Schedule of Investments (unaudited) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 5.2% | ||||||||
Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23 | $ | 225 | $ | 242,748 | ||||
Black Belt Energy Gas District RB, Series B, 4.00%, 10/01/52(a) | 10,000 | 11,498,500 | ||||||
Black Belt Energy Gas District, RB | ||||||||
Series A, 5.00%, 12/01/21 | 1,950 | 1,964,469 | ||||||
Series A-1, 4.00%, 06/01/22 | 825 | 844,965 | ||||||
Black Belt Energy Gas District, Refunding RB | ||||||||
4.00%, 12/01/23 | 440 | 473,409 | ||||||
4.00%, 06/01/24 | 400 | 436,848 | ||||||
4.00%, 12/01/24 | 475 | 525,963 | ||||||
Lower Alabama Gas District, RB | ||||||||
4.00%, 12/01/22 | 640 | 666,464 | ||||||
4.00%, 12/01/23 | 375 | 403,384 | ||||||
Southeast Alabama Gas Supply District, RB | ||||||||
Series A, 4.00%, 06/01/22 | 1,760 | 1,802,469 | ||||||
Series A, 4.00%, 06/01/23 | 2,225 | 2,359,368 | ||||||
Series A, 4.00%, 04/01/49(a) | 1,600 | 1,730,016 | ||||||
Series A, 4.00%, 06/01/49(a) | 16,995 | 18,491,070 | ||||||
Southeast Energy Authority A Cooperative District, RB | ||||||||
Series A, 4.00%, 10/01/24 | 650 | 716,157 | ||||||
Series B, 4.00%, 06/01/25 | 1,750 | 1,967,577 | ||||||
|
| |||||||
44,123,407 | ||||||||
Alaska — 1.1% | ||||||||
Alaska Municipal Bond Bank Authority, RB, 5.00%, 12/01/24 | 645 | 734,913 | ||||||
Alaska Municipal Bond Bank Authority, Refunding RB | ||||||||
5.00%, 12/01/22 | 750 | 789,668 | ||||||
5.00%, 12/01/23 | 2,000 | 2,195,480 | ||||||
Northern Tobacco Securitization Corp. Refunding RB | ||||||||
5.00%, 06/01/24 | 1,000 | 1,122,880 | ||||||
5.00%, 06/01/25 | 1,000 | 1,163,810 | ||||||
State of Alaska International Airports System Refunding RB, Series C, AMT, 5.00%, 10/01/27 | 3,030 | 3,730,960 | ||||||
|
| |||||||
9,737,711 | ||||||||
Arizona — 0.6% | ||||||||
Glendale Union High School District No. 205, GO, Series C, 5.00%, 07/01/22 | 1,000 | 1,034,980 | ||||||
Industrial Development Authority of the County of Yavapai, RB, Series A, VRDN, 0.07%, 09/01/35(a) | 3,500 | 3,500,000 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 09/01/22 | 750 | 782,377 | ||||||
|
| |||||||
5,317,357 | ||||||||
California — 1.6% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | 530 | 562,627 | ||||||
Series A, 4.00%, 06/01/23 | 450 | 477,014 | ||||||
Series A, 5.00%, 06/01/24 | 600 | 672,240 | ||||||
California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/21 | 1,305 | 1,312,425 | ||||||
California Statewide Communities Development Authority, RB | ||||||||
Series A, 5.00%, 04/01/23 | 525 | 561,703 | ||||||
Series A, 5.00%, 04/01/24 | 485 | 540,751 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
City of Los Angeles Department of Airports Refunding RB, Series D, AMT, 5.00%, 05/15/28(b) | $ | 2,710 | $ | 3,373,218 | ||||
Northern California Energy Authority, RB, Series A, 4.00%, 07/01/49(a) | 1,765 | 1,933,663 | ||||||
State of California, Refunding GO, 5.00%, 12/01/24 | 3,300 | 3,786,816 | ||||||
|
| |||||||
13,220,457 | ||||||||
Colorado — 2.2% | ||||||||
City of Colorado Springs Colorado Utilities System Revenue, Refunding RB, Series C, VRDN, 0.06%, 11/01/28(a) | 15,000 | 15,000,000 | ||||||
Colorado Health Facilities Authority Refunding RB, 5.00%, 08/01/28 | 1,000 | 1,258,120 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/27 | 1,000 | 1,231,370 | ||||||
Regional Transportation District, Refunding RB | ||||||||
Series A, 5.00%, 01/15/24 | 350 | 387,608 | ||||||
Series A, 5.00%, 07/15/24 | 350 | 395,454 | ||||||
|
| |||||||
18,272,552 | ||||||||
Connecticut — 4.0% | ||||||||
Connecticut Housing Finance Authority Refunding RB(b) | ||||||||
5.00%, 11/15/26 | 555 | 673,259 | ||||||
5.00%, 05/15/27 | 655 | 803,462 | ||||||
5.00%, 11/15/27 | 550 | 680,955 | ||||||
5.00%, 05/15/28 | 675 | 843,271 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series L-1, 4.00%, 07/01/23 | 550 | 585,404 | ||||||
Series L-1, 4.00%, 07/01/24 | 650 | 713,563 | ||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 5.00%, 08/01/22 | 900 | 935,793 | ||||||
Series A, 5.00%, 10/01/22 | 340 | 356,218 | ||||||
Series A, 5.00%, 05/01/23 | 475 | 510,782 | ||||||
Series A, 5.00%, 05/01/24 | 865 | 969,613 | ||||||
Series B, 5.00%, 10/01/22 | 3,400 | 3,562,486 | ||||||
Series B, 5.00%, 10/01/23 | 225 | 246,344 | ||||||
State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23 | 190 | 206,543 | ||||||
State of Connecticut, GO | ||||||||
Series A, 5.00%, 10/15/22 | 1,000 | 1,049,550 | ||||||
