Schedule of Investments (unaudited) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 4.0% |
| |||||||
Black Belt Energy Gas District, RB(a) | ||||||||
Series C-1, 5.25%, 02/01/53 | $ | 13,790 | $ | 14,524,386 | ||||
Series F, 5.50%, 11/01/53 | 1,825 | 1,927,731 | ||||||
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) | 8,585 | 8,444,532 | ||||||
Chelsea Park Cooperative District, SAB, 5.00%, 05/01/48 | 925 | 851,631 | ||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 2,355 | 2,508,866 | ||||||
Series D, Sub Lien, 6.50%, 10/01/53 | 3,465 | 3,682,356 | ||||||
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) | 5,620 | 6,248,692 | ||||||
MidCity Improvement District, SAB | ||||||||
3.88%, 11/01/27 | 130 | 125,756 | ||||||
4.25%, 11/01/32 | 350 | 325,915 | ||||||
4.50%, 11/01/42 | 745 | 636,683 | ||||||
4.75%, 11/01/49 | 795 | 666,847 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series B-1, 5.00%, 05/01/53(a) | 21,645 | 22,314,783 | ||||||
Stadium Trace Village Improvement District, RB, 3.63%, 03/01/36 | 3,670 | 3,340,317 | ||||||
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a) | 5,260 | 4,679,491 | ||||||
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) | 1,110 | 906,770 | ||||||
|
| |||||||
| 71,184,756 | ||||||||
| Arizona — 2.1% | ||||||||
Arizona Industrial Development Authority, RB | ||||||||
5.00%, 07/01/45(b) | 1,135 | 1,038,405 | ||||||
7.10%, 01/01/55(b) | 4,540 | 4,653,977 | ||||||
5.00%, 07/01/55(b) | 1,215 | 1,069,773 | ||||||
Series A, 5.00%, 12/15/39(b) | 150 | 141,513 | ||||||
Series A, 5.00%, 07/01/49(b) | 2,790 | 2,529,400 | ||||||
Series A, 5.00%, 07/15/49 | 675 | 629,822 | ||||||
Series A, 5.00%, 12/15/49(b) | 345 | 305,604 | ||||||
Series A, 5.00%, 07/01/54(b) | 1,110 | 990,238 | ||||||
Series B, 5.13%, 07/01/47(b) | 420 | 400,727 | ||||||
Series B, 5.25%, 07/01/51(b) | 570 | 546,164 | ||||||
Arizona Industrial Development Authority, Refunding RB(b) | ||||||||
Series A, 5.00%, 07/01/26 | 630 | 632,579 | ||||||
Series A, 5.50%, 07/01/52 | 2,970 | 2,942,869 | ||||||
Florence Town Inc Industrial Development Authority, RB, 6.00%, 07/01/23(b)(c) | 1,375 | 1,385,605 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 1,365 | 1,171,681 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 6.75%, 07/01/44(b) | 810 | 836,269 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b) | ||||||||
5.00%, 07/01/35 | 300 | 300,094 | ||||||
Series A, 5.00%, 07/01/35 | 295 | 295,092 | ||||||
Industrial Development Authority of the County of Pima, RB | ||||||||
5.13%, 07/01/39 | 700 | 661,128 | ||||||
| Security | Par (000) | Value | ||||||
| Arizona (continued) | ||||||||
Industrial Development Authority of the County of Pima, RB (continued) | ||||||||
5.25%, 07/01/49 | $ | 870 | $ | 779,176 | ||||
Industrial Development Authority of the County of Pima, Refunding RB(b) | ||||||||
4.00%, 06/15/51 | 6,995 | 5,192,375 | ||||||
5.00%, 07/01/56 | 1,285 | 1,112,728 | ||||||
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) | 1,340 | 1,261,558 | ||||||
Maricopa County Industrial Development Authority, RB(b) | ||||||||
5.25%, 10/01/40 | 1,255 | 1,278,836 | ||||||
5.50%, 10/01/51 | 1,255 | 1,274,448 | ||||||
AMT, 4.00%, 10/15/47 | 6,500 | 5,515,419 | ||||||
|
| |||||||
| 36,945,480 | ||||||||
| Arkansas(b) — 1.1% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 4,390 | 3,922,961 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 17,005 | 15,799,499 | ||||||
|
| |||||||
| 19,722,460 | ||||||||
| California — 4.2% | ||||||||
California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(b) | 690 | 605,037 | ||||||
California Infrastructure & Economic Development Bank, RB, AMT, 7.75%, 01/01/50(a)(b) | 2,000 | 2,032,812 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 2,560 | 2,275,558 | ||||||
California Municipal Finance Authority, RB | ||||||||
Series A, 5.50%, 08/01/34(b) | 270 | 271,639 | ||||||
Series A, 6.00%, 08/01/44(b) | 655 | 657,809 | ||||||
Series A, 3.00%, 02/01/46 | 1,200 | 888,637 | ||||||
Series A, 6.13%, 08/01/49(b) | 570 | 572,534 | ||||||
California Municipal Finance Authority, Refunding RB, Series A, 3.00%, 11/01/48 | 2,000 | 1,486,902 | ||||||
California School Finance Authority, RB | ||||||||
6.65%, 07/01/33 | 295 | 296,930 | ||||||
6.90%, 07/01/43 | 650 | 654,886 | ||||||
California Statewide Communities Development Authority, SAB, Series 2021-A, 4.00%, 09/02/51 | 1,985 | 1,673,619 | ||||||
California Statewide Financing Authority, RB, 0.00%, 06/01/55(b)(d) | 65,000 | 3,770,000 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.25%, 05/15/47 | 8,000 | 8,648,016 | ||||||
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) | 9,320 | 7,457,044 | ||||||
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) | 2,415 | 1,641,350 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) | 1,845 | 1,500,539 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
2.80%, 03/01/47 | 1,435 | 1,089,631 | ||||||
3.13%, 07/01/56 | 3,670 | 2,564,655 | ||||||
4.00%, 07/01/56 | 7,370 | 5,533,509 | ||||||
3.13%, 08/01/56 | 3,425 | 2,466,195 | ||||||
4.00%, 08/01/56 | 4,120 | 3,163,868 | ||||||
4.00%, 10/01/56 | 1,230 | 993,696 | ||||||
4.00%, 12/01/56 | 4,460 | 3,300,538 | ||||||
4.00%, 07/01/58 | 1,405 | 1,022,236 | ||||||
| 1 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
California (continued) |
| |||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) | ||||||||
Series A, 5.00%, 01/01/54 | $ | 1,050 | $ | 841,307 | ||||
Series A, 3.00%, 09/01/56 | 5,550 | 3,721,275 | ||||||
Series B, 4.00%, 07/01/58 | 1,585 | 1,100,927 | ||||||
Mezzanine Lien, 4.00%, 03/01/57 | 2,465 | 1,736,425 | ||||||
Mezzanine Lien, 4.00%, 06/01/57 | 1,130 | 807,114 | ||||||
Series B, Mezzanine Lien, 4.00%, 12/01/59 | 4,645 | 3,098,001 | ||||||
Series B, Sub Lien, 4.00%, 12/01/59 | 2,380 | 1,660,112 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(d) | 16,810 | 1,697,776 | ||||||
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/35(b)(e) | 4,420 | 1,566,947 | ||||||
Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(c) | 2,115 | 2,124,845 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, ST, CAB, Series C, 0.00%, 08/01/43(d) | 3,000 | 828,450 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB(b)(d) | ||||||||
Series D, 0.00%, 08/01/23 | 470 | 464,769 | ||||||
Series D, 0.00%, 08/01/26 | 580 | 497,857 | ||||||
Series D, 0.00%, 08/01/31 | 1,155 | 775,926 | ||||||
|
| |||||||
| 75,489,371 | ||||||||
| Colorado — 4.7% | ||||||||
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 | 1,564 | 1,318,762 | ||||||
Aurora Crossroads Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/40 | 1,000 | 938,912 | ||||||
Series A, 5.00%, 12/01/50 | 500 | 446,956 | ||||||
Aviation Station North Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/39 | 750 | 707,144 | ||||||
Series A, 5.00%, 12/01/48 | 1,350 | 1,208,655 | ||||||
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) | 2,335 | 1,810,474 | ||||||
Broadway Station Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/48 | 2,840 | 2,091,478 | ||||||
Bromley Park Metropolitan District No. 2, Refunding GO, Series B, Subordinate, 6.38%, 12/15/47 | 937 | 895,428 | ||||||
Cascade Ridge Metropolitan District, GO, 5.00%, 12/01/51 | 3,000 | 2,488,094 | ||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) | 820 | 724,351 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 4.13%, 11/15/47 | 5,875 | 5,640,599 | ||||||
Series A, AMT, 4.13%, 11/15/53 | 3,225 | 3,042,323 | ||||||
Clear Creek Transit Metropolitan District No. 2, GO | ||||||||
Series A, 5.00%, 12/01/41 | 575 | 529,747 | ||||||
Series A, 5.00%, 12/01/50 | 1,000 | 872,868 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB(b) | ||||||||
5.00%, 12/01/40 | 115 | 107,752 | ||||||
5.00%, 12/01/50 | 155 | 136,648 | ||||||
