BlackRock California Municipal Series Trust |
BlackRock California Municipal Opportunities Fund |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Shares | $53 | 0.52% |
- The municipal bond market gained ground during the reporting period, with the benefit of income augmented by a modest gain in prices.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market.
- Municipal bonds were further helped by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Institutional Shares | 4.39% | 1.06% | 2.66% |
Bloomberg Municipal Bond Index | 2.67% | 0.93% | 2.25% |
California Customized Reference Benchmark | 3.04% | 0.88% | N/A |
Key Fund statistics | |
Net Assets | $2,285,640,268% |
Number of Portfolio Holdings | $284% |
Net Investment Advisory Fees | $8,253,931% |
Portfolio Turnover Rate | $77% |
Sector allocation | |
Sector(a)(b) | Percent of Total Investments |
Utilities | 30.6% |
County/City/Special District/School District | 26.4% |
Transportation | 12.3% |
Education | 8.1% |
Corporate | 8.1% |
Health | 5.9% |
State | 5.9% |
Tobacco | 1.8% |
Housing | 0.9% |
Credit quality allocation | |
Credit Rating(a)(c) | Percent of Total Investments |
AAA/Aaa | 18.3% |
AA/Aa | 52.5% |
A | 15.8% |
BBB/Baa | 3.1% |
BB/Ba | 0.2% |
CCC/Caa | 0.1% |
N/R(d) | 10.0% |
(a) (b) (c) (d) | Excludes short-term securities. |
(a) (b) (c) (d) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(a) (b) (c) (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) (b) (c) (d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of May 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor A Shares | $78 | 0.76% |
- The municipal bond market gained ground during the reporting period, with the benefit of income augmented by a modest gain in prices.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market.
- Municipal bonds were further helped by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor A Shares | 4.13)% | 0.81)% | 2.42% |
Investor A Shares (with sales charge) | (0.29)% | (0.06)% | 1.98% |
Bloomberg Municipal Bond Index | 2.67)% | 0.93)% | 2.25% |
California Customized Reference Benchmark | 3.04)% | 0.88)% | N/A |
Key Fund statistics | |
Net Assets | $2,285,640,268% |
Number of Portfolio Holdings | $284% |
Net Investment Advisory Fees | $8,253,931% |
Portfolio Turnover Rate | $77% |
Sector allocation | |
Sector(a)(b) | Percent of Total Investments |
Utilities | 30.6% |
County/City/Special District/School District | 26.4% |
Transportation | 12.3% |
Education | 8.1% |
Corporate | 8.1% |
Health | 5.9% |
State | 5.9% |
Tobacco | 1.8% |
Housing | 0.9% |
Credit quality allocation | |
Credit Rating(a)(c) | Percent of Total Investments |
AAA/Aaa | 18.3% |
AA/Aa | 52.5% |
A | 15.8% |
BBB/Baa | 3.1% |
BB/Ba | 0.2% |
CCC/Caa | 0.1% |
N/R(d) | 10.0% |
(a) (b) (c) (d) | Excludes short-term securities. |
(a) (b) (c) (d) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(a) (b) (c) (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) (b) (c) (d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of May 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor A1 Shares | $62 | 0.61% |
- The municipal bond market gained ground during the reporting period, with the benefit of income augmented by a modest gain in prices.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market.
- Municipal bonds were further helped by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor A1 Shares | 4.29% | 0.97% | 2.56% |
Bloomberg Municipal Bond Index | 2.67% | 0.93% | 2.25% |
California Customized Reference Benchmark | 3.04% | 0.88% | N/A |
Key Fund statistics | |
Net Assets | $2,285,640,268% |
Number of Portfolio Holdings | $284% |
Net Investment Advisory Fees | $8,253,931% |
Portfolio Turnover Rate | $77% |
Sector allocation | |
Sector(a)(b) | Percent of Total Investments |
Utilities | 30.6% |
County/City/Special District/School District | 26.4% |
Transportation | 12.3% |
Education | 8.1% |
Corporate | 8.1% |
Health | 5.9% |
State | 5.9% |
Tobacco | 1.8% |
Housing | 0.9% |
Credit quality allocation | |
Credit Rating(a)(c) | Percent of Total Investments |
AAA/Aaa | 18.3% |
AA/Aa | 52.5% |
A | 15.8% |
BBB/Baa | 3.1% |
BB/Ba | 0.2% |
CCC/Caa | 0.1% |
N/R(d) | 10.0% |
(a) (b) (c) (d) | Excludes short-term securities. |
(a) (b) (c) (d) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(a) (b) (c) (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) (b) (c) (d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of May 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor C Shares | $155 | 1.52% |
- The municipal bond market gained ground during the reporting period, with the benefit of income augmented by a modest gain in prices.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market.
- Municipal bonds were further helped by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Investor C Shares | 3.35% | 0.05% | 1.79% |
Investor C Shares (with sales charge) | 2.35% | 0.05% | 1.79% |
Bloomberg Municipal Bond Index | 2.67% | 0.93% | 2.25% |
California Customized Reference Benchmark | 3.04% | 0.88% | N/A |
Key Fund statistics | |
Net Assets | $2,285,640,268% |
Number of Portfolio Holdings | $284% |
Net Investment Advisory Fees | $8,253,931% |
Portfolio Turnover Rate | $77% |
Sector allocation | |
Sector(a)(b) | Percent of Total Investments |
Utilities | 30.6% |
County/City/Special District/School District | 26.4% |
Transportation | 12.3% |
Education | 8.1% |
Corporate | 8.1% |
Health | 5.9% |
State | 5.9% |
Tobacco | 1.8% |
Housing | 0.9% |
Credit quality allocation | |
Credit Rating(a)(c) | Percent of Total Investments |
AAA/Aaa | 18.3% |
AA/Aa | 52.5% |
A | 15.8% |
BBB/Baa | 3.1% |
BB/Ba | 0.2% |
CCC/Caa | 0.1% |
N/R(d) | 10.0% |
(a) (b) (c) (d) | Excludes short-term securities. |
(a) (b) (c) (d) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(a) (b) (c) (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) (b) (c) (d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of May 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class K Shares | $48 | 0.47% |
- The municipal bond market gained ground during the reporting period, with the benefit of income augmented by a modest gain in prices.
- Declining inflation fueled expectations that the U.S. Federal Reserve was set to begin cutting interest rates in 2024, benefiting the broader fixed-income market.
- Municipal bonds were further helped by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.
Average annual total returns | |||
1 Year | 5 Years | 10 Years | |
Class K Shares | 4.44% | 1.09% | 2.70% |
Bloomberg Municipal Bond Index | 2.67% | 0.93% | 2.25% |
California Customized Reference Benchmark | 3.04% | 0.88% | N/A |
Key Fund statistics | |
Net Assets | $2,285,640,268% |
Number of Portfolio Holdings | $284% |
Net Investment Advisory Fees | $8,253,931% |
Portfolio Turnover Rate | $77% |
Sector allocation | |
Sector(a)(b) | Percent of Total Investments |
Utilities | 30.6% |
County/City/Special District/School District | 26.4% |
Transportation | 12.3% |
Education | 8.1% |
Corporate | 8.1% |
Health | 5.9% |
State | 5.9% |
Tobacco | 1.8% |
Housing | 0.9% |
Credit quality allocation | |
Credit Rating(a)(c) | Percent of Total Investments |
AAA/Aaa | 18.3% |
AA/Aa | 52.5% |
A | 15.8% |
BBB/Baa | 3.1% |
BB/Ba | 0.2% |
CCC/Caa | 0.1% |
N/R(d) | 10.0% |
(a) (b) (c) (d) | Excludes short-term securities. |
(a) (b) (c) (d) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(a) (b) (c) (d) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) (b) (c) (d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of May 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762. |
Item 3 – | Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Lorenzo A. Flores
Catherine A. Lynch
Arthur P. Steinmetz
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current End | Previous End | Current End | Previous End | Current End | Previous End | Current End | Previous End | ||||||||
BlackRock California Municipal Opportunities Fund | $36,312 | $36,312 | $0 | $44 | $15,080 | $19,900 | $407 | $218 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $2,149,000 | $2,154,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | ||
BlackRock California Municipal Opportunities Fund | $15,487 | $20,162 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End | |
$2,149,000 | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not Applicable
(j) Not Applicable
Item 5 – | Audit Committee of Listed Registrant – Not Applicable |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
2024 Annual Financial Statements |
BlackRock California Municipal Series Trust |
• BlackRock California Municipal Opportunities Fund |
BlackRock Multi-State Municipal Series Trust |
• BlackRock New Jersey Municipal Bond Fund |
• BlackRock Pennsylvania Municipal Bond Fund |
BlackRock Municipal Bond Fund, Inc. |
• BlackRock Impact Municipal Fund |
BlackRock Municipal Series Trust |
• BlackRock Strategic Municipal Opportunities Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Security | Par (000) | Value | |
Corporate Bonds | |||
Education — 0.0% | |||
Chapman University, 3.00%, 04/01/51 | $ | 2,100 | $ 1,328,405 |
Total Corporate Bonds — 0.0% (Cost: $2,100,000) | 1,328,405 | ||
Municipal Bonds | |||
California — 80.1% | |||
Corporate(a) — 7.1% | |||
California Community Choice Financing Authority, RB | |||
5.00%, 05/01/54 | 25,060 | 26,584,367 | |
Sustainability Bonds, 5.50%, 10/01/54 | 15,500 | 16,787,147 | |
Series E-1, Sustainability Bonds, 5.00%, 02/01/54 | 42,000 | 44,339,035 | |
Series G, Sustainability Bonds, 5.25%, 11/01/54 | 10,000 | 10,619,396 | |
California Municipal Finance Authority, RB, AMT, 4.10%, 10/01/45 | 6,950 | 6,950,000 | |
California Municipal Finance Authority, Refunding RB, Series A, AMT, 4.00%, 07/01/41 | 7,425 | 7,425,000 | |
California Pollution Control Financing Authority, RB(b) | |||
AMT, 4.05%, 11/01/42 | 15,000 | 15,000,000 | |
Series A-1, AMT, 4.05%, 11/01/42 | 10,000 | 10,000,000 | |
California Pollution Control Financing Authority, Refunding RB, AMT, 4.13%, 07/01/43(b) | 17,000 | 16,971,773 | |
Southern California Public Power Authority, RB, Series A, 5.00%, 04/01/55 | 7,290 | 7,658,552 | |
162,335,270 | |||
County/City/Special District/School District — 23.0% | |||
Burlingame School District, Refunding GO, Series A, Election 2016, 4.00%, 08/01/42 | 9,000 | 8,943,299 | |
California Infrastructure & Economic Development Bank, Refunding RB | |||
Series A, 1.60%, 10/01/29 | 3,575 | 3,046,579 | |
Series A, 1.84%, 10/01/31 | 1,100 | 898,912 | |
Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48 | 5,105 | 5,701,306 | |
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45 | 3,000 | 2,963,855 | |
City & County of San Francisco California Community Facilities District No. 2014-1, ST | |||
Series B, Sustainability Bonds, 3.78%, 09/01/30 | 1,110 | 1,019,046 | |
Series B, Sustainability Bonds, 3.92%, 09/01/31 | 3,410 | 3,118,446 | |
Series B, Sustainability Bonds, 3.97%, 09/01/32 | 1,880 | 1,703,652 | |
Series B, Sustainability Bonds, 4.02%, 09/01/33 | 2,070 | 1,859,256 | |
City & County of San Francisco California, Refunding COP | |||
Series R1, 4.00%, 09/01/33 | 3,030 | 3,033,118 | |
Series A, Sustainability Bonds, 4.00%, 04/01/44 | 10,000 | 9,929,657 | |
City of Corona California, RB, 2.24%, 05/01/30 | 10,000 | 8,570,056 | |
City of Huntington Beach California, Refunding RB, 2.32%, 06/15/30 | 2,750 | 2,357,475 | |
Clovis Unified School District, GO, Series C, Election 2020, 4.00%, 08/01/48 | 5,000 | 4,871,737 | |
Coast Community College District, GO, Series B, Election 2002, (AGM), 0.00%, 08/01/30(c) | 26,425 | 21,071,133 | |
County of Ventura California, RB, 5.15%, 07/01/24 | 50,000 | 49,978,851 | |
Desert Community College District, GO, Election 2016, 4.00%, 08/01/45 | 6,335 | 6,334,828 | |
Desert Community College District, Refunding GO, 4.00%, 08/01/39 | 11,655 | 11,737,745 |
Security | Par (000) | Value | |
County/City/Special District/School District (continued) | |||
Elk Grove Unified School District, GO, Election 2016, 4.00%, 08/01/44 | $ | 16,375 | $ 16,338,463 |
Elk Grove Unified School District, ST, Election 1998, (AGM), 4.00%, 12/01/42 | 8,000 | 8,038,358 | |
Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48 | 15,000 | 14,968,145 | |
Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46 | 6,025 | 5,969,725 | |
Garden Grove Public Financing Authority, RB, Series A, (BAM), 04/01/49(d) | 2,350 | 2,559,175 | |
Grossmont-Cuyamaca Community College District, GO, Series B, Election 2012, 5.00%, 08/01/44 | 14,000 | 14,689,284 | |
Hacienda La Puente Unified School District, GO, Series A, Election 2016, 5.00%, 08/01/47 | 4,750 | 5,104,273 | |
Irvine Facilities Financing Authority, ST, Series A, (BAM), 5.00%, 09/01/48 | 10,000 | 10,882,096 | |
Las Virgenes Unified School District, GO | |||
Series A, Election 2022, 5.00%, 08/01/45 | 2,345 | 2,578,944 | |
Series A, Election 2022, 5.00%, 08/01/47 | 1,220 | 1,332,198 | |
Long Beach Unified School District, GO, Series A, 4.00%, 08/01/40 | 5,000 | 5,016,250 | |
Los Angeles Community College District, GO | |||
Series J, Election 2008, 4.00%, 08/01/38 | 3,000 | 3,016,751 | |
Series J, Election 2008, 4.00%, 08/01/41 | 17,555 | 17,641,425 | |
Series K, Election 2008, 4.00%, 08/01/39 | 10,000 | 9,910,857 | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, RB, Series A, 5.00%, 07/01/42 | 8,945 | 9,803,914 | |
Los Angeles County Public Works Financing Authority, Refunding RB, Series A, Sustainability Bonds, 5.00%, 12/01/45 | 7,815 | 8,375,017 | |
Los Angeles Unified School District, Refunding GO, Series A, 5.00%, 07/01/25 | 7,500 | 7,630,622 | |
Lucia Mar Unified School District, GO, Series D, Election 2016, 5.25%, 08/01/47 | 9,000 | 9,865,501 | |
Manhattan Beach Unified School District, GO, Series B, 4.00%, 09/01/45 | 3,500 | 3,481,276 | |
Mount San Antonio Community College District, Refunding GO, Series A, Election 2018, 5.00%, 08/01/44 | 3,430 | 3,656,448 | |
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44 | 3,575 | 3,588,861 | |
Orange County Local Transportation Authority Sales Tax Revenue, RB, 4.00%, 02/15/38 | 2,500 | 2,517,025 | |
Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, RB, Series A, Sustainability Bonds, 5.00%, 06/01/47 | 3,650 | 3,939,136 | |