Series A, 5.00%, 03/15/23 | 695 | 743,261 | ||||||
Series C, 5.00%, 07/15/22 | 1,000 | 1,037,610 | ||||||
Series C, 3.00%, 06/01/23 | 650 | 680,153 | ||||||
Series C, 4.00%, 06/01/23 | 325 | 345,456 | ||||||
Series C, 3.00%, 06/01/24 | 1,065 | 1,142,383 | ||||||
Series C, 4.00%, 06/01/24 | 550 | 604,527 | ||||||
Series C, 4.00%, 06/15/24 | 750 | 825,375 | ||||||
State of Connecticut, Refunding GO | ||||||||
Series B, 5.00%, 05/15/22 | 4,955 | 5,101,817 | ||||||
Series B, 5.00%, 01/15/24 | 750 | 831,405 | ||||||
Series C, 5.00%, 06/01/22 | 600 | 619,056 | ||||||
Series C, 5.00%, 12/15/22 | 1,300 | 1,374,763 | ||||||
University of Connecticut, RB | ||||||||
Series A, 5.00%, 01/15/22 | 525 | 532,166 | ||||||
Series A, 5.00%, 03/15/22 | 1,550 | 1,583,712 | ||||||
Series A, 5.00%, 04/15/22 | 4,000 | 4,103,160 | ||||||
Series A, 5.00%, 04/15/24 | 650 | 728,130 |
1 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Connecticut (continued) | ||||||||
University of Connecticut, RB (continued) | ||||||||
Series A, 5.00%, 01/15/25 | $ | 720 | $ | 829,865 | ||||
University of Connecticut, Refunding RB, Series A, 5.00%, 02/15/22 | 720 | 732,751 | ||||||
|
| |||||||
33,952,833 | ||||||||
District of Columbia — 0.7% | ||||||||
District of Columbia, RB, VRDN, 0.09%, 04/01/38(a) | 1,445 | 1,445,000 | ||||||
District of Columbia, Refunding RB | ||||||||
5.00%, 10/01/21 | 250 | 250,030 | ||||||
5.00%, 10/01/22 | 325 | 339,765 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/26 | 3,380 | 4,059,785 | ||||||
|
| |||||||
6,094,580 | ||||||||
Florida — 1.4% | ||||||||
Alachua County Health Facilities Authority, Refunding RB, 5.00%, 12/01/22 | 515 | 543,011 | ||||||
Central Florida Expressway Authority, Refunding RB | ||||||||
Senior Lien, 5.00%, 07/01/22 | 1,550 | 1,604,606 | ||||||
Senior Lien, (AGM), 5.00%, 07/01/24 | 885 | 999,103 | ||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, 5.00%, 10/01/24 | 2,500 | 2,851,000 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB | ||||||||
Sereis A-1, 5.00%, 10/01/22 | 325 | 339,804 | ||||||
Sereis A-1, 5.00%, 10/01/23 | 400 | 436,468 | ||||||
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23 | 500 | 546,220 | ||||||
Pasco County School Board, RB, 5.00%, 10/01/22 | 1,525 | 1,595,120 | ||||||
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 11/01/22 | 2,085 | 2,188,353 | ||||||
Tolomato Community Development District, Refunding SAB, Series A-1, (AGM), 2.00%, 05/01/22 | 605 | 609,568 | ||||||
|
| |||||||
11,713,253 | ||||||||
Georgia — 7.7% | ||||||||
Atlanta Urban Residential Finance Authority, RB, M/F Housing, 1.36%, 12/01/22(a) | 594 | 594,921 | ||||||
Bartow County Development Authority, Refunding RB, 1.55%, 08/01/43(a) | 1,730 | 1,747,923 | ||||||
City of Atlanta GA Department of Aviation Refunding RB, Series C, AMT, 5.00%, 07/01/28(b) | 665 | 831,549 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/24 | 1,470 | 1,658,733 | ||||||
City of Atlanta Georgia, Refunding TA, 5.00%, 12/01/21 | 1,150 | 1,158,154 | ||||||
Development Authority of Burke County, Refunding RB, 1.55%, 12/01/49(a) | 3,245 | 3,278,553 | ||||||
Main Street Natural Gas Inc RB | ||||||||
Series C, 4.00%, 12/01/26 | 1,300 | 1,500,135 | ||||||
Series C, 4.00%, 12/01/27 | 1,225 | 1,433,618 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/22 | 1,145 | 1,177,094 | ||||||
Series A, 5.00%, 05/15/23 | 2,450 | 2,629,781 | ||||||
Series A, 4.00%, 04/01/48(a) | 30,500 | 32,441,630 | ||||||
Series C, 5.00%, 09/01/22 | 500 | 520,690 | ||||||
Series C, 5.00%, 09/01/23 | 1,000 | 1,087,080 | ||||||
Sub-Series C, 4.00%, 08/01/48(a) | 2,200 | 2,356,090 | ||||||
Municipal Electric Authority of Georgia, Refunding RB 4.00%, 11/01/24 | 3,000 | 3,334,110 |
Security | Par (000) | Value | ||||||
Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, Refunding RB (continued) | ||||||||
Series A, 5.00%, 01/01/22 | $ | 675 | $ | 682,607 | ||||
Series A, 5.00%, 01/01/23 | 900 | 951,705 | ||||||
Series A-R, Subordinate, 5.00%, 01/01/23 | 3,550 | 3,753,947 | ||||||
Series A-R, Subordinate, 5.00%, 01/01/24 | 2,500 | 2,755,225 | ||||||
Oconee County School District, GO, (SAW), 4.00%, 03/01/25 | 1,000 | 1,121,230 | ||||||
|
| |||||||
65,014,775 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23 | 895 | 922,208 | ||||||
|
| |||||||
Illinois — 0.8% | ||||||||
Chicago Housing Authority, RB, M/F Housing, Series A, (HUD SEC 8), 5.00%, 01/01/22 | 1,400 | 1,415,148 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24 | 500 | 551,685 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue Refunding RB, 5.00%, 06/01/23 | 2,160 | 2,324,354 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
