Schedule of Investments (unaudited) September 30, 2023 |
BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Municipal Bonds |
||||||||
Alabama 12.4% | ||||||||
Black Belt Energy Gas District, RB |
$ | 9,710 | $ | 9,424,565 | ||||
4.33%, 10/01/52(a) |
4,000 | 3,828,192 | ||||||
Sereis F, 5.25%, 12/01/26 |
5,140 | 5,165,412 | ||||||
Series A-1, 4.00%, 12/01/49(a) |
10,045 | 9,829,806 | ||||||
Series B, 4.00%, 10/01/52(a) |
6,950 | 6,745,698 | ||||||
Series C-1, 5.25%, 02/01/53(a) |
3,570 | 3,611,012 | ||||||
Black Belt Energy Gas District, Refunding RB(a) |
||||||||
Series D-1, 5.50%, 06/01/49 |
2,580 | 2,628,904 | ||||||
Series D2, 4.96%, 07/01/52 |
2,650 | 2,494,050 | ||||||
Columbia Industrial Development Board, Refunding RB, VRDN, 4.75%, 10/07/23(a)(b) |
5,000 | 5,000,000 | ||||||
Southeast Energy Authority A Cooperative District, RB |
||||||||
Series A, 4.00%, 11/01/51(a) |
3,035 | 2,889,596 | ||||||
Series A, 5.25%, 01/01/54(a) |
15,000 | 15,094,365 | ||||||
Series A-1, 5.00%, 12/01/26 |
1,400 | 1,396,389 | ||||||
Series A-1, 5.00%, 06/01/27 |
750 | 747,557 | ||||||
|
|
|||||||
68,855,546 | ||||||||
Alaska 0.4% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB |
||||||||
Series A, Class 1, 5.00%, 06/01/24 |
1,000 | 1,004,622 | ||||||
Series A, Class 1, 5.00%, 06/01/25 |
1,000 | 1,012,254 | ||||||
|
|
|||||||
2,016,876 | ||||||||
Arizona 3.2% | ||||||||
Arizona Health Facilities Authority, RB(a) |
925 | 862,356 | ||||||
4.23%, 01/01/46 |
4,975 | 4,884,750 | ||||||
Chandler Industrial Development Authority, RB(a) AMT, 5.00%, 06/01/49 |
7,395 | 7,403,134 | ||||||
Series 2, AMT, 5.00%, 09/01/52 |
2,925 | 2,954,499 | ||||||
Salt Verde Financial Corp., RB, 5.50%, 12/01/29 |
1,475 | 1,511,080 | ||||||
|
|
|||||||
17,615,819 | ||||||||
California 1.5% | ||||||||
California Community Choice Financing Authority, RB, 5.51%, 12/01/53(a) |
7,000 | 6,756,610 | ||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/24 |
600 | 603,639 | ||||||
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/24 |
485 | 485,888 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/26 |
500 | 507,119 | ||||||
|
|
|||||||
8,353,256 | ||||||||
Colorado 2.5% | ||||||||
City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT, 5.50%, 11/15/27 |
2,480 | 2,481,937 | ||||||
Colorado Bridge Enterprise, RB, AMT, 4.00%, 06/30/29 |
3,410 | 3,278,456 | ||||||
Colorado Health Facilities Authority, RB(a) |
||||||||
Series B, 5.00%, 08/01/49 |
2,200 | 2,209,960 | ||||||
Series B-2, 5.00%, 08/01/49 |
4,500 | 4,576,005 | ||||||
Regional Transportation District, Refunding RB |
||||||||
Series A, 5.00%, 01/15/24 |
350 | 350,267 | ||||||
Series A, 5.00%, 07/15/24 |
350 | 351,562 | ||||||
Series A, 3.00%, 01/15/26 |
610 | 593,303 | ||||||
|
|
|||||||
13,841,490 |
Security | Par (000) |
Value | ||||||
Connecticut 1.7% |
||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing |
||||||||
Series D-1, 5.00%, 11/15/26 |
$ | 555 | $ | 574,954 | ||||
Series D-1, 5.00%, 05/15/27 |
655 | 681,075 | ||||||
Series D-1, 5.00%, 11/15/27 |
550 | 573,620 | ||||||
Series D-1, 5.00%, 05/15/28 |
675 | 705,360 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series L-1, 4.00%, 07/01/24 |
650 | 646,292 | ||||||
State of Connecticut Special Tax Revenue, RB, Series B, 5.00%, 10/01/23 |
225 | 225,000 | ||||||
State of Connecticut, GO(a) |
||||||||
Series A, 4.93%, 03/01/24 |
1,000 | 1,000,744 | ||||||
Series A, 4.97%, 03/01/25 |
4,155 | 4,178,297 | ||||||
University of Connecticut, RB, Series A, 5.00%, 04/15/24 |
650 | 653,656 | ||||||
|
|
|||||||
9,238,998 | ||||||||
Delaware 1.3% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a) |