5.00%, 12/01/55 | 180 | 156,116 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.50%, 11/01/47 | 780 | 832,714 | ||||||
5.25%, 11/01/52 | 1,630 | 1,702,872 | ||||||
| Security | Par (000) | Value | ||||||
| Colorado (continued) | ||||||||
Colorado Health Facilities Authority, RB (continued) | ||||||||
Series A, 5.00%, 05/15/35 | $ | 1,255 | $ | 1,104,882 | ||||
Series A, 5.00%, 05/15/44 | 1,415 | 1,150,347 | ||||||
Series A, 5.00%, 05/15/58 | 2,920 | 2,164,161 | ||||||
Colorado High Performance Transportation Enterprise, RB, 5.00%, 12/31/56 | 2,500 | 2,428,392 | ||||||
Constitution Heights Metropolitan District, Refunding GO, 5.00%, 12/01/49 | 1,260 | 1,124,301 | ||||||
Eagle Brook Meadows Metropolitan District No. 3, GO, Series 2021, 5.00%, 12/01/51 | 1,600 | 1,367,814 | ||||||
Fitzsimons Village Metropolitan District No. 3, Refunding GO | ||||||||
Series A-1, 4.00%, 12/01/26 | 800 | 764,508 | ||||||
Series A-1, 4.00%, 12/01/41 | 1,500 | 1,142,763 | ||||||
Series A-1, 4.25%, 12/01/55 | 3,095 | 2,152,294 | ||||||
Four Corners Business Improvement District, GO, 6.00%, 12/01/52 | 2,000 | 1,813,236 | ||||||
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 | 2,615 | 2,505,094 | ||||||
Greenways Metropolitan District No. 1, GO, Series A, 4.63%, 12/01/51 | 1,580 | 1,108,524 | ||||||
Home Place Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 2,345 | 2,189,311 | ||||||
Horizon Metropolitan District No. 2, GO, 4.50%, 12/01/51(b) | 1,675 | 1,162,840 | ||||||
Jefferson Center Metropolitan District No. 1, RB | ||||||||
Series A-2, 4.13%, 12/01/40 | 580 | 512,015 | ||||||
Series A-2, 4.38%, 12/01/47 | 1,000 | 855,754 | ||||||
Karl’s Farm Metropolitan District No. 2, GO(b) | ||||||||
Series A, 5.38%, 12/01/40 | 515 | 478,948 | ||||||
Series A, 5.63%, 12/01/50 | 1,350 | 1,244,685 | ||||||
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50 | 1,810 | 1,304,967 | ||||||
Longs Peak Metropolitan District, GO, 5.25%, 12/01/51(b) | 5,000 | 4,221,336 | ||||||
Loretto Heights Community Authority, RB, 4.88%, 12/01/51 | 2,640 | 2,037,527 | ||||||
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 | 760 | 730,894 | ||||||
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 | 2,825 | 2,582,260 | ||||||
Palisade Park West Metropolitan District, GO, | 1,500 | 1,282,639 | ||||||
Pomponio Terrace Metropolitan District, GO, | 1,450 | 1,355,791 | ||||||
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 | 1,240 | 1,157,488 | ||||||
Pronghorn Valley Metropolitan District, GO, Series A, 4.00%, 12/01/51 | 1,300 | 999,612 | ||||||
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) | 3,045 | 1,651,224 | ||||||
Reunion Metropolitan District, RB, Series A, 3.63%, 12/01/44 | 1,516 | 1,125,921 | ||||||
Sky Ranch Community Authority Board, RB, Series A, 5.75%, 12/01/52 | 1,500 | 1,479,987 | ||||||
Southlands Metropolitan District No. 1, Refunding GO | ||||||||
Series A-1, 5.00%, 12/01/37 | 1,115 | 1,102,285 | ||||||
Series A-1, 5.00%, 12/01/47 | 3,990 | 3,755,280 | ||||||
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Colorado (continued) |
| |||||||
Sterling Ranch Community Authority Board, RB, Series B, Subordinate, 7.13%, 12/15/50 | $ | 741 | $ | 706,900 | ||||
Thompson Crossing Metropolitan District No. 4, Refunding GO | ||||||||
5.00%, 12/01/39 | 1,400 | 1,323,883 | ||||||
5.00%, 12/01/49 | 1,480 | 1,328,003 | ||||||
Timberleaf Metropolitan District, GO, Series A, 5.75%, 12/01/50 | 1,730 | 1,615,142 | ||||||
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 | 2,595 | 2,145,928 | ||||||
Westcreek Metropolitan District No. 2, GO, Series A, 5.38%, 12/01/48 | 800 | 756,079 | ||||||
Wild Plum Metropolitan District, GO, Series A, 5.00%, 12/01/24(c) | 595 | 618,331 | ||||||
|
| |||||||
| 84,203,239 | ||||||||
| Connecticut — 0.5% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing | ||||||||
Series C-2, AMT, 2.00%, 05/15/30 | 125 | 113,251 | ||||||
Series C-2, AMT, 2.05%, 11/15/30 | 500 | 450,162 | ||||||
Series C-2, AMT, 2.15%, 11/15/31 | 400 | 355,725 | ||||||
Connecticut State Health & Educational Facilities Authority, RB(b) | ||||||||
Series A, 5.00%, 01/01/45 | 825 | 760,193 | ||||||
Series A, 5.00%, 01/01/55 | 1,100 | 964,264 | ||||||
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 3,735 | 3,742,391 | ||||||
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45(b) | 963 | 964,135 | ||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Series C, 6.25%, 02/01/30(b) | 2,045 | 2,121,452 | ||||||
|
| |||||||
| 9,471,573 | ||||||||
| Delaware — 0.3% | ||||||||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(f) | 3,639 | 3,226,082 | ||||||
County of Kent Delaware, RB, Series A, 5.00%, 07/01/58 | 1,500 | 1,333,384 | ||||||
|
| |||||||
| 4,559,466 | ||||||||
| District of Columbia — 1.7% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., RB(d) | ||||||||
Series A, 0.00%, 06/15/46 | 40,740 | 9,102,171 | ||||||
Series B, 0.00%, 06/15/46 | 43,620 | 8,711,612 | ||||||
Series C, 0.00%, 06/15/55 | 88,900 | 7,885,697 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 385 | 395,443 | ||||||
District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37 | 880 | 960,323 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series B, 2nd Lien, (AGC), 0.00%, 10/01/30(d) | 3,005 | 2,389,612 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 2,170 | 2,005,822 | ||||||
|
| |||||||
| 31,450,680 | ||||||||
| Florida — 11.2% | ||||||||
Artisan Lakes East Community Development District, SAB | ||||||||
Series 2021-1, 3.13%, 05/01/41 | 475 | 360,962 | ||||||
Series 2021-1, 4.00%, 05/01/51 | 450 | 353,855 | ||||||
Series 2021-2, 3.13%, 05/01/41(b) | 510 | 387,560 | ||||||
| Security | Par (000) | Value | ||||||
Florida (continued) |
| |||||||
Artisan Lakes East Community Development District, SAB (continued) | ||||||||
Series 2021-2, 4.00%, 05/01/52(b) | $ | 550 | $ | 430,120 | ||||
Avenir Community Development District, SAB, 5.63%, 05/01/54 | 1,940 | 1,863,642 | ||||||
Babcock Ranch Community Independent Special District, SAB | ||||||||
Series 2022, 5.00%, 05/01/42 | 1,570 | 1,506,010 | ||||||
Series 2022, 5.00%, 05/01/53 | 1,175 | 1,059,972 | ||||||
Boggy Branch Community Development District, SAB, 4.00%, 05/01/51 | 1,365 | 1,073,360 | ||||||
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 | 1,135 | 1,113,226 | ||||||
Brevard County Health Facilities Authority, Refunding RB | ||||||||
4.00%, 11/15/45(b) | 4,040 | 3,359,260 | ||||||
4.00%, 11/15/55(b) | 5,960 | 4,605,387 | ||||||
Series A, 5.00%, 04/01/52 | 10,000 | 10,516,630 | ||||||
Buckhead Trails Community Development District, SAB | ||||||||
Series 2022, 5.63%, 05/01/42 | 740 | 754,599 | ||||||
Series 2022, 5.75%, 05/01/52 | 495 | 495,220 | ||||||
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 | 2,280 | 2,282,469 | ||||||
Capital Trust Agency, Inc., RB | ||||||||
4.50%, 01/01/35(b) | 2,250 | 1,970,822 | ||||||
5.00%, 01/01/55(b) | 6,820 | 5,214,715 | ||||||
4.88%, 06/15/56(b) | 6,670 | 5,453,245 | ||||||
Series A, 5.00%, 06/15/49(b) | 500 | 411,058 | ||||||
Series A, 5.00%, 12/15/49 | 300 | 294,497 | ||||||
Series A, 5.75%, 06/01/54(b) | 1,925 | 1,667,160 | ||||||
Series A, 5.00%, 12/15/54 | 260 | 254,866 | ||||||
Series B, 0.00%, 01/01/35(d) | 3,365 | 1,498,838 | ||||||
Series B, 0.00%, 01/01/60(d) | 64,500 | 3,818,142 | ||||||
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(d) | 107,770 | 6,950,734 | ||||||
Celebration Pointe Community Development District No. 1, SAB | ||||||||
4.75%, 05/01/24 | 85 | 85,117 | ||||||
5.00%, 05/01/34 | 1,180 | 1,171,742 | ||||||
Charles Cove Community Development District, SAB | ||||||||
3.25%, 05/01/25 | 255 | 251,446 | ||||||
3.75%, 05/01/30 | 360 | 342,152 | ||||||
4.25%, 05/01/40 | 975 | 858,170 | ||||||
4.38%, 05/01/50 | 1,505 | 1,231,149 | ||||||
Charlotte County Industrial Development Authority, RB(b) | ||||||||
AMT, 5.00%, 10/01/34 | 530 | 523,941 | ||||||
AMT, 5.00%, 10/01/49 | 2,510 | 2,342,257 | ||||||