Peralta Community College District, Refunding GO, Series A, 4.00%, 08/01/31 | 7,500 | 7,505,415 | |
Pleasanton Unified School District, GO, Election 2022, 4.00%, 08/01/48 | 7,000 | 7,015,578 | |
Redwood City School District, GO, Series A, Election 2022, 5.00%, 08/01/48 | 6,000 | 6,541,706 | |
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41 | 8,000 | 8,180,624 | |
San Bernardino Community College District, GO | |||
Series B, Election 2018, 4.13%, 08/01/49 | 13,795 | 13,757,759 | |
Series B, Election 2018, 5.00%, 08/01/49 | 5,000 | 5,370,233 | |
San Diego Community College District, Refunding GO, 2.38%, 08/01/33 | 5,375 | 4,367,270 |
Security | Par (000) | Value | |
County/City/Special District/School District (continued) | |||
San Diego County Regional Transportation Commission, Refunding RB, Series A, 5.00%, 04/01/41 | $ | 30,405 | $ 31,095,246 |
San Diego Unified School District, GO, Series L, 4.00%, 07/01/44 | 3,750 | 3,752,109 | |
San Francisco City & County Redevelopment Agency Successor Agency, Refunding TA | |||
Series D, 3.25%, 08/01/29 | 1,000 | 917,781 | |
Series D, 3.38%, 08/01/30 | 1,250 | 1,131,938 | |
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/31(b)(c) | 3,000 | 2,124,816 | |
San Joaquin County Transportation Authority Measure K Sales Tax Revenue, Refunding RB, 4.00%, 03/01/41 | 3,000 | 2,989,454 | |
San Jose Redevelopment Agency Successor Agency, Refunding TA, Series A-T, 3.25%, 08/01/29 | 8,730 | 8,023,774 | |
San Jose Unified School District, GO | |||
Series C, Election 2002, (NPFGC), 0.00%, 06/01/31(c) | 25,000 | 19,875,845 | |
Series F, Election 2012, 4.00%, 08/01/42 | 4,000 | 4,038,523 | |
San Luis Obispo County Financing Authority, Refunding RB, 5.50%, 11/15/47 | 5,165 | 5,823,863 | |
San Mateo County Community College District, GO, Series B, Election 2014, 5.00%, 09/01/45 | 6,000 | 6,301,755 | |
San Mateo County Transit District, Refunding RB, Series A, 4.00%, 06/01/33 | 9,065 | 9,136,990 | |
San Mateo Foster City Public Financing Authority, RB | |||
4.00%, 05/01/45 | 4,000 | 4,007,056 | |
4.00%, 05/01/48 | 2,265 | 2,230,465 | |
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/37 | 2,205 | 2,249,568 | |
Santa Clara Unified School District, GO | |||
4.00%, 07/01/41 | 10,000 | 10,197,004 | |
Election 2014, 4.00%, 07/01/41 | 5,000 | 5,028,394 | |
Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/48 | 4,000 | 4,424,452 | |
South Orange County Public Financing Authority, RB, 5.00%, 06/01/47 | 5,000 | 5,388,249 | |
Tracy Public Financing Authority, RB, Series A, (BAM), 11/01/49(d) | 3,000 | 3,230,933 | |
West Valley-Mission Community College District, GO | |||
Series A, 4.00%, 08/01/44 | 7,000 | 6,903,238 | |
Series B, 5.00%, 08/01/47 | 10,000 | 10,889,018 | |
Series B, Election 2012, 4.00%, 08/01/34 | 5,160 | 5,177,580 | |
525,719,331 | |||
Education — 7.0% | |||
California Educational Facilities Authority, RB, Series A, 3.56%, 04/01/31 | 2,000 | 1,808,755 | |
California Infrastructure & Economic Development Bank, RB(b) | |||
4.13%, 01/01/35 | 980 | 884,491 | |
5.00%, 01/01/55 | 2,000 | 1,712,221 | |
California Infrastructure & Economic Development Bank, RB, CAB, 0.00%, 01/01/60(c) | 37,500 | 2,550,048 | |
California Municipal Finance Authority, RB | |||
4.65%, 05/01/30 | 1,045 | 1,023,205 | |
5.50%, 08/01/34(b) | 250 | 250,019 | |
5.00%, 06/15/41(b) | 925 | 864,897 | |
6.00%, 07/01/44 | 500 | 500,069 |
Security | Par (000) | Value | |
Education (continued) | |||
California Municipal Finance Authority, RB (continued) | |||
5.00%, 06/15/51(b) | $ | 1,385 | $ 1,247,247 |
California Municipal Finance Authority, Refunding RB(b) | |||
5.00%, 08/01/39 | 1,785 | 1,645,046 | |
5.00%, 08/01/48 | 2,140 | 1,833,248 | |
California Public Finance Authority, RB, Series B, 5.00%, 07/01/26(b) | 190 | 183,914 | |
California School Finance Authority, RB(b) | |||
Series A, 5.00%, 06/01/33 | 525 | 518,573 | |
Series A, 5.00%, 06/01/43 | 525 | 502,030 | |
Series A, 5.00%, 06/01/49 | 7,105 | 6,606,791 | |
Series A, 6.00%, 07/01/51 | 1,500 | 1,515,078 | |
Series A, 5.00%, 06/01/55 | 1,000 | 922,367 | |
Series A, 5.00%, 06/01/58 | 3,355 | 3,070,165 | |
Series A, 6.00%, 06/01/59 | 8,925 | 8,863,784 | |
Series B, 6.00%, 06/01/31 | 650 | 574,978 | |
California School Finance Authority, Refunding RB, Series A, 06/01/44(b)(d) | 810 | 776,051 | |
California State University, Refunding RB | |||
Series A, 5.00%, 11/01/43 | 18,000 | 18,996,556 | |
Series B, 1.67%, 11/01/29 | 9,000 | 7,642,608 | |
Series B, 1.85%, 11/01/31 | 6,750 | 5,467,132 | |
Series B, 2.53%, 11/01/33 | 2,580 | 2,102,288 | |
Series D, 1.69%, 11/01/29 | 5,000 | 4,249,658 | |
Los Angeles Community College District, Refunding GO, 2.11%, 08/01/32 | 2,590 | 2,157,405 | |
University of California, RB | |||
Series AV, 5.25%, 05/15/42 | 10,000 | 10,425,212 | |
Series M, 5.00%, 05/15/42 | 19,750 | 20,439,825 | |
University of California, Refunding RB | |||
Series AR, 5.00%, 05/15/41 | 5,850 | 5,977,407 | |
Series AZ, 5.00%, 05/15/43 | 20,000 | 20,952,333 | |
Series BV, 5.00%, 05/15/42 | 7,000 | 7,856,018 | |
Series BV, 5.00%, 05/15/43 | 8,240 | 9,225,095 | |
Series BV, 5.00%, 05/15/45 | 2,500 | 2,758,264 | |
Series Q, 4.00%, 05/15/41 | 5,000 | 5,048,510 | |
161,151,288 | |||
Health — 5.2% | |||
California Health Facilities Financing Authority, RB | |||
Series A, 5.00%, 12/01/43 | 3,000 | 3,249,194 | |
Series A, 5.25%, 12/01/44 | 1,375 | 1,489,019 | |
Series A, 5.25%, 12/01/49 | 17,020 | 18,535,754 | |
California Health Facilities Financing Authority, Refunding RB | |||
Series A, 4.00%, 08/15/40 | 6,810 | 6,845,451 | |
Series A, 4.00%, 08/15/48 | 14,000 | 13,553,371 | |
Series A-2, 4.00%, 11/01/44 | 9,020 | 8,797,658 | |
California Public Finance Authority, RB, Series A, 5.00%, 07/15/46 | 5,005 | 5,423,876 | |
California Public Finance Authority, Refunding RB | |||
Series A, 4.00%, 08/01/47 | 7,000 | 6,982,485 | |
Series A, 5.00%, 08/01/47 | 8,000 | 8,297,759 | |
Regents of the University of California Medical Center Pooled Revenue, RB | |||
Series P, 4.00%, 05/15/43 | 10,000 | 9,924,180 |
Security | Par (000) | Value | |
Health (continued) | |||
Regents of the University of California Medical Center Pooled Revenue, RB (continued) | |||
Series P, 5.00%, 05/15/47 | $ | 25,000 | $ 26,963,089 |
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series L, 5.00%, 05/15/41 | 8,215 | 8,404,682 | |
118,466,518 | |||
Housing(b) — 0.8% | |||
California Community Housing Agency, RB, M/F Housing | |||
Series A-2, 4.00%, 02/01/50 | 1,600 | 1,176,465 | |
Series A-2, 4.00%, 08/01/51 | 12,660 | 6,404,573 | |
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49 | 2,740 | 2,216,192 | |
CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45 | 1,205 | 993,690 | |
CSCDA Community Improvement Authority, RB, M/F Housing | |||
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 2,925 | 1,782,589 | |
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | 4,580 | 2,992,794 | |
Sustainability Bonds, 4.00%, 07/01/58 | 1,205 | 813,900 | |
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 2,450 | 1,643,803 | |
18,024,006 | |||
State — 1.4% | |||
California State Public Works Board, RB | |||
Series A, 5.00%, 09/01/39 | 10,000 | 10,021,258 | |
Series A, 5.00%, 04/01/49 | 14,110 | 15,372,229 | |
Sustainability Bonds, 4.00%, 11/01/41 | 6,750 | 6,735,640 | |
32,129,127 | |||
Tobacco — 1.3% | |||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/47 | 2,595 | 2,456,716 | |
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(c) | 7,620 | 1,310,715 | |
California Statewide Financing Authority, RB(b)(c) | |||
Series D, 0.00%, 06/01/55 | 20,750 | 1,086,415 | |
Series L, 0.00%, 06/01/55 | 91,500 | 4,734,407 | |
Golden State Tobacco Securitization Corp., Refunding RB | |||
Class B, (SAP), 2.75%, 06/01/34 | 5,175 | 4,302,028 | |
Subordinate, 3.85%, 06/01/50 | 4,465 | 4,179,389 | |
Inland Empire Tobacco Securitization Corp., RB, 0.00%, 06/01/57(c) | 34,680 | 2,847,838 | |
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 | 3,200 | 3,005,901 | |
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 5,000 | 5,105,737 | |
29,029,146 | |||
Transportation — 10.3% | |||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB | |||
Series B, 5.56%, 07/01/32 | 920 | 934,701 | |
Series B, AMT, 5.25%, 07/01/49 | 4,500 | 4,789,518 | |
City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/37 | 2,700 | 2,786,540 | |
City of Los Angeles Department of Airports, ARB | |||
Series A, AMT, 5.00%, 05/15/42 | 10,000 | 10,184,560 |
Security | Par (000) | Value | |
Transportation (continued) | |||
City of Los Angeles Department of Airports, ARB (continued) | |||
Series A, AMT, 5.00%, 05/15/44 | $ | 10,010 | $ 10,256,837 |
Series A, AMT, 5.00%, 05/15/45 | 5,000 | 5,010,287 | |
Series C, AMT, 5.00%, 05/15/45 | 5,000 | 5,199,644 | |
Series D, AMT, 5.00%, 05/15/41 | 8,520 | 8,548,407 | |
AMT, Sustainability Bonds, 5.25%, 05/15/47 | 7,000 | 7,437,173 | |
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/35 | 5,425 | 5,711,675 | |
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 | 7,345 | 7,348,774 | |
Port of Los Angeles, Refunding RB, Series C, Sustainability Bonds, 4.00%, 08/01/39 | 3,570 | 3,587,037 | |
San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48 | 8,435 | 8,793,510 | |
San Francisco City & County Airport Comm-San Francisco International Airport, ARB, Series A, AMT, 5.25%, 05/01/42 | 30,000 | 30,680,420 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | |||
Series A, AMT, 5.00%, 05/01/38 | 10,350 | 10,781,646 | |
Series A, AMT, 5.00%, 05/01/47 | 35,000 | 35,307,569 | |
Series A, AMT, 05/01/49(d) | 7,350 | 7,840,337 | |
Series B, AMT, 5.00%, 05/01/46 | 29,990 | 30,074,635 | |
Series D, AMT, 5.00%, 05/01/28(e) | 5 | 5,604 | |
Series D, AMT, 5.00%, 05/01/43 | 16,440 | 16,799,261 | |
Series D, AMT, 5.00%, 05/01/48 | 10,140 | 10,308,961 | |
Series D, AMT, 5.25%, 05/01/48 | 3,900 | 4,008,766 | |
Series E, AMT, 5.00%, 05/01/37 | 4,000 | 4,174,913 | |
Series E, AMT, 5.00%, 05/01/45 | 4,850 | 4,932,026 | |
235,502,801 | |||
Utilities — 24.0% | |||
California Infrastructure & Economic Development Bank, RB | |||
Sustainability Bonds, 4.00%, 10/01/42 | 7,215 | 7,391,702 | |
Sustainability Bonds, 4.00%, 10/01/43 | 10,000 | 10,209,759 | |
Sustainability Bonds, 4.00%, 10/01/45 | 15,175 | 15,450,724 | |
Sustainability Bonds, 4.00%, 10/01/46 | 10,000 | 10,150,465 | |
California Statewide Communities Development Authority, Refunding RB, Sustainability Bonds, 1.68%, 02/01/29 | 1,000 | 860,795 | |
City of Long Beach California Water Revenue, Refunding RB, 4.00%, 05/01/49 | 7,930 | 7,795,389 | |
City of Los Angeles California Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 06/01/47 | 10,000 | 10,407,923 | |
City of Sacramento California Water Revenue, RB, 5.00%, 09/01/42 | 6,465 | 6,717,313 | |
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 4.00%, 11/01/39 | 20,000 | 19,762,437 | |
East Bay Municipal Utility District Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.00%, 06/01/49 | 2,500 | 2,724,756 | |
East Bay Municipal Utility District Water System Revenue, RB | |||
Series A, 5.00%, 06/01/42 | 29,920 | 31,083,429 | |
Series A, Sustainability Bonds, 4.00%, 06/01/45 | 4,885 | 4,926,979 | |
Series A, Sustainability Bonds, 5.00%, 06/01/49 | 16,320 | 18,029,339 | |
Eastern Municipal Water District Financing Authority, RB | |||
Series D, 5.25%, 07/01/42 | 18,500 | 19,409,039 |
Security | Par (000) | Value | |
Utilities (continued) | |||
Eastern Municipal Water District Financing Authority, RB (continued) | |||
Series D, 5.00%, 07/01/47 | $ | 34,105 | $ 35,332,634 |
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 | 4,190 | 4,249,084 | |
Irvine Facilities Financing Authority, RB, 5.25%, 05/01/43 | 10,000 | 10,243,098 | |
Irvine Ranch Water District Water Service Corp., RB, 5.00%, 03/01/46 | 19,330 | 19,828,343 | |
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series A, 5.00%, 07/01/46 | 20,000 | 20,334,027 | |
Los Angeles Department of Water & Power, Refunding RB, Series A, 5.00%, 07/01/44 | 10,000 | 11,065,708 | |
Modesto Irrigation District, RB | |||
Series A, 5.25%, 10/01/43 | 6,605 | 7,465,161 | |
Series A, 5.25%, 10/01/48 | 13,020 | 14,507,857 | |
Northern California Sanitation Agencies Financing Authority, Refunding RB, Series A, 5.00%, 12/01/45 | 5,000 | 5,376,552 | |
Sacramento County Sanitation Districts Financing Authority, Refunding RB, Series A, 5.00%, 12/01/50 | 22,620 | 24,244,280 | |
Sacramento Municipal Utility District, Refunding RB | |||
Series H, Sustainability Bonds, 4.00%, 08/15/40 | 7,700 | 7,866,037 | |
Series H, Sustainability Bonds, 4.00%, 08/15/45 | 16,235 | 16,328,529 | |
Series M, Sustainability Bonds, 5.00%, 11/15/49 | 7,500 | 8,250,089 | |
San Diego Public Facilities Financing Authority, Refunding RB | |||
Series A, 5.00%, 05/15/38 | 13,595 | 13,981,276 | |
Series A, 4.00%, 08/01/45 | 4,000 | 3,954,783 | |
Series B, 5.00%, 08/01/38 | 7,725 | 7,960,233 | |
Series B, 5.00%, 08/01/39 | 8,735 | 9,003,021 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB | |||
Series B, 5.00%, 10/01/43 | 41,410 | 43,457,396 | |
Series B, Sustainability Bonds, 1.00%, 10/01/26(f) | 27,880 | 26,404,633 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB | |||
Series B, 4.00%, 10/01/42 | 17,010 | 17,013,623 | |
Series A, Sustainability Bonds, 4.00%, 10/01/43 | 10,000 | 10,006,664 | |
San Jose Financing Authority, Refunding RB, Series B, Sustainability Bonds, 5.00%, 11/01/52 | 10,000 | 10,931,812 | |
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44 | 5,205 | 5,215,474 | |
Santa Clara Valley Water District, Refunding RB, Series A, 5.00%, 06/01/45 | 2,145 | 2,305,279 | |
Southern California Public Power Authority, RB | |||
5.25%, 07/01/46 | 6,485 | 7,348,904 | |
5.00%, 07/01/49 | 15,000 | 16,496,593 | |
5.25%, 07/01/49 | 21,000 | 23,630,494 | |
547,721,633 | |||
Total Municipal Bonds in California | 1,830,079,120 | ||
Florida — 0.5% | |||
Transportation — 0.5% | |||
Florida Development Finance Corp., Refunding RB, AMT, 12.00%, 07/15/32(a)(b) | 10,080 | 10,469,309 |
Security | Par (000) | Value | |
Illinois — 0.1% | |||
County/City/Special District/School District — 0.1% | |||
Chicago Board of Education, GO, BAB, 6.14%, 12/01/39 | $ | 2,060 | $ 1,929,495 |
Puerto Rico — 5.2% | |||
State — 3.8% | |||
Commonwealth of Puerto Rico, GO | |||
