Schedule of Investments (unaudited) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 5.3% | ||||||||
Birmingham Airport Authority, Refunding RB, (BAM), 5.00%, 07/01/23 | $ | 225 | $ | 227,081 | ||||
Black Belt Energy Gas District, RB(a) | ||||||||
2.81%, 10/01/52 | 4,000 | 3,661,764 | ||||||
4.00%, 10/01/52 | 1,225 | 1,188,685 | ||||||
Series A-1, 4.00%, 12/01/49 | 19,045 | 18,752,031 | ||||||
Black Belt Energy Gas District, Refunding RB | ||||||||
4.00%, 12/01/23 | 440 | 441,416 | ||||||
4.00%, 06/01/24 | 400 | 401,350 | ||||||
4.00%, 12/01/24 | 475 | 476,083 | ||||||
Series D1, 4.00%, 07/01/52(a) | 1,030 | 1,012,486 | ||||||
Series D2, 3.38%, 07/01/52(a) | 2,650 | 2,504,897 | ||||||
Lower Alabama Gas District, RB | ||||||||
4.00%, 12/01/22 | 640 | 640,315 | ||||||
4.00%, 12/01/23 | 375 | 375,715 | ||||||
Southeast Alabama Gas Supply District, RB | ||||||||
Series A, 4.00%, 06/01/23 | 2,225 | 2,223,961 | ||||||
Series A, 4.00%, 04/01/49(a) | 1,600 | 1,594,037 | ||||||
Southeast Energy Authority A Cooperative District, RB | ||||||||
Series A, 4.00%, 10/01/24. | 650 | 648,858 | ||||||
Series A, 4.00%, 11/01/51(a) | 3,035 | 2,880,106 | ||||||
West Jefferson Industrial Development Board RB, 2.98%, 12/01/38(a) | 900 | 900,000 | ||||||
|
| |||||||
37,928,785 | ||||||||
Alaska — 0.9% | ||||||||
Alaska Municipal Bond Bank Authority, Refunding RB | ||||||||
Series One, 5.00%, 12/01/22 | 750 | 752,107 | ||||||
Series One, 5.00%, 12/01/24 | 645 | 666,425 | ||||||
Northern Tobacco Securitization Corp., Refunding RB | ||||||||
Series A, Class 1, 5.00%, 06/01/24 | 1,000 | 1,014,436 | ||||||
Series A, Class 1, 5.00%, 06/01/25 | 1,000 | 1,018,977 | ||||||
State of Alaska International Airports System, Refunding RB | ||||||||
Series C, AMT, 5.00%, 10/01/26 | 1,510 | 1,568,777 | ||||||
Series C, AMT, 5.00%, 10/01/28 | 1,000 | 1,048,181 | ||||||
|
| |||||||
6,068,903 | ||||||||
Arizona(a) — 0.9% | ||||||||
Arizona Health Facilities Authority, RB, Series B, 2.71%, 01/01/46 | 5,900 | 5,730,505 | ||||||
Chandler Industrial Development Authority, RB, 2.40%, 12/01/35 | 485 | 480,306 | ||||||
|
| |||||||
6,210,811 | ||||||||
California — 0.4% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | ||||||||
4.00%, 06/01/23 | 530 | 532,115 | ||||||
Series A, 4.00%, 06/01/23 | 450 | 452,065 | ||||||
Series A, 5.00%, 06/01/24 | 600 | 614,715 | ||||||
California Statewide Communities Development Authority, RB | ||||||||
Series A, 5.00%, 04/01/23 | 525 | 528,340 | ||||||
Series A, 5.00%, 04/01/24 | 485 | 493,417 | ||||||
|
| |||||||
2,620,652 | ||||||||
Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/28 | 2,000 | 2,088,440 | ||||||
Colorado Health Facilities Authority, RB, Series B, 5.00%, 08/01/49(a) | 2,200 | 2,238,214 |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Regional Transportation District, Refunding RB | ||||||||
Series A, 5.00%, 01/15/24 | $ | 350 | $ | 354,834 | ||||
Series A, 5.00%, 07/15/24 | 350 | 356,531 | ||||||
Series A, 3.00%, 01/15/26 | 610 | 590,412 | ||||||
|
| |||||||
5,628,431 | ||||||||
Connecticut — 2.9% | ||||||||
Connecticut Housing Finance Authority, Refunding RB | ||||||||
Series D-1, 5.00%, 11/15/26 | 555 | 582,851 | ||||||
Series D-1, 5.00%, 05/15/27 | 655 | 689,598 | ||||||
Series D-1, 5.00%, 11/15/27 | 550 | 580,220 | ||||||
Series D-1, 5.00%, 05/15/28 | 675 | 713,592 | ||||||
Series E-5, AMT, 5.00%, 05/15/28 | 1,400 | 1,480,444 | ||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB | ||||||||
Series L-1, 4.00%, 07/01/23 | 550 | 550,822 | ||||||
Series L-1, 4.00%, 07/01/24 | 650 | 651,100 | ||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 5.00%, 10/01/22 | 340 | 340,000 | ||||||
Series A, 5.00%, 05/01/23 | 475 | 480,123 | ||||||
Series A, 5.00%, 05/01/24 | 865 | 888,495 | ||||||
Series B, 5.00%, 10/01/22 | 3,400 | 3,400,000 | ||||||
Series B, 5.00%, 10/01/23 | 225 | 228,966 | ||||||
State of Connecticut Special Tax Revenue, Refunding RB, Series B, 5.00%, 08/01/23 | 190 | 192,842 | ||||||
