       2,524,114  
   

 

 

  
California — 13.8%  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     3,240       3,657,830  

Series I, 5.50%, 11/01/30

     4,500       5,159,790  

Series I, 5.50%, 11/01/33

     2,000       2,288,040  

California State University, Refunding RB, Series A, 5.00%, 11/01/42

     3,500       4,337,830  

City of Los Angeles Department of Airports, ARB, Series D, 5.00%, 05/15/44

     3,090       3,999,480  

City of Los Angeles Department of Airports, RB, Series A, AMT, 5.00%, 05/15/42

     1,750       2,085,597  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     2,880       2,969,856  

Series A-2, 5.00%, 06/01/47

     785       809,728  

Manteca Financing Authority, RB, Series A, (AGC-ICC), 5.75%, 12/01/36

     3,285       3,298,600  

Milpitas Municipal Financing Authority, RB, 4.00%, 06/01/41

     350       419,097  

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A-1, AMT, 5.75%, 03/01/34

     4,450       4,504,245  

Regents of the University of California Medical Center

    

Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/38

     2,705       2,998,817  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.50%, 05/01/28

     3,330       3,699,297  

Series A, AMT, 5.25%, 05/01/33

     6,370       7,016,109  

Series A, AMT, 5.00%, 05/01/44

     3,430       3,811,313  
Security  

Par

(000)

     Value  
California (continued)  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB

    

Series 2020, AMT, 4.00%, 05/01/40

   $ 2,000     $ 2,323,700  

Series A, AMT, 5.00%, 05/01/38

     3,040       3,797,872  

Series B, AMT, 5.00%, 05/01/46

     7,855       9,056,894  

University of California, Refunding RB, Series AR, 5.00%, 05/15/38

     10,000       12,193,800  
   

 

 

  
      78,427,895  
Colorado — 3.3%  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series A, AMT, 5.50%, 11/15/28

     2,700       3,063,204  

Series A, AMT, 5.50%, 11/15/30

     1,040       1,176,937  

Series A, AMT, 5.50%, 11/15/31

     1,250       1,412,662  

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 12/01/43

     10,500       12,799,500  
   

 

 

  
      18,452,303  
Connecticut — 0.0%  

Connecticut State Health & Educational Facilities Authority, RB, Series A-1, 5.00%, 10/01/54(a)

    235       236,290  
   

 

 

  
District of Columbia — 0.2%            

Washington Metropolitan Area Transit Authority, RB, Series A, 4.00%, 07/15/40

     1,185       1,423,256  
   

 

 

  
Florida — 5.2%  

Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/01/45(a)

    850       860,472  

County of Lee Florida Airport Revenue, Refunding RB, Series A, AMT, 5.38%, 10/01/32

     7,100       7,295,534  

County of Miami-Dade Seaport Department, ARB

    

Series A, 5.38%, 10/01/33

     3,145       3,531,835  

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

     1,405       1,591,837  

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

     1,885       2,127,449  

Esplanade Lake Club Community Development District, SAB

    

Series A-1, 4.00%, 11/01/40

     1,080       1,104,300  

Series A-1, 4.13%, 11/01/50

     385       391,949  

Series A-2, 4.00%, 11/01/40

     500       511,250  

Series A-2, 4.13%, 11/01/50

     500       509,025  

Florida Development Finance Corp., RB(a) AMT, 5.00%, 05/01/29

     825       880,077  

Series A, AMT, 5.00%, 08/01/29(b)

    325       338,364  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(a)

    475       512,230  

Hillsborough County Aviation Authority, Refunding RB

    

Series A, AMT, 5.25%, 10/01/30

     3,255       3,647,358  

Sub-Series A, AMT, 5.50%, 10/01/29

     5,360       6,051,226  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (GNMA/FNMA/FHLMC), 6.00%, 09/01/40

     225       228,080  

Manatee County Housing Finance Authority, RB, S/F Housing, Series A, AMT, (GNMA/FNMA/FHLMC), 5.90%, 09/01/40

     60       60,817  
   

 

 

  
      29,641,803  
Hawaii — 2.0%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45

     5,985       6,833,434  
 

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Hawaii (continued)            

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

   $ 1,350     $ 1,512,432  

AMT, 5.25%, 08/01/26

     2,500       2,798,600  
   

 

 

  
      11,144,466  
Idaho — 2.0%            

Idaho Health Facilities Authority, RB, 4.00%, 12/01/43

     10,000       11,510,600  
   

 

 

