Blackrock Municipal Bond Fund NPORT-P BlackRock Short-Term Municipal Fund (Sep 2023 report)

Schedule of Investments (unaudited)  September 30, 2023 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 12.4%
Black Belt Energy Gas District, RB 4.00%, 10/01/52(a)	$	9,710	$	9,424,565
4.33%, 10/01/52(a)		4,000		3,828,192
Sereis F, 5.25%, 12/01/26		5,140		5,165,412
Series A-1, 4.00%, 12/01/49(a)		10,045		9,829,806
Series B, 4.00%, 10/01/52(a)		6,950		6,745,698
Series C-1, 5.25%, 02/01/53(a)		3,570		3,611,012
Black Belt Energy Gas District, Refunding RB(a)
Series D-1, 5.50%, 06/01/49		2,580		2,628,904
Series D2, 4.96%, 07/01/52		2,650		2,494,050
Columbia Industrial Development Board, Refunding RB, VRDN, 4.75%, 10/07/23(a)(b)		5,000		5,000,000
Southeast Energy Authority A Cooperative District, RB
Series A, 4.00%, 11/01/51(a)		3,035		2,889,596
Series A, 5.25%, 01/01/54(a)		15,000		15,094,365
Series A-1, 5.00%, 12/01/26		1,400		1,396,389
Series A-1, 5.00%, 06/01/27		750		747,557
				68,855,546
Alaska — 0.4%
Northern Tobacco Securitization Corp., Refunding RB
Series A, Class 1, 5.00%, 06/01/24		1,000		1,004,622
Series A, Class 1, 5.00%, 06/01/25		1,000		1,012,254
				2,016,876
Arizona — 3.2%
Arizona Health Facilities Authority, RB(a) 4.23%, 01/11/25(c)		925		862,356
4.23%, 01/01/46		4,975		4,884,750
Chandler Industrial Development Authority, RB(a) AMT, 5.00%, 06/01/49		7,395		7,403,134
Series 2, AMT, 5.00%, 09/01/52		2,925		2,954,499
Salt Verde Financial Corp., RB, 5.50%, 12/01/29		1,475		1,511,080
				17,615,819
California — 1.5%
California Community Choice Financing Authority, RB, 5.51%, 12/01/53(a)		7,000		6,756,610
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/24		600		603,639
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/24		485		485,888
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/26		500		507,119
				8,353,256
Colorado — 2.5%
City & County of Denver Colorado Airport System Revenue, ARB, Series A, AMT, 5.50%, 11/15/27		2,480		2,481,937
Colorado Bridge Enterprise, RB, AMT, 4.00%, 06/30/29		3,410		3,278,456
Colorado Health Facilities Authority, RB(a)
Series B, 5.00%, 08/01/49		2,200		2,209,960
Series B-2, 5.00%, 08/01/49		4,500		4,576,005
Regional Transportation District, Refunding RB
Series A, 5.00%, 01/15/24		350		350,267
Series A, 5.00%, 07/15/24		350		351,562
Series A, 3.00%, 01/15/26		610		593,303
				13,841,490

