Schedule of Investments (unaudited) September 30, 2020 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
| Alabama — 2.6% | ||||||||
Bessemer Governmental Utility Services Corp., Refunding RB, (BAM), 5.00%, 06/01/21 | $ | 470 | $ | 483,964 | ||||
Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23 | 225 | 251,728 | ||||||
Black Belt Energy Gas District, RB | ||||||||
Series A, 5.00%, 12/01/20 | 730 | 735,044 | ||||||
Series A, 5.00%, 12/01/21 | 1,950 | 2,045,102 | ||||||
Series A, 4.00%, 07/01/46(a) | 325 | 331,646 | ||||||
Series A-1, 4.00%, 06/01/22 | 825 | 868,618 | ||||||
Lower Alabama Gas District, RB | ||||||||
4.00%, 12/01/22 | 640 | 684,358 | ||||||
4.00%, 12/01/23 | 375 | 412,474 | ||||||
Southeast Alabama Gas Supply District, RB | ||||||||
Series A, 4.00%, 06/01/22 | 1,760 | 1,853,861 | ||||||
Series A, 4.00%, 06/01/23 | 2,225 | 2,412,834 | ||||||
Series A, 4.00%, 06/01/49(a) | 6,720 | 7,448,515 | ||||||
State of Alabama Docks Department, Refunding RB, Series B, 5.00%, 10/01/20 | 1,750 | 1,750,210 | ||||||
|
| |||||||
| 19,278,354 | ||||||||
| Alaska — 0.4% | ||||||||
Alaska Municipal Bond Bank Authority, Refunding RB | ||||||||
5.00%, 12/01/22 | 750 | 816,008 | ||||||
5.00%, 12/01/23 | 2,000 | 2,254,460 | ||||||
|
| |||||||
| 3,070,468 | ||||||||
| Arizona — 1.8% | ||||||||
Arizona Health Facilities Authority, RB, Series B, 0.10%, 01/01/46(a) | 4,300 | 4,300,000 | ||||||
Arizona State University, Refunding RB, Series A, 0.09%, 07/01/34(a) | 1,300 | 1,300,000 | ||||||
Glendale Union High School District No.205, GO, Series C, 5.00%, 07/01/22 | 1,000 | 1,082,650 | ||||||
Industrial Development Authority of the County of Yavapai, RB, Series A, 0.15%, 09/01/35(a) | 5,000 | 5,000,000 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 09/01/21 | 770 | 802,894 | ||||||
Series A, 5.00%, 09/01/22 | 750 | 816,278 | ||||||
|
| |||||||
| 13,301,822 | ||||||||
| California — 1.3% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | ||||||||
4.00%, 06/01/23 | 530 | 580,981 | ||||||
Series A, 4.00%, 06/01/23 | 450 | 493,191 | ||||||
Series A, 5.00%, 06/01/24 | 600 | 698,232 | ||||||
California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/21 | 1,305 | 1,373,526 | ||||||
California Municipal Finance Authority, Refunding RB, 5.00%, 10/01/20 | 305 | 305,027 | ||||||
California Statewide Communities Development Authority, RB | ||||||||
Series A, 5.00%, 04/01/23 | 525 | 584,246 | ||||||
Series A, 5.00%, 04/01/24 | 485 | 559,932 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
City of Long Beach California Harbor Revenue, ARB, Series C, 4.00%, 07/15/21 | $ | 4,770 | $ | 4,907,185 | ||||
Palmdale Financing Authority, Refunding RB, (AGM), 4.00%, 11/01/20 | 340 | 341,027 | ||||||
|
| |||||||
| 9,843,347 | ||||||||
| Colorado — 0.1% | ||||||||
Adams & Arapahoe Joint School District 28J Aurora, Refunding GO, Series A, 5.00%, 12/01/20 | 355 | 357,716 | ||||||
|
| |||||||
| Connecticut — 6.8% | ||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series I-1, 5.00%, 07/01/21 | 700 | 723,793 | ||||||
Series S, 5.00%, 07/01/21 | 1,030 | 1,064,464 | ||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 5.00%, 09/01/21 | 1,500 | 1,565,625 | ||||||
Series A, 5.00%, 08/01/22 | 900 | 978,111 | ||||||
Series A, 5.00%, 10/01/22 | 340 | 372,140 | ||||||
Series A, 5.00%, 05/01/23 | 475 | 532,580 | ||||||
Series A, 5.00%, 05/01/24 | 865 | 1,007,128 | ||||||
Series B, 5.00%, 10/01/22 | 3,400 | 3,721,368 | ||||||
Series B, 5.00%, 10/01/23 | 225 | 256,502 | ||||||
State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23 | 190 | 215,179 | ||||||
State of Connecticut, GO | ||||||||
Series A, 5.00%, 04/15/21 | 11,000 | 11,277,420 | ||||||
Series A, 5.00%, 10/15/22 | 1,000 | 1,094,450 | ||||||
Series A, 5.00%, 03/15/23 | 695 | 773,667 | ||||||
Series B, 5.00%, 04/15/21 | 685 | 702,276 | ||||||
Series C, 5.00%, 07/15/22 | 1,000 | 1,083,060 | ||||||
Series C, 3.00%, 06/01/23 | 650 | 695,272 | ||||||
Series C, 4.00%, 06/01/23 | 325 | 356,242 | ||||||
