Schedule of Investments (unaudited) August 31, 2023 |
BlackRock Impact Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
||||||||
Alabama 0.2% | ||||||||
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a) |
$ | 100 | $ | 71,393 | ||||
|
|
|||||||
Arizona 2.1% | ||||||||
Arizona Industrial Development Authority, RB |
150 | 139,396 | ||||||
Series A, 4.00%, 02/01/50 |
1,000 | 869,463 | ||||||
|
|
|||||||
1,008,859 | ||||||||
Arkansas 2.9% | ||||||||
Arkansas Development Finance Authority, RB |
||||||||
AMT, 6.88%, 07/01/48(b) |
200 | 204,500 | ||||||
AMT, 5.70%, 05/01/53 |
100 | 99,849 | ||||||
University of Arkansas, RB, Series A, 5.00%, 04/01/47 |
1,000 | 1,064,555 | ||||||
|
|
|||||||
1,368,904 | ||||||||
California 7.5% | ||||||||
California Community Choice Financing Authority, RB(a) |
||||||||
Series A, 4.00%, 10/01/52 |
1,500 | 1,483,083 | ||||||
Series C, 5.25%, 01/01/54 |
585 | 605,660 | ||||||
California School Finance Authority, RB, |
125 | 121,938 | ||||||
California State Public Works Board, RB, |
1,000 | 966,010 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
3.25%, 04/01/57 |
250 | 167,160 | ||||||
Series A-2, 3.00%, 02/01/57 |
350 | 224,401 | ||||||
|
|
|||||||
3,568,252 | ||||||||
Colorado 1.8% | ||||||||
Colorado School of Mines, RB, |
290 | 310,248 | ||||||
Denver City & County School District No. 1, GO, |
500 | 543,852 | ||||||
|
|
|||||||
854,100 | ||||||||
Connecticut 5.0% | ||||||||
Connecticut State Health & Educational Facilities Authority, RB, 5.25%, 07/15/48 |
180 | 193,014 | ||||||
State of Connecticut, GO, |
1,000 | 1,089,051 | ||||||
University of Connecticut, RB, |
1,000 | 1,089,292 | ||||||
|
|
|||||||
2,371,357 | ||||||||
Delaware 0.1% | ||||||||
Affordable Housing Opportunities Trust, RB, |
80 | 70,086 | ||||||
|
|
|||||||
District of Columbia 2.9% | ||||||||
District of Columbia, RB, Class A, AMT, 5.50%, 02/28/34 |
1,000 | 1,124,738 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.13%, 07/15/47 |
250 | 236,184 | ||||||
|
|
|||||||
1,360,922 | ||||||||
Florida 8.9% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 4.00%, 04/01/52 |
1,000 | 920,968 |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |
$ | 1,000 | $ | 933,816 | ||||
Florida Development Finance Corp., RB |
||||||||
Series A, 4.00%, 06/15/42 |
500 | 406,451 | ||||||
Series A, 5.00%, 06/15/47 |
375 | 353,424 | ||||||
St Lucie County School Board, COP, |
1,500 | 1,581,844 | ||||||
|
|
|||||||
4,196,503 | ||||||||
Georgia 0.7% | ||||||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 4.00%, 06/01/49 |
325 | 320,884 | ||||||
|
|
|||||||
Illinois 6.0% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/47 |
500 | 488,203 | ||||||
Series A, AMT, 5.00%, 12/01/33 |
500 | 516,766 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, |
1,200 | 1,237,707 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |
340 | 364,976 | ||||||
Illinois Housing Development Authority, Refunding RB, Series H, (FHLMC, FNMA, GNMA), 5.75%, 10/01/53 |
215 | 227,903 | ||||||
|
|
|||||||
2,835,555 | ||||||||
Kentucky 3.2% | ||||||||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b) |
500 | 468,725 | ||||||
Louisville/Jefferson County Metropolitan Government, RB, Series A, (AGM), 5.00%, 05/15/47 |
1,000 | 1,043,279 | ||||||
|
|
|||||||
1,512,004 | ||||||||
Louisiana 2.5% | ||||||||
Jefferson Parish Consolidated Sewerage District No. 1, RB, (BAM), 4.00%, 02/01/39 |
1,000 | 953,375 | ||||||
Louisiana Public Facilities Authority, RB, Series A, 6.38%, 06/01/52(b) |
250 | 229,691 | ||||||
|
