NPORT-EX 2 NPORT_LCP9_5980955248.htm BlackRock Short-Term Municipal Fund

Schedule of Investments (unaudited)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds

    

Alabama — 2.5%

    

Bessemer Governmental Utility Services Corp., Refunding RB, (BAM), 5.00%, 06/01/21

   $ 470     $ 473,337  

Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23

     225       247,070  

Black Belt Energy Gas District, RB

    

Series A, 5.00%, 12/01/21

     1,950       2,009,261  

Series A-1, 4.00%, 06/01/22

     825       858,949  

Black Belt Energy Gas District, Refunding RB

    

4.00%, 12/01/23(a)

     440       481,637  

4.00%, 06/01/24(a)

     400       444,032  

4.00%, 12/01/24(a)

     475       533,435  

Series A, 4.00%, 07/01/46

     325       326,875  

Lower Alabama Gas District, RB

    

4.00%, 12/01/22

     640       677,683  

4.00%, 12/01/23

     375       409,144  

Southeast Alabama Gas Supply District, RB

    

Series A, 4.00%, 06/01/22

     1,760       1,832,318  

Series A, 4.00%, 06/01/23

         2,225       2,391,697  

Series A, 4.00%, 06/01/49(b)

     8,715       9,584,321  
   

 

 

  
          20,269,759  

Alaska — 0.4%

    

Alaska Municipal Bond Bank Authority, Refunding RB

    

5.00%, 12/01/22

     750       807,488  

5.00%, 12/01/23

     2,000       2,239,100  
   

 

 

  
      3,046,588  

Arizona — 0.8%

    

Glendale Union High School District No. 205, GO, Series C, 5.00%, 07/01/22

     1,000       1,057,440  

Industrial Development Authority of the County of Yavapai, RB, Series A, 0.10%, 09/01/35(b)

     3,500       3,500,000  

Maricopa County Industrial Development Authority, Refunding RB

    

Series A, 5.00%, 09/01/21

     770       785,300  

Series A, 5.00%, 09/01/22

     750       800,985  
   

 

 

  
      6,143,725  

California — 1.8%

    

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/23

     530       572,400  

Series A, 4.00%, 06/01/23

     450       486,742  

Series A, 5.00%, 06/01/24

     600       687,396  

California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/21

     1,305       1,343,576  

California Statewide Communities Development Authority, RB

    

Series A, 5.00%, 04/01/23

     525       573,888  

Series A, 5.00%, 04/01/24

     485       550,771  

City of Long Beach California Harbor Revenue, ARB, Series C, 4.00%, 07/15/21

     4,770       4,822,231  

Northern California Energy Authority, RB, Series A, 4.00%, 07/01/49(b)

     1,765       1,962,751  

State of California, Refunding GO, 5.00%, 12/01/24

     3,300       3,848,460  
   

 

 

  
      14,848,215  
Security  

Par

(000)

     Value  

 

  

Colorado — 2.6%

    

City of Colorado Springs Colorado Utilities System Revenue, Refunding RB, 0.06%, 11/01/28(b)

   $ 20,550     $ 20,550,000  

Regional Transportation District, Refunding RB

    

5.00%, 01/15/24

     350       392,417  

5.00%, 07/15/24

     350       399,066  
   

 

 

  
      21,341,483  

Connecticut — 6.2%

    

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

4.00%, 07/01/23(a)

     550       591,822  

4.00%, 07/01/24(a)

     650       718,328  

Series I-1, 5.00%, 07/01/21

     700       707,224  

Series S, 5.00%, 07/01/21

     1,030       1,040,681  

State of Connecticut Special Tax Revenue, RB

    

Series A, 5.00%, 09/01/21

     1,500       1,529,880  

Series A, 5.00%, 08/01/22

     900       957,429  

Series A, 5.00%, 10/01/22

     340       364,381  

Series A, 5.00%, 05/01/23

     475       522,011  

Series A, 5.00%, 05/01/24

     865       988,237  

Series B, 5.00%, 10/01/22

     3,400       3,644,052  

Series B, 5.00%, 10/01/23

     225       251,438  

State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23

     190       210,927  

State of Connecticut, GO

    

4.00%, 06/15/24

     750       836,182  

Series A, 5.00%, 04/15/21

         11,000       11,014,740  

Series A, 5.00%, 10/15/22

     1,000       1,072,730  

Series A, 5.00%, 03/15/23

     695       759,058  

Series B, 5.00%, 04/15/21

     685       685,918  

Series C, 5.00%, 07/15/22

     1,000       1,060,980  

Series C, 3.00%, 06/01/23

     650       688,181  

Series C, 4.00%, 06/01/23

     325       351,072  

Series C, 3.00%, 06/01/24

     1,065       1,152,436  

Series C, 4.00%, 06/01/24

     550       612,386  

Series D, 5.00%, 06/15/21

     300       302,814  

Series D, 5.00%, 08/15/21

     400       406,968  

Series E, 4.00%, 09/15/21

     770       783,082  

State of Connecticut, Refunding GO

    

