| | |
Schedule of Investments (unaudited) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
Municipal Bonds — 97.3% | |
|
Alabama — 2.3% | |
Bessemer Governmental Utility Services Corp., Refunding RB, (BAM), 5.00%, 06/01/21 | | $ | 470 | | | $ | 487,785 | |
Black Belt Energy Gas District, RB: | | | | | | | | |
Project No. 4,Series A-1, 4.00%, 06/01/22 | | | 825 | | | | 843,282 | |
Series A, 5.00%, 12/01/20 | | | 730 | | | | 740,125 | |
Series A, 5.00%, 12/01/21 | | | 1,950 | | | | 2,015,773 | |
Series A, 4.00%, 07/01/46(a) | | | 325 | | | | 325,897 | |
Lower Alabama Gas District, RB, Gas Project Revenue Bonds Project: | | | | | | | | |
4.00%, 12/01/22 | | | 640 | | | | 655,341 | |
4.00%, 12/01/23 | | | 375 | | | | 386,573 | |
Southeast Alabama Gas Supply District, RB, Series A, Project: | | | | | | | | |
No. 2, 4.00%, 06/01/22 | | | 1,760 | | | | 1,788,706 | |
4.00%, 06/01/23 | | | 2,225 | | | | 2,273,460 | |
State of Alabama Docks Department, Refunding RB, Docks Facilities Revenue, Series B, 5.00%, 10/01/20 | | | 1,750 | | | | 1,782,077 | |
| | | | | | | | |
| | | | | | | 11,299,019 | |
|
| Arizona — 2.8% | |
Arizona Health Facilities Authority, RB, Banner Health, Series B (Bank of Tokyo Mitsubishi UFJ LOC), VRDN, 0.90%, 01/01/46(a) | | | 4,800 | | | | 4,800,000 | |
Arizona State University, RB, VRDN, 3.70%, 07/01/34(a) | | | 1,400 | | | | 1,400,000 | |
County of Maricopa Industrial Development Authority, RB, Honorhealth, Series A: | | | | | | | | |
5.00%, 09/01/21 | | | 770 | | | | 804,573 | |
5.00%, 09/01/22 | | | 750 | | | | 806,325 | |
County of Yavapai Industrial Development Authority, RB, VRDN, Skanon Investments, Inc. (Drake Cement Project), LOC Citibank NA, Series A, 5.25%, 09/01/35(a) | | | 5,000 | | | | 5,000,000 | |
Glendale Union High School District No. 205, GO, Series C, 5.00%, 07/01/22 | | | 1,000 | | | | 1,082,620 | |
| | | | | | | | |
| | | | | | | 13,893,518 | |
|
| California — 0.6% | |
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/21 | | | 1,305 | | | | 1,375,509 | |
California Municipal Finance Authority, Refunding RB, Biola University, 5.00%, 10/01/20 | | | 305 | | | | 310,493 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| California (continued) | |
City of Los Angeles Department of Airports, RB, Los Angeles International Airport, Series B, AMT, 5.00%, 05/15/20 | | $ | 1,100 | | | $ | 1,104,917 | |
Palmdale Financing Authority, Refunding RB, (AGM), 4.00%, 11/01/20 | | | 340 | | | | 345,070 | |
| | | | | | | | |
| | | | | | | 3,135,989 | |
|
| Colorado — 0.1% | |
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding, Series A, 5.00%, 12/01/20 | | | 355 | | | | 362,821 | |
| | | | | | | | |
|
| Connecticut — 7.0% | |
State of Connecticut, GO, GAAP Conversion, Series A, 5.00%, 10/15/22 | | | 1,000 | | | | 1,084,800 | |
State of Connecticut, GO, Refunding, Series B, 5.00%, 05/15/22 | | | 4,955 | | | | 5,307,796 | |
State of Connecticut, GO: | | | | | | | | |
Series A, 5.00%, 04/15/21 | | | 11,000 | | | | 11,385,330 | |
Series B, 5.00%, 04/15/21 | | | 685 | | | | 708,996 | |
Series E, 4.00%, 09/15/21 | | | 770 | | | | 796,719 | |
State of Connecticut Health & Educational Facilities Authority, Refunding RB: | | | | | | | | |
Fairfileld University, Series S, 5.00%, 07/01/21 | | | 1,030 | | | | 1,076,082 | |
Sacred Heart University, SeriesI-1, 5.00%, 07/01/21 | | | 700 | | | | 727,237 | |
State of Connecticut Special Tax Revenue, RB: | | | | | | | | |
Series B, 5.00%, 10/01/22 | | | 3,400 | | | | 3,715,758 | |
Transportation Infrastructure Purposes, Series A, 5.00%, 09/01/21 | | | 1,500 | | | | 1,573,755 | |
Transportation Infrastructure Purposes, Series A, 5.00%, 08/01/22 | | | 900 | | | | 978,219 | |
University of Connecticut, RB, Series A: | | | | | | | | |
5.00%, 04/15/20 | | | 800 | | | | 801,304 | |
5.00%, 03/15/22 | | | 1,550 | | | | 1,662,902 | |