State of Connecticut, GO | ||||||||
Series A, 5.00%, 10/15/22 | 1,000 | 1,000,597 | ||||||
Series A, 5.00%, 03/15/23 | 695 | 701,053 | ||||||
Series A, 3.45%, 03/01/25(a) | 4,155 | 4,153,147 | ||||||
Series C, 3.00%, 06/01/23 | 650 | 649,696 | ||||||
Series C, 4.00%, 06/01/23 | 325 | 326,948 | ||||||
State of Connecticut, Refunding GO, Series C, 5.00%, 12/15/22 | 1,300 | 1,305,051 | ||||||
University of Connecticut, RB | ||||||||
Series A, 5.00%, 04/15/24 | 650 | 667,436 | ||||||
Series A, 5.00%, 01/15/25 | 720 | 747,764 | ||||||
|
| |||||||
20,330,745 | ||||||||
Delaware — 1.0% | ||||||||
Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a) | 8,000 | 7,357,848 | ||||||
|
| |||||||
District of Columbia — 0.2% | ||||||||
District of Columbia, RB, VRDN, 2.50%, 04/01/38(a) | 1,345 | 1,345,000 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/22 | 325 | 325,000 | ||||||
|
| |||||||
1,670,000 | ||||||||
Florida — 5.2% | ||||||||
Alachua County Health Facilities Authority, Refunding RB, 5.00%, 12/01/22 | 515 | 516,346 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, (AGM), 5.00%, 07/01/24 | 885 | 912,824 | ||||||
County of Lee Florida Airport Revenue, ARB, | 4,095 | 4,283,607 | ||||||
County of Massachusettsrtin Florida, Refunding RB, VRDN, 2.65%, 07/01/52(a) | 2,500 | 2,500,000 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB | ||||||||
Sereis A-1, 5.00%, 10/01/22 | 325 | 325,000 | ||||||
Sereis A-1, 5.00%, 10/01/23 | 400 | 403,990 | ||||||
Escambia County, RB, 2.85%, 04/01/39(a) | 25,900 | 25,900,000 |
1 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 08/15/23 | $ | 500 | $ | 506,281 | ||||
Pasco County School Board, RB, 5.00%, 10/01/22 | 1,525 | 1,525,000 | ||||||
|
| |||||||
36,873,048 | ||||||||
Georgia — 4.5% | ||||||||
Bartow County Development Authority, Refunding RB, VRDN, 2.75%, 12/01/32(a) | 2,000 | 1,991,034 | ||||||
City of Atlanta GA Department of Aviation, Refunding RB, Series C, AMT, 5.00%, 07/01/28 | 665 | 700,700 | ||||||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/24 | 1,470 | 1,514,126 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/23 | 2,450 | 2,460,452 | ||||||
Series A, 4.00%, 04/01/48(a) | 3,615 | 3,622,060 | ||||||
Series B, 5.00%, 12/01/52(a) | 5,000 | 5,064,945 | ||||||
Series C, 5.00%, 09/01/23 | 1,000 | 1,005,700 | ||||||
Sub-Series C, 4.00%, 08/01/48(a) | 2,200 | 2,203,982 | ||||||
Series C, RB, 4.00%, 03/01/50(a) | 1,000 | 966,943 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
Series A, 5.00%, 07/01/24 | 505 | 516,083 | ||||||
Series A, 5.00%, 07/01/25 | 510 | 526,365 | ||||||
Series A, (AGM), 5.00%, 07/01/28 | 600 | 638,213 | ||||||
Municipal Electric Authority of Georgia, Refunding RB | ||||||||
4.00%, 11/01/24 | 3,000 | 3,017,400 | ||||||
Series A, 5.00%, 01/01/23 | 900 | 903,170 | ||||||
Series A-R, Subordinate, 5.00%, 01/01/23 | 3,550 | 3,563,209 | ||||||
Series A-R, Subordinate, 5.00%, 01/01/24 | 2,500 | 2,541,155 | ||||||
Oconee County School District, GO, (SAW), 4.00%, 03/01/25 | 1,000 | 1,018,427 | ||||||
|
| |||||||
32,253,964 | ||||||||
Hawaii — 0.1% | ||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/28 | 1,000 | 1,037,881 | ||||||
|
| |||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB, S/F Housing, Series A-1, 2.95%, 07/01/23 | 835 | 830,210 | ||||||
|
| |||||||
Illinois — 2.6% | ||||||||
Chicago O’Hare International Airport, Refunding ARB, Series D, Senior Lien, 5.25%, 01/01/28 | 1,550 | 1,556,715 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series B, Senior Lien, 5.00%, 01/01/24 | 500 | 510,464 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB | ||||||||
5.00%, 06/01/23 | 2,160 | 2,180,775 | ||||||
5.00%, 06/01/28 | 5,105 | 5,435,621 | ||||||
Illinois Development Finance Authority, RB, VRDN, 2.61%, 07/01/33(a) | 4,200 | 4,200,000 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
5.00%, 08/15/23 | 1,000 | 1,014,799 | ||||||
Series B, 3.16%, 05/01/42(a) | 1,000 | 951,199 | ||||||
