NPORT-EX 2 NPORT_LCP9_39906240_0922.htm BlackRock Short-Term Municipal Fund

Schedule of Investments (unaudited) 

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 5.3%            

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

   $ 225     $ 227,081  

Black Belt Energy Gas District, RB(a)

    

2.81%, 10/01/52

     4,000       3,661,764  

4.00%, 10/01/52

     1,225       1,188,685  

Series A-1, 4.00%, 12/01/49

     19,045         18,752,031  

Black Belt Energy Gas District, Refunding RB

    

4.00%, 12/01/23

     440       441,416  

4.00%, 06/01/24

     400       401,350  

4.00%, 12/01/24

     475       476,083  

Series D1, 4.00%, 07/01/52(a)

     1,030       1,012,486  

Series D2, 3.38%, 07/01/52(a)

     2,650       2,504,897  

Lower Alabama Gas District, RB

    

4.00%, 12/01/22

     640       640,315  

4.00%, 12/01/23

     375       375,715  

Southeast Alabama Gas Supply District, RB

    

Series A, 4.00%, 06/01/23

     2,225       2,223,961  

Series A, 4.00%, 04/01/49(a)

     1,600       1,594,037  

Southeast Energy Authority A Cooperative District, RB

    

Series A, 4.00%, 10/01/24.

     650       648,858  

Series A, 4.00%, 11/01/51(a)

     3,035       2,880,106  

West Jefferson Industrial Development Board RB, 2.98%, 12/01/38(a)

     900       900,000  
   

 

 

  
      37,928,785  
Alaska — 0.9%            

Alaska Municipal Bond Bank Authority, Refunding RB

    

Series One, 5.00%, 12/01/22

     750       752,107  

Series One, 5.00%, 12/01/24

     645       666,425  

Northern Tobacco Securitization Corp., Refunding RB

    

Series A, Class 1, 5.00%, 06/01/24

     1,000       1,014,436  

Series A, Class 1, 5.00%, 06/01/25

     1,000       1,018,977  

State of Alaska International Airports System, Refunding RB

    

Series C, AMT, 5.00%, 10/01/26

     1,510       1,568,777  

Series C, AMT, 5.00%, 10/01/28

     1,000       1,048,181  
   

 

 

  
      6,068,903  
Arizona(a) — 0.9%            

Arizona Health Facilities Authority, RB, Series B, 2.71%, 01/01/46

     5,900       5,730,505  

Chandler Industrial Development Authority, RB, 2.40%, 12/01/35

     485       480,306  
   

 

 

  
      6,210,811  
California — 0.4%            

California County Tobacco Securitization Agency, Refunding RB

    

4.00%, 06/01/23

     530       532,115  

Series A, 4.00%, 06/01/23

     450       452,065  

Series A, 5.00%, 06/01/24

     600       614,715  

California Statewide Communities Development Authority, RB

    

Series A, 5.00%, 04/01/23

     525       528,340  

Series A, 5.00%, 04/01/24

     485       493,417  
   

 

 

  
      2,620,652  
Colorado — 0.8%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/28

     2,000       2,088,440  

Colorado Health Facilities Authority, RB, Series B, 5.00%, 08/01/49(a)

     2,200       2,238,214  
Security  

Par

(000)

     Value  
Colorado (continued)            

Regional Transportation District, Refunding RB

    

Series A, 5.00%, 01/15/24

   $ 350     $ 354,834  

Series A, 5.00%, 07/15/24

     350       356,531  

Series A, 3.00%, 01/15/26

     610       590,412  
   

 

 

  
      5,628,431  
Connecticut — 2.9%            

Connecticut Housing Finance Authority, Refunding RB

    

Series D-1, 5.00%, 11/15/26

     555       582,851  

Series D-1, 5.00%, 05/15/27

     655       689,598  

Series D-1, 5.00%, 11/15/27

     550       580,220  

Series D-1, 5.00%, 05/15/28

     675       713,592  

Series E-5, AMT, 5.00%, 05/15/28

     1,400         1,480,444  

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

Series L-1, 4.00%, 07/01/23

     550       550,822  

Series L-1, 4.00%, 07/01/24

     650       651,100  

State of Connecticut Special Tax Revenue, RB

    