Security	Par (000)		Value
Connecticut — 1.7%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing
Series D-1, 5.00%, 11/15/26	$	555	$	574,954
Series D-1, 5.00%, 05/15/27		655		681,075
Series D-1, 5.00%, 11/15/27		550		573,620
Series D-1, 5.00%, 05/15/28		675		705,360
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series L-1, 4.00%, 07/01/24		650		646,292
State of Connecticut Special Tax Revenue, RB, Series B, 5.00%, 10/01/23		225		225,000
State of Connecticut, GO(a)
Series A, 4.93%, 03/01/24		1,000		1,000,744
Series A, 4.97%, 03/01/25		4,155		4,178,297
University of Connecticut, RB, Series A, 5.00%, 04/15/24		650		653,656
				9,238,998
Delaware — 1.3%
Delaware State Economic Development Authority, Refunding RB, Series B, 1.25%, 10/01/40(a)		8,000		7,460,872
District of Columbia — 0.2%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/27		1,000		1,003,382
Florida — 2.4%
County of Broward Florida Airport System Revenue, ARB AMT, 5.00%, 10/01/28		1,290		1,310,111
Series A, AMT, 5.00%, 10/01/28		3,000		3,013,464
County of Broward Florida Port Facilities Revenue, ARB, Series B, AMT, 5.00%, 09/01/28		3,290		3,380,222
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28		2,350		2,351,229
County of Osceola Florida Transportation Revenue, Refunding RB, Sereis A-1, 5.00%, 10/01/23		400		400,000
Lee Memorial Health System, Refunding RB, Series A-2, 5.00%, 04/01/33(a)		3,000		3,041,802
				13,496,828
Georgia — 2.9%
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 06/01/28		750		749,533
Series A, 5.00%, 06/01/29		1,110		1,104,285
Series B, 5.00%, 12/01/52(a)		5,000		4,968,055
Series B, 5.00%, 07/01/53(a)		5,390		5,440,289
Municipal Electric Authority of Georgia, RB
Series A, 5.00%, 07/01/24		505		506,521
Series A, 5.00%, 07/01/25		510		514,031
Series A, (AGM), 5.00%, 07/01/28		600		623,402
Municipal Electric Authority of Georgia, Refunding RB, Series A-R, Subordinate, 5.00%, 01/01/24		2,500		2,500,302
				16,406,418
Illinois — 3.6%
Chicago O’Hare International Airport, Refunding RB, Series C, Senior Lien, 5.00%, 01/01/30		1,320		1,354,001
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB 5.00%, 06/01/27		1,250		1,284,291
5.00%, 06/01/28		5,105		5,291,813
City of Chicago Illinois Waterworks Revenue, Refunding RB, Series B, 2nd Lien, 5.00%, 11/01/24		650		654,200

1

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Illinois Finance Authority, Refunding RB, Series B, 4.68%, 05/01/42(a)	$	1,000	$	971,224
Illinois Housing Development Authority, RB, S/F Housing
Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/28		300		317,768
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/28		250		265,513
Series G, (FHLMC, FNMA, GNMA), 5.50%, 04/01/29		355		377,514
Series G, (FHLMC, FNMA, GNMA), 5.50%, 10/01/29		375		399,003
Series G, (FHLMC, FNMA, GNMA), 3.50%, 10/01/54(a)		4,300		4,285,380
State of Illinois, GO, Series A, 5.00%, 12/01/23		1,335		1,335,718
State of Illinois, Refunding GO, Series D, 5.00%, 07/01/24		3,750		3,769,856
				20,306,281
Indiana — 1.5%
Indiana Finance Authority, Refunding RB, 4.50%, 12/15/46(a)		8,000		7,993,880
Lawrence Township School Building Corp., RB, (NPFGC), 4.00%, 01/15/24		550		549,475
				8,543,355
Iowa — 1.0%
PEFA, Inc., RB, 5.00%, 09/01/49(a)		5,535		5,507,674
Kansas(a)(b) — 4.3%
City of Burlington Kansas, Refunding RB
Series A, VRDN, 4.03%, 10/03/23		18,000		18,000,000
Series B, VRDN, 4.03%, 10/07/23		6,000		6,000,000
				24,000,000
Kentucky — 1.7%
Kentucky Public Energy Authority, RB, Series C, 4.00%, 02/01/50(a)		10,000		9,633,770
Louisiana — 7.2%
Ascension Parish School Board, GO, 4.00%, 03/01/24		570		569,998
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax, Refunding RB, (AGM), 5.00%, 08/01/24		500		504,412
Lake Charles Harbor & Terminal District, RB, AMT, 1.00%, 12/01/51(a)		13,515		12,862,834
Livingston Parish School Board Sales & Use Tax Revenue, Refunding RB, Series A, 4.00%, 05/01/24		680		680,348
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/28		855		874,620
Parish of St. James Louisiana, RB, Series A-1, VRDN, 4.20%, 10/07/23(a)(b)		24,700		24,700,000
				40,192,212
Maryland — 0.6%
Maryland Economic Development Corp., RB, Class A, AMT, 5.00%, 11/12/28		2,565		2,561,729
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 5.00%, 04/15/24		700		703,097
				3,264,826
Massachusetts — 0.9%
Massachusetts Educational Financing Authority, RB AMT, 5.00%, 07/01/26		2,265		2,287,919
Series B, AMT, 5.00%, 07/01/26		1,250		1,262,649
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-2, 0.45%, 12/01/24		1,500		1,437,876
				4,988,444