5.00%, 04/15/22 | | | 4,000 | | | | 4,303,280 | |
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22 | | | 720 | | | | 770,285 | |
| | | | | | | | |
| | | | | | | 34,892,463 | |
|
| District of Columbia — 0.4% | |
District of Columbia, RB, VRDN (Suntrust Bank LOC), 5.02%, 04/01/38(a) | | | 1,535 | | | | 1,535,000 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| District of Columbia (continued) | |
District of Columbia, Refunding RB, The Catholic University of America Issue: | | | | | | | | |
5.00%, 10/01/21 | | $ | 250 | | | $ | 263,927 | |
5.00%, 10/01/22 | | | 325 | | | | 354,715 | |
| | | | | | | | |
| | | | | | | 2,153,642 | |
|
| Florida — 2.9% | |
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/22 | | | 1,550 | | | | 1,681,037 | |
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/21 | | | 2,500 | | | | 2,616,150 | |
County of Alachua Florida Health Facilities Authority, Refunding RB, Shands Teaching Hospital and Clinics, 5.00%, 12/01/22 | | | 515 | | | | 554,557 | |
County of Monroe School District, RB, Florida Sales Tax (AGM), 5.00%, 10/01/20 | | | 500 | | | | 509,135 | |
County of Orange Health Facilities Authority, Refunding RB, VRDN, Lakeside Behavioral Healthcare, Inc. Project (Suntrust Bank LOC), 5.02%, 07/01/27(a) | | | 1,665 | | | | 1,665,000 | |
County of Osceola Florida Transportation Revenue, Refunding RB, SeriesA-1: | | | | | | | | |
5.00%, 10/01/22 | | | 325 | | | | 359,027 | |
5.00%, 10/01/23 | | | 400 | | | | 457,212 | |
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/23 | | | 500 | | | | 554,955 | |
Orlando Utilities Commission, Refunding RB,
Series A, 5.00%, 10/01/27(a) | | | 5,000 | | | | 5,109,200 | |
Tolomato Community Development District, Refunding, Special Assessment Bonds,
SeriesA-1 (AGM): | | | | | | | | |
2.00%, 05/01/21 | | | 585 | | | | 585,603 | |
2.00%, 05/01/22 | | | 605 | | | | 605,611 | |
| | | | | | | | |
| | | | | | | 14,697,487 | |
|
| Georgia — 7.0% | |
Atlanta Urban Residential Finance Authority, RB, M/F Housing, VRDN, Herndon Square Senior Apartment Project, 1.36%, 12/01/22(a) | | | 594 | | | | 591,274 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Georgia (continued) | |
City of Atlanta Georgia, Refunding, Tax Allocation Bonds, Atlantic Station Project: | | | | | | | | |
5.00%, 12/01/20 | | $ | 2,000 | | | $ | 2,042,420 | |
5.00%, 12/01/21 | | | 1,150 | | | | 1,210,536 | |
County of Barow Development Authority, Refunding RB, Georgia Power Company Plant Vogtle Project, 1.55%, 08/01/43(a) | | | 1,730 | | | | 1,733,235 | |
County of Burke Georgia Development Authority, Refunding RB, Georgia Power Company Plant Bowen Project, 1.55%, 12/01/49(a) | | | 3,245 | | | | 3,232,409 | |
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates: | | | | | | | | |
5.00%, 04/01/20 | | | 110 | | | | 110,000 | |
5.00%, 04/01/21 | | | 200 | | | | 206,386 | |
County of Fulton Development Authority, RB, Revenue Anticipation Certificates, Series A, 5.00%, 04/01/21 | | | 125 | | | | 128,991 | |
County of Monroe Development Authority, RB, VRDN, Gulf Power Co. Plant Scherer Plant, First Series, 1.55%, 06/01/49(a) | | | 2,900 | | | | 2,900,000 | |
Main Street Natural Gas, Inc., RB: | | | | | | | | |
Series A, 5.00%, 05/15/22 | | | 1,145 | | | | 1,194,029 | |
Series A, 4.00%, 04/01/48(a) | | | 15,500 | | | | 15,969,030 | |
Series C, 5.00%, 09/01/22 | | | 500 | | | | 524,075 | |
Series C, 5.00%, 09/01/23 | | | 1,000 | | | | 1,065,410 | |
Series C, 4.00%, 08/01/48(a) | | | 2,200 | | | | 2,245,804 | |
Municipal Electric Authority of Georgia, Refunding RB, Series A: | | | | | | | | |
5.00%, 01/01/22 | | | 675 | | | | 715,379 | |
5.00%, 01/01/23 | | | 900 | | | | 982,260 | |
| | | | | | | | |
| | | | | | | 34,851,238 | |
|
| Illinois — 1.5% | |
Chicago Housing Authority, RB, M/F, Series A, 5.00%, 01/01/22 | | | 1,400 | | | | 1,489,684 | |