|
|||||||
1,183,066 | ||||||||
Maine 0.1% | ||||||||
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b) |
100 | 62,424 | ||||||
|
|
|||||||
Maryland 1.5% | ||||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 |
715 | 726,914 | ||||||
|
|
|||||||
Massachusetts 5.4% | ||||||||
Massachusetts Bay Transportation Authority Assessment Revenue, Refunding RB, Series A, 5.00%, 07/01/52 |
1,500 | 1,595,720 | ||||||
University of Massachusetts Building Authority, RB, |
1,000 | 947,575 | ||||||
|
|
|||||||
2,543,295 | ||||||||
Michigan 5.0% | ||||||||
Ludington Area School District, GO, Series II, (BAM Q-SBLF), 4.00%, 05/01/51 |
1,000 | 912,739 |
1 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
BlackRock Impact Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Michigan (continued) | ||||||||
Michigan Finance Authority, RB, 4.00%, 02/15/47 |
$ | 500 | $ | 447,923 | ||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.10%, 10/01/53 |
1,000 | 1,013,400 | ||||||
|
|
|||||||
2,374,062 | ||||||||
Minnesota 1.8% | ||||||||
Duluth Economic Development Authority, RB, Class B, 5.25%, 06/15/42 |
500 | 498,067 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |
340 | 361,832 | ||||||
|
|
|||||||
859,899 | ||||||||
Mississippi 0.2% | ||||||||
Mississippi Business Finance Corp., RB, AMT, 7.75%, 07/15/47(a) |
100 | 77,865 | ||||||
|
|
|||||||
New Hampshire 1.5% | ||||||||
New Hampshire Business Finance Authority, RB, M/F Housing, Series 2022, Class A, 4.38%, 09/20/36 |
739 | 714,911 | ||||||
|
|
|||||||
New Jersey 0.2% | ||||||||
Camden County Improvement Authority, RB, 6.00%, 06/15/47 |
115 | 117,690 | ||||||
|
|
|||||||
New York 15.0% | ||||||||
Battery Park City Authority, RB, Sustainability Bonds, 4.00%, 11/01/44 |
1,500 | 1,450,330 | ||||||
Build NYC Resource Corp., RB 5.75%, 06/01/42(b) |
250 | 250,678 | ||||||
5.50%, 06/15/63(b) |
250 | 233,451 | ||||||
Series A, 5.00%, 07/01/32 |
245 | 227,433 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series A-1, 5.00%, 11/15/49 |
1,000 | 1,013,205 | ||||||
Nassau County Local Economic Assistance Corp., RB, 5.00%, 07/01/43 |
1,000 | 991,554 | ||||||
New York City Housing Development Corp., RB, M/F Housing |
||||||||
Class F-1, 4.75%, 11/01/47 |
1,000 | 983,921 | ||||||
Series A, Sustainability Bonds, 4.60%, 11/01/43 |
225 | 221,317 | ||||||
New York Power Authority, RB, (AGM), 4.00%, 11/15/40 |
1,000 | 989,364 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, (SONYMA), 3.80%, 11/01/62(a) |
735 | 724,293 | ||||||
|
|
|||||||
7,085,546 | ||||||||
North Carolina 0.5% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 |
240 | 234,506 | ||||||
|
|
|||||||
North Dakota 1.4% | ||||||||
North Dakota Housing Finance Agency, RB, S/F Housing |
||||||||
5.75%, 01/01/54 |
400 | 423,808 | ||||||
Series A, 4.00%, 01/01/53 |
225 | 221,689 | ||||||
|
|
|||||||
645,497 | ||||||||
Ohio 0.3% | ||||||||
Southern Ohio Port Authority, RB, |
200 | 147,364 | ||||||
|
|
|||||||
Oregon 2.0% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 |
410 | 440,609 | ||||||
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series A, AMT, 4.00%, 07/01/51 |
520 | 513,534 | ||||||
|
|
|||||||
954,143 |
Security | Par (000) |
Value | ||||||
Pennsylvania 6.1% | ||||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series C, 5.50%, 06/01/47 |
$ | 1,000 | $ | 1,084,681 | ||||
Pennsylvania Housing Finance Agency, Refunding RB, Series 2022, 4.25%, 10/01/52 |
465 | 461,612 | ||||||
Pittsburgh Water & Sewer Authority, RB, Series A, 1st Lien, (AGM), 5.00%, 09/01/48 |