0.00%, 11/01/51(a) | 23,823 | 12,298,532 | |
Series A-1, 0.00%, 11/01/43(a) | 13,677 | 8,442,685 | |
Series A1, Restructured, 5.63%, 07/01/29 | 5,196 | 5,562,520 | |
Series A-1, Restructured, 5.75%, 07/01/31 | 2,021 | 2,237,883 | |
Series A-1, Restructured, 4.00%, 07/01/33 | 1,917 | 1,884,020 | |
Series A-1, Restructured, 4.00%, 07/01/35 | 1,723 | 1,679,294 | |
Series A-1, Restructured, 4.00%, 07/01/37 | 1,479 | 1,416,471 | |
Series A-1, Restructured, 4.00%, 07/01/41 | 2,010 | 1,849,016 | |
Series A-1, Restructured, 4.00%, 07/01/46 | 2,091 | 1,879,791 | |
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c) | 2,467 | 1,612,609 | |
Commonwealth of Puerto Rico, RB, 0.01%, 11/01/51(a) | 1,086 | 466,148 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 4.75%, 07/01/53 | 15,728 | 15,518,712 | |
Series A-2, Restructured, 4.54%, 07/01/53 | 114 | 108,403 | |
Series A-2, Restructured, 4.78%, 07/01/58 | 12,102 | 11,936,539 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) | |||
Series A-1, Restructured, 0.00%, 07/01/29 | 1,117 | 911,302 | |
Series A-1, Restructured, 0.00%, 07/01/33 | 3,239 | 2,230,777 | |
Series A-1, Restructured, 0.00%, 07/01/46 | 44,873 | 14,378,778 | |
Series B-1, Restructured, 0.00%, 07/01/46 | 5,761 | 1,847,207 | |
86,260,687 | |||
Tobacco — 0.3% | |||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c) | 89,730 | 7,093,104 | |
Utilities(g)(h) — 1.1% | |||
Puerto Rico Electric Power Authority, RB | |||
Series A, 5.00%, 07/01/29 | 4,130 | 1,081,554 | |
Series A, 7.00%, 07/01/33 | 2,230 | 583,987 | |
Series A, 6.75%, 07/01/36 | 7,630 | 1,998,124 | |
Series A, 5.00%, 07/01/42 | 6,125 | 1,603,999 | |
Series A, 7.00%, 07/01/43 | 955 | 250,093 | |
Series A-3, 10.00%, 07/01/19 | 2,137 | 559,504 | |
Series B-3, 10.00%, 07/01/19 | 2,137 | 559,504 | |
Series C-1, 5.40%, 01/01/18 | 5,870 | 1,537,207 | |
Series C-2, 5.40%, 07/01/18 | 5,871 | 1,537,455 | |
Series C-3, 5.40%, 07/01/20 | 593 | 155,412 | |
Series C-4, 5.40%, 07/01/20 | 593 | 155,412 | |
Series CCC, 5.25%, 07/01/26 | 1,680 | 439,954 | |
Series CCC, 5.25%, 07/01/28 | 955 | 250,093 | |
Series D-4, 7.50%, 07/01/20 | 4,342 | 1,137,146 | |
Series TT, 5.00%, 07/01/25 | 480 | 125,701 | |
Series TT, 5.00%, 07/01/26 | 1,285 | 336,512 | |
Series WW, 5.50%, 07/01/17 | 1,315 | 344,369 | |
Series WW, 5.50%, 07/01/18 | 1,155 | 302,468 | |
Series WW, 5.50%, 07/01/19 | 935 | 244,855 | |
Series WW, 5.38%, 07/01/24 | 875 | 229,143 | |
Series WW, 5.25%, 07/01/33 | 885 | 231,761 | |
Series WW, 5.50%, 07/01/38 | 1,170 | 306,396 | |
Series XX, 5.25%, 07/01/17 | 645 | 168,911 | |
Series XX, 5.25%, 07/01/35 | 400 | 104,751 |
Security | Par (000) | Value | |
Utilities (continued) | |||
Puerto Rico Electric Power Authority, RB (continued) | |||
Series XX, 5.75%, 07/01/36 | $ | 555 | $ 145,342 |
Series XX, 5.25%, 07/01/40 | 11,490 | 3,008,971 | |
Puerto Rico Electric Power Authority, Refunding RB | |||
Series AAA, 5.25%, 07/01/22 | 2,150 | 563,036 | |
Series AAA, 5.25%, 07/01/27 | 6,540 | 1,712,678 | |
Series AAA, 5.25%, 07/01/28 | 4,690 | 1,228,205 | |
Series AAA, 5.25%, 07/01/29 | 530 | 138,795 | |
Series BBB, 5.40%, 07/01/28 | 2,805 | 734,566 | |
Series UU, 1.00%, 07/01/17(a) | 395 | 103,442 | |
Series UU, 1.00%, 07/01/18(a) | 355 | 92,966 | |
Series UU, 1.00%, 07/01/20(a) | 3,175 | 831,461 | |
Series UU, 4.42%, 07/01/31(a) | 3,765 | 985,968 | |
Series ZZ, 5.25%, 07/01/19 | 2,945 | 771,229 | |
Series ZZ, 5.25%, 07/01/24 | 1,990 | 521,136 | |
Series ZZ, 5.00%, 07/01/28 | 990 | 259,259 | |
Series ZZ, 5.00%, 12/29/49 | 925 | 242,237 | |
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40 | 4,060 | 1,063,222 | |
26,646,824 | |||
Total Municipal Bonds in Puerto Rico | 120,000,615 | ||
Total Municipal Bonds — 85.9% (Cost: $2,038,725,657) | 1,962,478,539 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
California — 1.7% | |||
Utilities — 1.7% | |||
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46 | 35,325 | 38,084,536 | |
Total Municipal Bonds in California | 38,084,536 | ||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.7% (Cost: $41,371,801) | 38,084,536 | ||
Total Long-Term Investments — 87.6% (Cost: $2,082,197,458) | 2,001,891,480 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 5.8% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.26%(j)(k) | 133,239,995 | 133,253,319 |
Security | Par (000) | Value | |
U.S. Treasury Obligations — 6.1% | |||
U.S. Treasury Bills(l) | |||
5.37%, 07/05/24 | $ | 50,000 | $ 49,765,583 |
5.16%, 08/01/24 | 40,000 | 39,655,506 | |
5.32%, 09/12/24 | 50,000 | 49,268,451 | |
138,689,540 | |||
Total Short-Term Securities — 11.9% (Cost: $271,938,729) | 271,942,859 | ||
Total Investments — 99.5% (Cost: $2,354,136,187) | 2,273,834,339 | ||
Other Assets Less Liabilities — 1.3% | 29,721,802 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.8)% | (17,915,873 ) | ||
Net Assets — 100.0% | $ 2,285,640,268 |
(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) | Zero-coupon bond. |
(d) | When-issued security. |
(e) | 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. |
(f) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) | Issuer filed for bankruptcy and/or is in default. |
(h) | Non-income producing security. |
(i) | 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. See Note 4 of the Notes to Financial Statements for details. |
(j) | Affiliate of the Fund. |
(k) | Annualized 7-day yield as of period end. |
(l) | Rates are discount rates or a range of discount rates as of period end. |
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds California Money Fund, Institutional Shares(a) | $ 295,902,305 | $ — | $ (295,949,462 )(b) | $ 66,390 | $ (19,233 ) | $ — | — | $ 3,149,980 | $ — |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | — | 133,253,319 (b) | — | — | — | 133,253,319 | 133,239,995 | 1,576,976 | — |
$ 66,390 | $ (19,233 ) | $ 133,253,319 | $ 4,726,956 | $ — |
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 320 | 09/19/24 | $ 34,865 | $ (120,362 ) |
U.S. Long Bond | 242 | 09/19/24 | 28,185 | (107,663 ) |
5-Year U.S. Treasury Note | 348 | 09/30/24 | 36,869 | (113,960 ) |
$ (341,985 ) |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 341,985 | $ — | $ 341,985 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 21,383,922 | $ — | $ 21,383,922 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (1,095,166 ) | $ — | $ (1,095,166 ) |
Futures contracts: | |
Average notional value of contracts — long | $— (a) |
Average notional value of contracts — short | $275,954,426 |
(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Corporate Bonds | $ — | $ 1,328,405 | $ — | $ 1,328,405 |
Municipal Bonds | — | 1,962,478,539 | — | 1,962,478,539 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 38,084,536 | — | 38,084,536 |
Short-Term Securities | ||||
Money Market Funds | 133,253,319 | — | — | 133,253,319 |
U.S. Treasury Obligations | — | 138,689,540 | — | 138,689,540 |
Unfunded Commitments(a) | — | — | 21,288,177 | 21,288,177 |
$133,253,319 | $2,140,581,020 | $21,288,177 | $2,295,122,516 | |
Derivative Financial Instruments(b) | ||||
Liabilities | ||||
Interest Rate Contracts | $ (341,985 ) | $ — | $ — | $ (341,985 ) |
(a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Security | Par (000) | Value | |
Municipal Bonds | |||
New Jersey — 84.3% | |||
Corporate — 6.7% | |||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 | $ | 510 | $ 515,160 |
New Jersey Economic Development Authority, Refunding RB | |||
3.38%, 04/01/38 | 1,360 | 1,210,805 | |
3.50%, 04/01/42 | 720 | 618,486 | |
AMT, 3.75%, 11/01/34(a) | 5,000 | 4,933,542 | |
AMT, 3.00%, 08/01/41 | 5,670 | 4,507,509 | |
AMT, 3.00%, 08/01/43 | 5,600 | 4,348,181 | |
Series A, AMT, 2.20%, 10/01/39(a) | 3,880 | 3,336,496 | |
19,470,179 | |||
County/City/Special District/School District — 11.1% | |||
Carlstadt School District, Refunding GO, 4.00%, 05/01/30 | 1,415 | 1,415,107 | |
City of East Orange New Jersey, Refunding GO, (AGM), 3.00%, 09/15/31 | 2,200 | 2,025,037 | |
City of Newark New Jersey, GO, (SAW), 4.50%, 03/15/36 | 930 | 939,303 | |
Clifton Board of Education, GO | |||
(AGM), 2.00%, 08/15/41 | 1,630 | 1,065,192 | |
(AGM), 2.25%, 08/15/46 | 1,850 | 1,133,014 | |
County of Bergen New Jersey, Refunding GO, 3.00%, 07/15/38 | 1,070 | 927,189 | |
Essex County Improvement Authority, Refunding RB, (NPFGC GTD), 5.50%, 10/01/29 | 1,500 | 1,655,655 | |
Ewing Township Board of Education, GO | |||
4.00%, 07/15/38 | 920 | 937,430 | |
4.00%, 07/15/39 | 740 | 751,526 | |
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 1,440 | 1,456,482 | |
Lenape Regional High School District, GO, (AGM), 3.50%, 01/01/39 | 3,400 | 3,117,398 | |
Monmouth Regional High School District, GO, 3.00%, 02/01/34 | 1,260 | 1,173,989 | |
New Jersey Economic Development Authority, RB | |||
5.00%, 06/15/43 | 1,955 | 2,025,132 | |
Series B, 6.50%, 04/01/31 | 1,340 | 1,336,259 | |
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 1,757 | 1,767,745 | |
Newark Board of Education, Refunding GO, Sustainability Bonds, (BAM), 3.00%, 07/15/39 | 630 | 521,631 | |
Township of Irvington New Jersey, Refunding GO, Series A, (AGM SAW), 5.00%, 07/15/24(b) | 2,445 | 2,448,738 | |
Township of Monroe New Jersey/Middlesex County, Refunding GO | |||
3.00%, 06/01/37 | 385 | 342,061 | |
3.00%, 06/01/38 | 410 | 359,854 | |
Union County Utilities Authority, Refunding RB | |||
Series A, AMT, (GTD), 4.75%, 12/01/31 | 1,205 | 1,205,892 | |
Series A, AMT, (GTD), 5.25%, 12/01/31 | 5,965 | 5,971,690 | |
32,576,324 | |||
Education — 14.7% | |||
Atlantic County Improvement Authority, RB, Series A, (AGM), 4.00%, 07/01/46 | 1,250 | 1,185,855 | |
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/52 | 220 | 231,222 |
Security | Par (000) | Value | |
Education (continued) | |||
Gloucester County Improvement Authority, RB, 5.00%, 07/01/44 | $ | 530 | $ 532,361 |
Middlesex County Improvement Authority, RB, 5.00%, 08/15/53 | 625 | 658,454 | |
New Jersey Economic Development Authority, RB | |||
Series A, 5.00%, 07/01/27(c) | 140 | 137,518 | |
Series A, 5.13%, 11/01/29(c) | 100 | 96,784 | |
Series A, 5.25%, 07/01/37(c) | 470 | 446,154 | |
Series A, 6.25%, 11/01/38(c) | 210 | 213,279 | |
Series A, 5.00%, 06/15/39(c) | 825 | 807,638 | |
Series A, 5.38%, 07/01/47(c) | 815 | 735,382 | |
Series A, 5.00%, 12/01/48 | 2,190 | 2,199,175 | |
Series A, 5.00%, 06/15/49(c) | 135 | 125,518 | |
Series A, 5.00%, 01/01/50 | 265 | 249,418 | |
Series A, 5.00%, 07/01/50 | 200 | 195,408 | |
Series A, 6.50%, 11/01/52(c) | 1,210 | 1,221,355 | |
Series A, 5.25%, 11/01/54(c) | 1,100 | 963,135 | |
Series AAA, 5.00%, 12/15/26(b) | 1,990 | 2,072,991 | |
Series DDD, 5.00%, 06/15/27(b) | 3,000 | 3,157,278 | |
New Jersey Economic Development Authority, Refunding RB | |||
(AGM), 5.00%, 06/01/37 | 2,760 | 2,822,536 | |
(AGM), 5.00%, 06/01/42 | 690 | 699,874 | |
Series A, 4.75%, 08/01/24(c) | 55 | 54,891 | |
Series A, 5.63%, 08/01/34(c) | 250 | 250,071 | |
Series A, 5.00%, 09/01/37(c) | 315 | 302,419 | |
Series A, 5.88%, 08/01/44(c) | 430 | 430,044 | |
Series A, 5.13%, 09/01/52(c) | 1,000 | 910,706 | |
Series PP, 4.00%, 06/15/24(b) | 4,875 | 4,875,516 | |
New Jersey Educational Facilities Authority, RB | |||
Series A, 5.25%, 09/01/53 | 655 | 695,723 | |
Series B, 5.25%, 03/01/54 | 630 | 693,038 | |
Series C, (AGM), 3.25%, 07/01/49 | 290 | 229,935 | |
Series C, (AGM), 4.00%, 07/01/50 | 245 | 238,776 | |
New Jersey Educational Facilities Authority, Refunding RB | |||
Series A, 5.00%, 07/01/33 | 2,005 | 2,005,749 | |
Series B, 5.00%, 07/01/32 | 2,465 | 2,510,666 | |
Series H, (AGM), 4.00%, 07/01/39 | 715 | 686,696 | |
New Jersey Higher Education Student Assistance Authority, RB | |||
Series B, AMT, 4.00%, 12/01/44 | 425 | 399,588 | |
Series B, AMT, 4.25%, 12/01/45 | 1,030 | 985,471 | |
Series C, AMT, 5.25%, 12/01/54 | 475 | 472,739 | |
Sub-Series C, AMT, 4.00%, 12/01/48 | 700 | 615,170 | |
Series C, AMT, Subordinate, 5.00%, 12/01/53 | 265 | 253,594 | |
New Jersey Higher Education Student Assistance Authority, Refunding RB | |||
Series B, AMT, 4.00%, 12/01/41 | 950 | 899,609 | |
Sub-Series C, AMT, 3.63%, 12/01/49 | 1,065 | 830,620 | |
Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1,075 | 1,082,942 | |
New Jersey Institute of Technology, RB, Series A, 5.00%, 07/01/40 | 5,000 | 5,040,908 | |
43,216,206 | |||
Health — 11.2% | |||
New Jersey Economic Development Authority, Refunding RB | |||
5.00%, 01/01/34 | 270 | 263,484 | |
5.00%, 01/01/39 | 520 | 503,099 | |
5.00%, 01/01/49 | 500 | 434,835 |
Security | Par (000) | Value | |
Health (continued) | |||
New Jersey Health Care Facilities Financing Authority, RB | |||
3.00%, 07/01/33(a) | $ | 2,450 | $ 2,450,000 |
5.00%, 07/01/42 | 3,000 | 3,049,543 | |
2.38%, 07/01/46 | 3,740 | 2,371,845 | |
3.00%, 07/01/51 | 7,905 | 5,839,924 | |
Series A, 5.25%, 07/01/35 | 1,460 | 1,464,551 | |
Series A, 5.00%, 07/01/39 | 1,150 | 1,153,035 | |
Series A, 5.00%, 07/01/43 | 1,535 | 1,539,051 | |
New Jersey Health Care Facilities Financing Authority, Refunding RB | |||
5.00%, 07/01/24(b) | 2,950 | 2,951,066 | |
5.00%, 07/01/29 | 285 | 285,191 | |
5.00%, 07/01/34 | 1,000 | 1,022,298 | |
4.00%, 07/01/41 | 1,000 | 991,649 | |
Series A, 4.00%, 07/01/32 | 2,300 | 2,304,066 | |
Series A, 5.00%, 07/01/37 | 5,000 | 5,172,787 | |
Series A, 5.00%, 07/01/43 | 900 | 910,708 | |
32,707,132 | |||
Housing — 3.2% | |||
New Jersey Housing & Mortgage Finance Agency, RB, 5.25%, 12/20/65 | 345 | 350,145 | |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing | |||
Series H, Sustainability Bonds, 2.15%, 10/01/41 | 910 | 637,709 | |
Series H, Sustainability Bonds, 2.30%, 10/01/46 | 680 | 444,396 | |
Series K, Sustainability Bonds, 4.70%, 10/01/50 | 570 | 567,849 | |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing | |||
Series A, 2.45%, 11/01/45 | 240 | 160,189 | |
Series A, 4.00%, 11/01/48 | 150 | 135,074 | |
Series A, 2.55%, 11/01/50 | 220 | 141,388 | |
Series A, 4.10%, 11/01/53 | 100 | 88,479 | |
Series A, 2.63%, 11/01/56 | 220 | 140,677 | |
Series A, Sustainability Bonds, 2.25%, 11/01/36 | 350 | 277,425 | |
Series A, Sustainability Bonds, 2.65%, 11/01/46 | 350 | 242,500 | |
Series A, Sustainability Bonds, 2.70%, 11/01/51 | 350 | 230,070 | |
Series A, Sustainability Bonds, 2.75%, 11/01/56 | 350 | 221,245 | |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing | |||