Series A, 5.00%, 10/01/22

     340       340,000  

Series A, 5.00%, 05/01/23

     475       480,123  

Series A, 5.00%, 05/01/24

     865       888,495  

Series B, 5.00%, 10/01/22

     3,400       3,400,000  

Series B, 5.00%, 10/01/23

     225       228,966  

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

     190       192,842  

State of Connecticut, GO

    

Series A, 5.00%, 10/15/22

     1,000       1,000,597  

Series A, 5.00%, 03/15/23

     695       701,053  

Series A, 3.45%, 03/01/25(a)

     4,155       4,153,147  

Series C, 3.00%, 06/01/23

     650       649,696  

Series C, 4.00%, 06/01/23

     325       326,948  

State of Connecticut, Refunding GO, Series C, 5.00%, 12/15/22

     1,300       1,305,051  

University of Connecticut, RB

    

Series A, 5.00%, 04/15/24

     650       667,436  

Series A, 5.00%, 01/15/25

     720       747,764  
   

 

 

  
      20,330,745  
Delaware — 1.0%            

Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a)

     8,000       7,357,848  
   

 

 

  
District of Columbia — 0.2%            

District of Columbia, RB, VRDN, 2.50%, 04/01/38(a)

     1,345       1,345,000  

District of Columbia, Refunding RB, 5.00%, 10/01/22

     325       325,000  
   

 

 

  
      1,670,000  
Florida — 5.2%            

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

     515       516,346  

Central Florida Expressway Authority, Refunding RB, Senior Lien, (AGM), 5.00%, 07/01/24

     885       912,824  

County of Lee Florida Airport Revenue, ARB,
Series B, AMT, 5.00%, 10/01/27

     4,095       4,283,607  

County of Massachusettsrtin Florida, Refunding RB, VRDN, 2.65%, 07/01/52(a)

     2,500       2,500,000  

County of Osceola Florida Transportation Revenue, Refunding RB

    

Sereis A-1, 5.00%, 10/01/22

     325       325,000  

Sereis A-1, 5.00%, 10/01/23

     400       403,990  

Escambia County, RB, 2.85%, 04/01/39(a)

     25,900       25,900,000  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

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

   $ 500     $ 506,281  

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

     1,525       1,525,000  
   

 

 

  
      36,873,048  
Georgia — 4.5%            

Bartow County Development Authority, Refunding RB, VRDN, 2.75%, 12/01/32(a)

     2,000       1,991,034  

City of Atlanta GA Department of Aviation, Refunding RB, Series C, AMT, 5.00%, 07/01/28

     665       700,700  

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

     1,470       1,514,126  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/23

     2,450       2,460,452  

Series A, 4.00%, 04/01/48(a)

     3,615       3,622,060  

Series B, 5.00%, 12/01/52(a)

     5,000       5,064,945  

Series C, 5.00%, 09/01/23

     1,000       1,005,700  

Sub-Series C, 4.00%, 08/01/48(a)

     2,200       2,203,982  

Series C, RB, 4.00%, 03/01/50(a)

     1,000       966,943  

Municipal Electric Authority of Georgia, RB

    

Series A, 5.00%, 07/01/24

     505       516,083  

Series A, 5.00%, 07/01/25

     510       526,365  

Series A, (AGM), 5.00%, 07/01/28

     600       638,213  

Municipal Electric Authority of Georgia, Refunding RB

    

4.00%, 11/01/24

     3,000       3,017,400  

Series A, 5.00%, 01/01/23

     900       903,170  

Series A-R, Subordinate, 5.00%, 01/01/23

     3,550       3,563,209  

Series A-R, Subordinate, 5.00%, 01/01/24

     2,500       2,541,155  

Oconee County School District, GO, (SAW), 4.00%, 03/01/25

     1,000       1,018,427  
   

 

 

  
        32,253,964  
Hawaii — 0.1%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/28

     1,000       1,037,881  
   

 

 

  
Idaho — 0.1%            

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

     835       830,210  
   

 

 

  
Illinois — 2.6%            

Chicago O’Hare International Airport, Refunding ARB, Series D, Senior Lien, 5.25%, 01/01/28

     1,550       1,556,715  

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

     500       510,464  

Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB

    