  
Illinois — 20.0%            

Chicago Board of Education, Refunding GO
Series A, 5.00%, 12/01/28

     365       401,847  

Series A, 5.00%, 12/01/29

     440       486,455  

Series A, 5.00%, 12/01/30

     1,485       1,624,516  

Chicago Board of Education, Refunding GO, CAB,
Series A, 0.00%, 12/01/25(c)

    395       343,527  

Chicago Midway International Airport, Refunding ARB,
Series A, 2nd Lien, AMT, 5.00%, 01/01/41

     8,020       8,724,798  

Chicago Midway International Airport, Refunding RB

    

Series A, 2nd Lien, AMT, 5.50%, 01/01/30

     6,500       7,064,590  

Series A, 2nd Lien, AMT, 5.50%, 01/01/32

     6,275       6,810,759  

Chicago O’Hare International Airport, ARB

    

Series A, 3rd Lien, 5.75%, 01/01/39

     1,185       1,190,273  

Series C, 3rd Lien, 6.50%, 01/01/21(d)

    16,800       16,885,176  

Series D, Senior Lien, 5.25%, 01/01/42

     2,630       3,137,064  

Chicago O’Hare International Airport, Refunding RB

    

Series A, 4.00%, 01/01/35

     3,500       4,100,180  

Series A, (AGM), 4.00%, 01/01/40

     1,030       1,195,212  

Series C, 4.00%, 01/01/37

     4,000       4,656,480  

Series C, 4.00%, 01/01/38

     3,820       4,442,507  

Series E, (AGM), 4.00%, 01/01/39

     5,000       5,825,100  

Series B, Senior Lien, 5.00%, 01/01/35

     4,300       5,147,788  

Chicago Transit Authority Sales Tax Receipts Fund, RB,
5.25%, 12/01/21(d)

    10,960       11,509,644  

Illinois Finance Authority, RB, Series A, 6.00%, 08/15/41

     4,000       4,141,480  

Illinois State Toll Highway Authority, RB, Series A,
5.00%, 01/01/40

     5,000       5,815,900  

State of Illinois, GO

    

5.00%, 11/01/29

     285       310,448  

5.50%, 05/01/39

     15,000       16,654,650  

5.75%, 05/01/45

     2,500       2,844,850  
   

 

 

  
      113,313,244  
Indiana — 0.2%            

Indiana Finance Authority, RB, Series A, AMT,
5.00%, 07/01/40

     1,240       1,332,318  
   

 

 

  
Kentucky — 2.0%            

Kentucky Public Energy Authority, RB, Series C-1,
4.00%, 12/01/49(b)

    9,920       11,234,598  
   

 

 

  
Massachusetts — 7.8%            

Commonwealth of Massachusetts Refunding GOL,
Series D, 4.00%, 11/01/41(e)

    1,000       1,226,710  

Commonwealth of Massachusetts, GO, Series G,
4.00%, 09/01/42

     22,535       25,748,942  

Massachusetts Development Finance Agency,
Refunding RB, 5.00%, 07/01/41

     4,710       5,595,904  

Security

  

Par

(000)

    

Value

  
Massachusetts (continued)            

Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27

   $ 1,000     $ 1,143,690  

Massachusetts Housing Finance Agency, Refunding RB, Series G, 3.45%, 12/01/30

     3,100       3,383,185  

Massachusetts School Building Authority, RB, Sub-Series B, 4.00%, 02/15/42

     6,200       6,843,560  
   

 

 

  
      43,941,991  
Michigan — 2.1%            

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36

     10       10,044  

Michigan Finance Authority, RB, 4.00%, 02/15/44

     10,000       11,440,500  

Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41

     525       619,600  
   

 

 

  
      12,070,144  
Mississippi — 2.6%            

Mississippi Development Bank, RB

    

(AGM), 6.75%, 12/01/31

     3,775       4,461,333  

(AGM), 6.75%, 12/01/33

     2,350       2,767,901  

(AGM), 6.88%, 12/01/40

     6,405       7,482,897  
   

 

 

  
      14,712,131  
New Jersey — 12.9%            

New Jersey Economic Development Authority, RB

    

AMT, (AGM), 5.00%, 01/01/31

     2,425       2,677,709  

AMT, 5.38%, 01/01/43

     7,000       7,676,480  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/30

     4,080       4,898,244  

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

     1,705       1,767,198  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.50%, 06/15/39

     8,175       8,850,255  

Series BB, 5.00%, 06/15/44

     5,000       5,754,750  

Series S, 5.25%, 06/15/43

     10,000       11,827,300  

New Jersey Turnpike Authority, Refunding RB, Series A, 5.00%, 01/01/34

     1,685       2,007,863  

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

     10,000       10,054,600  

Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46

     15,000       17,301,150  
   

 

 

  
      72,815,549  
New Mexico — 0.1%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/39