8,000 | 7,460,872 | ||||||
|
|
|||||||
District of Columbia 0.2% | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27 |
1,000 | 1,003,382 | ||||||
|
|
|||||||
Florida 2.4% | ||||||||
County of Broward Florida Airport System Revenue, ARB AMT, |
1,290 | 1,310,111 | ||||||
Series A, AMT, 5.00%, 10/01/28 |
3,000 | 3,013,464 | ||||||
County of Broward Florida Port Facilities Revenue, ARB, Series B, AMT, 5.00%, 09/01/28 |
3,290 | 3,380,222 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28 |
2,350 | 2,351,229 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 5.00%, 10/01/23 |
400 | 400,000 | ||||||
Lee Memorial Health System, Refunding RB, |
3,000 | 3,041,802 | ||||||
|
|
|||||||
13,496,828 | ||||||||
Georgia 2.9% | ||||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 06/01/28 |
750 | 749,533 | ||||||
Series A, 5.00%, 06/01/29 |
1,110 | 1,104,285 | ||||||
Series B, 5.00%, 12/01/52(a) |
5,000 | 4,968,055 | ||||||
Series B, 5.00%, 07/01/53(a) |
5,390 | 5,440,289 | ||||||
Municipal Electric Authority of Georgia, RB |
||||||||
Series A, 5.00%, 07/01/24 |
505 | 506,521 | ||||||
Series A, 5.00%, 07/01/25 |
510 | 514,031 | ||||||
Series A, (AGM), 5.00%, 07/01/28 |
600 | 623,402 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series A-R, Subordinate, 5.00%, 01/01/24 |
2,500 | 2,500,302 | ||||||
|
|
|||||||
16,406,418 | ||||||||
Illinois 3.6% | ||||||||
Chicago OHare International Airport, Refunding RB, Series C, Senior Lien, 5.00%, 01/01/30 |
1,320 | 1,354,001 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB |
1,250 | 1,284,291 | ||||||
5.00%, 06/01/28 |
5,105 | 5,291,813 | ||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, Series B, 2nd Lien, 5.00%, 11/01/24 |
650 | 654,200 |
1 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Illinois (continued) |
||||||||
Illinois Finance Authority, Refunding RB, |
$ | 1,000 | $ | 971,224 | ||||
Illinois Housing Development Authority, RB, S/F Housing |
||||||||
Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28 |
300 | 317,768 | ||||||
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28 |
250 | 265,513 | ||||||
Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29 |
355 | 377,514 | ||||||
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29 |
375 | 399,003 | ||||||
Series G, (FHLMC, FNMA, GNMA), 3.50%, 10/01/54(a) |
4,300 | 4,285,380 | ||||||
State of Illinois, GO, Series A, 5.00%, 12/01/23 |
1,335 | 1,335,718 | ||||||
State of Illinois, Refunding GO, Series D, 5.00%, 07/01/24 |
3,750 | 3,769,856 | ||||||
|
|
|||||||
20,306,281 | ||||||||
Indiana 1.5% | ||||||||
Indiana Finance Authority, Refunding RB, 4.50%, 12/15/46(a) |
8,000 | 7,993,880 | ||||||
Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24 |
550 | 549,475 | ||||||
|
|
|||||||
8,543,355 | ||||||||
Iowa 1.0% | ||||||||
PEFA, Inc., RB, 5.00%, 09/01/49(a) |
5,535 | 5,507,674 | ||||||
|
|
|||||||
Kansas(a)(b) 4.3% | ||||||||
City of Burlington Kansas, Refunding RB |
||||||||
Series A, VRDN, 4.03%, 10/03/23 |
18,000 | 18,000,000 | ||||||
Series B, VRDN, 4.03%, 10/07/23 |
6,000 | 6,000,000 | ||||||
|
|
|||||||
24,000,000 | ||||||||
Kentucky 1.7% | ||||||||
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a) |
10,000 | 9,633,770 | ||||||
|
|
|||||||
Louisiana 7.2% | ||||||||
Ascension Parish School Board, GO, 4.00%, 03/01/24 |
570 | 569,998 | ||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB, (AGM), 5.00%, 08/01/24 |
500 | 504,412 | ||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a) |
13,515 | 12,862,834 | ||||||
Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24 |