Series C, 3.00%, 06/01/24 | 1,065 | 1,163,023 | ||||||
Series C, 4.00%, 06/01/24 | 550 | 620,582 | ||||||
Series D, 5.00%, 06/15/21 | 300 | 309,903 | ||||||
Series D, 5.00%, 08/15/21 | 400 | 416,320 | ||||||
Series E, 4.00%, 09/15/21 | 770 | 797,081 | ||||||
State of Connecticut, Refunding GO | ||||||||
Series B, 5.00%, 04/15/21 | 950 | 973,959 | ||||||
Series B, 5.00%, 05/15/21 | 2,000 | 2,058,240 | ||||||
Series B, 5.00%, 05/15/22 | 4,955 | 5,328,805 | ||||||
Series B, 5.00%, 01/15/24 | 750 | 861,997 | ||||||
Series C, 5.00%, 06/01/22 | 600 | 646,482 | ||||||
Series C, 5.00%, 12/15/22 | 1,300 | 1,432,548 | ||||||
Series G, 5.00%, 11/01/20 | 1,000 | 1,003,820 | ||||||
University of Connecticut, RB | ||||||||
Series A, 5.00%, 01/15/22 | 525 | 555,009 | ||||||
Series A, 5.00%, 03/15/22 | 1,550 | 1,649,804 | ||||||
Series A, 5.00%, 04/15/22 | 4,000 | 4,271,920 | ||||||
Series A, 5.00%, 04/15/24 | 650 | 746,856 | ||||||
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22 | 720 | 763,762 | ||||||
|
| |||||||
| 50,019,388 | ||||||||
| District of Columbia — 0.3% | ||||||||
District of Columbia, RB, 0.16%, 04/01/38(a) | 1,535 | 1,535,000 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 1 |
Schedule of Investments (unaudited) (continued) September 30, 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 | ||||||||
5.00%, 10/01/21 | $ | 250 | $ | 260,972 | ||||
5.00%, 10/01/22 | 325 | 353,168 | ||||||
|
| |||||||
| 2,149,140 | ||||||||
| Florida — 2.8% | ||||||||
Alachua County Health Facilities Authority, Refunding RB, 5.00%, 12/01/22 | 515 | 565,104 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/22 | 1,550 | 1,678,790 | ||||||
City Of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/21 | 2,500 | 2,597,175 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB | ||||||||
Sereis A-1, 5.00%, 10/01/22 | 325 | 349,401 | ||||||
Sereis A-1, 5.00%, 10/01/23 | 400 | 444,476 | ||||||
County of Palm Beach Florida, RB, 0.10%, 07/01/32(a) | 2,070 | 2,070,000 | ||||||
Monroe County School District, RB, (AGM), 5.00%, 10/01/20 | 500 | 500,060 | ||||||
Orange County Health Facilities Authority, Refunding RB, 0.13%, 07/01/27(a) | 1,470 | 1,470,000 | ||||||
Orlando Utilities Commission, Refunding RB, Series A, 5.00%, 10/01/27(a) | 5,000 | 5,000,000 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23 | 500 | 562,380 | ||||||
Pasco County School Board, RB, 5.00%, 10/01/22 | 1,525 | 1,641,464 | ||||||
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 11/01/22 | 2,085 | 2,279,134 | ||||||
Tolomato Community Development District, Refunding SAB | ||||||||
Series A-1, (AGM), 2.00%, 05/01/21 | 585 | 589,066 | ||||||
Series A-1, (AGM), 2.00%, 05/01/22 | 605 | 616,217 | ||||||
|
| |||||||
| 20,363,267 | ||||||||
| Georgia — 7.5% | ||||||||
Atlanta Urban Residential Finance Authority, RB, M/F Housing, 1.36%, 12/01/22(a) | 594 | 599,910 | ||||||
Bartow County Development Authority, Refunding RB, 1.55%, 08/01/43(a) | 1,730 | 1,751,002 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/24(b) | 1,470 | 1,719,973 | ||||||
City of Atlanta Georgia, Refunding TA | ||||||||
5.00%, 12/01/20 | 2,000 | 2,013,640 | ||||||
5.00%, 12/01/21 | 1,150 | 1,205,349 | ||||||
Cobb County Kennestone Hospital Authority, Refunding RB, 5.00%, 04/01/21 | 200 | 204,382 | ||||||
Development Authority for Fulton County, RB, Series A, 5.00%, 04/01/21 | 125 | 127,739 | ||||||
Development Authority of Burke County, Refunding RB, 1.55%, 12/01/49(a) | 3,245 | 3,284,135 | ||||||
Development Authority of Monroe County, RB, 0.16%, 06/01/49(a) | 2,900 | 2,900,000 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/22 | 1,145 | 1,211,857 | ||||||
Series A, 4.00%, 04/01/48(a) | 30,500 | 33,410,920 | ||||||
Series C, 5.00%, 09/01/22 | 500 | 534,355 | ||||||
Series C, 5.00%, 09/01/23 | 1,000 | 1,103,270 | ||||||
Sub-Series C, 4.00%, 08/01/48(a) | 2,200 | 2,425,258 | ||||||
| Security | Par (000) | Value | ||||||
| Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, RB, Series B, 0.09%, 01/01/48(a) | $ | 800 | $ | 800,000 | ||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Series A, 5.00%, 01/01/22 | 675 | 713,455 | ||||||
Series A, 5.00%, 01/01/23 | 900 | 991,224 | ||||||
|
| |||||||
| 54,996,469 | ||||||||
| Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB, Series A-1, 2.95%, 07/01/23 | 1,000 | 1,054,020 | ||||||
|
| |||||||
| Illinois — 1.3% | ||||||||
Chicago Housing Authority, RB, M/F Housing, Series A, 5.00%, 01/01/22 | 1,400 | 1,478,400 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24(b) | 500 | 573,545 | ||||||
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/21 | 2,000 | 2,063,080 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
5.00%, 03/01/21 | 265 | 270,001 | ||||||
5.00%, 08/15/21 | 1,000 | 1,040,960 | ||||||
5.00%, 08/15/22 | 750 | 815,437 | ||||||
5.00%, 08/15/23 | 1,000 | 1,132,520 | ||||||
Series C2B, 0.13%, 11/01/38(a) | 1,000 | 1,000,000 | ||||||
Regional Transportation Authority, RB, Series A, (NPFGC), 6.70%, 11/01/21 | 785 | 813,441 | ||||||
|
| |||||||
| 9,187,384 | ||||||||
| Indiana — 1.5% | ||||||||
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Refunding RB, Series A, 2nd Lien, 5.00%, 08/15/23 | 2,000 | 2,271,300 | ||||||
City of Rockport Indiana, Refunding RB, Series A, 1.35%, 07/01/25(a) | 2,250 | 2,283,840 | ||||||
Indiana Finance Authority, RB, 3.00%, 02/01/23 | 225 | 234,956 | ||||||
Indiana Finance Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/01/23(c) | 1,400 | 1,572,522 | ||||||
Series D, 0.10%, 03/01/33(a) | 4,000 | 4,000,000 | ||||||
Lawrence Township School Building Corp., RB, 4.00%, 01/15/24 | 550 | 614,790 | ||||||
Southwest Allen Multi School Building Corp., RB, 4.00%, 07/15/24(b) | 325 | 369,629 | ||||||
|
| |||||||
| 11,347,037 | ||||||||
| Iowa — 3.3% | ||||||||
Iowa Finance Authority, RB, 0.30%, 04/01/22(a) | 22,500 | 22,500,000 | ||||||
Iowa Student Loan Liquidity Corp, Refunding RB | ||||||||
Series A, AMT, 5.00%, 12/01/20 | 650 | 653,270 | ||||||
Series A, AMT, 5.00%, 12/01/21 | 750 | 776,587 | ||||||
|
| |||||||
| 23,929,857 | ||||||||
| Kansas — 3.8% | ||||||||
City of Burlington Kansas, Refunding RB(a) | ||||||||
Series A, 0.24%, 09/01/35 | 18,000 | 18,000,000 | ||||||
Series B, 0.24%, 09/01/35 | 6,000 | 6,000,000 | ||||||
City of Dodge City Kansas, GO | ||||||||
Series 2019-A, (BAM), 4.00%, 09/01/22 | 280 | 299,774 | ||||||
Series 2019-A, (BAM), 4.00%, 09/01/23 | 1,080 | 1,195,430 | ||||||
| 2 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Kansas (continued) | ||||||||
City of Goddard, GO, Series 2019-1, 3.00%, 12/01/22 | $ | 1,465 | $ | 1,510,664 | ||||
Johnson County Unified School District No.233 Olathe, Refunding GO, Series B, 3.00%, 09/01/21 | 500 | 512,905 | ||||||
|
| |||||||
| 27,518,773 | ||||||||
| Kentucky — 2.3% | ||||||||
City of Owensboro KY Electric Light & Power System Revenue, Refunding RB | ||||||||
Series B, 5.00%, 01/01/22 | 2,700 | 2,847,312 | ||||||
Series B, 4.00%, 01/01/23 | 1,750 | 1,881,110 | ||||||
Kentucky Asset Liability Commission, RB, Series A, 5.00%, 09/01/21 | 2,000 | 2,074,800 | ||||||
Kentucky Public Energy Authority, RB | ||||||||
Series A, 4.00%, 04/01/21 | 775 | 787,292 | ||||||
Series A-1, 4.00%, 12/01/22 | 1,000 | 1,067,640 | ||||||
Series C, 4.00%, 08/01/22 | 400 | 422,980 | ||||||
Series C, 4.00%, 08/01/23 | 500 | 543,910 | ||||||
Series C-1, 4.00%, 12/01/21 | 1,500 | 1,555,260 | ||||||
Series C-1, 4.00%, 06/01/22 | 1,750 | 1,841,577 | ||||||
Series C-1, 4.00%, 12/01/22 | 2,500 | 2,669,100 | ||||||
Kentucky State Property & Building Commission, RB, Series A, 5.00%, 11/01/23 | 1,000 | 1,129,570 | ||||||
|
| |||||||
| 16,820,551 | ||||||||
| Louisiana — 3.9% | ||||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB | ||||||||
(AGM), 5.00%, 08/01/23 | 600 | 676,854 | ||||||
(AGM), 5.00%, 08/01/24 | 500 | 584,575 | ||||||
East Baton Rouge Parish Industrial Development Board, Inc., RB, Series B, 0.13%, 12/01/40(a) | 15,000 | 15,000,000 | ||||||
Greater Ouachita Water Co., Refunding RB | ||||||||
(BAM), 5.00%, 09/01/22 | 500 | 540,915 | ||||||