5.00%, 06/01/23

     2,160       2,180,775  

5.00%, 06/01/28

     5,105       5,435,621  

Illinois Development Finance Authority, RB, VRDN, 2.61%, 07/01/33(a)

     4,200       4,200,000  

Illinois Finance Authority, Refunding RB

    

5.00%, 08/15/23

     1,000       1,014,799  

Series B, 3.16%, 05/01/42(a)

     1,000       951,199  

Series C3, Class A, VRDN, 2.56%, 11/01/38(a)

     2,850       2,850,000  
   

 

 

  
      18,699,573  
Indiana — 1.9%            

Indiana Finance Authority, RB

    

3.00%, 02/01/23

     225       224,700  

AMT, 0.28%, 12/15/45(a)

     4,000       3,985,352  
Security  

Par

(000)

     Value  
Indiana (continued)            

Indiana Finance Authority, Refunding RB

    

Class B, 2.76%, 03/01/39(a)

   $ 6,550     $     6,399,383  

Series A, 5.00%, 05/01/23(b)

     1,400       1,413,219  

Series 2, 2nd Lien, 5.00%, 10/01/24

     500       515,898  

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

     550       555,381  

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

     325       328,725  
   

 

 

  
      13,422,658  
Iowa — 1.0%            

PEFA, Inc., RB, 5.00%, 09/01/49(a)

     6,830       6,860,332  
   

 

 

  
Kansas — 3.7%            

City of Burlington Kansas, Refunding RB(a)

    

Series A, VRDN, 2.58%, 09/01/35

     18,000       18,000,000  

Series B, VRDN, 2.58%, 09/01/35

     6,000       6,000,000  

City of Dodge City Kansas, GO, Series 2019-A, (BAM), 4.00%, 09/01/23

     1,080       1,088,203  

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

     1,465       1,464,968  
   

 

 

  
      26,553,171  
Kentucky — 6.7%            

City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB, Series B, 4.00%, 01/01/23

     1,750       1,752,198  

County of Meade Kentucky, RB, Series A-1, AMT, VRDN, 3.25%, 08/01/61(a)

     25,300       25,300,000  

Kentucky Public Energy Authority, RB

    

Series A-1, 4.00%, 12/01/22

     1,000       999,835  

Series A-1, 4.00%, 12/01/49(a)

     3,000       2,967,996  

Series C, 4.00%, 08/01/23

     500       499,208  

Series C-1, 4.00%, 12/01/22

     2,500       2,499,588  

Series C, RB, 4.00%, 02/01/50(a)

     10,000       9,664,460  

Kentucky State Property & Building Commission, RB

    

5.00%, 05/01/24

     1,540       1,578,386  

Series A, 5.00%, 11/01/23

     1,000       1,017,015  

University of Louisville, RB, Series A, (AGM NPFGC), 5.00%, 09/01/27

     1,000       1,054,800  
   

 

 

  
      47,333,486  
Louisiana — 4.7%            

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

     570       575,498  

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

    

(AGM), 5.00%, 08/01/23

     600       608,496  

(AGM), 5.00%, 08/01/24

     500       514,700  

Greater Ouachita Water Co, Refunding RB, (BAM), 3.00%, 09/01/23

     500       498,693  

Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a)

     13,515       12,480,089  

Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24

     680       687,630  

Parish of St Bernard LA Sales & Use Tax Revenue, Refunding RB, 4.00%, 03/01/23

     3,405       3,417,616  

Parish of St James LA, RB, Series A-1, RB, VRDN, 2.88%, 11/01/40(a)

     4,700       4,700,000  

Parish of St John the Baptist LA, Refunding RB, 2.00%, 06/01/37(a)

     10,315       10,229,179  
   

 

 

  
      33,711,901  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S     2  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Maryland — 0.6%            

Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28

   $     2,565     $     2,629,943  

Maryland Health & Higher Educational Facilities Authority, RB

    

Series B, 5.00%, 04/15/23

     675       681,435  

Series B, 5.00%, 04/15/24

     700       717,653  
   

 

 

  
      4,029,031  
Massachusetts — 1.2%            

Massachusetts Educational Financing Authority, RB

    