Series A, 3.75%, 10/01/35 | 900 | 847,723 | |
Series E, 2.25%, 10/01/40 | 680 | 480,677 | |
Series E, 2.40%, 10/01/45 | 515 | 363,593 | |
Newark Housing Authority, RB, M/F Housing | |||
Series A, 5.00%, 12/01/30 | 1,640 | 1,641,168 | |
Series A, 4.38%, 12/01/33 | 2,515 | 2,515,355 | |
9,485,662 | |||
State — 11.4% | |||
Casino Reinvestment Development Authority, Inc., Refunding RB | |||
5.25%, 11/01/39 | 1,020 | 1,025,611 | |
5.25%, 11/01/44 | 590 | 592,312 | |
Class D, (AGM), 4.00%, 11/01/34 | 500 | 492,057 | |
Garden State Preservation Trust, RB | |||
Series A, (AGM), 5.75%, 11/01/28 | 2,565 | 2,692,511 | |
Series B, (AGM), 0.00%, 11/01/24(d) | 10,000 | 9,847,156 | |
Series B, (AGM), 0.00%, 11/01/27(d) | 4,135 | 3,642,230 | |
New Jersey Economic Development Authority, RB | |||
5.00%, 12/15/28(b) | 2,040 | 2,200,257 | |
4.00%, 06/15/49 | 1,190 | 1,110,241 | |
Series A, 5.00%, 06/15/42 | 4,000 | 4,106,265 |
Security | Par (000) | Value | |
State (continued) | |||
New Jersey Economic Development Authority, Refunding RB | |||
Sub-Series A, 5.00%, 07/01/33 | $ | 125 | $ 125,768 |
Sub-Series A, 4.00%, 07/01/34 | 305 | 295,906 | |
New Jersey Educational Facilities Authority, RB, Series A, 5.00%, 09/01/33 | 1,750 | 1,755,525 | |
New Jersey Health Care Facilities Financing Authority, RB, 5.00%, 09/15/29 | 2,000 | 2,004,543 | |
State of New Jersey, GO | |||
2.00%, 06/01/37 | 2,000 | 1,484,739 | |
5.00%, 06/01/38 | 2,000 | 2,137,295 | |
33,512,416 | |||
Tobacco — 1.3% | |||
Tobacco Settlement Financing Corp., Refunding RB | |||
Series A, 5.00%, 06/01/46 | 1,000 | 1,024,634 | |
Series A, 5.25%, 06/01/46 | 1,000 | 1,035,568 | |
Sub-Series B, 5.00%, 06/01/46 | 1,740 | 1,751,747 | |
3,811,949 | |||
Transportation — 22.1% | |||
New Jersey Economic Development Authority, RB | |||
Class A, 5.25%, 11/01/47 | 2,200 | 2,366,450 | |
AMT, (AGM), 5.13%, 01/01/39 | 1,000 | 999,943 | |
AMT, (AGM), 5.13%, 07/01/42 | 1,000 | 1,000,424 | |
AMT, 5.38%, 01/01/43 | 905 | 905,274 | |
New Jersey Transportation Trust Fund Authority, RB | |||
5.00%, 06/15/33 | 550 | 580,073 | |
5.00%, 06/15/42 | 210 | 224,491 | |
5.25%, 06/15/46 | 210 | 226,918 | |
Class BB, 5.00%, 06/15/36 | 1,250 | 1,363,762 | |
Class BB, 4.00%, 06/15/37 | 700 | 702,524 | |
Class BB, 4.00%, 06/15/50 | 650 | 602,075 | |
Series A, 5.00%, 06/15/30 | 1,250 | 1,275,818 | |
Series A, 0.00%, 12/15/32(d) | 10,000 | 7,060,939 | |
Series AA, 4.00%, 06/15/36 | 1,435 | 1,435,751 | |
Series AA, 4.00%, 06/15/45 | 1,775 | 1,682,984 | |
Series AA, 5.00%, 06/15/45 | 3,500 | 3,623,923 | |
Series AA, 4.00%, 06/15/50 | 4,000 | 3,670,801 | |
Series BB, 4.00%, 06/15/44 | 2,335 | 2,245,654 | |
Series BB, 4.00%, 06/15/50 | 1,500 | 1,360,227 | |
Series BB, 5.25%, 06/15/50 | 5,125 | 5,492,103 | |
New Jersey Transportation Trust Fund Authority, RB, CAB(d) | |||
Series A, 0.00%, 12/15/35 | 8,900 | 5,577,962 | |
Series A, 0.00%, 12/15/38 | 10,000 | 5,417,070 | |
New Jersey Transportation Trust Fund Authority, Refunding RB | |||
Series A, 5.00%, 06/15/31 | 2,730 | 2,783,692 | |
Series A, 5.00%, 12/15/35 | 455 | 479,515 | |
Series A, 4.00%, 06/15/36 | 1,700 | 1,710,461 | |
Series A, 5.25%, 06/15/41 | 1,000 | 1,100,036 | |
Series AA, 4.25%, 06/15/44 | 1,545 | 1,529,374 | |
New Jersey Turnpike Authority, RB | |||
Series A, 4.00%, 01/01/42 | 1,000 | 1,001,135 | |
Series B, 5.25%, 01/01/49 | 770 | 851,973 | |
Series E, 5.00%, 01/01/45 | 2,000 | 2,008,404 | |
New Jersey Turnpike Authority, Refunding RB, Series A, 4.00%, 01/01/39 | 1,000 | 1,009,396 | |
South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42 | 2,380 | 2,415,309 | |
South Jersey Transportation Authority, Refunding RB | |||
Series A, 5.00%, 11/01/32 | 440 | 440,620 |
Security | Par (000) | Value | |
Transportation (continued) | |||
South Jersey Transportation Authority, Refunding RB (continued) | |||
Series A, 5.00%, 11/01/33 | $ | 250 | $ 250,384 |
Series A, 5.00%, 11/01/39 | 1,500 | 1,458,437 | |
64,853,902 | |||
Utilities — 2.6% | |||
Essex County Improvement Authority, RB, (GTD), 4.00%, 11/01/44 | 7,695 | 7,505,327 | |
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(e) | 60 | 60,293 | |
New Jersey Infrastructure Bank, RB, Sustainability Bonds, 2.00%, 09/01/43 | 240 | 154,970 | |
7,720,590 | |||
Total Municipal Bonds in New Jersey | 247,354,360 | ||
New York — 5.2% | |||
Transportation — 5.2% | |||
Port Authority of New York & New Jersey, ARB | |||
Series 93, 6.13%, 06/01/94 | 1,000 | 1,001,690 | |
AMT, 5.00%, 11/01/30 | 1,000 | 1,048,246 | |
AMT, 5.00%, 11/01/33 | 495 | 517,486 | |
Series 218, AMT, 5.00%, 11/01/32 | 1,495 | 1,563,689 | |
Series 221, AMT, 4.00%, 07/15/50 | 1,335 | 1,214,518 | |
Port Authority of New York & New Jersey, Refunding ARB | |||
Series 205, 5.00%, 11/15/47 | 1,975 | 2,035,228 | |
AMT, 5.00%, 01/15/47 | 2,000 | 2,090,043 | |
186th Series, AMT, 5.00%, 10/15/44 | 3,000 | 3,004,058 | |
223rd Series, AMT, 4.00%, 07/15/46 | 1,755 | 1,623,634 | |
Series 223, AMT, 4.00%, 07/15/41 | 725 | 696,331 | |
Series 238, AMT, 5.00%, 07/15/39 | 330 | 355,702 | |
Total Municipal Bonds in New York | 15,150,625 | ||
Pennsylvania — 0.9% | |||
Transportation — 0.9% | |||
Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42 | 1,130 | 1,161,056 | |
Delaware River Port Authority, RB, 5.00%, 01/01/40 | 1,500 | 1,500,683 | |
Total Municipal Bonds in Pennsylvania | 2,661,739 | ||
Puerto Rico — 2.5% | |||
State — 2.5% | |||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 | 1,044 | 1,155,242 |
Security | Par (000) | Value | |
State (continued) | |||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 4.75%, 07/01/53 | $ | 2,729 | $ 2,692,686 |
Series A-2, Restructured, 4.78%, 07/01/58 | 1,518 | 1,497,246 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(d) | |||
Series A-1, Restructured, 0.00%, 07/01/46 | 6,099 | 1,954,319 | |
Series B-1, Restructured, 0.00%, 07/01/46 | 567 | 181,803 | |
Total Municipal Bonds in Puerto Rico | 7,481,296 | ||
Total Long-Term Investments — 92.9% (Cost: $275,511,715) | 272,648,020 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 4.6% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.26%(f)(g) | 13,453,044 | 13,454,389 | |
Total Short-Term Securities — 4.6% (Cost: $13,454,332) | 13,454,389 | ||
Total Investments — 97.5% (Cost: $288,966,047) | 286,102,409 | ||
Other Assets Less Liabilities — 2.5% | 7,240,828 | ||
Net Assets — 100.0% | $ 293,343,237 |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | 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. |
(d) | Zero-coupon bond. |
(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 26,896,116 | $ — | $ (13,443,255 )(a) | $ 4,194 | $ (2,666 ) | $ 13,454,389 | 13,453,044 | $ 495,743 | $ — |
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 272,648,020 | $ — | $ 272,648,020 |
Short-Term Securities | ||||
Money Market Funds | 13,454,389 | — | — | 13,454,389 |
$13,454,389 | $272,648,020 | $— | $286,102,409 |
Security | Par (000) | Value | |
Municipal Bonds | |||
Pennsylvania — 97.1% | |||
Corporate — 7.7% | |||
Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24 | $ | 1,000 | $ 1,000,431 |
Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29 | 3,100 | 2,906,368 | |
Montgomery County Industrial Development Authority, Refunding RB, Series A, 4.10%, 04/01/53(a) | 1,240 | 1,251,423 | |
Pennsylvania Economic Development Financing Authority, RB(a) | |||
Class A, AMT, 4.25%, 06/01/41 | 13,335 | 13,289,504 | |
Series A, AMT, 0.58%, 08/01/37 | 5,000 | 4,970,230 | |
Pennsylvania Economic Development Financing Authority, Refunding RB | |||
AMT, 5.50%, 11/01/44 | 1,355 | 1,347,059 | |
Series A, AMT, 4.05%, 04/01/34(a) | 1,745 | 1,745,000 | |
26,510,015 | |||
County/City/Special District/School District — 16.8% | |||
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b) | 330 | 328,353 | |
Altoona Area School District, GO, Series A, (AGM SAW), 5.00%, 12/01/36 | 2,895 | 2,934,293 | |
Bethlehem Area School District, GO, Series A, (BAM SAW), 5.00%, 08/01/35 | 1,790 | 1,806,807 | |
Bristol Township School District, GO, (BAM SAW), 5.00%, 06/01/42 | 2,550 | 2,612,499 | |
Chester County Industrial Development Authority, SAB(b) | |||
4.25%, 03/01/35 | 1,225 | 1,124,816 | |
5.00%, 03/01/38 | 420 | 407,420 | |
5.13%, 03/01/48 | 847 | 792,725 | |
4.75%, 03/01/50 | 2,705 | 2,384,235 | |
City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42 | 3,720 | 3,502,282 | |
City of Philadelphia Pennsylvania, GO, Series B, 5.00%, 02/01/39 | 1,540 | 1,625,787 | |
City of Philadelphia Pennsylvania, Refunding GO | |||
Series A, 5.00%, 08/01/37 | 2,140 | 2,208,088 | |
Series B, 3.32%, 08/01/31(a) | 2,150 | 2,150,000 | |
City of Pittsburgh Pennsylvania, GO | |||
5.00%, 09/01/41 | 750 | 803,789 | |
5.00%, 09/01/42 | 700 | 747,840 | |
5.00%, 09/01/43 | 150 | 159,807 | |
Coatesville School District, GO, CAB(c) | |||
Series A, (BAM SAW), 0.00%, 10/01/34 | 290 | 180,036 | |
Series A, (BAM SAW), 0.00%, 10/01/35 | 2,565 | 1,554,329 | |
Series A, (BAM SAW), 0.00%, 10/01/37 | 2,505 | 1,327,134 | |
Coatesville School District, Refunding GO, CAB(c) | |||
Series B, (BAM SAW), 0.00%, 10/01/33 | 500 | 328,440 | |
Series B, (BAM SAW), 0.00%, 10/01/34 | 980 | 608,397 | |
Series C, (BAM SAW), 0.00%, 10/01/33 | 640 | 416,198 | |
County of Lancaster Pennsylvania, Refunding GO | |||
4.00%, 11/01/34 | 500 | 501,799 | |
4.00%, 11/01/35 | 520 | 521,735 | |
4.00%, 11/01/36 | 540 | 541,042 | |
4.00%, 11/01/37 | 565 | 564,932 | |
Fox Chapel Area School District, GO | |||
(SAW), 5.00%, 02/01/39 | 3,100 | 3,192,698 | |
(SAW), 5.00%, 02/01/42 | 1,500 | 1,537,913 |
Security | Par (000) | Value | |
County/City/Special District/School District (continued) | |||
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | $ | 1,210 | $ 1,211,325 |
Pennsylvania Economic Development Financing Authority, RB | |||
AMT, 5.00%, 06/30/32 | 1,375 | 1,455,650 | |
AMT, 5.50%, 06/30/43 | 2,500 | 2,697,924 | |
AMT, 6.00%, 06/30/61 | 1,945 | 2,112,879 | |
Redevelopment Authority of The County of Washington, Refunding TA, 5.00%, 07/01/28 | 600 | 605,370 | |
School District of Philadelphia, GO | |||
Series A, (SAW), 5.50%, 09/01/48 | 4,000 | 4,365,750 | |
Series D, (AGM SAW), 3.00%, 09/01/44 | 4,640 | 3,545,627 | |
School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37 | 1,815 | 1,843,458 | |
State Public School Building Authority, Refunding RB, Series A, (AGM SAW), 5.00%, 06/01/33 | 5,000 | 5,121,808 | |
57,823,185 | |||
Education — 15.8% | |||
Allegheny County Higher Education Building Authority, Refunding RB, 4.02%, 02/01/33(a) | 3,235 | 3,186,486 | |
Berks County Municipal Authority, Refunding RB | |||
5.00%, 10/01/39 | 890 | 825,699 | |
5.00%, 10/01/49 | 795 | 683,854 | |
Chester County Industrial Development Authority, RB | |||
Sustainability Bonds, 4.00%, 12/01/49 | 3,750 | 3,540,244 | |
Sustainability Bonds, 4.00%, 12/01/51 | 4,000 | 3,753,703 | |
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25(d) | 1,810 | 1,839,038 | |
Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46 | 515 | 428,295 | |
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 | 2,000 | 1,988,742 | |
Pennsylvania Higher Education Assistance Agency, RB | |||
Series A, 2.63%, 06/01/42 | 1,675 | 1,379,420 | |
Series 1C, AMT, 5.00%, 06/01/51 | 4,370 | 4,207,507 | |
Series B, AMT, Subordinate, 3.13%, 06/01/48 | 650 | 478,498 | |
Series B, AMT, Subordinate, 5.00%, 06/01/50 | 755 | 729,150 | |
Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/26(d) | 75 | 75,916 | |
Pennsylvania Higher Educational Facilities Authority, Refunding RB | |||
4.00%, 05/01/36 | 500 | 493,545 | |
5.00%, 05/01/41 | 810 | 818,175 | |
Series A, 5.00%, 11/01/25 | 200 | 200,302 | |
Series A, 5.00%, 11/01/26 | 100 | 100,385 | |
Series A, 5.00%, 11/01/27 | 150 | 151,023 | |
Series A, 5.00%, 11/01/29 | 1,150 | 1,160,924 | |
Series A, 5.00%, 11/01/31 | 205 | 207,230 | |
Series A, (AGM), 4.00%, 05/01/50 | 5,000 | 4,504,625 | |
Pennsylvania State University, RB | |||
5.00%, 09/01/48 | 2,615 | 2,713,098 | |
Series A, 5.00%, 09/01/43 | 3,935 | 4,169,003 | |
Philadelphia Authority for Industrial Development, RB | |||
4.00%, 06/15/29 | 410 | 384,500 | |
5.00%, 06/15/39 | 590 | 565,294 | |
4.00%, 12/01/48 | 8,090 | 7,371,573 | |
5.00%, 06/15/50 | 800 | 692,335 | |
5.25%, 11/01/52 | 2,145 | 2,237,644 |
Security | Par (000) | Value | |
Education (continued) | |||
Philadelphia Authority for Industrial Development, Refunding RB | |||
5.00%, 06/15/40(b) | $ | 600 | $ 601,609 |
6.25%, 05/01/42(b) | 1,165 | 1,083,443 | |
Series 2015, 5.00%, 04/01/45 | 3,330 | 3,337,317 | |
Series A, 5.25%, 06/15/52 | 625 | 583,811 | |
54,492,388 | |||
Health — 21.3% | |||
Allegheny County Hospital Development Authority, RB, Series D2, 4.06%, 11/15/47(a) | 2,865 | 2,836,171 | |
Allegheny County Hospital Development Authority, Refunding RB | |||
Series A, 4.00%, 04/01/37 | 4,300 | 4,247,779 | |
Series A, 4.00%, 07/15/39 | 2,250 | 2,167,735 | |
Series A, 5.00%, 04/01/47 | 1,950 | 1,966,644 | |
Bucks County Industrial Development Authority, RB | |||
4.00%, 08/15/44 | 1,690 | 1,591,706 | |
4.00%, 07/01/46 | 2,500 | 1,929,604 | |
Chester County Health and Education Facilities Authority, RB, Series A, 4.00%, 09/01/50 | 1,500 | 1,402,788 | |
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.25%, 12/01/45 | 1,500 | 983,206 | |
Cumberland County Municipal Authority, Refunding RB | |||
5.00%, 01/01/25(d) | 430 | 433,547 | |
5.00%, 01/01/29(d) | 940 | 1,012,658 | |
4.00%, 01/01/36 | 645 | 631,512 | |
4.13%, 01/01/38 | 260 | 253,506 | |
5.00%, 01/01/38 | 2,185 | 2,190,436 | |
Doylestown Hospital Authority, RB | |||
4.00%, 07/01/29(d) | 125 | 129,844 | |
5.00%, 07/01/29(d) | 150 | 162,797 | |
4.00%, 07/01/45 | 1,125 | 927,765 | |
5.00%, 07/01/49 | 1,350 | 1,254,505 | |
DuBois Hospital Authority, Refunding RB, (BAM-TCRS), 4.00%, 07/15/48 | 3,440 | 3,074,506 | |
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45 | 5,950 | 6,047,635 | |
Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35 | 925 | 926,247 | |
Lancaster Industrial Development Authority, RB | |||
4.00%, 12/01/44 | 985 | 853,903 | |
5.00%, 12/01/49 | 730 | 700,401 | |
Montgomery County Higher Education and Health Authority, Refunding RB | |||
4.00%, 09/01/49 | 1,170 | 1,043,351 | |
Series A, 5.00%, 09/01/37 | 1,365 | 1,403,696 | |