(BAM), 3.00%, 09/01/23 | 500 | 532,945 | ||||||
Parish of St John the Baptist, Refunding RB, 2.00%, 06/01/37(a) | 10,315 | 10,343,469 | ||||||
St Tammany Parish Wide School District No.12, GO, Series A, 4.00%, 03/01/21 | 300 | 304,428 | ||||||
West Baton Rouge Parish School District No.3, GO | ||||||||
(AGM), 3.00%, 03/01/21 | 300 | 303,198 | ||||||
(AGM), 5.00%, 03/01/21 | 225 | 229,257 | ||||||
|
| |||||||
| 28,515,641 | ||||||||
| Maryland — 0.3% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series B, 5.00%, 04/15/22 | 700 | 747,558 | ||||||
Series B, 5.00%, 04/15/23 | 675 | 749,614 | ||||||
Series B, 5.00%, 04/15/24 | 700 | 805,294 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/21 | 235 | 242,981 | ||||||
|
| |||||||
| 2,545,447 | ||||||||
| Massachusetts — 1.7% | ||||||||
City of Worcester, 2.00%, 02/16/21 | 5,500 | 5,536,281 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
5.00%, 07/01/21 | 3,485 | 3,606,870 | ||||||
Series A, 5.00%, 07/01/22 | 525 | 560,348 | ||||||
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Refunding RB (continued) | ||||||||
Series B-1, 5.00%, 10/15/20(c) | $ | 765 | $ | 766,339 | ||||
Town of Truro, Refunding, 2.00%, 06/11/21 | 2,000 | 2,022,960 | ||||||
|
| |||||||
| 12,492,798 | ||||||||
| Michigan — 1.6% | ||||||||
Central Michigan University, Refunding RB, Series A, 0.12%, 10/01/32(a) | 5,000 | 5,000,000 | ||||||
City of Battle Creek Michigan, Refunding GO, 5.00%, 05/01/21 | 565 | 580,227 | ||||||
Grand Valley State University, Refunding RB, 5.00%, 12/01/20 | 630 | 634,788 | ||||||
Karegnondi Water Authority, Refunding RB, 5.00%, 11/01/21 | 450 | 472,405 | ||||||
Michigan State Hospital Finance Authority, Refunding RB | ||||||||
Series C, 5.00%, 12/01/20 | 1,000 | 1,007,720 | ||||||
Series C, 5.00%, 12/01/21 | 1,000 | 1,054,470 | ||||||
Michigan State Housing Development Authority, Refunding RB, Series D, 0.20%, 06/01/30(a) | 2,805 | 2,805,000 | ||||||
Wayne-Westland Community Schools, GO | ||||||||
(Q-SBLF), 4.00%, 05/01/22 | 150 | 158,454 | ||||||
(Q-SBLF), 5.00%, 11/01/22 | 290 | 317,405 | ||||||
|
| |||||||
| 12,030,469 | ||||||||
| Minnesota(a) — 0.3% | ||||||||
City of Minneapolis Minnesota, Refunding RB, 0.10%, 09/01/26 | 685 | 685,000 | ||||||
City of Rochester Minnesota, Refunding RB, Series A, 0.07%, 11/15/38 | 1,630 | 1,630,000 | ||||||
|
| |||||||
| 2,315,000 | ||||||||
| Mississippi — 0.2% | ||||||||
Mississippi Development Bank, RB | ||||||||
3.00%, 11/01/20 | 460 | 460,952 | ||||||
5.00%, 11/01/21 | 500 | 524,495 | ||||||
State of Mississippi, RB, Series A, 5.00%, 10/15/22 | 500 | 540,840 | ||||||
|
| |||||||
| 1,526,287 | ||||||||
| Missouri — 0.1% | ||||||||
City of St Charles, Refunding COP, Series B, 4.00%, 02/01/24 | 140 | 155,597 | ||||||
City of Washington, Refunding COP, 5.00%, 03/01/23 | 370 | 409,886 | ||||||
|
| |||||||
| 565,483 | ||||||||
| Nebraska — 1.2% | ||||||||
Central Plains Energy Project, RB, 5.00%, 03/01/50(a) | 4,000 | 4,535,160 | ||||||
Central Plains Energy Project, Refunding RB | ||||||||
4.00%, 02/01/22 | 485 | 507,397 | ||||||
4.00%, 08/01/22 | 1,500 | 1,594,920 | ||||||
4.00%, 02/01/23 | 1,055 | 1,139,632 | ||||||
4.00%, 08/01/23 | 875 | 959,893 | ||||||
Douglas County Hospital Authority No.2, Refunding RB | ||||||||
5.00%, 11/15/22 | 135 | 147,822 | ||||||
5.00%, 11/15/23 | 110 | 125,124 | ||||||
|
| |||||||
| 9,009,948 | ||||||||
| Nevada — 0.4% | ||||||||
Clark County School District, Refunding GO, Series C, 5.00%, 06/15/21 | 2,500 | 2,576,100 | ||||||
|
| |||||||
| S C H E D U L E O F I N V E S T M E N T S | 3 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Hampshire — 0.3% | ||||||||
New Hampshire State Turnpike System, Refunding RB, Series B, 5.00%, 02/01/24 | $ | 1,775 | $ | 1,891,405 | ||||
|
| |||||||
| New Jersey — 19.6% | ||||||||
Belleville Board of Education, GO, (BAM), 3.00%, 09/01/21 | 1,245 | 1,272,938 | ||||||
Borough of Mountain Lakes NJ, 1.25%, 09/30/21 | 4,760 | 4,799,916 | ||||||
Borough of Tinton Falls, Refunding, 2.00%, 10/29/20 | 2,800 | 2,803,192 | ||||||
