Schedule of Investments (unaudited) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Municipal Bonds | ||||||||
Alabama — 1.6% | ||||||||
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48 | $ | 945 | $ | 968,833 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 365 | 405,734 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 2,355 | 2,762,580 | ||||||
Series D, Sub-Lien, 6.50%, 10/01/53 | 3,465 | 4,014,202 | ||||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) | 7,155 | 8,888,943 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 4.50%, 05/01/32 | 1,250 | 1,380,575 | ||||||
Series A, 5.25%, 05/01/44 | 7,330 | 8,329,959 | ||||||
|
| |||||||
| 26,750,826 | ||||||||
| Arizona — 2.8% | ||||||||
Arizona Industrial Development Authority, | ||||||||
5.00%, 07/01/45 | 1,135 | 1,211,908 | ||||||
7.10%, 01/01/55 | 4,760 | 4,698,263 | ||||||
5.00%, 07/01/55 | 1,215 | 1,274,523 | ||||||
Series A, 5.00%, 07/01/39 | 1,270 | 1,335,202 | ||||||
Series A, 5.00%, 12/15/39 | 150 | 168,773 | ||||||
Series A, 5.00%, 07/01/49 | 2,790 | 2,893,425 | ||||||
Series A, 5.00%, 07/15/49 | 675 | 740,731 | ||||||
Series A, 5.00%, 12/15/49 | 345 | 380,145 | ||||||
Series A, 5.00%, 07/01/54 | 1,110 | 1,146,641 | ||||||
Series B, 5.13%, 07/01/47 | 420 | 466,032 | ||||||
Series B, 5.25%, 07/01/51 | 570 | 632,592 | ||||||
Arizona Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 5.00%, 07/01/26 | 760 | 837,915 | ||||||
Series A, 5.25%, 07/01/47 | 3,235 | 3,535,370 | ||||||
Series A, 5.50%, 07/01/52 | 2,970 | 3,191,027 | ||||||
Florence Town, Inc. Industrial Development Authority, RB, 6.00%, 07/01/43 | 1,375 | 1,461,020 | ||||||
Glendale Industrial Development Authority, RB | ||||||||
5.00%, 05/15/41 | 275 | 302,811 | ||||||
5.00%, 05/15/56 | 1,090 | 1,186,596 | ||||||
Industrial Development Authority of the City of Phoenix, RB | ||||||||
5.00%, 07/01/54 | 1,330 | 1,499,109 | ||||||
5.00%, 07/01/59 | 655 | 736,541 | ||||||
Series A, 5.00%, 07/01/34(b) | 250 | 257,400 | ||||||
Series A, 6.50%, 07/01/34(b) | 465 | 535,261 | ||||||
Series A, 5.00%, 07/01/36(b) | 1,225 | 1,357,827 | ||||||
Series A, 5.00%, 07/01/39(b) | 205 | 210,400 | ||||||
Series A, 5.00%, 07/01/41(b) | 1,685 | 1,848,799 | ||||||
Series A, 5.00%, 07/01/43 | 1,445 | 1,472,787 | ||||||
Series A, 6.75%, 07/01/44(b) | 810 | 943,942 | ||||||
Series A, 5.25%, 07/01/48(b) | 1,690 | 1,730,712 | ||||||
Series A, 5.00%, 07/01/49(b) | 320 | 326,634 | ||||||
Series A, 5.00%, 07/01/54(b) | 530 | 540,139 | ||||||
Industrial Development Authority of the City of Phoenix, Refunding RB(b) | ||||||||
5.00%, 07/01/35 | 615 | 670,303 | ||||||
5.00%, 07/01/45 | 1,500 | 1,604,880 | ||||||
Series A, 5.00%, 07/01/35 | 295 | 321,349 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
| Arizona (continued) | ||||||||
Industrial Development Authority of the County of Pima, RB | ||||||||
5.13%, 07/01/39 | $ | 700 | $ | 709,394 | ||||
5.25%, 07/01/49 | 870 | 877,230 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 07/01/56(b) | 1,300 | 1,315,756 | ||||||
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) | 1,340 | 1,400,581 | ||||||
Maricopa County Industrial Development Authority, RB(b) | ||||||||
5.25%, 10/01/40 | 1,255 | 1,297,030 | ||||||
5.50%, 10/01/51 | 1,255 | 1,298,285 | ||||||
|
| |||||||
| 46,417,333 | ||||||||
| Arkansas(b) — 1.7% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
AMT, 4.50%, 09/01/49 | 17,755 | 19,312,646 | ||||||
AMT, 4.75%, 09/01/49 | 8,190 | 9,104,987 | ||||||
|
| |||||||
| 28,417,633 | ||||||||
| California — 4.4% | ||||||||
California Community Housing Agency, RB, M/F Housing, 4.00%, 08/01/47(b) | 5,120 | 5,290,138 | ||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 | 1,665 | 1,679,069 | ||||||
California Housing Finance, RB, M/F Housing, Class A, 3.50%, 11/20/35 | 5,885 | 6,711,804 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 2,560 | 2,794,854 | ||||||
California Municipal Finance Authority, RB(b) | ||||||||
Series A, 5.50%, 08/01/34 | 310 | 330,758 | ||||||
Series A, 6.00%, 08/01/44 | 655 | 698,931 | ||||||
Series A, 6.13%, 08/01/49 | 570 | 607,563 | ||||||
California Municipal Finance Authority, Refunding RB | ||||||||
3.00%, 11/01/48 | 2,000 | 2,032,420 | ||||||
Series A, 5.00%, 02/01/42 | 345 | 401,031 | ||||||
California Public Finance Authority, RB, 6.25%, 07/01/54(b) | 5,270 | 6,012,543 | ||||||
California School Finance Authority, RB | ||||||||
6.65%, 07/01/33 | 295 | 318,311 | ||||||
6.90%, 07/01/43 | 650 | 698,698 | ||||||
California Statewide Communities Development Authority, RB(b) | ||||||||
5.25%, 12/01/38 | 1,420 | 1,703,446 | ||||||
5.25%, 12/01/48 | 1,000 | 1,166,080 | ||||||
City of San Jose California Hotel Tax Revenue, RB | ||||||||
6.50%, 05/01/36 | 310 | 311,370 | ||||||
6.50%, 05/01/42 | 760 | 763,268 | ||||||
CMFA Special Finance Agency I, RB, M/F Housing, 4.00%, 04/01/56(b) | 9,450 | 9,858,524 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
4.00%, 08/01/56 | 5,000 | 5,291,750 | ||||||
Series A, 5.00%, 01/01/54 | 1,050 | 1,204,077 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 3.50%, 06/01/36 | 5,860 | 5,964,367 | ||||||
Series A-1, 5.00%, 06/01/47 | 5,195 | 5,369,084 | ||||||
Series A-1, 5.25%, 06/01/47 | 945 | 979,833 | ||||||
Series A-2, 5.00%, 06/01/47 | 3,950 | 4,082,523 | ||||||
| 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) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
California (continued) | ||||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, | $ | 4,420 | $ | 2,342,158 | ||||
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/48 | 2,115 | 2,329,926 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, ST, 0.00%, 08/01/43(d) | 3,000 | 859,320 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA(b) | ||||||||
Series D, 0.00%, 08/01/23(d) | 1,000 | 906,870 | ||||||
Sub-Series D, 3.00%, 08/01/21 | 500 | 503,675 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d) | ||||||||
Series D, 0.00%, 08/01/26 | 580 | 453,896 | ||||||
Series D, 0.00%, 08/01/31 | 1,155 | 704,816 | ||||||
|
| |||||||
| 72,371,103 | ||||||||
| Colorado — 4.0% | ||||||||
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 | 1,565 | 1,653,563 | ||||||
Aurora Crossroads Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/40 | 1,000 | 1,082,720 | ||||||
Series A, 5.00%, 12/01/50 | 500 | 535,650 | ||||||
Aviation Station North Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/39 | 750 | 805,830 | ||||||
Series A, 5.00%, 12/01/48 | 1,350 | 1,443,285 | ||||||
Brighton Crossing Metropolitan District No. 6, GO, Series A, 5.00%, 12/01/50 | 500 | 543,155 | ||||||
Broadway Station Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/35 | 735 | 782,033 | ||||||
Series A, 5.13%, 12/01/48 | 3,925 | 4,143,897 | ||||||
Bromley Park Metropolitan District No. 2, Refunding GO, Sub-Series B, 6.38%, 12/15/47 | 937 | 988,460 | ||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) | 820 | 846,388 | ||||||
Colorado Educational & Cultural Facilities Authority, RB | ||||||||
5.00%, 12/01/33 | 450 | 464,751 | ||||||
5.00%, 12/01/42 | 545 | 559,094 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(b) | ||||||||
5.00%, 12/01/40 | 115 | 122,017 | ||||||
5.00%, 12/01/50 | 155 | 161,315 | ||||||
5.00%, 12/01/55 | 180 | 186,577 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 4,620 | 5,159,939 | ||||||
Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56 | 2,500 | 2,804,100 | ||||||
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 | 1,260 | 1,329,766 | ||||||
Copperleaf Metropolitan District No. 3, GO | ||||||||
Series A, 5.00%, 12/01/37 | 500 | 525,495 | ||||||
Series A, 5.13%, 12/01/47 | 1,200 | 1,258,824 | ||||||