Chicago Transit Authority, Refunding RB, Section 5337, State of Good Repair Formula Funds: | | | | | | | | |
5.00%, 06/01/20 | | | 1,000 | | | | 1,005,530 | |
5.00%, 06/01/21 | | | 2,000 | | | | 2,078,140 | |
Illinois Finance Authority, Refunding RB: | | | | | | | | |
Advocate Health Care Network, 5.00%, 11/01/38(a) | | | 1,000 | | | | 1,000,000 | |
Southern Illinois Healthcare, 5.00%, 03/01/21 | | | 265 | | | | 273,472 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Illinois (continued) | |
Regional Transportation Authority, RB, Series A (NPFGC),
6.70%, 11/01/21 | | $ | 1,515 | | | $ | 1,601,279 | |
| | | | | | | | |
| | | | | | | 7,448,105 | |
|
| Indiana — 0.5% | |
City of Rockport Indiana, Refunding RB, AEP Generating Co. Project, Series A, 1.35%, 07/01/25(a) | | | 2,250 | | | | 2,187,833 | |
Indiana Finance Authority, RB, Butler University Project,
3.00%, 02/01/23 | | | 225 | | | | 232,569 | |
| | | | | | | | |
| | | | | | | 2,420,402 | |
|
| Iowa — 4.8% | |
Iowa Finance Authority, RB, VRDN, CJ BIO America, Inc. Project (Korea Development Bank LOC), 4.95%, 04/01/22(a) | | | 22,500 | | | | 22,500,000 | |
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A: | | | | | | | | |
5.00%, 12/01/20 | | | 650 | | | | 664,222 | |
5.00%, 12/01/21 | | | 750 | | | | 790,747 | |
| | | | | | | | |
| | | | | | | 23,954,969 | |
|
| Kansas — 5.2% | |
City of Burlington Kansas, Refunding RB, Environment Improvement Revenue, City Power & Light, VRDN(a): | | | | | | | | |
Series B, 5.18%, 09/01/35 | | | 6,000 | | | | 6,000,000 | |
Series A, 5.18%, 09/01/35 | | | 16,000 | | | | 16,000,000 | |
City of Dodge City Kansas, GO, Series A (BAM): | | | | | | | | |
4.00%, 09/01/22 | | | 280 | | | | 297,979 | |
4.00%, 09/01/23 | | | 1,080 | | | | 1,175,764 | |
City of Goddard Kansas, GO, Series2019-1, 3.00%, 12/01/22 | | | 1,465 | | | | 1,507,617 | |
County of Geary Unified School District No. 475, GO, Refunding, Series B, 5.00%, 09/01/20 | | | 750 | | | | 761,842 | |
County of Johnson Unified School District No. 233 Olathe, GO, Refunding, Series B, 3.00%, 09/01/21 | | | 500 | | | | 512,835 | |
| | | | | | | | |
| | | | | | | 26,256,037 | |
|
| Kentucky — 2.8% | |
City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB, Series B: | | | | | | | | |
5.00%, 01/01/22 | | | 2,700 | | | | 2,827,710 | |
4.00%, 01/01/23 | | | 1,750 | | | | 1,849,120 | |
Kentucky Public Energy Authority, RB: | | | | | | | | |
Gas Supply, SeriesC-1, 4.00%, 12/01/21 | | | 1,500 | | | | 1,511,025 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Kentucky (continued) | |
Gas Supply, SeriesC-1, 4.00%, 06/01/22 | | $ | 1,750 | | | $ | 1,765,575 | |
Gas Supply, SeriesC-1, 4.00%, 12/01/22 | | | 2,500 | | | | 2,525,300 | |
Series A, 4.00%, 04/01/20 | | | 785 | | | | 785,000 | |
Series A, 4.00%, 04/01/21 | | | 775 | | | | 778,743 | |
SeriesA-1, 4.00%, 12/01/22 | | | 1,000 | | | | 1,010,120 | |
Series C, 4.00%, 08/01/22 | | | 400 | | | | 403,736 | |
Series C, 4.00%, 08/01/23 | | | 500 | | | | 505,735 | |
| | | | | | | | |
| | | | | | | 13,962,064 | |
|
| Louisiana — 2.3% | |
Greater Ouachita Water Co., Refunding RB (BAM): | | | | | | | | |
5.00%, 09/01/22 | | | 500 | | | | 541,735 | |
3.00%, 09/01/23 | | | 500 | | | | 524,680 | |
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/20 | | | 225 | | | | 225,871 | |
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project, 2.00%, 06/01/37(a) | | | 10,315 | | | | 9,277,208 | |
State Tammany Parish Wide School District No. 12, GO, Series A, 4.00%, 03/01/21 | | | 300 | | | | 307,614 | |
West Baton Rouge Parish School District No. 3, GO (AGM): | | | | | | | | |
3.00%, 03/01/21 | | | 300 | | | | 304,479 | |
5.00%, 03/01/21 | | | 225 | | | | 232,431 | |
| | | | | | | | |
| | | | | | | 11,414,018 | |
|
| Maryland — 0.0% | |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, LifeBridge Health Issue, 5.00%, 07/01/21 | | | 235 | | | | 245,201 | |