680 | 680,348 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/28 |
855 | 874,620 | ||||||
Parish of St. James Louisiana, RB, Series A-1, VRDN, 4.20%, 10/07/23(a)(b) |
24,700 | 24,700,000 | ||||||
|
|
|||||||
40,192,212 | ||||||||
Maryland 0.6% | ||||||||
Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28 |
2,565 | 2,561,729 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 5.00%, 04/15/24 |
700 | 703,097 | ||||||
|
|
|||||||
3,264,826 | ||||||||
Massachusetts 0.9% | ||||||||
Massachusetts Educational Financing Authority, RB AMT, |
2,265 | 2,287,919 | ||||||
Series B, AMT, 5.00%, 07/01/26 |
1,250 | 1,262,649 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, 0.45%, 12/01/24 |
1,500 | 1,437,876 | ||||||
|
|
|||||||
4,988,444 |
Security | Par (000) |
Value | ||||||
Michigan 3.7% |
||||||||
Michigan Finance Authority, RB |
$ | 6,115 | $ | 6,130,795 | ||||
2nd Lien, (NPFGC), 5.00%, 11/01/23 |
310 | 310,138 | ||||||
Michigan Finance Authority, Refunding RB |
3,150 | 3,141,596 | ||||||
Series D-1, 0.55%, 10/15/24 |
1,300 | 1,246,690 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing |
||||||||
Series A, 0.55%, 04/01/25 |
1,500 | 1,408,999 | ||||||
Series A-1, 0.65%, 10/01/24 |
460 | 443,417 | ||||||
Michigan Strategic Fund, RB |
||||||||
AMT, 0.58%, 08/01/27(a) |
1,600 | 1,540,717 | ||||||
AMT, 5.00%, 06/30/29 |
6,015 | 6,118,933 | ||||||
Mona Shores Public Schools, GO, Series II, (Q-SBLF), 4.00%, 05/01/24 |
500 | 499,907 | ||||||
|
|
|||||||
20,841,192 | ||||||||
Minnesota 0.5% | ||||||||
Hastings Independent School District No. 200, GO, CAB, Series A, 0.00%, 02/01/26(d) |
1,040 | 950,843 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing |
||||||||
Series E, AMT, 0.70%, 01/01/25 |
800 | 763,436 | ||||||
Series E, AMT, 0.90%, 01/01/26 |
790 | 729,515 | ||||||
Series E, AMT, 1.10%, 01/01/27 |
585 | 525,673 | ||||||
|
|
|||||||
2,969,467 | ||||||||
Missouri 0.1% | ||||||||
City of St Charles Minnesota, Refunding COP, Series B, 4.00%, 02/01/24 |
140 | 139,887 | ||||||
County of Greene Missouri, COP |
||||||||
Series A, 4.00%, 03/01/24 |
275 | 274,913 | ||||||
Series A, 4.00%, 03/01/25 |
400 | 400,571 | ||||||
|
|
|||||||
815,371 | ||||||||
Nebraska 1.0% | ||||||||
County of Douglas Nebraska, Refunding RB, 4.51%, 07/01/35(a) |
5,885 | 5,728,712 | ||||||
Douglas County Hospital Authority No. 2, Refunding RB, 5.00%, 11/15/23 |
110 | 110,043 | ||||||
|
|
|||||||
5,838,755 | ||||||||
Nevada 0.0% | ||||||||
Public Finance Authority, Refunding RB, 5.00%, 06/01/24 |
200 | 200,666 | ||||||
|
|
|||||||
New Hampshire 0.9% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Class A, AMT, 4.36%, 10/01/33(a) |
4,800 | 4,740,130 | ||||||
|
|
|||||||
New Jersey 6.4% | ||||||||
New Jersey Economic Development Authority, RB |
||||||||
Series QQQ, 5.00%, 06/15/24 |
300 | 301,663 | ||||||
Series UU, 5.00%, 06/15/24 |
250 | 251,386 | ||||||
New Jersey Economic Development Authority, Refunding RB |
||||||||
Series B, 5.00%, 11/01/23 |
1,010 | 1,010,501 | ||||||
Series B, 5.00%, 11/01/26 |
6,925 | 7,116,857 | ||||||
Series RRR, 5.00%, 03/01/24 |
6,850 | 6,869,297 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/24 |
1,000 | 1,004,302 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
Series AA, 5.00%, 06/15/25 |
1,875 | 1,901,835 | ||||||
Series B, (AMBAC), 5.25%, 12/15/23 |
1,130 | 1,131,548 |
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, 2023 |
BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New Jersey (continued) |
||||||||
New Jersey Transportation Trust Fund Authority, Refunding RB (continued) |
||||||||
Series D, 5.00%, 12/15/23 |
$ | 275 | $ | 275,243 | ||||