Series C3, Class A, VRDN, 2.56%, 11/01/38(a) | 2,850 | 2,850,000 | ||||||
|
| |||||||
18,699,573 | ||||||||
Indiana — 1.9% | ||||||||
Indiana Finance Authority, RB | ||||||||
3.00%, 02/01/23 | 225 | 224,700 | ||||||
AMT, 0.28%, 12/15/45(a) | 4,000 | 3,985,352 |
Security | Par (000) | Value | ||||||
Indiana (continued) | ||||||||
Indiana Finance Authority, Refunding RB | ||||||||
Class B, 2.76%, 03/01/39(a) | $ | 6,550 | $ | 6,399,383 | ||||
Series A, 5.00%, 05/01/23(b) | 1,400 | 1,413,219 | ||||||
Series 2, 2nd Lien, 5.00%, 10/01/24 | 500 | 515,898 | ||||||
Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24 | 550 | 555,381 | ||||||
Southwest Allen Multi School Building Corp., RB, (NPFGC), 4.00%, 07/15/24 | 325 | 328,725 | ||||||
|
| |||||||
13,422,658 | ||||||||
Iowa — 1.0% | ||||||||
PEFA, Inc., RB, 5.00%, 09/01/49(a) | 6,830 | 6,860,332 | ||||||
|
| |||||||
Kansas — 3.7% | ||||||||
City of Burlington Kansas, Refunding RB(a) | ||||||||
Series A, VRDN, 2.58%, 09/01/35 | 18,000 | 18,000,000 | ||||||
Series B, VRDN, 2.58%, 09/01/35 | 6,000 | 6,000,000 | ||||||
City of Dodge City Kansas, GO, Series 2019-A, (BAM), 4.00%, 09/01/23 | 1,080 | 1,088,203 | ||||||
City of Goddard Kansas, GO, Series 2019-1, 3.00%, 12/01/22 | 1,465 | 1,464,968 | ||||||
|
| |||||||
26,553,171 | ||||||||
Kentucky — 6.7% | ||||||||
City of Owensboro Kentucky Electric Light & Power System Revenue, Refunding RB, Series B, 4.00%, 01/01/23 | 1,750 | 1,752,198 | ||||||
County of Meade Kentucky, RB, Series A-1, AMT, VRDN, 3.25%, 08/01/61(a) | 25,300 | 25,300,000 | ||||||
Kentucky Public Energy Authority, RB | ||||||||
Series A-1, 4.00%, 12/01/22 | 1,000 | 999,835 | ||||||
Series A-1, 4.00%, 12/01/49(a) | 3,000 | 2,967,996 | ||||||
Series C, 4.00%, 08/01/23 | 500 | 499,208 | ||||||
Series C-1, 4.00%, 12/01/22 | 2,500 | 2,499,588 | ||||||
Series C, RB, 4.00%, 02/01/50(a) | 10,000 | 9,664,460 | ||||||
Kentucky State Property & Building Commission, RB | ||||||||
5.00%, 05/01/24 | 1,540 | 1,578,386 | ||||||
Series A, 5.00%, 11/01/23 | 1,000 | 1,017,015 | ||||||
University of Louisville, RB, Series A, (AGM NPFGC), 5.00%, 09/01/27 | 1,000 | 1,054,800 | ||||||
|
| |||||||
47,333,486 | ||||||||
Louisiana — 4.7% | ||||||||
Ascension Parish School Board, GO, 4.00%, 03/01/24 | 570 | 575,498 | ||||||
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB | ||||||||
(AGM), 5.00%, 08/01/23 | 600 | 608,496 | ||||||
(AGM), 5.00%, 08/01/24 | 500 | 514,700 | ||||||
Greater Ouachita Water Co, Refunding RB, (BAM), 3.00%, 09/01/23 | 500 | 498,693 | ||||||
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a) | 13,515 | 12,480,089 | ||||||
Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24 | 680 | 687,630 | ||||||
Parish of St Bernard LA Sales & Use Tax Revenue, Refunding RB, 4.00%, 03/01/23 | 3,405 | 3,417,616 | ||||||
Parish of St James LA, RB, Series A-1, RB, VRDN, 2.88%, 11/01/40(a) | 4,700 | 4,700,000 | ||||||
Parish of St John the Baptist LA, Refunding RB, 2.00%, 06/01/37(a) | 10,315 | 10,229,179 | ||||||
|
| |||||||
33,711,901 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Maryland — 0.6% | ||||||||
Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28 | $ | 2,565 | $ | 2,629,943 | ||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series B, 5.00%, 04/15/23 | 675 | 681,435 | ||||||
Series B, 5.00%, 04/15/24 | 700 | 717,653 | ||||||
|
| |||||||
4,029,031 | ||||||||
Massachusetts — 1.2% | ||||||||
Massachusetts Educational Financing Authority, RB | ||||||||
AMT, 5.00%, 07/01/26 | 1,265 | 1,312,033 | ||||||
AMT, 5.00%, 07/01/27 | 1,950 | 2,036,798 | ||||||
Series A, AMT, 5.00%, 01/01/24 | 3,500 | 3,551,103 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, (HUD SECT 8), 0.45%, 12/01/24 | 1,500 | 1,400,664 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, 0.25%, 12/01/22 | 520 | 517,727 | ||||||
|
| |||||||
8,818,325 | ||||||||
Michigan — 1.4% | ||||||||
Michigan Finance Authority, RB, 2nd Lien, (NPFGC), 5.00%, 11/01/23 | 310 | 315,948 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