5.00%, 08/15/22 | 750 | 780,323 | ||||||
5.00%, 08/15/23 | 1,000 | 1,086,650 | ||||||
Regional Transportation Authority, RB, Series A, (NPFGC), 6.70%, 11/01/21 | 785 | 788,784 | ||||||
|
| |||||||
6,946,944 | ||||||||
Indiana — 1.2% | ||||||||
City of Indianapolis Department of Public Utilities Gas Utility Revenue, Refunding RB, Series A, 2nd Lien, 5.00%, 08/15/23 | 2,000 | 2,175,100 | ||||||
City of Rockport Indiana, Refunding RB, Series A, 1.35%, 07/01/25(a) | 2,250 | 2,267,820 | ||||||
Indiana Finance Authority Refunding RB, 5.00%, 10/01/24 | 500 | 568,895 | ||||||
Indiana Finance Authority, RB, 3.00%, 02/01/23 | 225 | 232,859 | ||||||
Indiana Finance Authority, Refunding RB, Series A, 5.00%, 05/01/23(c) | 1,400 | 1,507,128 | ||||||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 06/01/24 | 2,000 | 2,241,220 | ||||||
Lawrence Township School Building Corp., RB, (ST INTERCEPT), 4.00%, 01/15/24 | 550 | 595,738 | ||||||
Southwest Allen Multi School Building Corp., RB, (ST INTERCEPT), 4.00%, 07/15/24 | 325 | 357,481 | ||||||
|
| |||||||
9,946,241 | ||||||||
Iowa — 3.3% | ||||||||
Iowa Finance Authority, RB, VRDN, 0.09%, 04/01/22(a) | 27,000 | 27,000,000 | ||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series A, AMT, 5.00%, 12/01/21 | 750 | 754,837 | ||||||
|
| |||||||
27,754,837 | ||||||||
Kansas — 3.2% | ||||||||
City of Burlington Kansas, Refunding RB(a) | ||||||||
Series A, VRDN, 0.12%, 09/01/35 | 18,000 | 18,000,000 | ||||||
Series B, VRDN, 0.12%, 09/01/35 | 6,000 | 6,000,000 | ||||||
City of Dodge City Kansas, GO Series 2019-A, (BAM), 4.00%, 09/01/22 | 280 | 289,506 |
S C H E D U L E O F I N V E S T M E N T S | 2 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Kansas (continued) | ||||||||
City of Dodge City Kansas, GO (continued) |
| |||||||
Series 2019-A, (BAM), 4.00%, 09/01/23 | $ | 1,080 | $ | 1,156,129 | ||||
City of Goddard, GO, Series 2019-1, 3.00%, 12/01/22 | 1,465 | 1,471,241 | ||||||
|
| |||||||
26,916,876 | ||||||||
Kentucky — 8.7% | ||||||||
City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB | ||||||||
Series B, 5.00%, 01/01/22 | 2,700 | 2,730,213 | ||||||
Series B, 4.00%, 01/01/23 | 1,750 | 1,827,945 | ||||||
Kentucky Asset Liability Commission Refunding RB, Series A, 5.00%, 11/01/24 | 2,500 | 2,843,825 | ||||||
Kentucky Public Energy Authority, RB | ||||||||
Series A, 4.00%, 04/01/48(a) | 5,000 | 5,407,700 | ||||||
Series A-1, 4.00%, 12/01/22 | 1,000 | 1,041,540 | ||||||
Series A-1, 4.00%, 12/01/49(a) | 12,000 | 13,396,200 | ||||||
Series C, 4.00%, 08/01/22 | 615 | 633,241 | ||||||
Series C, 4.00%, 08/01/23 | 500 | 532,615 | ||||||
Series C-1, 4.00%, 12/01/21 | 1,500 | 1,508,580 | ||||||
Series C-1, 4.00%, 06/01/22 | 1,750 | 1,791,492 | ||||||
Series C-1, 4.00%, 12/01/22 | 2,500 | 2,603,850 | ||||||
Kentucky State Property & Building Commission, RB 5.00%, 05/01/24 | 1,540 | 1,719,764 | ||||||
Series A, 5.00%, 11/01/23 | 1,000 | 1,095,280 | ||||||
Kentucky State Property & Building Commission, Refunding RB, Series B, 5.00%, 08/01/24 | 2,790 | 3,143,828 | ||||||
Meade County RB, VRDN, 0.08%, 08/01/61(a) | 33,400 | 33,400,000 | ||||||
|
| |||||||
73,676,073 | ||||||||
Louisiana — 1.7% | ||||||||
Ascension Parish School Board, GO, 4.00%, 03/01/24 | 570 | 621,044 | ||||||
Consolidated Govt. of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB | ||||||||
(AGM), 5.00%, 08/01/23 | 600 | 650,094 | ||||||
(AGM), 5.00%, 08/01/24 | 500 | 563,320 | ||||||
Greater Ouachita Water Co., Refunding RB | ||||||||
(BAM), 5.00%, 09/01/22 | 500 | 521,460 | ||||||
(BAM), 3.00%, 09/01/23 | 500 | 525,610 | ||||||
Livingston Parish School Board, Refunding RB, Series A, 4.00%, 05/01/24 | 680 | 743,893 | ||||||
Parish of St. John the Baptist Louisiana, Refunding RB, 2.00%, 06/01/37(a) | 10,315 | 10,502,939 | ||||||
|
| |||||||
14,128,360 | ||||||||
Maine — 0.7% | ||||||||
State of Maine GO, Series B, 4.00%, 06/01/25 | 4,975 | 5,626,178 | ||||||
|
| |||||||
Maryland — 0.4% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series B, 5.00%, 04/15/22 | 700 | 717,745 | ||||||
Series B, 5.00%, 04/15/23 | 675 | 723,978 | ||||||
Series B, 5.00%, 04/15/24 | 700 | 782,572 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/24 | 1,225 | 1,384,544 | ||||||
|
| |||||||
3,608,839 | ||||||||
Massachusetts — 1.8% | ||||||||
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 07/01/22 | 525 | 543,480 | ||||||
Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27 | 3,000 | 3,408,060 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Housing Finance Agency RB, (HUD SECT 8), 0.45%, 12/01/24 | $ | 1,500 | $ | 1,500,150 | ||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Refunding RB, Series A, 5.00%, 01/01/25 | 2,100 | 2,409,183 | ||||||
University of Massachusetts Building Authority, Refunding RB, Series 1, 5.00%, 11/01/24 | 6,600 | 7,556,142 | ||||||
|
| |||||||
15,417,015 | ||||||||
Michigan — 1.3% | ||||||||
Karegnondi Water Authority, Refunding RB, 5.00%, 11/01/21 | 450 | 451,633 | ||||||
Livonia Public Schools GO, Series I, (BAM), 4.00%, 05/01/25 | 1,700 | 1,910,613 | ||||||
Michigan Finance Authority, RB, 2nd Lien, (ST INTERCEPT), 5.00%, 11/01/23 | 310 | 340,107 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
Series A, Class 1, 4.00%, 06/01/23 | 1,000 | 1,060,640 | ||||||
Series D-1, 0.55%, 10/15/24 | 1,300 | 1,307,124 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, Series C, 5.00%, 12/01/21 | 1,000 | 1,007,550 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 0.55%, 04/01/25 | 1,500 | 1,500,720 | ||||||
Series A-1, 0.65%, 10/01/24(d) | 960 | 960,106 | ||||||
Michigan Strategic Fund RB, AMT, 0.58%, 08/01/27(a) | 1,600 | 1,600,656 | ||||||
Mona Shores Public Schools, GO, (Q-SBLF), 4.00%, 05/01/24 | 500 | 546,790 | ||||||
Wayne-Westland Community Schools, GO | ||||||||
(Q-SBLF), 4.00%, 05/01/22 | 150 | 153,263 | ||||||
(Q-SBLF), 5.00%, 11/01/22 | 290 | 304,819 | ||||||
|
| |||||||
11,144,021 | ||||||||
Minnesota — 0.3% | ||||||||
Minnesota Housing Finance Agency RB | ||||||||
Series E, AMT, 0.70%, 01/01/25 | 815 | 811,015 | ||||||
Series E, AMT, 0.90%, 01/01/26 | 830 | 824,912 | ||||||
Series E, AMT, 1.10%, 01/01/27 | 595 | 590,097 | ||||||
|
| |||||||
2,226,024 | ||||||||
Mississippi — 0.1% | ||||||||
Mississippi Development Bank, RB, 5.00%, 11/01/21 | 500 | 501,780 | ||||||
State of Mississippi, RB, Series A, 5.00%, 10/15/22 | 500 | 523,110 | ||||||
|
| |||||||
1,024,890 | ||||||||
Missouri — 0.2% | ||||||||
City of St. Charles, Refunding COP, Series B, 4.00%, 02/01/24 | 140 | 152,120 | ||||||
City of Washington, Refunding COP, 5.00%, 03/01/23 | 370 | 393,232 | ||||||
County of Greene MO, COP | ||||||||
Series A, 4.00%, 03/01/24 | 275 | 299,604 | ||||||
Series A, 4.00%, 03/01/25 | 400 | 448,724 | ||||||
|
| |||||||
1,293,680 | ||||||||
Nebraska — 1.6% | ||||||||
Central Plains Energy Project, RB, 5.00%, 03/01/50(a) | 8,455 | 9,256,619 | ||||||
Central Plains Energy Project, Refunding RB | ||||||||
4.00%, 02/01/22 | 485 | 490,708 | ||||||
4.00%, 08/01/22 | 1,500 | 1,544,640 | ||||||
4.00%, 02/01/23 | 1,055 | 1,105,208 | ||||||
4.00%, 08/01/23 | 875 | 932,129 |
3 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Nebraska (continued) | ||||||||
Douglas County Hospital Authority No. 2, Refunding RB | ||||||||
5.00%, 11/15/22 | $ | 135 | $ | 142,083 | ||||
5.00%, 11/15/23 | 110 | 120,805 | ||||||
|
| |||||||
13,592,192 | ||||||||
Nevada — 0.2% | ||||||||
Clark County Department of Aviation Refunding RB, Series B, AMT, 5.00%, 07/01/24 | 1,000 | 1,122,920 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 06/01/23 | 195 | 210,436 | ||||||
5.00%, 06/01/24 | 200 | 224,824 | ||||||
|
| |||||||
1,558,180 | ||||||||
New Hampshire — 2.0% | ||||||||
Hampton Roads Transportation Accountability Commission RB, Series A, 5.00%, 07/01/26 | 7,500 | 9,038,175 | ||||||
Hastings Independent School District No 200 GO, Series A, (SD CRED PROG), 0.00%, 02/01/26(e) | 1,040 | 1,010,131 | ||||||
New Hampshire Business Finance Authority Refunding RB, 0.43%, 10/01/33 | 4,800 | 4,856,102 | ||||||
New Hampshire State Turnpike System, Refunding RB, Series B, 5.00%, 02/01/24 | 1,775 | 1,802,566 | ||||||
|
| |||||||
16,706,974 | ||||||||
New Jersey — 11.6% | ||||||||
Garden State Preservation Trust, Refunding RB, Series A, 5.00%, 11/01/21 | 2,195 | 2,201,387 | ||||||
Jersey City Municipal Utilities Authority, RB, 3.00%, 07/01/22 | 2,000 | 2,042,220 | ||||||
New Jersey Building Authority, Refunding RB, Series A, 5.00%, 06/15/22 | 3,005 | 3,102,963 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
5.00%, 06/15/23 | 250 | 269,643 | ||||||
5.00%, 06/15/24 | 300 | 336,699 | ||||||
Series UU, 5.00%, 06/15/24 | 250 | 280,583 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
Series A, 1.00%, 06/01/23 | 1,350 | 1,364,040 | ||||||
Series B, 5.00%, 11/01/23 | 1,010 | 1,106,627 | ||||||
