Schedule of Investments (unaudited) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 1.5% | ||||||||
Health Care Authority of the City of Huntsville, RB | ||||||||
Series B1, 4.00%, 06/01/45 | $ | 320 | $ | 352,397 | ||||
Series B1, (AGM), 3.00%, 06/01/50 | 1,375 | 1,383,759 | ||||||
Selma Industrial Development Board, RB, Series A, 5.38%, 12/01/35 | 420 | 438,870 | ||||||
|
| |||||||
2,175,026 | ||||||||
Arizona — 1.6% | ||||||||
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(a) | 1,185 | 1,259,726 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(a) | 275 | 291,307 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(a) | 350 | 346,647 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 | 320 | 367,738 | ||||||
|
| |||||||
2,265,418 | ||||||||
California — 11.2% | ||||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/01/39 | 890 | 964,564 | ||||||
Series A, 4.00%, 04/01/45 | 295 | 324,724 | ||||||
California School Finance Authority, Refunding RB, | ||||||||
Series A, 5.00%, 07/01/51(a) | 1,200 | 1,311,756 | ||||||
California State Public Works Board, RB | ||||||||
Series F, 5.25%, 09/01/33 | 610 | 686,811 | ||||||
Series I, 5.50%, 11/01/31 | 2,100 | 2,403,807 | ||||||
Series I, 5.50%, 11/01/33 | 1,500 | 1,715,565 | ||||||
California Statewide Communities Development Authority, Refunding RB(a) | ||||||||
Series A, 5.00%, 06/01/36 | 990 | 1,005,493 | ||||||
Series A, 5.00%, 06/01/46 | 1,220 | 1,224,514 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47 | 475 | 487,331 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(b) | 1,185 | 1,368,296 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB | ||||||||
Series J, 5.25%, 05/15/23(b) | 2,165 | 2,435,365 | ||||||
Series J, 5.25%, 05/15/38 | 615 | 680,651 | ||||||
State of California, GO, 6.00%, 03/01/33 | 660 | 661,986 | ||||||
Washington Township Health Care District, GO, Series B, 5.50%, 08/01/40 | 460 | 511,295 | ||||||
|
| |||||||
15,782,158 | ||||||||
Colorado — 2.0% | ||||||||
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(a) | 250 | 253,483 | ||||||
City & County of Denver Colorado Airport System Revenue, ARB, Series B, 5.25%, 11/15/32 | 1,750 | 1,972,390 | ||||||
City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/38(c) | 1,000 | 553,720 | ||||||
|
| |||||||
2,779,593 | ||||||||
Florida — 6.6% | ||||||||
Celebration Pointe Community Development District, SAB(a) | ||||||||
5.00%, 05/01/32 | 215 | 235,352 | ||||||
5.00%, 05/01/48 | 530 | 565,219 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/38 | $ | 5,675 | $ | 6,402,932 | ||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) | ||||||||
Series A-2, 0.00%, 10/01/46 | 635 | 245,466 | ||||||
Series A-2, 0.00%, 10/01/47 | 610 | 227,304 | ||||||
Series A-2, 0.00%, 10/01/48 | 430 | 153,424 | ||||||
Series A-2, 0.00%, 10/01/49 | 355 | 122,184 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
5.25%, 05/01/37 | 180 | 195,489 | ||||||
5.38%, 05/01/47 | 185 | 199,822 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(b) | 875 | 985,521 | ||||||
|
| |||||||
9,332,713 | ||||||||
Georgia — 4.1% | ||||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 | 2,320 | 3,209,720 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
4.00%, 01/01/49 | 705 | 783,184 | ||||||
4.00%, 01/01/59 | 1,335 | 1,472,839 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49 | 260 | 287,628 | ||||||
|
| |||||||
5,753,371 | ||||||||
Illinois — 18.5% | ||||||||
Chicago Board of Education, GO | ||||||||
Series C, 5.25%, 12/01/35 | 700 | 736,617 | ||||||
Series D, 5.00%, 12/01/46 | 880 | 908,719 | ||||||
Series H, 5.00%, 12/01/46 | 215 | 225,804 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 295 | 326,291 | ||||||
Series D, 5.00%, 12/01/27 | 400 | 449,272 | ||||||
Series F, 5.00%, 12/01/23 | 290 | 310,341 | ||||||
Series G, 5.00%, 12/01/34 | 215 | 230,981 | ||||||
Chicago O’Hare International Airport, ARB, Series C, 3rd Lien, 6.50%, 01/01/21(b) | 4,345 | 4,388,624 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(b) | 3,810 | 4,014,194 | ||||||
Cook County Community College District No.508, GO | ||||||||
5.50%, 12/01/38 | 580 | 609,040 | ||||||
5.25%, 12/01/43 | 2,660 | 2,747,567 | ||||||
Illinois Finance Authority, RB, Series A, 6.00%, 08/15/41 | 1,750 | 1,816,395 | ||||||