City of Hermiston OR, GO, 4.00%, 06/01/24 | 345 | 388,687 | ||||||
City of Jersey City NJ, Refunding, Series C, 2.00%, 06/17/21 | 10,345 | 10,474,209 | ||||||
Garden State Preservation Trust, Refunding RB | ||||||||
Series A, 5.00%, 11/01/20 | 715 | 716,637 | ||||||
Series A, 5.00%, 11/01/21 | 2,195 | 2,262,013 | ||||||
Gloucester County Improvement Authority, Refunding RB, Series A, 5.00%, 11/01/20 | 520 | 521,773 | ||||||
New Jersey Building Authority, Refunding RB | ||||||||
Series A, 5.00%, 06/15/21 | 2,325 | 2,390,100 | ||||||
Series A, 5.00%, 06/15/22 | 3,005 | 3,204,322 | ||||||
New Jersey Economic Development Authority, RB, Series DDD, 5.00%, 06/15/21 | 3,000 | 3,084,000 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
5.00%, 03/01/21 | 400 | 406,636 | ||||||
5.00%, 03/01/21(d) | 155 | 158,092 | ||||||
5.00%, 06/15/21 | 2,500 | 2,559,075 | ||||||
5.50%, 09/01/21 | 2,395 | 2,439,667 | ||||||
Series A, 1.00%, 06/01/23 | 1,350 | 1,370,169 | ||||||
Series B, 5.00%, 11/01/23 | 1,010 | 1,124,635 | ||||||
Series BBB, 5.00%, 06/15/21 | 945 | 971,460 | ||||||
Series II, 5.00%, 03/01/22 | 1,310 | 1,382,639 | ||||||
Series K, (AMBAC), 5.25%, 12/15/20 | 700 | 706,055 | ||||||
Series NN, 5.00%, 03/01/22 | 4,505 | 4,754,802 | ||||||
Series NN, 5.00%, 03/01/23 | 3,945 | 4,287,347 | ||||||
Series XX, 5.00%, 06/15/21 | 6,390 | 6,568,920 | ||||||
Series XX, 5.00%, 06/15/23 | 7,520 | 8,283,130 | ||||||
Series XX, 5.00%, 06/15/24 | 2,990 | 3,379,986 | ||||||
New Jersey Educational Facilities Authority, RB | ||||||||
5.00%, 06/15/22 | 2,000 | 2,132,660 | ||||||
5.00%, 06/01/24 | 280 | 316,240 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, Series B, 5.00%, 07/01/21 | 890 | 918,168 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 5.00%, 07/01/21 | 100 | 103,283 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 10/01/20 | 600 | 600,048 | ||||||
5.00%, 10/01/21 | 2,500 | 2,575,925 | ||||||
Series A, 5.00%, 07/01/23 | 1,015 | 1,139,419 | ||||||
New Jersey Sports & Exposition Authority, Refunding RB, Series A, 5.00%, 09/01/21 | 1,235 | 1,277,311 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
5.00%, 06/15/21 | 1,320 | 1,355,891 | ||||||
5.00%, 06/15/23 | 1,500 | 1,648,875 | ||||||
Series A, (AMBAC), 5.25%, 12/15/22 | 650 | 708,442 | ||||||
Series AA, 5.00%, 06/15/22 | 500 | 533,165 | ||||||
Series AA, 5.00%, 06/15/23 | 175 | 192,759 | ||||||
Series B, 5.00%, 06/15/21 | 3,235 | 3,325,580 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB Series A, 5.50%, 12/15/21 | 5,845 | 6,156,831 | ||||||
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, Refunding RB (continued) | ||||||||
Series A, (NPFGC), 5.50%, 12/15/21 | $ | 305 | $ | 321,272 | ||||
Series A, 5.50%, 12/15/22 | 1,155 | 1,265,118 | ||||||
Series A, 5.00%, 06/15/24 | 545 | 615,000 | ||||||
Series B, (NPFGC), 5.50%, 12/15/21 | 1,000 | 1,053,350 | ||||||
Series B, (AMBAC), 5.25%, 12/15/23 | 1,130 | 1,271,035 | ||||||
Series D, 5.00%, 12/15/23 | 275 | 307,172 | ||||||
South Orange & Maplewood School District, GO, 2.00%, 08/15/23 | 1,075 | 1,121,494 | ||||||
State of New Jersey, GO, 5.00%, 06/01/21 | 650 | 667,550 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/21 | 2,000 | 2,058,280 | ||||||
Township of Cranford New Jersey, Refunding, 1.50%, 06/25/21 | 7,900 | 7,958,460 | ||||||
Township of Maplewood NJ, Refunding, 1.50%, 07/30/21 | 12,869 | 12,974,482 | ||||||
Township of Teaneck, 1.50%, 06/25/21 | 7,950 | 8,009,466 | ||||||
Township of West Orange, Refunding, 1.50%, 07/30/21 | 7,307 | 7,383,644 | ||||||
Township of Woolwich, Series A, 1.50%, 06/03/21 | 5,300 | 5,328,196 | ||||||
|
| |||||||
| 143,629,516 | ||||||||
| New Mexico — 0.4% | ||||||||
Albuquerque Municipal School District No.12, GO, 5.00%, 08/01/21 | 1,675 | 1,741,866 | ||||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | 1,200 | 1,308,684 | ||||||
|
| |||||||
| 3,050,550 | ||||||||
| NewYork — 12.4% | ||||||||
Arlington Central School District, GO, 1.50%, 06/29/21 | 7,900 | 7,966,044 | ||||||
