EX-MUNIBOND-HY
|
|
|
| Schedule of Investments (unaudited)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Shares |
|
|
Value |
|
|
| Investment Companies — 0.2% |
|
| VanEck Vectors High-Yield Municipal Index ETF |
|
|
25,000 |
|
|
$ |
1,569,250 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment Companies — 0.2%
(Cost — $1,598,250) |
|
|
|
1,569,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
|
|
|
|
|
| Municipal Bonds — 88.6% |
|
|
|
|
|
|
|
|
|
|
|
| Alabama — 1.4% |
|
|
|
|
|
|
|
|
| Alabama Special Care Facilities Financing Authority-Birmingham, RB, Methodist Home For The Aging: |
|
|
|
|
|
|
|
|
| 5.75%, 06/01/35 |
|
$ |
200 |
|
|
|
221,602 |
|
| 5.75%, 06/01/45 |
|
|
355 |
|
|
|
385,285 |
|
| 6.00%, 06/01/50 |
|
|
450 |
|
|
|
493,799 |
|
| Black Belt Energy Gas District, RB, Series A,
4.00%,
12/01/48(a) |
|
|
4,585 |
|
|
|
4,883,025 |
|
| Chelsea Park Cooperative District, Special Assessment Bonds, 5.00%, 05/01/48 |
|
|
970 |
|
|
|
978,779 |
|
| County of Jefferson Alabama Sewer, Refunding RB: Senior Lien, |
|
|
|
|
|
|
|
|
| Series A (AGM), 5.00%, 10/01/44 |
|
|
365 |
|
|
|
401,361 |
|
| Sub-Lien, Series D, 7.00%, 10/01/51 |
|
|
2,355 |
|
|
|
2,839,635 |
|
| Sub-Lien, Series D, 6.50%, 10/01/53 |
|
|
3,465 |
|
|
|
4,099,338 |
|
| State of Alabama Docks Department, Refunding RB, 6.00%,
10/01/20(b) |
|
|
710 |
|
|
|
757,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,060,280 |
|
|
| Alaska — 0.5% |
|
| Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed,
Series A: |
|
|
|
|
|
|
|
|
| 4.63%, 06/01/23 |
|
|
155 |
|
|
|
155,037 |
|
| 5.00%, 06/01/32 |
|
|
1,510 |
|
|
|
1,509,955 |
|
| 5.00%, 06/01/46 |
|
|
3,340 |
|
|
|
3,242,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,907,597 |
|
|
| Arizona — 2.2% |
|
| Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52(c) |
|
|
2,290 |
|
|
|
2,298,839 |
|
| Arizona Industrial Development Authority, RB: |
|
|
|
|
|
|
|
|
| Academies of Math & Science Project,
Series B, 5.25%, 07/01/51(c) |
|
|
570 |
|
|
|
574,885 |
|
| Great Lakes Senior Living Communities LLC Project, Series A, 4.50%, 01/01/49 |
|
|
1,500 |
|
|
|
1,520,460 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Arizona (continued) |
|
| Arizona Industrial Development Authority, RB (continued): |
|
|
|
|
|
|
|
|
| Great Lakes Senior Living Communities LLC Project, Series B, 5.13%, 01/01/54 |
|
$ |
940 |
|
|
$ |
983,710 |
|
| Arizona Industrial Development Authority, Refunding RB, Basis Schools, Inc. Projects, Series A,
5.00%,
07/01/26(c) |
|
|
760 |
|
|
|
826,287 |
|
| City of Phoenix Arizona IDA, ERB, Eagle College Prep Project, Series A, 5.00%, 07/01/43 |
|
|
1,445 |
|
|
|
1,463,453 |
|
| City of Phoenix Arizona IDA, RB: |
|
|
|
|
|
|
|
|
| Great Hearts Academies—Veritas Project,
6.40%,
07/01/21(b) |
|
|
415 |
|
|
|
458,882 |
|
| Legacy Traditional Schools Project, Series A,
6.50%,
07/01/34(c) |
|
|
465 |
|
|
|
512,332 |
|
| Legacy Traditional Schools Projects,
Series A, 6.75%, 07/01/44(c) |
|
|
810 |
|
|
|
893,471 |
|
| City of Phoenix Arizona IDA, Refunding RB(c): |
|
|
|
|
|
|
|
|
| Basis Schools, Inc. Projects, 5.00%, 07/01/35 |
|
|
300 |
|
|
|
314,055 |
|
| Basis Schools, Inc. Projects, 5.00%, 07/01/45 |
|
|
895 |
|
|
|
924,983 |
|
| Basis Schools, Inc. Projects, Series A,
5.00%, 07/01/35 |
|
|
295 |
|
|
|
308,821 |
|
| Basis Schools, Inc. Projects, Series A,
5.00%, 07/01/46 |
|
|
325 |
|
|
|
335,709 |
|
| Legacy Traditional School Projects,
5.00%, 07/01/35 |
|
|
315 |
|
|
|
326,075 |
|
| Legacy Traditional School Projects, 5.00%, 07/01/45 |
|
|
250 |
|
|
|
256,585 |
|
| City of Phoenix Industrial Development Authority, RB,
Series A(c): |
|
|
|
|
|
|
|
|
| Legacy Traditional Schools Projects,
5.00%, 07/01/36 |
|
|
1,225 |
|
|
|
1,284,216 |
|
| Legacy Traditional Schools Projects,
5.00%, 07/01/41 |
|
|
1,685 |
|
|
|
1,745,458 |
|
| Leman Academy of Excellence—ORO Valley Project, 5.25%, 07/01/48 |
|
|
1,690 |
|
|
|
1,713,052 |
|
| County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48(c) |
|
|
1,340 |
|
|
|
1,357,246 |
|
| State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47(c) |
|
|
420 |
|
|
|
421,789 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Arizona (continued) |
|
| State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47(c) |
|
$ |
3,235 |
|
|
$ |
3,403,835 |
|
| Town of Florence, Inc. Arizona, IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande
Campuses, 6.00%, 07/01/43 |
|
|
1,375 |
|
|
|
1,447,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,371,990 |
|
|
| Arkansas — 0.1% |
|
| County of Benton Arkansas Public Facilities Board, RB, BCCSO Project, Series A,
6.00%, 06/01/20(b)(c) |
|
|
750 |
|
|
|
788,152 |
|
|
|
|
|
|
|
|
|
|
|
| California — 5.8% |
|
| California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| St. Joseph Health System, Series A,
5.75%, 07/01/39 |
|
|
1,000 |
|
|
|
1,010,090 |
|
| Sutter Health, Series B, 6.00%, 08/15/20(b) |
|
|
1,000 |
|
|
|
1,062,300 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West,
Series A, 6.00%,
07/01/19(b) |
|
|
265 |
|
|
|
267,968 |
|
| California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT,
4.00%, 12/31/47 |
|
|
2,560 |
|
|
|
2,646,144 |
|
| California Municipal Finance Authority, RB, Urban Discovery Academy Project(c): |
|
|
|
|
|
|
|
|
| 5.50%, 08/01/34 |
|
|
310 |
|
|
|
314,188 |
|
| 6.00%, 08/01/44 |
|
|
655 |
|
|
|
670,805 |
|
| 6.13%, 08/01/49 |
|
|
570 |
|
|
|
585,686 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A,
5.00%,
02/01/42 |
|
|
345 |
|
|
|
385,845 |
|
| California Pollution Control Financing Authority, Refunding RB, County of San Diego Water Authority, 5.00%,
11/21/45(c) |
|
|
3,000 |
|
|
|
3,446,250 |
|
| California School Finance Authority, RB, Value Schools: |
|
|
|
|
|
|
|
|
| 6.65%, 07/01/33 |
|
|
295 |
|
|
|
329,506 |
|
| 6.90%, 07/01/43 |
|
|
650 |
|
|
|
723,177 |
|
| California Statewide Communities Development Authority, RB: |
|
|
|
|
|
|
|
|
| Loma Linda University Medical Center,
5.25%,
12/01/38(c) |
|
|
1,420 |
|
|
|
1,614,810 |
|
| Loma Linda University Medical Center,
5.25%,
12/01/48(c) |
|
|
1,000 |
|
|
|
1,121,810 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| California (continued) |
|
| California Statewide Communities Development Authority, RB (continued): |
|
|
|
|
|
|
|
|
| Loma Linda University Medical Center, Series A,
5.00%, 12/01/46(c) |
|
$ |
970 |
|
|
$ |
1,047,852 |
|
| Loma Linda University Medical Center, Series A,
5.25%, 12/01/56(c) |
|
|
875 |
|
|
|
956,725 |
|
| Sutter Health, Series A, 6.00%, 08/15/20(b) |
|
|
400 |
|
|
|
424,920 |
|
| California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West,
6.25%, 10/01/39 |
|
|
2,575 |
|
|
|
2,631,367 |
|
| California Statewide Financing Authority, RB,
Asset-Backed, Tobacco Settlement: |
|
|
|
|
|
|
|
|
| Series A, 6.00%, 05/01/43 |
|
|
2,500 |
|
|
|
2,513,675 |
|
| Series B, 6.00%, 05/01/43 |
|
|
3,485 |
|
|
|
3,504,063 |
|
| City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay
South Redevelopment Project,
Series D(c): |
|
|
|
|
|
|
|
|
| 3.00%, 08/01/21 |
|
|
675 |
|
|
|
682,276 |
|
| 0.00%, 08/01/23(d) |
|
|
1,000 |
|
|
|
829,430 |
|
| 0.00%, 08/01/26(d) |
|
|
580 |
|
|
|
414,132 |
|
| 0.00%, 08/01/31(d) |
|
|
1,155 |
|
|
|
641,464 |
|
| City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%,
02/15/34 |
|
|
500 |
|
|
|
503,735 |
|
| City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation
Project: |
|
|
|
|
|
|
|
|
| 6.50%, 05/01/36 |
|
|
310 |
|
|
|
339,996 |
|
| 6.50%, 05/01/42 |
|
|
760 |
|
|
|
833,705 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project,
Series A, 6.25%,
10/01/40 |
|
|
240 |
|
|
|
283,097 |
|
| County of California Tobacco Securitization Agency, RB, 5.45%, 06/01/28(e) |
|
|
500 |
|
|
|
507,550 |
|
| County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series
A, 5.00%, 06/01/36 |
|
|
1,665 |
|
|
|
1,665,000 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| California (continued) |
|
| County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County
Securitization Corp.(e): |
|
|
|
|
|
|
|
|
| 5.70%, 06/01/46 |
|
$ |
4,260 |
|
|
$ |
4,261,576 |
|
| 5.60%, 06/01/36 |
|
|
1,385 |
|
|
|
1,385,845 |
|
| County of Riverside California Transportation Commission, RB, Senior Lien, Series A,
5.75%,
06/01/48 |
|
|
2,115 |
|
|
|
2,318,400 |
|
| Golden State Tobacco Securitization Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A-1, 5.00%, 06/01/47 |
|
|
4,260 |
|
|
|
4,238,657 |
|
| Series A-1, 5.25%, 06/01/47 |
|
|
945 |
|
|
|
954,516 |
|
| Series A-2, 5.00%, 06/01/47 |
|
|