AMT, 5.00%, 07/01/26

     1,265       1,312,033  

AMT, 5.00%, 07/01/27

     1,950       2,036,798  

Series A, AMT, 5.00%, 01/01/24

     3,500       3,551,103  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, (HUD SECT 8), 0.45%, 12/01/24

     1,500       1,400,664  

Massachusetts Housing Finance Agency, Refunding RB, 0.25%, 12/01/22

     520       517,727  
   

 

 

  
      8,818,325  
Michigan — 1.4%            

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

     310       315,948  

Michigan Finance Authority, Refunding RB

    

3.21%, 04/15/47(a)

     3,150       3,184,984  

Series A, Class 1, 4.00%, 06/01/23

     1,000       1,002,124  

Series D-1, 0.55%, 10/15/24

     1,300       1,229,617  

Michigan State Housing Development Authority, RB, M/F Housing

    

Series A, 0.55%, 04/01/25

     1,500       1,387,725  

Series A-1, 0.65%, 10/01/24

     610       574,909  

Michigan Strategic Fund, RB, AMT, 0.58%, 08/01/27(a)

     1,600       1,497,479  

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

     500       505,370  

Wayne-Westland Community Schools, GO, (Q-SBLF), 5.00%, 11/01/22

     290       290,405  
   

 

 

  
      9,988,561  
Minnesota — 0.6%            

Hastings Independent School District No.200, GO, CAB, Series A, 0.00%, 02/01/26(c)

     1,040       929,215  

Minnesota Housing Finance Agency, RB, S/F Housing

    

Series E, AMT, 0.70%, 01/01/25

     800       750,128  

Series E, AMT, 0.90%, 01/01/26

     795       726,357  

Series E, AMT, 1.10%, 01/01/27

     585       522,267  

Minnesota Municipal Gas Agency, RB, Series A, 4.00%, 12/01/27

     1,300       1,275,791  
   

 

 

  
      4,203,758  
Mississippi — 0.1%            

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

     500       500,250  
   

 

 

  
Missouri — 0.2%            

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

     140       141,374  

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

     370       372,761  

County of Greene Missouri, COP

    

Series A, 4.00%, 03/01/24

     275       278,143  

Series A, 4.00%, 03/01/25

     400       407,460  
   

 

 

  
      1,199,738  
Nebraska — 2.5%            

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

     8,485       8,568,051  
Security  

Par

(000)

     Value  
Nebraska (continued)            

Central Plains Energy Project, Refunding RB

    

4.00%, 02/01/23

   $     1,055     $     1,055,513  

4.00%, 08/01/23

     875       875,493  

Series A, 5.00%, 09/01/27

     1,000       1,016,838  

County of Douglas NE, Refunding RB, 2.99%, 07/01/35(a)

     5,945       5,798,818  

Douglas County Hospital Authority No.2, Refunding RB

    

5.00%, 11/15/22

     135       135,243  

5.00%, 11/15/23

     110       111,778  
   

 

 

  
      17,561,734  
Nevada — 0.3%            

Nevada Housing Division, RB, S/F Housing, Series D, (FHLMC,FNMA,GNMA), 0.25%, 12/01/22

     1,625       1,625,000  

Public Finance Authority, Refunding RB

    

5.00%, 06/01/23

     195       196,770  

5.00%, 06/01/24

     200       204,172  
   

 

 

  
      2,025,942  
New Hampshire — 0.7%            

New Hampshire Business Finance Authority, Refunding RB, AMT, 2.84%, 10/01/33(a)

     4,800       4,719,547  
   

 

 

  
New Jersey — 9.4%            

Borough of Berlin, GO, 4.50%, 09/26/23

     4,250       4,276,308  

New Jersey Economic Development Authority, RB

    

Series QQQ, 5.00%, 06/15/23

     250       251,880  

Series QQQ, 5.00%, 06/15/24

     300       304,997  

Series UU, 5.00%, 06/15/24

     250       254,165  

New Jersey Economic Development Authority, Refunding RB

    