Security	Par (000)		Value
Michigan — 3.7%
Michigan Finance Authority, RB 4.83%, 12/01/39(a)	$	6,115	$	6,130,795
2nd Lien, (NPFGC), 5.00%, 11/01/23		310		310,138
Michigan Finance Authority, Refunding RB 4.73%, 04/15/47(a)		3,150		3,141,596
Series D-1, 0.55%, 10/15/24		1,300		1,246,690
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 0.55%, 04/01/25		1,500		1,408,999
Series A-1, 0.65%, 10/01/24		460		443,417
Michigan Strategic Fund, RB
AMT, 0.58%, 08/01/27(a)		1,600		1,540,717
AMT, 5.00%, 06/30/29		6,015		6,118,933
Mona Shores Public Schools, GO, Series II, (Q-SBLF), 4.00%, 05/01/24		500		499,907
				20,841,192
Minnesota — 0.5%
Hastings Independent School District No. 200, GO, CAB, Series A, 0.00%, 02/01/26(d)		1,040		950,843
Minnesota Housing Finance Agency, RB, S/F Housing
Series E, AMT, 0.70%, 01/01/25		800		763,436
Series E, AMT, 0.90%, 01/01/26		790		729,515
Series E, AMT, 1.10%, 01/01/27		585		525,673
				2,969,467
Missouri — 0.1%
City of St Charles Minnesota, Refunding COP, Series B, 4.00%, 02/01/24		140		139,887
County of Greene Missouri, COP
Series A, 4.00%, 03/01/24		275		274,913
Series A, 4.00%, 03/01/25		400		400,571
				815,371
Nebraska — 1.0%
County of Douglas Nebraska, Refunding RB, 4.51%, 07/01/35(a)		5,885		5,728,712
Douglas County Hospital Authority No. 2, Refunding RB, 5.00%, 11/15/23		110		110,043
				5,838,755
Nevada — 0.0%
Public Finance Authority, Refunding RB, 5.00%, 06/01/24		200		200,666
New Hampshire — 0.9%
New Hampshire Business Finance Authority, Refunding RB, Class A, AMT, 4.36%, 10/01/33(a)		4,800		4,740,130
New Jersey — 6.4%
New Jersey Economic Development Authority, RB
Series QQQ, 5.00%, 06/15/24		300		301,663
Series UU, 5.00%, 06/15/24		250		251,386
New Jersey Economic Development Authority, Refunding RB
Series B, 5.00%, 11/01/23		1,010		1,010,501
Series B, 5.00%, 11/01/26		6,925		7,116,857
Series RRR, 5.00%, 03/01/24		6,850		6,869,297
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/24		1,000		1,004,302
New Jersey Transportation Trust Fund Authority, Refunding RB
Series AA, 5.00%, 06/15/25		1,875		1,901,835
Series B, (AMBAC), 5.25%, 12/15/23		1,130		1,131,548

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Refunding RB (continued)
Series D, 5.00%, 12/15/23	$	275	$	275,243
State of New Jersey, GO, Series A, 5.00%, 06/01/24		8,330		8,391,392
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/24		3,150		3,168,610
Township of Cranford New Jersey, Refunding GO, 5.00%, 06/20/24		4,000		4,013,684
				35,436,318
New Mexico — 0.6%
Albuquerque Municipal School District No. 12, GO, Series A, (SAW), 5.00%, 08/01/24		250		252,167
New Mexico Educational Assistance Foundation, Refunding RB, Series 1A, AMT, 5.00%, 09/01/27		2,000		2,049,090
New Mexico Mortgage Finance Authority, RB, M/F Housing, 5.00%, 02/01/42(a)		1,030		1,036,146
				3,337,403
New York — 11.1%
Catskill Central School District, GO, (SAW), 5.00%, 06/28/24		1,570		1,574,944
City of New York, GO, Class B4, VRDN, 4.80%, 11/04/23(a)(b)		7,000		7,000,000
Genesee County Funding Corp., Refunding RB
Series A, 5.00%, 12/01/24		400		400,981
Series A, 5.00%, 12/01/25		200		201,285
Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/28		1,250		1,291,821
Monroe County Industrial Development Corp., Refunding RB, 5.00%, 12/01/23		500		499,823
Mount Pleasant Central School District, Refunding GO, (SAW), 5.00%, 06/28/24		4,000		4,015,724
New York City Housing Development Corp., RB, M/F Housing, 3.70%, 05/01/63(a)		5,000		4,860,220
New York City Housing Development Corp., Refunding RB, 1.05%, 05/01/28		1,000		866,559
New York City Municipal Water Finance Authority, RB, Class FF1, VRDN, 4.61%, 11/04/23(a)(b)		10,700		10,700,000
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Class B4, VRDN, 4.75%, 10/07/23(a)(b)		5,900		5,900,000
New York Convention Center Development Corp., RB, Class B, Sub Lien, 5.00%, 11/15/23		1,915		1,915,224
New York Convention Center Development Corp., Refunding RB, 5.00%, 11/15/23		350		350,133
New York State Housing Finance Agency, RB, M/F Housing, Series P, 1.55%, 11/01/23		2,745		2,738,887
New York Transportation Development Corp., ARB, AMT, 5.00%, 07/01/30		995		988,476
New York Transportation Development Corp., Refunding RB 5.00%, 12/01/23		550		550,367
5.00%, 12/01/24		1,030		1,039,630
Series A, AMT, 5.00%, 12/01/25		1,000		1,005,991
Port Authority of New York & New Jersey, Refunding ARB
Series 230, 4.00%, 12/01/28		2,000		2,033,754
Series 207, AMT, 5.00%, 09/15/29		1,000		1,025,593
Port Authority of New York & New Jersey, Refunding RB, Series 227, AMT, 3.00%, 10/01/27		1,230		1,172,018