4,000 |
|
|
|
3,979,960 |
|
| Successor Agency to the San Francisco City & County Redevelopment Agency, Special Tax Bonds,
Community Facilities District No. 6 (Mission Bay South Public Improvements),
Series C, CAB, 0.00%, 08/01/43(d) |
|
|
3,000 |
|
|
|
806,310 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
| 4.75%, 06/01/25 |
|
|
560 |
|
|
|
560,050 |
|
| 5.00%, 06/01/37 |
|
|
7,410 |
|
|
|
7,410,815 |
|
| 5.13%, 06/01/46 |
|
|
3,590 |
|
|
|
3,590,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,464,090 |
|
|
| Colorado — 2.7% |
|
| 9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48 |
|
|
1,565 |
|
|
|
1,603,937 |
|
| Bromley Park Metropolitan District No. 2, GO, , Refunding,
Sub-Series B, 6.38%, 12/15/47 |
|
|
1,000 |
|
|
|
1,009,470 |
|
| Castle Oaks Metropolitan District No. 3, GO,
6.25%, 12/01/20(b) |
|
|
535 |
|
|
|
591,111 |
|
| Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(c) |
|
|
820 |
|
|
|
843,329 |
|
| Colorado Educational & Cultural Facilities Authority, RB, Littleton Preparatory Charter School
Project: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/33 |
|
|
450 |
|
|
|
462,546 |
|
| 5.00%, 12/01/42 |
|
|
545 |
|
|
|
553,709 |
|
| Colorado Health Facilities Authority, Catholic Health Initiatives, Series A, 5.25%, 01/01/40 |
|
|
1,250 |
|
|
|
1,346,725 |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series B-1,
4.00%, 07/01/39 |
|
|
4,000 |
|
|
|
4,080,640 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Colorado (continued) |
|
| Colorado High Performance Transportation Enterprise, RB, C-470
Express Lanes,
5.00%, 12/31/56 |
|
$ |
2,500 |
|
|
$ |
2,697,625 |
|
| Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 |
|
|
780 |
|
|
|
817,393 |
|
| Copperleaf Metropolitan District No. 3, GO, Limited Tax, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/37 |
|
|
500 |
|
|
|
506,180 |
|
| 5.13%, 12/01/47 |
|
|
1,200 |
|
|
|
1,209,684 |
|
| Green Gables Metropolitan District No. 1, GO,
Series A, 5.30%, 12/01/46 |
|
|
1,000 |
|
|
|
1,018,760 |
|
| Leyden Rock Metropolitan District No. 10, GO,
Series A, 5.00%, 12/01/45 |
|
|
1,250 |
|
|
|
1,272,112 |
|
| North Holly Metropolitan District, GOL, Series A,
5.50%, 12/01/48 |
|
|
760 |
|
|
|
763,238 |
|
| Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |
|
|
1,240 |
|
|
|
1,250,999 |
|
| Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project: |
|
|
|
|
|
|
|
|
| 6.00%, 01/15/34 |
|
|
1,500 |
|
|
|
1,543,995 |
|
| 6.00%, 01/15/41 |
|
|
1,000 |
|
|
|
1,027,550 |
|
| Southlands Metropolitan District No. 1, GO, , Refunding, Series
A-1: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/37 |
|
|
1,115 |
|
|
|
1,200,978 |
|
| 5.00%, 12/01/47 |
|
|
3,085 |
|
|
|
3,274,018 |
|
| Tallyns Reach Metropolitan District No. 3, GO, 6.75%, 11/01/38 |
|
|
1,113 |
|
|
|
1,118,988 |
|
| Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48(f) |
|
|
800 |
|
|
|
801,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,994,499 |
|
|
| Connecticut — 1.6% |
|
| Mohegan Tribal Finance Authority, RB,
7.00%,
02/01/45(c) |
|
|
1,485 |
|
|
|
1,536,515 |
|
| Mohegan Tribe of Indians of Connecticut, RB,
Series A, 6.75%, 02/01/45(c) |
|
|
979 |
|
|
|
1,044,253 |
|
| Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution,
Series
C, 6.25%, 02/01/30(c) |
|
|
2,045 |
|
|
|
2,258,355 |
|
| State of Connecticut, GO: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 04/15/36(f) |
|
|
2,300 |
|
|
|
2,710,596 |
|
| Series A, 4.00%, 04/15/37(f) |
|
|
1,800 |
|
|
|
1,916,154 |
|
| Series C, 5.00%, 06/15/33 |
|
|
1,775 |
|
|
|
2,086,850 |
|
| Series C, 5.00%, 06/15/34 |
|
|
1,375 |
|
|
|
1,610,826 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Connecticut (continued) |
|
| State of Connecticut, GO (continued): |
|
|
|
|
|
|
|
|
| Series E, 5.00%, 09/15/34 |
|
$ |
3,000 |
|
|
$ |
3,523,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,687,439 |
|
|
| Delaware — 1.1% |
|
| Delaware State Economic Development
Authority, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/46 |
|
|
1,000 |
|
|
|
1,030,890 |
|
| 5.00%, 11/15/48 |
|
|
4,000 |
|
|
|
4,441,640 |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
5,930 |
|
|
|
6,157,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,630,242 |
|
|
| District of Columbia — 0.8% |
|
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,
6.75%,
05/15/40 |
|
|
385 |
|
|
|
397,493 |
|
| Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects,
Series A, 5.00%, 10/01/53 |
|
|
3,830 |
|
|
|
4,012,538 |
|
| Metropolitan Washington Airports Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| CAB, 2nd Senior Lien, Series B (AGC),
0.00%,
10/01/30(d) |
|
|
3,005 |
|
|
|
2,080,241 |
|
| Dulles Toll Road, 1st Senior Lien, Series A,
5.00%, 10/01/39 |
|
|
185 |
|
|
|
187,603 |
|
| Dulles Toll Road, 1st Senior Lien, Series A,
5.25%, 10/01/44 |
|
|
1,610 |
|
|
|
1,632,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,310,496 |
|
|
| Florida — 6.1% |
|
| Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 05/01/43 |
|
|
1,300 |
|
|
|
1,314,313 |
|
| Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement Revenue
Bond, Series A-1,
5.13%, 05/01/39 |
|
|
2,290 |
|
|
|
2,311,434 |
|
| Capital Trust Agency, Inc., RB, Series A: |
|
|
|
|
|
|
|
|
| 1st Mortgage, Silver Creek St. Augustine Project,
8.25%, 01/01/44(g)(h) |
|
|
445 |
|
|
|
311,500 |
|
| 1st Mortgage, Silver Creek St. Augustine Project,
8.25%, 01/01/49(g)(h) |
|
|
950 |
|
|
|
665,000 |
|
| Silver Creek St. Augustine Project,
5.75%,
01/01/50(g)(h) |
|
|
570 |
|
|
|
541,500 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Florida (continued) |
|
| Capital Trust Agency, Inc., RB, Series A (continued): |
|
|
|
|
|
|
|
|
| University Bridge LLC Student Housing Project,
5.25%, 12/01/58(c) |
|
$ |
1,265 |
|
|
$ |
1,241,939 |
|
| Celebration Pointe Community Development District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 4.75%, 05/01/24 |
|
|
415 |
|
|
|
425,524 |
|
| 5.00%, 05/01/34 |
|
|
1,250 |
|
|
|
1,270,675 |
|
| Alachua County, 4.00%, 05/01/22(c) |
|
|
235 |
|
|
|
238,111 |
|
| City of Tallahassee Florida, RB, Tallahassee Memorial HealthCare, Inc. Project, Series A, 5.00%,
12/01/55 |
|
|
2,600 |
|
|
|
2,820,272 |
|
| County of Alachua Florida Health Facilities Authority, RB, Shands Teaching Hospital and Clinics,
Series A,
5.00%, 12/01/44 |
|
|
1,720 |
|
|
|
1,878,051 |
|
| County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 05/15/44(c) |
|
|
370 |
|
|
|
370,784 |
|
| County of Collier Health Facilities Authority, RB, Moorings, Inc., Series A, 5.00%, 05/01/48 |
|
|
2,090 |
|
|
|
2,331,395 |
|
| County of Martin Florida Health Facilities Authority, RB, 5.50%, 11/15/42 |
|
|
1,000 |
|
|
|
1,074,730 |
|
| County of Miami-Dade Florida IDA, RB, Doral Academy Project, 5.00%, 01/15/48 |
|
|
1,405 |
|
|
|
1,493,150 |
|
| County of Palm Beach Florida Health Facilities Authority, Refunding RB, Sinai Residences Boca Raton Project,
7.50%, 06/01/49 |
|
|
1,000 |
|
|
|
1,128,610 |
|
| Florida Development Finance Corp., RB: |
|
|
|
|
|
|
|
|
| Renaissance Charter School, Series A,
5.75%, 06/15/29 |
|
|
695 |
|
|
|
744,491 |
|
| Renaissance Charter School, Series A,
6.00%, 06/15/34 |
|
|
835 |
|
|
|
893,258 |
|
| Renaissance Charter School, Series A,
6.13%, 06/15/44 |
|
|
3,185 |
|
|
|
3,376,992 |
|
| Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a)(c) |
|
|
2,240 |
|
|
|
2,327,494 |
|
| Florida Higher Educational Facilities Financial Authority, RB, Jacksonville University Project, Series A-1, 5.00%, 06/01/48(c) |
|
|
1,730 |
|
|
|
1,839,699 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Florida (continued) |
|
| Greater Orlando Aviation Authority Florida, Refunding RB, Special Purpose, Jetblue Airways Corp. Project,
AMT, 5.00%, 11/15/36 |
|
$ |
2,000 |
|
|
$ |
2,099,140 |
|
| Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 05/01/43 |
|
|
1,315 |
|
|
|
1,330,123 |
|
| Lakewood Ranch Stewardship District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 3.90%, 05/01/23 |
|
|
355 |
|
|
|
357,105 |
|
| 4.25%, 05/01/28 |
|
|
535 |
|
|
|
538,922 |
|
| 5.00%, 05/01/38 |
|
|
1,175 |
|
|
|
1,193,741 |
|
| 5.10%, 05/01/48 |
|
|
2,545 |
|
|
|
2,587,552 |
|
| Lakewood Centre & NW Sector Projects,
4.95%, 05/01/29(c) |
|
|
715 |
|
|
|
738,738 |
|
| Lakewood Centre & NW Sector Projects,
5.50%, 05/01/39(c) |
|
|
715 |
|
|
|
752,344 |
|
| Lakewood Centre & NW Sector Projects,
5.65%, 05/01/48(c) |
|
|
1,125 |
|
|
|
1,183,590 |
|
| Northeast Sector Project - Phase 1B,
5.30%,
05/01/39(c) |
|
|
1,090 |
|
|
|
1,134,875 |
|
