NPORT-EX 2 NPORT_LCP9_74126934_0923.htm BlackRock Short-Term Municipal Fund

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
4.00%, 10/01/52(a)

  $ 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)
4.23%, 01/11/25(c)

    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,
5.00%, 10/01/28

     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,
Series A-2, 5.00%, 04/01/33(a)

    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 O’Hare 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
5.00%, 06/01/27

     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,
Series B, 4.68%, 05/01/42(a)

  $ 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,
5.00%, 07/01/26

     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
4.83%, 12/01/39(a)

  $   6,115     $ 6,130,795  

2nd Lien, (NPFGC), 5.00%, 11/01/23

     310       310,138  

Michigan Finance Authority, Refunding RB
4.73%, 04/15/47(a)

    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
5.00%, 12/01/23

     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)
4.00%, 09/01/30

     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,
Series B, (BAM SAW), 4.00%, 11/01/23

     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
0.40%, 10/01/23

     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%
(Cost: $559,160,605)

       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%
(Cost: $80,410)

       80,410  
   

 

 

  

Total Investments — 98.4%
(Cost: $559,241,015)

       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 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 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

   $ —        $ 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