Green Gables Metropolitan District No. 1, Refunding GO, Series A, 5.30%, 12/01/21(e) | 990 | 1,053,033 | ||||||
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 | 2,615 | 2,798,704 | ||||||
Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 2,345 | 2,481,456 | ||||||
Inspiration Metropolitan District, GO, Series D, 7.50%, 12/15/51 | 2,487 | 2,383,889 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Colorado (continued) | ||||||||
Jefferson Center Metropolitan District No. 1, RB | ||||||||
Series A-2, 4.13%, 12/01/40 | $ | 580 | $ | 586,270 | ||||
Series A-2, 4.38%, 12/01/47 | 1,000 | 1,011,210 | ||||||
Karl’s Farm Metropolitan District No. 2, GO(b) | ||||||||
Series A, 5.38%, 12/01/40 | 515 | 547,569 | ||||||
Series A, 5.63%, 12/01/50 | 1,350 | 1,420,456 | ||||||
Leyden Rock Metropolitan District No. 10, GO, Series A, 5.00%, 12/01/45 | 1,250 | 1,296,500 | ||||||
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 | 760 | 804,711 | ||||||
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 | 2,825 | 3,021,196 | ||||||
Palisade Park West Metropolitan District, GO, Series A, 5.13%, 12/01/49 | 1,500 | 1,572,630 | ||||||
Peak Metropolitan District No. 1, GO, 5.00%, 12/01/51(b) | 650 | 690,170 | ||||||
Pomponio Terrace Metropolitan District, GO, Series A, 5.00%, 12/01/49 | 1,450 | 1,510,465 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 | 1,240 | 1,327,718 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) | 3,900 | 4,150,848 | ||||||
Southlands Metropolitan District No. 1, Refunding GO | ||||||||
Series A-1, 5.00%, 12/01/37 | 1,115 | 1,229,700 | ||||||
Series A-1, 5.00%, 12/01/47 | 3,990 | 4,308,681 | ||||||
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50 | 750 | 796,117 | ||||||
Tallyn’s Reach Metropolitan District No. 3, GO, Subordinate, 6.75%, 11/01/38 | 698 | 718,504 | ||||||
Thompson Crossing Metropolitan District No. 4, Refunding GO | ||||||||
5.00%, 12/01/39 | 1,400 | 1,502,270 | ||||||
5.00%, 12/01/49 | 1,480 | 1,573,151 | ||||||
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,730 | 1,830,669 | ||||||
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48 | 800 | 848,208 | ||||||
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/49 | 595 | 605,793 | ||||||
|
| |||||||
| 65,466,777 | ||||||||
| Connecticut — 1.1% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing | ||||||||
Series C-2, AMT, 2.00%, 05/15/30 | 175 | 176,110 | ||||||
Series C-2, AMT, 2.05%, 11/15/30 | 500 | 502,520 | ||||||
Series C-2, AMT, 2.15%, 11/15/31 | 400 | 401,032 | ||||||
Connecticut State Health & Educational Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 01/01/45 | 825 | 899,959 | ||||||
Series A, 5.00%, 01/01/55 | 1,100 | 1,187,175 | ||||||
Mashantucket Western Pequot Tribe, 7.35%, 07/01/26(f)(g) | 32,631 | 5,384,030 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 3,780 | 3,876,881 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(b) | 976 | 986,457 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b) | 2,045 | 2,087,863 | ||||||
State of Connecticut, GO, Series A, 4.00%, 04/15/37 | 1,800 | 2,093,580 | ||||||
|
| |||||||
| 17,595,607 | ||||||||
| 2 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Delaware — 0.2% | ||||||||
County of Kent, RB, Series A, 5.00%, 07/01/58 | $ | 1,500 | $ | 1,616,790 | ||||
Delaware State Economic Development Authority, RB, Series A, 5.00%, 06/01/46 | 1,000 | 1,071,960 | ||||||
|
| |||||||
| 2,688,750 | ||||||||
| District of Columbia — 1.5% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., RB, Series B, 0.00%, 06/15/46(d) | 43,620 | 7,063,561 | ||||||
District of Columbia Tobacco Settlement Financing Corp., RB, CAB, Series A, 0.00%, 06/15/46(d) | 40,740 | 8,708,583 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 385 | 396,388 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series A, 5.00%, 10/01/53 | 3,830 | 3,978,681 | ||||||
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(d) | 3,005 | 2,564,046 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 2,170 | 2,418,530 | ||||||
|
| |||||||
| 25,129,789 | ||||||||
| Florida — 9.3% | ||||||||
Alachua County Health Facilities Authority, RB, Series A, 5.00%, 12/01/44 | 1,720 | 1,930,631 | ||||||
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51 | 1,365 | 1,382,540 | ||||||
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 | 1,220 | 1,269,032 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 | 2,280 | 2,512,218 | ||||||
Capital Trust Agency, Inc., RB | ||||||||
4.50%, 01/01/35(b) | 2,250 | 2,419,380 | ||||||
8.25%, 01/01/44 | 445 | 8,900 | ||||||
8.25%, 01/01/49 | 950 | 19,000 | ||||||
5.00%, 07/01/49(b) | 1,280 | 1,398,605 | ||||||
5.00%, 01/01/55(b) | 4,350 | 4,738,237 | ||||||
Series A, 8.25%, 01/01/49 | — | — | ||||||
Series A, 5.00%, 06/15/49(b) | 500 | 526,395 | ||||||
Series A, 5.00%, 12/15/49 | 300 | 328,632 | ||||||
Series A, 5.75%, 06/01/54(b) | 1,925 | 2,011,490 | ||||||
Series A, 5.00%, 12/15/54 | 260 | 284,432 | ||||||
Series B, 0.00%, 01/01/35(d) | 3,585 | 1,608,195 | ||||||
Series B, 0.00%, 01/01/60(d) | 64,500 | 5,003,265 | ||||||
Celebration Pointe Community Development District, SAB | ||||||||
4.00%, 05/01/22(b) | 75 | 75,657 | ||||||
4.75%, 05/01/24 | 240 | 248,129 | ||||||
5.00%, 05/01/34 | 1,180 | 1,236,640 | ||||||
Charles Cove Community Development District, SAB | ||||||||
3.25%, 05/01/25 | 300 | 302,172 | ||||||
3.75%, 05/01/30 | 360 | 370,656 | ||||||
4.25%, 05/01/40 | 975 | 1,007,663 | ||||||
4.38%, 05/01/50 | 1,505 | 1,549,518 | ||||||
Charlotte County Industrial Development Authority, RB(b) | ||||||||
AMT, 5.00%, 10/01/34 | 530 | 594,104 | ||||||
AMT, 5.00%, 10/01/49 | 2,510 | 2,690,996 | ||||||
City of Pompano Beach Florida, Refunding RB, 4.00%, 09/01/50 | 2,500 | 2,652,275 | ||||||
City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55 | 2,600 | 2,918,864 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Florida (continued) | ||||||||
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48 | $ | 2,090 | $ | 2,385,505 | ||||
Collier County Industrial Development Authority, Refunding RB, Series A, | 370 | 285,180 | ||||||
County of Lake Florida, RB(b) | ||||||||
5.00%, 01/15/39 | 550 | 588,302 | ||||||
5.00%, 01/15/49 | 825 | 868,709 | ||||||
5.00%, 01/15/54 | 830 | 867,566 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 4.00%, 10/01/54 | 2,500 | 2,736,675 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) | ||||||||
Series A-2, 0.00%, 10/01/50 | 1,770 | 635,377 | ||||||
Series A-2, 0.00%, 10/01/51 | 2,125 | 732,424 | ||||||
Series A-2, 0.00%, 10/01/52 | 2,125 | 705,861 | ||||||
Series A-2, 0.00%, 10/01/53 | 5,675 | 1,813,219 | ||||||
Series A-2, 0.00%, 10/01/54 | 2,125 | 652,651 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b) | 540 | 563,009 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 | 6,530 | 7,243,925 | ||||||
Florida Development Finance Corp., RB | ||||||||
5.25%, 06/01/55(b) | 2,830 | 3,128,395 | ||||||
Class A, 5.13%, 06/15/55(b) | 10,455 | 10,506,543 | ||||||
Series A, 5.75%, 06/15/29 | 695 | 748,439 | ||||||
Series A, 6.00%, 06/15/34 | 835 | 899,070 | ||||||
Series A, 6.13%, 06/15/44 | 3,185 | 3,407,281 | ||||||
AMT, 5.00%, 05/01/29(b) | 3,300 | 3,509,451 | ||||||
Series A, AMT, 5.00%, 08/01/29(a)(b) | 2,240 | 2,316,250 | ||||||
Series B, AMT, 7.38%, 01/01/49(b) | 6,825 | 6,719,758 | ||||||
Grand Oaks Community Development District, SAB | ||||||||
4.25%, 05/01/40 | 915 | 926,483 | ||||||
4.50%, 05/01/52 | 1,015 | 1,033,980 | ||||||
Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36 | 2,000 | 2,131,980 | ||||||
Greeneway Improvement District, SAB, 5.13%, 05/01/43 | 1,230 | 1,265,658 | ||||||