| Northeast Sector Project - Phase 1B,
4.75%,
05/01/29(c) |
|
|
955 |
|
|
|
989,647 |
|
| Northeast Sector Project - Phase 1B,
5.45%,
05/01/48(c) |
|
|
1,935 |
|
|
|
2,035,291 |
|
| Lakewood Ranch Stewardship District Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 4.25%, 05/01/25 |
|
|
115 |
|
|
|
116,668 |
|
| 4.88%, 05/01/35 |
|
|
280 |
|
|
|
285,522 |
|
| 4.88%, 05/01/45 |
|
|
580 |
|
|
|
586,687 |
|
| Village of Lakewood Ranch Sector Projects, 4.00%, 05/01/21 |
|
|
100 |
|
|
|
100,731 |
|
| Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New
Sector Projects, 8.00%, 05/01/40 |
|
|
515 |
|
|
|
572,170 |
|
| Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector
Projects: |
|
|
|
|
|
|
|
|
| 4.25%, 05/01/26 |
|
|
175 |
|
|
|
177,751 |
|
| 5.13%, 05/01/46 |
|
|
1,015 |
|
|
|
1,039,137 |
|
| Miami Health Facilities Authority, Refunding RB, Miami Jewish Health Systems, Inc. Project,
5.13%,
07/01/46 |
|
|
2,000 |
|
|
|
2,171,720 |
|
| Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(b) |
|
|
1,450 |
|
|
|
1,648,244 |
|
| Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/29 |
|
|
1,745 |
|
|
|
1,833,506 |
|
| 5.00%, 05/01/37 |
|
|
890 |
|
|
|
927,941 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Florida (continued) |
|
| Pine Island Community Development District, RB, 0.00%,
11/01/24(d) |
|
$ |
1,150 |
|
|
$ |
840,857 |
|
| Santa Rosa Bay Bridge Authority, RB: |
|
|
|
|
|
|
|
|
| 6.25%, 07/01/28(g)(h) |
|
|
372 |
|
|
|
277,271 |
|
| (ACA), 6.25%, 07/01/28 |
|
|
62 |
|
|
|
59,578 |
|
| Tolomato Community Development District, Refunding, Special Assessment Bonds(e): |
|
|
|
|
|
|
|
|
| Convertible CAB, Series A3, 6.61%, 05/01/40 |
|
|
90 |
|
|
|
89,575 |
|
| Convertible CAB, Series A4, 6.61%, 05/01/40 |
|
|
50 |
|
|
|
41,501 |
|
| Series 2015-2, 6.61%, 05/01/40 |
|
|
125 |
|
|
|
83,713 |
|
| Tolomato Community Development District(g)(h): |
|
|
|
|
|
|
|
|
| Series 1, 6.61%, 05/01/40(e) |
|
|
205 |
|
|
|
167,073 |
|
| Series 1, 6.65%, 05/01/40 |
|
|
5 |
|
|
|
4,699 |
|
| Series 3, 6.61%, 05/01/40 |
|
|
135 |
|
|
|
1 |
|
| Series 3, 6.65%, 05/01/40 |
|
|
105 |
|
|
|
1 |
|
| Trout Creek Community Development District, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 5.38%, 05/01/38 |
|
|
670 |
|
|
|
697,075 |
|
| 5.50%, 05/01/49 |
|
|
1,700 |
|
|
|
1,770,652 |
|
| Viera East Community Development District, Refunding, Special Assessment Bonds,
5.00%, 05/01/26 |
|
|
640 |
|
|
|
693,043 |
|
| Village Community Development District No. 9, Special Assessment Bonds: |
|
|
|
|
|
|
|
|
| 7.00%, 05/01/41 |
|
|
1,305 |
|
|
|
1,440,394 |
|
| 5.50%, 05/01/42 |
|
|
495 |
|
|
|
523,656 |
|
| Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
|
|
1,580 |
|
|
|
1,708,059 |
|
| West Villages Improvement District, Special Assessment
Bonds(c)(f): |
|
|
|
|
|
|
|
|
| 4.25%, 05/01/29 |
|
|
400 |
|
|
|
399,984 |
|
| 4.75%, 05/01/39 |
|
|
885 |
|
|
|
879,327 |
|
| 5.00%, 05/01/50 |
|
|
1,415 |
|
|
|
1,414,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,091,484 |
|
|
| Georgia — 1.1% |
|
| County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project,
Series A,
8.75%, 06/01/29 |
|
|
635 |
|
|
|
683,730 |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%,
08/15/48 |
|
|
3,135 |
|
|
|
3,303,005 |
|
| County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life
Community, Series A-2, 6.63%, 11/15/19(b) |
|
|
225 |
|
|
|
231,907 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Georgia (continued) |
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
|
$ |
555 |
|
|
$ |
641,630 |
|
| Main Street Natural Gas, Inc., RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/15/35 |
|
|
1,020 |
|
|
|
1,214,810 |
|
| 5.00%, 05/15/36 |
|
|
1,020 |
|
|
|
1,215,177 |
|
| 5.00%, 05/15/37 |
|
|
1,120 |
|
|
|
1,334,625 |
|
| 5.00%, 05/15/38 |
|
|
615 |
|
|
|
734,519 |
|
| 5.00%, 05/15/49 |
|
|
2,055 |
|
|
|
2,500,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,859,516 |
|
|
| Guam — 0.2% |
|
| Territory of Guam, GO, Series A: |
|
|
|
|
|
|
|
|
| 6.00%, 11/15/19 |
|
|
20 |
|
|
|
20,483 |
|
| 6.75%, 11/15/19(b) |
|
|
1,650 |
|
|
|
1,703,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,724,290 |
|
|
| Idaho — 0.4% |
|
| County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT,
6.45%, 08/01/32 |
|
|
265 |
|
|
|
266,012 |
|
| Idaho Health Facilities Authority, Refunding RB, Madison Hospital Memorial Project: |
|
|
|
|
|
|
|
|
| 3.50%, 09/01/33 |
|
|
375 |
|
|
|
347,006 |
|
| 5.00%, 09/01/37 |
|
|
1,000 |
|
|
|
1,085,750 |
|
| Idaho Housing & Finance Association,
RB(c): |
|
|
|
|
|
|
|
|
| Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/39 |
|
|
370 |
|
|
|
400,225 |
|
| Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/49 |
|
|
595 |
|
|
|
637,662 |
|
| Compass Public Charter School, Inc. Project, Series A, 6.00%, 07/01/54 |
|
|
570 |
|
|
|
606,532 |
|
| Idaho Arts Charter School, Inc.,
5.00%, 12/01/46 |
|
|
1,000 |
|
|
|
1,046,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,389,807 |
|
|
| Illinois — 6.1% |
|
| Chicago Board of Education, GO, Refunding: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series D,
5.00%, 12/01/31 |
|
|
1,500 |
|
|
|
1,627,860 |
|
| Dedicated Revenues, Series G,
5.00%, 12/01/44 |
|
|
3,700 |
|
|
|
3,886,924 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Illinois (continued) |
|
| Chicago Board of Education, GO, Refunding (continued): |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series H,
5.00%, 12/01/46 |
|
$ |
725 |
|
|
$ |
760,097 |
|
| Dedicated Revenues, Series C,
5.00%, 12/01/30 |
|
|
1,370 |
|
|
|
1,493,643 |
|
| Dedicated Revenues, Series F,
5.00%, 12/01/22 |
|
|
1,030 |
|
|
|
1,091,450 |
|
| Series B, 4.00%, 12/01/35 |
|
|
1,155 |
|
|
|
1,107,379 |
|
| Series C, 5.00%, 12/01/25 |
|
|
1,220 |
|
|
|
1,318,088 |
|
| Chicago Board of Education, GO: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 12/01/42 |
|
|
1,570 |
|
|
|
1,610,899 |
|
| Series C, 5.25%, 12/01/39 |
|
|
2,250 |
|
|
|
2,368,530 |
|
| Series D, 5.00%, 12/01/46 |
|
|
1,010 |
|
|
|
1,058,571 |
|
| Series D, 5.00%, 12/01/46 |
|
|
2,610 |
|
|
|
2,685,951 |
|
| Chicago O’Hare International Airport, RB, AMT,
5.00%, 07/01/48 |
|
|
2,000 |
|
|
|
2,240,860 |
|
| City of Chicago Illinois, GO, Refunding, Series A: |
|
|
|
|
|
|
|
|
| 6.00%, 01/01/38 |
|
|
1,850 |
|
|
|
2,110,480 |
|
| 5.00%, 01/01/44(f) |
|
|
920 |
|
|
|
975,577 |
|
| 5.50%, 01/01/49(f) |
|
|
330 |
|
|
|
364,112 |
|
| City of Chicago Illinois O’Hare International Airport, Refunding RB, Series C, AMT, 5.00%,
01/01/46 |
|
|
3,000 |
|
|
|
3,295,110 |
|
| Illinois Finance Authority, RB, Lake Forest College,
Series A, 6.00%, 10/01/48 |
|
|
1,700 |
|
|
|
1,804,584 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Central Dupage Health, Series B,
5.50%, 11/01/19(b) |
|
|
1,400 |
|
|
|
1,431,738 |
|
| Friendship Village of Schaumburg,
7.13%,
02/15/20(b) |
|
|
1,000 |
|
|
|
1,047,310 |
|
| Presence Health Network, Series C,
5.00%, 02/15/36 |
|
|
1,805 |
|
|
|
2,083,475 |
|
| Presence Health Network, Series C,
5.00%, 02/15/41 |
|
|
3,000 |
|
|
|
3,413,310 |
|
| Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34 |
|
|
335 |
|
|
|
354,785 |
|
| Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45 |
|
|
790 |
|
|
|
830,069 |
|
| Swedish Covenant, Series A, 6.00%, 02/15/20(b) |
|
|
1,000 |
|
|
|
1,038,080 |
|
| Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Bonds, 0.00%, 12/15/56(d) |
|
|
7,645 |
|
|
|
1,324,573 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Illinois (continued) |
|
| Metropolitan Pier & Exposition Authority, RB,
Series A, McCormick Place Expansion Project
(continued): |
|
|
|
|
|
|
|
|
| Bonds, 5.00%, 06/15/57 |
|
$ |
2,085 |
|
|
$ |
2,203,866 |
|
| 5.50%, 06/15/53 |
|
|
3,925 |
|
|
|
4,243,945 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project,
Series
B(d): |
|
|
|
|
|
|
|
|
| CAB (AGM), 0.00%, 06/15/44 |
|
|
3,455 |
|
|
|
1,218,544 |
|
| Bonds, 0.00%, 12/15/54 |
|
|
9,660 |
|
|
|
1,863,897 |
|
| Quad Cities Regional EDA, Refunding RB, Augustana College, 4.75%, 10/01/32 |
|
|
675 |
|
|
|
708,089 |
|
| Railsplitter Tobacco Settlement Authority, RB,
6.00%, 06/01/21(b) |
|
|
390 |
|
|
|
426,430 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/35 |
|
|
1,095 |
|
|
|
1,120,984 |
|
| 5.00%, 02/01/39 |
|
|
510 |
|
|
|
527,784 |
|
| Refunding, Series B, 5.00%, 10/01/29 |
|
|
1,430 |
|
|
|
1,581,065 |
|
| Series A, 5.00%, 04/01/35 |
|
|
1,460 |
|
|
|
1,512,370 |
|
| Series A, 5.00%, 04/01/38 |
|
|
2,190 |
|
|
|
2,256,970 |
|
| Series D, 5.00%, 11/01/28 |
|
|
5,000 |
|
|
|