Series II, 5.00%, 03/01/22 | 1,310 | 1,335,139 | ||||||
Series NN, 5.00%, 03/01/22 | 4,505 | 4,591,451 | ||||||
Series NN, 5.00%, 03/01/23 | 5,945 | 6,333,327 | ||||||
Series XX, 5.00%, 06/15/23 | 8,010 | 8,639,346 | ||||||
Series XX, 5.00%, 06/15/24 | 2,990 | 3,355,767 | ||||||
New Jersey Educational Facilities Authority, RB 5.00%, 06/15/22 | 2,100 | 2,168,460 | ||||||
(SAP), 5.00%, 06/01/24 | 280 | 313,793 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 10/01/21 | 2,500 | 2,500,325 | ||||||
5.00%, 10/01/23 | 3,500 | 3,822,105 | ||||||
Series A, 5.00%, 07/01/23 | 1,015 | 1,099,509 | ||||||
New Jersey Transportation Trust Fund Authority, RB | 1,500 | 1,617,915 | ||||||
Series A, (AMBAC-TCRS-BNY), 5.25%, 12/15/22 | 650 | 688,077 | ||||||
Series AA, 5.00%, 06/15/22 | 500 | 516,300 | ||||||
Series AA, 5.00%, 06/15/23 | 175 | 188,745 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.50%, 12/15/21 | 5,845 | 5,905,087 | ||||||
Series A, (NPFGC-IBC), 5.50%, 12/15/21 | 305 | 308,135 | ||||||
Series A, 5.50%, 12/15/22 | 1,330 | 1,411,888 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Transportation Trust Fund Authority, | ||||||||
Refunding RB (continued) | ||||||||
Series A, 5.25%, 12/15/23 | $ | 2,000 | $ | 2,212,900 | ||||
Series A, 5.50%, 12/15/23 | 3,095 | 3,441,361 | ||||||
Series A, 5.00%, 06/15/24 | 5,820 | 6,531,088 | ||||||
Series B, (NPFGC), 5.50%, 12/15/21 | 1,000 | 1,010,450 | ||||||
Series B, (AMBAC), 5.25%, 12/15/23 | 1,130 | 1,250,288 | ||||||
Series D, 5.00%, 12/15/23 | 275 | 302,758 | ||||||
Series D, 5.25%, 12/15/23 | 7,690 | 8,509,446 | ||||||
South Orange & Maplewood School District, GO, (SCH BD RES FD), 2.00%, 08/15/23 | 1,075 | 1,107,637 | ||||||
State of New Jersey, GO | ||||||||
5.00%, 06/01/24 | 680 | 762,729 | ||||||
Series A, 5.00%, 06/01/24 | 8,330 | 9,343,261 | ||||||
Series A, 5.00%, 06/01/25 | 1,600 | 1,857,568 | ||||||
Series A, 5.00%, 06/01/27 | 5,000 | 6,128,150 | ||||||
|
| |||||||
97,957,167 | ||||||||
New Mexico — 0.3% | ||||||||
Albuquerque Municipal School District No.12, GO, Series A, (SAW), 5.00%, 08/01/24 | 250 | 282,700 | ||||||
Albuquerque Municipal School District No.12, Refunding GO, Series B, (SAW), 5.00%, 08/01/24 | 1,000 | 1,130,840 | ||||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | 1,200 | 1,267,608 | ||||||
|
| |||||||
2,681,148 | ||||||||
New York — 8.3% | ||||||||
County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23 | 775 | 823,631 | ||||||
County of Nassau New York, GO, Series C, 5.00%, 10/01/21 | 4,500 | 4,500,585 | ||||||
Erie County Industrial Development Agency, Refunding RB, (SAW), 5.00%, 05/01/25 | 1,925 | 2,237,524 | ||||||
Long Island Power Authority RB, (AGM), 0.00%, 06/01/26(e) | 500 | 475,195 | ||||||
Monroe County Industrial Development Corp., Refunding RB | ||||||||
5.00%, 12/01/22 | 600 | 634,428 | ||||||
5.00%, 12/01/23 | 500 | 552,820 | ||||||
Nassau Health Care Corp. Refunding RB, (GTD), 5.00%, 08/01/24 | 2,215 | 2,498,520 | ||||||
New York City Housing Development Corp. Refunding RB, (FHA 542(C)), 1.05%, 05/01/28 | 1,000 | 984,010 | ||||||
New York City Industrial Development Agency, Refunding RB, (AGM), 5.00%, 03/01/28 | 1,350 | 1,659,069 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Refunding RB | ||||||||
5.00%, 11/01/25 | 5,500 | 6,504,630 | ||||||
5.00%, 11/01/26 | 2,000 | 2,433,400 | ||||||
5.00%, 11/01/27 | 3,000 | 3,741,450 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, 5.00%, 11/01/24 | 10,000 | 11,438,800 | ||||||
New York Convention Center Development Corp. Refunding RB, 5.00%, 11/15/25 | 1,600 | 1,877,776 | ||||||
New York Liberty Development Corp. Refunding RB, 0.95%, 11/15/27 | 3,000 | 2,981,970 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/25 | 5,000 | 5,789,250 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23 | 5,295 | 5,316,551 |
S C H E D U L E O F I N V E S T M E N T S | 4 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/24 | $ | 3,000 | $ | 3,346,110 | ||||
New York Transportation Development Corp., Refunding RB | ||||||||
5.00%, 12/01/23 | 550 | 603,009 | ||||||
5.00%, 12/01/24 | 1,030 | 1,171,831 | ||||||
Port Authority of New York & New Jersey, Refunding RB, Series 226, AMT, 5.00%, 10/15/25 | 6,000 | 7,051,020 | ||||||
State of New York Mortgage Agency RB | ||||||||
AMT, 0.65%, 04/01/24 | 705 | 705,254 | ||||||
AMT, 0.75%, 10/01/24 | 830 | 831,394 | ||||||
AMT, 0.88%, 04/01/25 | 1,710 | 1,714,070 | ||||||
Town of Oyster Bay, Refunding GO, 4.00%, 03/01/24 | 390 | 423,450 | ||||||