Series B, 5.00%, 04/15/21

     950       951,273  

Series B, 5.00%, 05/15/21

     2,000       2,010,720  

Series B, 5.00%, 05/15/22

     4,955       5,218,160  

Series B, 5.00%, 01/15/24

     750       846,757  

Series C, 5.00%, 06/01/22

     600       633,126  

Series C, 5.00%, 12/15/22

     1,300       1,404,676  

University of Connecticut, RB

    

Series A, 5.00%, 01/15/22

     525       544,457  

Series A, 5.00%, 03/15/22

     1,550       1,619,595  

Series A, 5.00%, 04/15/22

     4,000       4,195,240  

Series A, 5.00%, 04/15/24

     650       739,784  

Series A, 5.00%, 01/15/25

     720       840,060  

University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22

     720       749,506  
   

 

 

  
          51,006,311  

District of Columbia — 0.2%

    

District of Columbia, RB, 0.11%, 04/01/38(b)

     1,445       1,445,000  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   1

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

District of Columbia (continued)

    

District of Columbia, Refunding RB

    

5.00%, 10/01/21

   $ 250     $ 255,703  

5.00%, 10/01/22

     325       347,217  
   

 

 

  
      2,047,920  

Florida — 2.2%

    

Alachua County Health Facilities Authority, Refunding RB, 5.00%, 12/01/22

     515       552,502  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/22

     1,550       1,640,846  

City Of South Miami Health Facilities Authority Inc., Refunding RB, 5.00%, 08/15/21

     2,500       2,543,500  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, 5.00%, 10/01/24

         2,500       2,875,600  

County of Osceola Florida Transportation Revenue, Refunding RB

    

Sereis A-1, 5.00%, 10/01/22

     325       346,154  

Sereis A-1, 5.00%, 10/01/23

     400       442,588  

County of Palm Beach Florida, RB, 0.05%, 07/01/32(b)

     2,070       2,070,000  

Orange County Health Facilities Authority, Refunding RB, 0.09%, 07/01/27(b)

     1,470       1,470,000  

Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23

     500       555,305  

Pasco County School Board, RB, 5.00%, 10/01/22

     1,525       1,628,441  

School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 11/01/22

     2,085       2,241,166  

Tolomato Community Development District, Refunding SAB

    

Series A-1, (AGM), 2.00%, 05/01/21

     585       585,638  

Series A-1, (AGM), 2.00%, 05/01/22

     605       614,535  
   

 

 

  
          17,566,275  

Georgia — 7.6%

    

Atlanta Urban Residential Finance Authority, RB, 1.36%, 12/01/22(b)

     594       598,330  

Bartow County Development Authority, Refunding RB, 1.55%, 08/01/43(b)

     1,730       1,755,898  

City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/24

     1,470       1,688,854  

City of Atlanta Georgia, Refunding TA, 5.00%, 12/01/21

     1,150       1,182,028  

Cobb County Kennestone Hospital Authority, Refunding RB, 5.00%, 04/01/21

     200       200,000  

Development Authority for Fulton County, RB, Series A, 5.00%, 04/01/21

     125       125,000  

Development Authority of Burke County, Refunding RB, 1.55%, 12/01/49(b)

     3,245       3,293,578  

Development Authority of Monroe County, RB, 0.09%, 06/01/49(b)

     2,900       2,900,000  

Main Street Natural Gas Inc., RB

    

Series A, 5.00%, 05/15/22

     1,145       1,203,738  

Series A, 4.00%, 04/01/48(b)

     30,500       33,033,940  

Series C, 5.00%, 09/01/22

     500       532,270  

Series C, 5.00%, 09/01/23

     1,000       1,107,640  

Sub-Series C, 4.00%, 08/01/48(b)

     2,200       2,398,286  

Municipal Electric Authority of Georgia, Refunding RB

    

4.00%, 11/01/24

     3,000       3,362,460  

Series A, 5.00%, 01/01/22

     675       697,653  

Series A, 5.00%, 01/01/23

     900       970,029  
Security  

Par

(000)

     Value  

 

  

Georgia (continued)

    

Municipal Electric Authority of Georgia, Refunding RB (continued)

    

Subordinate, 5.00%, 01/01/23

   $ 3,550     $ 3,826,225  

Subordinate, 5.00%, 01/01/24

     2,500       2,798,300  
   

 

 

  
          61,674,229  
Idaho — 0.1%            

Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23

     965       1,006,582  
   

 