AMT, 4.00%, 10/01/51 | 3,150 | 2,429,664 | ||||||
City of Tallahassee Florida, RB, Series A, 5.00%, 12/01/55 | 2,600 | 2,616,604 | ||||||
Collier County Health Facilities Authority, RB, Series A, 5.00%, 05/01/48 | 2,090 | 2,101,829 | ||||||
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(g)(h) | 370 | 217,116 | ||||||
County of Lake Florida, RB(b) | ||||||||
5.00%, 01/15/39 | 550 | 532,469 | ||||||
5.00%, 01/15/49 | 825 | 753,223 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, Series A-1, 4.00%, 10/01/54 | 2,500 | 2,096,905 | ||||||
| 3 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Florida (continued) |
| |||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) | ||||||||
Series A-2, 0.00%, 10/01/49 | $ | 1,770 | $ | 406,385 | ||||
Series A-2, 0.00%, 10/01/51 | 5,125 | 1,043,142 | ||||||
Series A-2, 0.00%, 10/01/52 | 4,800 | 920,112 | ||||||
Series A-2, 0.00%, 10/01/54 | 2,125 | 360,755 | ||||||
County of Palm Beach Florida, RB, 5.00%, 04/01/51(b) | 540 | 482,284 | ||||||
Elevation Pointe Community Development District, SAB | ||||||||
Series A-1, 4.40%, 05/01/42 | 700 | 629,931 | ||||||
Series A-1, 4.60%, 05/01/52 | 1,090 | 946,642 | ||||||
Series A-2, 4.40%, 05/01/32 | 2,200 | 2,093,722 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 | 6,530 | 5,841,078 | ||||||
Florida Development Finance Corp., RB | ||||||||
5.00%, 06/15/41(b) | 1,245 | 1,155,486 | ||||||
5.00%, 06/15/51(b) | 1,190 | 1,045,484 | ||||||
5.25%, 06/01/55(b) | 2,830 | 2,417,955 | ||||||
6.50%, 06/30/57(b) | 1,515 | 1,515,565 | ||||||
Series A, 5.75%, 06/15/29(b) | 695 | 697,214 | ||||||
Series A, 6.00%, 06/15/34(b) | 835 | 838,610 | ||||||
Series A, 6.13%, 06/15/44(b) | 3,185 | 3,127,625 | ||||||
Series A, 4.00%, 06/15/52 | 2,875 | 2,253,169 | ||||||
Series A, 5.00%, 06/15/56 | 1,525 | 1,425,343 | ||||||
Series A, 5.13%, 06/15/55(b) | 10,455 | 8,839,514 | ||||||
Series B, 4.50%, 12/15/56(b) | 5,945 | 4,649,656 | ||||||
Series C, 5.75%, 12/15/56(b) | 2,030 | 1,757,300 | ||||||
AMT, 5.00%, 05/01/29(b) | 3,550 | 3,317,968 | ||||||
AMT, 3.00%, 06/01/32 | 665 | 510,026 | ||||||
Florida Development Finance Corp., Refunding RB(b) | ||||||||
2.38%, 06/01/27 | 395 | 348,814 | ||||||
4.00%, 06/01/46 | 1,700 | 1,261,913 | ||||||
Class A, 4.00%, 06/01/36 | 2,110 | 1,767,064 | ||||||
Class A, 4.00%, 06/01/55 | 2,750 | 1,878,907 | ||||||
Gracewater Sarasota Community Development District, SAB, 4.00%, 05/01/52 | 1,000 | 782,036 | ||||||
Grand Oaks Community Development District, SAB | ||||||||
4.25%, 05/01/40 | 915 | 860,658 | ||||||
4.50%, 05/01/52 | 1,015 | 911,899 | ||||||
Greater Orlando Aviation Authority, Refunding RB, AMT, 5.00%, 11/15/36 | 2,000 | 2,000,952 | ||||||
Greeneway Improvement District, SAB, 5.13%, 05/01/43(b) | 915 | 885,061 | ||||||
Hills of Minneola Community Development District, SAB(b) | ||||||||
4.00%, 05/01/40 | 1,025 | 887,239 | ||||||
4.00%, 05/01/50 | 1,500 | 1,168,783 | ||||||
Lakewood Ranch Stewardship District, SAB | ||||||||
4.25%, 05/01/25 | 55 | 54,873 | ||||||
4.25%, 05/01/26 | 125 | 124,652 | ||||||
4.95%, 05/01/29(b) | 580 | 589,623 | ||||||
2.70%, 05/01/31 | 205 | 183,247 | ||||||
4.88%, 05/01/35 | 265 | 261,915 | ||||||
3.75%, 05/01/39(b) | 570 | 487,442 | ||||||
5.50%, 05/01/39(b) | 530 | 541,797 | ||||||
3.75%, 05/01/40 | 525 | 442,802 | ||||||
3.00%, 05/01/41 | 155 | 115,520 | ||||||
4.88%, 05/01/45 | 530 | 494,034 | ||||||
5.13%, 05/01/46 | 835 | 792,681 | ||||||
5.65%, 05/01/48(b) | 875 | 885,954 | ||||||
| Security | Par (000) | Value | ||||||
Florida (continued) |
| |||||||
Lakewood Ranch Stewardship District, SAB (continued) | ||||||||
4.00%, 05/01/49(b) | $ | 355 | $ | 283,568 | ||||
3.90%, 05/01/50 | 525 | 405,318 | ||||||
4.00%, 05/01/52 | 685 | 535,621 | ||||||
Series 1A, 3.90%, 05/01/23 | 100 | 99,965 | ||||||
Series 1A, 4.25%, 05/01/28 | 535 | 531,513 | ||||||
Series 1A, 5.00%, 05/01/38 | 1,175 | 1,167,387 | ||||||
Series 1A, 5.10%, 05/01/48 | 2,545 | 2,438,456 | ||||||
Series 1B, 4.75%, 05/01/29 | 955 | 961,647 | ||||||
Series 1B, 5.30%, 05/01/39 | 1,090 | 1,101,581 | ||||||
Series 1B, 5.45%, 05/01/48 | 1,930 | 1,934,202 | ||||||
Laurel Road Community Development District, SAB | ||||||||
Series A-1, 2.60%, 05/01/26 | 185 | 180,072 | ||||||
Series A-1, 3.00%, 05/01/31 | 250 | 227,437 | ||||||
Series A-1, 3.25%, 05/01/41 | 1,010 | 782,213 | ||||||
Series A-1, 4.00%, 05/01/52 | 1,155 | 903,252 | ||||||
Series A-2, 3.13%, 05/01/31 | 1,695 | 1,493,748 | ||||||
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51 | 4,710 | 3,204,020 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 | 1,405 | 1,383,822 | ||||||
Midtown Miami Community Development District, Refunding SAB | ||||||||
Series A, 5.00%, 05/01/29 | 1,745 | 1,745,230 | ||||||
Series A, 5.00%, 05/01/37 | 890 | 887,269 | ||||||
Mirada II Community Development District, SAB | ||||||||
3.13%, 05/01/31 | 500 | 456,117 | ||||||
4.00%, 05/01/51 | 1,500 | 1,151,910 | ||||||
North River Ranch Community Development District, SAB | ||||||||
Series A-1, 4.00%, 05/01/40 | 845 | 720,253 | ||||||
Series A-1, 4.25%, 05/01/51 | 1,430 | 1,136,521 | ||||||
Series A-2, 4.20%, 05/01/35 | 1,000 | 882,314 | ||||||
Series A-3, 4.75%, 05/01/40 | 1,615 | 1,615,094 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 4,310 | 3,965,282 | ||||||
Pinellas County Industrial Development Authority, RB, 5.00%, 07/01/39 | 220 | 219,855 | ||||||
Poitras East Community Development District, SAB | ||||||||
5.00%, 05/01/43 | 460 | 450,507 | ||||||
5.25%, 05/01/52 | 1,650 | 1,609,389 | ||||||
Sandridge Community Development District, SAB | ||||||||
Series A1, 3.88%, 05/01/41 | 615 | 514,462 | ||||||
Series A1, 4.00%, 05/01/51 | 600 | 460,764 | ||||||
Sawyers Landing Community Development District, SAB | ||||||||
4.13%, 05/01/41 | 530 | 450,091 | ||||||
4.25%, 05/01/53 | 3,520 | 2,755,044 | ||||||
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 | 2,420 | 2,033,151 | ||||||
Somerset Community Development District, Refunding SAB | ||||||||
4.00%, 05/01/32 | 515 | 510,412 | ||||||
4.20%, 05/01/37 | 665 | 611,055 | ||||||
South Broward Hospital District, RB, Series A, 3.00%, 05/01/51 | 4,205 | 3,136,787 | ||||||
Southern Groves Community Development District No. 5, SAB | ||||||||
3.38%, 05/01/25 | 100 | 99,431 | ||||||
4.00%, 05/01/30 | 175 | 173,518 | ||||||
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Florida (continued) |
| |||||||
Southern Groves Community Development District No. 5, SAB (continued) | ||||||||
4.30%, 05/01/40 | $ | 825 | $ | 795,448 | ||||
4.50%, 05/01/46 | 600 | 570,249 | ||||||
Tolomato Community Development District, Refunding SAB | ||||||||
Series 2015-2, 6.61%, 11/01/24(e) | 125 | 113,129 | ||||||
Series A-2, 4.25%, 05/01/37 | 910 | 850,458 | ||||||
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(g)(h) | 135 | 1 | ||||||
Trout Creek Community Development District, SAB | ||||||||
5.38%, 05/01/38 | 670 | 676,370 | ||||||
5.50%, 05/01/49 | 1,695 | 1,669,078 | ||||||
V-Dana Community Development District, SAB(b) | ||||||||
Series 1, Class AR, 3.00%, 05/01/25 | 155 | 152,713 | ||||||
Series 1, Class AR, 3.50%, 05/01/31 | 525 | 493,043 | ||||||
Series 1, Class AR, 4.00%, 05/01/40 | 750 | 648,865 | ||||||
Series 1, Class AR, 4.00%, 05/01/51 | 1,200 | 940,576 | ||||||
Viera East Community Development District, Refunding SAB, 5.00%, 05/01/26 | 490 | 490,502 | ||||||
Viera Stewardship District, SAB, Series 2021, 4.00%, 05/01/53 | 1,710 | 1,330,428 | ||||||
Village Community Development District No. 14, SAB | ||||||||
5.38%, 05/01/42 | 3,365 | 3,378,473 | ||||||
5.50%, 05/01/53 | 2,510 | 2,449,660 | ||||||
West Villages Improvement District, SAB | ||||||||
4.25%, 05/01/29 | 400 | 394,460 | ||||||
4.75%, 05/01/39 | 885 | 842,305 | ||||||
5.00%, 05/01/50 | 1,415 | 1,290,613 | ||||||
Windward at Lakewood Ranch Community Development District, SAB | ||||||||