Montgomery County Industrial Development Authority, Refunding RB | |||
5.25%, 01/01/40 | 5,000 | 4,739,083 | |
5.00%, 12/01/46 | 850 | 840,358 | |
Moon Industrial Development Authority, Refunding RB, 6.00%, 07/01/45 | 2,250 | 1,672,368 | |
Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48 | 2,910 | 2,658,951 | |
Northampton County General Purpose Authority, Refunding RB | |||
5.00%, 08/15/46 | 1,350 | 1,357,648 | |
Series A1, (AGM), 4.00%, 08/15/43 | 2,915 | 2,760,726 | |
Pennsylvania Economic Development Financing Authority, RB | |||
Series A-2, 4.00%, 05/15/53 | 1,480 | 1,344,524 |
Security | Par (000) | Value | |
Health (continued) | |||
Pennsylvania Economic Development Financing Authority, RB (continued) | |||
Series B, 4.00%, 03/15/40 | $ | 2,000 | $ 1,948,216 |
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 | 4,000 | 3,698,643 | |
Pennsylvania Higher Educational Facilities Authority, RB, 3.00%, 08/15/47 | 3,565 | 2,727,733 | |
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41 | 5,000 | 5,044,443 | |
St Mary Hospital Authority, Refunding RB | |||
5.00%, 12/01/28(d) | 4,065 | 4,373,919 | |
5.00%, 12/01/48 | 2,035 | 2,088,099 | |
73,426,653 | |||
Housing — 6.8% | |||
Pennsylvania Housing Finance Agency, RB, S/F Housing | |||
Series 137, Sustainability Bonds, 2.60%, 04/01/46 | 4,000 | 2,751,420 | |
Series 143A, Sustainability Bonds, 5.38%, 10/01/46 | 2,350 | 2,477,020 | |
Series 145A, Sustainability Bonds, 10/01/44(e) | 2,880 | 2,863,778 | |
Series 145A, Sustainability Bonds, 10/01/54(e) | 2,880 | 3,102,378 | |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing | |||
Series 142-A, Sustainability Bonds, 5.00%, 10/01/43 | 1,500 | 1,554,159 | |
Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 | 2,970 | 3,016,593 | |
Series 2022, Sustainability Bonds, 4.15%, 10/01/42 | 3,235 | 3,134,786 | |
Philadelphia Authority for Industrial Development, RB, M/F Housing(f)(g) | |||
Series A, 3.50%, 12/01/36 | 1,260 | 598,500 | |
Series A, 4.00%, 12/01/46 | 5,740 | 2,726,500 | |
Series A, 4.00%, 12/01/51 | 2,300 | 1,092,500 | |
23,317,634 | |||
State — 2.2% | |||
Allentown Neighborhood Improvement Zone Development Authority, RB(b) | |||
5.00%, 05/01/32 | 1,405 | 1,420,602 | |
5.00%, 05/01/42 | 2,085 | 2,076,047 | |
Commonwealth of Pennsylvania, GO, Series A, 4.00%, 09/15/31 | 2,500 | 2,512,222 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, 5.25%, 12/01/44 | 1,500 | 1,576,535 | |
7,585,406 | |||
Tobacco — 2.6% | |||
Commonwealth Financing Authority, RB | |||
5.00%, 06/01/35 | 2,205 | 2,298,624 | |
(AGM), 4.00%, 06/01/39 | 6,700 | 6,601,545 | |
8,900,169 | |||
Transportation — 17.7% | |||
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB | |||
AMT, (AGM), 4.00%, 07/01/40 | 1,075 | 1,039,736 | |
Series B, AMT, 5.00%, 07/01/37 | 1,800 | 1,815,465 | |
Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42 | 4,045 | 4,156,171 | |
Pennsylvania Economic Development Financing Authority, RB | |||
5.00%, 12/31/38 | 3,000 | 3,013,550 | |
5.00%, 06/30/42 | 2,620 | 2,609,675 | |
AMT, 5.25%, 06/30/53 | 3,770 | 3,903,670 | |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51 | 5,680 | 5,325,096 |
Security | Par (000) | Value | |
Transportation (continued) | |||
Pennsylvania Turnpike Commission, RB | |||
Sub-Series B-1, 5.00%, 06/01/42 | $ | 4,755 | $ 4,849,513 |
Sub-Series B-1, 5.25%, 06/01/47 | 1,000 | 1,024,627 | |
Series 1, Subordinate, 5.00%, 12/01/40 | 2,965 | 3,192,043 | |
Series A, Subordinate, 5.00%, 12/01/37 | 2,660 | 2,827,897 | |
Series A, Subordinate, 3.00%, 12/01/42 | 3,100 | 2,456,587 | |
Series A, Subordinate, 4.00%, 12/01/44 | 1,700 | 1,605,721 | |
Series A, Subordinate, 4.00%, 12/01/50 | 2,500 | 2,299,268 | |
Pennsylvania Turnpike Commission, RB, CAB(c) | |||
Series A-3, (BAM-TCRS), 0.00%, 12/01/41 | 1,820 | 816,438 | |
Sub-Series A-3, 0.00%, 12/01/42 | 5,740 | 2,368,332 | |
Pennsylvania Turnpike Commission, Refunding RB | |||
Series B, 5.25%, 12/01/52 | 1,225 | 1,319,543 | |
Series B-2, (AGM), 5.00%, 06/01/35 | 2,900 | 2,999,272 | |
Series C, 4.00%, 12/01/51 | 5,000 | 4,722,266 | |
Series 2017-3, Subordinate, 5.00%, 12/01/40 | 450 | 462,198 | |
Southeastern Pennsylvania Transportation Authority, RB | |||
5.25%, 06/01/47 | 3,695 | 3,997,010 | |
5.25%, 06/01/52 | 2,000 | 2,138,801 | |
Susquehanna Area Regional Airport Authority, Refunding RB, AMT, 5.00%, 01/01/38 | 2,200 | 2,233,220 | |
61,176,099 | |||
Utilities — 6.2% | |||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB | |||
Series A, 5.00%, 10/01/43 | 3,460 | 3,585,164 | |
Series A, 5.25%, 10/01/52 | 1,190 | 1,222,760 | |
Series C, 5.50%, 06/01/52 | 3,100 | 3,377,458 | |
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB | |||
Series B, (AGM), 4.50%, 09/01/48 | 1,760 | 1,771,958 | |
Series B, (AGM), 5.50%, 09/01/53 | 3,520 | 3,833,108 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, 4.10%, 12/01/38(a) | 2,500 | 2,500,000 | |
Philadelphia Gas Works Co., Refunding RB | |||
5.00%, 08/01/31 | 900 | 907,427 | |
5.00%, 08/01/32 | 1,200 | 1,209,316 | |
5.00%, 08/01/33 | 600 | 604,379 | |
5.00%, 08/01/34 | 1,050 | 1,057,721 | |
Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40 | 1,420 | 1,374,811 | |
21,444,102 | |||
Total Municipal Bonds in Pennsylvania | 334,675,651 |
Security | Par (000) | Value | |
Puerto Rico — 1.4% | |||
State — 1.4% | |||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 | $ | 1,643 | $ 1,818,929 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Series A-2, Restructured, 4.78%, 07/01/58 | 2,660 | 2,623,632 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series B-1, Restructured, 0.00%, 07/01/46(c) | 925 | 296,592 | |
Total Municipal Bonds in Puerto Rico | 4,739,153 | ||
Total Long-Term Investments — 98.5% (Cost: $351,988,309) | 339,414,804 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 2.0% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.26%(h)(i) | 7,064,620 | 7,065,326 | |
Total Short-Term Securities — 2.0% (Cost: $7,065,274) | 7,065,326 | ||
Total Investments — 100.5% (Cost: $359,053,583) | 346,480,130 | ||
Liabilities in Excess of Other Assets — (0.5)% | (1,842,156 ) | ||
Net Assets — 100.0% | $ 344,637,974 |
(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) | Zero-coupon bond. |
(d) | 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. |
(e) | When-issued security. |
(f) | Issuer filed for bankruptcy and/or is in default. |
(g) | Non-income producing security. |
(h) | Affiliate of the Fund. |
(i) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 20,846,287 | $ — | $ (13,782,665 )(a) | $ 4,511 | $ (2,807 ) | $ 7,065,326 | 7,064,620 | $ 334,697 | $ — |
(a) | Represents net amount purchased (sold). |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 339,414,804 | $ — | $ 339,414,804 |
Short-Term Securities | ||||
Money Market Funds | 7,065,326 | — | — | 7,065,326 |
$7,065,326 | $339,414,804 | $— | $346,480,130 |
Security | Par (000) | Value | |
Municipal Bonds | |||
Arizona — 2.2% | |||
Arizona Industrial Development Authority, RB | |||
5.25%, 07/01/43(a) | $ | 150 | $ 142,631 |
Series A, 4.00%, 02/01/50 | 1,000 | 929,407 | |
1,072,038 | |||
Arkansas — 3.0% | |||
Arkansas Development Finance Authority, RB | |||
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 100 | 102,995 | |
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48(a) | 300 | 320,633 | |
University of Arkansas, RB, Series A, 5.00%, 04/01/47 | 1,000 | 1,059,333 | |
1,482,961 | |||
California — 10.1% | |||
California Community Choice Financing Authority, RB(b) | |||
5.00%, 05/01/54 | 1,440 | 1,527,593 | |
Series A, Sustainability Bonds, 4.00%, 10/01/52 | 1,500 | 1,496,939 | |
Series G, Sustainability Bonds, 5.25%, 11/01/54 | 360 | 382,298 | |
California School Finance Authority, RB, 5.00%, 08/01/42(a) | 125 | 125,811 | |
California State Public Works Board, RB, Series D, Sustainability Bonds, 4.00%, 05/01/45 | 1,000 | 975,145 | |
CSCDA Community Improvement Authority, RB, M/F Housing(a) | |||
3.25%, 04/01/57 | 250 | 179,167 | |
Series A-2, Sustainability Bonds, 3.00%, 02/01/57 | 350 | 239,323 | |
4,926,276 | |||
Colorado — 1.8% | |||
Colorado School of Mines, RB, Series A, Sustainability Bonds, (AGM), 5.25%, 12/01/47 | 290 | 315,502 | |
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45 | 500 | 542,241 | |
857,743 | |||
Connecticut — 4.8% | |||
Connecticut State Health & Educational Facilities Authority, RB, 5.25%, 07/15/48 | 180 | 193,097 | |
State of Connecticut, GO, Series B, Sustainability Bonds, 5.00%, 01/15/42 | 1,000 | 1,078,105 | |
University of Connecticut, RB, Series A, 5.00%, 05/01/39 | 1,000 | 1,098,759 | |
2,369,961 | |||
Delaware — 0.2% | |||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(a) | 79 | 75,702 | |
District of Columbia — 2.7% | |||
District of Columbia, RB, Class A, AMT, 5.50%, 02/28/34 | 1,000 | 1,103,333 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.13%, 07/15/47 | 250 | 241,892 | |
1,345,225 | |||
Florida — 7.0% | |||
Brevard County Health Facilities Authority, Refunding RB, Series A, 4.00%, 04/01/52 | 1,000 | 907,455 | |
Capital Projects Finance Authority, RB, 6.63%, 06/15/59(a) | 100 | 100,605 | |
Florida Development Finance Corp., RB | |||
Series A, 4.00%, 06/15/42 | 500 | 431,586 |
Security | Par (000) | Value | |
Florida (continued) | |||
Florida Development Finance Corp., RB (continued) | |||
Series A, 5.00%, 06/15/47 | $ | 375 | $ 372,707 |
St Lucie County School Board, COP, Series A, (AGM), 5.00%, 07/01/48 | 1,500 | 1,586,996 | |
3,399,349 | |||
Georgia — 0.7% | |||
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series A, 4.00%, 06/01/49 | 325 | 320,881 | |
Illinois — 5.7% | |||
Chicago Board of Education, GO | |||
Series A, 5.00%, 12/01/33 | 500 | 517,022 | |
Series A, 5.00%, 12/01/47 | 500 | 490,484 | |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 | 1,200 | 1,219,996 | |
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 | 335 | 354,289 | |
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.75%, 10/01/53 | 210 | 219,352 | |
2,801,143 | |||
Kentucky — 3.2% | |||
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(a) | 500 | 495,288 | |
Louisville/Jefferson County Metropolitan Government, RB, Series A, (AGM), 5.00%, 05/15/47 | 1,000 | 1,046,148 | |
1,541,436 | |||
Louisiana — 2.5% | |||
Jefferson Parish Consolidated Sewerage District No. 1, RB, (BAM), 4.00%, 02/01/39 | 1,000 | 993,117 | |
Louisiana Public Facilities Authority, RB, Series A, 6.38%, 06/01/52(a) | 250 | 238,790 | |
1,231,907 | |||
Maine — 0.2% | |||
Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51(a) | 100 | 77,445 | |
Maryland — 1.5% | |||
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 | 715 | 736,252 | |
Massachusetts — 5.2% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Sustainability Bonds, 5.00%, 06/01/50 | 1,500 | 1,584,765 | |
University of Massachusetts Building Authority, RB, Series 1, 4.00%, 11/01/46 | 1,000 | 976,975 | |
2,561,740 | |||
Michigan — 5.2% | |||
Ludington Area School District, GO, Series II, (BAM Q-SBLF), 4.00%, 05/01/51 | 1,000 | 918,262 | |
Michigan Finance Authority, RB | |||
4.00%, 02/15/47 | 500 | 463,656 | |
Sustainability Bonds, 5.50%, 02/28/57 | 110 | 118,606 | |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 5.10%, 10/01/53 | 1,000 | 1,018,411 | |
2,518,935 |
Security | Par (000) | Value | |
Minnesota — 1.8% | |||
Duluth Economic Development Authority, RB, Class B, 5.25%, 06/15/42 | $ | 500 | $ 546,956 |
Minnesota Housing Finance Agency, RB, S/F Housing, Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | 340 | 356,897 | |
903,853 | |||
New Hampshire — 1.4% | |||
New Hampshire Business Finance Authority, RB, M/F Housing, Series 2022-1, Sustainability Bonds, 4.38%, 09/20/36 | 732 | 700,552 | |
New Jersey — 0.9% | |||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/47 | 115 | 122,390 | |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series K, Sustainability Bonds, 6.00%, 10/01/55 | 300 | 318,846 | |
441,236 | |||
New York — 13.1% | |||
Build NYC Resource Corp., RB | |||
Series A, 5.00%, 07/01/32 | 245 | 234,594 | |
Series A, 5.13%, 07/01/33 | 175 | 173,097 | |
Series A, 5.50%, 06/15/63(a) | 250 | 237,412 | |
Sustainability Bonds, 5.75%, 06/01/42(a) | 250 | 255,891 | |
Metropolitan Transportation Authority, Refunding RB, Series A-1, Sustainability Bonds, 5.00%, 11/15/49 | 1,000 | 1,032,690 | |
Nassau County Local Economic Assistance Corp., RB, Series A, 5.00%, 07/01/43 | 1,000 | 998,567 | |
New York City Housing Development Corp., RB, M/F Housing | |||
Class F-1, Sustainability Bonds, 4.75%, 11/01/47 | 1,000 | 1,009,382 | |
Series A, Sustainability Bonds, 4.60%, 11/01/43 | 225 | 226,613 | |
New York Power Authority, RB, Sustainability Bonds, (AGM), 4.00%, 11/15/42 | 1,000 | 994,007 | |
New York State Housing Finance Agency, RB, M/F Housing, Seires A, Sustainability Bonds, (SONYMA), 3.80%, 11/01/62(b) | 735 | 718,756 | |
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.50%, 06/30/44 | 500 | 535,949 | |
6,416,958 | |||
North Carolina — 0.5% | |||
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52 | 230 | 225,025 | |
North Dakota — 0.9% | |||
North Dakota Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, 5.75%, 01/01/54 | 400 | 416,769 | |
Oregon — 0.9% | |||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48 | 410 | 449,557 | |
Pennsylvania — 8.7% | |||
City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series C, 5.50%, 06/01/47 | 1,000 | 1,098,429 | |
Pennsylvania Housing Finance Agency, RB, S/F Housing | |||
Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 475 | 505,112 | |
Series 145A, Sustainability Bonds, 10/01/49(c) | 875 | 865,725 | |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, Sustainability Bonds, 4.25%, 10/01/52 | 450 | 445,148 |
Security | Par (000) | Value | |
Pennsylvania (continued) | |||
Pittsburgh Water & Sewer Authority, RB, Series A, 1st Lien, (AGM), 5.00%, 09/01/48 | $ | 225 | $ 237,385 |
Southeastern Pennsylvania Transportation Authority, RB, 5.25%, 06/01/47 | 1,000 | 1,081,735 | |
4,233,534 | |||
Tennessee — 0.4% | |||
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 1, Sustainability Bonds, 3.75%, 07/01/52 | 180 | 176,067 | |
Texas — 6.1% | |||
Arlington Higher Education Finance Corp., RB | |||
(PSF), 5.00%, 08/15/47 | 500 | 517,341 | |
Series A, 5.25%, 08/15/32 | 250 | 239,738 | |