Carmel Central School District, Refunding, 1.50%, 06/17/21 | 8,500 | 8,567,745 | ||||||
City of New York, Refunding GO, Sub-Series J-1, 0.14%, 08/01/24(a) | 11,200 | 11,200,000 | ||||||
County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23 | 775 | 842,154 | ||||||
County of Nassau New York, GO, Series C, 5.00%, 10/01/21 | 4,500 | 4,704,660 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series D-3, 0.13%, 02/01/44(a) | 1,900 | 1,900,000 | ||||||
New York City Water & Sewer System, Refunding RB, Series AA-2, 0.13%, 06/15/50(a) | 24,000 | 24,000,000 | ||||||
New York State Dormitory Authority, RB, Series B, Subordinate, 5.00%, 03/31/21 | 8,300 | 8,497,291 | ||||||
New York State Housing Finance Agency, RB, Series P, 1.55%, 11/01/23 | 5,295 | 5,328,517 | ||||||
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/24 | 3,000 | 3,473,370 | ||||||
Plainview Old Bethpage Central School District, 2.00%, 06/25/21 | 5,200 | 5,256,316 | ||||||
Queensbury Union Free School District, Refunding, Series B, 1.50%, 07/29/21 | 1,132 | 1,142,571 | ||||||
South Colonie Central School District, 1.50%, 07/09/21 | 2,300 | 2,317,641 | ||||||
Warwick Valley Central School District, Refunding, Series A, 1.25%, 06/30/21 | 5,591 | 5,622,321 | ||||||
|
| |||||||
| 90,818,630 | ||||||||
| Ohio — 3.0% | ||||||||
City of Berea Ohio, Refunding GO, 2.00%, 03/11/21 | 2,500 | 2,516,875 | ||||||
City of Cleveland Ohio Airport System Revenue, Refunding ARB, Series A, (AGM), 5.00%, 01/01/21 | 2,000 | 2,020,000 | ||||||
City of Cleveland Ohio Airport System Revenue, Refunding RB, Series A, (AMBAC), 5.25%, 01/01/21 | 7,000 | 7,080,780 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Ohio (continued) | ||||||||
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 | $ | 350 | $ | 375,151 | ||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB | ||||||||
5.00%, 12/01/21 | 600 | 632,514 | ||||||
5.00%, 12/01/22 | 800 | 879,632 | ||||||
5.00%, 12/01/23 | 1,100 | 1,257,608 | ||||||
Series A, 5.00%, 08/01/21 | 1,840 | 1,911,410 | ||||||
Series A, 5.00%, 08/01/23 | 300 | 338,730 | ||||||
County of Butler Ohio, Refunding RB, 5.00%, 11/15/21 | 750 | 787,943 | ||||||
Lancaster Port Authority, Refunding RB | ||||||||
Series A, 5.00%, 08/01/22 | 235 | 254,338 | ||||||
Series A, 5.00%, 02/01/23 | 250 | 276,100 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series A, 0.12%, 12/01/36(a) | 4,000 | 4,000,000 | ||||||
|
| |||||||
| 22,331,081 | ||||||||
| Pennsylvania — 8.7% | ||||||||
Allegheny County Hospital Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 04/01/23 | 2,000 | 2,211,900 | ||||||
Series A, 5.00%, 04/01/24 | 2,400 | 2,747,064 | ||||||
Avon Grove School District Chester County, GO, 4.00%, 11/15/22 | 425 | 457,695 | ||||||
Boyertown Area School District, Refunding GO | ||||||||
(BAM), 4.00%, 11/01/21 | 910 | 946,118 | ||||||
4.00%, 09/01/22 | 225 | 239,954 | ||||||
Centre County Hospital Authority, Refunding RB, Series A, 5.00%, 11/15/21 | 400 | 420,288 | ||||||
City of Philadelphia PAWater & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | 1,000 | 1,095,430 | ||||||
City of Philadelphia, Refunding GO, Series A, 5.00%, 08/01/22 | 1,660 | 1,795,921 | ||||||
City of Williamsport PA, Refunding GO, (AGM), 5.00%, 07/01/21 | 365 | 377,333 | ||||||
Commonwealth Financing Authority, RB, 5.00%, 06/01/22 | 1,000 | 1,075,210 | ||||||
Commonwealth of Pennsylvania, GO | ||||||||
1st Series, 5.00%, 06/01/22 | 5,000 | 5,396,300 | ||||||
1st Series, 5.00%, 03/15/24 | 1,585 | 1,839,995 | ||||||
Commonwealth of Pennsylvania, Refunding GO | ||||||||
1st Series, 5.00%, 07/01/21 | 1,700 | 1,760,911 | ||||||
1st Series, 5.00%, 08/15/23 | 1,000 | 1,135,400 | ||||||
2nd Series, 5.00%, 01/15/22 | 1,000 | 1,061,440 | ||||||
County of Lehigh , Refunding RB, 5.00%, 07/01/22 | 1,385 | 1,494,332 | ||||||
County of Lehigh, Refunding RB, 5.00%, 07/01/23 | 700 | 785,617 | ||||||
DuBois Area School District, Refunding GO | ||||||||
Series B, (BAM), 4.00%, 11/01/22 | 225 | 241,213 | ||||||