     310       331,390  
   

 

 

  
New York — 10.3%            

City of New York, GO, Sub-Series F-1, 5.00%, 04/01/40

     4,850       5,950,756  

Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47

     8,820       8,912,434  

Metropolitan Transportation Authority, RB

    

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

     7,005       7,585,084  

Series C, 5.00%, 11/15/38

     4,450       4,665,113  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/55

     4,500       5,249,385  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C-3, 4.00%, 05/01/43

     5,000       5,714,100  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

Security

  

Par

(000)

    

Value

  
New York (continued)            

New York City Water & Sewer System, RB, Series DD-1, 4.00%, 06/15/50

   $ 5,580     $ 6,606,274  

New York Convention Center Development Corp., RB, CAB, Series B, Sub-Lien, (BAM), 0.00%, 11/15/40(c)

    7,000       3,770,480  

New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(a)

    1,730       1,798,612  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     630       735,273  

AMT, 5.00%, 10/01/40

     1,775       2,046,610  

Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 5.00%, 11/15/38

     4,400       5,336,408  
   

 

 

  
      58,370,529  
Ohio — 4.4%        

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     8,530       9,560,595  

Ohio Turnpike & Infrastructure Commission, RB

    

Series A-1, Junior Lien, 5.25%, 02/15/31

     5,145       5,670,253  

Series A-1, Junior Lien, 5.25%, 02/15/32

     2,250       2,477,542  

State of Ohio, RB, 4.00%, 01/01/41

     6,000       7,040,400  

State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28(d)

    25       31,065  
   

 

 

  
      24,779,855  
Pennsylvania — 5.7%        

Bristol Township School District, GO, (SAW), 5.25%, 06/01/37

     3,000       3,309,840  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.25%, 12/01/44

     5,000       6,358,700  

Sub-Series A, 5.50%, 12/01/46

     18,570       22,741,751  
   

 

 

  
      32,410,291  
Puerto Rico — 4.5%        

Puerto Rico Sales Tax Financing Corp. Sales Tax

    

Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     719       778,663  

Series A-1, Restructured, 5.00%, 07/01/58

     6,203       6,822,804  

Series A-2, Restructured, 4.33%, 07/01/40

     12,484       13,298,456  

Series A-2, Restructured, 4.78%, 07/01/58

     488       528,104  

Series B-1, Restructured, 4.75%, 07/01/53

     749       811,624  

Series B-2, Restructured, 4.78%, 07/01/58

     726       787,252  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    8,018       2,399,306  
   

 

 

  
      25,426,209  
South Carolina — 5.6%        

Charleston County Airport District, ARB

    

Series A, AMT, 5.50%, 07/01/38

     3,000       3,317,370  

Series A, AMT, 6.00%, 07/01/38

     5,270       5,894,126  

Series A, AMT, 5.50%, 07/01/41

     4,170       4,593,881  

Charleston County Airport District, RB, Series A, AMT, 5.25%, 07/01/25

     4,490       5,007,697  

County of Charleston South Carolina, ARB, 5.25%, 12/01/38

     6,735       7,628,196  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/37

     4,480       5,364,710  
   

 

 

  
      31,805,980  
Texas — 11.6%        

City of Beaumont Texas, GO, 5.25%, 03/01/23(d)

    4,190       4,658,358  

Security

  

Par

(000)

    

Value

  
Texas (continued)        

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

   $ 410     $ 422,743  

City of Houston Texas Airport System Revenue, Refunding RB

    

Series A, AMT, 5.00%, 07/01/27

     400       412,644  

Series A, AMT, 6.63%, 07/15/38

     700       729,750  

Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/21(d)

    4,575       4,765,732  

Dallas Fort Worth International Airport, RB

    

Series A, AMT, 5.00%, 11/01/28

     2,000       2,161,620  

Series B, AMT, 5.00%, 11/01/29

     1,490       1,607,233  

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

     3,735       4,174,348  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a)

    800       823,272  

North Texas Tollway Authority, Refunding RB, (AGM-CR), 6.00%, 01/01/21(d)

    5,555       5,580,775  

Red River Education Finance Corp., RB, 5.25%, 03/15/23(d)

    7,170       7,981,071  

State of Texas, GO, 5.00%, 04/01/43

     15,550       18,771,649  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     445       485,624  

Texas Water Development Board, RB

    

3.00%, 08/01/39

     1,000       1,143,080  

5.25%, 10/15/46

     4,780       5,919,217  

Series B, 4.00%, 10/15/43

     5,000       5,939,550  
   

 

 

  
      65,576,666  
Utah — 2.7%        

County of Utah, RB, Series B, 5.00%, 05/15/46

     8,590       10,165,922  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(a)