Hills Minneola Community Development District, SAB(b) | ||||||||
4.00%, 05/01/40 | 1,025 | 1,058,835 | ||||||
4.00%, 05/01/50 | 1,500 | 1,525,965 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
4.00%, 05/01/21 | 54 | 53,797 | ||||||
3.90%, 05/01/23 | 195 | 198,547 | ||||||
4.25%, 05/01/25 | 80 | 83,244 | ||||||
4.25%, 05/01/26 | 175 | 181,617 | ||||||
4.25%, 05/01/28 | 535 | 578,421 | ||||||
4.75%, 05/01/29 | 955 | 1,068,416 | ||||||
4.95%, 05/01/29(b) | 665 | 751,470 | ||||||
4.88%, 05/01/35 | 265 | 282,792 | ||||||
5.00%, 05/01/38 | 1,175 | 1,304,849 | ||||||
3.75%, 05/01/39(b) | 570 | 588,941 | ||||||
5.30%, 05/01/39 | 1,090 | 1,245,194 | ||||||
5.50%, 05/01/39(b) | 670 | 774,828 | ||||||
3.75%, 05/01/40 | 525 | 538,955 | ||||||
4.88%, 05/01/45 | 545 | 574,752 | ||||||
5.13%, 05/01/46 | 990 | 1,043,737 | ||||||
5.10%, 05/01/48 | 2,545 | 2,802,579 | ||||||
5.45%, 05/01/48 | 1,935 | 2,202,204 | ||||||
| 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) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Florida (continued) | ||||||||
Lakewood Ranch Stewardship District, SAB (continued) | ||||||||
5.65%, 05/01/48(b) | $ | 1,125 | $ | 1,296,067 | ||||
4.00%, 05/01/49(b) | 355 | 367,652 | ||||||
3.90%, 05/01/50 | 525 | 537,878 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 | 1,405 | 1,576,846 | ||||||
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(e) | 1,450 | 1,500,938 | ||||||
Midtown Miami Community Development District, Refunding SAB | ||||||||
Series A, 5.00%, 05/01/29 | 1,745 | 1,815,393 | ||||||
Series A, 5.00%, 05/01/37 | 890 | 918,240 | ||||||
Mirada II Community Development District, SAB | ||||||||
3.13%, 05/01/31 | 500 | 500,200 | ||||||
4.00%, 05/01/51 | 1,500 | 1,515,300 | ||||||
North River Ranch Community Development District, SAB | ||||||||
Series A-1, 4.00%, 05/01/40 | 845 | 851,414 | ||||||
Series A-1, 4.25%, 05/01/51 | 1,430 | 1,446,659 | ||||||
Series A-2, 4.20%, 05/01/35 | 1,220 | 1,225,868 | ||||||
Series A-3, 4.75%, 05/01/40 | 1,615 | 1,615,081 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.50%, 06/01/49 | 1,000 | 1,076,400 | ||||||
Pine Island Community Development District, RB, 0.00%, 11/01/24(d) | 875 | 735,411 | ||||||
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39 | 220 | 258,201 | ||||||
Sandridge Community Development District, SAB | ||||||||
3.88%, 05/01/31 | 730 | 715,758 | ||||||
3.88%, 05/01/41 | 615 | 597,805 | ||||||
4.00%, 05/01/51 | 600 | 573,192 | ||||||
Santa Rosa Bay Bridge Authority, RB | ||||||||
6.25%, 07/01/28(f)(g) | 338 | 292,952 | ||||||
(ACA-CBI), 6.25%, 07/01/28 | 56 | 55,936 | ||||||
Seminole County Industrial Development Authority, Refunding RB | ||||||||
5.50%, 11/15/49 | 3,025 | 2,948,346 | ||||||
5.75%, 11/15/54 | 2,420 | 2,408,311 | ||||||
Southern Groves Community Development District No. 5, SAB | ||||||||
3.38%, 05/01/25 | 390 | 395,257 | ||||||
4.00%, 05/01/30 | 220 | 232,782 | ||||||
4.30%, 05/01/40 | 875 | 920,098 | ||||||
4.50%, 05/01/46 | 630 | 664,121 | ||||||
Tolomato Community Development District, Refunding SAB | ||||||||
Series 2015-2, 6.61%, 05/01/40(c) | 125 | 87,380 | ||||||
Series A-2, 4.25%, 05/01/37 | 915 | 969,488 | ||||||
Tolomato Community Development District, Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40(c) | 50 | 47,560 | ||||||
Tolomato Community Development District, SAB(f)(g) | ||||||||
3rd Series, 6.65%, 05/01/40 | 105 | 1 | ||||||
Series 2015-1, 6.61%, 05/01/40(c) | 205 | 182,784 | ||||||
Series 2015-3, 6.61%, 05/01/40 | 135 | 1 | ||||||
Trout Creek Community Development District, SAB | ||||||||
5.38%, 05/01/38 | 670 | 760,350 | ||||||
5.50%, 05/01/49 | 1,700 | 1,913,741 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Florida (continued) | ||||||||
V-Dana Community Development District, | ||||||||
3.00%, 05/01/25 | $ | 300 | $ | 301,056 | ||||
3.50%, 05/01/31 | 525 | 534,461 | ||||||
4.00%, 05/01/40 | 750 | 766,913 | ||||||
4.00%, 05/01/51 | 1,200 | 1,209,108 | ||||||
Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26 | 640 | 667,469 | ||||||
Village Community Development District No. 10, SAB, 5.13%, 05/01/43 | 1,500 | 1,557,915 | ||||||
Village Community Development District No. 9, SAB | ||||||||
7.00%, 05/01/41 | 1,190 | 1,195,962 | ||||||
5.50%, 05/01/42 | 460 | 469,177 | ||||||
West Villages Improvement District, SAB | ||||||||
4.25%, 05/01/29 | 400 | 430,128 | ||||||
4.75%, 05/01/39 | 885 | 962,995 | ||||||
5.00%, 05/01/50 | 1,415 | 1,538,643 | ||||||
|
| |||||||
| 153,255,698 | ||||||||
| Georgia — 1.7% | ||||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54 | 555 | 647,163 | ||||||
George L Smith II Congress Center Authority, RB(h) | ||||||||
4.00%, 01/01/54 | 1,170 | 1,294,675 | ||||||
5.00%, 01/01/54(b) | 500 | 544,635 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 1,020 | 1,376,266 | ||||||
Series A, 5.00%, 05/15/36 | 1,020 | 1,383,069 | ||||||
Series A, 5.00%, 05/15/37 | 1,120 | 1,528,654 | ||||||
Series A, 5.00%, 05/15/38 | 615 | 848,762 | ||||||
Series A, 5.00%, 05/15/49 | 2,055 | 2,985,360 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
4.00%, 01/01/49 | 4,150 | 4,612,850 | ||||||
Series A, 5.00%, 01/01/49 | 3,235 | 3,795,496 | ||||||
Series A, 5.00%, 01/01/59 | 525 | 612,675 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
Subordinate, 5.00%, 01/01/45 | 3,000 | 3,759,120 | ||||||
Subordinate, 5.00%, 01/01/50 | 4,000 | 4,966,440 | ||||||
|
| |||||||
| 28,355,165 | ||||||||
| Guam — 0.2% | ||||||||
Territory of Guam, Refunding RB | ||||||||
5.00%, 11/01/35 | 1,100 | 1,355,112 | ||||||
5.00%, 11/01/40 | 1,545 | 1,870,902 | ||||||
|
| |||||||
| 3,226,014 | ||||||||
| Idaho — 0.4% | ||||||||
Idaho Health Facilities Authority, Refunding RB | ||||||||
3.50%, 09/01/33 | 375 | 390,075 | ||||||
5.00%, 09/01/37 | 1,000 | 1,103,170 | ||||||
Idaho Housing & Finance Association, RB(b) | ||||||||
5.00%, 12/01/46 | 1,000 | 1,080,520 | ||||||
Series A, 6.00%, 07/01/39 | 370 | 444,018 | ||||||
Series A, 6.00%, 07/01/49 | 595 | 698,441 | ||||||
Series A, 6.00%, 07/01/54 | 570 | 664,210 | ||||||
Series A, 6.95%, 06/15/55 | 1,540 | 1,597,026 | ||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 | 265 | 266,182 | ||||||
|
| |||||||
| 6,243,642 | ||||||||
| Illinois — 7.0% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/38 | 655 | 786,269 | ||||||
Series A, 5.00%, 12/01/39 | 2,095 | 2,526,025 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Illinois (continued) | ||||||||
Chicago Board of Education, GO (continued) | ||||||||
Series A, 5.00%, 12/01/40 | $ | 2,750 | $ | 3,283,307 | ||||
Series A, 5.00%, 12/01/41 | 5,790 | 6,913,434 | ||||||
Series A, 5.00%, 12/01/42 | 1,570 | 1,601,086 | ||||||
Series C, 5.25%, 12/01/39 | 2,250 | 2,479,095 | ||||||
Series D, 5.00%, 12/01/46 | 3,620 | 3,919,525 | ||||||
Series H, 5.00%, 12/01/46 | 725 | 827,733 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series A, 5.00%, 12/01/28 | 530 | 646,897 | ||||||
Series A, 5.00%, 12/01/29 | 660 | 813,153 | ||||||
Series A, 5.00%, 12/01/30 | 2,210 | 2,711,339 | ||||||
Series B, 4.00%, 12/01/35 | 1,155 | 1,187,883 | ||||||
Series C, 5.00%, 12/01/25 | 1,220 | 1,421,727 | ||||||
Series C, 5.00%, 12/01/30 | 1,370 | 1,630,711 | ||||||
Series D, 5.00%, 12/01/31 | 1,500 | 1,769,790 | ||||||
Series G, 5.00%, 12/01/44 | 3,700 | 4,237,462 | ||||||
Chicago Board of Education, Refunding GO, CAB, Series A, 0.00%, 12/01/25(d) | 590 | 547,113 | ||||||
City of Chicago Illinois, Refunding GO | ||||||||
Series A, 5.25%, 01/01/32 | 2,315 | 2,540,388 | ||||||
Series A, 6.00%, 01/01/38 | 3,870 | 4,670,471 | ||||||
Series B, 5.43%, 01/01/42 | 9,925 | 10,764,754 | ||||||
Illinois Finance Authority, RB, Series A, 6.00%, 10/01/48 | 1,700 | 1,780,206 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