Series B, (BAM), 4.00%, 11/01/23 | 325 | 359,411 | ||||||
East Penn School District, Refunding GO, 4.00%, 08/01/21 | 1,030 | 1,061,333 | ||||||
Easton Area School District, Refunding GO, Series A, 4.00%, 04/01/23 | 375 | 408,949 | ||||||
Geisinger Authority, Refunding RB, 5.00%, 04/01/22 | 4,000 | 4,268,240 | ||||||
Muhlenberg School District, Refunding GO | ||||||||
4.00%, 05/15/23 | 525 | 574,628 | ||||||
4.00%, 05/15/24 | 200 | 225,612 | ||||||
Palmyra Area School District, Refunding GO | ||||||||
4.00%, 04/01/22 | 915 | 965,856 | ||||||
4.00%, 04/01/23 | 590 | 644,121 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A, 2.15%, 11/01/21 | 1,500 | 1,525,365 | ||||||
Series A-1, 5.00%, 04/15/22 | 545 | 582,736 | ||||||
| Security | Par (000) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Economic Development Financing Authority, RB (continued) | ||||||||
Series A-1, 5.00%, 04/15/24 | $ | 575 | $ | 663,119 | ||||
Pennsylvania Economic Development Financing Authority, Refunding RB, 0.40%, 10/01/23(b) | 10,000 | 10,002,600 | ||||||
Pennsylvania Housing Finance Agency, RB, Series 133, 5.00%, 10/01/23 | 400 | 452,704 | ||||||
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | 230 | 248,204 | ||||||
Philadelphia Gas Works Co., Refunding RB, 5.00%, 08/01/21 | 2,000 | 2,075,340 | ||||||
Pottstown School District, Refunding GO, (BAM), 4.00%, 06/01/23 | 385 | 420,405 | ||||||
Public Parking Authority Of Pittsburgh, Refunding RB, Series A, 5.00%, 12/01/22 | 1,010 | 1,098,718 | ||||||
School District of Philadelphia, GO | ||||||||
Series A, 5.00%, 09/01/22 | 1,150 | 1,246,117 | ||||||
Series A, 5.00%, 09/01/23 | 1,250 | 1,407,337 | ||||||
School District of Philadelphia, RB, Series A, 4.00%, 06/30/21 | 7,025 | 7,219,030 | ||||||
Southeastern Pennsylvania Transportation Authority, RB | ||||||||
5.00%, 06/01/23 | 1,000 | 1,121,960 | ||||||
5.00%, 06/01/24 | 900 | 1,046,619 | ||||||
Wilson Area School District, Refunding GO | ||||||||
4.00%, 03/15/22 | 285 | 300,376 | ||||||
4.00%, 03/15/23 | 900 | 981,126 | ||||||
|
| |||||||
| 63,982,027 | ||||||||
| Puerto Rico — 0.7% | ||||||||
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23(b) | 4,500 | 5,102,865 | ||||||
|
| |||||||
| Rhode Island — 0.1% | ||||||||
Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23 | 800 | 893,328 | ||||||
|
| |||||||
| South Carolina — 0.5% | ||||||||
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 | 1,640 | 1,859,055 | ||||||
Lexington County Health Services District, Inc., Refunding RB | ||||||||
5.00%, 11/01/20 | 500 | 501,835 | ||||||
5.00%, 11/01/21 | 250 | 262,230 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 0.13%, 12/01/38(a) | 1,010 | 1,010,000 | ||||||
|
| |||||||
| 3,633,120 | ||||||||
| Tennessee — 0.1% | ||||||||
Jackson Energy Authority, Refunding RB, 5.00%, 12/01/20 | 1,000 | 1,007,810 | ||||||
|
| |||||||
| Texas — 6.4% | ||||||||
City of Houston Texas, Refunding GO, Series A, 5.00%, 03/01/21 | 3,500 | 3,568,285 | ||||||
Dallas Fort Worth International Airport, Refunding RB | ||||||||
5.00%, 11/01/23 | 1,500 | 1,712,790 | ||||||
Series A, 5.00%, 11/01/23 | 1,250 | 1,427,338 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
5.00%, 11/15/20 | 800 | 804,536 | ||||||
5.00%, 11/15/21 | 725 | 763,316 | ||||||
Port of Arthur Navigation District Industrial Development Corp., RB(a) | ||||||||
0.18%, 06/01/41 | 8,000 | 8,000,000 | ||||||
0.18%, 03/01/42 | 3,000 | 3,000,000 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 5 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
State of Texas, GO(a) | ||||||||
Series A, 0.14%, 06/01/41 | $ | 3,470 | $ | 3,470,000 | ||||
Series A, 0.14%, 06/01/43 | 3,690 | 3,690,000 | ||||||
Series A, 0.14%, 06/01/45 | 4,520 | 4,520,000 | ||||||
Series B, 0.14%, 12/01/42 | 6,055 | 6,055,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 07/01/22 | 1,815 | 1,957,332 | ||||||
Texas A&M University, Refunding RB, Series E, 5.00%, 05/15/21 | 1,200 | 1,235,928 | ||||||