3.21%, 04/15/47(a) | 3,150 | 3,184,984 | ||||||
Series A, Class 1, 4.00%, 06/01/23 | 1,000 | 1,002,124 | ||||||
Series D-1, 0.55%, 10/15/24 | 1,300 | 1,229,617 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 0.55%, 04/01/25 | 1,500 | 1,387,725 | ||||||
Series A-1, 0.65%, 10/01/24 | 610 | 574,909 | ||||||
Michigan Strategic Fund, RB, AMT, 0.58%, 08/01/27(a) | 1,600 | 1,497,479 | ||||||
Mona Shores Public Schools, GO, Series II, (Q-SBLF), 4.00%, 05/01/24 | 500 | 505,370 | ||||||
Wayne-Westland Community Schools, GO, (Q-SBLF), 5.00%, 11/01/22 | 290 | 290,405 | ||||||
|
| |||||||
9,988,561 | ||||||||
Minnesota — 0.6% | ||||||||
Hastings Independent School District No.200, GO, CAB, Series A, 0.00%, 02/01/26(c) | 1,040 | 929,215 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing | ||||||||
Series E, AMT, 0.70%, 01/01/25 | 800 | 750,128 | ||||||
Series E, AMT, 0.90%, 01/01/26 | 795 | 726,357 | ||||||
Series E, AMT, 1.10%, 01/01/27 | 585 | 522,267 | ||||||
Minnesota Municipal Gas Agency, RB, Series A, 4.00%, 12/01/27 | 1,300 | 1,275,791 | ||||||
|
| |||||||
4,203,758 | ||||||||
Mississippi — 0.1% | ||||||||
State of Mississippi Gaming Tax Revenue, RB, Series A, 5.00%, 10/15/22 | 500 | 500,250 | ||||||
|
| |||||||
Missouri — 0.2% | ||||||||
City of St. Charles Missouri, Refunding COP, Series B, 4.00%, 02/01/24 | 140 | 141,374 | ||||||
City of Washington Missouri, Refunding COP, 5.00%, 03/01/23 | 370 | 372,761 | ||||||
County of Greene Missouri, COP | ||||||||
Series A, 4.00%, 03/01/24 | 275 | 278,143 | ||||||
Series A, 4.00%, 03/01/25 | 400 | 407,460 | ||||||
|
| |||||||
1,199,738 | ||||||||
Nebraska — 2.5% | ||||||||
Central Plains Energy Project, RB, 5.00%, 03/01/50(a) | 8,485 | 8,568,051 |
Security | Par (000) | Value | ||||||
Nebraska (continued) | ||||||||
Central Plains Energy Project, Refunding RB | ||||||||
4.00%, 02/01/23 | $ | 1,055 | $ | 1,055,513 | ||||
4.00%, 08/01/23 | 875 | 875,493 | ||||||
Series A, 5.00%, 09/01/27 | 1,000 | 1,016,838 | ||||||
County of Douglas NE, Refunding RB, 2.99%, 07/01/35(a) | 5,945 | 5,798,818 | ||||||
Douglas County Hospital Authority No.2, Refunding RB | ||||||||
5.00%, 11/15/22 | 135 | 135,243 | ||||||
5.00%, 11/15/23 | 110 | 111,778 | ||||||
|
| |||||||
17,561,734 | ||||||||
Nevada — 0.3% | ||||||||
Nevada Housing Division, RB, S/F Housing, Series D, (FHLMC,FNMA,GNMA), 0.25%, 12/01/22 | 1,625 | 1,625,000 | ||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 06/01/23 | 195 | 196,770 | ||||||
5.00%, 06/01/24 | 200 | 204,172 | ||||||
|
| |||||||
2,025,942 | ||||||||
New Hampshire — 0.7% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, AMT, 2.84%, 10/01/33(a) | 4,800 | 4,719,547 | ||||||
|
| |||||||
New Jersey — 9.4% | ||||||||
Borough of Berlin, GO, 4.50%, 09/26/23 | 4,250 | 4,276,308 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series QQQ, 5.00%, 06/15/23 | 250 | 251,880 | ||||||
Series QQQ, 5.00%, 06/15/24 | 300 | 304,997 | ||||||
Series UU, 5.00%, 06/15/24 | 250 | 254,165 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
Series A, 1.00%, 06/01/23 | 1,350 | 1,323,113 | ||||||
Series B, 5.00%, 11/01/23 | 1,010 | 1,020,933 | ||||||
Series NN, 5.00%, 03/01/23 | 5,945 | 5,972,864 | ||||||
Series XX, 5.00%, 06/15/23 | 8,010 | 8,070,227 | ||||||
Series XX, 5.00%, 06/15/24 | 2,990 | 3,039,807 | ||||||
New Jersey Educational Facilities Authority, RB, (SAP), 5.00%, 06/01/24 | 280 | 284,566 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 10/01/23 | 3,500 | 3,535,154 | ||||||
Series A, 5.00%, 07/01/23 | 1,015 | 1,027,915 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series A, AMT, 5.00%, 12/01/24 | 1,000 | 1,026,696 | ||||||
Series B, AMT, 5.00%, 12/01/28 | 1,000 | 1,042,149 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
5.00%, 06/15/23 | 1,500 | 1,514,346 | ||||||
Series A, (AMBAC), 5.25%, 12/15/22 | 650 | 651,805 | ||||||
Series A, (AGM-CR), 5.50%, 12/15/22 | 1,500 | 1,506,855 | ||||||