| | | | | | | | |
|
| Massachusetts — 1.1% | |
Massachusetts Development Finance Agency, Refunding RB: | | | | | | | | |
Harvard University, SeriesB-1, 5.00%, 10/15/20(b) | | | 765 | | | | 781,287 | |
Partners HealthCare System Issue, 5.00%, 07/01/21 | | | 3,485 | | | | 3,648,586 | |
Series A, 5.00%, 07/01/22 | | | 525 | | | | 564,580 | |
Massachusetts State Educational Financing Authority, Refunding RB, Issue K, Senior Series A, AMT, 4.00%, 07/01/20 | | | 375 | | | | 377,224 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Massachusetts (continued) | |
Town of Salisbury Massachusetts, GO, Refunding, 2.00%, 09/11/20 | | $ | 409 | | | $ | 410,064 | |
| | | | | | | | |
| | | | | | | 5,781,741 | |
|
| Michigan — 1.7% | |
City of Battle Creek Michigan, Refunding, GOL, Downtown Development Bonds: | | | | | | | | |
5.00%, 05/01/20 | | | 360 | | | | 361,076 | |
5.00%, 05/01/21 | | | 565 | | | | 587,668 | |
Grand Rapids Public Schools, GO, Refunding, (AGM), 5.00%, 05/01/20 | | | 475 | | | | 476,349 | |
Grand Valley State University, Refunding RB, 5.00%, 12/01/20 | | | 630 | | | | 645,114 | |
Karegnondi Water Authority, Refunding RB, 5.00%, 11/01/21 | | | 450 | | | | 470,961 | |
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C: | | | | | | | | |
5.00%, 12/01/20 | | | 1,000 | | | | 1,023,180 | |
5.00%, 12/01/21 | | | 1,000 | | | | 1,057,250 | |
Michigan State Housing Development Authority, Refunding RB, S/F, Series D, VRDN (IND & COMM Bank of China SBPA), 5.00%, 06/01/30(a) | | | 3,285 | | | | 3,285,000 | |
Wayne-Westland Community Schools, GOL(Q-SBLF): | | | | | | | | |
4.00%, 05/01/22 | | | 150 | | | | 158,174 | |
5.00%, 11/01/22 | | | 290 | | | | 316,851 | |
| | | | | | | | |
| | | | | | | 8,381,623 | |
|
| Mississippi — 0.3% | |
Mississippi Development Bank, RB, Special Obligation, Hinds County Bond Project: | | | | | | | | |
3.00%, 11/01/20 | | | 460 | | | | 464,858 | |
5.00%, 11/01/21 | | | 500 | | | | 529,740 | |
State of Mississippi, RB, Series A, 5.00%, 10/15/22 | | | 500 | | | | 546,120 | |
| | | | | | | | |
| | | | | | | 1,540,718 | |
|
| Missouri — 0.1% | |
City of Washington Missouri, COP, Refunding, 5.00%, 03/01/23 | | | 370 | | | | 406,963 | |
| | | | | | | | |
|
| Nebraska — 0.8% | |
Central Plains Energy Project, Refunding RB: | | | | | | | | |
4.00%, 02/01/22 | | | 485 | | | | 491,154 | |
4.00%, 08/01/22 | | | 1,500 | | | | 1,523,685 | |
4.00%, 02/01/23 | | | 1,055 | | | | 1,074,771 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Nebraska (continued) | |
4.00%, 08/01/23 | | $ | 875 | | | $ | 894,084 | |
| | | | | | | | |
| | | | | | | 3,983,694 | |
|
| Nevada — 1.0% | |
County of Clark School District, GO, Refunding, Series C: | | | | | | | | |
5.00%, 06/15/20 | | | 2,500 | | | | 2,519,275 | |
5.00%, 06/15/21 | | | 2,500 | | | | 2,614,225 | |
| | | | | | | | |
| | | | | | | 5,133,500 | |
|
| New Jersey — 15.8% | |
Belleville Board of Education, GO, (BAM), 3.00%, 09/01/21 | | | 1,245 | | | | 1,271,257 | |
Borough of Tinton Falls New Jersey, GO, Refunding, 2.00%, 10/29/20 | | | 2,800 | | | | 2,811,424 | |
Gloucester County Improvement Authority, Refunding RB, Rowan University Project, Series A, 5.00%, 11/01/20 | | | 520 | | | | 527,930 | |
New Jersey Building Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 06/15/21 | | | 2,325 | | | | 2,366,036 | |
5.00%, 06/15/22 | | | 3,005 | | | | 3,098,425 | |
New Jersey EDA, RB: | | | | | | | | |
Series BBB, 5.00%, 06/15/21 | | | 945 | | | | 961,679 | |
Series DDD, 5.00%, 06/15/20 | | | 1,560 | | | | 1,564,820 | |
Series DDD, 5.00%, 06/15/21 | | | 3,000 | | | | 3,052,950 | |
New Jersey EDA, Refunding RB: | | | | | | | | |
Cigarette Tax, 5.00%, 06/15/21 | | | 2,500 | | | | 2,544,125 | |
School Facilities Construction, 5.00%, 03/01/21(c) | | | 155 | | | | 160,520 | |