Series A, 1.00%, 06/01/23

     1,350       1,323,113  

Series B, 5.00%, 11/01/23

     1,010       1,020,933  

Series NN, 5.00%, 03/01/23

     5,945       5,972,864  

Series XX, 5.00%, 06/15/23

     8,010       8,070,227  

Series XX, 5.00%, 06/15/24

     2,990       3,039,807  

New Jersey Educational Facilities Authority, RB, (SAP), 5.00%, 06/01/24

     280       284,566  

New Jersey Health Care Facilities Financing Authority, Refunding RB

    

5.00%, 10/01/23

     3,500       3,535,154  

Series A, 5.00%, 07/01/23

     1,015       1,027,915  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series A, AMT, 5.00%, 12/01/24

     1,000       1,026,696  

Series B, AMT, 5.00%, 12/01/28

     1,000       1,042,149  

New Jersey Transportation Trust Fund Authority, RB

    

5.00%, 06/15/23

     1,500       1,514,346  

Series A, (AMBAC), 5.25%, 12/15/22

     650       651,805  

Series A, (AGM-CR), 5.50%, 12/15/22

     1,500       1,506,855  

Series AA, 5.00%, 06/15/23

     175       176,316  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.50%, 12/15/22.

     1,330       1,334,337  

Series A, 5.25%, 12/15/23

     2,000       2,029,730  

Series A, 5.50%, 12/15/23

     3,095       3,149,961  

Series A, 5.00%, 06/15/24

     5,820       5,943,733  

Series B, (AMBAC), 5.25%, 12/15/23

     1,130       1,146,797  

Series D, 5.00%, 12/15/23

     275       278,293  

New Jersey Turnpike Authority, Refunding RB,
Series C, 5.00%, 01/01/23

     615       617,775  

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

     1,075       1,064,932  

State of New Jersey, GO

    

5.00%, 06/01/24

     680       697,928  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New Jersey (continued)            

State of New Jersey, GO (continued)

    

Series A, 5.00%, 06/01/24

   $     8,330     $     8,552,794  

Township of Deptford New Jersey, GO, Series A, 4.00%, 07/11/23

     4,466       4,461,098  

Township of Plainsboro New Jersey, Refunding GO, 4.00%, 07/26/23

     2,500       2,497,040  
   

 

 

  
      67,054,514  
New Mexico — 0.6%            

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

     250       257,519  

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

     1,000       1,030,076  

New Mexico Educational Assistance Foundation, Refunding RB, Series A, AMT, 5.00%, 09/01/27

     2,000       2,100,964  

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

     1,200       1,201,591  
   

 

 

  
      4,590,150  
New York — 8.5%            

City of New York, GO(a)

    

2.60%, 10/01/46

     5,300       5,300,000  

GO, VRDN, 2.95%, 08/01/44

     5,700       5,700,000  

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

     775       779,024  

Genesee County Funding Corp., Refunding RB

    

5.00%, 12/01/24

     400       408,859  

5.00%, 12/01/25

     200       205,327  

Long Island Power Authority, RB, (AGM), 0.00%, 06/01/26(c)

     500       438,526  

Metropolitan Transportation Authority, RB

    

Series A, 5.00%, 11/15/22

     500       500,738  

Series A-1, 5.00%, 02/01/23

     1,800       1,809,970  

Metropolitan Transportation Authority, Refunding RB

    

Series D, 5.00%, 11/15/25

     1,165       1,166,659  

Series D-1, 5.00%, 11/01/28

     1,185       1,186,147  

Series F, 5.00%, 11/15/22

     1,865       1,867,805  

Monroe County Industrial Development Corp., Refunding RB

    

5.00%, 12/01/22

     600       601,212  

5.00%, 12/01/23

     500       506,589  

Nassau Health Care Corp., Refunding RB, (GTD), 5.00%, 08/01/24

     2,215       2,273,784  

New York City Housing Development Corp., Refunding RB, (FHA), 1.05%, 05/01/28

     1,000       850,611  

New York City Municipal Water Finance Authority, Refunding RB(a)

    

Series AA-2, 2.95%, 06/15/50

     3,200       3,200,000  

VRDN, 2.60%, 06/15/44

     3,800       3,800,000  

New York City Transitional Finance Authority Future Tax Secured Revenue RB, , VRDN, 2.60%, 11/01/44(a)