Illinois Finance Authority, Refunding RB, Series A, 4.00%, 05/15/50 | 340 | 373,714 | ||||||
Metropolitan Pier & Exposition Authority, RB | ||||||||
Series A, 5.50%, 06/15/53 | 280 | 303,036 | ||||||
Series A, 5.00%, 06/15/57 | 1,045 | 1,123,647 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM), 0.00%, 12/15/56(c) | 2,165 | 522,566 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 470 | 474,263 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(c) | 3,020 | 654,615 | ||||||
Railsplitter Tobacco Settlement Authority, RB(b) | ||||||||
5.50%, 06/01/21 | 1,055 | 1,086,766 | ||||||
6.00%, 06/01/21 | 300 | 309,978 | ||||||
State of Illinois, GO | ||||||||
5.25%, 02/01/31 | 730 | 763,974 | ||||||
5.25%, 02/01/32 | 1,500 | 1,559,580 |
| 1 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO (continued) | ||||||||
5.50%, 07/01/33 | $ | 1,500 | $ | 1,569,015 | ||||
5.50%, 07/01/38 | 340 | 351,115 | ||||||
Series D, 5.00%, 11/01/28 | 165 | 177,743 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 60 | 66,350 | ||||||
|
| |||||||
26,100,207 | ||||||||
Indiana — 1.1% | ||||||||
County of Allen Indiana, RB(a) | ||||||||
Series A-1, 6.63%, 01/15/34 | 125 | 117,370 | ||||||
Series A-1, 6.75%, 01/15/43 | 185 | 174,846 | ||||||
Series A-1, 6.88%, 01/15/52 | 375 | 352,530 | ||||||
Indiana Finance Authority, Refunding RB, 4.75%, 03/01/32 | 500 | 514,155 | ||||||
Town of Chesterton Indiana, RB, Series A-1, 6.38%, 01/15/51(a) | 520 | 460,127 | ||||||
|
| |||||||
1,619,028 | ||||||||
Iowa — 1.2% | ||||||||
Iowa Finance Authority, Refunding RB | ||||||||
5.25%, 12/01/25 | 625 | 663,631 | ||||||
Series B, 5.25%, 12/01/50(d) | 905 | 957,870 | ||||||
|
| |||||||
1,621,501 | ||||||||
Kansas — 0.4% | ||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 | 475 | 494,955 | ||||||
|
| |||||||
Louisiana — 0.8% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Series A-1, 6.50%, 11/01/35 | 1,095 | 1,099,303 | ||||||
|
| |||||||
Maine — 1.2% | ||||||||
Maine Health & Higher Educational Facilities Authority, RB, 7.50%, 07/01/32 | 680 | 697,313 | ||||||
Maine State Housing Authority, RB, S/F Housing, Series G, 2.38%, 11/15/40(e) | 985 | 973,190 | ||||||
|
| |||||||
1,670,503 | ||||||||
Maryland — 0.5% | ||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 | 135 | 136,341 | ||||||
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38 | 520 | 560,960 | ||||||
|
| |||||||
697,301 | ||||||||
Massachusetts — 1.5% | ||||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 790 | 870,027 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
5.00%, 01/01/45 | 375 | 401,715 | ||||||
Series C, (AGM), 4.00%, 10/01/45 | 430 | 482,357 | ||||||
Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36 | 300 | 308,580 | ||||||
|
| |||||||
2,062,679 | ||||||||
Michigan — 0.9% | ||||||||
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 | 1,110 | 1,316,582 | ||||||
|
|
Security | Par (000) | Value | ||||||
Minnesota — 4.0% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 | $ | 1,790 | $ | 2,078,136 | ||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,665 | 2,902,612 | ||||||
Series A, 5.25%, 02/15/58 | 560 | 653,537 | ||||||
|
| |||||||
5,634,285 | ||||||||
Montana — 0.1% | ||||||||
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37 | 125 | 127,008 | ||||||
|
| |||||||
New Jersey — 9.5% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/39 | 265 | 271,111 | ||||||
New Jersey Economic Development Authority, RB, Series EEE, 5.00%, 06/15/43 | 2,030 | 2,278,046 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
5.00%, 06/15/46 | 1,045 | 1,161,549 | ||||||
Series AA, 5.50%, 06/15/39 | 2,245 | 2,411,152 | ||||||
Series S, 5.25%, 06/15/43 | 1,145 | 1,307,441 | ||||||
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 640 | 713,472 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 630 | 761,846 | ||||||
Series A, 5.25%, 06/01/46 | 1,515 | 1,771,899 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,455 | 2,772,063 | ||||||
|
| |||||||
13,448,579 | ||||||||
New York — 17.6% | ||||||||
City of New York New York, GO | ||||||||
Series C, 5.00%, 08/01/42 | 640 | 788,410 | ||||||
Series D-1, 4.00%, 03/01/44 | 515 | 578,185 | ||||||
Hudson Yards Infrastructure Corp., RB | ||||||||