City of El Paso Texas Water & Sewer Revenue, Refunding RB, 5.00%, 03/01/46 | 1,000 | 1,057,444 | |
Tarrant County Cultural Education Facilities Finance Corp., RB, Class F, 5.00%, 11/15/52(b) | 415 | 445,683 | |
Texas State Technical College, RB, (AGM), 5.50%, 08/01/42 | 665 | 745,707 | |
3,005,913 | |||
Utah — 3.5% | |||
University of Utah, RB, Series A, Sustainability Bonds, 4.00%, 08/01/43 | 1,500 | 1,464,755 | |
Utah Infrastructure Agency, RB, Series A, 5.00%, 10/15/32 | 250 | 258,135 | |
1,722,890 | |||
Vermont — 0.2% | |||
East Central Vermont Telecommunications District, RB, Series A, 6.88%, 12/01/46(a) | 115 | 113,682 | |
Virginia — 2.1% | |||
Henrico County Economic Development Authority, RB, Class A, 5.00%, 10/01/47 | 1,000 | 1,032,080 | |
Total Long-Term Investments — 96.5% (Cost: $47,997,821) | 47,157,110 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 4.2% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.26%(d)(e) | 2,080,988 | 2,081,196 | |
Total Short-Term Securities — 4.2% (Cost: $2,081,048) | 2,081,196 | ||
Total Investments — 100.7% (Cost: $50,078,869) | 49,238,306 | ||
Liabilities in Excess of Other Assets — (0.7)% | (363,677 ) | ||
Net Assets — 100.0% | $ 48,874,629 |
(a) | 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. |
(b) | 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. |
(c) | When-issued security. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 3,006,316 | $ — | $ (925,292 )(a) | $ 379 | $ (207 ) | $ 2,081,196 | 2,080,988 | $ 57,999 | $ — |
(a) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 12 | 09/19/24 | $ 1,307 | $ 979 |
U.S. Long Bond | 8 | 09/19/24 | 932 | 7,540 |
5-Year U.S. Treasury Note | 6 | 09/30/24 | 636 | (489 ) |
$ 8,030 |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Assets — Derivative Financial Instruments | |||||||
Futures contracts Unrealized appreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 8,519 | $ — | $ 8,519 |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 489 | $ — | $ 489 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 457,907 | $ — | $ 457,907 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 52,355 | $ — | $ 52,355 |
Futures contracts: | |
Average notional value of contracts — short | $5,678,008 |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 47,157,110 | $ — | $ 47,157,110 |
Short-Term Securities | ||||
Money Market Funds | 2,081,196 | — | — | 2,081,196 |
$2,081,196 | $47,157,110 | $— | $49,238,306 | |
Derivative Financial Instruments(a) | ||||
Assets | ||||
Interest Rate Contracts | $ 8,519 | $ — | $ — | $ 8,519 |
Liabilities | ||||
Interest Rate Contracts | (489 ) | — | — | (489 ) |
$8,030 | $— | $— | $8,030 |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Security | Par (000) | Value | |
Corporate Bonds | |||
Health Care Providers & Services — 0.0% | |||
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50 | $ | 1,046 | $ 686,047 |
Industrial Conglomerates — 0.8% | |||
Grand Canyon University, 5.13%, 10/01/28 | 35,874 | 32,228,484 | |
Total Corporate Bonds — 0.8% (Cost: $36,920,000) | 32,914,531 | ||
Municipal Bonds | |||
Alabama — 6.9% | |||
Auburn University, Refunding RB, Series A, 4.00%, 06/01/38 | 6,140 | 5,834,288 | |
Black Belt Energy Gas District, RB(a) | |||
Series A, 5.25%, 01/01/54 | 31,050 | 32,780,878 | |
Series A, 5.25%, 05/01/55 | 14,000 | 14,905,713 | |
Series B, 4.00%, 10/01/52 | 3,000 | 2,991,610 | |
Series B, 5.25%, 12/01/53 | 9,000 | 9,568,417 | |
Series C, 5.50%, 10/01/54 | 25,000 | 27,041,807 | |
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.50%, 10/01/53 | 5,485 | 5,894,870 | |
Energy Southeast A Cooperative District, RB(a) | |||
Series A-1, 5.50%, 11/01/53 | 31,150 | 33,255,643 | |
Series B, 5.25%, 07/01/54 | 26,885 | 28,544,870 | |
Series B-1, 5.75%, 04/01/54 | 53,565 | 58,515,471 | |
Southeast Alabama Gas Supply District, Refunding RB, Series A, 5.00%, 08/01/54(a) | 3,000 | 3,165,671 | |
Southeast Energy Authority A Cooperative District, RB(a) | |||
Series A, 5.25%, 01/01/54 | 5,000 | 5,253,137 | |
Series B, 5.00%, 01/01/54 | 36,495 | 38,149,880 | |
State of Alabama, GO, Series B, 5.00%, 11/01/41 | 5,000 | 5,463,344 | |
271,365,599 | |||
Alaska — 0.1% | |||
Borough of North Slope Alaska, GO | |||
Series A, 5.00%, 06/30/25 | 500 | 507,804 | |
Series A, 5.00%, 06/30/27 | 500 | 524,455 | |
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 | 1,000 | 878,298 | |
1,910,557 | |||
Arizona — 2.0% | |||
Arizona Industrial Development Authority, RB, 7.10%, 01/01/55(b) | 3,165 | 3,208,585 | |
Chandler Industrial Development Authority, RB, AMT, 5.00%, 09/01/42(a) | 20,000 | 20,502,655 | |
City of Mesa Arizona Utility System Revenue, RB | |||
5.00%, 07/01/40 | 4,600 | 5,007,327 | |
5.00%, 07/01/41 | 7,535 | 8,160,993 | |
5.00%, 07/01/44 | 18,200 | 19,508,197 | |
City of Phoenix Civic Improvement Corp., ARB, Junior Lien, 5.00%, 07/01/49 | 5,000 | 5,204,680 | |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 | 3,330 | 3,658,967 |
Security | Par (000) | Value | |
Arizona (continued) | |||
City of Phoenix Civic Improvement Corp., Refunding RB, Series D, Junior Lien, 5.00%, 07/01/37 | $ | 5,000 | $ 5,186,218 |
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 | 6,250 | 6,707,319 | |
77,144,941 | |||
Arkansas(b) — 1.2% | |||
Arkansas Development Finance Authority, RB | |||
AMT, 7.38%, 07/01/48 | 23,000 | 25,187,342 | |
AMT, 4.50%, 09/01/49 | 5,355 | 5,209,830 | |
AMT, 4.75%, 09/01/49 | 15,460 | 15,208,681 | |
45,605,853 | |||
California — 6.9% | |||
California Community Choice Financing Authority, RB, Series E-1, Sustainability Bonds, 5.00%, 02/01/54(a) | 3,175 | 3,351,820 | |
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/51(b) | 1,915 | 968,780 | |
California Enterprise Development Authority, RB, 10.00%, 11/15/32(b) | 670 | 647,644 | |
California Health Facilities Financing Authority, RB | |||
5.00%, 02/01/36 | 5,000 | 5,189,057 | |
5.00%, 02/01/37 | 5,000 | 5,184,678 | |
Series A, 5.25%, 12/01/40 | 2,100 | 2,304,938 | |
Series A, 5.25%, 12/01/41 | 2,850 | 3,107,684 | |
California Housing Finance Agency, RB, M/F Housing, Series A, 4.25%, 01/15/35 | 18 | 17,436 | |
California Infrastructure & Economic Development Bank, RB | |||
Sustainability Bonds, 4.00%, 10/01/44 | 5,000 | 5,090,649 | |
Sustainability Bonds, 4.00%, 10/01/47 | 2,480 | 2,506,307 | |
California Municipal Finance Authority, RB | |||
5.38%, 07/01/34(b) | 1,000 | 995,644 | |
5.63%, 07/01/44(b) | 2,760 | 2,742,038 | |
6.00%, 07/01/44 | 1,960 | 1,960,268 | |
6.00%, 08/01/44(b) | 330 | 330,122 | |
6.13%, 08/01/49(b) | 285 | 285,121 | |
Series A, AMT, 4.00%, 07/15/29 | 2,120 | 2,105,212 | |
California Municipal Finance Authority, RB, S/F Housing, Series B, 5.88%, 08/15/49 | 1,000 | 1,002,181 | |
California Pollution Control Financing Authority, Refunding RB, Series B-2, AMT, 3.13%, 11/01/40(a) | 12,090 | 11,919,801 | |
California School Finance Authority, RB, Series A, 6.75%, 11/01/45(b) | 1,395 | 1,399,117 | |
California Statewide Communities Development Authority, Refunding RB, Series A, 5.25%, 11/01/44(b) | 625 | 522,680 | |
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/39 | 5,440 | 5,366,161 | |
City of Los Angeles Department of Airports, Refunding ARB | |||
AMT, 5.00%, 05/15/37 | 4,100 | 4,400,524 | |
AMT, 5.00%, 05/15/40 | 9,500 | 10,093,617 | |
Series A, AMT, Subordinate, 5.00%, 05/15/34 | 5,430 | 5,704,690 | |
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 5.25%, 11/01/52 | 5,000 | 5,509,672 | |
Cloverdale Unified School District, Refunding GO, Series B, 4.00%, 08/01/49 | 5,000 | 4,829,937 |
Security | Par (000) | Value | |
California (continued) | |||
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) | $ | 3,490 | $ 2,822,814 |
CSCDA Community Improvement Authority, RB, M/F Housing(b) | |||
Mezzanine Lien, Sustainability Bonds, 4.00%, 06/01/57 | 4,610 | 2,959,005 | |
Series B, Mezzanine Lien, Sustainability Bonds, 4.00%, 12/01/59 | 8,355 | 5,091,806 | |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 | 7,210 | 4,192,179 | |
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59 | 10,420 | 6,808,932 | |
Sustainability Bonds, 4.00%, 07/01/58 | 5,880 | 3,971,560 | |
Series B, Sustainability Bonds, 4.00%, 07/01/58 | 6,700 | 4,495,298 | |
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c) | 136,220 | 14,874,513 | |
Los Angeles Department of Water & Power Water System Revenue, Refunding RB | |||
Series A, 5.00%, 07/01/50 | 18,805 | 19,919,106 | |
Series D, 5.00%, 07/01/47 | 17,555 | 19,033,877 | |
Northern California Gas Authority No. 1, RB, Series B, 4.45%, 07/01/27(a) | 2,380 | 2,377,400 | |
Palomar Community College District, GO, Series D, Election 2006, 5.25%, 08/01/45 | 10,000 | 10,434,779 | |
Peralta Community College District, GO, Series B, 5.50%, 08/01/52 | 5,000 | 5,607,647 | |
Sacramento Municipal Utility District, Refunding RB, Series H, Sustainability Bonds, 5.00%, 08/15/50 | 11,670 | 12,419,667 | |
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/31 | 5,750 | 6,174,760 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 05/01/49(d) | 5,875 | 6,266,936 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 5.00%, 05/01/34 | 4,685 | 4,969,859 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB | |||
Series A, Sustainability Bonds, 4.00%, 10/01/43 | 10,000 | 10,006,664 | |
Series A, Sustainability Bonds, 5.00%, 10/01/44 | 5,000 | 5,468,822 | |
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43(b)(c) | 20,000 | 7,308,402 | |
Santa Clara Valley Water District, Refunding RB | |||
Series A, 5.00%, 06/01/48 | 4,915 | 5,334,716 | |
Series A, 5.00%, 06/01/49 | 5,160 | 5,584,782 | |
Series A, 5.00%, 06/01/50 | 5,415 | 5,848,039 | |
State of California, Refunding GO, 5.00%, 09/01/43 | 7,080 | 7,812,103 | |
University of California, Refunding RB, Series AY, 4.00%, 05/15/41 | 5,090 | 4,978,595 | |
272,298,039 | |||
Colorado — 0.9% | |||
Boulder Valley School District No. Re-2 Boulder, GO, (SAW), 5.00%, 12/01/42 | 4,335 | 4,759,087 | |
City of Colorado Springs Colorado Utilities System Revenue, RB, Series B, 5.00%, 11/15/47 | 19,520 | 20,929,516 |
Security | Par (000) | Value | |
Colorado (continued) | |||
Colorado Health Facilities Authority, RB, 4.00%, 11/15/48 | $ | 6,870 | $ 6,365,536 |
Colorado Health Facilities Authority, Refunding RB, Series A, 3.00%, 11/15/51 | 1,395 | 1,018,803 | |
Flying Horse Metropolitan District No. 3, Refunding GO, 6.00%, 12/01/49(b) | 2,965 | 2,819,185 | |
35,892,127 | |||
Connecticut — 0.4% | |||
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.60%, 11/15/49 | 5,000 | 4,968,131 | |
Connecticut State Health & Educational Facilities Authority, RB, 5.25%, 07/15/48 | 1,760 | 1,888,066 | |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(b) | 3,125 | 3,125,358 | |
State of Connecticut, GO | |||
Series 2021 A, 4.00%, 01/15/28 | 1,580 | 1,613,436 | |
Series E, 5.00%, 11/15/28 | 2,425 | 2,586,513 | |
14,181,504 | |||
Delaware(b) — 0.4% | |||
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39 | 14,942 | 14,241,405 | |
Town of Bridgeville Delaware, ST | |||
5.25%, 07/01/44 | 340 | 348,828 | |
5.63%, 07/01/53 | 800 | 829,137 | |
15,419,370 | |||
District of Columbia — 1.0% | |||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB | |||
Series A, AMT, 5.00%, 10/01/30 | 3,840 | 4,026,577 | |
Series A, AMT, 5.25%, 10/01/43 | 1,750 | 1,868,640 | |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding RB | |||
Series A, AMT, 5.00%, 10/01/29 | 2,540 | 2,664,532 | |
Series A, AMT, 5.00%, 10/01/30 | 11,500 | 12,171,122 | |
Series A, AMT, 5.00%, 10/01/33 | 5,000 | 5,266,182 | |
Series A, AMT, 5.00%, 10/01/34 | 2,870 | 3,009,792 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Sustainability Bonds, 5.00%, 07/15/48 | 9,515 | 10,119,085 | |
39,125,930 | |||
Florida — 7.6% | |||
Alta Lakes Community Development District, SAB | |||
3.75%, 05/01/29 | 550 | 516,736 | |
4.63%, 05/01/49 | 1,775 | 1,604,469 | |
Babcock Ranch Community Independent Special District, SAB | |||
4.75%, 11/01/26 | 265 | 264,600 | |
5.00%, 11/01/31 | 500 | 498,700 | |
5.25%, 11/01/46 | 3,460 | 3,460,403 | |
Brevard County Health Facilities Authority, Refunding RB, 4.00%, 11/15/31(b) | 580 | 526,413 | |
Canaveral Port Authority, ARB | |||
Series B, 5.00%, 06/01/48 | 5,000 | 5,105,522 | |
Series A, AMT, 5.00%, 06/01/45 | 5,000 | 5,036,877 |
Security | Par (000) | Value | |
Florida (continued) | |||
Capital Trust Agency, Inc., RB(b) | |||
4.88%, 06/15/56 | $ | 12,000 | $ 10,012,682 |
Series A, 5.00%, 06/15/49 | 5,000 | 4,690,831 | |
Series A-2, 5.00%, 01/01/26 | 1,150 | 1,139,399 | |
Celebration Pointe Community Development District No. 1, SAB | |||
5.00%, 05/01/34 | 710 | 704,002 | |
5.13%, 05/01/45 | 985 | 968,025 | |
Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/44 | 5,940 | 6,175,089 | |
Charles Cove Community Development District, SAB, 4.00%, 05/01/52 | 1,160 | 929,559 | |
Charlotte County Industrial Development Authority, RB(b) | |||
AMT, 5.50%, 10/01/36 | 3,055 | 3,076,392 | |
AMT, 4.00%, 10/01/51 | 2,600 | 2,128,091 | |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 | 8,510 | 9,479,369 | |
City of Miami Florida, RB, Series A, 01/01/49(d) | 8,000 | 8,821,920 | |
City of St. Petersburg Florida Public Utility Revenue, RB, Series B, 5.00%, 10/01/52 | 5,000 | 5,283,382 | |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.00%, 10/01/52 | 4,000 | 4,240,133 | |
Collier County Industrial Development Authority, Refunding RB, Series A, 8.25%, 05/15/49(b)(e)(f) | 1,000 | 18,600 | |
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/49 | 16,000 | 16,452,178 | |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 | 12,075 | 12,322,781 | |
County of Miami-Dade Florida Transit System, RB, 5.00%, 07/01/51 | 10,000 | 10,473,225 | |
County of Miami-Dade Florida, RB, 0.00%, 10/01/39(c) | 15,765 | 7,897,334 | |
County of Miami-Dade Seaport Department, Refunding RB | |||
Series A, AMT, 5.00%, 10/01/34 | 3,400 | 3,578,744 | |
Series A, AMT, 5.00%, 10/01/35 | 1,650 | 1,748,472 | |
Series A, AMT, 5.00%, 10/01/36 | 1,300 | 1,384,814 | |
Series A, AMT, 5.00%, 10/01/41 | 1,150 | 1,191,151 | |
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48 | 1,000 | 1,049,882 | |
County of Sarasota Florida Utility System Revenue, RB | |||
5.25%, 10/01/47 | 14,795 | 16,053,181 | |