 

  
Illinois — 1.1%            

Chicago Housing Authority, RB, Series A, (HUD SEC 8), 5.00%, 01/01/22

         1,400       1,448,104  

Chicago O’Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24

     500       562,430  

Chicago Transit Authority, Refunding RB, 5.00%, 06/01/21

     2,000       2,015,060  

Illinois Finance Authority, Refunding RB

    

5.00%, 08/15/21

     1,000       1,017,440  

5.00%, 08/15/22

     750       798,563  

5.00%, 08/15/23

     1,000       1,110,040  

Series C2B, 0.09%, 11/01/38(b)

     1,000       1,000,000  

Regional Transportation Authority, RB, Series A, (NPFGC), 6.70%, 11/01/21

     785       789,482  
   

 

 

  
      8,741,119  

Indiana — 1.2%

    

City of Indianapolis Department of Public Utilities Gas Utility Revenue, Refunding RB, Series A, 2nd Lien, 5.00%, 08/15/23

     2,000       2,223,980  

City of Rockport Indiana, Refunding RB, Series A, 1.35%, 07/01/25(b)

     2,250       2,275,087  

Indiana Finance Authority, RB, 3.00%, 02/01/23

     225       235,933  

Indiana Finance Authority, Refunding RB, Series A, 5.00%, 05/01/23(c)

     1,400       1,538,922  

Indianapolis Local Public Improvement Bond Bank, Refunding RB, 5.00%, 06/01/24

     2,000       2,271,600  

Lawrence Township School Building Corp., RB, (ST INTERCEPT), 4.00%, 01/15/24

     550       601,667  

Southwest Allen Multi School Building Corp., RB, (ST INTERCEPT), 4.00%, 07/15/24

     325       362,258  
   

 

 

  
      9,509,447  

Iowa — 3.4%

    

Iowa Finance Authority, RB, 0.11%, 04/01/22(b)

     27,000       27,000,000  

Iowa Student Loan Liquidity Corp., Refunding RB, Series A, AMT, 5.00%, 12/01/21

     750       770,152  
   

 

 

  
      27,770,152  

Kansas — 3.4%

    

City of Burlington Kansas, Refunding RB(b)

    

Series A, 0.19%, 09/01/35

     18,000       18,000,000  

Series B, 0.19%, 09/01/35

     6,000       6,000,000  

City of Dodge City Kansas, GO

    

Series 2019-A, (BAM), 4.00%, 09/01/22

     280       294,510  

Series 2019-A, (BAM), 4.00%, 09/01/23

     1,080       1,173,247  

City of Goddard, GO, Series 2019-1, 3.00%, 12/01/22

     1,465       1,491,253  

Johnson County Unified School District No. 233 Olathe, Refunding GO, Series B, 3.00%, 09/01/21

     500       505,840  
   

 

 

  
      27,464,850  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Kentucky — 2.3%

    

City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB

    

Series B, 5.00%, 01/01/22

   $ 2,700     $ 2,790,477  

Series B, 4.00%, 01/01/23

     1,750       1,855,612  

Kentucky Asset Liability Commission, RB, Series A, 5.00%, 09/01/21

         2,000       2,038,740  

Kentucky Public Energy Authority, RB

    

Series A, 4.00%, 04/01/21

     775       775,000  

Series A, 4.00%, 04/01/48(b)

     2,000       2,192,460  

Series A-1, 4.00%, 12/01/22

     1,000       1,058,180  

Series C, 4.00%, 08/01/22

     615       643,770  

Series C, 4.00%, 08/01/23

     500       540,020  

Series C-1, 4.00%, 12/01/21

     1,500       1,535,280  

Series C-1, 4.00%, 06/01/22

     1,750       1,821,785  

Series C-1, 4.00%, 12/01/22

     2,500       2,645,450  

Kentucky State Property & Building Commission, RB, Series A, 5.00%, 11/01/23

     1,000       1,110,270  
   

 

 

  
          19,007,044  

Louisiana — 2.7%

    

Ascension Parish School Board, GO, 4.00%, 03/01/24

     570       631,623  

Consolidated Govt. of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB

    

(AGM), 5.00%, 08/01/23

     600       664,242  

(AGM), 5.00%, 08/01/24

     500       573,690  

East Baton Rouge Parish Industrial Development Board Inc., RB, Series B, 0.08%, 12/01/40(b)

     8,100       8,100,000  

Greater Ouachita Water Co., Refunding RB

    

(BAM), 5.00%, 09/01/22

     500       529,640  

(BAM), 3.00%, 09/01/23

     500       525,960  

Livingston Parish School Board, Refunding RB, 4.00%, 05/01/24

     680       754,412  

Parish of St. John the Baptist Louisiana, Refunding RB, 2.00%, 06/01/37(b)