5,517,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,504,549 |
|
|
| Indiana — 1.5% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 01/01/34 |
|
|
525 |
|
|
|
606,317 |
|
| 7.00%, 01/01/44 |
|
|
1,270 |
|
|
|
1,475,778 |
|
| City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29(c) |
|
|
2,950 |
|
|
|
3,013,189 |
|
| County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series
A-1(c): |
|
|
|
|
|
|
|
|
| 6.63%, 01/15/34 |
|
|
430 |
|
|
|
460,259 |
|
| 6.75%, 01/15/43 |
|
|
1,220 |
|
|
|
1,297,934 |
|
| 6.88%, 01/15/52 |
|
|
1,270 |
|
|
|
1,353,604 |
|
| Indiana Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Green Bonds, 7.00%, 03/01/39(c)(f) |
|
|
1,010 |
|
|
|
1,055,622 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT,
5.00%,
07/01/44 |
|
|
370 |
|
|
|
395,193 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT,
5.00%,
07/01/48 |
|
|
1,230 |
|
|
|
1,310,368 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Indiana (continued) |
|
| Indiana Finance Authority, RB (continued): |
|
|
|
|
|
|
|
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT,
5.25%,
01/01/51 |
|
$ |
2,500 |
|
|
$ |
2,683,250 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 03/01/39 |
|
|
725 |
|
|
|
751,049 |
|
| Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1, 6.38%, 01/15/51(c) |
|
|
1,745 |
|
|
|
1,809,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,211,727 |
|
|
| Iowa — 1.9% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| 3.13%, 12/01/22(f) |
|
|
3,705 |
|
|
|
3,727,675 |
|
| 5.25%, 12/01/50(a) |
|
|
595 |
|
|
|
627,416 |
|
| Series B, 5.25%, 12/01/50(a) |
|
|
6,105 |
|
|
|
6,540,897 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
20 |
|
|
|
20,022 |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Senior Series
A-1, 5.00%, 12/01/21 |
|
|
1,075 |
|
|
|
1,117,473 |
|
| Iowa Tobacco Settlement Authority, Refunding RB, Series C: |
|
|
|
|
|
|
|
|
| Asset-Backed, 5.50%, 06/01/42 |
|
|
2,000 |
|
|
|
2,000,140 |
|
| 5.38%, 06/01/38 |
|
|
3,075 |
|
|
|
3,075,215 |
|
| State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48 |
|
|
2,360 |
|
|
|
2,506,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,615,134 |
|
|
| Kentucky — 0.3% |
|
| Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC),
0.00%, 10/01/24(d) |
|
|
250 |
|
|
|
215,820 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, 6.00%, 07/01/53 |
|
|
3,000 |
|
|
|
3,290,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,506,760 |
|
|
| Louisiana — 0.9% |
|
| Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%,
09/15/44(c) |
|
|
3,130 |
|
|
|
3,189,783 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Louisiana (continued) |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp., Series A-2,
6.50%, 11/01/35 |
|
$ |
1,630 |
|
|
$ |
1,737,531 |
|
| Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project,
6.75%,
05/01/41 |
|
|
645 |
|
|
|
677,353 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35 |
|
|
3,910 |
|
|
|
4,267,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,872,080 |
|
|
| Maine — 0.1% |
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%,
07/01/41 |
|
|
1,075 |
|
|
|
1,163,161 |
|
|
|
|
|
|
|
|
|
|
|
| Maryland — 0.9% |
|
| City of Baltimore Maryland, Refunding RB, East Baltimore Research Park Project,
4.00%, 09/01/27 |
|
|
325 |
|
|
|
337,607 |
|
| City of Gaithersburg Maryland, Refunding RB, Asbury Maryland Obligation, Series B,
6.00%,
01/01/23 |
|
|
750 |
|
|
|
771,495 |
|
| County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B,
7.13%, 07/01/43(c) |
|
|
2,895 |
|
|
|
2,915,033 |
|
| Maryland EDC, RB: |
|
|
|
|
|
|
|
|
| Purple Line Light Rail Project, AMT,
5.00%, 03/31/51 |
|
|
3,135 |
|
|
|
3,388,966 |
|
| Term Project, Series B, 5.75%, 06/01/20(b) |
|
|
1,500 |
|
|
|
1,572,885 |
|
| Maryland EDC, Refunding RB, University of Maryland Project, 5.00%, 07/01/39 |
|
|
950 |
|
|
|
1,018,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,004,804 |
|
|
| Massachusetts — 2.1% |
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
| Boston Medical Center, Series D,
4.00%, 07/01/45 |
|
|
715 |
|
|
|
725,932 |
|
| Boston Medical Center, Series D,
5.00%, 07/01/44 |
|
|
3,865 |
|
|
|
4,208,251 |
|
| Foxborough Regional Charter School, Series A, 7.00%,
07/01/20(b) |
|
|
350 |
|
|
|
373,597 |
|
| Linden Ponds, Inc. Facility, Series B,
0.00%,
11/15/56(d) |
|
|
94 |
|
|
|
24,740 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Massachusetts (continued) |
|
| Massachusetts Development Finance Agency, RB (continued): |
|
|
|
|
|
|
|
|
| North Hill Communities Issue, Series A,
6.50%,
11/15/23(b)(c) |
|
$ |
2,480 |
|
|
$ |
2,982,175 |
|
| UMass Boston Student Housing Project,
5.00%, 10/01/41 |
|
|
2,500 |
|
|
|
2,716,200 |
|
| Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
| New Bridge Charles, Inc., 4.00%, 10/01/32(c) |
|
|
355 |
|
|
|
353,899 |
|
| New Bridge Charles, Inc., 4.13%, 10/01/42(c) |
|
|
855 |
|
|
|
823,203 |
|
| New Bridge Charles, Inc., 5.00%, 10/01/57(c) |
|
|
570 |
|
|
|
598,563 |
|
| Series A, 5.00%, 07/01/38 |
|
|
1,200 |
|
|
|
1,381,608 |
|
| Series A, 5.00%, 07/01/39 |
|
|
3,055 |
|
|
|
3,498,586 |
|
| Series A, 5.00%, 07/01/44 |
|
|
3,750 |
|
|
|
4,257,825 |
|
| Tufts Medical Center, Series I,
6.75%,
01/01/21(b) |
|
|
305 |
|
|
|
331,782 |
|
| Tufts Medical Center, Series I,
6.75%,
01/01/21(b) |
|
|
205 |
|
|
|
223,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,499,362 |
|
|
| Michigan — 0.8% |
|
| City of Detroit Michigan, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 04/01/34 |
|
|
485 |
|
|
|
522,971 |
|
| 5.00%, 04/01/35 |
|
|
485 |
|
|
|
521,360 |
|
| 5.00%, 04/01/36 |
|
|
340 |
|
|
|
364,225 |
|
| 5.00%, 04/01/37 |
|
|
545 |
|
|
|
581,134 |
|
| 5.00%, 04/01/38 |
|
|
240 |
|
|
|
255,526 |
|
| Kentwood EDC, Refunding RB, Limited Obligation, Holland Home, 5.63%, 11/15/41 |
|
|
1,000 |
|
|
|
1,058,900 |
|
| Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien,
Series 2014 C-2, AMT, 5.00%, 07/01/44 |
|
|
350 |
|
|
|
374,080 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44 |
|
|
800 |
|
|
|
855,296 |
|
| Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System,
5.75%, 11/15/19(b) |
|
|
1,710 |
|
|
|
1,753,964 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Michigan (continued) |
|
| State of Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT,
5.00%, 06/30/48 |
|
$ |
2,030 |
|
|
$ |
2,301,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,589,232 |
|
|
| Minnesota — 0.9% |
|
| City of Cologne Minnesota Charter School, LRB, Cologne Academy Project, Series A,
5.00%, 07/01/45 |
|
|
2,065 |
|
|
|
2,081,892 |
|
| City of Deephaven Minnesota, Refunding RB, Eagle Ridge Academy Project, Series A,
5.25%, 07/01/40 |
|
|
500 |
|
|
|
531,090 |
|
| Duluth EDA, Refunding RB, Essentia Health Obligated Group, Series A: |
|
|
|
|
|
|
|
|
| 4.25%, 02/15/48 |
|
|
1,925 |
|
|
|
2,019,113 |
|
| 5.25%, 02/15/53 |
|
|
3,850 |
|
|
|
4,390,078 |
|
| St. Paul Housing & Redevelopment Authority, RB, Nova Classical Academy, Series A,
6.63%, 09/01/21(b) |
|
|
500 |
|
|
|
558,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,580,793 |
|
|
| Missouri — 1.2% |
|
| City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: |
|
|
|
|
|
|
|
|
| 4.38%, 11/15/35 |
|
|
1,020 |
|
|
|
1,050,274 |
|
| 4.75%, 11/15/47 |
|
|
1,135 |
|
|
|
1,171,558 |
|
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB, St. Lukes Health
Syatem, Series A, 4.00%, 11/15/48 |
|
|
3,650 |
|
|
|
3,840,493 |
|
| Kansas City Land Clearance Redevelopment Authority, Tax Allocation Bonds(c): |
|
|
|
|
|
|
|
|
| 4.38%, 02/01/31 |
|
|
830 |
|
|
|
850,443 |
|
| 5.00%, 02/01/40 |
|
|
1,240 |
|
|
|
1,293,469 |
|
| Kansas City Missouri IDA, Refunding RB, Kansas City United Methodist Church(c): |
|
|
|
|
|
|
|
|
| 5.75%, 11/15/36 |
|
|
1,350 |
|
|
|
1,178,064 |
|
| 6.00%, 11/15/51 |
|
|
110 |
|
|
|
91,704 |
|
| Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 05/15/20(b) |
|
|
435 |
|
|
|
466,346 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Missouri (continued) |
|
| Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 |
|
$ |
2,200 |
|
|
$ |
2,273,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,215,897 |
|
|
| Nebraska — 0.8% |
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42 |
|
|
780 |
|
|
|
844,475 |
|
| Central Plains Nebraska Energy Project, Refunding RB, Gas Project No. 3, Series A, 5.00%,
09/01/42 |
|
|
6,090 |
|
|
|
7,433,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,278,416 |
|
|
| Nevada — 0.1% |
|