     2,900       2,900,000  

New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23

     1,915       1,929,954  

New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23

     350       355,830  

New York Liberty Development Corp., Refunding RB, Class A, 0.95%, 11/15/27

     3,000       2,484,873  

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

     4,570       4,483,417  

New York State Thruway Authority, Refunding RB, Series K, 5.00%, 01/01/23

     775       778,449  

New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/27

     2,500       2,541,335  
Security  

Par

(000)

     Value  
New York (continued)            

New York Transportation Development Corp., Refunding RB

    

5.00%, 12/01/23

   $ 550     $ 559,901  

5.00%, 12/01/24

     1,030       1,063,143  

Series A, Class A, AMT, 5.00%, 12/01/24

     1,250       1,276,622  

Port Authority of New York & New Jersey, Refunding ARB, Series 230, 4.00%, 12/01/28

     2,000       2,067,248  

Port Authority of New York & New Jersey, Refunding RB

    

Series 227, AMT, 3.00%, 10/01/27

     1,230       1,159,875  

Series 227, AMT, 3.00%, 10/01/28

     4,000       3,716,616  

State of New York Mortgage Agency, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25

     1,000       970,272  

State of New York Mortgage Agency, Refunding RB

    

Series 235, AMT, 0.65%, 04/01/24

     705       669,742  

Series 235, AMT, 0.75%, 10/01/24

     830       776,327  

Series 235, AMT, 0.88%, 04/01/25

     1,710       1,576,977  

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

     390       394,107  
   

 

 

  
        60,299,939  
Ohio — 3.4%            

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

     350       349,347  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB

    

5.00%, 12/01/22

     800       802,066  

5.00%, 12/01/23

     1,100       1,118,910  

Series A, 5.00%, 08/01/23

     300       303,805  

Lancaster Port Authority, Refunding RB

    

Series A, 5.00%, 02/01/23

     250       251,010  

Series A, Refunding RB, 5.00%, 08/01/49(a)

     12,610       12,851,217  

Ohio Air Quality Development Authority, Refunding RB(a)

    

4.00%, 09/01/30

     1,100       1,081,444  

Series A, AMT, 4.25%, 11/01/39

     900       885,327  

Ohio Higher Educational Facility Commission, Refunding RB, Series B, 2.69%, 12/01/42(a)

     5,335       5,243,681  

State of Ohio, RB, 5.00%, 10/01/24

     1,250       1,293,626  
   

 

 

  
      24,180,433  
Oklahoma — 0.1%            

Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25

     390       405,721  
   

 

 

  
Oregon — 0.1%            

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

     345       349,724  

Port of Portland OR Airport Revenue, ARB, Series 227, AMT, 5.00%, 07/01/24

     565       579,234  
   

 

 

  
      928,958  
Pennsylvania — 8.4%            

Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/27

     2,000       2,069,762  

Allegheny County Hospital Development Authority, RB, 3.04%, 11/15/26(a)

     3,850       3,755,402  

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

     425       425,457  

Butler County Industrial Development Authority/PA, RB, Series A-R, VRDN, 2.50%, 05/01/34(a)

     5,785       5,785,000  

City of Philadelphia PA Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/26

     1,000       1,024,366  

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

     735       752,449  

City of Philadelphia PA Water & Wastewater Revenue, RB, Series A, 5.00%, 01/01/23

     500       502,361  

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

     1,000       1,000,000  

Commonwealth Financing Authority, RB, 5.00%, 06/01/24

     2,975       3,052,166  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S     4  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Commonwealth Financing Authority, Refunding RB, Series B, 5.00%, 06/01/25

   $ 620     $ 639,946  

Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/15/24

     1,585       1,623,539  

Commonwealth of Pennsylvania, Refunding GO, 1st Series, 5.00%, 08/15/23

     1,000           1,015,296  

County of Lehigh, Refunding RB, 5.00%, 07/01/23

     700       707,558  

DuBois Area School District, Refunding GO

    

Series B, (BAM SAW), 4.00%, 11/01/22

     225       225,128  

Series B, (BAM SAW), 4.00%, 11/01/23

     325       327,227  

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

     375       376,722  

Muhlenberg School District, Refunding GO

    

(SAW), 4.00%, 05/15/23

     525       527,882  

(SAW), 4.00%, 05/15/24

     200       202,532  

Palmyra Area School District, Refunding GO, (SAW), 4.00%, 04/01/23

     590       591,834  

Pennsylvania Economic Development Financing Authority, RB

    