     10,315       10,502,527  
   

 

 

  
      22,282,094  

Maryland — 0.5%

    

Maryland Health & Higher Educational Facilities Authority, RB

    

Series B, 5.00%, 04/15/22

     700       734,622  

Series B, 5.00%, 04/15/23

     675       740,030  

Series B, 5.00%, 04/15/24

     700       797,790  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/21

     235       237,681  

Maryland State Transportation Authority, Refunding RB, 5.00%, 07/01/24(a)

     1,225       1,409,068  
   

 

 

  
      3,919,191  

Massachusetts — 2.0%

    

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 07/01/21

     3,485       3,525,391  

Series A, 5.00%, 07/01/22

     525       554,778  

Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Refunding RB, 5.00%, 01/01/25

     2,100       2,449,881  

Town of Truro, Refunding GO, 2.00%, 06/11/21

     2,000       2,006,840  

University of Massachusetts Building Authority, Refunding RB, 5.00%, 11/01/24

     6,600       7,698,174  
   

 

 

  
      16,235,064  
Security  

Par

(000)

     Value  

 

  

Michigan — 1.6%

    

Central Michigan University, Refunding RB, Series A, 0.05%, 10/01/32(b)

   $ 5,000     $ 5,000,000  

City of Battle Creek Michigan, Refunding GO, 5.00%, 05/01/21

     565       566,983  

Karegnondi Water Authority, Refunding RB, 5.00%, 11/01/21

     450       461,430  

Michigan Finance Authority, RB, 2nd Lien, (ST INTERCEPT), 5.00%, 11/01/23

     310       346,738  

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 06/01/23

     1,000       1,081,860  

Michigan State Hospital Finance Authority, Refunding RB, Series C, 5.00%, 12/01/21

     1,000       1,031,770  

Michigan State Housing Development Authority, RB, M/F Housing, 0.65%, 10/01/24

     1,010       1,010,808  

Michigan State Housing Development Authority, Refunding RB, S/F Housing, Series D, 0.11%, 06/01/30(b)

         2,590       2,590,000  

Mona Shores Public Schools, GO, (Q-SBLF), 4.00%, 05/01/24(a)

     500       554,830  

Wayne-Westland Community Schools, GO

    

(Q-SBLF), 4.00%, 05/01/22

     150       156,119  

(Q-SBLF), 5.00%, 11/01/22

     290       311,709  
   

 

 

  
          13,112,247  

Minnesota — 0.2%

    

City of Rochester Minnesota, Refunding RB, Series A, 0.06%, 11/15/38(b)

     1,630       1,630,000  
   

 

 

  

Mississippi — 0.5%

    

Mississippi Business Finance Corp., RB, Series F, 0.05%, 12/01/30(b)

     3,000       3,000,000  

Mississippi Development Bank, RB, 5.00%, 11/01/21

     500       513,640  

State of Mississippi, RB, Series A, 5.00%, 10/15/22

     500       532,845  
   

 

 

  
      4,046,485  

Missouri — 0.2%

    

City of St. Charles, Refunding COP, Series B, 4.00%, 02/01/24

     140       153,920  

City of Washington, Refunding COP, 5.00%, 03/01/23

     370       400,388  

County of Greene MO(a)

    

4.00%, 03/01/24

     275       302,797  

4.00%, 03/01/25

     400       451,228  
   

 

 

  
      1,308,333  

Nebraska — 1.7%

    

Central Plains Energy Project, RB, 5.00%, 03/01/50(b)

     8,455       9,415,995  

Central Plains Energy Project, Refunding RB

    

4.00%, 02/01/22

     485       500,079  

4.00%, 08/01/22

     1,500       1,574,475  

4.00%, 02/01/23

     1,055       1,126,729  

4.00%, 08/01/23

     875       949,848  

Douglas County Hospital Authority No. 2, Refunding RB

    

5.00%, 11/15/22

     135       145,225  

5.00%, 11/15/23

     110       123,225  
   

 

 

  
      13,835,576  

Nevada — 0.3%

    

Clark County School District, Refunding GO, Series C, 5.00%, 06/15/21

     2,500       2,522,925  
   

 

 

  

New Hampshire — 0.2%

    

New Hampshire State Turnpike System, Refunding RB, Series B, 5.00%, 02/01/24

     1,775       1,845,627  
   

 

 

  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   3

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

New Jersey — 21.2%

    