6.00%, 02/01/34 | 335 | 350,725 | ||||||
4.00%, 09/01/35 | 1,000 | 1,115,920 | ||||||
4.00%, 09/01/37 | 1,000 | 1,092,540 | ||||||
4.00%, 09/01/39 | 2,000 | 2,171,300 | ||||||
4.00%, 09/01/41 | 1,250 | 1,348,050 | ||||||
6.13%, 02/01/45 | 790 | 818,835 | ||||||
5.00%, 05/15/56(h) | 815 | 907,934 | ||||||
Series C, 5.00%, 02/15/36 | 1,805 | 2,174,213 | ||||||
Series C, 5.00%, 02/15/41 | 3,000 | 3,568,290 | ||||||
Metropolitan Pier & Exposition Authority, RB | ||||||||
Series A, 5.50%, 06/15/53 | 3,925 | 4,527,330 | ||||||
Series A, 5.00%, 06/15/57 | 4,555 | 5,277,878 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, Series A, 0.00%, 12/15/52(d) | 8,775 | 2,969,635 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB(d) | ||||||||
Series B, (AGM), 0.00%, 06/15/44 | 3,455 | 1,728,329 | ||||||
Series B, 0.00%, 12/15/54 | 41,770 | 12,870,172 | ||||||
Quad Cities Regional Economic Development Authority, Refunding RB, 4.75%, 10/01/32 | 675 | 710,849 | ||||||
State of Illinois, GO | ||||||||
5.50%, 05/01/30 | 1,235 | 1,544,615 | ||||||
4.00%, 03/01/38 | 2,250 | 2,506,388 | ||||||
5.00%, 02/01/39 | 510 | 546,363 | ||||||
4.00%, 03/01/39 | 2,100 | 2,331,042 | ||||||
5.50%, 05/01/39 | 2,460 | 3,055,222 | ||||||
4.00%, 03/01/40 | 2,300 | 2,543,455 | ||||||
Series A, 5.00%, 04/01/35 | 1,460 | 1,567,646 | ||||||
Series A, 5.00%, 04/01/38 | 2,190 | 2,347,198 | ||||||
|
| |||||||
| 115,132,297 | ||||||||
| Indiana — 1.1% | ||||||||
City of Anderson Indiana, RB, 5.38%, 01/01/40 | 1,540 | 1,568,382 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Indiana (continued) | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | $ | 525 | $ | 567,845 | ||||
AMT, 7.00%, 01/01/44 | 1,270 | 1,380,376 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b) | 2,550 | 2,551,530 | ||||||
Indiana Finance Authority, RB | ||||||||
Series A, AMT, 6.75%, 05/01/39 | 2,785 | 3,455,377 | ||||||
Series A, AMT, 5.00%, 07/01/44 | 370 | 393,632 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 1,230 | 1,322,767 | ||||||
Series A, AMT, 5.25%, 01/01/51 | 2,500 | 2,697,500 | ||||||
Indiana Finance Authority, Refunding RB, 5.00%, 03/01/22(e) | 725 | 756,567 | ||||||
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) | 3,175 | 3,246,469 | ||||||
|
| |||||||
| 17,940,445 | ||||||||
| Iowa — 0.7% | ||||||||
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 | 2,360 | 2,668,051 | ||||||
Iowa Finance Authority, Refunding RB, Series A, 5.25%, 12/01/50(a) | 595 | 637,340 | ||||||
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51 | 3,000 | 3,318,330 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB | ||||||||
Series C, 5.38%, 06/01/38 | 3,075 | 3,112,607 | ||||||
Series C, 5.50%, 06/01/42 | 2,030 | 2,054,644 | ||||||
|
| |||||||
| 11,790,972 | ||||||||
| Kentucky — 0.2% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(d) | 250 | 241,035 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/53 | 3,000 | 3,304,290 | ||||||
|
| |||||||
| 3,545,325 | ||||||||
| Louisiana — 1.8% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44(b) | 3,055 | 2,932,861 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) | 1,990 | 2,027,909 | ||||||
Louisiana Public Facilities Authority, RB(b) | ||||||||
5.00%, 06/01/41 | 840 | 888,510 | ||||||
5.25%, 06/01/51 | 1,830 | 1,944,229 | ||||||
5.25%, 06/01/60 | 3,385 | 3,567,553 | ||||||
Series A, 5.00%, 04/01/49 | 500 | 523,830 | ||||||
Louisiana Public Facilities Authority, Refunding RB, 4.00%, 04/01/50 | 12,320 | 13,931,949 | ||||||
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b) | 3,160 | 3,944,438 | ||||||
|
| |||||||
| 29,761,279 | ||||||||
| Maryland — 1.2% | ||||||||
City of Baltimore Maryland, Refunding RB | ||||||||
5.00%, 09/01/46 | 1,500 | 1,538,535 | ||||||
Series A, 4.00%, 09/01/27 | 325 | 338,861 | ||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) | 5,065 | 5,751,611 | ||||||
Maryland Economic Development Corp., RB, 5.00%, 07/01/56 | 985 | 1,142,728 | ||||||
| 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) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Maryland (continued) | ||||||||
Maryland Economic Development Corp., Refunding RB, 5.00%, 07/01/39 | $ | 950 | $ | 1,014,220 | ||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 605 | 641,052 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) | 8,165 | 9,172,398 | ||||||
|
| |||||||
| 19,599,405 | ||||||||
| Massachusetts — 0.6% | ||||||||
Massachusetts Development Finance Agency, RB | ||||||||
Series B, 0.00%, 11/15/56(d) | 94 | 13,807 | ||||||
Series D, 4.00%, 07/01/45 | 715 | 758,322 | ||||||
Massachusetts Development Finance Agency, Refunding RB | ||||||||
4.00%, 10/01/32(b) | 355 | 382,474 | ||||||
4.13%, 10/01/42(b) | 855 | 918,911 | ||||||
Series A, 5.00%, 07/01/38 | 1,200 | 1,452,900 | ||||||
Series A, 5.00%, 07/01/39 | 3,055 | 3,687,446 | ||||||
Series A, 5.00%, 07/01/44 | 2,000 | 2,385,940 | ||||||
|
| |||||||
| 9,599,800 | ||||||||
| Michigan — 0.5% | ||||||||
Advanced Technology Academy, Refunding RB | ||||||||
3.50%, 11/01/24 | 250 | 255,720 | ||||||
3.88%, 11/01/29 | 150 | 158,679 | ||||||
5.00%, 11/01/34 | 400 | 444,420 | ||||||
5.00%, 11/01/44 | 160 | 173,389 | ||||||
City of Detroit Michigan, GO | ||||||||
5.00%, 04/01/34 | 485 | 566,320 | ||||||
5.00%, 04/01/35 | 485 | 564,661 | ||||||
5.00%, 04/01/36 | 340 | 394,852 | ||||||
5.00%, 04/01/37 | 545 | 631,175 | ||||||
5.00%, 04/01/38 | 240 | 277,241 | ||||||
Kentwood Economic Development Corp., Refunding RB, 5.63%, 11/15/41 | 1,000 | 1,038,530 | ||||||
Michigan Finance Authority, RB(e) | ||||||||
Series C-2, AMT, Senior Lien, 5.00%, 07/01/22 | 350 | 370,265 | ||||||
Series C-1, Senior Lien, 5.00%, 07/01/22 | 800 | 848,088 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 | 2,030 | 2,420,694 | ||||||
|
| |||||||
| 8,144,034 | ||||||||
| Minnesota — 1.0% | ||||||||
City of Cologne Minnesota,RB, Series A, 5.00%, 07/01/45 | 2,065 | 2,162,530 | ||||||
City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40 | 500 | 539,010 | ||||||
City of Minneapolis Minnesota, RB | ||||||||
Series A, 5.00%, 07/01/55 | 1,405 | 1,491,422 | ||||||
Series A, 5.75%, 07/01/55 | 3,435 | 3,779,634 | ||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 1,925 | 2,140,619 | ||||||
Series A, 5.25%, 02/15/53 | 3,850 | 4,579,459 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB 5.00%, 07/01/49 | 555 | 608,213 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Minnesota (continued) | ||||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB (continued) 5.00%, 07/01/55 | $ | 870 | $ | 944,777 | ||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 6.63%, 09/01/21(e) | 500 | 513,160 | ||||||
|
| |||||||
| 16,758,824 | ||||||||
| Missouri — 0.8% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 11/15/48 | 3,650 | 4,052,668 | ||||||
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB | ||||||||
Series A, 4.38%, 11/15/35 | 1,020 | 961,024 | ||||||
Series A, 4.75%, 11/15/47 | 1,135 | 1,066,923 | ||||||
Kansas City Industrial Development Authority, Refunding RB(b)(f)(g) | ||||||||
5.75%, 11/15/36 | 1,350 | 462,985 | ||||||
6.00%, 11/15/51 | 110 | 37,725 | ||||||
Kansas City Land Clearance Redevelopment Authority, TA(b) | ||||||||
Series B, 4.38%, 02/01/31 | 3,245 | 3,459,786 | ||||||
Series B, 5.00%, 02/01/40 | 1,240 | 1,319,000 | ||||||
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 | 2,200 | 2,240,788 | ||||||
|
| |||||||
| 13,600,899 | ||||||||
| Nebraska — 0.6% | ||||||||
Central Plains Energy Project, RB, 5.00%, 09/01/42 | 780 | 830,021 | ||||||
Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/42 | 6,090 | 8,569,909 | ||||||