5.25%, 10/01/52 | 4,995 | 5,364,930 | |
Crossings At Fleming Island Community Development District, Refunding SAB, Series A-3, Senior Lien, 6.50%, 05/01/44 | 2,065 | 2,067,413 | |
Epperson North Community Development District, SAB, Series A, 4.00%, 11/01/51 | 940 | 755,996 | |
Florida Development Finance Corp., RB(b) | |||
6.50%, 06/30/57 | 5,810 | 4,103,022 | |
Series A, 5.75%, 06/15/29 | 365 | 365,063 | |
Series A, 6.00%, 06/15/34 | 440 | 440,162 | |
Series C, 5.75%, 12/15/56 | 4,090 | 3,417,685 | |
AMT, 5.00%, 05/01/29 | 1,140 | 1,140,528 | |
Florida Development Finance Corp., Refunding RB | |||
Series A, 4.50%, 12/15/56(b) | 11,970 | 9,012,674 | |
AMT, 12.00%, 07/15/32(a)(b) | 18,185 | 18,887,339 | |
AMT, (AGM), 5.25%, 07/01/47 | 15,000 | 15,598,347 |
Security | Par (000) | Value | |
Florida (continued) | |||
Florida Development Finance Corp., Refunding RB (continued) | |||
Series C, AMT, 8.25%, 07/01/57(a)(b) | $ | 11,000 | $ 11,324,637 |
Florida Housing Finance Corp., RB, S/F Housing | |||
Series 1, (FHLMC, FNMA, GNMA), 3.80%, 07/01/43 | 2,125 | 2,012,097 | |
Series 1, (FHLMC, FNMA, GNMA), 3.70%, 07/01/38 | 2,130 | 1,980,746 | |
Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.75%, 05/01/34 | 1,005 | 899,771 | |
Harbor Bay Community Development District, SAB | |||
Series A-1, 3.88%, 05/01/39 | 2,170 | 1,887,610 | |
Series A-1, 4.10%, 05/01/48 | 1,400 | 1,170,695 | |
Hobe-St. Lucie Conservancy District, SAB, 5.88%, 05/01/55 | 1,610 | 1,645,765 | |
JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.25%, 10/01/49 | 5,000 | 5,446,899 | |
Lakewood Ranch Stewardship District, SAB | |||
2.13%, 05/01/26 | 95 | 91,644 | |
4.88%, 05/01/35 | 1,100 | 1,078,788 | |
4.40%, 05/01/39 | 430 | 397,363 | |
4.88%, 05/01/45 | 2,215 | 2,107,114 | |
5.13%, 05/01/46 | 4,980 | 4,912,639 | |
4.50%, 05/01/49 | 1,310 | 1,173,011 | |
North AR-1 Pasco Community Development District, SAB | |||
Series A, 5.75%, 05/01/44 | 610 | 614,889 | |
Series A, 6.00%, 05/01/54 | 1,100 | 1,110,791 | |
Portico Community Development District, Refunding SAB, Series 1, 3.50%, 05/01/37 | 1,245 | 1,056,589 | |
Reunion East Community Development District, SAB | |||
Series 2021, 2.40%, 05/01/26 | 145 | 140,246 | |
Series 2021, 4.00%, 05/01/51 | 2,685 | 2,179,559 | |
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 | 3,015 | 2,381,013 | |
School District of Broward County, GO, 5.00%, 07/01/51 | 26,045 | 27,455,047 | |
Shadowlawn Community Development District, SAB, 5.50%, 05/01/44 | 1,550 | 1,526,426 | |
St Johns County School Board, COP | |||
Series A, (AGM), 5.25%, 07/01/46 | 785 | 858,606 | |
Series A, (AGM), 5.50%, 07/01/49 | 1,750 | 1,935,975 | |
Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(e)(f) | 143 | 69,847 | |
Sumter Landing Community Development District, RB, 4.17%, 10/01/47 | 2,030 | 1,759,748 | |
Talavera Community Development District, SAB, 4.50%, 05/01/50 | 770 | 679,229 | |
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 11/01/24(g) | 490 | 479,746 | |
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(e)(f) | 535 | 5 | |
Trout Creek Community Development District, SAB | |||
5.50%, 05/01/35 | 2,325 | 2,333,987 | |
5.63%, 05/01/45 | 3,605 | 3,618,165 | |
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 | 1,500 | 1,469,658 | |
Westside Haines City Community Development District, SAB | |||
2.50%, 05/01/26 | 125 | 120,982 | |
3.25%, 05/01/41 | 2,025 | 1,590,935 |
Security | Par (000) | Value | |
Florida (continued) | |||
Westside Haines City Community Development District, SAB (continued) | |||
5.75%, 05/01/44 | $ | 1,500 | $ 1,507,428 |
6.00%, 05/01/54 | 575 | 579,678 | |
297,583,443 | |||
Georgia — 3.2% | |||
Atlanta Urban Redevelopment Agency, RB(b) | |||
3.63%, 07/01/42 | 5,605 | 4,990,436 | |
3.88%, 07/01/51 | 2,630 | 2,186,805 | |
Barrow County School District, GO, (SAW), 5.00%, 02/01/40 | 7,945 | 8,821,820 | |
Clarke County Hospital Authority, Refunding RB, Series A, 5.00%, 07/01/46 | 10,000 | 10,063,088 | |
Columbia County Hospital Authority, RB, Series A, (AGM), 5.00%, 04/01/48 | 3,445 | 3,644,069 | |
County of DeKalb Georgia Water & Sewerage Revenue, Refunding RB | |||
5.00%, 10/01/32 | 7,050 | 7,901,194 | |
5.00%, 10/01/46 | 11,820 | 12,705,042 | |
5.00%, 10/01/47 | 9,865 | 10,572,861 | |
5.00%, 10/01/48 | 12,395 | 13,265,390 | |
5.00%, 10/01/49 | 7,210 | 7,700,587 | |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 3,355 | 3,159,003 | |
Georgia Housing & Finance Authority, RB, S/F Housing, Series B1, 3.65%, 06/01/44 | 9,670 | 8,346,667 | |
Main Street Natural Gas, Inc., RB(a) | |||
Series A, 5.00%, 06/01/53 | 15,000 | 15,507,556 | |
Series D, 5.00%, 05/01/54 | 7,725 | 8,000,773 | |
State of Georgia, GO, Series A, 4.00%, 07/01/43 | 9,760 | 9,756,288 | |
126,621,579 | |||
Hawaii — 0.3% | |||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 | 10,000 | 10,199,807 | |
Idaho — 0.6% | |||
Idaho Housing & Finance Association, RB | |||
4.25%, 06/15/62(b) | 5,910 | 4,237,192 | |
Series A, 5.00%, 08/15/40 | 3,905 | 4,306,323 | |
Series A, 5.00%, 08/15/48 | 10,140 | 10,904,069 | |
Series A, 6.95%, 06/15/55(b) | 5,150 | 5,443,463 | |
24,891,047 | |||
Illinois — 2.1% | |||
Chicago Board of Education, GO, BAB, 6.04%, 12/01/29 | 7,310 | 7,165,033 | |
Chicago Board of Education, Refunding GO, Series B, 4.00%, 12/01/35 | 6,730 | 6,494,105 | |
Chicago O’Hare International Airport, Refunding ARB, Series D, 5.00%, 01/01/46 | 2,010 | 2,014,345 | |
City of Chicago Illinois Lakeshore East Special Assessment Area, Refunding SAB(b) | |||
2.27%, 12/01/24 | 308 | 304,244 | |
2.53%, 12/01/25 | 327 | 316,839 | |
2.69%, 12/01/26 | 267 | 254,784 | |
2.87%, 12/01/27 | 221 | 208,675 | |
Illinois Finance Authority, Refunding RB, Class A, 4.00%, 08/15/39 | 7,000 | 6,906,946 |
Security | Par (000) | Value | |
Illinois (continued) | |||
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43 | $ | 4,875 | $ 4,863,062 |
Illinois State Toll Highway Authority, RB | |||
Series A, 5.00%, 01/01/44 | 9,250 | 9,883,745 | |
Series A, 5.25%, 01/01/45 | 12,175 | 13,253,946 | |
Series A, 4.00%, 01/01/46 | 5,000 | 4,685,951 | |
State of Illinois, GO | |||
Series B, 5.25%, 05/01/47 | 4,000 | 4,282,159 | |
Series B, 5.25%, 05/01/48 | 2,950 | 3,162,448 | |
Series C, 5.00%, 12/01/45 | 11,225 | 11,807,115 | |
Series C, 5.00%, 12/01/46 | 4,850 | 5,092,586 | |
80,695,983 | |||
Indiana — 0.4% | |||
Indiana Finance Authority, RB, Series B, 1st Lien, 5.25%, 10/01/47 | 5,000 | 5,328,924 | |
Indiana Finance Authority, Refunding RB | |||
Series B, Sustainability Bonds, 5.00%, 02/01/43 | 4,455 | 4,856,315 | |
Series B, Sustainability Bonds, 5.00%, 02/01/44 | 3,510 | 3,811,406 | |
Indianapolis Local Public Improvement Bond Bank, RB, Series D, 6.00%, 02/01/48 | 3,150 | 3,584,937 | |
17,581,582 | |||
Kansas — 0.2% | |||
Kansas Development Finance Authority, RB, Series SR, 5.00%, 05/01/41 | 7,495 | 8,253,962 | |
Kentucky — 0.2% | |||
Kentucky Economic Development Finance Authority, RB, Series B, 5.00%, 08/15/33 | 5,000 | 5,171,451 | |
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.25%, 06/01/41 | 875 | 880,774 | |
Westvaco Corp., RB, 7.67%, 01/15/27(b) | 3,100 | 3,203,184 | |
9,255,409 | |||
Louisiana — 0.9% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A2, 5.05%, 12/01/34 | 18,540 | 18,260,535 | |
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 | 16,115 | 17,065,159 | |
35,325,694 | |||
Maine — 0.8% | |||
Finance Authority of Maine, RB, AMT, Sustainability Bonds, 8.00%, 12/01/51(b) | 14,465 | 11,202,414 | |
Maine Health & Higher Educational Facilities Authority, Refunding RB, 4.00%, 07/01/37(b) | 18,500 | 16,178,458 | |
Maine State Housing Authority, RB, S/F Housing, Series B, 3.75%, 11/15/38 | 6,075 | 5,692,850 | |
33,073,722 | |||
Maryland — 1.7% | |||
Anne Arundel County Consolidated Special Taxing District, ST, 5.25%, 07/01/44 | 1,220 | 1,220,044 | |
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/49 | 7,500 | 7,779,541 | |
County of Prince George’s Maryland, COP, 5.00%, 10/01/48 | 3,660 | 3,793,197 | |
County of Prince George’s Maryland, Refunding GO, Series A, 5.00%, 08/01/40 | 4,500 | 4,969,360 | |
Maryland Health & Higher Educational Facilities Authority, RB, 7.00%, 03/01/55(b) | 10,405 | 10,767,840 |
Security | Par (000) | Value | |
Maryland (continued) | |||
Maryland Stadium Authority, RB, Series A, 5.00%, 05/01/47 | $ | 6,590 | $ 6,782,132 |
Maryland State Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/46 | 17,085 | 18,133,842 | |
State of Maryland, GO, Series A, 5.00%, 06/01/37 | 11,205 | 12,508,574 | |
65,954,530 | |||
Massachusetts — 1.8% | |||
City of Boston Massachusetts, GO | |||
Series A, 5.00%, 11/01/37 | 6,480 | 7,291,587 | |
Series A, 5.00%, 11/01/40 | 10,075 | 11,127,380 | |
Commonwealth of Massachusetts, GO | |||
Series A, 5.00%, 05/01/48 | 10,000 | 10,717,489 | |
Series D, 5.00%, 10/01/53 | 10,000 | 10,652,061 | |
Commonwealth of Massachusetts, Refunding GO, Series B, 5.00%, 11/01/43 | 7,780 | 8,521,146 | |
Massachusetts Development Finance Agency, RB | |||
5.00%, 10/01/38 | 5,000 | 4,916,746 | |
5.00%, 10/01/43 | 5,000 | 4,829,653 | |
Series J2, 5.00%, 07/01/48 | 5,000 | 5,163,125 | |
Massachusetts Development Finance Agency, Refunding RB(b) | |||
4.00%, 10/01/32 | 1,310 | 1,270,712 | |
4.13%, 10/01/42 | 4,225 | 3,720,755 | |
Massachusetts Water Resources Authority, Refunding RB, Series B, Sustainability Bonds, 5.25%, 08/01/48 | 1,500 | 1,651,604 | |
69,862,258 | |||
Michigan — 2.7% | |||
Lansing Board of Water & Light, Refunding RB | |||
Series A, 5.00%, 07/01/54 | 3,335 | 3,527,730 | |
Series A, 5.25%, 07/01/54 | 4,000 | 4,323,784 | |
Michigan Finance Authority, RB | |||
5.00%, 11/01/44 | 5,000 | 5,022,984 | |
4.00%, 02/15/47 | 8,000 | 7,418,487 | |
4.00%, 02/15/44 | 11,060 | 10,435,917 | |
Series A, 6.50%, 06/01/57(b)(e)(f) | 4,020 | 3,098,342 | |
Michigan Finance Authority, Refunding RB | |||
5.00%, 06/01/26(h) | 145 | 149,497 | |
5.00%, 12/01/45 | 19,825 | 20,041,846 | |
Series A, 4.00%, 12/01/46 | 10,000 | 9,408,323 | |
Series A, Class 1, 4.00%, 06/01/49 | 5,000 | 4,439,071 | |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53 | 15,175 | 13,487,471 | |
State of Michigan Trunk Line Revenue, RB | |||
4.00%, 11/15/41 | 12,330 | 12,332,859 | |
4.00%, 11/15/46 | 5,000 | 4,825,234 | |
West Bloomfield School District, GO, Series I, (Q- SBLF), 5.00%, 05/01/42 | 5,950 | 6,445,223 | |
104,956,768 | |||
Minnesota — 0.1% | |||
City of Minneapolis Minnesota, RB | |||
4.00%, 11/15/39 | 3,250 | 3,143,216 | |
4.00%, 11/15/40 | 2,000 | 1,908,061 | |
5,051,277 | |||
Mississippi — 0.1% | |||
State of Mississippi, GO, Series C, 4.00%, 10/01/37 | 3,145 | 3,163,751 | |
Missouri — 1.5% | |||
Health & Educational Facilities Authority of the State of Missouri, RB | |||
5.00%, 01/01/44 | 10,000 | 10,000,975 |
Security | Par (000) | Value | |
Missouri (continued) | |||
Health & Educational Facilities Authority of the State of Missouri, RB (continued) | |||
Series A, 4.00%, 05/15/48 | $ | 4,395 | $ 4,072,881 |
Kansas City Industrial Development Authority, ARB | |||
Series A, AMT, 5.00%, 03/01/33 | 4,865 | 5,060,597 | |
Series A, AMT, 5.00%, 03/01/44 | 5,000 | 5,178,223 | |
Kansas City Industrial Development Authority, RB | |||
Series A, 10.00%, 11/15/37 | 2,735 | 2,412,930 | |
Series C, 7.50%, 11/15/46 | 1,701 | 1,340,775 | |
Kansas City Industrial Development Authority, Refunding RB | |||
Class B, 5.00%, 11/15/46 | 8,059 | 6,151,155 | |
Class D, 2.00%, 11/15/46 | 3,597 | 158,427 | |
Metropolitan St. Louis Sewer District, Refunding RB | |||
Series A, 5.00%, 05/01/42 | 11,000 | 11,271,205 | |
Series B, 5.25%, 05/01/52 | 10,015 | 10,744,923 | |
St Louis Land Clearance for Redevelopment Authority, Refunding RB, 3.88%, 10/01/35 | 2,000 | 1,818,998 | |
58,211,089 | |||
Nebraska — 0.1% | |||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) | 5,240 | 5,450,595 | |
Nevada — 1.2% | |||
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40 | 5,175 | 5,537,339 | |
Clark County Water Reclamation District, GO | |||
5.00%, 07/01/46 | 12,335 | 13,328,013 | |
5.00%, 07/01/47 | 3,290 | 3,538,798 | |
County of Clark Nevada, GO | |||
Series B, 4.00%, 12/01/36 | 5,390 | 5,451,260 | |
Series B, 4.00%, 12/01/39 | 4,900 | 4,905,300 | |
Las Vegas Valley Water District, Refunding GO, Series A, 5.00%, 06/01/46 | 13,000 | 13,181,961 | |
State of Nevada Department of Business & Industry, RB, Series A, 4.50%, 12/15/29(b) | 220 | 209,431 | |
46,152,102 | |||
New Hampshire — 0.5% | |||
New Hampshire Business Finance Authority, RB, M/F Housing, Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 12,358 | 11,855,815 | |
New Hampshire Business Finance Authority, Refunding RB, 3.30%, 04/01/32 | 11,680 | 9,177,912 | |
21,033,727 | |||
New Jersey — 1.0% | |||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(i) | 170 | 170,829 | |
New Jersey Economic Development Authority, RB, Series B, 5.50%, 11/01/26(b) | 265 | 251,407 | |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/41 | 5,725 | 5,738,610 | |
New Jersey Transportation Trust Fund Authority, RB | |||
5.25%, 06/15/46 | 5,000 | 5,402,806 | |
Class BB, 4.00%, 06/15/50 | 7,275 | 6,738,612 | |
New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 01/01/37 | 7,275 | 7,313,212 | |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 | 11,300 | 11,701,919 | |
37,317,395 |
Security | Par (000) | Value | |
New Mexico — 0.2% | |||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 5.00%, 11/01/39(a) | $ | 9,500 | $ 9,581,646 |
New York — 9.0% | |||
City of New York, GO | |||
Series B, 5.25%, 10/01/47 | 4,015 | 4,377,484 | |
Series C, 5.00%, 03/01/45 | 15,125 | 16,368,154 | |
Series C, 5.25%, 03/01/47 | 1,675 | 1,841,009 | |
Series D, 5.25%, 04/01/54 | 2,555 | 2,774,868 | |
Series F-1, 4.00%, 03/01/47 | 2,000 | 1,899,106 | |
Series F-1, 5.00%, 03/01/50 | 7,415 | 7,770,286 | |
New York City Housing Development Corp., RB, M/F Housing | |||
Series G-1, 3.90%, 05/01/45 | 5,000 | 4,391,869 | |
Sustainability Bonds, 4.80%, 02/01/53 | 9,570 | 9,616,878 | |
New York City Municipal Water Finance Authority, RB | |||
Series BB-1, 5.00%, 06/15/50 | 3,025 | 3,179,461 | |
Series DD-1, 5.00%, 06/15/49 | 4,500 | 4,638,768 | |
Sub-Series BB-1, 5.25%, 06/15/54 | 3,650 | 3,951,551 | |
Sub-Series CC-1, 5.25%, 06/15/54 | 2,645 | 2,880,825 | |