3.25%, 05/01/27 | 525 | 513,151 | ||||||
3.63%, 05/01/32 | 835 | 776,823 | ||||||
4.00%, 05/01/42 | 730 | 621,969 | ||||||
4.25%, 05/01/52 | 880 | 719,888 | ||||||
|
| |||||||
| 202,189,445 | ||||||||
| Georgia — 2.5% | ||||||||
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b) | 2,805 | 2,215,838 | ||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | 3,135 | 2,899,091 | ||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 875 | 780,433 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c) | 555 | 585,189 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 1,020 | 1,072,143 | ||||||
Series A, 5.00%, 05/15/36 | 1,020 | 1,059,975 | ||||||
Series A, 5.00%, 05/15/37 | 1,120 | 1,153,954 | ||||||
Series A, 5.00%, 05/15/38 | 615 | 628,095 | ||||||
Series A, 5.00%, 05/15/49 | 2,055 | 2,067,764 | ||||||
Series B, 5.00%, 12/01/52 | 18,800 | 19,452,528 | ||||||
Municipal Electric Authority of Georgia, RB | ||||||||
4.00%, 01/01/49 | 4,150 | 3,705,763 | ||||||
Series A, 5.00%, 01/01/49 | 5,235 | 5,341,380 | ||||||
| Security | Par (000) | Value | ||||||
Georgia (continued) |
| |||||||
Municipal Electric Authority of Georgia, RB (continued) | ||||||||
Series A, 5.00%, 07/01/52 | $ | 2,765 | $ | 2,840,108 | ||||
Series A, 5.00%, 01/01/59 | 525 | 529,991 | ||||||
|
| |||||||
| 44,332,252 | ||||||||
| Idaho — 0.5% | ||||||||
Idaho Health Facilities Authority, Refunding RB | ||||||||
3.50%, 09/01/33 | 375 | 335,666 | ||||||
5.00%, 09/01/37 | 1,000 | 1,014,647 | ||||||
Idaho Housing & Finance Association, RB | ||||||||
5.00%, 12/01/46(b) | 1,000 | 999,183 | ||||||
5.00%, 08/15/47 | 3,215 | 3,556,369 | ||||||
Series A, 6.00%, 07/01/39(b) | 370 | 378,227 | ||||||
Series A, 6.00%, 07/01/49(b) | 595 | 599,229 | ||||||
Series A, 6.00%, 07/01/54(b) | 570 | 572,196 | ||||||
Series A, 6.95%, 06/15/55(b) | 1,540 | 1,638,238 | ||||||
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 | 265 | 265,437 | ||||||
|
| |||||||
| 9,359,192 | ||||||||
| Illinois — 4.0% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/40 | 3,015 | 3,032,577 | ||||||
Series A, 5.00%, 12/01/47 | 4,095 | 4,003,776 | ||||||
Series D, 5.00%, 12/01/46 | 1,010 | 991,049 | ||||||
Series H, 5.00%, 12/01/46 | 725 | 711,397 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series B, 4.00%, 12/01/35 | 1,155 | 1,097,997 | ||||||
Series B, 4.00%, 12/01/41 | 4,905 | 4,340,140 | ||||||
Series C, 5.00%, 12/01/30 | 1,370 | 1,420,467 | ||||||
Series D, 5.00%, 12/01/31 | 1,500 | 1,553,193 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 5,550 | 5,691,581 | ||||||
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/37 | 6,469 | 6,112,882 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
6.00%, 02/01/34 | 335 | 337,888 | ||||||
6.13%, 02/01/45 | 790 | 795,287 | ||||||
5.00%, 05/15/56 | 815 | 646,718 | ||||||
Series A, 3.00%, 08/15/48 | 6,350 | 4,820,006 | ||||||
Series C, 5.00%, 02/15/41 | 3,000 | 3,117,858 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46 | 5,715 | 6,166,405 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 4,555 | 4,595,685 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 9,695 | 8,309,953 | ||||||
State of Illinois, GO | ||||||||
5.50%, 05/01/30 | 1,235 | 1,391,430 | ||||||
5.00%, 02/01/39 | 510 | 513,397 | ||||||
5.50%, 05/01/39 | 2,460 | 2,683,585 | ||||||
Series A, 5.00%, 04/01/35 | 1,460 | 1,462,105 | ||||||
Series A, 5.00%, 04/01/38 | 2,190 | 2,193,186 | ||||||
Series A, 4.00%, 03/01/39 | 5,595 | 5,490,351 | ||||||
Series A, 4.00%, 03/01/40 | 1,000 | 969,853 | ||||||
|
| |||||||
| 72,448,766 | ||||||||
| 5 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Indiana — 0.6% |
| |||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | $ | 525 | $ | 535,027 | ||||
AMT, 7.00%, 01/01/44 | 1,270 | 1,291,312 | ||||||
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(g)(h) | 2,325 | 2,069,250 | ||||||
Indiana Finance Authority, RB | ||||||||
Series A, AMT, 5.00%, 07/01/23(c) | 370 | 371,705 | ||||||
Series A, AMT, 6.75%, 05/01/39 | 2,785 | 3,156,511 | ||||||
Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b) | 3,175 | 2,651,452 | ||||||
|
| |||||||
| 10,075,257 | ||||||||
| Iowa — 0.2% | ||||||||
Iowa Finance Authority, RB, Series A, 5.00%, 05/15/48 | 2,360 | 1,737,434 | ||||||
Iowa Higher Education Loan Authority, Refunding RB, 5.50%, 11/01/51 | 1,000 | 961,872 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, CAB, Series B2, Subordinate, 0.00%, 06/01/65(d) | 15,710 | 1,670,900 | ||||||
|
| |||||||
| 4,370,206 | ||||||||
| Kansas — 0.2% | ||||||||
City of Prairie Village Kansas, Refunding TA | ||||||||
2.88%, 04/01/30 | 625 | 555,211 | ||||||
3.13%, 04/01/36 | 1,000 | 833,154 | ||||||
City of Shawnee Kansas, RB(b) | ||||||||
5.00%, 08/01/41 | 770 | 740,515 | ||||||
5.00%, 08/01/56 | 1,900 | 1,688,861 | ||||||
|
| |||||||
| 3,817,741 | ||||||||
| Kentucky — 1.2% | ||||||||
City of Hazard Kentucky, Refunding RB, 3.00%, 07/01/46 | 2,500 | 1,875,287 | ||||||
City of Henderson Kentucky, RB(b) | ||||||||
Series A, AMT, 4.70%, 01/01/52 | 2,435 | 2,202,044 | ||||||
Series B, AMT, 4.70%, 01/01/52 | 6,000 | 5,425,524 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(d) | 250 | 239,299 | ||||||
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a) | 9,000 | 8,878,932 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, Series A, 6.00%, 07/01/23(c) | 3,000 | 3,023,406 | ||||||
|
| |||||||
| 21,644,492 | ||||||||
| Louisiana(b) — 0.8% | ||||||||
Juban Crossing Economic Development District, Refunding RB, Series C, 7.00%, 09/15/44 | 2,945 | 2,717,410 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54 | 1,990 | 1,797,529 | ||||||
Louisiana Public Facilities Authority, RB | ||||||||
Series A, 5.00%, 06/01/41 | 990 | 914,365 | ||||||
Series A, 5.00%, 04/01/49 | 500 | 427,363 | ||||||
Series A, 5.25%, 06/01/51 | 1,830 | 1,636,822 | ||||||
Series A, 5.25%, 06/01/60 | 3,385 | 2,946,318 | ||||||
Series A, 6.50%, 06/01/62 | 855 | 873,871 | ||||||
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40 | 3,160 | 3,348,263 | ||||||
|
| |||||||
| 14,661,941 | ||||||||
| Security | Par (000) | Value | ||||||
Maine — 0.1% |
| |||||||
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b) | $ | 4,050 | $ | 2,349,000 | ||||
|
| |||||||
| Maryland — 2.1% | ||||||||
City of Baltimore Maryland, RB | ||||||||
4.88%, 06/01/42 | 260 | 250,827 | ||||||
5.00%, 06/01/51 | 780 | 734,341 | ||||||
City of Baltimore Maryland, Refunding RB | ||||||||
5.00%, 09/01/46 | 1,500 | 1,397,568 | ||||||
Series A, 4.00%, 09/01/27 | 325 | 320,649 | ||||||
County of Frederick Maryland, Refunding TA, 4.63%, 07/01/43(b) | 4,890 | 4,707,207 | ||||||
Maryland Economic Development Corp., RB | ||||||||
5.00%, 07/01/56 | 985 | 994,998 | ||||||
Class B, AMT, 5.25%, 06/30/55 | 4,760 | 4,865,815 | ||||||
Maryland Economic Development Corp., TA, 4.00%, 09/01/50 | 605 | 495,790 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB | ||||||||
Series A, 7.00%, 03/01/55(b) | 8,165 | 8,560,643 | ||||||
Series B, 4.00%, 04/15/50 | 15,000 | 14,171,670 | ||||||
Montgomery County Housing Opportunities Commission, RB, M/F Housing, Series C, 2.85%, 01/01/51 | 1,855 | 1,363,774 | ||||||
|
| |||||||
| 37,863,282 | ||||||||
| Massachusetts — 0.8% | ||||||||
Massachusetts Development Finance Agency, RB, Series D, 4.00%, 07/01/45 | 715 | 659,000 | ||||||
Massachusetts Development Finance Agency, Refunding RB(b) | ||||||||
4.00%, 10/01/32 | 355 | 337,574 | ||||||
4.13%, 10/01/42 | 855 | 778,013 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 | 11,915 | 12,536,093 | ||||||
|
| |||||||
| 14,310,680 | ||||||||
| Michigan — 0.4% | ||||||||
Advanced Technology Academy, Refunding RB | ||||||||
3.50%, 11/01/24 | 125 | 123,001 | ||||||
5.00%, 11/01/44 | 160 | 148,856 | ||||||
City of Detroit Michigan, GO | ||||||||
5.00%, 04/01/34 | 485 | 501,668 | ||||||