|
| |||||||
| 9,399,930 | ||||||||
| Nevada — 0.3% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49 | 810 | 892,409 | ||||||
County of Clark Nevada, Refunding SAB | ||||||||
4.00%, 08/01/22 | 495 | 517,131 | ||||||
4.00%, 08/01/23 | 305 | 318,594 | ||||||
Tahoe-Douglas Visitors Authority, RB | ||||||||
5.00%, 07/01/40 | 825 | 948,519 | ||||||
5.00%, 07/01/45 | 1,025 | 1,164,472 | ||||||
5.00%, 07/01/51 | 1,100 | 1,238,820 | ||||||
|
| |||||||
| 5,079,945 | ||||||||
| New Hampshire — 1.0% | ||||||||
New Hampshire Business Finance Authority, RB | ||||||||
Series A, 4.13%, 08/15/40 | 1,435 | 1,448,833 | ||||||
Series A, 4.25%, 08/15/46 | 1,610 | 1,614,379 | ||||||
Series A, 4.50%, 08/15/55 | 3,350 | 3,359,782 | ||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
4.00%, 01/01/41 | 2,200 | 2,410,694 | ||||||
Series B, 4.63%, 11/01/42(b) | 4,650 | 4,827,584 | ||||||
Series C, AMT, 4.88%, 11/01/42(b) | 2,515 | 2,624,604 | ||||||
|
| |||||||
| 16,285,876 | ||||||||
| New Jersey — 4.6% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 | 5,750 | 6,033,130 | ||||||
| 6 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
New Jersey (continued) | ||||||||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24 | $ | 1,150 | $ | 1,195,828 | ||||
New Jersey Economic Development Authority, RB | ||||||||
4.00%, 11/01/38 | 1,455 | 1,620,826 | ||||||
4.00%, 11/01/39 | 1,165 | 1,294,233 | ||||||
6.00%, 10/01/43 | 970 | 1,071,414 | ||||||
Series A, 5.00%, 07/01/32 | 235 | 247,208 | ||||||
Series A, 5.00%, 07/01/37 | 375 | 389,310 | ||||||
Series A, 5.00%, 01/01/48 | 1,110 | 1,146,242 | ||||||
Series A, 5.25%, 11/01/54(b) | 3,955 | 3,960,418 | ||||||
Series B, 5.00%, 06/15/43 | 3,755 | 4,437,284 | ||||||
Series EEE, 5.00%, 06/15/43 | 5,550 | 6,544,782 | ||||||
AMT, 5.13%, 09/15/23 | 1,520 | 1,617,341 | ||||||
AMT, 5.38%, 01/01/43 | 1,360 | 1,501,331 | ||||||
Series B, AMT, 6.50%, 04/01/31 | 2,750 | 2,929,383 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 07/01/32 | 1,140 | 1,381,372 | ||||||
5.00%, 07/01/33 | 1,450 | 1,751,310 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.25%, 06/15/41 | 1,265 | 1,441,936 | ||||||
Series AA, 5.00%, 06/15/44 | 1,005 | 1,107,560 | ||||||
Series BB, 4.00%, 06/15/50 | 10,940 | 11,915,629 | ||||||
Series BB, 5.00%, 06/15/50 | 8,560 | 9,989,263 | ||||||
Series S, 5.25%, 06/15/43 | 4,095 | 4,952,002 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 | 1,195 | 1,439,676 | ||||||
South Jersey Port Corp., RB, Series B, AMT, 5.00%, 01/01/36 | 575 | 665,568 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 900 | 1,066,923 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 4,430 | 5,137,205 | ||||||
|
| |||||||
| 74,837,174 | ||||||||
| New Mexico — 0.1% | ||||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.50%, 07/01/42 | 2,030 | 2,143,132 | ||||||
|
| |||||||
| New York — 6.5% | ||||||||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) | 1,215 | 1,346,925 | ||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/48 | 4,475 | 4,585,085 | ||||||
City of New York Water & Sewer System, RB, 3rd Series, 5.40%, 01/01/22(a)(f)(g) | 208 | 187,423 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 | 3,210 | 3,238,184 | ||||||
Huntington Local Development Corp., RB, 5.25%, 07/01/56 | 585 | 607,183 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 4,115 | 4,847,182 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,340 | 1,604,342 | ||||||
Series C-1, 5.25%, 11/15/55 | 1,980 | 2,407,007 | ||||||
Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/39 | 1,200 | 1,381,164 | ||||||
New York City Industrial Development Agency, Refunding RB | ||||||||
Class A, (AGM), 3.00%, 01/01/37 | 755 | 801,591 | ||||||
Class A, (AGM), 2.00%, 01/01/38 | 3,000 | 2,865,570 | ||||||
Class A, (AGM), 3.00%, 01/01/39 | 755 | 797,439 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
New York (continued) | ||||||||
New York City Industrial Development Agency, Refunding RB (continued) | ||||||||
Class A, (AGM), 3.00%, 01/01/40 | $ | 525 | $ | 554,573 | ||||
Class A, (AGM), 3.00%, 01/01/46 | 2,450 | 2,535,407 | ||||||
New York Counties Tobacco Trust IV, Refunding RB | ||||||||
Series A, 6.25%, 06/01/41(b) | 8,000 | 8,101,200 | ||||||
Series A, 5.00%, 06/01/42 | 4,520 | 4,558,149 | ||||||
Series A, 5.00%, 06/01/45 | 1,695 | 1,709,255 | ||||||
New York Counties Tobacco Trust VI, Refunding RB | ||||||||
Series A-2-B, 5.00%, 06/01/45 | 4,010 | 4,270,209 | ||||||
Series A-2-B, 5.00%, 06/01/51 | 6,865 | 7,181,133 | ||||||
New York Liberty Development Corp., Refunding RB(b) | ||||||||
Series 1, Class 1, 5.00%, 11/15/44 | 15,115 | 16,503,313 | ||||||
Series 2, Class 2, 5.15%, 11/15/34 | 450 | 498,870 | ||||||
Series 2, Class 2, 5.38%, 11/15/40 | 1,070 | 1,198,282 | ||||||
New York State Dormitory Authority, Refunding RB(b) | ||||||||
5.00%, 12/01/33 | 590 | 687,787 | ||||||
5.00%, 12/01/35 | 785 | 909,509 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50 | 3,750 | 3,739,537 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | 3,000 | 3,362,220 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 1,295 | 1,591,840 | ||||||
AMT, 4.00%, 01/01/36 | 5,000 | 5,511,000 | ||||||
AMT, 5.00%, 10/01/40 | 3,650 | 4,436,502 | ||||||
AMT, 4.00%, 10/31/46 | 2,220 | 2,483,403 | ||||||
AMT, 4.00%, 04/30/53 | 1,145 | 1,277,980 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 3,665 | 4,408,152 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) | 530 | 554,083 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/54 | 670 | 764,624 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,319 | 1,466,551 | ||||||
Westchester County Local Development Corp., Refunding RB, 5.13%, 07/01/55 | 1,100 | 1,117,941 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB | ||||||||
Sub-Series C, 4.00%, 06/01/42 | 935 | 1,007,088 | ||||||
Sub-Series C, 5.13%, 06/01/51 | 2,000 | 2,205,860 | ||||||
|
| |||||||
| 107,303,563 | ||||||||
| North Carolina — 0.2% | ||||||||
North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55 | 3,000 | 3,329,400 | ||||||
|
| |||||||
| North Dakota — 0.1% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,785 | 2,117,313 | ||||||
|
| |||||||
| Ohio — 2.3% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 5,515 | 6,210,111 | ||||||
Cleveland-Cuyahoga County Port Authority, RB | ||||||||
4.00%, 07/01/46 | 190 | 218,255 | ||||||
4.00%, 07/01/51 | 260 | 297,734 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 7 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Ohio (continued) | ||||||||
County of Hamilton Ohio, Refunding RB, 5.00%, 01/01/46 | $ | 1,435 | $ | 1,520,325 | ||||
County of Hardin Ohio, Refunding RB | ||||||||
5.00%, 05/01/30 | 620 | 667,777 | ||||||
5.25%, 05/01/40 | 1,235 | 1,292,773 | ||||||
5.50%, 05/01/50 | 2,895 | 3,012,826 | ||||||
Franklin County Convention Facilities Authority, RB | ||||||||
5.00%, 12/01/44 | 1,800 | 2,075,544 | ||||||
5.00%, 12/01/51 | 4,000 | 4,589,280 | ||||||
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) | 1,890 | 1,983,574 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 5,000 | 5,409,700 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) | 1,100 | 1,083,005 | ||||||
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) | 8,980 | 10,168,144 | ||||||
|
| |||||||
| 38,529,048 | ||||||||
| Oklahoma — 1.8% | ||||||||
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45 | 3,565 | 3,906,634 | ||||||
Oklahoma Development Finance Authority, RB | ||||||||
7.25%, 09/01/51(b) | 14,090 | 14,184,826 | ||||||
Series B, 5.00%, 08/15/38 | 4,585 | 5,549,821 | ||||||
Series B, 5.25%, 08/15/43 | 4,130 | 5,024,228 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 1,050 | 1,116,958 | ||||||