5.75%, 02/15/21(b) | 1,005 | 1,020,598 | ||||||
5.75%, 02/15/47 | 615 | 622,472 | ||||||
Metropolitan Transportation Authority, RB, Series A, 5.25%, 11/15/21(b) | 500 | 525,760 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series B, 5.00%, 11/15/22 | 400 | 410,160 | ||||||
Series C-1, 4.75%, 11/15/45 | 2,350 | 2,489,308 | ||||||
Monroe County Industrial Development Corp., Refunding RB(e) | ||||||||
4.00%, 12/01/38 | 205 | 226,968 | ||||||
4.00%, 12/01/46 | 195 | 212,105 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series A, 3.00%, 11/01/55 | 1,260 | 1,277,375 | ||||||
Series H, 2.55%, 11/01/45 | 925 | 902,023 | ||||||
New York City Housing Development Corp., Refunding RB, M/F Housing, Series D-1-B, (FHA), 2.50%, 11/01/55 | 1,500 | 1,401,960 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
(AGM), 3.00%, 03/01/49 | 740 | 745,883 | ||||||
3.00%, 03/01/49 | 620 | 604,457 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 11/01/45 | 5,000 | 5,608,150 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a) | 900 | 904,140 |
2 |
|
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 | $ | 465 | $ | 527,031 | ||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45 | 1,065 | 1,201,991 | ||||||
Port Authority of New York & New Jersey, ARB | ||||||||
4.00%, 09/01/45 | 2,500 | 2,808,350 | ||||||
4.00%, 09/01/49 | 1,500 | 1,681,530 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 | 265 | 279,095 | ||||||
|
| |||||||
24,815,951 | ||||||||
North Carolina — 0.2% | ||||||||
North Carolina Medical Care Commission, RB, Series A, 4.00%, 10/01/45 | 255 | 269,112 | ||||||
|
| |||||||
Ohio — 3.0% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 1,875 | 1,994,963 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 | 665 | 745,851 | ||||||
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/31 | 1,385 | 1,527,627 | ||||||
|
| |||||||
4,268,441 | ||||||||
Oklahoma — 1.1% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48 | 560 | 644,470 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 | 850 | 892,925 | ||||||
|
| |||||||
1,537,395 | ||||||||
Oregon — 0.2% | ||||||||
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, | 575 | 306,015 | ||||||
|
| |||||||
Pennsylvania — 2.5% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(a) | 420 | 435,372 | ||||||
Bristol Township School District, GO, 5.25%, 06/01/37 | 1,530 | 1,683,337 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 660 | 748,730 | ||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.63%, 12/01/20(b) | 700 | 702,940 | ||||||
|
| |||||||
3,570,379 | ||||||||
Puerto Rico — 6.5% | ||||||||
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43 | 620 | 625,964 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB | ||||||||
Series A, Senior Lien, 5.00%, 07/01/33 | 1,135 | 1,152,036 | ||||||
Series A, Senior Lien, 5.13%, 07/01/37 | 325 | 329,934 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB | ||||||||
Series A, Senior Lien, 6.00%, 07/01/38 | 335 | 335,573 | ||||||
Series A, Senior Lien, 6.00%, 07/01/44 | 610 | 610,970 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 829 | 869,074 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 3,029 | 3,221,463 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 420 | 432,319 |
Security | Par (000) | Value | ||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) | ||||||||
Series A-2, Restructured, 4.78%, 07/01/58 | $ | 770 | $ | 808,415 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) | 2,949 | 848,014 | ||||||
|
| |||||||
9,233,762 | ||||||||
Rhode Island — 2.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series B, 4.50%, 06/01/45 | 2,870 | 2,992,463 | ||||||
Series B, 5.00%, 06/01/50 | 125 | 133,341 | ||||||
|
| |||||||
3,125,804 | ||||||||
South Carolina — 5.6% | ||||||||
County of Charleston South Caolina, ARB, 5.25%, 12/01/38 | 1,825 | 2,059,950 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/40(a) | 385 | 359,582 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/01/43 | 950 | 1,099,654 | ||||||
Series A, 5.00%, 05/01/48 | 565 | 648,869 | ||||||
South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 | 1,500 | 1,663,635 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 3.00%, 12/01/41(e) | 295 | 297,180 | ||||||