Belleville Board of Education, GO, (BAM SCH BD RES FD), 3.00%, 09/01/21

   $ 1,245     $ 1,256,902  

Borough of Mountain Lakes New Jersey, GO, 1.25%, 09/30/21

     4,760       4,780,876  

City of Jersey City New Jersey, Refunding GO, Series C, 2.00%, 06/17/21

         10,345       10,383,173  

Garden State Preservation Trust, Refunding RB, Series A, 5.00%, 11/01/21

     2,195       2,232,008  

Jersey City Municipal Utilities Authority, RB, 3.00%, 07/01/22

     2,000       2,071,260  

New Jersey Building Authority, Refunding RB

    

Series A, 5.00%, 06/15/21

     2,325       2,346,367  

Series A, 5.00%, 06/15/22

     3,005       3,171,747  

New Jersey Economic Development Authority, RB

    

5.00%, 06/15/23

     250       275,060  

5.00%, 06/15/24

     550       626,263  

Series DDD, 5.00%, 06/15/21

     3,000       3,027,570  

New Jersey Economic Development Authority, Refunding RB

    

5.00%, 06/15/21

     2,500       2,522,750  

5.50%, 09/01/21

     2,300       2,306,992  

Series A, 1.00%, 06/01/23

     1,350       1,368,225  

Series B, 5.00%, 11/01/23

     1,010       1,126,695  

Series BBB, 5.00%, 06/15/21

     945       953,807  

Series II, 5.00%, 03/01/22

     1,310       1,365,321  

Series NN, 5.00%, 03/01/22

     4,505       4,695,516  

Series NN, 5.00%, 03/01/23

     5,945       6,467,625  

Series XX, 5.00%, 06/15/21

     6,390       6,448,916  

Series XX, 5.00%, 06/15/23

     8,010       8,812,922  

Series XX, 5.00%, 06/15/24

     2,990       3,404,593  

New Jersey Educational Facilities Authority, RB

    

5.00%, 06/15/22

     2,100       2,216,529  

(SAP), 5.00%, 06/01/24

     280       318,461  

New Jersey Educational Facilities Authority, Refunding RB, Series B, 5.00%, 07/01/21

     890       899,728  

New Jersey Health Care Facilities Financing Authority, RB, 5.00%, 07/01/21

     100       101,160  

New Jersey Health Care Facilities Financing Authority, Refunding RB

    

5.00%, 10/01/21

     2,500           2,557,525  

5.00%, 10/01/23

     3,500       3,892,665  

Series A, 5.00%, 07/01/23

     1,015       1,119,017  

New Jersey Sports & Exposition Authority, Refunding RB, Series A, 5.00%, 09/01/21

     1,235       1,258,206  

New Jersey Transportation Trust Fund Authority, RB

    

5.00%, 06/15/21

     1,320       1,332,355  

5.00%, 06/15/23

     1,500       1,651,710  

Series A, (AMBAC-TCRS-BNY), 5.25%, 12/15/22

     650       703,658  

Series AA, 5.00%, 06/15/22

     500       527,585  

Series AA, 5.00%, 06/15/23

     175       192,542  

Series B, 5.00%, 06/15/21

     3,235       3,264,730  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.50%, 12/15/21

     5,845       6,057,524  

Series A, (NPFGC-IBC), 5.50%, 12/15/21

     305       315,980  

Series A, 5.50%, 12/15/22

     1,330       1,445,404  

Series A, 5.25%, 12/15/23

     2,000       2,254,240  

Series A, 5.50%, 12/15/23

     3,095       3,509,513  

Series A, 5.00%, 06/15/24

     2,920       3,326,114  

Series B, (NPFGC), 5.50%, 12/15/21

     1,000       1,037,150  
Security  

Par

(000)

     Value  

 

  

New Jersey (continued)

    

New Jersey Transportation Trust Fund Authority, Refunding RB (continued)

    

Series B, (AMBAC), 5.25%, 12/15/23

   $ 1,130     $ 1,273,566  

Series D, 5.00%, 12/15/23

     275       308,102  

Series D, 5.25%, 12/15/23

         7,535       8,491,945  

South Orange & Maplewood School District, GO, (SCH BD RES FD), 2.00%, 08/15/23

     1,075       1,107,519  

State of New Jersey, GO

    

5.00%, 06/01/21

     750       755,460  

5.00%, 06/01/24

     680       774,738  

Series A, 5.00%, 06/01/24

     8,330       9,490,536  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/21

     2,000       2,014,840  

Township of Cranford New Jersey, Refunding GO, 1.50%, 06/25/21

     7,900       7,921,014  

Township of Maplewood, Refunding GO, 1.50%, 07/30/21

     12,869       12,912,069  

Township of Teaneck, GO, 1.50%, 06/25/21

     7,950       7,969,159  

Township of West Orange, Refunding GO, 1.50%, 07/30/21

     7,307       7,339,288  

Township of Woolwich, GO, Series A, 1.50%, 06/03/21

     5,300       5,309,116  
   

 