|
| |||||||
70,295,747 | ||||||||
North Carolina — 0.4% | ||||||||
North Carolina Turnpike Authority, RB, 5.00%, 02/01/24 | 2,855 | 3,146,981 | ||||||
|
| |||||||
Ohio — 1.1% | ||||||||
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 | 350 | 370,391 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB | ||||||||
5.00%, 12/01/21 | 600 | 604,566 | ||||||
5.00%, 12/01/22 | 800 | 844,224 | ||||||
5.00%, 12/01/23 | 1,100 | 1,211,738 | ||||||
Series A, 5.00%, 08/01/23 | 300 | 325,935 | ||||||
County of Butler Ohio, Refunding RB, 5.00%, 11/15/21 | 750 | 754,020 | ||||||
Lancaster Port Authority, Refunding RB | ||||||||
Series A, 5.00%, 08/01/22 | 235 | 243,918 | ||||||
Series A, 5.00%, 02/01/23 | 250 | 265,185 | ||||||
State of Ohio RB, 5.00%, 04/01/28 | 2,390 | 2,993,475 | ||||||
State of Ohio, RB, 5.00%, 10/01/24 | 1,250 | 1,422,638 | ||||||
|
| |||||||
9,036,090 | ||||||||
Oklahoma — 0.0% | ||||||||
Oklahoma Municipal Power Authority Refunding RB, Series A, (AGM), 5.00%, 01/01/25 | 390 | 447,158 | ||||||
|
| |||||||
Oregon — 0.1% | ||||||||
City of Hermiston Oregon, GO, 4.00%, 06/01/24 | 345 | 377,861 | ||||||
Port of Portland OR Airport Revenue RB, AMT, 5.00%, 07/01/24 | 565 | 638,123 | ||||||
|
| |||||||
1,015,984 | ||||||||
Pennsylvania — 10.3% | ||||||||
Allegheny County Airport Authority RB | ||||||||
Series A, AMT, 5.00%, 01/01/27 | 1,205 | 1,455,821 | ||||||
Series A, AMT, 5.00%, 01/01/28 | 2,980 | 3,672,165 | ||||||
Allegheny County Hospital Development Authority, Refunding RB | ||||||||
Series A, 5.00%, 04/01/23 | 4,000 | 4,281,680 | ||||||
Series A, 5.00%, 04/01/24 | 2,400 | 2,677,776 | ||||||
Avon Grove School District Chester County, GO, (SAW), 4.00%, 11/15/22 | 425 | 442,434 | ||||||
Bethlehem Area School District Refunding GOL, (SAW), 5.00%, 11/15/24 | 3,620 | 4,128,972 | ||||||
Boyertown Area School District, Refunding GO | ||||||||
(BAM SAW), 4.00%, 11/01/21 | 910 | 912,512 | ||||||
(SAW), 4.00%, 09/01/22 | 225 | 232,414 | ||||||
Centre County Hospital Authority, Refunding RB, Series A, 5.00%, 11/15/21 | 400 | 402,200 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Chester County Health and Education Facilities Authority, RB, Series B, 5.00%, 06/01/24 | $ | 1,250 | $ | 1,405,212 | ||||
City of Philadelphia PA Airport Revenue Refunding RB | ||||||||
AMT, 5.00%, 07/01/26 | 1,000 | 1,192,990 | ||||||
AMT, 5.00%, 07/01/27 | 1,000 | 1,220,470 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/24 | 735 | 827,867 | ||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | 1,000 | 1,047,860 | ||||||
City of Philadelphia, Refunding GO, Series A, 5.00%, 08/01/22 | 1,660 | 1,725,553 | ||||||
Commonwealth Financing Authority Refunding RB, Series B, 5.00%, 06/01/25 | 620 | 721,804 | ||||||
Commonwealth Financing Authority, RB | ||||||||
5.00%, 06/01/22 | 1,000 | 1,030,750 | ||||||
5.00%, 06/01/24 | 2,975 | 3,335,183 | ||||||
Commonwealth of Pennsylvania, GO | ||||||||
1st Series, 5.00%, 06/01/22(f) | 5,000 | 5,154,650 | ||||||
1st Series, 5.00%, 03/15/24 | 1,585 | 1,767,640 | ||||||
Commonwealth of Pennsylvania, Refunding GO | ||||||||
1st Series, 5.00%, 08/15/23 | 1,000 | 1,088,640 | ||||||
2nd Series, 5.00%, 01/15/22 | 1,000 | 1,013,530 | ||||||
County of Lehigh, Refunding RB | ||||||||
5.00%, 07/01/22 | 1,385 | 1,433,752 | ||||||
5.00%, 07/01/23 | 700 | 757,407 | ||||||
DuBois Area School District, Refunding GO | ||||||||
Series B, (BAM SAW), 4.00%, 11/01/22 | 225 | 233,663 | ||||||
Series B, (BAM SAW), 4.00%, 11/01/23 | 325 | 348,722 | ||||||
Easton Area School District, Refunding GO, Series A, (SAW), 4.00%, 04/01/23 | 375 | 395,520 | ||||||
Ephrata Area School District GOL, (SAW), 4.00%, 03/01/25 | 1,130 | 1,264,775 | ||||||
Geisinger Authority, Refunding RB, 5.00%, 04/01/22 | 4,000 | 4,095,600 | ||||||
Muhlenberg School District, Refunding GO | ||||||||
(SAW), 4.00%, 05/15/23 | 525 | 555,576 | ||||||
(SAW), 4.00%, 05/15/24 | 200 | 218,428 | ||||||
Palmyra Area School District, Refunding GO | ||||||||
(SAW), 4.00%, 04/01/22 | 915 | 931,937 | ||||||
(SAW), 4.00%, 04/01/23 | 590 | 622,680 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A, 2.15%, 11/01/21 | 1,500 | 1,502,160 | ||||||
Series A-1, 5.00%, 04/15/22 | 545 | 558,679 | ||||||
Series A-1, 5.00%, 04/15/24 | 575 | 642,143 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB 0.40%, 10/01/23 | 10,000 | 10,002,600 | ||||||
Series A, 4.00%, 10/15/24 | 425 | 470,866 | ||||||
Pennsylvania Housing Finance Agency Refunding RB | ||||||||