Security	Par (000)		Value
New York (continued)
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 212, AMT, 2.95%, 04/01/25	$	1,000	$	978,527
State of New York Mortgage Agency Homeowner Mortgage Revenue, Refunding RB, S/F Housing
Series 235, AMT, 0.65%, 04/01/24		705		689,486
Series 235, AMT, 0.75%, 10/01/24		830		799,990
Series 235, AMT, 0.88%, 04/01/25		1,710		1,620,020
Town of Oyster Bay New York, Refunding GO, 4.00%, 03/01/24		390		390,300
Triborough Bridge & Tunnel Authority, Refunding RB, Series E2A, 4.61%, 04/01/26(a)		7,500		7,500,000
				62,109,753
Ohio — 2.3%
City of Cleveland Ohio, GO, Series A, 3.00%, 12/01/23		350		349,276
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, 5.00%, 12/01/23		1,100		1,100,876
Ohio Air Quality Development Authority, Refunding RB(a) 4.00%, 09/01/30		4,120		4,018,763
Series A, AMT, 4.25%, 11/01/39		2,200		2,146,571
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.21%, 12/01/42(a)		5,335		5,182,435
				12,797,921
Oklahoma — 0.1%
Oklahoma Municipal Power Authority, Refunding RB, Series A, (AGM), 5.00%, 01/01/25		390		394,137
Oregon — 0.3%
City of Hermiston Oregon, GO, 4.00%, 06/01/24		345		344,942
Port of Portland Oregon Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/26		1,145		1,163,620
				1,508,562
Pennsylvania — 6.4%
Allegheny County Hospital Development Authority, RB, Series D2, 4.56%, 11/15/26(a)		3,850		3,814,811
City of Philadelphia Philadelphia Airport Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/28		1,000		1,023,452
DuBois Area School District, Refunding GO, Series B, (BAM SAW), 4.00%, 11/01/23		325		324,865
Muhlenberg School District, Refunding GO, (SAW), 4.00%, 05/15/24		200		200,136
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 5.00%, 04/15/24		575		577,735
Class A, AMT, 4.38%, 06/01/41(a)		5,000		4,949,815
Pennsylvania Economic Development Financing Authority, Refunding RB 0.40%, 10/01/23		5,000		5,000,000
VRDN, 5.00%, 10/07/23(a)(b)		6,200		6,200,000
Class B, VRDN, 5.00%, 10/07/23(a)(b)		5,000		5,000,000
Pennsylvania Higher Education Assistance Agency, RB, Series A, AMT, 5.00%, 06/01/28		1,925		1,961,496
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 133, 5.00%, 10/01/23		400		400,000
Series 137, 5.00%, 04/01/27		240		246,714
Series 137, 5.00%, 10/01/27		225		231,951
Series 137, 5.00%, 04/01/28		250		258,247