 

  
          173,293,736  

New Mexico — 0.5%

    

Albuquerque Municipal School District No.12, GO

    

(SAW), 5.00%, 08/01/21

     1,675       1,701,616  

(SAW), 5.00%, 08/01/24

     250       288,235  

Albuquerque Municipal School District No.12, Refunding GO, (SAW), 5.00%, 08/01/24

     1,000       1,152,820  

New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23

     1,200       1,290,816  
   

 

 

  
      4,433,487  

New York — 8.1%

    

Arlington Central School District, GO, (SAW), 1.50%, 06/29/21

     7,900       7,923,542  

Carmel Central School District, Refunding GO, (SAW), 1.50%, 06/17/21

     8,500       8,521,760  

County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23

     775       834,884  

County of Nassau New York, GO, Series C, 5.00%, 10/01/21

     4,500       4,606,605  

Monroe County Industrial Development Corp., Refunding RB

    

5.00%, 12/01/22

     600       645,102  

5.00%, 12/01/23

     500       558,885  

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding RB, 5.00%, 11/01/24(a)

    10,000       11,629,200  

New York State Dormitory Authority, Refunding RB, 5.00%, 03/15/25

     5,000       5,874,250  

New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23

     5,295       5,304,531  

New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/24

     3,000       3,411,270  

New York Transportation Development Corp., Refunding RB

    

5.00%, 12/01/23

     550       612,271  

5.00%, 12/01/24

     1,030       1,184,840  

Plainview Old Bethpage Central School District, GO,

    

(SAW), 2.00%, 06/25/21

     5,200       5,219,240  
 

 

 

4  

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

New York (continued)

    

Queensbury Union Free School District, Refunding GO, Series B, (SAW), 1.50%, 07/29/21

   $     1,132     $ 1,136,706  

South Colonie Central School District, GO, (SAW), 1.50%, 07/09/21

     2,300       2,306,992  

Town of Oyster Bay, Refunding GO, 4.00%, 03/01/24

     390       429,753  

Warwick Valley Central School District, Refunding GO, Series A, (SAW), 1.25%, 06/30/21

     5,591       5,602,531  
   

 

 

  
      65,802,362  

North Carolina — 0.4%

    

North Carolina Turnpike Authority, RB, 5.00%, 02/01/24

     2,855       3,215,301  
   

 

 

  

Ohio — 1.3%

    

City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23

     350       373,762  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB

    

5.00%, 12/01/21

     600       618,798  

5.00%, 12/01/22

     800       862,552  

5.00%, 12/01/23

     1,100       1,235,058  

Series A, 5.00%, 08/01/21

     1,840       1,868,428  

Series A, 5.00%, 08/01/23

     300       332,499  

County of Butler Ohio, Refunding RB, 5.00%, 11/15/21

     750       770,512  

Lancaster Port Authority, Refunding RB

    

Series A, 5.00%, 08/01/22

     235       249,445  

Series A, 5.00%, 02/01/23

     250       271,063  

Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series A, 0.05%, 12/01/36(b) .

     4,000       4,000,000  
   

 

 

  
          10,582,117  

Oregon — 0.0%

    

City of Hermiston Oregon, GO, 4.00%, 06/01/24

     345       381,163  
   

 

 

  

Pennsylvania — 8.9%

    

Allegheny County Hospital Development Authority, Refunding RB

    

Series A, 5.00%, 04/01/23

     4,000       4,358,160  

Series A, 5.00%, 04/01/24

     2,400       2,712,696  

Avon Grove School District Chester County, GO, (SAW), 4.00%, 11/15/22

     425       450,351  

Boyertown Area School District, Refunding GO

    

(BAM SAW), 4.00%, 11/01/21

     910       929,474  

(SAW), 4.00%, 09/01/22

     225       236,783  

Centre County Hospital Authority, Refunding RB, Series A, 5.00%, 11/15/21

     400       411,560  

Chester County Health and Education Facilities Authority, RB, Series B, 5.00%, 06/01/24

     1,250       1,434,300  

City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/24

     735       843,567  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22

     1,000       1,071,030  

City of Philadelphia, Refunding GO, Series A, 5.00%, 08/01/22

     1,660       1,761,210  

City of Williamsport, Refunding GO, (AGM), 5.00%, 07/01/21

     365       369,124  

Commonwealth Financing Authority, RB

    

5.00%, 06/01/22

     1,000       1,053,920  

5.00%, 06/01/24

     2,475       2,818,629  

Commonwealth of Pennsylvania, GO

    

1st Series, 5.00%, 06/01/22

     5,000       5,276,950  

1st Series, 5.00%, 03/15/24

     1,585       1,802,557  

Commonwealth of Pennsylvania, Refunding GO

    