5.00%, 04/01/27 | 875 | 1,062,626 | ||||||
5.00%, 10/01/27 | 250 | 306,225 | ||||||
5.00%, 04/01/28 | 1,375 | 1,696,131 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 133, 5.00%, 10/01/23 | 400 | 435,816 | ||||||
Pennsylvania Turnpike Commission Refunding RB, Series B, 5.00%, 12/01/27 | 1,500 | 1,867,725 | ||||||
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | 230 | 240,842 | ||||||
Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/24 | 500 | 561,070 |
5 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Pennsylvania (continued) | ||||||||
Philadelphia Gas Works Co., Refunding RB | ||||||||
Series B, 5.00%, 08/01/23 | $ | 1,000 | $ | 1,087,750 | ||||
Series B, (AGM), 5.00%, 08/01/24 | 500 | 561,070 | ||||||
Pottstown School District, Refunding GO, (BAM SAW), 4.00%, 06/01/23 | 385 | 407,646 | ||||||
Public Parking Authority Of Pittsburgh, Refunding RB | ||||||||
Series A, 5.00%, 12/01/22 | 665 | 701,455 | ||||||
Series A, 5.00%, 12/01/22(f) | 345 | 363,709 | ||||||
School District of Philadelphia GOL, Series D, (SAW), 5.00%, 09/01/25 | 7,275 | 8,499,528 | ||||||
School District of Philadelphia, GO | ||||||||
Series A, (SAW), 5.00%, 09/01/22 | 1,150 | 1,198,633 | ||||||
Series A, (SAW), 5.00%, 09/01/23 | 1,250 | 1,359,725 | ||||||
Southeastern Pennsylvania Transportation Authority, RB | ||||||||
5.00%, 06/01/23 | 1,000 | 1,076,440 | ||||||
5.00%, 06/01/24 | 900 | 1,007,937 | ||||||
Wilson Area School District, Refunding GO | ||||||||
(SAW), 4.00%, 03/15/22 | 285 | 289,799 | ||||||
(SAW), 4.00%, 03/15/23 | 900 | 948,393 | ||||||
|
| |||||||
87,445,151 | ||||||||
Puerto Rico — 0.6% | ||||||||
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23 | 4,500 | 4,954,230 | ||||||
|
| |||||||
Rhode Island — 0.5% | ||||||||
Providence Public Building Authority RB | ||||||||
Series A, (AGM), 4.00%, 09/15/21 | — | — | ||||||
Series A, (AGM), 4.00%, 09/15/22 | 3,240 | 3,350,095 | ||||||
Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23 | 800 | 863,936 | ||||||
|
| |||||||
4,214,031 | ||||||||
South Carolina — 1.7% | ||||||||
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 | 1,640 | 1,824,861 | ||||||
Lexington County Health Services District Inc., Refunding RB, 5.00%, 11/01/21 | 250 | 250,890 | ||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a) | 9,255 | 9,967,357 | ||||||
Piedmont Municipal Power Agency Refunding RB, Series A, 4.00%, 01/01/25 | 1,480 | 1,635,726 | ||||||
South Carolina Jobs-Economic Development Authority, RB, VRDN, 0.06%, 12/01/38(a) | 1,005 | 1,005,000 | ||||||
|
| |||||||
14,683,834 | ||||||||
South Dakota — 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 09/01/23 | 335 | 364,956 | ||||||
Series A, 5.00%, 09/01/24 | 350 | 396,417 | ||||||
|
| |||||||
761,373 | ||||||||
Tennessee — 0.5% | ||||||||
New Memphis Arena Public Building Authority, RB, CAB, 4.00%, 04/01/27(g) | 1,855 | 1,830,718 | ||||||
Tennergy Corp., RB | ||||||||
Series A, 4.00%, 03/01/24 | 350 | 379,400 | ||||||
Series A, 4.00%, 09/01/24 | 500 | 549,910 | ||||||
Series A, 4.00%, 03/01/25 | 500 | 556,935 |
Security | Par (000) | Value | ||||||
| ||||||||
Tennessee (continued) | ||||||||
Tennessee Energy Acquisition Corp., RB | ||||||||
5.00%, 11/01/24 | $ | 250 | $ | 283,465 | ||||
Series A, 5.25%, 09/01/24 | 910 | 1,034,270 | ||||||
|
| |||||||
4,634,698 | ||||||||
Texas — 8.7% | ||||||||
City of Houston Refunding GOL, Series A, 5.00%, 03/01/28 | 2,000 | 2,507,380 | ||||||
Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25 | 650 | 749,645 | ||||||
Dallas Fort Worth International Airport, Refunding RB | ||||||||
5.00%, 11/01/23 | 2,500 | 2,742,375 | ||||||
Series A, 5.00%, 11/01/23 | 1,250 | 1,371,125 | ||||||
Fort Worth Independent School District GO, Series A, (PSF), 5.00%, 02/15/25 | 1,150 | 1,325,755 | ||||||
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25 | 1,285 | 1,355,212 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/21 | 725 | 728,864 | ||||||
North Central Texas Housing Finance Corp. RB, 0.38%, 08/01/40(a) | 3,500 | 3,489,045 | ||||||
Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, 0.08%, 06/01/41(a) | 8,000 | 8,000,000 | ||||||
Richardson Independent School District GO, (PSF), 5.00%, 02/15/25 | 1,250 | 1,441,850 | ||||||
San Antonio Water System RB, Series A, 5.00%, 05/15/25 | 1,950 | 2,269,410 | ||||||
State of Texas, GO(a) | ||||||||
Series A, VRDN, 0.05%, 06/01/41 | 4,105 | 4,105,000 | ||||||
Series A, VRDN, 0.05%, 06/01/43 | 3,450 | 3,450,000 | ||||||