|
| |||||||
| 29,782,467 | ||||||||
| Oregon — 0.6% | ||||||||
Medford Hospital Facilities Authority, Refunding RB | ||||||||
Series A, 4.00%, 08/15/50 | 4,845 | 5,475,480 | ||||||
Series A, 5.00%, 08/15/50 | 2,000 | 2,504,280 | ||||||
Oregon State Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 06/15/49 | 915 | 862,872 | ||||||
Series A, 5.25%, 06/15/55 | 505 | 486,724 | ||||||
|
| |||||||
| 9,329,356 | ||||||||
| Pennsylvania — 1.9% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 05/01/35 | 1,185 | 1,229,307 | ||||||
Series A, 5.00%, 05/01/42 | 2,730 | 2,817,415 | ||||||
Berks County Industrial Development Authority, Refunding RB, 4.00%, 11/01/47 | 2,260 | 2,103,744 | ||||||
Berks County Municipal Authority, Refunding RB | ||||||||
Series A, 5.00%, 02/01/31 | 750 | 834,247 | ||||||
Series A, 5.00%, 02/01/32 | 790 | 880,700 | ||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 275 | 292,534 | ||||||
4.00%, 07/01/51 | 200 | 212,216 | ||||||
City of Philadelphia Water & Wastewater Revenue, RB, Series A, 5.00%, 11/01/50 | 6,000 | 7,608,720 | ||||||
East Hempfield Township Industrial Development Authority, RB | ||||||||
5.00%, 07/01/34 | 1,000 | 1,022,110 | ||||||
5.00%, 07/01/46 | 1,750 | 1,764,000 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Pennsylvania (continued) | ||||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 | $ | 880 | $ | 964,938 | ||||
Montgomery County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 12/01/46 | 1,470 | 1,597,552 | ||||||
5.38%, 01/01/50 | 1,865 | 1,881,449 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,120 | 1,186,550 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 895 | 1,020,103 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 5,390 | 5,673,298 | ||||||
|
| |||||||
| 31,088,883 | ||||||||
| Puerto Rico — 12.6% | ||||||||
Children’s Trust Fund, RB(d) | ||||||||
Series A, 0.00%, 05/15/57 | 63,950 | 4,406,155 | ||||||
Series B, 0.00%, 05/15/57 | 199,810 | 10,695,829 | ||||||
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(d) | 2,000 | 181,120 | ||||||
Commonwealth of Puerto Rico, GO(f)(g) | ||||||||
Series A, 5.25%, 07/01/22 | 335 | 291,607 | ||||||
Series A, 5.00%, 07/01/23 | 1,250 | 1,088,086 | ||||||
Series A, 5.13%, 07/01/31 | 215 | 187,151 | ||||||
Series A, 6.00%, 07/01/38 | 1,210 | 1,077,656 | ||||||
Series B, 5.25%, 07/01/17 | 1,060 | 905,195 | ||||||
Commonwealth of Puerto Rico, Refunding GO | ||||||||
Series A, 5.25%, 07/01/16(f)(g) | 1,135 | 969,242 | ||||||
Series A, 5.50%, 07/01/18(f)(g) | 200 | 170,792 | ||||||
Series A, 5.50%, 07/01/26 | 1,000 | 827,686 | ||||||
Series A, 8.00%, 07/01/35(f)(g) | 22,191 | 17,412,102 | ||||||
Series A, 5.50%, 07/01/39(f)(g) | 4,285 | 3,546,634 | ||||||
Series A, 6.50%, 07/01/40(f)(g) | 2,610 | 2,254,387 | ||||||
Series A, 5.00%, 07/01/41(f)(g) | 7,715 | 6,096,995 | ||||||
Series C, 6.00%, 07/01/39(f)(g) | 168 | 149,625 | ||||||
Series C, 6.50%, 07/01/40(f)(g) | 400 | 345,500 | ||||||
Series D, 5.75%, 07/01/41(f)(g) | 385 | 329,444 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB | ||||||||
Series A, Senior Lien, 5.75%, 07/01/37 | 1,565 | 1,653,689 | ||||||
Series A, Senior Lien, 5.25%, 07/01/42 | 4,890 | 5,137,727 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b) | ||||||||
Series A, Senior Lien, 5.00%, 07/01/35 | 4,890 | 5,729,466 | ||||||
Series A, Senior Lien, 5.00%, 07/01/47 | 8,605 | 9,952,715 | ||||||
Puerto Rico Electric Power Authority, RB(f)(g) | ||||||||
7.50%, 01/01/22(a) | 4,430 | 4,100,737 | ||||||
Series A, 7.25%, 07/01/30 | 250 | 231,422 | ||||||
Series A, 7.00%, 07/01/33 | 8,735 | 8,085,885 | ||||||
Series A, 6.75%, 07/01/36 | 5,165 | 4,781,178 | ||||||
Series A, 7.00%, 07/01/40 | 1,000 | 925,688 | ||||||
Series A, 5.00%, 07/01/42 | 2,315 | 2,089,227 | ||||||
Series A, 5.05%, 07/01/42 | 1,080 | 974,672 | ||||||
Series A, 7.00%, 07/01/43 | 775 | 717,408 | ||||||
Series A-3, 10.00%, 07/01/19 | 748 | 692,064 | ||||||
Series B-3, 10.00%, 07/01/19 | 748 | 692,064 | ||||||
Series C-1, 5.40%, 01/01/18 | 2,054 | 1,853,840 | ||||||
Series C-2, 5.40%, 07/01/18 | 2,054 | 1,854,140 | ||||||
| 8 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Electric Power Authority, RB(f)(g) (continued) | ||||||||
Series C-4, 5.40%, 07/01/20 | $ | 208 | $ | 187,423 | ||||
Series CCC, 5.00%, 07/01/22 | 715 | 645,269 | ||||||
Series CCC, 5.00%, 07/01/25 | 620 | 559,534 | ||||||
Series CCC, 5.25%, 07/01/26 | 590 | 532,460 | ||||||
Series CCC, 5.25%, 07/01/28 | 1,945 | 1,687,141 | ||||||
Series TT, 5.00%, 07/01/25 | 3,270 | 2,951,090 | ||||||
Series TT, 5.00%, 07/01/26 | 455 | 410,626 | ||||||
Series TT, 5.00%, 07/01/32 | — | — | ||||||
Series WW, 5.50%, 07/01/17 | 475 | 428,675 | ||||||
Series WW, 5.50%, 07/01/18 | 415 | 374,527 | ||||||
Series WW, 5.50%, 07/01/19 | 335 | 302,329 | ||||||
Series WW, 5.38%, 07/01/24 | 815 | 735,516 | ||||||
Series WW, 5.25%, 07/01/25 | 1,940 | 1,750,800 | ||||||
Series WW, 5.25%, 07/01/33 | 315 | 284,279 | ||||||
Series WW, 5.50%, 07/01/38 | 415 | 374,527 | ||||||
Series XX, 5.25%, 07/01/27 | 230 | 207,569 | ||||||
Series XX, 5.25%, 07/01/35 | 705 | 636,244 | ||||||
Series XX, 5.75%, 07/01/36 | 200 | 180,495 | ||||||
Series XX, 5.25%, 07/01/40 | 8,385 | 7,567,244 | ||||||
Puerto Rico Electric Power Authority, Refunding RB | ||||||||
Series AAA, 5.25%, 07/01/22(f)(g) | 765 | 690,393 | ||||||
Series AAA, 5.25%, 07/01/24(f)(g) | 170 | 153,421 | ||||||
Series AAA, 5.25%, 07/01/25 | 1,865 | 1,603,900 | ||||||
Series AAA, 5.25%, 07/01/25(f)(g) | 1,695 | 1,529,693 | ||||||
Series AAA, 5.25%, 07/01/28 | 2,000 | 1,720,000 | ||||||
Series AAA, 5.25%, 07/01/28(f)(g) | 1,655 | 1,493,594 | ||||||
Series AAA, 5.25%, 07/01/29(f)(g) | 190 | 171,470 | ||||||
Series UU, 1.00%, 07/01/17(a) | 2,520 | 2,104,732 | ||||||
Series UU, 1.00%, 07/01/17(a)(f)(g) | 140 | 114,100 | ||||||
Series UU, 1.00%, 07/01/18(a)(f)(g) | 125 | 101,875 | ||||||
Series UU, 1.00%, 07/01/20(a)(f)(g) | 1,135 | 947,964 | ||||||
Series UU, 0.84%, 07/01/31(a)(f)(g) | 1,345 | 1,123,359 | ||||||
Series ZZ, 5.00%, 07/01/17(f)(g) | 330 | 297,816 | ||||||
Series ZZ, 5.25%, 07/01/19(f)(g) | 1,050 | 947,598 | ||||||
Series ZZ, 5.25%, 07/01/21(f)(g) | 90 | 81,223 | ||||||
Series ZZ, 5.25%, 07/01/23(f)(g) | 370 | 318,200 | ||||||
Series ZZ, 5.25%, 07/01/24 | 4,345 | 3,736,700 | ||||||
Series ZZ, 5.25%, 07/01/24(f)(g) | 705 | 636,244 | ||||||
Series ZZ, 5.25%, 07/01/25(f)(g) | 265 | 239,156 | ||||||
Series ZZ, 5.25%, 07/01/26(f)(g) | 85 | 76,710 | ||||||
Series ZZ, 5.00%, 07/01/28(f)(g) | 345 | 311,354 | ||||||
Puerto Rico Public Buildings Authority, Refunding RB(f)(g) | ||||||||
Series F, (GTD), 5.25%, 07/01/24 | 1,495 | 1,438,715 | ||||||
Series G, (GTD), 4.75%, 07/01/32 | 1,230 | 1,183,692 | ||||||
Series M, (GTD), 6.25%, 07/01/31 | 2,000 | 1,997,500 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 12,864 | 13,936,729 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 13,313 | 14,635,780 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 9,257 | 9,910,452 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 1,564 | 1,673,762 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 7,333 | 7,951,099 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/29 | 2,914 | 2,414,599 | ||||||
Series A-1, Restructured, 0.00%, 07/01/31 | 1,895 | 1,449,410 | ||||||
Series A-1, Restructured, 0.00%, 07/01/33 | 679 | 481,092 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d) (continued) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/46 | $ | 29,376 | $ | 8,969,080 | ||||
Series A-1, Restructured, 0.00%, 07/01/51 | 6,487 | 1,434,795 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 2,066 | 631,266 | ||||||