    320       328,998  

Utah State University, RB, Series B, (AGM), 4.00%, 12/01/45

     4,390       4,979,006  
   

 

 

  
      15,473,926  
Washington — 0.6%        

State of Washington, GO, Series C, 5.00%, 02/01/41

     2,500       3,143,975  
   

 

 

  
Wisconsin(a) — 0.8%        

Public Finance Authority, RB

    

Series A, 5.00%, 07/15/39

     165       174,672  

Series A, 5.00%, 07/15/49

     630       655,440  

Series A, 5.00%, 10/15/50

     1,695       1,788,073  

Series A, 5.00%, 07/15/54

     300       310,284  

Series A-1, 5.00%, 01/01/55

     945       957,370  

Public Finance Authority, Refunding RB, 5.00%, 09/01/49

     520       507,660  
   

 

 

  
      4,393,499  
   

 

 

  

Total Municipal Bonds — 126.1%
(Cost: $666,075,494)

       714,547,293  
   

 

 

  
Municipal Bonds Transferred to Tender Option Bond Trusts(f)  

Alabama — 8.3%

 

  

Alabama Special Care Facilities Financing Authority-Birmingham AL, Refunding RB, Series B, 5.00%, 11/15/46

     39,718       46,860,143  
 

 

 

SCHEDULE OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

(Percentages shown are based on Net Assets)

 

    Par        
Security   (000)     Value  

Massachusetts — 4.6%

    

Commonwealth of Massachusetts, GO, Series E, 5.25%, 09/01/43

   $ 20,000     $ 25,751,400  
   

 

 

  

Michigan — 2.0%

    

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/40

     10,100       11,491,679  
   

 

 

  

Nevada — 2.0%

    

County of Clark Nevada, GO, 4.00%, 07/01/47

     10,000       11,158,500  
   

 

 

  

New Jersey — 0.5%

    

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

   
    2,961       3,068,617  
   

 

 

  

New York — 16.7%

    

Hudson Yards Infrastructure Corp, Refunding RB,

    

Series A, 4.00%, 02/15/44

     30,165       33,591,137  

New York City Transitional Finance Authority Building
Aid Revenue, RB, Series S-1, 5.00%, 07/15/43

    
    11,825       14,556,809  

New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/41

    
    20,000       23,508,600  

New York Liberty Development Corp., ARB, 5.25%, 12/15/43

     13,950       14,551,952  

New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(g)

    8,200       8,593,739  
   

 

 

  
      94,802,237  

Pennsylvania — 1.9%

    

Geisinger Authority, Refunding RB, Series A, 4.00%, 06/01/41

     10,000       10,728,800  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.0%
(Cost: $191,264,859)

 

     203,861,376  
   

 

 

  

Total Long-Term Investments — 162.1%
(Cost: $857,340,353)

       918,408,669  
   

 

 

  
Security   Shares     Value  
Short-Term Securities  

Money Market Funds — 0.6%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

   
    3,630,686     $ 3,631,049  
   

 

 

  

Total Short-Term Securities — 0.6%
(Cost: $3,631,255)

 

     3,631,049  
   

 

 

  

Total Investments — 162.7%
(Cost: $860,971,608)

 

     922,039,718  

Other Assets Less Liabilities — 1.9%

 

     10,348,019  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (16.2)%

 

     (91,560,188 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (48.4)%

 

     (274,251,292 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 566,576,257  
   

 

 

  

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Zero-coupon bond.

(d) 

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.

(e) 

When-issued security.

(f) 

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.

(g) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 15, 2020 to May 15, 2021, is $6,643,355.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   

Value at

08/31/20

     

Purchases

at Cost

     

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

11/30/20

     

Shares

Held at

11/30/20

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 17,313,007      $ —      $ (13,681,845 )(a)     $ 93      $ (206 )     $ 3,631,049        3,630,686      $ 206      $ —  
              

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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)

 

 

4  

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock MuniHoldings Investment Quality Fund (MFL)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of 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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $  714,547,293        $ —        $  714,547,293  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          203,861,376          —          203,861,376  

Short-Term Securities

                  

Money Market Funds

      3,631,049          —          —          3,631,049  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,631,049        $ 918,408,669        $
 		  
—		  
 		      $ 922,039,718  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $ —        $ (91,534,330 )       $ —        $ (91,534,330 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (366,134,330 )       $ —        $ (366,134,330 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGC-ICC    Assured Guaranty Corp. – Insured Custody Certificate
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
GOL    General Obligation Ltd.
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding

 

 

SCHEDULE OF INVESTMENTS

   5