School Facilities Construction, 5.00%, 03/01/21 | | | 400 | | | | 405,440 | |
School Facilities Construction, 5.50%, 09/01/21 | | | 2,395 | | | | 2,438,254 | |
School Facilities Construction, Series II, 5.00%, 03/01/22 | | | 1,310 | | | | 1,345,776 | |
School Facilities Construction, Series K (AMBAC), 5.25%, 12/15/20 | | | 700 | | | | 708,589 | |
School Facilities Construction, Series NN, 5.00%, 03/01/22 | | | 4,505 | | | | 4,628,032 | |
School Facilities Construction, Series NN, 5.00%, 03/01/23 | | | 1,655 | | | | 1,721,514 | |
School Facilities Construction, Series PP, 5.00%, 06/15/20 | | | 4,200 | | | | 4,212,978 | |
Series XX, 5.00%, 06/15/21 | | | 2,390 | | | | 2,432,183 | |
Series XX, 5.00%, 06/15/23 | | | 2,620 | | | | 2,733,970 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| New Jersey (continued) | |
New Jersey Educational Facilities Authority, RB, Higher Education Capital Improvement Fund, Series A, 5.00%, 09/01/20 | | $ | 1,650 | | | $ | 1,660,411 | |
New Jersey Educational Facilities Authority, Refunding RB, Ramapo College, Series B, 5.00%, 07/01/21 | | | 890 | | | | 928,137 | |
New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 5.00%, 07/01/21 | | | 100 | | | | 103,972 | |
New Jersey Health Care Facilities Financing Authority, Refunding RB: | | | | | | | | |
Hospital Asset Transformation Program, 5.00%, 10/01/20 | | | 600 | | | | 604,548 | |
Hospital Asset Transformation Program, 5.00%, 10/01/21 | | | 2,500 | | | | 2,554,425 | |
RWJ Barnabas Health Obligation, Series A, 5.00%, 07/01/23 | | | 1,015 | | | | 1,125,523 | |
New Jersey Sports & Exposition Authority, Refunding RB, Series A, 5.00%, 09/01/21 | | | 1,235 | | | | 1,260,429 | |
New Jersey Transportation Trust Fund Authority, RB: | | | | | | | | |
(AMBAC), 5.25%, 12/15/22 | | | 650 | | | | 678,542 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/20 | | | 11,500 | | | | 11,556,005 | |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/21 | | | 1,320 | | | | 1,356,947 | |
Transportation Program, Series AA, 5.00%, 06/15/20 | | | 500 | | | | 501,545 | |
Transportation Program, Series AA, 5.00%, 06/15/22 | | | 500 | | | | 515,545 | |
Transportation System, Series A, 5.75%, 06/15/20 | | | 955 | | | | 959,288 | |
Transportation System, Series B, 5.00%, 06/15/21 | | | 3,235 | | | | 3,292,098 | |
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System: | | | | | | | | |
Series A, 5.50%, 12/15/21 | | | 4,695 | | | | 4,860,264 | |
Series A, 5.50%, 12/15/22 | | | 1,155 | | | | 1,218,594 | |
Series B (NPFGC), 5.50%, 12/15/21 | | | 1,000 | | | | 1,034,500 | |
State of Garden Preservation Trust, Refunding RB, Series A, 5.00%, 11/01/21 | | | 2,195 | | | | 2,312,103 | |
State of New Jersey, GO, Refunding, Series Q, 5.00%, 08/15/20 | | | 1,720 | | | | 1,742,412 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| New Jersey (continued) | |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/21 | | $ | 2,000 | | | $ | 2,075,020 | |
| | | | | | | | |
| | | | | | | 79,326,210 | |
|
| New Mexico — 0.6% | |
Albuquerque Municipal School District No 12, GO, 5.00%, 08/01/21 | | | 1,675 | | | | 1,761,145 | |
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | | | 1,200 | | | | 1,209,540 | |
| | | | | | | | |
| | | | | | | 2,970,685 | |
|
| New York — 14.1% | |
Adirondack Central School District, GO, 2.25%, 07/17/20 | | | 4,700 | | | | 4,714,006 | |
City of New York New York, GO, VRDN,Sub-SeriesD-4 (TD Bank NA LOC), 0.65%, 08/01/40(a) | | | 3,900 | | | | 3,900,000 | |
County of Nassau New York, GO, Series C, 5.00%, 10/01/21 | | | 4,500 | | | | 4,750,965 | |
County of Suffolk New York, GO, Transportation: | | | | | | | | |
Series I, 2.50%, 07/23/20 | | | 8,000 | | | | 8,031,440 | |
Series II, 2.50%, 08/20/20 | | | 4,500 | | | | 4,524,705 | |
East Islip Union Free School District, GO, Bond Anticipation Notes, 2.25%, 07/02/20 | | | 4,452 | | | | 4,463,598 | |