Series AA, 5.00%, 06/15/23 | 175 | 176,316 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.50%, 12/15/22. | 1,330 | 1,334,337 | ||||||
Series A, 5.25%, 12/15/23 | 2,000 | 2,029,730 | ||||||
Series A, 5.50%, 12/15/23 | 3,095 | 3,149,961 | ||||||
Series A, 5.00%, 06/15/24 | 5,820 | 5,943,733 | ||||||
Series B, (AMBAC), 5.25%, 12/15/23 | 1,130 | 1,146,797 | ||||||
Series D, 5.00%, 12/15/23 | 275 | 278,293 | ||||||
New Jersey Turnpike Authority, Refunding RB, | 615 | 617,775 | ||||||
South Orange & Maplewood School District, GO, (SCH BD RES FD), 2.00%, 08/15/23 | 1,075 | 1,064,932 | ||||||
State of New Jersey, GO | ||||||||
5.00%, 06/01/24 | 680 | 697,928 |
3 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
State of New Jersey, GO (continued) | ||||||||
Series A, 5.00%, 06/01/24 | $ | 8,330 | $ | 8,552,794 | ||||
Township of Deptford New Jersey, GO, Series A, 4.00%, 07/11/23 | 4,466 | 4,461,098 | ||||||
Township of Plainsboro New Jersey, Refunding GO, 4.00%, 07/26/23 | 2,500 | 2,497,040 | ||||||
|
| |||||||
67,054,514 | ||||||||
New Mexico — 0.6% | ||||||||
Albuquerque Municipal School District No.12, GO, Series A, (SAW), 5.00%, 08/01/24 | 250 | 257,519 | ||||||
Albuquerque Municipal School District No.12, Refunding GO, Series B, (SAW), 5.00%, 08/01/24 | 1,000 | 1,030,076 | ||||||
New Mexico Educational Assistance Foundation, Refunding RB, Series A, AMT, 5.00%, 09/01/27 | 2,000 | 2,100,964 | ||||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 4.00%, 05/01/23 | 1,200 | 1,201,591 | ||||||
|
| |||||||
4,590,150 | ||||||||
New York — 8.5% | ||||||||
City of New York, GO(a) | ||||||||
2.60%, 10/01/46 | 5,300 | 5,300,000 | ||||||
GO, VRDN, 2.95%, 08/01/44 | 5,700 | 5,700,000 | ||||||
County of Monroe New York, Refunding GO, (AGM), 4.00%, 06/01/23 | 775 | 779,024 | ||||||
Genesee County Funding Corp., Refunding RB | ||||||||
5.00%, 12/01/24 | 400 | 408,859 | ||||||
5.00%, 12/01/25 | 200 | 205,327 | ||||||
Long Island Power Authority, RB, (AGM), 0.00%, 06/01/26(c) | 500 | 438,526 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series A, 5.00%, 11/15/22 | 500 | 500,738 | ||||||
Series A-1, 5.00%, 02/01/23 | 1,800 | 1,809,970 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series D, 5.00%, 11/15/25 | 1,165 | 1,166,659 | ||||||
Series D-1, 5.00%, 11/01/28 | 1,185 | 1,186,147 | ||||||
Series F, 5.00%, 11/15/22 | 1,865 | 1,867,805 | ||||||
Monroe County Industrial Development Corp., Refunding RB | ||||||||
5.00%, 12/01/22 | 600 | 601,212 | ||||||
5.00%, 12/01/23 | 500 | 506,589 | ||||||
Nassau Health Care Corp., Refunding RB, (GTD), 5.00%, 08/01/24 | 2,215 | 2,273,784 | ||||||
New York City Housing Development Corp., Refunding RB, (FHA), 1.05%, 05/01/28 | 1,000 | 850,611 | ||||||
New York City Municipal Water Finance Authority, Refunding RB(a) | ||||||||
Series AA-2, 2.95%, 06/15/50 | 3,200 | 3,200,000 | ||||||
VRDN, 2.60%, 06/15/44 | 3,800 | 3,800,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue RB, , VRDN, 2.60%, 11/01/44(a) | 2,900 | 2,900,000 | ||||||
New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23 | 1,915 | 1,929,954 | ||||||
New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23 | 350 | 355,830 | ||||||
New York Liberty Development Corp., Refunding RB, Class A, 0.95%, 11/15/27 | 3,000 | 2,484,873 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23 | 4,570 | 4,483,417 | ||||||
New York State Thruway Authority, Refunding RB, Series K, 5.00%, 01/01/23 | 775 | 778,449 | ||||||
New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/27 | 2,500 | 2,541,335 |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., Refunding RB | ||||||||
5.00%, 12/01/23 | $ | 550 | $ | 559,901 | ||||
5.00%, 12/01/24 | 1,030 | 1,063,143 | ||||||
Series A, Class A, AMT, 5.00%, 12/01/24 | 1,250 | 1,276,622 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 230, 4.00%, 12/01/28 | 2,000 | 2,067,248 | ||||||
Port Authority of New York & New Jersey, Refunding RB | ||||||||