5.00%, 04/01/35 | 485 | 500,030 | ||||||
5.00%, 04/01/36 | 340 | 349,306 | ||||||
5.00%, 04/01/37 | 545 | 558,027 | ||||||
5.00%, 04/01/38 | 240 | 244,910 | ||||||
Grand Traverse County Hospital Finance Authority, Refunding RB, 3.00%, 07/01/51 | 2,000 | 1,402,604 | ||||||
Michigan State Building Authority, Refunding RB, 4.00%, 10/15/52 | 670 | 647,408 | ||||||
Michigan Strategic Fund, RB | ||||||||
5.00%, 11/15/42 | 280 | 260,748 | ||||||
AMT, 5.00%, 12/31/43 | 2,030 | 2,063,424 | ||||||
|
| |||||||
| 6,799,982 | ||||||||
| Minnesota — 0.7% | ||||||||
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45 | 2,065 | 1,895,267 | ||||||
City of Deephaven Minnesota, Refunding RB, Series A, 5.25%, 07/01/40 | 500 | 501,282 | ||||||
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Minnesota (continued) |
| |||||||
City of Minneapolis Minnesota, RB | ||||||||
Series A, 5.00%, 07/01/55 | $ | 1,405 | $ | 1,144,947 | ||||
Series A, 5.75%, 07/01/55 | 3,435 | 3,426,097 | ||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 1,925 | 1,798,959 | ||||||
Series A, 5.25%, 02/15/53 | 1,060 | 1,090,651 | ||||||
Series A, 5.25%, 02/15/58 | 2,790 | 2,870,857 | ||||||
|
| |||||||
| 12,728,060 | ||||||||
| Mississippi — 0.3% | ||||||||
Mississippi Home Corp., Refunding RB, S/F Housing, Series B, (FHLMC, FNMA, GNMA), 2.10%, 12/01/41 | 8,025 | 5,934,126 | ||||||
|
| |||||||
| Missouri — 0.4% | ||||||||
Industrial Development Authority of the City of St Louis Missouri, Refunding RB | ||||||||
Series A, 4.38%, 11/15/35 | 1,020 | 823,904 | ||||||
Series A, 4.75%, 11/15/47 | 1,135 | 857,797 | ||||||
Kansas City Industrial Development Authority, RB, Series C, 7.50%, 11/15/46 | 425 | 338,307 | ||||||
Kansas City Industrial Development Authority, Refunding RB | ||||||||
Class B, 5.00%, 11/15/46 | 772 | 591,597 | ||||||
Class D, 2.00%, 11/15/46 | 345 | 15,187 | ||||||
Kansas City Land Clearance Redevelopment Authority, TA(b) | ||||||||
Series B, 4.38%, 02/01/31 | 3,105 | 2,729,767 | ||||||
Series B, 5.00%, 02/01/40 | 1,240 | 1,032,573 | ||||||
Plaza at Noah’s Ark Community Improvement District, Refunding RB | ||||||||
3.00%, 05/01/25 | 350 | 339,033 | ||||||
3.00%, 05/01/26 | 275 | 261,985 | ||||||
3.00%, 05/01/30 | 225 | 203,263 | ||||||
3.13%, 05/01/35 | 750 | 621,384 | ||||||
|
| |||||||
| 7,814,797 | ||||||||
| Nebraska — 0.5% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 | 9,315 | 9,681,154 | ||||||
|
| |||||||
| Nevada — 0.2% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 815, SAB, 5.00%, 12/01/49 | 810 | 771,181 | ||||||
Tahoe-Douglas Visitors Authority, RB | ||||||||
5.00%, 07/01/40 | 1,490 | 1,512,803 | ||||||
5.00%, 07/01/45 | 1,460 | 1,461,604 | ||||||
|
| |||||||
| 3,745,588 | ||||||||
| New Hampshire — 0.7% | ||||||||
New Hampshire Business Finance Authority, RB | ||||||||
Series A, 4.13%, 08/15/40 | 1,435 | 1,267,833 | ||||||
Series A, 4.25%, 08/15/46 | 1,610 | 1,369,799 | ||||||
Series A, 4.50%, 08/15/55 | 3,350 | 2,855,610 | ||||||
New Hampshire Business Finance Authority, Refunding RB(b) | ||||||||
Series B, 4.63%, 11/01/42 | 4,650 | 4,260,121 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 2,515 | 2,296,620 | ||||||
|
| |||||||
| 12,049,983 | ||||||||
| Security | Par (000) | Value | ||||||
New Jersey — 2.8% |
| |||||||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(i) | $ | 620 | $ | 630,867 | ||||
New Jersey Economic Development Authority, RB | ||||||||
5.00%, 12/15/28(c) | 2,060 | 2,369,840 | ||||||
5.00%, 06/15/43 | 3,490 | 3,649,126 | ||||||
6.00%, 10/01/43 | 970 | 982,508 | ||||||
Class A, 5.25%, 11/01/47 | 7,835 | 8,464,621 | ||||||
Series A, 5.00%, 07/01/32 | 235 | 235,433 | ||||||
Series A, 5.00%, 07/01/37 | 375 | 371,768 | ||||||
Series A, 5.25%, 11/01/54(b) | 3,955 | 3,460,376 | ||||||
Series B, 5.00%, 06/15/43 | 3,755 | 3,926,209 | ||||||
AMT, 5.38%, 01/01/43 | 1,360 | 1,367,216 | ||||||
Series B, AMT, 6.50%, 04/01/31 | 2,405 | 2,568,069 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 11,160 | 10,593,809 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, 3.25%, 12/01/51 | 1,700 | 1,239,839 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.25%, 06/15/41 | 1,265 | 1,299,197 | ||||||
Series AA, 4.00%, 06/15/50 | 5,000 | 4,693,925 | ||||||
Series S, 5.25%, 06/15/43 | 4,095 | 4,338,165 | ||||||
|
| |||||||
| 50,190,968 | ||||||||
| New York — 7.6% | ||||||||
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/41 | 3,750 | 2,677,680 | ||||||
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 | 2,255 | 2,102,656 | ||||||
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b) | 1,215 | 1,260,524 | ||||||
City of New York New York, GO, Series A-1, 4.00%, 09/01/46 | 3,825 | 3,667,253 | ||||||
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 | 585 | 473,594 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 4,115 | 4,160,261 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,340 | 1,379,064 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series C-1A, 4.15%, 11/01/39 | 3,105 | 3,011,834 | ||||||
Series C-1A, 4.20%, 11/01/44 | 5,690 | 5,562,077 | ||||||
Series C-1A, 4.30%, 11/01/47 | 4,655 | 4,415,272 | ||||||
New York City Industrial Development Agency, Refunding RB, Series A, (AGM), 3.00%, 01/01/40 | 605 | 491,188 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/51 | 4,495 | 4,868,445 | ||||||
New York Liberty Development Corp., Refunding RB, Series 1, 2.75%, 02/15/44 | 14,320 | 10,843,777 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 3,425 | 3,316,941 | ||||||
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48 | 3,700 | 3,595,131 | ||||||
New York State Housing Finance Agency, RB, M/F Housing, Series J-1, 2.65%, 11/01/46 | 3,935 | 2,762,512 | ||||||
New York State Urban Development Corp., RB | ||||||||
Series A, 4.00%, 03/15/46 | 13,000 | 12,621,661 | ||||||
Series A, 4.00%, 03/15/49 | 4,955 | 4,793,085 | ||||||
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49 | 5,725 | 5,505,555 | ||||||
| 7 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
New York (continued) |
| |||||||
New York Transportation Development Corp., ARB | ||||||||
AMT, 5.00%, 12/01/35 | $ | 10,000 | $ | 10,794,150 | ||||
AMT, 4.00%, 01/01/36 | 5,000 | 4,727,030 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 3,000 | 3,002,007 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 3,845 | 3,963,111 | ||||||
AMT, 4.00%, 04/30/53 | 3,365 | 2,846,871 | ||||||
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 | 3,665 | 3,692,268 | ||||||
New York Transportation Development Corp., Refunding RB, 4.00%, 12/01/40 | 3,000 | 2,930,256 | ||||||
Niagara Area Development Corp., Refunding RB, Series A, AMT, 4.75%, 11/01/42(b) | 530 | 448,730 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/61 | 15,000 | 13,970,340 | ||||||
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44 | 4,040 | 2,951,689 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,259 | 1,270,833 | ||||||
Westchester County Local Development Corp., Refunding RB | ||||||||
5.00%, 07/01/41(b) | 240 | 195,705 | ||||||
5.00%, 07/01/56(b) | 5,265 | 3,855,396 | ||||||
Series A, 5.13%, 07/01/55 | 1,100 | 874,400 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB | ||||||||
Sub-Series C, 4.00%, 06/01/42 | 740 | 724,935 | ||||||
Sub-Series C, 5.13%, 06/01/51 | 2,000 | 2,010,384 | ||||||
|
| |||||||
| 135,766,615 | ||||||||
| North Carolina — 0.2% | ||||||||
North Carolina Turnpike Authority, RB, Senior Lien, 4.00%, 01/01/55 | 3,000 | 2,770,062 | ||||||
|
| |||||||
| North Dakota — 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,785 | 1,832,417 | ||||||
University of North Dakota, COP, Series A, (AGM), 2.50%, 06/01/54 | 6,200 | 3,599,999 | ||||||
|
| |||||||
| 5,432,416 | ||||||||
| Ohio — 2.9% | ||||||||
American Municipal Power, Inc., Refunding RB, 4.00%, 02/15/37 | 2,750 | 2,763,423 | ||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 26,665 | 24,015,939 | ||||||