1st Series, 5.00%, 07/01/21

     1,700       1,719,669  

1st Series, 5.00%, 08/15/23

     1,000       1,111,470  
Security  

Par

(000)

     Value  

 

  

Pennsylvania (continued)

    

Commonwealth of Pennsylvania, Refunding GO (continued)
2nd Series, 5.00%, 01/15/22

   $ 1,000     $ 1,037,370  

County of Lehigh, Refunding RB

    

5.00%, 07/01/22

         1,385       1,467,934  

5.00%, 07/01/23

     700       774,508  

DuBois Area School District, Refunding GO

    

Series B, (BAM SAW), 4.00%, 11/01/22

     225       238,651  

Series B, (BAM SAW), 4.00%, 11/01/23

     325       356,298  

East Penn School District, Refunding GO, (SAW), 4.00%, 08/01/21

     1,030       1,042,556  

Easton Area School District, Refunding GO, Series A, (SAW), 4.00%, 04/01/23

     375       402,465  

Geisinger Authority, Refunding RB, 5.00%, 04/01/22

     4,000       4,188,120  

Muhlenberg School District, Refunding GO

    

(SAW), 4.00%, 05/15/23

     525       565,556  

(SAW), 4.00%, 05/15/24

     200       221,834  

Palmyra Area School District, Refunding GO

    

(SAW), 4.00%, 04/01/22

     915       948,773  

(SAW), 4.00%, 04/01/23

     590       633,117  

Pennsylvania Economic Development Financing Authority Refunding RB, Series A, 4.00%, 10/15/24(a)

     425       477,878  

Pennsylvania Economic Development Financing Authority, RB

    

Series A, 2.15%, 11/01/21

     1,500       1,517,070  

Series A-1, 5.00%, 04/15/22

     545       572,179  

Series A-1, 5.00%, 04/15/24

     575       655,851  

Pennsylvania Economic Development Financing Authority, Refunding RB, 0.40%, 10/01/23

     10,000           10,000,100  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 133, 5.00%, 10/01/23

     400       444,088  

Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23

     230       244,828  

Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/24

     500       572,510  

Philadelphia Gas Works Co., Refunding RB

    

5.00%, 08/01/21

     2,000       2,029,760  

Series B, 5.00%, 08/01/23

     1,000       1,103,250  

Series B, (AGM), 5.00%, 08/01/24

     500       572,510  

Pottstown School District, Refunding GO, (BAM SAW), 4.00%, 06/01/23

     385       416,270  

Public Parking Authority Of Pittsburgh, Refunding RB

    

Series A, 5.00%, 12/01/22

     665       715,606  

Series A, 5.00%, 12/01/22(d)

     345       371,748  

School District of Philadelphia, GO

    

Series A, (SAW), 5.00%, 09/01/22

     1,150       1,223,784  

Series A, (SAW), 5.00%, 09/01/23

     1,250       1,384,400  

School District of Philadelphia, RB, Series A, 4.00%, 06/30/21

     7,025       7,089,841  

Southeastern Pennsylvania Transportation Authority, RB

    

5.00%, 06/01/23

     1,000       1,097,900  

5.00%, 06/01/24

     900       1,025,172  

Wilson Area School District, Refunding GO

    

(SAW), 4.00%, 03/15/22

     285       295,055  

(SAW), 4.00%, 03/15/23

     900       964,359  
   

 

 

  
      73,012,791  

Puerto Rico — 0.6%

    

Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23

     4,500       5,054,805  
   

 

 

  
 

 

 

S C H E D U L E    O F   I N V E S T M E  N T S   5

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Rhode Island — 0.1%

    

Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23

   $ 800     $ 880,680  
   

 

 

  

South Carolina — 1.5%

    

College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24

     1,640       1,864,139  

Lexington County Health Services District Inc., Refunding RB, 5.00%, 11/01/21

     250       256,805  

Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(b)

     8,570       9,359,811  

South Carolina Jobs-Economic Development Authority, RB, 0.09%, 12/01/38(b)

     1,010       1,010,000  
   

 

 

  
      12,490,755  

South Dakota — 0.1%

    

South Dakota Health & Educational Facilities Authority, Refunding RB

    

Series A, 5.00%, 09/01/23

     335       372,329  

Series A, 5.00%, 09/01/24

     350       403,375  
   

 

 

  
      775,704  

Texas — 7.3%

    

Clear Creek Independent School District, GO, (PSF-GTD), 5.00%, 02/15/25

     650       762,938  

Dallas Fort Worth International Airport, Refunding RB

    

5.00%, 11/01/23

     2,500       2,798,575  

Series A, 5.00%, 11/01/23

     1,250       1,399,287  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/21

     725       746,018  

Port of Arthur Navigation District Industrial Development Corp., RB(b)