225 | 236,555 | ||||||
Southeastern Pennsylvania Transportation Authority, RB, 5.25%, 06/01/47 |
1,000 | 1,084,041 | ||||||
|
|
|||||||
2,866,889 | ||||||||
Tennessee 0.4% | ||||||||
Tennessee Housing Development Agency, Refunding RB, Series 1, 3.75%, 07/01/52 |
200 | 195,133 | ||||||
|
|
|||||||
Texas 6.5% | ||||||||
Arlington Higher Education Finance Corp., RB |
||||||||
(PSF), 5.00%, 08/15/47 |
500 | 524,356 | ||||||
Series A, 5.25%, 08/15/32 |
250 | 243,148 | ||||||
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 |
1,000 | 1,045,786 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.63%, 10/01/43 |
100 | 89,214 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Class F, 5.00%, 11/15/52(a) |
415 | 453,021 | ||||||
Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 |
665 | 733,144 | ||||||
|
|
|||||||
3,088,669 | ||||||||
Utah 3.6% | ||||||||
University of Utah, RB, Series A, 4.00%, 08/01/43 |
1,500 | 1,450,305 | ||||||
Utah Infrastructure Agency, RB, 5.00%, 10/15/32 |
250 | 256,068 | ||||||
|
|
|||||||
1,706,373 | ||||||||
Virginia 2.1% | ||||||||
Henrico County Economic Development Authority, RB, Class A, 5.00%, 10/01/47 |
1,000 | 983,299 | ||||||
|
|
|||||||
Total Long-Term Investments 97.4% |
46,106,364 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds 1.4% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.03%(d)(e) |
658,401 | 658,401 | ||||||
|
|
|||||||
Total Short-Term Securities 1.4% |
658,401 | |||||||
|
|
|||||||
Total Investments 98.8% |
46,764,765 | |||||||
Other Assets Less Liabilities 1.2% | 571,709 | |||||||
|
|
|||||||
Net Assets 100.0% | $ 47,336,474 | |||||||
|
|
(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) | 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. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
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) August 31, 2023 |
BlackRock Impact Municipal Fund |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/23 |
Shares Held at 08/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 3,006,316 | $ | | $ | (2,347,961 | )(a) | $ | 275 | $ | (229 | ) | $ | 658,401 | 658,401 | $ | 17,184 | $ | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
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 |
28 | 12/19/23 | $ | 3,108 | $ | (18,700 | ) | |||||||||
U.S. Long Bond |
34 | 12/19/23 | 4,133 | (38,530 | ) | |||||||||||
5-Year U.S. Treasury Note |
14 | 12/29/23 | 1,497 | (10,560 | ) | |||||||||||
|
|
|||||||||||||||
$ | (67,790 | ) | ||||||||||||||
|
|
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 marketcorroborated 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 Committees 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 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 Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
3 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
BlackRock Impact Municipal Fund |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds 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 |
$ | | $ | 46,036,278 | $ | 70,086 | $ | 46,106,364 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
658,401 | | | 658,401 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 658,401 | $ | 46,036,278 | $ | 70,086 | $ | 46,764,765 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts |
$ | (67,790 | ) | $ | | $ | | $ | (67,790 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAW | State Aid Withholding | |
SONYMA | State of New York Mortgage Agency | |
ST | Special Tax |
S C H E D U L E O F I N V E S T M E N T S | 4 |