Cleveland-Cuyahoga County Port Authority, Refunding TA(b) | ||||||||
4.50%, 12/01/55 | 1,190 | 1,011,982 | ||||||
Class A, 4.00%, 12/01/55 | 925 | 781,928 | ||||||
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 | 1,435 | 1,283,150 | ||||||
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30 | 620 | 594,364 | ||||||
5.25%, 05/01/40 | 615 | 566,964 | ||||||
5.50%, 05/01/50 | 2,895 | 2,575,320 | ||||||
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) | 3,905 | 3,598,387 | ||||||
| Security | Par (000) | Value | ||||||
Ohio (continued) |
| |||||||
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51(b) | $ | 4,125 | $ | 2,910,344 | ||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 4,700 | 4,218,236 | ||||||
Ohio Higher Educational Facility Commission, Refunding RB, 4.00%, 10/01/47 | 3,500 | 3,006,178 | ||||||
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) | 1,100 | 842,949 | ||||||
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) | 5,980 | 4,780,597 | ||||||
|
| |||||||
| 52,949,761 | ||||||||
| Oklahoma — 1.7% | ||||||||
Norman Regional Hospital Authority, RB, 4.00%, 09/01/45 | 3,565 | 3,033,259 | ||||||
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51(b) | 14,390 | 15,116,134 | ||||||
Series A-2, 7.25%, 09/01/51(b) | 1,920 | 2,016,885 | ||||||
Series B, 5.00%, 08/15/38 | 4,585 | 4,253,500 | ||||||
Series B, 5.25%, 08/15/48 | 850 | 768,313 | ||||||
Series B, 5.50%, 08/15/52 | 3,280 | 3,012,962 | ||||||
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b) | 1,165 | 958,830 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 | 1,050 | 1,052,001 | ||||||
|
| |||||||
| 30,211,884 | ||||||||
| Oregon(b) — 0.1% | ||||||||
Oregon State Facilities Authority, RB | ||||||||
Series A, 5.00%, 06/15/49 | 915 | 836,091 | ||||||
Series A, 5.25%, 06/15/55 | 505 | 465,638 | ||||||
|
| |||||||
| 1,301,729 | ||||||||
| Pennsylvania — 2.0% | ||||||||
Bucks County Industrial Development Authority, RB | ||||||||
4.00%, 07/01/46 | 275 | 218,451 | ||||||
4.00%, 07/01/51 | 200 | 153,075 | ||||||
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/24(c) | 2,750 | 2,826,248 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 | 880 | 817,417 | ||||||
Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 12/01/46 | 1,470 | 1,451,557 | ||||||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 980 | 982,758 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
Series A-1, 4.00%, 04/15/50 | 11,000 | 10,127,337 | ||||||
AMT, 5.00%, 06/30/42 | 895 | 896,566 | ||||||
AMT, 5.75%, 06/30/48 | 2,890 | 3,124,194 | ||||||
AMT, 5.25%, 06/30/53 | 4,830 | 4,902,827 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 02/15/40 | 3,520 | 3,458,836 | ||||||
Series A, 4.00%, 02/15/52 | 2,250 | 2,059,015 | ||||||
AMT, 5.50%, 11/01/44 | 5,390 | 5,396,193 | ||||||
|
| |||||||
| 36,414,474 | ||||||||
| Puerto Rico — 12.3% | ||||||||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d) | 135,505 | 8,512,153 | ||||||
SCHEDULE OF INVESTMENTS | 8 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Puerto Rico (continued) |
| |||||||
Children’s Trust Fund, Refunding RB, Series B, 0.00%, 05/15/55(d) | $ | 2,000 | $ | 203,598 | ||||
Commonwealth of Puerto Rico, GO | ||||||||
0.00%, 11/01/43(a) | 14,814 | 6,450,480 | ||||||
0.00%, 11/01/51(a) | 58,291 | 21,919,039 | ||||||
Series A1, Restructured, 5.38%, 07/01/25 | — | (j) | 3 | |||||
Series A1, Restructured, 5.63%, 07/01/29 | 11,002 | 11,442,000 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 5,352 | 5,621,740 | ||||||
Series A1, Restructured, 4.00%, 07/01/33 | 1,849 | 1,659,394 | ||||||
Series A1, Restructured, 4.00%, 07/01/35 | 1,662 | 1,446,155 | ||||||
Series A1, Restructured, 4.00%, 07/01/37 | 4,281 | 3,625,691 | ||||||
Series A1, Restructured, 4.00%, 07/01/41 | 3,879 | 3,144,546 | ||||||
Series A1, Restructured, 4.00%, 07/01/46 | 3,477 | 2,708,986 | ||||||
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(d) | 2,379 | 1,351,070 | ||||||
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51(a) | 763 | 242,987 | ||||||
PRIFA Custodial Trust, RB, Series 2005, 0.00%, 03/15/49 | 3,300 | 1,023,366 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, AMT, 4.00%, 07/01/42(b) | 1,075 | 905,303 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b) | ||||||||
Series A, 5.00%, 07/01/33 | 3,530 | 3,515,891 | ||||||
Series A, 5.00%, 07/01/37 | 3,455 | 3,399,191 | ||||||
Series B, 5.00%, 07/01/28 | 4,465 | 4,492,424 | ||||||
Series B, 5.00%, 07/01/29 | 3,265 | 3,276,966 | ||||||
Series B, 4.00%, 07/01/42 | 5,000 | 4,223,690 | ||||||
Puerto Rico Electric Power Authority, RB | ||||||||
0.00%, 01/01/20(a)(g)(h) | 4,430 | 3,959,253 | ||||||
3rd Series, 5.40%, 01/01/20(a)(g)(h) | 208 | 150,375 | ||||||
Series A, 7.25%, 07/01/30 | 250 | 181,020 | ||||||
Series A, 7.00%, 07/01/33(g)(h) | 8,735 | 6,324,848 | ||||||
Series A, 7.00%, 07/01/40 | 1,000 | 724,081 | ||||||
Series A, 5.00%, 07/01/42(g)(h) | 2,315 | 1,652,783 | ||||||
Series A, 5.05%, 07/01/42(g)(h) | 1,080 | 771,061 | ||||||
Series A, 7.00%, 07/01/43(g)(h) | 775 | 561,163 | ||||||
Series A-1, 10.00%, 07/01/19 | 230 | 166,692 | ||||||
Series A-2, 10.00%, 07/01/19(g)(h) | 1,161 | 840,968 | ||||||
Series A-3, 10.00%, 07/01/19(g)(h) | 748 | 541,372 | ||||||
Series B-3, 10.00%, 07/01/19(g)(h) | 748 | 541,372 | ||||||
Series C-1, 5.40%, 01/01/18(g)(h) | 2,054 | 1,487,390 | ||||||
Series C-2, 5.40%, 07/01/18(g)(h) | 2,054 | 1,487,630 | ||||||
Series C-4, 5.40%, 07/01/20(g)(h) | 208 | 150,375 | ||||||
Series CCC, 5.00%, 07/01/22 | 715 | 510,471 | ||||||
Series CCC, 5.00%, 07/01/25 | 620 | 442,646 | ||||||
Series CCC, 5.25%, 07/01/26(g)(h) | 590 | 421,228 | ||||||
Series CCC, 5.25%, 07/01/28(g)(h) | 1,945 | 1,388,623 | ||||||
Series D-1, 7.50%, 01/01/20(g)(h) | 2,332 | 1,688,723 | ||||||
Series TT, 5.00%, 07/01/18(g)(h) | 900 | 642,550 | ||||||
Series TT, 5.00%, 07/01/25(g)(h) | 3,270 | 2,334,600 | ||||||
Series TT, 5.00%, 07/01/26(g)(h) | 455 | 324,845 | ||||||
Series WW, 5.50%, 07/01/17(g)(h) | 475 | 339,124 | ||||||
Series WW, 5.50%, 07/01/18(g)(h) | 415 | 296,287 | ||||||
Series WW, 5.50%, 07/01/19(g)(h) | 335 | 239,172 | ||||||
Series WW, 5.38%, 07/01/22(g)(h) | 4,500 | 3,212,752 | ||||||
Series WW, 5.38%, 07/01/24(g)(h) | 815 | 581,865 | ||||||
Series WW, 5.25%, 07/01/25 | 1,940 | 1,385,053 | ||||||
Series WW, 5.25%, 07/01/33(g)(h) | 315 | 224,893 | ||||||
Series WW, 5.50%, 07/01/38(g)(h) | 415 | 296,287 | ||||||
| Security | Par (000) | Value | ||||||
Puerto Rico (continued) |
| |||||||
Puerto Rico Electric Power Authority, RB (continued) | ||||||||
Series XX, 5.25%, 07/01/27(g)(h) | $ | 230 | $ | 164,207 | ||||
Series XX, 5.25%, 07/01/35(g)(h) | 705 | 503,331 | ||||||
Series XX, 5.75%, 07/01/36(g)(h) | 2,870 | 2,049,022 | ||||||
Series XX, 5.25%, 07/01/40(g)(h) | 8,385 | 5,986,429 | ||||||
Series A, AMT, 6.75%, 07/01/36(g)(h) | 5,830 | 4,221,392 | ||||||
Puerto Rico Electric Power Authority, Refunding RB | ||||||||
Series AAA, 5.25%, 07/01/22(g)(h) | 765 | 546,168 | ||||||
Series AAA, 5.25%, 07/01/25 | 3,560 | 2,541,644 | ||||||
Series AAA, 5.25%, 07/01/28(g)(h) | 3,655 | 2,609,469 | ||||||
Series AAA, 5.25%, 07/01/29(g)(h) | 190 | 135,650 | ||||||
Series UU, 0.00%, 07/01/17(a)(g)(h) | 2,660 | 1,842,050 | ||||||
Series UU, 0.00%, 07/01/18(a)(g)(h) | 125 | 86,563 | ||||||
Series UU, 0.00%, 07/01/20(a)(g)(h) | 1,135 | 785,987 | ||||||
Series UU, 3.22%, 07/01/31(a)(g)(h) | 1,345 | 931,412 | ||||||
Series ZZ, 5.00%, 07/01/17(g)(h) | 330 | 235,602 | ||||||
Series ZZ, 5.25%, 07/01/19(g)(h) | 1,050 | 749,642 | ||||||
Series ZZ, 5.25%, 07/01/23(g)(h) | 370 | 264,160 | ||||||
Series ZZ, 5.25%, 07/01/24(g)(h) | 5,050 | 3,605,422 | ||||||
Series ZZ, 5.25%, 07/01/25 | 265 | 189,195 | ||||||
Series ZZ, 5.00%, 07/01/28(g)(h) | 345 | 246,311 | ||||||