3

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, RB, S/F Housing (continued)
Series 137, 5.00%, 10/01/28	$	260	$	269,023
University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.34%, 02/15/24(a)		5,000		4,981,645
				35,439,890
Puerto Rico — 0.9%
Puerto Rico Housing Finance Authority, Refunding RB, 5.00%, 12/01/23		5,000		5,002,830
Rhode Island — 0.6%
Rhode Island Student Loan Authority, RB
Series A, AMT, 5.00%, 12/01/27		1,600		1,635,181
Series A, AMT, 5.00%, 12/01/28		1,515		1,553,134
				3,188,315
South Carolina — 0.3%
College of Charleston, Refunding RB, Series A, 5.00%, 04/01/24		1,640		1,647,715
South Dakota — 0.1%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/24		350		352,283
Tennessee — 4.3%
Johnson City Health & Educational Facilities Board, Refunding RB
Series A, 5.00%, 07/01/24		1,190		1,193,391
Series A, 5.00%, 07/01/25		1,000		1,007,652
Memphis-Shelby County Airport Authority, ARB, AMT, 5.00%, 07/01/29		1,470		1,506,033
New Memphis Arena Public Building Authority, RB, CAB, Convertible, 4.00%, 04/01/26(e)		1,855		1,688,323
Tennergy Corp., RB
Series A, 5.25%, 12/01/26		725		728,018
Series A, 5.50%, 12/01/27		775		788,558
Series A, 5.50%, 12/01/28		1,000		1,023,001
Series A, 4.00%, 12/01/51(a)		10,305		9,794,130
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)		6,155		6,142,659
				23,871,765
Texas — 3.6%
City of San Antonio Texas Airport System, Refunding RB, Series A, AMT, Subordinate Lien, 5.00%, 07/01/28		1,000		1,027,289
Clear Creek Independent School District, GO, (PSF), 5.00%, 02/15/25		650		659,783
Goose Creek Consolidated Independent School District, GO, (PSF), 2.00%, 02/15/25		1,285		1,253,530
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Class B, 5.00%, 06/01/50(a)		1,500		1,590,120
Matagorda County Navigation District No. 1, Refunding RB, AMT, 4.25%, 05/01/30		1,145		1,106,941
North Central Texas Housing Finance Corp., RB, M/F Housing, 0.38%, 08/01/40(a)		3,500		3,393,191
Pecos Barstow Toyah Independent School District, GO, (PSF), 5.00%, 02/15/29		1,200		1,261,472
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/26		1,000		1,034,192
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB 5.00%, 12/15/27		7,200		7,144,071

Security	Par (000)		Value
Texas (continued)
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB (continued) 5.00%, 12/15/29	$	1,000	$	988,279
Waco Educational Finance Corp., RB, 4.00%, 03/01/25		400		400,147
				19,859,015
Utah — 0.3%
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/29		1,750		1,797,777
Virginia — 0.2%
Fairfax County Industrial Development Authority, Refunding RB, 5.00%, 05/15/24		425		427,137
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/27		425		420,695
				847,832
Washington — 1.9%
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.21%, 01/01/40(a)		9,700		9,571,582
King County Housing Authority, Refunding RB, 3.00%, 06/01/24		225		222,859
State of Washington, GO, Series A, 0.00%, 12/01/28(d)		1,000		813,466
				10,607,907
Wisconsin — 3.5%
Public Finance Authority, Refunding RB, 5.00%, 01/01/24		300		299,890
State of Wisconsin, GO, Series A, 4.40%, 05/01/25(a)		11,490		11,365,322
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series C-2, 4.16%, 08/15/54(a)		8,000		7,975,152
				19,640,364
Total Long-Term Investments — 98.4% (Cost: $559,160,605)				547,971,415
	Shares
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.95%(f)(g)		80,410		80,410
Total Short-Term Securities — 0.0% (Cost: $80,410)				80,410
Total Investments — 98.4% (Cost: $559,241,015)				548,051,825
Other Assets Less Liabilities — 1.6%				9,144,023
Net Assets — 100.0%			$	557,195,848

^(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)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(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)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Short-Term Municipal Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	69,048	$	10,451	(a)	$	—	$	911	$	—	$	80,410		80,410	$	20,193	$	—

^(a)  Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• 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	$	—	$	547,971,415	$	—	$	547,971,415
Short-Term Securities
Money Market Funds		80,410		—		—		80,410
	$	80,410	$	547,971,415	$	—	$	548,051,825

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
FHLMC	Federal Home Loan Mortgage Corp.

Portfolio Abbreviation (continued)
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
PSF	Permanent School Fund
Q-SBLF	Qualified School Bond Loan Fund
RB	Revenue Bond

5

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Short-Term Municipal Fund

Portfolio Abbreviation (continued)
S/F	Single-Family
SAW	State Aid Withholding
VRDN	Variable Rate Demand Note

SCHEDULE   OF   INVESTMENTS 6