Series A-1, 5.00%, 04/15/24

     575       584,877  

Class A, AMT, 2.86%, 06/01/41(a)

     5,000       4,854,450  

Pennsylvania Economic Development Financing Authority, Refunding RB

    

0.40%, 10/01/23

     5,000       4,836,420  

3.35%, 12/01/37(a)

     5,000       5,000,000  

Series A, 4.00%, 10/15/24

     425       426,154  

Class B, VRDN, 3.35%, 12/01/38(a)

     5,000       5,000,000  

Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28

     1,925       2,003,877  

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 133, 5.00%, 10/01/23

     400       404,876  

Series 133, 5.00%, 04/01/25

     565       581,803  

Series 137, 5.00%, 04/01/27

     240       252,251  

Series 137, 5.00%, 10/01/27

     225       237,507  

Series 137, 5.00%, 04/01/28

     250       265,007  

Series 137, 5.00%, 10/01/28

     260       276,708  

Pennsylvania Housing Finance Agency, Refunding RB

    

Series 136, 5.00%, 04/01/27

     875       917,661  

Series 136, 5.00%, 10/01/27

     250       263,897  

Series 136, 5.00%, 04/01/28

     1,375       1,457,541  

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

     230       230,722  

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

     500       513,954  

Philadelphia Georgias Works Co., Refunding RB

    

Series B, 5.00%, 08/01/23

     1,000       1,011,793  

Series B, (AGM), 5.00%, 08/01/24

     500       513,954  

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

     385       386,797  

Public Parking Authority Of Pittsburgh, Refunding RB

    

Series A, 5.00%, 12/01/22

     665       666,736  

Series A, 5.00%, 12/01/22(d)

     345       345,994  

School District of Philadelphia, GO, Series A, (SAW), 5.00%, 09/01/23

     1,250       1,267,751  

Southeastern Pennsylvania Transportation Authority, RB

    

5.00%, 06/01/23

     1,000       1,010,575  

5.00%, 06/01/24

     900       922,349  

Wilson Area School District, Refunding GO, (SAW), 4.00%, 03/15/23

     900       902,604  
   

 

 

  
      59,740,885  
Security  

Par

(000)

     Value  
Puerto Rico — 0.7%            

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

   $ 5,000     $     5,075,765  
   

 

 

  
Rhode Island — 0.8%            

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

     800       808,446  

Rhode Island Health and Educational Building Corp., Refunding RB, Class B, 5.00%, 11/01/22

     650       651,155  

Rhode Island Student Loan Authority, RB

    

Series A, AMT, 5.00%, 12/01/23

     445       450,770  

Series A, AMT, 5.00%, 12/01/26

     620       643,925  

Series A, AMT, 5.00%, 12/01/27

     1,600       1,670,978  

Series A, AMT, 5.00%, 12/01/28

     1,515       1,590,506  
   

 

 

  
      5,815,780  
South Carolina — 2.8%            

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

     1,640       1,680,872  

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

     16,885       16,925,034  

Piedmont Municipal Power Agency, Refunding RB, Series E, 5.00%, 01/01/23

     500       501,403  

South Carolina Jobs-Economic Development Authority, RB, VRDN, 2.49%, 12/01/38(a)

     900       900,000  
   

 

 

  
      20,007,309  
South Dakota — 0.1%            

South Dakota Health & Educational Facilities Authority, Refunding RB

    

Series A, 5.00%, 09/01/23

     335       338,528  

Series A, 5.00%, 09/01/24

     350       357,413  
   

 

 

  
      695,941  
Tennessee — 2.5%            

New Memphis Arena Public Building Authority, RB, CAB, 4.00%, 04/01/27

     1,855       1,654,065  

Tennergy Corp., RB

    

Series A, 4.00%, 03/01/24

     350       348,547  

Series A, 4.00%, 12/01/51(a)

     15,305       14,740,169  

Tennessee Energy Acquisition Corp., RB

    

Series A, 5.25%, 09/01/24

     910       921,450  

Series A, 5.00%, 11/01/24

     250       254,103  
   

 

 