State of New Jersey, GO, Series A, 5.00%, 06/01/24 |
8,330 | 8,391,392 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/24 |
3,150 | 3,168,610 | ||||||
Township of Cranford New Jersey, Refunding GO, 5.00%, 06/20/24 |
4,000 | 4,013,684 | ||||||
|
|
|||||||
35,436,318 | ||||||||
New Mexico 0.6% | ||||||||
Albuquerque Municipal School District No. 12, GO, Series A, (SAW), 5.00%, 08/01/24 |
250 | 252,167 | ||||||
New Mexico Educational Assistance Foundation, Refunding RB, Series 1A, AMT, 5.00%, 09/01/27 |
2,000 | 2,049,090 | ||||||
New Mexico Mortgage Finance Authority, RB, M/F Housing, 5.00%, 02/01/42(a) |
1,030 | 1,036,146 | ||||||
|
|
|||||||
3,337,403 | ||||||||
New York 11.1% | ||||||||
Catskill Central School District, GO, (SAW), 5.00%, 06/28/24 |
1,570 | 1,574,944 | ||||||
City of New York, GO, Class B4, VRDN, 4.80%, 11/04/23(a)(b) |
7,000 | 7,000,000 | ||||||
Genesee County Funding Corp., Refunding RB |
||||||||
Series A, 5.00%, 12/01/24 |
400 | 400,981 | ||||||
Series A, 5.00%, 12/01/25 |
200 | 201,285 | ||||||
Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/28 |
1,250 | 1,291,821 | ||||||
Monroe County Industrial Development Corp., Refunding RB, 5.00%, 12/01/23 |
500 | 499,823 | ||||||
Mount Pleasant Central School District, Refunding GO, (SAW), 5.00%, 06/28/24 |
4,000 | 4,015,724 | ||||||
New York City Housing Development Corp., RB, M/F Housing, 3.70%, 05/01/63(a) |
5,000 | 4,860,220 | ||||||
New York City Housing Development Corp., Refunding RB, 1.05%, 05/01/28 |
1,000 | 866,559 | ||||||
New York City Municipal Water Finance Authority, RB, Class FF1, VRDN, 4.61%, 11/04/23(a)(b) |
10,700 | 10,700,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Class B4, VRDN, 4.75%, 10/07/23(a)(b) |
5,900 | 5,900,000 | ||||||
New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23 |
1,915 | 1,915,224 | ||||||
New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23 |
350 | 350,133 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23 |
2,745 | 2,738,887 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.00%, 07/01/30 |
995 | 988,476 | ||||||
New York Transportation Development Corp., Refunding RB |
550 | 550,367 | ||||||
5.00%, 12/01/24 |
1,030 | 1,039,630 | ||||||
Series A, AMT, 5.00%, 12/01/25 |
1,000 | 1,005,991 | ||||||
Port Authority of New York & New Jersey, Refunding ARB |
||||||||
Series 230, 4.00%, 12/01/28 |
2,000 | 2,033,754 | ||||||
Series 207, AMT, 5.00%, 09/15/29 |
1,000 | 1,025,593 | ||||||
Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/27 |
1,230 | 1,172,018 |
Security | Par (000) |
Value | ||||||
New York (continued) |
||||||||
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25 |
$ | 1,000 | $ | 978,527 | ||||
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing |
||||||||
Series 235, AMT, 0.65%, 04/01/24 |
705 | 689,486 | ||||||
Series 235, AMT, 0.75%, 10/01/24 |
830 | 799,990 | ||||||
Series 235, AMT, 0.88%, 04/01/25 |
1,710 | 1,620,020 | ||||||
Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24 |
390 | 390,300 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, 4.61%, 04/01/26(a) |
7,500 | 7,500,000 | ||||||
|
|
|||||||
62,109,753 | ||||||||
Ohio 2.3% | ||||||||
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 |
350 | 349,276 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, 5.00%, 12/01/23 |
1,100 | 1,100,876 | ||||||
Ohio Air Quality Development Authority, Refunding
RB(a) |
4,120 | 4,018,763 | ||||||
Series A, AMT, 4.25%, 11/01/39 |
2,200 | 2,146,571 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.21%, 12/01/42(a) |
5,335 | 5,182,435 | ||||||
|
|
|||||||
12,797,921 | ||||||||
Oklahoma 0.1% | ||||||||
Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25 |
390 | 394,137 | ||||||
|
|
|||||||
Oregon 0.3% | ||||||||
City of Hermiston Oregon, GO, 4.00%, 06/01/24 |
345 | 344,942 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/26 |
1,145 | 1,163,620 | ||||||
|
|
|||||||
1,508,562 | ||||||||
Pennsylvania 6.4% | ||||||||
Allegheny County Hospital Development Authority, RB, Series D2, 4.56%, 11/15/26(a) |
3,850 | 3,814,811 | ||||||
City of Philadelphia Philadelphia Airport Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/28 |
1,000 | 1,023,452 | ||||||
DuBois Area School District, Refunding GO, |
325 | 324,865 | ||||||
Muhlenberg School District, Refunding GO, (SAW), 4.00%, 05/15/24 |
200 | 200,136 | ||||||
Pennsylvania Economic Development Financing Authority, RB |
||||||||
Series A-1, 5.00%, 04/15/24 |
575 | 577,735 | ||||||
Class A, AMT, 4.38%, 06/01/41(a) |
5,000 | 4,949,815 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB |
5,000 | 5,000,000 | ||||||
VRDN, 5.00%, 10/07/23(a)(b) |
6,200 | 6,200,000 | ||||||
Class B, VRDN, 5.00%, 10/07/23(a)(b) |
5,000 | 5,000,000 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28 |
1,925 | 1,961,496 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing |
||||||||
Series 133, 5.00%, 10/01/23 |
400 | 400,000 | ||||||
Series 137, 5.00%, 04/01/27 |
240 | 246,714 | ||||||
Series 137, 5.00%, 10/01/27 |
225 | 231,951 | ||||||
Series 137, 5.00%, 04/01/28 |
250 | 258,247 |
3 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing (continued) |
||||||||
Series 137, 5.00%, 10/01/28 |
$ | 260 | $ | 269,023 | ||||
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.34%, 02/15/24(a) |
5,000 | 4,981,645 | ||||||
|
|
|||||||
35,439,890 | ||||||||
Puerto Rico 0.9% | ||||||||
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23 |
5,000 | 5,002,830 | ||||||
|
|
|||||||
Rhode Island 0.6% | ||||||||
Rhode Island Student Loan Authority, RB |
||||||||
Series A, AMT, 5.00%, 12/01/27 |
1,600 | 1,635,181 | ||||||
Series A, AMT, 5.00%, 12/01/28 |
1,515 | 1,553,134 | ||||||
|
|
|||||||
3,188,315 | ||||||||
South Carolina 0.3% | ||||||||
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 |
1,640 | 1,647,715 | ||||||
|
|
|||||||
South Dakota 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/24 |
350 | 352,283 | ||||||
|
|
|||||||
Tennessee 4.3% | ||||||||
Johnson City Health & Educational Facilities Board, Refunding RB |
||||||||
Series A, 5.00%, 07/01/24 |
1,190 | 1,193,391 | ||||||
Series A, 5.00%, 07/01/25 |
1,000 | 1,007,652 | ||||||
Memphis-Shelby County Airport Authority, ARB, AMT, 5.00%, 07/01/29 |
1,470 | 1,506,033 | ||||||
New Memphis Arena Public Building Authority, RB, CAB, Convertible, 4.00%, 04/01/26(e) |
1,855 | 1,688,323 | ||||||
Tennergy Corp., RB |
||||||||
Series A, 5.25%, 12/01/26 |
725 | 728,018 | ||||||
Series A, 5.50%, 12/01/27 |
775 | 788,558 | ||||||
Series A, 5.50%, 12/01/28 |
1,000 | 1,023,001 | ||||||
Series A, 4.00%, 12/01/51(a) |
10,305 | 9,794,130 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) |
6,155 | 6,142,659 | ||||||
|
|
|||||||
23,871,765 | ||||||||
Texas 3.6% | ||||||||
City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28 |
1,000 | 1,027,289 | ||||||
Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25 |
650 | 659,783 | ||||||
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25 |
1,285 | 1,253,530 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Class B, 5.00%, 06/01/50(a) |
1,500 | 1,590,120 | ||||||
Matagorda County Navigation District No. 1, Refunding RB, AMT, 4.25%, 05/01/30 |
1,145 | 1,106,941 | ||||||
North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a) |