Series 227, AMT, 3.00%, 10/01/27 | 1,230 | 1,159,875 | ||||||
Series 227, AMT, 3.00%, 10/01/28 | 4,000 | 3,716,616 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25 | 1,000 | 970,272 | ||||||
State of New York Mortgage Agency, Refunding RB | ||||||||
Series 235, AMT, 0.65%, 04/01/24 | 705 | 669,742 | ||||||
Series 235, AMT, 0.75%, 10/01/24 | 830 | 776,327 | ||||||
Series 235, AMT, 0.88%, 04/01/25 | 1,710 | 1,576,977 | ||||||
Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24 | 390 | 394,107 | ||||||
|
| |||||||
60,299,939 | ||||||||
Ohio — 3.4% | ||||||||
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23 | 350 | 349,347 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB | ||||||||
5.00%, 12/01/22 | 800 | 802,066 | ||||||
5.00%, 12/01/23 | 1,100 | 1,118,910 | ||||||
Series A, 5.00%, 08/01/23 | 300 | 303,805 | ||||||
Lancaster Port Authority, Refunding RB | ||||||||
Series A, 5.00%, 02/01/23 | 250 | 251,010 | ||||||
Series A, Refunding RB, 5.00%, 08/01/49(a) | 12,610 | 12,851,217 | ||||||
Ohio Air Quality Development Authority, Refunding RB(a) | ||||||||
4.00%, 09/01/30 | 1,100 | 1,081,444 | ||||||
Series A, AMT, 4.25%, 11/01/39 | 900 | 885,327 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 2.69%, 12/01/42(a) | 5,335 | 5,243,681 | ||||||
State of Ohio, RB, 5.00%, 10/01/24 | 1,250 | 1,293,626 | ||||||
|
| |||||||
24,180,433 | ||||||||
Oklahoma — 0.1% | ||||||||
Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25 | 390 | 405,721 | ||||||
|
| |||||||
Oregon — 0.1% | ||||||||
City of Hermiston OR, GO, 4.00%, 06/01/24 | 345 | 349,724 | ||||||
Port of Portland OR Airport Revenue, ARB, Series 227, AMT, 5.00%, 07/01/24 | 565 | 579,234 | ||||||
|
| |||||||
928,958 | ||||||||
Pennsylvania — 8.4% | ||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/27 | 2,000 | 2,069,762 | ||||||
Allegheny County Hospital Development Authority, RB, 3.04%, 11/15/26(a) | 3,850 | 3,755,402 | ||||||
Avon Grove School District Chester County, GO, (SAW), 4.00%, 11/15/22 | 425 | 425,457 | ||||||
Butler County Industrial Development Authority/PA, RB, Series A-R, VRDN, 2.50%, 05/01/34(a) | 5,785 | 5,785,000 | ||||||
City of Philadelphia PA Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/26 | 1,000 | 1,024,366 | ||||||
City of Philadelphia PA Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/24 | 735 | 752,449 | ||||||
City of Philadelphia PA Water & Wastewater Revenue, RB, Series A, 5.00%, 01/01/23 | 500 | 502,361 | ||||||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A, 5.00%, 10/01/22 | 1,000 | 1,000,000 | ||||||
Commonwealth Financing Authority, RB, 5.00%, 06/01/24 | 2,975 | 3,052,166 |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Commonwealth Financing Authority, Refunding RB, Series B, 5.00%, 06/01/25 | $ | 620 | $ | 639,946 | ||||
Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 03/15/24 | 1,585 | 1,623,539 | ||||||
Commonwealth of Pennsylvania, Refunding GO, 1st Series, 5.00%, 08/15/23 | 1,000 | 1,015,296 | ||||||
County of Lehigh, Refunding RB, 5.00%, 07/01/23 | 700 | 707,558 | ||||||
DuBois Area School District, Refunding GO | ||||||||
Series B, (BAM SAW), 4.00%, 11/01/22 | 225 | 225,128 | ||||||
Series B, (BAM SAW), 4.00%, 11/01/23 | 325 | 327,227 | ||||||
Easton Area School District, Refunding GO, | 375 | 376,722 | ||||||
Muhlenberg School District, Refunding GO | ||||||||
(SAW), 4.00%, 05/15/23 | 525 | 527,882 | ||||||
(SAW), 4.00%, 05/15/24 | 200 | 202,532 | ||||||
Palmyra Area School District, Refunding GO, (SAW), 4.00%, 04/01/23 | 590 | 591,834 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A-1, 5.00%, 04/15/24 | 575 | 584,877 | ||||||
Class A, AMT, 2.86%, 06/01/41(a) | 5,000 | 4,854,450 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB | ||||||||
0.40%, 10/01/23 | 5,000 | 4,836,420 | ||||||
3.35%, 12/01/37(a) | 5,000 | 5,000,000 | ||||||
Series A, 4.00%, 10/15/24 | 425 | 426,154 | ||||||
Class B, VRDN, 3.35%, 12/01/38(a) | 5,000 | 5,000,000 | ||||||
Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28 | 1,925 | 2,003,877 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing | ||||||||
Series 133, 5.00%, 10/01/23 | 400 | 404,876 | ||||||
Series 133, 5.00%, 04/01/25 | 565 | 581,803 | ||||||
Series 137, 5.00%, 04/01/27 | 240 | 252,251 | ||||||
Series 137, 5.00%, 10/01/27 | 225 | 237,507 | ||||||
Series 137, 5.00%, 04/01/28 | 250 | 265,007 | ||||||
Series 137, 5.00%, 10/01/28 | 260 | 276,708 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB | ||||||||
Series 136, 5.00%, 04/01/27 | 875 | 917,661 | ||||||
Series 136, 5.00%, 10/01/27 | 250 | 263,897 | ||||||
Series 136, 5.00%, 04/01/28 | 1,375 | 1,457,541 | ||||||
Perkasie Regional Authority, Refunding RB, (BAM), 4.00%, 02/01/23 | 230 | 230,722 | ||||||
Philadelphia Georgias Works Co., RB, Series A, (AGM), 5.00%, 08/01/24 | 500 | 513,954 | ||||||
Philadelphia Georgias Works Co., Refunding RB | ||||||||
Series B, 5.00%, 08/01/23 | 1,000 | 1,011,793 | ||||||
Series B, (AGM), 5.00%, 08/01/24 | 500 | 513,954 | ||||||
Pottstown School District, Refunding GO, (BAM SAW), 4.00%, 06/01/23 | 385 | 386,797 | ||||||
Public Parking Authority Of Pittsburgh, Refunding RB | ||||||||
Series A, 5.00%, 12/01/22 | 665 | 666,736 | ||||||
Series A, 5.00%, 12/01/22(d) | 345 | 345,994 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 5.00%, 09/01/23 | 1,250 | 1,267,751 | ||||||
Southeastern Pennsylvania Transportation Authority, RB | ||||||||
5.00%, 06/01/23 | 1,000 | 1,010,575 | ||||||
5.00%, 06/01/24 | 900 | 922,349 | ||||||
Wilson Area School District, Refunding GO, (SAW), 4.00%, 03/15/23 | 900 | 902,604 | ||||||
|
| |||||||
59,740,885 |
Security | Par (000) | Value | ||||||
Puerto Rico — 0.7% | ||||||||
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23 | $ | 5,000 | $ | 5,075,765 | ||||
|
| |||||||
Rhode Island — 0.8% | ||||||||
Rhode Island Commerce Corp., Refunding RB, Series A, 5.00%, 06/15/23 | 800 | 808,446 | ||||||
Rhode Island Health and Educational Building Corp., Refunding RB, Class B, 5.00%, 11/01/22 | 650 | 651,155 | ||||||
Rhode Island Student Loan Authority, RB | ||||||||
Series A, AMT, 5.00%, 12/01/23 | 445 | 450,770 | ||||||
Series A, AMT, 5.00%, 12/01/26 | 620 | 643,925 | ||||||
Series A, AMT, 5.00%, 12/01/27 | 1,600 | 1,670,978 | ||||||
Series A, AMT, 5.00%, 12/01/28 | 1,515 | 1,590,506 | ||||||
|
| |||||||
5,815,780 | ||||||||
South Carolina — 2.8% | ||||||||
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24 | 1,640 | 1,680,872 | ||||||
Patriots Energy Group Financing Agency, RB, Series A, 4.00%, 10/01/48(a) | 16,885 | 16,925,034 | ||||||
Piedmont Municipal Power Agency, Refunding RB, Series E, 5.00%, 01/01/23 | 500 | 501,403 | ||||||
South Carolina Jobs-Economic Development Authority, RB, VRDN, 2.49%, 12/01/38(a) | 900 | 900,000 | ||||||
|
| |||||||
20,007,309 | ||||||||
South Dakota — 0.1% | ||||||||
South Dakota Health & Educational Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 09/01/23 | 335 | 338,528 | ||||||
Series A, 5.00%, 09/01/24 | 350 | 357,413 | ||||||
|
| |||||||
695,941 | ||||||||
Tennessee — 2.5% | ||||||||
New Memphis Arena Public Building Authority, RB, CAB, 4.00%, 04/01/27 | 1,855 | 1,654,065 | ||||||
Tennergy Corp., RB | ||||||||
Series A, 4.00%, 03/01/24 | 350 | 348,547 | ||||||
Series A, 4.00%, 12/01/51(a) | 15,305 | 14,740,169 | ||||||
Tennessee Energy Acquisition Corp., RB | ||||||||
Series A, 5.25%, 09/01/24 | 910 | 921,450 | ||||||
Series A, 5.00%, 11/01/24 | 250 | 254,103 | ||||||
|
| |||||||
17,918,334 | ||||||||
Texas — 7.2% | ||||||||
City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28 | 1,000 | 1,052,681 | ||||||
Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25 | 650 | 676,518 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series A, 5.00%, 11/01/23 | 1,250 | 1,273,306 | ||||||
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25 | 1,285 | 1,245,790 | ||||||