New York City Municipal Water Finance Authority, Refunding RB, VRDN,Sub-SeriesA-1 (Mizuho Corporate Bank SBPA), 0.85%, 06/15/44(a) | | | 2,400 | | | | 2,400,000 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, VRDN, Future Tax Secured(a): | | | | | | | | |
Sub-SeriesC-4, 0.85%, 11/01/44 | | | 2,000 | | | | 2,000,000 | |
Sub-SeriesD-3, 0.88%, 02/01/44 | | | 1,900 | | | | 1,900,000 | |
Rhinebeck Central School District, GO, Refunding, Bond Anticipation Notes, 2.25%, 06/26/20 | | | 5,560 | | | | 5,573,233 | |
South Jefferson Central School District, GO, Refunding, Bond Anticipation Notes, 2.25%, 07/09/20 | | | 5,875 | | | | 5,891,215 | |
State of New York HFA, RB, S/F Housing, Green Bonds, Climate Bond Certified, Series A, 1.55%, 11/01/23 | | | 5,295 | | | | 5,299,871 | |
Town of New Windsor New York, GOL, Bond Anticipation Notes, 2.25%, 06/26/20 | | | 5,200 | | | | 5,213,572 | |
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20 | | | 770 | | | | 773,488 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| New York (continued) | |
Watkins Glen Central School District, GO, Refunding, 2.25%, 06/23/20 | | $ | 4,300 | | | $ | 4,309,890 | |
Windsor Central School District, GO, Series B, 2.25%, 07/24/20 | | | 6,965 | | | | 6,987,149 | |
| | | | | | | | |
| | | | | | | 70,733,132 | |
|
| North Carolina — 1.1% | |
North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, AMT, Series A, 1.10%, 07/01/34(a) | | | 5,500 | | | | 5,471,813 | |
| | | | | | | | |
|
| Ohio — 2.5% | |
City of Berea, GO, Refunding, 2.00%, 03/11/21 | | | 2,500 | | | | 2,516,275 | |
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A: | | | | | | | | |
5.00%, 08/01/20 | | | 605 | | | | 611,431 | |
5.00%, 08/01/21 | | | 1,840 | | | | 1,917,869 | |
County of Butler Ohio, Refunding RB, 5.00%, 11/15/21 | | | 750 | | | | 788,820 | |
Finneytown Local School District, GO, 2.25%, 04/15/20 | | | 2,000 | | | | 2,000,600 | |
Lancaster Port Authority, Refunding RB, Series A: | | | | | | | | |
5.00%, 08/01/22 | | | 235 | | | | 241,587 | |
5.00%, 02/01/23 | | | 250 | | | | 258,362 | |
Sycamore Community City School District, GO, 2.25%, 04/15/20 | | | 4,000 | | | | 4,001,640 | |
| | | | | | | | |
| | | | | | | 12,336,584 | |
|
| Oklahoma — 0.2% | |
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/20 | | | 1,000 | | | | 1,010,020 | |
| | | | | | | | |
|
| Pennsylvania — 7.2% | |
Boyertown Area School District, GO, Refunding, 4.00%, 09/01/22 | | | 225 | | | | 238,772 | |
Boyertown Area School District, Refunding, GOL (BAM), 4.00%, 11/01/21 | | | 910 | | | | 947,137 | |
City of Philadelphia PA Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | | | 1,000 | | | | 1,090,970 | |
City of Philadelphia Pennsylvania, GO, Refunding, Go, Refunding, Series A, 5.00%, 08/01/22 | | | 1,660 | | | | 1,800,502 | |
City of Williamsport Pennsylvania, GO, Refunding, (AGM), 5.00%, 07/01/21 | | | 365 | | | | 381,618 | |
Commonwealth Financing Authority, RB, Tobacco Master Settlement payment: | | | | | | | | |
5.00%, 06/01/20 | | | 635 | | | | 638,359 | |
5.00%, 06/01/22 | | | 1,000 | | | | 1,068,000 | |
Commonwealth of Pennsylvania, GO, 1st Series, 2nd Series: | | | | | | | | |
5.00%, 06/01/20 | | | 2,740 | | | | 2,756,906 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Pennsylvania (continued) | |
5.00%, 06/01/22 | | $ | 5,000 | | | $ | 5,394,300 | |
Commonwealth of Pennsylvania, GO, Refunding: | | | | | | | | |
5.00%, 01/15/22 | | | 1,000 | | | | 1,065,160 | |
5.00%, 07/01/20 | | | 5,160 | | | | 5,208,091 | |
First Series, 5.00%, 07/01/21 | | | 1,700 | | | | 1,778,846 | |
County of Avon Grove School District Chester, GOL, 4.00%, 11/15/22 | | | 425 | | | | 454,011 | |
County of Centre Hospital Authority, Refunding RB, Mount Nittany Medical Centre Project, Series A, 5.00%, 11/15/21 | | | 400 | | | | 422,412 | |