|
| |||||||
| 206,730,349 | ||||||||
| Rhode Island — 1.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 1,005 | 1,143,208 | ||||||
Series A, 5.00%, 06/01/40 | 5,500 | 6,106,540 | ||||||
Series B, 4.50%, 06/01/45 | 6,350 | 6,849,173 | ||||||
Series B, 5.00%, 06/01/50 | 5,650 | 6,284,778 | ||||||
|
| |||||||
| 20,383,699 | ||||||||
| South Carolina — 0.7% | ||||||||
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b) | 2,240 | 2,429,303 | ||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
Series A, 5.00%, 11/15/42 | 585 | 641,236 | ||||||
Series A, 5.00%, 11/15/54 | 280 | 302,212 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
4.00%, 11/15/27 | 670 | 704,626 | ||||||
Series A, 5.00%, 05/01/48 | 5,825 | 6,792,940 | ||||||
|
| |||||||
| 10,870,317 | ||||||||
| Tennessee — 0.9% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 410 | 463,431 | ||||||
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(f)(g) | 4,060 | 1,219,795 | ||||||
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36 | 560 | 654,002 | ||||||
Memphis-Shelby County Industrial Development Board, Refunding TA | ||||||||
Series A, 5.50%, 07/01/37 | 1,650 | 1,668,942 | ||||||
Series A, 5.63%, 01/01/46 | 1,875 | 1,870,537 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 925 | 1,091,056 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 | 1,635 | 1,703,278 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 5.25%, 10/01/58 | 5,335 | 6,075,711 | ||||||
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b) | 500 | 563,005 | ||||||
|
| |||||||
| 15,309,757 | ||||||||
| Texas — 5.0% | ||||||||
Arlington Higher Education Finance Corp., RB | ||||||||
5.00%, 01/15/51 | 2,045 | 2,126,166 | ||||||
5.63%, 08/15/54(b) | 6,260 | 6,475,970 | ||||||
Series A, 5.88%, 03/01/24 | 340 | 361,876 | ||||||
Series A, 4.63%, 08/15/46 | 830 | 833,353 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, 5.00%, 08/15/51 | 1,000 | 1,054,570 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 1,610 | 1,666,849 | ||||||
| S C H E D U L E O F I N V E S T M E N T S | 9 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Texas (continued) | ||||||||
Central Texas Regional Mobility Authority, Refunding RB, 0.00%, 01/01/31(d) | $ | 4,000 | $ | 3,268,960 | ||||
Central Texas Regional Mobility Authority, Refunding RB, CAB(d) | ||||||||
0.00%, 01/01/28 | 3,000 | 2,698,770 | ||||||
0.00%, 01/01/29 | 500 | 436,370 | ||||||
0.00%, 01/01/30 | 1,330 | 1,122,560 | ||||||
City of Houston Texas Airport System Revenue, RB, AMT, 5.00%, 07/15/28 | 2,725 | 3,224,819 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 615 | 712,170 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
Series A, AMT, 6.63%, 07/15/38 | 1,110 | 1,129,125 | ||||||
Series C, AMT, 5.00%, 07/15/27 | 3,925 | 4,541,853 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 3,380 | 3,546,127 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
Series A, 5.00%, 01/01/38 | 510 | 530,477 | ||||||
Series A, 5.00%, 01/01/43 | 520 | 534,856 | ||||||
Series A, 5.13%, 01/01/48 | 1,535 | 1,572,607 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d) | 350 | 132,171 | ||||||
Hemphill County Hospital District, GO | ||||||||
4.63%, 02/01/39 | 1,500 | 1,433,190 | ||||||
4.75%, 02/01/45 | 2,500 | 2,332,625 | ||||||
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51 | 1,400 | 1,463,882 | ||||||
Houston Higher Education Finance Corp., Refunding RB, 6.50%, 05/15/21(e) | 535 | 538,809 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) | 1,385 | 1,470,801 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB | ||||||||
5.00%, 08/15/39(b) | 420 | 437,900 | ||||||
5.00%, 08/15/49(b) | 825 | 849,932 | ||||||
Series A, 5.88%, 04/01/23(e) | 890 | 989,680 | ||||||
Series A, 6.00%, 04/01/23(e) | 1,355 | 1,510,120 | ||||||
Series A, 10.00%, 12/01/25(b) | 3,165 | 3,150,124 | ||||||
Series A, 5.00%, 07/01/57 | 3,000 | 3,127,050 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB(b) | ||||||||
Series A, 5.00%, 08/15/36 | 2,520 | 2,537,464 | ||||||
Series A, 5.00%, 08/15/46 | 695 | 698,732 | ||||||
Newark Higher Education Finance Corp., RB | ||||||||
5.00%, 06/15/48 | 1,500 | 1,526,520 | ||||||
Series A, 5.50%, 08/15/35(b) | 375 | 430,365 | ||||||
Series A, 5.75%, 08/15/45(b) | 735 | 834,372 | ||||||
Port Beaumont Navigation District, Refunding RB, Series A, AMT, 4.00%, 01/01/50(b) | 3,600 | 3,711,600 | ||||||
Red River Health Facilities Development Corp., RB | ||||||||
5.13%, 01/01/41 | 600 | 604,704 | ||||||
7.25%, 12/15/42(f)(g) | 1,330 | 879,883 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 | 8,560 | 10,231,169 | ||||||
Texas Transportation Commission, RB, CAB(d) 0.00%, 08/01/46 | 2,580 | 863,861 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Texas (continued) | ||||||||
Texas Transportation Commission, RB, CAB(d) (continued) | ||||||||
0.00%, 08/01/47 | $ | 3,850 | $ | 1,226,880 | ||||
0.00%, 08/01/48 | 4,070 | 1,231,704 | ||||||
0.00%, 08/01/49 | 3,825 | 1,098,349 | ||||||
0.00%, 08/01/50 | 5,485 | 1,486,106 | ||||||
0.00%, 08/01/51 | 3,230 | 826,848 | ||||||
0.00%, 08/01/52 | 3,230 | 780,659 | ||||||
0.00%, 08/01/53 | 290 | 66,268 | ||||||
|
| |||||||
| 82,309,246 | ||||||||
| Utah(b) — 0.1% | ||||||||
Utah Charter School Finance Authority, RB | ||||||||
Series A, 5.00%, 06/15/41 | 590 | 644,321 | ||||||
Series A, 5.00%, 06/15/52 | 750 | 801,945 | ||||||
|
| |||||||
| 1,446,266 | ||||||||
| Vermont(b) — 0.4% | ||||||||
East Central Vermont Telecommunications District, RB | ||||||||
Series A, 4.75%, 12/01/40 | 2,850 | 2,901,955 | ||||||
Series A, 4.50%, 12/01/50 | 3,000 | 3,009,480 | ||||||
|
| |||||||
| 5,911,435 | ||||||||
| Virginia — 1.0% | ||||||||
Hanover County Economic Development Authority, Refunding RB, Series A, 5.00%, 07/01/47 | 1,015 | 1,037,756 | ||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50 | 1,250 | 1,318,087 | ||||||
Lower Magnolia Green Community Development Authority, SAB(b) | ||||||||
5.00%, 03/01/35 | 490 | 526,598 | ||||||
5.00%, 03/01/45 | 505 | 535,916 | ||||||
Norfolk Redevelopment & Housing Authority, RB | ||||||||
Series A, 5.00%, 01/01/49 | 1,250 | 1,315,313 | ||||||
Series A, 5.25%, 01/01/54 | 3,750 | 3,991,500 | ||||||
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45 | 830 | 890,773 | ||||||
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 2,885 | 3,029,221 | ||||||
Virginia Small Business Financing Authority, RB, AMT, Senior Lien, 6.00%, 01/01/37 | 3,360 | 3,576,048 | ||||||
|
| |||||||
| 16,221,212 | ||||||||
| Washington — 0.7% | ||||||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42 | 1,005 | 1,019,563 | ||||||
Washington Economic Development Finance Authority, RB, AMT, 5.63%, 12/01/40(b) | 3,470 | 3,881,091 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 885 | 994,306 | ||||||
Washington State Housing Finance Commission, RB(b) | ||||||||
5.00%, 07/01/50 | 620 | 679,935 | ||||||
5.00%, 07/01/56 | 700 | 757,806 | ||||||
Washington State Housing Finance Commission, Refunding RB(b) 5.75%, 01/01/35 | 355 | 380,773 | ||||||
| 10 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Washington (continued) | ||||||||
Washington State Housing Finance Commission, Refunding RB(b) (continued) | ||||||||
6.00%, 01/01/45 | $ | 940 | $ | 1,005,791 | ||||
5.00%, 01/01/48 | 2,410 | 2,717,540 | ||||||
|
| |||||||
| 11,436,805 | ||||||||
| Wisconsin — 3.8% | ||||||||
Public Finance Authority, RB | ||||||||
5.00%, 12/01/35(b) | 200 | 223,246 | ||||||
5.00%, 06/15/39 | 310 | 359,585 | ||||||
5.00%, 06/15/41(b) | 925 | 958,966 | ||||||
5.00%, 01/01/42(b) | 1,555 | 1,601,666 | ||||||
5.00%, 12/01/45(b) | 280 | 306,135 | ||||||