  
      17,918,334  
Texas — 7.2%            

City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28

     1,000       1,052,681  

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

     650       676,518  

Dallas Fort Worth International Airport, Refunding RB, Series A, 5.00%, 11/01/23

     1,250       1,273,306  

Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25

     1,285       1,245,790  

Harris County Cultural Education Facilities Finance Corp. Refunding RB, , VRDN, 2.95%, 12/01/59(a)

     2,300       2,300,000  

Harris County Cultural Education Facilities Finance Corp., Refunding RB(a)

    

Class B, 5.00%, 06/01/50

     1,500       1,604,222  

Class C, 3.31%, 07/01/49

     5,250       5,283,358  

North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a)

     3,500       3,339,647  

Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, 2.55%, 06/01/41(a)

     10,000       10,000,000  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  
Texas (continued)            

State of Texas, GO

    

AMT, 5.00%, 08/01/26

   $     2,830     $ 2,967,153  

AMT, 5.00%, 08/01/28

     3,120       3,319,733  

VRDN, 2.60%, 06/01/53(a)

     2,500       2,500,000  

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

    

5.00%, 12/15/23

     1,000       1,008,121  

5.00%, 12/15/25

     6,500       6,615,882  

5.00%, 12/15/27

     7,200       7,374,449  

Waco Educational Finance Corp., RB, 4.00%, 03/01/25

     400       404,768  
   

 

 

  
      50,965,628  
Vermont — 0.1%            

Vermont Student Assistance Corp., RB, Series A, AMT, 5.00%, 06/15/26

     1,045       1,071,356  
   

 

 

  
Virginia — 0.1%            

Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24

     425       436,988  

Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27

     425       422,603  
   

 

 

  
      859,591  
Washington — 2.3%            

County of King WA Sewer Revenue, Refunding RB, Series A, Junior Lien, 2.69%, 01/01/40(a)

     9,700       9,327,588  

King County Housing Authority, Refunding RB

    

3.00%, 06/01/23

     200       199,575  

3.00%, 06/01/24

     225       223,273  
Security  

Par

(000)

     Value  

 

  
Washington (continued)            

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

   $     1,375     $ 1,409,295  

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

     3,000       2,994,477  

Washington Health Care Facilities Authority, Refunding RB, Series B-3, 5.00%, 08/01/49(a)

     2,500       2,561,775  
   

 

 

  
      16,715,983  
Wisconsin — 2.1%            

Public Finance Authority, Refunding RB

    

5.00%, 01/01/23

     300       301,053  

5.00%, 01/01/24

     300       304,824  

State of Wisconsin, GO, Series A, 2.88%, 05/01/25(a)

     6,490       6,436,120  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, VRDN, 2.64%, 08/15/54(a)

     8,000       7,823,048  
   

 

 

  
      14,865,045  

Total Investments — 99.7%
(Cost: $729,770,214)

 

     709,630,617  

Other Assets Less Liabilities — 0.3%

 

     1,914,926  
   

 

 

  

Net Assets — 100.0%

 

   $ 711,545,543  
   

 

 

  

 

(a) 

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.

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

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

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   

Value at

06/30/22

     

Purchases

at Cost

      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
09/30/22		      Shares
Held at
09/30/22		      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class(a)

    $ —      $ —      $ (157 )(b)     $ 157      $ —      $ —        —      $ 3,586      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

As of period end, the entity is no longer held.

 
  (b) 

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 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

 

 

S C H E D U L E   O F   I N V E S T M E N T S     6  

Schedule of Investments (unaudited) (continued)

September 30, 2022

   

BlackRock Short-Term Municipal Fund

    

 

Fair Value Hierarchy as of Period End (continued)

inputs used by the 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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments 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

    $ —        $ 709,630,617        $ —        $ 709,630,617  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ 709,630,617        $ —        $ 709,630,617  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
CR    Custodian Receipt
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
GO    General Obligation Bonds
GTD    GTD Guaranteed
HUD SECT 8   

U.S. Department of Housing and Urban Development Section 8

M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bond
S/F    Single-Family
SAP    Subject to Appropriations
SAW    State Aid Withholding
SCH BD RES FD    School Board Resolution Fund
VRDN    Variable Rate Demand Note

    

 

 

 

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