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(d) | 16,401 | 10,253,081 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 4.75%, 07/01/53 | 12,864 | 11,658,978 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 10,453 | 9,490,467 | ||||||
Series A-2, Restructured, 4.54%, 07/01/53 | 1,564 | 1,356,789 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB(d) | ||||||||
Series A1, Restructured, 0.00%, 07/01/29 | 2,914 | 2,170,505 | ||||||
Series A1, Restructured, 0.00%, 07/01/33 | 2,574 | 1,572,186 | ||||||
Series A1, Restructured, 0.00%, 07/01/46 | 7,072 | 1,845,375 | ||||||
Series B1, Restructured, 0.00%, 07/01/46 | 2,066 | 541,280 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 4.50%, 07/01/34 | 2,255 | 2,213,846 | ||||||
Series A1, Restructured, 5.00%, 07/01/58 | 15,654 | 14,669,833 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 7,333 | 6,595,014 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 8,723 | 7,925,378 | ||||||
|
| |||||||
| 221,020,563 | ||||||||
| South Carolina — 0.7% | ||||||||
City of Hardeeville South Carolina, SAB(b) | ||||||||
3.00%, 05/01/27 | 500 | 483,965 | ||||||
3.50%, 05/01/32 | 850 | 751,126 | ||||||
3.88%, 05/01/41 | 1,400 | 1,146,078 | ||||||
4.00%, 05/01/52 | 1,350 | 998,667 | ||||||
County of Dorchester South Carolina, SAB, 6.00%, 10/01/51(b) | 2,240 | 2,267,823 | ||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
7.50%, 08/15/62(b) | 1,935 | 1,894,365 | ||||||
Series A, 5.00%, 11/15/42 | 585 | 541,956 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
4.00%, 11/15/27 | 480 | 459,808 | ||||||
Series A, 5.00%, 05/01/48 | 3,315 | 3,410,240 | ||||||
|
| |||||||
| 11,954,028 | ||||||||
| 9 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Tennessee — 2.3% |
| |||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | $ | 410 | $ | 371,363 | ||||
Franklin Health & Educational Facilities Board, Refunding RB, Series A, 7.50%, 06/01/47(b)(g)(h) | 4,060 | 1,219,795 | ||||||
Knox County Health Educational & Housing Facility Board, Refunding RB, 5.00%, 04/01/36 | 560 | 577,568 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB | ||||||||
Series A, 4.00%, 10/01/49 | 1,635 | 1,279,301 | ||||||
Series A, 5.25%, 10/01/58 | 7,565 | 7,565,446 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, 4.00%, 06/01/51(b) | 2,350 | 1,808,656 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(d) | 4,000 | 1,383,828 | ||||||
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.25%, 07/01/34 | 1,250 | 1,423,127 | ||||||
Nashville Metropolitan Development & Housing Agency, TA, 5.13%, 06/01/36(b) | 500 | 490,404 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) | 7,435 | 8,050,194 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 16,360 | 16,869,189 | ||||||
|
| |||||||
| 41,038,871 | ||||||||
| Texas — 6.0% | ||||||||
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) | 2,340 | 1,657,155 | ||||||
Arlington Higher Education Finance Corp., RB | ||||||||
5.00%, 06/15/51 | 2,045 | 1,698,548 | ||||||
5.63%, 08/15/54(b) | 6,260 | 6,001,881 | ||||||
7.50%, 04/01/62(b) | 1,970 | 2,099,076 | ||||||
7.88%, 11/01/62(b) | 1,670 | 1,725,681 | ||||||
Series A, 5.88%, 03/01/24 | 120 | 120,690 | ||||||
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 | 1,610 | 1,445,194 | ||||||
Central Texas Regional Mobility Authority, Refunding RB(d) | ||||||||
0.00%, 01/01/28 | 3,000 | 2,586,375 | ||||||
0.00%, 01/01/29 | 500 | 416,933 | ||||||
0.00%, 01/01/30 | 1,330 | 1,072,709 | ||||||
0.00%, 01/01/31 | 4,000 | 3,112,032 | ||||||
City of Crandall Texas, SAB(b) | ||||||||
3.38%, 09/15/26 | 100 | 97,314 | ||||||
4.00%, 09/15/31 | 200 | 190,053 | ||||||
4.75%, 09/15/31 | 100 | 94,643 | ||||||
4.25%, 09/15/41 | 770 | 670,008 | ||||||
5.00%, 09/15/41 | 500 | 438,698 | ||||||
City of Houston Texas Airport System Revenue, ARB | ||||||||
AMT, 5.00%, 07/15/28 | 2,725 | 2,755,983 | ||||||
Series A, AMT, 6.63%, 07/15/38 | 1,110 | 1,110,458 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 615 | 615,761 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/15/27 | 3,925 | 3,932,289 | ||||||
City of Marble Falls Texas, SAB(b) | ||||||||
4.63%, 09/01/31 | 100 | 92,042 | ||||||
4.88%, 09/01/41 | 295 | 245,334 | ||||||
5.13%, 09/01/51 | 500 | 401,165 | ||||||
| Security | Par (000) | Value | ||||||
Texas (continued) |
| |||||||
City of San Marcos Texas, SAB(b) | ||||||||
3.75%, 09/01/27 | $ | 228 | $ | 222,519 | ||||
4.00%, 09/01/32 | 237 | 222,996 | ||||||
4.25%, 09/01/42 | 750 | 658,041 | ||||||
4.50%, 09/01/51 | 520 | 447,954 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 3,380 | 3,158,215 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 1,370 | 1,374,299 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
Series A, 5.00%, 01/01/38 | 510 | 464,846 | ||||||
Series A, 5.00%, 01/01/43 | 520 | 455,360 | ||||||
Series A, 5.13%, 01/01/48 | 1,535 | 1,309,306 | ||||||
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(d) | 350 | 121,903 | ||||||
Hemphill County Hospital District, GO | ||||||||
4.63%, 02/01/39 | 1,500 | 1,390,234 | ||||||
4.75%, 02/01/45 | 2,500 | 2,253,475 | ||||||
Hidalgo County Regional Mobility Authority, Refunding RB | ||||||||
Series B, Junior Lien, 4.00%, 12/01/39 | 1,000 | 904,234 | ||||||
Series B, Junior Lien, 4.00%, 12/01/40 | 1,040 | 929,510 | ||||||
Series B, Junior Lien, 4.00%, 12/01/41 | 1,000 | 882,281 | ||||||
Houston Higher Education Finance Corp., RB, 4.00%, 10/01/51 | 1,400 | 1,126,931 | ||||||
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b) | 1,385 | 1,358,037 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 5.88%, 04/01/23(c) | 890 | 890,000 | ||||||
Series A, 6.00%, 04/01/23(c) | 1,355 | 1,355,000 | ||||||
Series A, 5.00%, 07/01/57 | 3,000 | 2,566,752 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52 | 5,000 | 4,537,460 | ||||||
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) | 5,580 | 5,102,190 | ||||||
Newark Higher Education Finance Corp., RB(b) | ||||||||
Series A, 5.50%, 08/15/35 | 375 | 386,580 | ||||||
Series A, 5.75%, 08/15/45 | 735 | 749,925 | ||||||
Port Beaumont Navigation District, RB(b) | ||||||||
AMT, 2.75%, 01/01/36 | 2,620 | 1,899,196 | ||||||
AMT, 2.88%, 01/01/41 | 4,100 | 2,704,508 | ||||||
AMT, 3.00%, 01/01/50 | 23,435 | 14,022,262 | ||||||
Port Beaumont Navigation District, Refunding RB(b) | ||||||||
Series A, AMT, 3.63%, 01/01/35 | 3,725 | 3,067,403 | ||||||
Series A, AMT, 4.00%, 01/01/50 | 5,585 | 4,065,288 | ||||||
San Antonio Education Facilities Corp., RB | ||||||||
Series A, 5.00%, 10/01/41 | 645 | 556,419 | ||||||
Series A, 5.00%, 10/01/51 | 885 | 700,382 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 | 8,560 | 8,809,781 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(d) | ||||||||
0.00%, 08/01/46 | 2,580 | 677,286 | ||||||
0.00%, 08/01/47 | 3,850 | 945,214 | ||||||
0.00%, 08/01/48 | 4,070 | 933,418 | ||||||
0.00%, 08/01/49 | 3,825 | 821,075 | ||||||
0.00%, 08/01/50 | 5,485 | 1,104,377 | ||||||
SCHEDULE OF INVESTMENTS | 10 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Texas (continued) |
| |||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(d) (continued) | ||||||||
0.00%, 08/01/51 | $ | 3,230 | $ | 609,734 | ||||
0.00%, 08/01/52 | 3,230 | 572,666 | ||||||
0.00%, 08/01/53 | 290 | 48,383 | ||||||
|
| |||||||
| 106,985,462 | ||||||||
| Utah — 0.1% | ||||||||
County of Utah, RB, Series A, 3.00%, 05/15/50 | 940 | 733,741 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) | 1,320 | 1,158,450 | ||||||
|
| |||||||
| 1,892,191 | ||||||||
| Vermont — 0.5% | ||||||||
East Central Vermont Telecommunications District, RB(b) | ||||||||
Series A, 4.75%, 12/01/40 | 2,850 | 2,555,923 | ||||||
Series A, 4.50%, 12/01/44 | 3,695 | 3,081,722 | ||||||
Series A, 4.50%, 12/01/50 | 3,000 | 2,380,929 | ||||||
Vermont Student Assistance Corp., RB, Class A, AMT, 2.38%, 06/15/39 | 2,170 | 1,622,438 | ||||||
|
| |||||||
| 9,641,012 | ||||||||