6.85%, 11/01/46(b) | 1,325 | 1,382,637 | ||||||
7.00%, 11/01/46(b) | 805 | 845,677 | ||||||
5.00%, 06/15/49 | 955 | 1,085,434 | ||||||
5.63%, 06/15/49(b) | 6,000 | 5,878,620 | ||||||
5.00%, 04/01/50(b) | 315 | 356,337 | ||||||
5.00%, 06/15/53 | 645 | 731,095 | ||||||
5.00%, 06/15/55(b) | 13,945 | 13,966,000 | ||||||
5.00%, 12/01/55(b) | 955 | 1,036,242 | ||||||
5.00%, 01/01/56(b) | 3,790 | 3,847,305 | ||||||
Series A, 6.25%, 10/01/31(b) | 910 | 956,738 | ||||||
Series A, 5.00%, 06/01/40(b) | 750 | 814,522 | ||||||
Series A, 5.38%, 06/01/44(b) | 1,215 | 1,218,220 | ||||||
Series A, 5.38%, 07/15/47(b) | 1,595 | 1,762,204 | ||||||
Series A, 7.00%, 10/01/47(b) | 910 | 945,344 | ||||||
Series A, 5.00%, 06/01/49(b) | 1,340 | 1,431,415 | ||||||
Series A, 5.63%, 06/15/49(b) | 8,105 | 8,426,768 | ||||||
Series A, 5.50%, 06/01/54(b) | 1,500 | 1,435,365 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 895 | 963,557 | ||||||
Series A-1, 5.50%, 12/01/48(b)(f)(g) | 38 | 12,653 | ||||||
Series A-1, 5.00%, 01/01/55(b) | 2,470 | 2,711,023 | ||||||
Series B, 0.00%, 01/01/35(b)(d) | 1,230 | 550,216 | ||||||
Series B, 0.00%, 01/01/60(b)(d) | 31,635 | 2,470,377 | ||||||
Public Finance Authority, Refunding RB(b) | ||||||||
5.00%, 03/01/52 | 1,300 | 1,351,792 | ||||||
Series A, 5.00%, 10/01/34 | 280 | 315,837 | ||||||
Series A, 5.00%, 10/01/39 | 680 | 754,691 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
5.00%, 11/01/46 | 1,130 | 1,182,488 | ||||||
5.00%, 11/01/54 | 1,880 | 1,949,203 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 740 | 793,606 | ||||||
|
| |||||||
| 62,624,964 | ||||||||
|
| |||||||
Total Municipal Bonds — 90.2% | 1,484,261,754 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
| Georgia — 0.2% | ||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 3,140 | 3,494,380 | ||||||
|
| |||||||
| Illinois — 1.0% | ||||||||
Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41 | 2,480 | 2,530,270 | ||||||
| Security | Par (000) | Value | ||||||
| ||||||||
Illinois (continued) | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/41 | $ | 6,497 | $ | 7,248,001 | ||||
Series C, 4.00%, 02/15/41(e) | 13 | 14,019 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 | 5,011 | 5,758,731 | ||||||
|
| |||||||
| 15,551,021 | ||||||||
| Maryland — 1.0% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 | 15,000 | 17,024,100 | ||||||
|
| |||||||
| Massachusetts — 0.2% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 | 3,464 | 3,810,702 | ||||||
|
| |||||||
| New York — 6.9% | ||||||||
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47(j) | 643 | 646,727 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series C-1A, 4.15%, 11/01/39 | 3,107 | 3,244,440 | ||||||
Series C-1A, 4.20%, 11/01/44 | 5,695 | 5,946,945 | ||||||
Series C-1A, 4.30%, 11/01/47 | 4,660 | 4,866,590 | ||||||
New York City Water & Sewer System, Refunding RB, Series HH, | 3,015 | 3,043,944 | ||||||
New York Liberty Development Corp., ARB, 5.25%, 12/15/43 | 7,725 | 7,974,989 | ||||||
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(j) | 2,520 | 2,591,482 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 | 3,421 | 3,906,111 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series D, 4.00%, 02/15/47 | 17,080 | 19,512,192 | ||||||
Series E, 5.00%, 03/15/36 | 21,670 | 25,544,813 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46. | 13,005 | 14,528,926 | ||||||
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60 | 16,595 | 18,455,297 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 2,925 | 3,413,651 | ||||||
|
| |||||||
| 113,676,107 | ||||||||
| North Carolina — 0.2% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(e) | 2,930 | 3,518,959 | ||||||
|
| |||||||
Pennsylvania — 1.0% | ||||||||
Pennsylvania Economic Development Financing Authority, RB, Series A-1, 4.00%, 04/15/50 | 11,000 | 12,481,260 | ||||||
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42 | 3,677 | 4,479,744 | ||||||
|
| |||||||
| 16,961,004 | ||||||||
| Rhode Island — 0.2% | ||||||||
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22(e) | 2,641 | 2,782,143 | ||||||
|
| |||||||
| Texas — 0.2% | ||||||||
Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43 | 3,480 | 3,610,604 | ||||||
|
| |||||||
| S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
| Virginia — 0.5% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(j) | $ | 6,249 | $ | 7,170,421 | ||||
|
| |||||||
| Washington — 0.8% | ||||||||
City of Bellingham Washington Water & Sewer Revenue, RB, 5.00%, 08/01/40 | 2,998 | 3,045,921 | ||||||
Snohomish County Public Utility District No. 1, RB, 5.00%, 12/01/45 | 8,664 | 10,068,737 | ||||||
|
| |||||||
| 13,114,658 | ||||||||
| Wisconsin — 0.1% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 1,774 | 1,954,859 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 12.3% |
| 202,668,958 | ||||||
|
| |||||||
Total Long-Term Investments — 102.5% | 1,686,930,712 | |||||||
|
| |||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
| (d) | Zero-coupon bond. |
| (e) | 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. |
| (f) | Issuer filed for bankruptcy and/or is in default. |
| (g) | Non-income producing security. |
| (h) | When-issued security. |
| (i) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
| (j) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2021 to February 15, 2047, is $8,056,364. |
| (k) | Affiliate of the Fund. |
| (l) | Annualized 7-day yield as of period end. |
| Shares | ||||||||
| ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l) | 65,298,955 | 65,312,014 | ||||||
|
| |||||||
Total Short-Term Securities — 4.0% | 65,312,014 | |||||||
|
| |||||||
Total Investments — 106.5% | 1,752,242,726 | |||||||
Other Assets Less Liabilities — 0.6% | 10,261,388 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.1)% |
| (116,916,252 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 1,645,587,862 | ||||||
|
| |||||||
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2021 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 03/31/21 | Shares Held at 03/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 93,924,405 | $ | — | $ (28,611,200 | )(a) | $ | 2,108 | $ | (3,299 | ) | $ | 65,312,014 | 65,298,955 | $ | 8,043 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| 12 |
Schedule of Investments (unaudited) (continued) March 31, 2021 | BlackRock High Yield 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); and |
| • | 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 fair value 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 | $ | — | $ | 1,484,261,754 | $ | — | $ | 1,484,261,754 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 202,668,958 | — | 202,668,958 | ||||||||||||
Short-Term Securities | 65,312,014 | — | — | 65,312,014 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 65,312,014 | $ | 1,686,930,712 | $ | — | $ | 1,752,242,726 | |||||||||
|
|
|
|
|
|
|
| |||||||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $116,876,627 are categorized as Level 2 within the fair value hierarchy.
| Portfolio Abbreviation | ||
| AGC | Assured Guaranty Corp. | |
| AGM | Assured Guaranty Municipal Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| CAB | Capital Appreciation Bonds | |
| CBI | Certificate of Beneficial Interest | |
| GO | General Obligation Bonds | |
| GTD | GTD Guaranteed | |
| M/F | Multi-Family | |
| NPFGC | National Public Finance Guarantee Corp. | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| SONYMA | State of New York Mortgage Agency | |
| ST | Special Tax | |
| Portfolio Abbreviation (continued) | ||
| TA | Tax Allocation | |
| S C H E D U L E O F I N V E S T M E N T S | 13 |