| County of Clark Nevada, Refunding, Special Assessment, Special Improvement District No. 142,
Mountain’s Edge: |
|
|
|
|
|
|
|
|
| 4.00%, 08/01/22 |
|
|
615 |
|
|
|
641,876 |
|
| 4.00%, 08/01/23 |
|
|
380 |
|
|
|
396,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,038,022 |
|
|
| New Hampshire — 0.7% |
|
| New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(c): |
|
|
|
|
|
|
|
|
| Series B, 4.63%, 11/01/42 |
|
|
4,650 |
|
|
|
4,706,032 |
|
| Series C, AMT, 4.88%, 11/01/42 |
|
|
2,515 |
|
|
|
2,564,571 |
|
| New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%,
08/01/19(b) |
|
|
435 |
|
|
|
441,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,711,932 |
|
|
| New Jersey — 6.1% |
|
| Casino Reinvestment Development Authority, Refunding RB, 5.25%, 11/01/44 |
|
|
5,750 |
|
|
|
6,183,492 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(c) |
|
|
1,155 |
|
|
|
1,162,935 |
|
| County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, Keystone Urban Renewal
Project, Series A, AMT,
5.00%, 12/01/24 |
|
|
1,500 |
|
|
|
1,605,075 |
|
| New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
|
|
1,965 |
|
|
|
2,122,848 |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, AMT,
4.88%, 09/15/19 |
|
|
230 |
|
|
|
232,512 |
|
| Continental Airlines, Inc. Project, AMT,
5.25%, 09/15/29 |
|
|
840 |
|
|
|
917,364 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New Jersey (continued) |
|
| New Jersey EDA, RB (continued): |
|
|
|
|
|
|
|
|
| Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |
|
$ |
1,360 |
|
|
$ |
1,501,222 |
|
| Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 |
|
|
3,000 |
|
|
|
3,430,080 |
|
| Provident Group-Kean Properties, Series A, 5.00%, 07/01/32 |
|
|
235 |
|
|
|
257,725 |
|
| Provident Group-Kean Properties, Series A, 5.00%, 07/01/37 |
|
|
375 |
|
|
|
406,241 |
|
| Series EEE, 5.00%, 06/15/48 |
|
|
6,970 |
|
|
|
7,545,722 |
|
| State House Project, Series B, Remark 10,
5.00%, 06/15/43 |
|
|
3,755 |
|
|
|
4,085,140 |
|
| Team Academy Charter School Project,
6.00%, 10/01/43 |
|
|
970 |
|
|
|
1,068,261 |
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB, Princeton HealthCare System: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/32 |
|
|
1,140 |
|
|
|
1,339,021 |
|
| 5.00%, 07/01/33 |
|
|
1,450 |
|
|
|
1,698,226 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program Bonds, Series S,
5.25%, 06/15/43 |
|
|
4,095 |
|
|
|
4,565,065 |
|
| Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28 |
|
|
7,050 |
|
|
|
8,116,524 |
|
| Transportation Program, Series AA,
5.25%, 06/15/41 |
|
|
1,265 |
|
|
|
1,372,158 |
|
| Transportation Program, Series AA,
5.00%, 06/15/44 |
|
|
1,005 |
|
|
|
1,064,888 |
|
| Transportation Program, Series AA,
5.00%, 06/15/44 |
|
|
1,860 |
|
|
|
1,947,457 |
|
| New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%,
12/15/36 |
|
|
1,195 |
|
|
|
1,324,180 |
|
| South Jersey Port Corp., RB, Sub-Marine Terminal, Series B, AMT,
5.00%, 01/01/36 |
|
|
575 |
|
|
|
644,293 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 06/01/46 |
|
|
900 |
|
|
|
998,082 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New Jersey (continued) |
|
| Tobacco Settlement Financing Corp., Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Sub-Series B, 5.00%, 06/01/46 |
|
$ |
10,370 |
|
|
$ |
10,938,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,527,098 |
|
|
| New Mexico — 0.2% |
|
| New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project,
5.50%, 07/01/42 |
|
|
2,030 |
|
|
|
2,181,336 |
|
|
|
|
|
|
|
|
|
|
|
| New York — 9.2% |
|
| Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(c) |
|
|
1,215 |
|
|
|
1,309,794 |
|
| Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 |
|
|
4,475 |
|
|
|
4,523,375 |
|
| Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43 |
|
|
485 |
|
|
|
491,906 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |
|
|
|
|
|
|
|
|
| 6.25%, 06/01/41(c) |
|
|
8,100 |
|
|
|
8,325,180 |
|
| 5.00%, 06/01/42 |
|
|
4,520 |
|
|
|
4,495,140 |
|
| 5.00%, 06/01/45 |
|
|
1,695 |
|
|
|
1,677,796 |
|
| Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through,
Series A-2B: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/45 |
|
|
4,010 |
|
|
|
4,224,214 |
|
| 5.00%, 06/01/51 |
|
|
6,865 |
|
|
|
7,030,584 |
|
| County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1,
5.00%, 08/01/46 |
|
|
4,755 |
|
|
|
4,755,048 |
|
| County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
|
|
1,375 |
|
|
|
1,490,654 |
|
| County of Westchester New York Local Development Corp., Refunding RB, Westchester Medical Center Obligation,
5.00%, 11/01/46 |
|
|
4,495 |
|
|
|
4,918,069 |
|
| Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |
|
|
3,210 |
|
|
|
3,209,904 |
|
| Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 11/15/56 |
|
|
6,425 |
|
|
|
6,995,668 |
|
| 5.00%, 11/15/51 |
|
|
3,135 |
|
|
|
3,322,724 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New York (continued) |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
$ |
375 |
|
|
$ |
388,073 |
|
| 3 World Trade Center Project, Class 1,
5.00%,
11/15/44(c) |
|
|
7,365 |
|
|
|
7,850,353 |
|
| 3 World Trade Center Project, Class 2,
5.15%,
11/15/34(c) |
|
|
450 |
|
|
|
490,212 |
|
| 3 World Trade Center Project, Class 2,
5.38%,
11/15/40(c) |
|
|
1,070 |
|
|
|
1,156,756 |
|
| 3 World Trade Center Project, Class 3,
7.25%,
11/15/44(c) |
|
|
3,115 |
|
|
|
3,678,192 |
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 01/01/50 |
|
|
3,000 |
|
|
|
3,271,830 |
|
| New York Transportation Development Corp., RB, AMT, 4.00%, 01/01/36 |
|
|
5,000 |
|
|
|
5,180,900 |
|
| New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 08/01/26 |
|
|
3,130 |
|
|
|
3,284,309 |
|
| 5.00%, 08/01/31 |
|
|
6,995 |
|
|
|
7,285,432 |
|
| Niagara Area Development Corp., Refunding RB, Covanta Project, Series A, AMT,
4.75%, 11/01/42(c) |
|
|
530 |
|
|
|
541,612 |
|
| Rockland Tobacco Asset Securitization Corp., RB, Asset-Backed, 5.75%, 08/15/43 |
|
|
690 |
|
|
|
707,533 |
|
| State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center(c): |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/33 |
|
|
590 |
|
|
|
675,273 |
|
| 5.00%, 12/01/35 |
|
|
785 |
|
|
|
891,736 |
|
| TSASC, Inc., Refunding RB, Tobacco Settlement Bonds, Subordinate, Series B, 5.00%, 06/01/48 |
|
|
1,450 |
|
|
|
1,451,450 |
|
| Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C: |
|
|
|
|
|
|
|
|
| 4.00%, 06/01/42 |
|
|
970 |
|
|
|
942,801 |
|
| 5.13%, 06/01/51 |
|
|
2,000 |
|
|
|
2,047,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,613,938 |
|
|
| North Carolina — 0.5% |
|
| North Carolina Department of Transportation, RB, AMT, I-77 Hot Lanes
Project, 5.00%, 06/30/54 |
|
|
1,385 |
|
|
|
1,482,892 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| North Carolina (continued) |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A,
7.75%, 03/01/21(b) |
|
$ |
3,055 |
|
|
$ |
3,399,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,882,587 |
|
|
| North Dakota — 0.6% |
|
| County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%,
02/15/58 |
|
|
1,785 |
|
|
|
2,009,000 |
|
| County of Ward North Dakota, RB, Trinity Obligated Group, Series C, 5.00%, 06/01/53 |
|
|
4,000 |
|
|
|
4,317,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,326,040 |
|
|
| Ohio — 2.6% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series
A-2: |
|
|
|
|
|
|
|
|
| Senior Turbo Term, 5.88%, 06/01/47 |
|
|
10,545 |
|
|
|
10,282,008 |
|
| 6.00%, 06/01/42 |
|
|
10,000 |
|
|
|
9,916,300 |
|
| County of Butler Port Authority, RB, Series A-1(c): |
|
|
|
|
|
|
|
|
| Storypoint Fairfield Project, 6.25%, 01/15/34 |
|
|
1,575 |
|
|
|
1,647,828 |
|
| StoryPoint Fairfield Project, 6.38%, 01/15/43 |
|
|
840 |
|
|
|
879,463 |
|
| County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities,
5.00%, 01/01/46 |
|
|
1,435 |
|
|
|
1,499,173 |
|
| Port of Greater Cincinnati Development Authority, RB, AHA-Colonial
Village Athens Garden,
5.25%, 12/01/50 |
|
|
740 |
|
|
|
547,874 |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
|
|
2,410 |
|
|
|
2,563,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,336,428 |
|
|
| Oklahoma — 1.4% |
|
| County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project,
5.25%,
11/15/37 |
|
|
1,050 |
|
|
|
1,181,701 |
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B: |
|
|
|
|
|
|
|
|
| 5.00%, 08/15/38 |
|
|
4,585 |
|
|
|
5,151,156 |
|
| 5.25%, 08/15/43 |
|
|
4,130 |
|
|
|
4,716,129 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Oklahoma (continued) |
|
| Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |
|
$ |
3,340 |
|
|
$ |
3,554,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,603,715 |
|
|
| Oregon — 0.1% |
|
| Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A: |
|
|
|
|
|
|
|
|
| 5.13%, 07/01/35 |
|
|
620 |
|
|
|
646,685 |
|
| 5.38%, 07/01/45 |
|
|
535 |
|
|
|
558,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,204,824 |
|
|
| Pennsylvania — 2.6% |
|
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/35 |
|
|
1,185 |
|
|
|
1,237,021 |
|
| 5.00%, 05/01/42 |
|
|
2,730 |
|
|
|
2,826,778 |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/36 |
|
|
3,000 |
|
|
|
3,234,000 |
|
| Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/33 |
|
|
170 |
|
|
|
198,293 |
|
| 5.00%, 06/01/34 |
|
|
225 |
|
|
|
261,513 |
|
| County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes,
5.13%, 07/01/32 |
|
|
745 |
|
|
|
754,603 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A: |
|
|
|
|
|
|
|
|
| 4.00%, 09/01/49 |
|
|
880 |
|
|
|
908,952 |
|
| 5.00%, 09/01/43 |
|
|
2,095 |
|
|
|
2,384,236 |
|
| County of Montgomery Pennsylvania IDA, RB, Foulkeways Gwynedd Project, 5.00%, 12/01/46 |
|
|
1,470 |
|
|
|
1,559,494 |
|
| County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project,
5.38%, 01/01/50 |
|
|
1,865 |
|
|
|
1,888,257 |
|
| County of Northampton Pennsylvania IDA,
Route 33 Project, Tax Allocation Bonds,
7.00%,
07/01/32 |
|
|
1,240 |
|
|
|
1,393,673 |
|
| East Hempfield Township Pennsylvania IDA, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/34 |
|
|
1,000 |
|
|
|
1,065,850 |
|
| 5.00%, 07/01/46 |
|
|
1,750 |
|
|
|
1,831,987 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Pennsylvania (continued) |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| AMT, 5.00%, 06/30/42 |
|
$ |
895 |
|
|
$ |
977,609 |
|
| U.S. Airways Group, Series A, 7.50%, 05/01/20 |
|
|
1,200 |
|
|
|
1,263,000 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%,
11/01/44 |
|
|
5,390 |
|
|
|
5,661,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,446,599 |
|
|
| Puerto Rico — 4.4% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43 |
|
|
1,145 |
|
|
|
1,157,171 |
|
| Commonwealth of Puerto Rico, GO, Refunding Public
Improvement(g)(h): |
|
|
|
|
|
|
|
|
| , Refunding, Series C, 6.50%, 07/01/40 |
|
|
400 |
|
|
|
229,000 |
|
| Public Improvement, Series B, 5.25%, 07/01/17 |
|
|
1,060 |
|
|
|
681,050 |
|
| Commonwealth of Puerto Rico, GO, Refunding, Series
A(g)(h): |
|
|
|
|
|
|
|
|
| Public Improvement, 5.50%, 07/01/39 |
|
|
1,080 |
|
|
|
569,700 |
|
| 8.00%, 07/01/35 |
|
|
6,015 |
|
|
|
3,120,281 |
|
| Commonwealth of Puerto Rico, GO(g)(h): |
|
|
|
|
|
|
|
|
| 6.00%, 07/01/38 |
|
|
1,210 |
|
|
|
783,475 |
|
| 5.25%, 07/01/16 |
|
|
1,135 |
|
|
|
729,238 |
|
| 5.50%, 07/01/32 |
|
|
5,045 |
|
|
|
3,266,637 |
|
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.75%, 07/01/37 |
|
|
5,575 |
|
|
|
5,561,062 |
|
| 5.25%, 07/01/42 |
|
|
1,740 |
|
|
|
1,709,550 |
|
| 6.00%, 07/01/44 |
|
|
3,275 |
|
|
|
3,279,094 |
|
| Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%,
07/01/38 |
|
|
7,210 |
|
|
|
7,219,012 |
|
| Puerto Rico Electric Power Authority, RB(g)(h): |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 07/01/29 |
|
|
1,500 |
|
|
|
1,055,625 |
|
| Series A, 7.25%, 07/01/30 |
|
|
250 |
|
|
|
182,500 |
|
| Series A, 7.00%, 07/01/33 |
|
|
340 |
|
|
|
248,200 |
|
| Series A, 5.00%, 07/01/42 |
|
|
1,625 |
|
|
|
1,143,594 |
|
| Series A, 7.00%, 07/01/43 |
|
|
320 |
|
|
|
233,600 |
|
| Series TT, 5.00%, 07/01/25 |
|
|
165 |
|
|
|
116,119 |
|
| Series WW, 5.38%, 07/01/24 |
|
|
305 |
|
|
|
216,169 |
|
| Series XX, 5.25%, 07/01/40 |
|
|
785 |
|
|
|
555,388 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Puerto Rico (continued) |
|
| Puerto Rico Electric Power Authority,
Refunding
RB(g)(h): |
|
|
|
|
|
|
|
|
| Series AAA, 5.25%, 07/01/28 |
|
$ |
310 |
|
|
$ |
219,325 |
|
| Series ZZ, 5.25%, 07/01/21 |
|
|
90 |
|
|
|
63,675 |
|
| Series ZZ, 5.00%, 07/01/28 |
|
|
345 |
|
|
|
242,794 |
|
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |
|
|
|
|
|
|
|
|
| Series A-1, 0.00%, 07/01/24(d) |
|
|
149 |
|
|
|
125,105 |
|
| Series A-1, 0.00%, 07/01/27(d) |
|
|
252 |
|
|
|
187,901 |
|
| Series A-1, 0.00%, 07/01/29(d) |
|
|
245 |
|
|
|
162,452 |
|
| Series A-1, 0.00%, 07/01/31(d) |
|
|
316 |
|
|
|
186,939 |
|
| Series A-1, 0.00%, 07/01/33(d) |
|
|
356 |
|
|
|
188,922 |
|
| Series A-1, 4.55%, 07/01/40 |
|
|
132 |
|
|
|
129,891 |
|
| Series A-1, 0.00%, 07/01/46(d) |
|
|
3,386 |
|
|
|
728,329 |
|
| Series A-1, 0.00%, 07/01/51(d) |
|
|
2,758 |
|
|
|
436,371 |
|
| Series A-1, 4.50%, 07/01/34 |
|
|
1,301 |
|
|
|
1,315,350 |
|
| Series A-1, 4.75%, 07/01/53 |
|
|
4,052 |
|
|
|
3,841,985 |
|
| Series A-1, 5.00%, 07/01/58 |
|
|
4,416 |
|
|
|
4,363,229 |
|
| Series A-2, 4.55%, 07/01/40 |
|
|
1,340 |
|
|
|
1,182,563 |
|
| Series A-2, 4.75%, 07/01/53 |
|
|
40 |
|
|
|
34,301 |
|
| Series A-2, 5.00%, 07/01/58 |
|
|
537 |
|
|
|
469,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,935,477 |
|
|
| Rhode Island — 2.0% |
|
| Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34 |
|
|
1,945 |
|
|
|
2,009,769 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/35 |
|
|
1,005 |
|
|
|
1,071,802 |
|
| Series A, 5.00%, 06/01/40 |
|
|
5,500 |
|
|
|
5,776,100 |
|
| Series B, 4.50%, 06/01/45 |
|
|
6,350 |
|
|
|
6,178,232 |
|
| Series B, 5.00%, 06/01/50 |
|
|
5,650 |
|
|
|
5,754,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,790,485 |
|
|
| South Carolina — 2.6% |
|
| South Carolina Jobs-Economic Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 |
|
|
5,825 |
|
|
|
6,594,599 |
|
| The Woodlands at Furman, 4.00%, 11/15/27 |
|
|
825 |
|
|
|
832,994 |
|
| State of South Carolina Ports Authority, RB, AMT, 5.00%, 07/01/45 |
|
|
1,975 |
|
|
|
2,187,411 |
|
| State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
|
|
3,475 |
|
|
|
3,810,755 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| South Carolina (continued) |
|
| State of South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50 |
|
$ |
13,005 |
|
|
$ |
14,297,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,723,066 |
|
|
| Tennessee — 1.1% |
|
| County of Knox Health Educational & Housing Facility Board, Refunding RB, University Health System,
Inc., 5.00%, 04/01/36 |
|
|
560 |
|
|
|
619,091 |
|
| County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax
Increment, Graceland Project, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 07/01/37 |
|
|
1,650 |
|
|
|
1,771,919 |
|
| 5.63%, 01/01/46 |
|
|
1,875 |
|
|
|
1,997,569 |
|
| County of Nashville & Davidson Metropolitan Government Health & Educational Facilities
Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
|
|
925 |
|
|
|
1,036,120 |
|
| County of Nashville & Davidson Metropolitan Government Health & Educational Facilities
Board, Refunding RB, Lipscomb University Project, Series A(f): |
|
|
|
|
|
|
|
|
| 4.00%, 10/01/49 |
|
|
1,635 |
|
|
|
1,670,185 |
|
| 5.25%, 10/01/58 |
|
|
3,335 |
|
|
|
3,828,113 |
|
| Nashville Metropolitan Development & Housing Agency, Tax Allocation Bonds, Tax Increment Development
Revenue Fifth+Broadway Development Project, 5.13%, 06/01/36(c) |
|
|
500 |
|
|
|
535,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,458,242 |
|
|
| Texas — 7.1% |
|
| Arlington Higher Education Finance Corp., RB, Series A, 5.88%, 03/01/24 |
|
|
500 |
|
|
|
508,595 |
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| CAB, 0.00%, 01/01/28(d) |
|
|
3,000 |
|
|
|
2,351,460 |
|
| CAB, 0.00%, 01/01/29(d) |
|
|
500 |
|
|
|
378,640 |
|
| CAB, 0.00%, 01/01/30(d) |
|
|
1,330 |
|
|
|
969,211 |
|
| CAB, 0.00%, 01/01/31(d) |
|
|
4,000 |
|
|
|
2,784,640 |
|
| Senior Lien, 6.25%, 01/01/21(b) |
|
|
765 |
|
|
|
825,060 |
|
| City of Austin Texas Airport System Revenue, RB, Series B, AMT, 5.00%, 11/15/46 |
|
|
3,500 |
|
|
|
3,924,795 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Texas (continued) |
|
| City of Houston Texas Airport System, Refunding ARB, AMT: |
|
|
|
|
|
|
|
|
| Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38 |
|
$ |
1,110 |
|
|
$ |
1,194,549 |
|
| United Airlines, Inc. Terminal E Project,
5.00%, 07/01/29 |
|
|
1,000 |
|
|
|
1,104,650 |
|
| United Airlines, Inc., Airport Improvement Projects, Series C, 5.00%, 07/15/20 |
|
|
825 |
|
|
|
850,245 |
|
| United Airlines, Inc., 5.00%, 07/15/28 |
|
|
2,725 |
|
|
|
3,174,979 |
|
| Clifton Higher Education Finance Corp., ERB, Idea Public
Schools(b): |
|
|
|
|
|
|
|
|
| 5.50%, 08/15/21 |
|
|
255 |
|
|
|
277,468 |
|
| 5.75%, 08/15/21 |
|
|
280 |
|
|
|
306,289 |
|
| County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project,