Texas Transportation Commission State Highway Fund, RB, Series B-1, 0.12%, 04/01/32(a) | 7,000 | 7,000,000 | ||||||
|
| |||||||
| 47,204,525 | ||||||||
| Utah — 0.5% | ||||||||
Central Utah Water Conservancy District, Refunding RB | ||||||||
Series B, 5.00%, 10/01/20 | 1,850 | 1,850,241 | ||||||
Series B, 5.00%, 10/01/21 | 1,875 | 1,966,125 | ||||||
|
| |||||||
| 3,816,366 | ||||||||
| Virginia — 0.1% | ||||||||
Lynchburg Economic Development Authority, Refunding RB, Series A, 5.00%, 01/01/21 | 500 | 504,900 | ||||||
|
| |||||||
| Washington — 3.1% | ||||||||
County of King, Refunding GO, Series A, 0.13%, 01/01/46(a). | 15,000 | 15,000,000 | ||||||
King County Housing Authority, Refunding RB | ||||||||
3.00%, 06/01/23 | 200 | 211,750 | ||||||
3.00%, 06/01/24 | 225 | 242,235 | ||||||
Seattle Housing Authority, RB, Series A, 3.00%, 06/01/23 | 3,000 | 3,166,020 | ||||||
State of Washington, RB, Series F, 5.00%, 09/01/22 | 460 | 501,906 | ||||||
Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22 | 2,500 | 2,694,825 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/21 | 625 | 650,762 | ||||||
|
| |||||||
| 22,467,498 | ||||||||
| Wisconsin — 0.8% | ||||||||
Public Finance Authority, Refunding RB 5.00%, 11/15/20 | 425 | 425,965 | ||||||
| Security | Par (000) | Value | ||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Refunding RB (continued) | ||||||||
5.00%, 01/01/23 | $ | 300 | $ | 327,687 | ||||
5.00%, 06/01/23(b) | 195 | 218,244 | ||||||
5.00%, 01/01/24 | 300 | 339,138 | ||||||
5.00%, 06/01/24(b) | 200 | 231,940 | ||||||
University of Wisconsin Hospitals & Clinics, Refunding RB, Series B, 0.13%, 04/01/48(a) | 3,900 | 3,900,000 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 11/15/21 | 350 | 364,098 | ||||||
|
| |||||||
| 5,807,072 | ||||||||
|
| |||||||
Total Long-Term Investments — 102.3% | 750,955,459 | |||||||
|
| |||||||
| Shares | ||||||||
Short-Term Securities | ||||||||
| Money Market Funds — 0.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(e)(f) | 90,259 | 90,278 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% | 90,278 | |||||||
|
| |||||||
Total Investments — 102.3% | 751,045,737 | |||||||
Liabilities in Excess of Other Assets — (2.3)% | (16,815,376 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 734,230,361 | ||||||
|
| |||||||
| (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) | When-issued security. |
| (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) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (e) | Affiliate of the Fund. |
| (f) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 06/30/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/20 | Shares Held at 09/30/20 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 29,737,268 | $ | — | $ | (29,646,990) | (a) | $ | (1,473) | $ | 1,473 | $ | 90,278 | 90,259 | $ | 2,257 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| 6 |
Schedule of Investments (unaudited) (continued) September 30, 2020 | BlackRock Short-Term Municipal Fund |
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) |
| • | 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 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 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 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 investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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 | $ | — | $ | 750,955,459 | $ | — | $ | 750,955,459 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 90,278 | — | — | 90,278 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 90,278 | $ | 750,955,459 | $ | — | $ | 751,045,737 | |||||||||
|
|
|
|
|
|
|
| |||||||||
| 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. | |
| COP | Certificates of Participation | |
| GO | General Obligation Bonds | |
| M/F | Multi-Family | |
| NPFGC | National Public Finance Guarantee Corp. | |
| Q-SBLF | Qualified School Bond Loan Fund | |
| RB | Revenue Bond | |
| SAB | Special Assessment Bonds | |
| TA | Tax Allocation | |
| S C H E D U L E O F I N V E S T M E N T S | 7 |