Series A, VRDN, 0.05%, 06/01/45 | 4,180 | 4,180,000 | ||||||
Series B, VRDN, 0.05%, 12/01/41 | 9,500 | 9,499,651 | ||||||
Series B, VRDN, 0.05%, 12/01/42 | 5,590 | 5,590,000 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 07/01/22 | 1,815 | 1,879,360 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, | ||||||||
Refunding RB | ||||||||
5.00%, 12/15/23 | 1,000 | 1,098,850 | ||||||
5.00%, 12/15/24 | 2,900 | 3,306,783 | ||||||
5.00%, 12/15/27 | 6,000 | 7,400,280 | ||||||
Texas Transportation Commission State Highway Fund, RB, Series B-1, VRDN, 0.06%, 04/01/32(a) | 7,000 | 7,000,000 | ||||||
Waco Educational Finance Corp., RB, 4.00%, 03/01/25 | 400 | 447,800 | ||||||
|
| |||||||
73,938,385 | ||||||||
Utah — 0.6% | ||||||||
Central Utah Water Conservancy District, Refunding RB, Series B, 5.00%, 10/01/21 | 1,875 | 1,875,244 | ||||||
City of Salt Lake City UT Airport Revenue RB, Series A, AMT, 5.00%, 07/01/27 | 2,500 | 3,064,225 | ||||||
|
| |||||||
4,939,469 | ||||||||
Virginia — 0.2% | ||||||||
Virginia College Building Authority, RB, Seties A, 5.00%, 02/01/25 | 1,300 | 1,499,966 | ||||||
|
| |||||||
Washington — 1.0% | ||||||||
King County Housing Authority, Refunding RB | ||||||||
3.00%, 06/01/23 | 200 | 208,108 | ||||||
3.00%, 06/01/24 | 225 | 239,013 | ||||||
Port of Seattle, Refunding ARB, Series B, 5.00%, 03/01/24 | 1,375 | 1,526,566 |
S C H E D U L E O F I N V E S T M E N T S | 6 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Washington (continued) | ||||||||
Seattle Housing Authority, RB, M/F Housing, Series A, 3.00%, 06/01/23 | $ | 3,000 | $ | 3,121,740 | ||||
State of Washington, RB, Series F, 5.00%, 09/01/22 | 460 | 479,927 | ||||||
Tobacco Settlement Authority, Refunding RB, 5.00%, 06/01/22 | 2,500 | 2,577,325 | ||||||
|
| |||||||
8,152,679 | ||||||||
Wisconsin — 0.1% | ||||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 01/01/23 | 300 | 317,232 | ||||||
5.00%, 01/01/24 | 300 | 330,624 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 11/15/21 | 350 | 351,502 | ||||||
|
| |||||||
999,358 | ||||||||
|
| |||||||
Total Long-Term Investments — 98.2% | 830,739,906 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.0% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i) | 16,964,582 | 16,966,278 | ||||||
|
| |||||||
Total Short-Term Securities — 2.0% | 16,966,278 | |||||||
|
| |||||||
Total Investments — 100.2% | 847,706,184 | |||||||
|
| |||||||
Liabilities in Excess of Other Assets — (0.2)% |
| (1,900,124 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 845,806,060 | ||||||
|
|
(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) | 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) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(e) | Zero-coupon bond. |
(f) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | Affiliate of the Fund. |
(i) | 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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/21 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 8,173,013 | $ | 8,795,225 | (a) | $ | — | $ | (652 | ) | $ | (1,308 | ) | $ | 16,966,278 | 16,964,582 | $ | 135 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
7 |
Schedule of Investments (unaudited) (continued) September 30, 2021 | BlackRock Short-Term Municipal Fund |
Fair Value Hierarchy as of Period End (continued)
• | 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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 830,739,906 | $ | — | $ | 830,739,906 | ||||||||
Short-Term Securities Money Market Funds | 16,966,278 | — | — | 16,966,278 | ||||||||||||
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$ | 16,966,278 | $ | 830,739,906 | $ | — | $ | 847,706,184 | |||||||||
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Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHA | Federal Housing Administration | |
GO | General Obligation Bonds | |
GOL | General Obligation Ltd. | |
GTD | GTD Guaranteed | |
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
MO | Moral Obligation | |
NPFGC | National Public Finance Guarantee Corp. | |
NPFGC-IBC | National Public Finance Guarantee Corp. — Insured Bond Certificate | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAP | Subject to Appropriations |
Portfolio Abbreviation (continued) | ||
SAW | State Aid Withholding | |
SCH BD RES FD | School Board Resolution Fund | |
ST | Special Tax | |
TA | Tax Allocation | |
UT | Unlimited Tax | |
VRDN | Variable Rate Demand Note |
S C H E D U L E O F I N V E S T M E N T S | 8 |