Harris County Cultural Education Facilities Finance Corp. Refunding RB, , VRDN, 2.95%, 12/01/59(a) | 2,300 | 2,300,000 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB(a) | ||||||||
Class B, 5.00%, 06/01/50 | 1,500 | 1,604,222 | ||||||
Class C, 3.31%, 07/01/49 | 5,250 | 5,283,358 | ||||||
North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a) | 3,500 | 3,339,647 | ||||||
Port of Arthur Navigation District Industrial Development Corp., RB, VRDN, 2.55%, 06/01/41(a) | 10,000 | 10,000,000 |
5 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
| ||||||||
Texas (continued) | ||||||||
State of Texas, GO | ||||||||
AMT, 5.00%, 08/01/26 | $ | 2,830 | $ | 2,967,153 | ||||
AMT, 5.00%, 08/01/28 | 3,120 | 3,319,733 | ||||||
VRDN, 2.60%, 06/01/53(a) | 2,500 | 2,500,000 | ||||||
Texas Municipal Georgias Acquisition & Supply Corp. III, Refunding RB | ||||||||
5.00%, 12/15/23 | 1,000 | 1,008,121 | ||||||
5.00%, 12/15/25 | 6,500 | 6,615,882 | ||||||
5.00%, 12/15/27 | 7,200 | 7,374,449 | ||||||
Waco Educational Finance Corp., RB, 4.00%, 03/01/25 | 400 | 404,768 | ||||||
|
| |||||||
50,965,628 | ||||||||
Vermont — 0.1% | ||||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 5.00%, 06/15/26 | 1,045 | 1,071,356 | ||||||
|
| |||||||
Virginia — 0.1% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24 | 425 | 436,988 | ||||||
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27 | 425 | 422,603 | ||||||
|
| |||||||
859,591 | ||||||||
Washington — 2.3% | ||||||||
County of King WA Sewer Revenue, Refunding RB, Series A, Junior Lien, 2.69%, 01/01/40(a) | 9,700 | 9,327,588 | ||||||
King County Housing Authority, Refunding RB | ||||||||
3.00%, 06/01/23 | 200 | 199,575 | ||||||
3.00%, 06/01/24 | 225 | 223,273 |
Security | Par (000) | Value | ||||||
| ||||||||
Washington (continued) | ||||||||
Port of Seattle Washington, Refunding ARB, Series B, 5.00%, 03/01/24 | $ | 1,375 | $ | 1,409,295 | ||||
Seattle Housing Authority, RB, M/F Housing, Series A, 3.00%, 06/01/23 | 3,000 | 2,994,477 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series B-3, 5.00%, 08/01/49(a) | 2,500 | 2,561,775 | ||||||
|
| |||||||
16,715,983 | ||||||||
Wisconsin — 2.1% | ||||||||
Public Finance Authority, Refunding RB | ||||||||
5.00%, 01/01/23 | 300 | 301,053 | ||||||
5.00%, 01/01/24 | 300 | 304,824 | ||||||
State of Wisconsin, GO, Series A, 2.88%, 05/01/25(a) | 6,490 | 6,436,120 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, VRDN, 2.64%, 08/15/54(a) | 8,000 | 7,823,048 | ||||||
|
| |||||||
14,865,045 | ||||||||
Total Investments — 99.7% |
| 709,630,617 | ||||||
Other Assets Less Liabilities — 0.3% |
| 1,914,926 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 711,545,543 | |||||
|
|
(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) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | Zero-coupon bond. |
(d) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 06/30/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/22 | Shares Held at 09/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class(a) | $ | — | $ | — | $ | (157 | )(b) | $ | 157 | $ | — | $ | — | — | $ | 3,586 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | As of period end, the entity is no longer held. |
(b) | 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 |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) September 30, 2022 | BlackRock Short-Term Municipal Fund
|
Fair Value Hierarchy as of Period End (continued)
inputs used by the 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 | $ | — | $ | 709,630,617 | $ | — | $ | 709,630,617 | ||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | 709,630,617 | $ | — | $ | 709,630,617 | |||||||||
|
|
|
|
|
|
|
|
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
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 | |
CR | Custodian Receipt | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAP | Subject to Appropriations | |
SAW | State Aid Withholding | |
SCH BD RES FD | School Board Resolution Fund | |
VRDN | Variable Rate Demand Note |
7 |