    

0.10%, 06/01/41

     8,000       8,000,000  

0.10%, 03/01/42

     3,000       3,000,000  

State of Texas, GO(b)

    

0.07%, 12/01/41

     10,000       10,000,000  

Series A, 0.07%, 06/01/41

     4,340       4,340,000  

Series A, 0.07%, 06/01/43

     3,585       3,585,000  

Series A, 0.07%, 06/01/45

     4,310       4,310,000  

Series B, 0.07%, 12/01/42

     5,825       5,825,000  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 07/01/22

     1,815       1,921,958  

Texas A&M University, Refunding RB, Series E, 5.00%, 05/15/21

     1,200       1,206,600  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB

    

5.00%, 12/15/23

     1,000       1,119,610  

5.00%, 12/15/24

     2,900       3,351,907  

Texas Transportation Commission State Highway Fund, RB, Series B-1, 0.08%, 04/01/32(b)

     7,000       7,000,000  
   

 

 

  
          59,366,893  

Utah — 0.2%

    

Central Utah Water Conservancy District, Refunding RB, Series B, 5.00%, 10/01/21

     1,875       1,920,038  
   

 

 

  

Virginia — 0.2%

    

Virginia College Building Authority, RB, 5.00%, 02/01/25

     1,300       1,524,445  
   

 

 

  
Security  

Par

(000)

     Value  

 

  

Washington — 2.8%

    

County of King, Refunding GO, Series A, 0.06%, 01/01/46(b)

   $ 13,600     $ 13,600,000  

King County Housing Authority, Refunding RB

    

3.00%, 06/01/23

     200       209,806  

3.00%, 06/01/24

     225       240,032  

Port of Seattle, Refunding ARB, Series B, 5.00%, 03/01/24

     1,375       1,551,289  

Seattle Housing Authority, RB, M/F Housing, Series A, 3.00%, 06/01/23

     3,000       3,149,670  

State of Washington, RB, Series F, 5.00%, 09/01/22

     460       490,710  

Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22

     2,500       2,638,050  

Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/21

     625       635,956  
   

 

 

  
      22,515,513  

Wisconsin — 0.5%

    

Public Finance Authority, Refunding RB

    

5.00%, 01/01/23

     300       322,842  

5.00%, 06/01/23

     195       214,013  

5.00%, 01/01/24

     300       334,986  

5.00%, 06/01/24

     200       227,672  

University of Wisconsin Hospitals & Clinics, Refunding RB, Series B, 0.05%, 04/01/48(b)

     2,500       2,500,000  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 11/15/21

     350       357,822  
   

 

 

  
      3,957,335  
   

 

 

  

Total Long-Term Investments — 99.4%
(Cost: $805,710,773)

 

     811,388,366  
   

 

 

  
    Shares        

 

  

Short-Term Securities

    

Money Market Funds — 1.7%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(e)(f)

     14,264,557       14,267,410  
   

 

 

  

Total Short-Term Securities — 1.7%
(Cost: $14,267,130)

 

     14,267,410  
   

 

 

  

Total Investments — 101.1%
(Cost: $819,977,903)

 

     825,655,776  

Liabilities in Excess of Other Assets — (1.1)%

 

     (9,129,654 ) 
   

 

 

  

Net Assets — 100.0%

 

   $     816,526,122  
   

 

 

  

 

(a) 

When-issued security.

(b) 

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

(c) 

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.

(d) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

 

 

 

6  

Schedule of Investments (unaudited) (continued)

March 31, 2021

    BlackRock Short-Term Municipal Fund

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  

Value at

06/30/20

     

Purchases

at Cost

     

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

03/31/21

     

Shares

Held at

03/31/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  29,737,268      $ —      $  (15,471,505) (a)    $ (106 )    $ 1,753      $ 14,267,410        14,264,557      $  2,825      $ —  
         

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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); and

 

  •  

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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the fair value hierarchy. The breakdown of the Fund’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

   $ —      $ 811,388,366      $ —      $ 811,388,366  

Short-Term Securities Money Market Funds

     14,267,410        —        —        14,267,410  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 14,267,410      $ 811,388,366      $ —      $ 825,655,776  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
COP    Certificates of Participation
Portfolio Abbreviation (continued)
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
MO    Moral Obligation
NPFGC    National Public Finance Guarantee Corp.
NPFGC-IBC    National Public Finance Guarantee Corp. — Insured Bond Certificate
 

 

 

S C H E D U L E  O F   I N V E S T M E N T S   7

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Short-Term Municipal Fund

    

 

Portfolio Abbreviation (continued)
PSF-GTD    Permanent School Fund Guaranteed
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAP    Subject to Appropriations
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation

 

 

8