Series A, 5.00%, 12/01/50 | 210 | 234,410 | ||||||
Series A, 5.00%, 12/01/55 | 465 | 519,056 | ||||||
Series E, 5.25%, 12/01/55 | 945 | 1,078,746 | ||||||
|
| |||||||
7,961,082 | ||||||||
South Dakota — 0.6% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50 | 720 | 787,874 | ||||||
|
| |||||||
Tennessee — 0.4% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.25%, 10/01/58 | 355 | 384,216 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 4.00%, 10/01/49 | 240 | 231,118 | ||||||
|
| |||||||
615,334 | ||||||||
Texas — 5.2% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 01/01/21(b) | 2,560 | 2,584,192 | ||||||
City of Beaumont Texas, GO, 5.25%, 03/01/23(b) | 1,140 | 1,269,527 | ||||||
North Texas Tollway Authority, RB, Series A, 5.50%, 09/01/21(b) | 1,500 | 1,564,665 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 285 | 321,734 | ||||||
Red River Education Finance Corp., RB, 5.25%, 03/15/23(b) | 520 | 580,060 | ||||||
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57 | 235 | 268,076 | ||||||
Texas Transportation Commission, RB, CAB(c) | ||||||||
0.00%, 08/01/41 | 1,000 | 417,920 | ||||||
0.00%, 08/01/42 | 875 | 346,360 | ||||||
|
| |||||||
7,352,534 |
| 3 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Virginia — 1.7% | ||||||||
Ballston Quarter Community Development Authority, TA | ||||||||
Series A, 5.00%, 03/01/26 | $ | 240 | $ | 241,159 | ||||
Series A, 5.13%, 03/01/31 | 470 | 460,741 | ||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/45(e) | 160 | 171,366 | ||||||
Lexington Industrial Development Authority, RB, 5.00%, 01/01/22(b) | 425 | 448,299 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 1,010 | 1,009,980 | ||||||
|
| |||||||
2,331,545 | ||||||||
Washington — 1.0% | ||||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/48(a) | 1,405 | 1,477,582 | ||||||
|
| |||||||
West Virginia — 0.4% | ||||||||
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 | 570 | 615,480 | ||||||
|
| |||||||
Wisconsin — 0.7% | ||||||||
Public Finance Authority, RB, Series A, 5.00%, 11/15/41 | 75 | 87,509 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.25%, 05/15/52(a) | 735 | 746,569 | ||||||
Series A, 3.00%, 01/01/50 | 100 | 94,305 | ||||||
|
| |||||||
928,383 | ||||||||
|
| |||||||
Total Municipal Bonds — 115.6% | 163,176,883 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
California — 1.5% | ||||||||
Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46 | 1,839 | 2,085,734 | ||||||
|
| |||||||
Colorado — 1.1% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(g) | 1,480 | 1,592,317 | ||||||
|
| |||||||
District of Columbia — 4.7% | ||||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39 | 1,051 | 1,174,350 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53 | 5,008 | 5,464,262 | ||||||
|
| |||||||
6,638,612 | ||||||||
Florida — 1.6% | ||||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(g) | 2,151 | 2,284,707 | ||||||
|
| |||||||
Georgia — 0.8% | ||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 1,025 | 1,128,002 | ||||||
|
| |||||||
Idaho — 1.5% | ||||||||
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48 | 1,900 | 2,106,207 | ||||||
|
| |||||||
Illinois — 1.0% | ||||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 | 1,244 | 1,417,969 | ||||||
|
|
Security | Par (000) | Value | ||||||
Iowa — 1.2% | ||||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 | $ | 1,605 | $ | 1,716,724 | ||||
|
| |||||||
Massachusetts — 1.9% | ||||||||
Massachusetts Housing Finance Agency, RB, Series A-1, (FHA), 3.10%, 06/01/60 | 2,642 | 2,674,724 | ||||||
|
| |||||||
Michigan — 3.5% | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/47 | 1,684 | 1,875,621 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53 | 2,883 | 3,115,301 | ||||||
|
| |||||||
4,990,922 | ||||||||
New Jersey — 1.8% | ||||||||
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 06/15/36(g) | 2,481 | 2,578,416 | ||||||
|
| |||||||
New York — 7.5% | ||||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 2,070 | 2,296,086 | ||||||
New York City Water & Sewer System, Refunding RB, Series FF, 5.00%, 06/15/45 | 2,499 | 2,651,318 | ||||||
New York Liberty Development Corp., ARB, 5.25%, 12/15/43 | 3,375 | 3,525,730 | ||||||
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(g) | 1,980 | 2,077,192 | ||||||