3,500 | 3,393,191 | ||||||
Pecos Barstow Toyah Independent School District, GO, (PSF), 5.00%, 02/15/29 |
1,200 | 1,261,472 | ||||||
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/26 |
1,000 | 1,034,192 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB 5.00%, 12/15/27 |
7,200 | 7,144,071 |
Security | Par (000) |
Value | ||||||
Texas (continued) |
||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB (continued) 5.00%, 12/15/29 |
$ | 1,000 | $ | 988,279 | ||||
Waco Educational Finance Corp., RB, 4.00%, 03/01/25 |
400 | 400,147 | ||||||
|
|
|||||||
19,859,015 | ||||||||
Utah 0.3% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/29 |
1,750 | 1,797,777 | ||||||
|
|
|||||||
Virginia 0.2% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24 |
425 | 427,137 | ||||||
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27 |
425 | 420,695 | ||||||
|
|
|||||||
847,832 | ||||||||
Washington 1.9% | ||||||||
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.21%, 01/01/40(a) |
9,700 | 9,571,582 | ||||||
King County Housing Authority, Refunding RB, 3.00%, 06/01/24 |
225 | 222,859 | ||||||
State of Washington, GO, Series A, 0.00%, 12/01/28(d) |
1,000 | 813,466 | ||||||
|
|
|||||||
10,607,907 | ||||||||
Wisconsin 3.5% | ||||||||
Public Finance Authority, Refunding RB, 5.00%, 01/01/24 |
300 | 299,890 | ||||||
State of Wisconsin, GO, Series A, 4.40%, 05/01/25(a) |
11,490 | 11,365,322 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, 4.16%, 08/15/54(a) |
8,000 | 7,975,152 | ||||||
|
|
|||||||
19,640,364 | ||||||||
|
|
|||||||
Total Long-Term Investments 98.4% |
547,971,415 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds 0.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.95%(f)(g) |
80,410 | 80,410 | ||||||
|
|
|||||||
Total Short-Term Securities 0.0% |
80,410 | |||||||
|
|
|||||||
Total Investments 98.4% |
548,051,825 | |||||||
Other Assets Less Liabilities 1.6% |
9,144,023 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 557,195,848 | ||||||
|
|
(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) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
(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) | Zero-coupon bond. |
(e) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(f) | Affiliate of the Fund. |
(g) | 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 |
4 |
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock Short-Term Municipal Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 09/30/23 |
Shares Held at 09/30/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 69,048 | $ | 10,451 | (a) | $ | | $ | 911 | $ | | $ | 80,410 | 80,410 | $ | 20,193 | $ | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 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.
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 |
$ | | $ | 547,971,415 | $ | | $ | 547,971,415 | ||||||||||||||||||||
Short-Term Securities |
||||||||||||||||||||||||||||
Money Market Funds |
80,410 | | | 80,410 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 80,410 | $ | 547,971,415 | $ | | $ | 548,051,825 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
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. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. |
Portfolio Abbreviation (continued) | ||
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond |
5 |
|
Schedule of Investments (unaudited) (continued) September 30, 2023 |
BlackRock Short-Term Municipal Fund |
Portfolio Abbreviation (continued) | ||
S/F | Single-Family | |
SAW | State Aid Withholding | |
VRDN | Variable Rate Demand Note |
S C H E D U L E O F I N V E S T M E N T S |
6 |