Blackrock Municipal Bond Fund NPORTP BlackRock Short-Term Municipal Fund (Sep 2021 report)

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 4.00%, 06/01/23		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 5.00%, 06/15/23		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% (Cost: $827,461,043)				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% (Cost: $16,967,586)				16,966,278


Total Investments — 100.2% (Cost: $844,428,629)				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 09/30/21		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

	$	16,966,278	$	830,739,906	$	—	$	847,706,184


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

Blackrock Municipal Bond Fund NPORT-PBlackRock Short-Term Municipal Fund (Sep 2021 report)