|
| |||||||
10,550,326 | ||||||||
North Carolina — 0.8% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48 | 997 | 1,058,409 | ||||||
|
| |||||||
Pennsylvania — 6.8% | ||||||||
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49(g) | 4,997 | 5,490,750 | ||||||
Pennsylvania Turnpike Commission, RB, | 1,514 | 1,798,779 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B-2, (AGM), 5.00%, 06/01/35 | 1,830 | 2,223,487 | ||||||
|
| |||||||
9,513,016 | ||||||||
Rhode Island — 1.7% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 2,207 | 2,410,579 | ||||||
|
| |||||||
Texas — 1.5% | ||||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing | ||||||||
Series A, (GNMA), 3.63%, 09/01/44 | 1,140 | 1,231,601 | ||||||
Series A, (GNMA), 3.75%, 09/01/49 | 809 | 873,924 | ||||||
|
| |||||||
2,105,525 | ||||||||
Virginia(g) — 2.6% | ||||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, Senior Lien, 5.50%, 07/01/57 | 1,473 | 1,785,484 | ||||||
Series A, Senior Lien, 4.00%, 07/01/60 | 1,680 | 1,893,108 | ||||||
|
| |||||||
3,678,592 | ||||||||
West Virginia — 1.3% | ||||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(g) | 1,671 | 1,877,273 | ||||||
|
|
4 |
|
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Wisconsin — 2.5% | ||||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing | ||||||||
Series A, 4.10%, 11/01/43 | $ | 1,436 | $ | 1,573,360 | ||||
Series A, 4.45%, 05/01/57 | 1,794 | 1,966,735 | ||||||
|
| |||||||
3,540,095 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.3% | 63,948,149 | |||||||
|
| |||||||
Total Long-Term Investments — 160.9% | 227,125,032 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i) | 493,462 | 493,511 | ||||||
|
| |||||||
Total Short-Term Securities — 0.3% |
| 493,511 | ||||||
|
| |||||||
Total Investments — 161.2% |
| 227,618,543 | ||||||
Other Assets Less Liabilities — 0.5% |
| 652,903 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (25.1)% |
| (35,373,722 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred |
| (51,726,677 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 141,171,047 | |||||
|
|
(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) | 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. |
(c) | Zero-coupon bond. |
(d) | 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. |
(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 July 1, 2028, is $11,344,266. |
(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 October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/20 | Shares Held at 10/31/20 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,116,934 | $ | — | $ | (1,623,167 | )(a) | $ | (256 | ) | $ | — | $ | 493,511 | 493,462 | $ | 127 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
| 5 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) |
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 | 46 | 12/21/20 | $6,358 | $ | 35,155 | |||||||||
U.S. Long Treasury Bond | 26 | 12/21/20 | 4,484 | 55,317 | ||||||||||
|
| |||||||||||||
$ | 90,472 | |||||||||||||
|
|
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) |
• | 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 tables summarize the Trust’s investments and derivative financial instruments 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 | $ | — | $ | 163,176,883 | $ | — | $ | 163,176,883 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 63,948,149 | — | 63,948,149 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 493,511 | — | — | 493,511 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 493,511 | $ | 227,125,032 | $ | — | $ | 227,618,543 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 90,472 | $ | — | $ | — | $ | 90,472 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts 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 | $ | — | $ | (35,361,155 | ) | $ | — | $ | (35,361,155 | ) | ||||||
VRDP Shares at Liquidation Value | — | (52,000,000 | ) | — | (52,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (87,361,155 | ) | $ | — | $ | (87,361,155 | ) | |||||||
|
|
|
|
|
|
|
|
6 |
|
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock Municipal Income Investment Trust (BBF) |
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
TA | Tax Allocation |
| 7 |