6.20%, 07/01/20(b) |
|
|
1,320 |
|
|
|
1,393,458 |
|
| County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%,
11/01/42 |
|
|
3,380 |
|
|
|
3,469,367 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., Refunding, MRB, Brazos Presbyterian
Homes, Inc. Project, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 01/01/38 |
|
|
510 |
|
|
|
529,355 |
|
| 5.00%, 01/01/43 |
|
|
520 |
|
|
|
535,891 |
|
| 5.13%, 01/01/48 |
|
|
1,535 |
|
|
|
1,585,809 |
|
| County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%,
11/15/41(d) |
|
|
350 |
|
|
|
121,517 |
|
| County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co.,
Project, Series A, 6.30%, 11/01/29 |
|
|
290 |
|
|
|
298,810 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: |
|
|
|
|
|
|
|
|
| Christus Health, Series B, 5.00%, 07/01/48 |
|
|
8,560 |
|
|
|
9,706,013 |
|
| Senior Living Center Project, Series A,
8.25%, 11/15/44 |
|
|
800 |
|
|
|
720,000 |
|
| County of Travis Texas Health Facilities Development Corp., Refunding RB,
7.13%, 01/01/21(b) |
|
|
1,920 |
|
|
|
2,099,539 |
|
| Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., 6.50%, 05/15/21(b) |
|
|
535 |
|
|
|
587,633 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Texas (continued) |
|
| Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(c) |
|
$ |
1,500 |
|
|
$ |
1,558,245 |
|
| New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University
Project: |
|
|
|
|
|
|
|
|
| 5.88%, 04/01/36 |
|
|
890 |
|
|
|
974,114 |
|
| 6.00%, 04/01/45 |
|
|
1,355 |
|
|
|
1,480,866 |
|
| New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, Jubilee Academic(c): |
|
|
|
|
|
|
|
|
| Center, 5.00%, 08/15/46 |
|
|
695 |
|
|
|
698,037 |
|
| 5.00%, 08/15/36 |
|
|
2,520 |
|
|
|
2,545,074 |
|
| Newark Higher Education Finance Corp., RB: |
|
|
|
|
|
|
|
|
| Austin Achieve Public School, Inc.,
5.00%, 06/15/48 |
|
|
1,500 |
|
|
|
1,521,075 |
|
| Series A, 5.50%, 08/15/35(c) |
|
|
375 |
|
|
|
397,890 |
|
| Series A, 5.75%, 08/15/45(c) |
|
|
645 |
|
|
|
686,609 |
|
| North Texas Tollway Authority, Refunding RB, 2nd Tier-Series B, 5.00%, 01/01/43 |
|
|
5,145 |
|
|
|
5,876,053 |
|
| Red River Health Facilities Development Corp., First MRB, Project: |
|
|
|
|
|
|
|
|
| Eden Home, Inc., 7.25%, 12/15/42(g)(h) |
|
|
1,330 |
|
|
|
827,925 |
|
| Wichita Falls Retirement Foundation, 5.13%, 01/01/41 |
|
|
600 |
|
|
|
613,596 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| AMT, Blueridge Transportation Group,
5.00%, 12/31/50 |
|
|
3,480 |
|
|
|
3,773,434 |
|
| LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
1,000 |
|
|
|
1,060,600 |
|
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
|
|
4,740 |
|
|
|
4,909,265 |
|
| Texas Transportation Commission, RB, First Tier Toll
Revenue(d): |
|
|
|
|
|
|
|
|
| 0.00%, 08/01/46 |
|
|
2,580 |
|
|
|
725,057 |
|
| 0.00%, 08/01/47 |
|
|
3,850 |
|
|
|
1,027,026 |
|
| 0.00%, 08/01/48 |
|
|
4,070 |
|
|
|
1,030,402 |
|
| 0.00%, 08/01/49 |
|
|
3,825 |
|
|
|
918,956 |
|
| 0.00%, 08/01/50 |
|
|
5,485 |
|
|
|
1,237,800 |
|
| 0.00%, 08/01/51 |
|
|
3,230 |
|
|
|
687,118 |
|
| 0.00%, 08/01/52 |
|
|
3,230 |
|
|
|
648,100 |
|
| 0.00%, 08/01/53 |
|
|
290 |
|
|
|
54,972 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Texas (continued) |
|
| Town of Flower Mound Texas, Special Assessment Bonds, 6.50%, 09/01/36 |
|
$ |
1,500 |
|
|
$ |
1,528,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,478,942 |
|
|
| Utah — 0.5% |
|
| State of Utah Charter School Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Navigator Pointe Academy, Series A,
5.63%, 07/15/40 |
|
|
1,000 |
|
|
|
1,012,530 |
|
| Spectrum Academy Project, 6.00%, 04/15/45(c) |
|
|
2,000 |
|
|
|
2,035,880 |
|
| State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 |
|
|
2,050 |
|
|
|
2,052,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,100,706 |
|
|
| Virginia — 2.7% |
|
| County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/42 |
|
|
2,000 |
|
|
|
2,057,140 |
|
| Residential Care Facility, 5.00%, 07/01/47 |
|
|
1,015 |
|
|
|
1,042,131 |
|
| Lower Magnolia Green Community Development Authority, Special Assessment Bonds(c): |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/35 |
|
|
490 |
|
|
|
498,761 |
|
| 5.00%, 03/01/45 |
|
|
505 |
|
|
|
511,161 |
|
| Mosaic District Community Development Authority, Special Assessment, Series A: |
|
|
|
|
|
|
|
|
| 6.63%, 03/01/26 |
|
|
515 |
|
|
|
546,291 |
|
| 6.88%, 03/01/36 |
|
|
450 |
|
|
|
478,809 |
|
| Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. -
Harbor’s Edge Project, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 01/01/49 |
|
|
1,250 |
|
|
|
1,293,788 |
|
| 5.25%, 01/01/54 |
|
|
3,750 |
|
|
|
3,920,888 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
7,120 |
|
|
|
7,028,366 |
|
| Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay, 4.00%,
09/01/48 |
|
|
2,885 |
|
|
|
2,990,764 |
|
| Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 07/01/45(c) |
|
|
535 |
|
|
|
557,973 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, AMT: |
|
|
|
|
|
|
|
|
| Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 |
|
|
3,360 |
|
|
|
3,688,070 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Virginia (continued) |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, AMT (continued): |
|
|
|
|
|
|
|
|
| Express Lanes LLC, 5.00%, 07/01/34 |
|
$ |
3,300 |
|
|
$ |
3,500,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,115,112 |
|
|
| Washington — 0.5% |
|
| County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital,
7.00%, 12/01/40 |
|
|
545 |
|
|
|
563,802 |
|
| Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A,
5.50%,
09/01/42 |
|
|
1,005 |
|
|
|
1,026,226 |
|
| Washington State Housing Finance Commission, Refunding
RB(c): |
|
|
|
|
|
|
|
|
| 5.75%, 01/01/35 |
|
|
355 |
|
|
|
358,766 |
|
| 6.00%, 01/01/45 |
|
|
940 |
|
|
|
953,555 |
|
| Horizon House Project, 5.00%, 01/01/48 |
|
|
2,410 |
|
|
|
2,630,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,532,551 |
|
|
| Wisconsin — 2.1% |
|
| Public Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Alabama Proton Therapy Center, Series A,
6.25%, 10/01/31(c) |
|
|
910 |
|
|
|
976,839 |
|
| Alabama Proton Therapy Center, Series A,
7.00%, 10/01/47(c) |
|
|
910 |
|
|
|
982,117 |
|
| American Preparatory Academy - Las Vegas Project, Series A, 5.38%, 07/15/47(c) |
|
|
1,595 |
|
|
|
1,679,248 |
|
| Delray Beach Radiation Therapy,
6.85%,
11/01/46(c) |
|
|
1,325 |
|
|
|
1,428,482 |
|
| Delray Beach Radiation Therapy,
7.00%,
11/01/46(c) |
|
|
805 |
|
|
|
875,776 |
|
| Minnesota College of Osteopathic Medicine, Series A-1,
5.50%, 12/01/48(c)(f) |
|
|
1,260 |
|
|
|
1,302,827 |
|
| Piedmont Community Charter School, 5.00%, 06/15/39 |
|
|
310 |
|
|
|
345,089 |
|
| Piedmont Community Charter School, 5.00%, 06/15/49 |
|
|
955 |
|
|
|
1,048,160 |
|
| Piedmont Community Charter School,
5.00%, 06/15/53 |
|
|
645 |
|
|
|
702,212 |
|
| Series A, 5.00%, 12/01/45 |
|
|
1,910 |
|
|
|
1,962,124 |
|
| Series A, 5.15%, 12/01/50 |
|
|
1,315 |
|
|
|
1,354,503 |
|
| Voyager Foundation, Inc. Project, Series A, 5.13%, 10/01/45 |
|
|
1,850 |
|
|
|
1,908,164 |
|
| Public Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Celanese Project, Series D, 4.05%, 11/01/30 |
|
|
525 |
|
|
|
536,015 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
|
|
| Wisconsin (continued) |
|
|
|
|
|
|
| Public Finance Authority, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Senior Obligated Group, Series B, AMT, 5.00%, 07/01/42 |
|
$ |
2,150 |
|
|
$ |
2,277,000 |
|
| White Stone Retirement Facilities,
5.00%, 03/01/52(c) |
|
|
1,300 |
|
|
|
1,379,599 |
|
| Wingate University, Series A,
5.25%, 10/01/48 |
|
|
1,790 |
|
|
|
1,986,327 |
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Benevolent Corporation Cedar Community,
5.00%, 06/01/41 |
|
|
350 |
|
|
|
364,872 |
|
| St. Johns Communities, Inc., Series A,
7.25%,
09/15/19(b) |
|
|
75 |
|
|
|
76,900 |
|
| St. Johns Communities, Inc., Series A,
7.63%,
09/15/19(b) |
|
|
145 |
|
|
|
148,916 |
|
| Wisconsin Housing & Economic Development Authority, RB, M/F Housning, WHPC Madison Pool Project,
Series A, 4.70%, 07/01/47 |
|
|
740 |
|
|
|
787,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,122,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 88.6%
(Cost — $888,370,280) |
|
|
|
|
|
|
934,451,257 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
|
|
| California — 0.2% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series
F-1,
5.63%, 04/01/44 |
|
|
480 |
|
|
|