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network: | | | | | | | | |
5.00%, 07/01/22 | | | 1,385 | | | | 1,482,241 | |
5.00%, 07/01/23 | | | 700 | | | | 769,391 | |
East Penn School District, Refunding, GOL, 4.00%, 08/01/21 | | | 1,030 | | | | 1,067,348 | |
Easton Area School District, GO, Refunding, Series A, 4.00 %, 04/01/23 | | | 375 | | | | 404,745 | |
Palmyra Area School District, GO, Refunding: | | | | | | | | |
4.00%, 04/01/22 | | | 915 | | | | 963,742 | |
4.00%, 04/01/23 | | | 590 | | | | 635,967 | |
Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, Series A, 2.15%, 11/01/21 | | | 1,500 | | | | 1,511,295 | |
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | | | 230 | | | | 246,010 | |
Philadelphia Municipal Authority, Refunding RB, Juvenile Justice Services Center, 5.00%, 04/01/20 | | | 700 | | | | 700,000 | |
Pittsburgh Public Parking Authority, Refunding RB, System-Series A, 5.00%, 12/01/22 | | | 1,010 | | | | 1,099,819 | |
School District of Philadelphia, GO, Series A: | | | | | | | | |
5.00%, 09/01/22 | | | 1,150 | | | | 1,249,636 | |
5.00%, 09/01/23 | | | 1,250 | | | | 1,400,238 | |
Wilson Area School District, GO, Refunding: | | | | | | | | |
4.00%, 03/15/22 | | | 285 | | | | 299,840 | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Pennsylvania (continued) | |
4.00%, 03/15/23 | | $ | 900 | | | $ | 969,066 | |
| | | | | | | | |
| | | | | | | 36,044,422 | |
|
| South Carolina — 0.4% | |
Lexington County Health Services District, Inc., Refunding RB, Lexmed Obligated Group: | | | | | | | | |
5.00%, 11/01/20 | | | 500 | | | | 510,185 | |
5.00%, 11/01/21 | | | 250 | | | | 263,683 | |
South Carolina Jobs-Economic Development Authority, RB, VRDN, Brashier Charter LLC Project (Suntrust Bank LOC), 5.02%, 12/01/38(a) | | | 1,040 | | | | 1,040,000 | |
| | | | | | | | |
| | | | | | | 1,813,868 | |
|
| Tennessee — 0.3% | |
Jackson Energy Authority, Refunding RB, 5.00%, 12/01/20 | | | 1,000 | | | | 1,025,180 | |
Shelby County Health Educational & Housing Facilities Board, RB, Methodist Le Bonheur Healthcare, Series A, 5.00%, 05/01/20 | | | 690 | | | | 691,946 | |
| | | | | | | | |
| | | | | | | 1,717,126 | |
|
| Texas — 5.6% | |
City of Houston Texas, GO, Refunding, Series A, 5.00%, 03/01/21 | | | 3,500 | | | | 3,633,875 | |
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB: | | | | | | | | |
Methodist Hospital,Sub-SeriesC-1, 0.75%, 12/01/24(a) | | | 3,100 | | | | 3,100,000 | |
Teco Project, 5.00%, 11/15/20 | | | 800 | | | | 818,952 | |
Teco Project, 5.00%, 11/15/21 | | | 725 | | | | 769,384 | |
County of Tarrant Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A, 5.00%, 07/01/22 | | | 1,815 | | | | 1,936,696 | |
Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, Texas Industrial Development Corp., Total Petrochemicals & Refining USA, Inc., Project, 7.05%, 03/01/42(a) | | | 3,000 | | | | 3,000,000 | |
State of Texas, GO, VRDN, (State Street Bank Trust LOC SBPA), 5.05%, 06/01/41(a) | | | 3,470 | | | | 3,470,000 | |
State of Texas, GOL, VRDN, Veterans, Series A(a): | | | | | | | | |
(State Street Bank Trust LOC SBPA), 5.05%, 06/01/43 | | | 3,790 | | | | 3,790,000 | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
|
| Texas (continued) | |
Series B (State Street Bank Trust LOC SBPA), 5.05%, 12/01/42 | | $ | 6,290 | | | $ | 6,290,000 | |
Texas A&M University, Refunding RB, Financing System, Series E, 5.00%, 05/15/21 | | | 1,200 | | | | 1,252,524 | |
| | | | | | | | |
| | | | | | | 28,061,431 | |
|
| Utah — 0.8% | |
Central Utah Water Conservancy District, Refunding RB, Series B: | | | | | | | | |
5.00%, 10/01/20 | | | 1,850 | | | | 1,885,631 | |
5.00%, 10/01/21 | | | 1,875 | | | | 1,982,663 | |
| | | | | | | | |
| | | | | | | 3,868,294 | |
|
| Virginia — 0.1% | |
Lynchburg EDA, Refunding RB, Cental Health, Series A, 5.00%, 01/01/21 | | | 500 | | | | 512,110 | |
| | | | | | | | |
|