| Virginia — 1.2% | ||||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | 3,410 | 3,319,840 | ||||||
Series A, Senior Lien, 4.00%, 07/01/50 | 1,545 | 1,483,171 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 | 9,770 | 9,522,194 | ||||||
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/40(b) | 1,790 | 1,491,113 | ||||||
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/50 | 1,250 | 1,128,707 | ||||||
Lower Magnolia Green Community Development Authority, SAB(b) | ||||||||
5.00%, 03/01/35 | 465 | 464,185 | ||||||
5.00%, 03/01/45 | 480 | 451,940 | ||||||
Norfolk Redevelopment & Housing Authority, RB, Series A, 5.00%, 01/01/49 | 1,250 | 1,021,705 | ||||||
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45 | 830 | 757,288 | ||||||
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 2,885 | 2,249,232 | ||||||
|
| |||||||
| 21,889,375 | ||||||||
| Washington — 0.5% | ||||||||
Washington Economic Development Finance Authority, RB, Series A, AMT, 5.63%, 12/01/40(b) | 3,470 | 3,485,500 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 885 | 795,757 | ||||||
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/56(b) | 1,400 | 1,212,310 | ||||||
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35 | — | (j) | 257 | |||||
Washington State Housing Finance Commission, Refunding RB(b) | ||||||||
5.75%, 01/01/35 | 355 | 324,747 | ||||||
| Security | Par (000) | Value | ||||||
Washington (continued) |
| |||||||
Washington State Housing Finance Commission, Refunding RB(b) (continued) | ||||||||
5.00%, 01/01/43 | $ | 2,000 | $ | 1,695,130 | ||||
6.00%, 01/01/45 | 940 | 831,985 | ||||||
|
| |||||||
| 8,345,686 | ||||||||
| Wisconsin — 3.7% | ||||||||
Public Finance Authority, ARB | ||||||||
AMT, 4.00%, 07/01/41 | 530 | 417,837 | ||||||
AMT, 4.25%, 07/01/54 | 3,690 | 2,668,826 | ||||||
Public Finance Authority, RB | ||||||||
5.00%, 06/15/39 | 310 | 315,023 | ||||||
5.00%, 06/15/41(b) | 925 | 863,252 | ||||||
5.00%, 01/01/42(b) | 1,555 | 1,449,122 | ||||||
5.00%, 06/15/49 | 955 | 939,449 | ||||||
5.63%, 06/15/49(b) | 5,975 | 5,256,464 | ||||||
5.00%, 06/15/53 | 645 | 628,849 | ||||||
5.00%, 06/15/55(b) | 2,405 | 2,088,598 | ||||||
5.00%, 01/01/56(b) | 3,790 | 3,258,274 | ||||||
Series A, 4.25%, 06/15/31(b) | 170 | 159,329 | ||||||
Series A, 6.25%, 10/01/31(b) | 910 | 766,033 | ||||||
Series A, 5.00%, 06/01/40(b) | 750 | 692,308 | ||||||
Series A, 5.00%, 06/15/41(b) | 510 | 455,852 | ||||||
Series A, 6.85%, 11/01/46(b)(g)(h) | 1,325 | 861,250 | ||||||
Series A, 7.00%, 11/01/46(b)(g)(h) | 805 | 523,250 | ||||||
Series A, 5.38%, 07/15/47(b) | 1,595 | 1,402,080 | ||||||
Series A, 7.00%, 10/01/47(b) | 910 | 738,687 | ||||||
Series A, 5.00%, 06/01/49(b) | 1,340 | 1,148,498 | ||||||
Series A, 5.63%, 06/15/49(b) | 8,025 | 7,534,047 | ||||||
Series A, 5.00%, 06/15/51(b) | 1,060 | 879,547 | ||||||
Series A, 5.25%, 12/01/51(b) | 5,280 | 4,003,903 | ||||||
Series A, 5.00%, 06/15/55(b) | 11,540 | 9,124,043 | ||||||
Series A, 4.75%, 06/15/56(b) | 2,415 | 1,789,177 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 895 | 801,640 | ||||||
Series A-1, 5.50%, 12/01/48(b)(g)(h) | 38 | 8,436 | ||||||
Series B, 0.00%, 01/01/35(b)(d) | 1,135 | 505,901 | ||||||
Series B, 0.00%, 01/01/60(b)(d) | 31,635 | 1,872,317 | ||||||
AMT, 4.00%, 09/30/51 | 4,000 | 3,311,856 | ||||||
AMT, 4.00%, 03/31/56 | 3,370 | 2,704,947 | ||||||
Public Finance Authority, Refunding RB(b) | ||||||||
5.00%, 03/01/52 | 1,300 | 1,085,512 | ||||||
5.25%, 05/15/52 | 1,135 | 994,228 | ||||||
Series A, 5.00%, 10/01/34 | 280 | 282,231 | ||||||
Series A, 5.00%, 10/01/39 | 680 | 651,870 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB | ||||||||
5.00%, 11/01/46 | 130 | 106,513 | ||||||
4.00%, 12/01/46 | 1,775 | 1,729,388 | ||||||
4.00%, 01/01/47 | 3,900 | 2,892,540 | ||||||
4.00%, 01/01/57 | 1,050 | 714,970 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 740 | 746,771 | ||||||
|
| |||||||
| 66,372,818 | ||||||||
|
| |||||||
Total Municipal Bonds — 90.9% | 1,633,380,884 | |||||||
|
| |||||||
| 11 |
|
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(a)(k) |
| |||||||
| NewYork — 1.8% | ||||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 | $ | 32,925 | $ | 32,159,795 | ||||
|
| |||||||
| North Carolina — 1.1% | ||||||||
North Carolina Medical Care Commission, RB, 4.00%, 11/01/49 | 21,050 | 21,069,619 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.9% |
| 53,229,414 | ||||||
|
| |||||||
Total Long-Term Investments — 93.8% |
| 1,686,610,298 | ||||||
|
| |||||||
| Shares | ||||||||
| ||||||||
Short-Term Securities | ||||||||
| Money Market Funds — 6.6% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.59%(l)(m) | 118,244,807 | 118,232,982 | ||||||
|
| |||||||
Total Short-Term Securities — 6.6% | 118,232,982 | |||||||
|
| |||||||
Total Investments — 100.4% |
| 1,804,843,280 | ||||||
Other Assets Less Liabilities — 1.1% |
| 20,004,021 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.5)% |
| (27,178,659 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 1,797,668,642 | ||||||
|
| |||||||
| (a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | 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) | Zero-coupon bond. |
| (e) | 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. |
| (f) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (g) | Issuer filed for bankruptcy and/or is in default. |
| (h) | Non-income producing security. |
| (i) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (j) | Rounds to less than 1,000. |
| (k) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
| (l) | Affiliate of the Fund. |
| (m) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 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 03/31/23 | Shares Held at 03/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 77,796,619 | $ | 40,488,549 | (a) | $ | — | $ | (38,299 | ) | $ | (13,887 | ) | $ | 118,232,982 | 118,244,807 | $ | 1,053,769 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 141 | 06/21/23 | $ | 16,224 | $ | (478,813 | ) | |||||||||
U.S. Long Bond | 203 | 06/21/23 | 26,663 | (917,698 | ) | |||||||||||
5-Year U.S. Treasury Note | 99 | 06/30/23 | 10,855 | (235,218 | ) | |||||||||||
|
| |||||||||||||||
| $ | (1,631,729 | ) | ||||||||||||||
|
| |||||||||||||||
SCHEDULE OF INVESTMENTS | 12 |
Schedule of Investments (unaudited) (continued) March 31, 2023 | BlackRock High Yield Municipal Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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 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 | $ | — | $ | 1,630,154,802 | $ | 3,226,082 | $ | 1,633,380,884 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 53,229,414 | — | 53,229,414 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 118,232,982 | — | — | 118,232,982 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 118,232,982 | $ | 1,683,384,216 | $ | 3,226,082 | $ | 1,804,843,280 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (1,631,729 | ) | $ | — | $ | — | $ | (1,631,729 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $26,989,987 are categorized as Level 2 within the fair value hierarchy.
| Portfolio Abbreviation | ||
| AGC | Assured Guaranty Corp. | |
| AGM | Assured Guaranty Municipal Corp. | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| CAB | Capital Appreciation Bonds | |
| COP | Certificates of Participation | |
| FHLMC | Federal Home Loan Mortgage Corp. | |
| FNMA | Federal National Mortgage Association | |
| GNMA | Government National Mortgage Association | |
| GO | General Obligation Bonds | |
| GTD | GTD Guaranteed | |
| M/F | Multi-Family | |
| Portfolio Abbreviation (continued) | ||
| NPFGC | National Public Finance Guarantee Corp. | |
| PSF | Permanent School Fund | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| SONYMA | State of New York Mortgage Agency | |
| ST | Special Tax | |
| TA | Tax Allocation | |
| 13 |
|