480,133 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| California (continued) |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Senior Series A,
5.00%, 05/15/40 |
|
$ |
1,679 |
|
|
$ |
1,741,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,221,139 |
|
|
| Colorado — 0.5% |
|
| Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A,
5.00%,
01/01/40 |
|
|
5,592 |
|
|
|
5,707,500 |
|
|
|
|
|
|
|
|
|
|
|
| Florida — 0.4% |
|
| County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(b) |
|
|
3,499 |
|
|
|
3,678,825 |
|
|
|
|
|
|
|
|
|
|
|
| Illinois — 1.4% |
|
| Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41 |
|
|
2,480 |
|
|
|
2,692,028 |
|
| Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
|
|
6,510 |
|
|
|
6,790,190 |
|
| State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
|
|
5,011 |
|
|
|
5,635,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,117,364 |
|
|
| Massachusetts — 0.3% |
|
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%,
06/01/45 |
|
|
3,464 |
|
|
|
3,630,275 |
|
|
|
|
|
|
|
|
|
|
|
| New York — 6.9% |
|
| City of New York New York Housing Development Corp., RB, M/F, Series
C-1A: |
|
|
|
|
|
|
|
|
| 4.15%, 11/01/39 |
|
|
3,107 |
|
|
|
3,211,316 |
|
| 4.20%, 11/01/44 |
|
|
5,695 |
|
|
|
5,886,230 |
|
| 4.30%, 11/01/47 |
|
|
4,660 |
|
|
|
4,816,904 |
|
| City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%,
06/15/31(j) |
|
|
3,015 |
|
|
|
3,223,970 |
|
| Hudson Yards Infrastructure Corp., RB, Senior-Fiscal
2012(j): |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
|
1,065 |
|
|
|
1,144,592 |
|
| 5.75%, 02/15/47 |
|
|
655 |
|
|
|
704,119 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| New York (continued) |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
$ |
7,725 |
|
|
$ |
8,394,721 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,
5.75%, 11/15/51(j) |
|
|
2,520 |
|
|
|
2,757,962 |
|
| New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/36 |
|
|
21,670 |
|
|
|
25,073,707 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
2,925 |
|
|
|
3,360,435 |
|
| State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%,
03/15/46 |
|
|
13,005 |
|
|
|
13,984,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,558,363 |
|
|
| North Carolina — 0.3% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
Series B, 5.00%,
10/01/55 |
|
|
2,930 |
|
|
|
3,326,575 |
|
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.4% |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%,
12/01/42 |
|
|
3,677 |
|
|
|
4,304,109 |
|
|
|
|
|
|
|
|
|
|
|
| Rhode Island — 0.3% |
|
| Narragansett Bay Commission, Refunding RB, Wastewater System, Series A,
4.00%, 09/01/43 |
|
|
2,641 |
|
|
|
2,711,595 |
|
|
|
|
|
|
|
|
|
|
|
| Texas — 0.3% |
|
| Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%,
05/15/43 |
|
|
3,480 |
|
|
|
3,560,597 |
|
|
|
|
|
|
|
|
|
|
|
| Virginia — 0.3% |
|
| Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare,
5.00%, 11/01/40 |
|
|
2,501 |
|
|
|
2,585,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
|
| Washington — 1.2% |
|
| City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%,
08/01/40 |
|
$
|
2,998 |
|
|
$
|
3,199,992 |
|
| County of Snohomish Public Utility District No. 1, 5.00%, 12/01/45 |
|
|
8,664 |
|
|
|
9,789,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,989,931 |
|
|
| Wisconsin — 0.4% |
|
| State of Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Froedtert & Community Health, Inc., Obligated Group, Series C,
5.25%, 04/01/39(j) |
|
|
2,179 |
|
|
|
2,179,309 |
|
| The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |
|
|
1,774 |
|
|
|
1,841,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,020,635 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 12.9%
(Cost
— $131,029,953) |
|
|
|
136,412,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 101.7%
(Cost — $1,020,998,483) |
|
|
|
1,072,432,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
|
| Short-Term Securities — 6.0% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
1.38%(k)(l) |
|
|
62,758,252 |
|
|
|
62,770,803 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 6.0%
(Cost — $62,763,051) |
|
|
|
62,770,803 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 107.7%
(Cost — $1,083,761,534) |
|
|
|
1,135,203,730 |
|
|
|
| Liabilities in Excess of Other Assets — (0.4)% |
|
|
|
(3,933,044 |
) |
|
|
| Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable —
(7.3)% |
|
|
|
(76,940,588 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net Assets — 100.0% |
|
|
$ |
1,054,330,098 |
|
|
|
|
|
|
|
|
|
|
| (a) |
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. |
| (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. |
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund |
| (c) |
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. |
| (e) |
Step-up bond that pays an initial coupon rate for the first period and then a
higher coupon rate for the following periods. Rate as of period end. |
| (f) |
When-issued security. |
| (g) |
Issuer filed for bankruptcy and/or is in default. |
| (h) |
Non-income producing security. |
| (i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds
serve as collateral in a secured borrowing. |
| (j) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could
ultimately be required to pay under the agreements, which expires between June 15, 2019 to April 1, 2039, is $5,480,997. |
| (k) |
Annualized 7-day yield as of period end. |
| (l) |
During the period ended March 31, 2019, investments in issuers considered to be an affiliate of the Fund for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at
06/30/18 |
|
|
Net
Activity |
|
|
Shares
Held at
03/31/19 |
|
|
Value at
03/31/19 |
|
|
Income |
|
|
Net Realized
Gain (Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
37,605,441 |
|
|
|
25,152,811 |
|
|
|
62,758,252 |
|
|
$ |
62,770,803 |
|
|
$ |
451,994 |
|
|
$ |
2,826 |
|
|
$ |
5,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
Portfolio Abbreviations
ACA —
American Capital Access Holding Ltd.
AGC — Assured Guarantee Corp.
AGM
— Assured Guaranty Municipal Corp.
AMT — Alternative Minimum Tax (subject to)
ARB — Airport Revenue Bonds
CAB — Capital Appreciation Bonds
EDA — Economic Development Authority
EDC — Economic Development Corp.
ERB — Education Revenue Bonds
ETF — Exchange-Traded Fund
GO — General Obligation Bonds
GTD — Guaranteed
IDA — Industrial Development Authority
LRB — Lease Revenue Bonds
M/F — Multi-Family
MRB — Mortgage Revenue Bonds
NPFGC — National Public Finance Guarantee Corp.
RB — Revenue Bonds
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund |
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 |
|
|
125 |
|
|
|
06/19/19 |
|
|
$ |
15,527 |
|
|
$ |
(132,255 |
) |
| Long U.S. Treasury Bond |
|
|
434 |
|
|
|
06/19/19 |
|
|
|
64,951 |
|
|
|
(1,247,463 |
) |
| 5-Year U.S. Treasury Note |
|
|
25 |
|
|
|
06/28/19 |
|
|
|
2,896 |
|
|
|
(13,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,393,066 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of Period End
Various
inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as
follows:
| |
• |
|
Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that Fund
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 Fund’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.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’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 is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and
derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-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) |
|
$ |
1,569,250 |
|
|
$ |
1,070,863,677 |
|
|
$ |
— |
|
|
$ |
1,072,432,927 |
|
| Short-Term Securities |
|
|
62,770,803 |
|
|
|
— |
|
|
|
— |
|
|
|
62,770,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
64,340,053 |
|
|
$ |
1,070,863,677 |
|
|
$ |
— |
|
|
$ |
1,135,203,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Liabilities: |
|
| Interest rate contracts |
|
$ |
(1,393,066 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,393,066 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each industry, state or political subdivision. |
|
| |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on
the instrument. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
March 31, 2019 |
|
BlackRock High Yield Municipal Fund |
Fair Value Hierarchy as of Period End (continued)
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end TOB Trust
Certificates of $76,629,990 are categorized as Level 2 within the disclosure hierarchy
During the period ended March 31, 2019, there were no transfers
between levels.