| Washington — 2.5% | |
Grant County Public Utility District No. 2, Refunding RB, Electric System Revenue, 2.00%, 01/01/44(a) | | | 9,000 | | | | 9,022,950 | |
Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22 | | | 2,500 | | | | 2,675,925 | |
Washington Health Care Facilities Authority, Refunding RB, MultiCare Health System, Series B, 5.00%, 08/15/21 | | | 625 | | | | 655,194 | |
| | | | | | | | |
| | | | | | | 12,354,069 | |
|
| Wisconsin — 0.9% | |
Public Finance Authority, Refunding RB, Retirement Housing Foundation, 5.00%, 11/15/20 | | | 425 | | | | 432,085 | |
University of Wisconsin Hospitals & Clinics, Refunding RB, VRDN, University of Wisconsin Hospitals & Clinics, 0.75%, 04/01/48(a) | | | 3,900 | | | | 3,900,000 | |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Ascension Health Alliance, 4.00%, 11/15/21 | | | 350 | | | | 364,084 | |
| | | | | | | | |
| | | | | | | 4,696,169 | |
| | | | | | | | |
| |
Total Long-Term Investments — 97.3%
(Cost — $489,192,645) | | | | 487,131,145 | |
| | | | | | | | |
| | |
| | | Shares | | | | |
|
| Short-Term Securities — 0.0% | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.98%(d)(e) | | | 26,803 | | | | 26,805 | |
| | | | | | | | |
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| | | | | | |
| | |
| | | | | Value | |
| |
Total Short-Term Securities — 0.0%
(Cost — $26,803) | | $ | 26,805 | |
| | | | | | |
| | | | | | |
| | |
| | | | | Value | |
| |
Total Investments — 97.3%
(Cost — $489,219,448) | | $ | 487,157,950 | |
| |
Other Assets Less Liabilities — 2.7% | | | 13,457,914 | |
| | | | | | |
| |
Net Assets — 100.0% | | $ | 500,615,864 | |
| | | | | | |
| (a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (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) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (d) | Annualized7-day yield as of period end. |
| (e) | Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Affiliated Issuer | | Shares
Held at
06/30/19 | | | Shares
Purchased | | | Shares
Sold | | | Shares
Held at
03/31/20 | | | Value at
03/31/20 | | | Income | | | Net
Realized
Gain (Loss)(a) | | | Change in
Unrealized
Appreciation
(Depreciation) | |
BlackRock Liquidity Funds, MuniCash,
Institutional Class | | | 55,602 | | | | — | | | | (28,799 | )(b) | | | 26,803 | | | $ | 26,805 | | | $ | 1,314 | | | $ | (131 | ) | | $ | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Includes net capital gain distributions, if applicable. | |
| | (b) | Represents net shares purchased (sold). | |
Portfolio Abbreviations
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
AMT — Alternative Minimum Tax (subject to)
BAM — Build America Mutual Assurance Co.
COP — Certificates of Participation
EDA — Economic Development Authority
GO — General Obligation Bonds
HFA — Housing Finance Agency
LOC — Letter of Credit
M/F — Multi-Family
NPFGC — National Public Finance Guarantee Corp.
RB — Revenue Bonds
SBPA —Stand-by Bond Purchase Agreements
S/F — Single-Family
VRDN — Variable Rate Demand Notes
| | |
Schedule of Investments (unaudited) (continued) March 31, 2020 | | BlackRock Short-Term Municipal Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments. 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) |
| | • | | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments 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 investments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | |
Investments: | | | | | | | | | | | | | | | | |
Long-Term Investments (a) | | $ | — | | | $ | 487,131,145 | | | $ | — | | | $ | 487,131,145 | |
Short-Term Securities | | | 26,805 | | | | — | | | | — | | | | 26,805 | |
| | | | | | | | | | | | | | | | |
| | $ | 26,805 | | | $ | 487,131,145 | | | $ | — | | | $ | 487,157,950 | |
| | | | | | | | | | | | | | | | |
| | (a) | See above Schedule of Investments for values in each state or political subdivision. | |