New York City Municipal Water Finance Authority, Refunding RB | |||
4.00%, 06/15/41 | 10,000 | 9,896,561 | |
Series BB-2, 4.00%, 06/15/42 | 3,835 | 3,760,070 | |
Sub-Series BB-2, 5.25%, 06/15/47 | 10,000 | 11,027,958 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | |||
Series D-1, 5.25%, 11/01/48 | 13,315 | 14,438,540 | |
Series A, Subordinate, 5.00%, 05/01/43 | 5,520 | 5,963,677 | |
New York City Transitional Finance Authority, RB | |||
Series C, 5.50%, 05/01/53 | 8,350 | 9,233,794 | |
Series B, Subordinate, 5.00%, 05/01/45 | 1,500 | 1,617,060 | |
Series B, Subordinate, 5.00%, 05/01/46 | 1,000 | 1,075,894 | |
New York State Dormitory Authority, Refunding RB | |||
Series A, 5.25%, 03/15/37 | 500 | 533,768 | |
Series A, 4.00%, 03/15/40 | 19,200 | 19,226,517 | |
Series A, 4.00%, 03/15/42 | 5,780 | 5,695,519 | |
Series A, 4.00%, 03/15/46 | 11,300 | 10,828,354 | |
Series A, 5.00%, 03/15/46 | 10,000 | 10,763,442 | |
Series B, 5.75%, 07/01/24(h) | 990 | 990,048 | |
Series C, 5.00%, 03/15/41 | 10,000 | 10,362,577 | |
Series C, 5.00%, 03/15/42 | 5,000 | 5,173,756 | |
Series E, 5.00%, 02/15/25(h) | 10 | 10,101 | |
Series E, 5.00%, 03/15/48 | 5,495 | 5,654,727 | |
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 | 5,000 | 5,150,922 | |
New York State Thruway Authority, RB, Series C, Sustainability Bonds, 5.00%, 03/15/53 | 10,000 | 10,519,569 | |
New York State Thruway Authority, Refunding RB | |||
Series A, 4.00%, 03/15/42 | 2,500 | 2,459,340 | |
Series P, 5.00%, 01/01/49 | 2,000 | 2,148,890 | |
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/43 | 7,000 | 7,651,180 | |
New York State Urban Development Corp., Refunding RB | |||
5.00%, 09/15/28 | 5,000 | 5,315,348 | |
Series E, 4.00%, 03/15/42 | 8,000 | 7,705,483 | |
New York Transportation Development Corp., ARB | |||
AMT, 5.00%, 01/01/29 | 5,000 | 5,151,685 | |
AMT, 5.00%, 01/01/30 | 10,000 | 10,228,428 |
Security | Par (000) | Value | |
New York (continued) | |||
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, 5.38%, 06/30/60 | $ | 14,010 | $ 14,556,731 |
Port Authority of New York & New Jersey, Refunding ARB, Series 244, 5.00%, 07/15/39 | 6,500 | 7,341,443 | |
Port Authority of New York & New Jersey, Refunding RB, Series 241, 5.00%, 07/15/42 | 12,330 | 13,534,531 | |
Suffolk Regional Off-Track Betting Co., RB, 5.00%, 12/01/34 | 4,075 | 4,034,003 | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB | |||
Series A, 5.00%, 05/15/41 | 1,500 | 1,642,071 | |
Series A, 5.00%, 05/15/42 | 1,700 | 1,852,648 | |
Series A-1, 5.00%, 05/15/49 | 9,650 | 10,321,646 | |
Triborough Bridge & Tunnel Authority, RB, Series C- 1A, Senior Lien, 5.00%, 05/15/51 | 10,750 | 11,358,805 | |
Triborough Bridge & Tunnel Authority, Refunding RB | |||
Series A, 5.00%, 05/15/57 | 11,120 | 11,715,568 | |
Series A-1, 5.00%, 05/15/51 | 9,070 | 9,553,467 | |
Series C, 5.25%, 05/15/52 | 16,700 | 17,989,466 | |
Series C, Sustainability Bonds, 5.25%, 11/15/40 | 4,000 | 4,515,402 | |
354,689,248 | |||
North Carolina — 1.1% | |||
City of Charlotte North Carolina Airport Revenue, Refunding ARB, 4.00%, 07/01/44 | 3,550 | 3,498,056 | |
City of Charlotte North Carolina Water & Sewer System Revenue, Refunding RB, Series A, 5.00%, 07/01/45 | 15,000 | 16,284,381 | |
City of Greensboro North Carolina Combined Water & Sewer System Revenue, Refunding RB, Series B, 06/01/49(d) | 6,290 | 6,783,199 | |
North Carolina Medical Care Commission, RB | |||
Series A, 5.00%, 10/01/44 | 375 | 381,846 | |
Series A, 5.00%, 10/01/49 | 375 | 377,604 | |
Series A, 5.13%, 10/01/54 | 195 | 197,200 | |
North Carolina Medical Care Commission, Refunding RB, Series A, 5.25%, 01/01/41 | 2,275 | 2,134,052 | |
North Carolina Turnpike Authority, RB, Series A, (AGM), 5.00%, 01/01/58 | 9,250 | 9,712,593 | |
Town of Mooresville North Carolina, SAB, 5.38%, 03/01/40(b) | 2,100 | 2,102,372 | |
41,471,303 | |||
Ohio — 2.7% | |||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 22,585 | 20,176,987 | |
County of Hamilton Ohio Sewer System Revenue, RB, Series A, 12/01/49(d) | 3,375 | 3,637,981 | |
Ohio Housing Finance Agency, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 03/01/55 | 3,510 | 3,760,558 | |
Ohio Turnpike & Infrastructure Commission, RB, Series A, 5.00%, 02/15/43 | 13,750 | 14,189,794 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series A, 3.10%, 12/01/36(a) | 57,895 | 57,895,000 | |
Worthington City School District, GO, Series C, 5.00%, 12/01/48 | 4,900 | 5,250,306 | |
104,910,626 |
Security | Par (000) | Value | |
Oklahoma — 0.3% | |||
Oklahoma Development Finance Authority, RB, 7.25%, 09/01/51(b) | $ | 5,010 | $ 5,164,858 |
Oklahoma Water Resources Board, RB, Series A, 4.13%, 10/01/53 | 3,730 | 3,569,270 | |
University of Oklahoma, RB | |||
Series A, (BAM), 5.00%, 07/01/49 | 1,280 | 1,379,664 | |
Series A, (BAM), 4.13%, 07/01/54 | 600 | 582,305 | |
10,696,097 | |||
Oregon — 1.3% | |||
City of Portland Oregon Sewer System Revenue, Refunding RB | |||
Series A, 2nd Lien, 5.00%, 12/01/42 | 5,000 | 5,428,604 | |
Series A, 2nd Lien, 5.00%, 12/01/43 | 6,000 | 6,490,113 | |
Series A, 2nd Lien, 5.00%, 12/01/47 | 10,710 | 11,439,642 | |
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/24(h) | 865 | 870,055 | |
Oregon State Lottery, RB | |||
Series A, 5.00%, 04/01/39 | 1,955 | 2,181,731 | |
Series A, 5.00%, 04/01/40 | 2,250 | 2,492,004 | |
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 28, AMT, 5.00%, 07/01/52 | 10,000 | 10,427,913 | |
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series B, (FHLMC, FNMA, GNMA), 4.13%, 07/01/43 | 165 | 155,956 | |
University of Oregon, RB, Series A, 5.00%, 04/01/50 | 10,000 | 10,419,507 | |
49,905,525 | |||
Pennsylvania — 1.7% | |||
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/56 | 5,000 | 5,047,360 | |
Chester County Health and Education Facilities Authority, Refunding RB | |||
Series A, 5.00%, 12/01/25 | 525 | 500,224 | |
Series A, 5.25%, 12/01/45 | 1,500 | 983,206 | |
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, 5.00%, 07/01/51 | 10,000 | 10,303,432 | |
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39 | 8,765 | 8,636,200 | |
Lancaster County Hospital Authority, RB, 5.00%, 11/01/51 | 5,000 | 5,109,661 | |
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 | 1,465 | 1,466,605 | |
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 12/31/38 | 5,000 | 5,022,584 | |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 3,250 | 3,230,954 | |
Pennsylvania Higher Educational Facilities Authority, RB, 5.00%, 08/15/49 | 10,000 | 10,304,056 | |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 145A, Sustainability Bonds, 10/01/54(d) | 7,000 | 7,540,502 | |
Philadelphia Authority for Industrial Development, Refunding RB, Series A, 5.00%, 09/01/35 | 5,000 | 5,076,703 | |
Pittsburgh Water & Sewer Authority, Refunding RB, Series B, 1st Lien, (AGM), 5.00%, 09/01/38 | 4,500 | 4,944,670 | |
68,166,157 | |||
Puerto Rico — 6.9% | |||
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c) | 222,915 | 17,621,301 | |
Commonwealth of Puerto Rico, GO | |||
0.00%, 11/01/51(a) | 93,390 | 48,212,717 |
Security | Par (000) | Value | |
Puerto Rico (continued) | |||
Commonwealth of Puerto Rico, GO (continued) | |||
Series A-1, 0.00%, 11/01/43(a) | $ | 44,572 | $ 27,514,537 |
Series A-1, Restructured, 4.00%, 07/01/33 | 7,211 | 7,087,846 | |
Series A-1, Restructured, 4.00%, 07/01/35 | 6,482 | 6,317,652 | |
Series A-1, Restructured, 4.00%, 07/01/37 | 8,158 | 7,814,489 | |
Series A-1, Restructured, 4.00%, 07/01/41 | 7,419 | 6,822,813 | |
Series A-1, Restructured, 4.00%, 07/01/46 | 7,867 | 7,071,934 | |
Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c) | 9,280 | 6,066,775 | |
Commonwealth of Puerto Rico, RB, 0.01%, 11/01/51(a) | 2,869 | 1,231,001 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, 4.00%, 07/01/42(b) | 4,135 | 3,796,023 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB(b) | |||
Series B, 4.00%, 07/01/42 | 7,250 | 6,656,501 | |
Series C, 3.75%, 07/01/27 | 38,100 | 35,723,101 | |
Puerto Rico Electric Power Authority, RB(e)(f) | |||
Series A, 5.00%, 07/01/29 | 5,540 | 1,450,801 | |
Series A, 7.00%, 07/01/33 | 7,445 | 1,949,677 | |
Series A, 6.75%, 07/01/36 | 24,370 | 6,381,952 | |
Series A, 5.00%, 07/01/42 | 16,625 | 4,353,711 | |
Series A, 7.00%, 07/01/43 | 3,350 | 877,289 | |
Series A-1, 10.00%, 07/01/19 | 928 | 242,958 | |
Series A-2, 10.00%, 07/01/19 | 4,681 | 1,225,733 | |
Series A-3, 10.00%, 07/01/19 | 6,867 | 1,798,363 | |
Series B-3, 10.00%, 07/01/19 | 6,867 | 1,798,363 | |
Series C-1, 5.40%, 01/01/18 | 18,867 | 4,940,902 | |
Series C-2, 5.40%, 07/01/18 | 18,870 | 4,941,701 | |
Series C-3, 5.40%, 07/01/20 | 1,908 | 499,525 | |
Series C-4, 5.40%, 07/01/20 | 1,908 | 499,525 | |
Series CCC, 5.25%, 07/01/26 | 8,495 | 2,224,648 | |
Series CCC, 5.25%, 07/01/28 | 3,120 | 817,057 | |
Series D-1, 7.50%, 01/01/20 | 9,399 | 2,461,359 | |
Series D-2, 7.50%, 01/01/20 | 5,000 | 1,309,387 | |
Series D-4, 7.50%, 07/01/20 | 7,444 | 1,949,359 | |
Series TT, 5.00%, 07/01/18 | 3,620 | 947,996 | |
Series TT, 5.00%, 07/01/20 | 1,690 | 442,573 | |
Series WW, 5.50%, 07/01/17 | 4,300 | 1,126,073 | |
Series WW, 5.50%, 07/01/18 | 6,025 | 1,577,811 | |
Series WW, 5.50%, 07/01/20 | 1,000 | 261,877 | |
Series WW, 5.38%, 07/01/24 | 4,545 | 1,190,233 | |
Series WW, 5.25%, 07/01/25 | 2,300 | 602,318 | |
Series WW, 5.25%, 07/01/33 | 2,725 | 713,616 | |
Series WW, 5.50%, 07/01/38 | 3,980 | 1,042,272 | |
Series XX, 5.25%, 07/01/17 | 2,630 | 688,738 | |
Series XX, 5.25%, 07/01/35 | 1,310 | 343,059 | |
Series XX, 5.75%, 07/01/36 | 1,825 | 477,926 | |
Series XX, 5.25%, 07/01/40 | 35,125 | 9,198,443 | |
Puerto Rico Electric Power Authority, Refunding RB(e)(f) | |||
Series AAA, 5.25%, 07/01/22 | 7,025 | 1,839,689 | |
Series AAA, 5.25%, 07/01/25 | 5,750 | 1,505,795 | |
Series AAA, 5.25%, 07/01/28 | 4,870 | 1,275,343 | |
Series BBB, 5.40%, 07/01/28 | 9,505 | 2,489,145 | |
Series DDD, 5.00%, 07/01/19 | 2,000 | 523,755 | |
Series DDD, 5.00%, 07/01/20 | 1,810 | 473,998 | |
Series UU, 1.00%, 07/01/17(a) | 1,295 | 339,131 | |
Series UU, 1.00%, 07/01/18(a) | 1,165 | 305,087 | |
Series UU, 1.00%, 07/01/20(a) | 10,400 | 2,723,525 | |
Series UU, 4.42%, 07/01/31(a) | 12,285 | 3,217,164 | |
Series VV, 5.50%, 07/01/20 | 6,440 | 1,686,490 | |
Series ZZ, 5.25%, 07/01/18 | 10,185 | 2,667,221 |
Security | Par (000) | Value | |
Puerto Rico (continued) | |||
Puerto Rico Electric Power Authority, Refunding RB(e)(f) (continued) | |||
Series ZZ, 5.25%, 07/01/19 | $ | 4,745 | $ 1,242,608 |
Series ZZ, 5.25%, 07/01/24 | 1,435 | 375,794 | |
Series ZZ, 5.25%, 07/01/25 | 2,440 | 638,981 | |
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(e)(f) | 13,440 | 3,519,632 | |
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Authority, ARB | |||
Series A-1, AMT, 6.75%, 01/01/45 | 1,790 | 2,092,933 | |
Series A-2, AMT, 6.50%, 01/01/42 | 1,170 | 1,358,499 | |
Series A-2, AMT, 6.75%, 01/01/45 | 1,790 | 2,090,593 | |
270,637,318 | |||
South Carolina — 2.3% | |||
City of Charleston South Carolina Waterworks & Sewer System Revenue, RB | |||
5.00%, 01/01/47 | 2,500 | 2,679,683 | |
5.00%, 01/01/49 | 5,955 | 6,237,456 | |
5.00%, 01/01/52 | 10,545 | 11,177,306 | |
City of Columbia South Carolina Waterworks & Sewer System Revenue, RB, 5.25%, 02/01/52 | 6,110 | 6,647,469 | |
County of Dorchester South Carolina, SAB(b) | |||
5.88%, 10/01/40 | 2,310 | 2,355,209 | |
6.00%, 10/01/51 | 6,240 | 6,319,584 | |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) | 12,640 | 13,354,764 | |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a) | 5,680 | 6,064,437 | |
South Carolina Jobs-Economic Development Authority, RB | |||
7.50%, 08/15/62(b) | 6,915 | 6,385,944 | |
Series A, 5.25%, 11/01/43 | 6,525 | 7,211,948 | |
Series A, 5.25%, 11/01/44 | 5,880 | 6,427,681 | |
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38 | 5,000 | 5,146,228 | |
South Carolina Public Service Authority, RB, Series F, (AGM-CR), 5.74%, 01/01/30 | 5,000 | 5,106,705 | |
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/41 | 5,000 | 5,070,479 | |
90,184,893 | |||
Tennessee — 1.8% | |||
County of Shelby Tennessee, Refunding GO, Series B, 4.00%, 04/01/40 | 9,950 | 9,945,051 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 | 8,925 | 9,062,058 | |
Metropolitan Government of Nashville & Davidson County Tennessee, Refunding GO, Series A, 4.00%, 01/01/40 | 1,665 | 1,671,604 | |
Metropolitan Nashville Airport Authority, ARB | |||
Series A, Subordinate, 5.00%, 07/01/44 | 5,130 | 5,356,647 | |
Series A, Subordinate, 5.00%, 07/01/54 | 5,890 | 6,100,519 | |
New Memphis Arena Public Building Authority, RB, CAB, Convertible, 4.00%, 04/01/26(g) | 2,025 | 1,933,217 | |
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 18,765 | 19,382,913 |
Security | Par (000) | Value | |
Tennessee (continued) | |||
Tennessee Housing Development Agency, RB, S/F Housing | |||
3.85%, 07/01/43 | $ | 6,105 | $ 5,979,602 |
3.95%, 01/01/49 | 6,080 | 6,020,475 | |
Series 2-A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 01/01/55(d) | 4,525 | 4,884,445 | |
70,336,531 | |||
Texas — 10.6% | |||
Alamo Regional Mobility Authority, RB, Series A, Senior Lien, 5.00%, 06/15/51 | 10,000 | 10,627,657 | |
Arlington Higher Education Finance Corp., RB(b) | |||
6.25%, 08/15/24 | 100 | 99,488 | |
7.50%, 04/01/28 | 210 | 207,886 | |
7.88%, 11/01/62 | 5,865 | 5,868,679 | |
Series A, 5.30%, 04/01/62 | 4,325 | 3,759,057 | |
Arlington Independent School District, GO, (PSF), 4.00%, 02/15/40 | 9,445 | 8,926,155 | |
Celina Independent School District, GO, (PSF), 5.00%, 02/15/47 | 4,850 | 5,173,440 | |
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 | 2,970 | 3,051,140 | |
City of Austin Texas Electric Utility Revenue, Refunding RB, 5.00%, 11/15/39 | 7,000 | 7,672,344 | |
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 11/15/49(d) | 6,035 | 6,468,727 | |
City of Dallas Texas, Refunding GO | |||
Series A, 5.00%, 02/15/38 | 1,650 | 1,826,656 | |
Series A, 5.00%, 02/15/40 | 8,000 | 8,743,172 | |
Series A, 5.00%, 02/15/41 | 6,020 | 6,538,648 | |
City of El Paso Texas Water & Sewer Revenue, Refunding RB | |||
4.00%, 03/01/39 | 2,000 | 2,001,824 | |
5.25%, 03/01/49 | 7,500 | 8,143,193 | |
5.00%, 03/01/52 | 10,000 | 10,450,945 | |
City of Fort Worth Texas, GO, 5.00%, 03/01/39 | 7,125 | 7,811,444 | |
City of Houston Texas Airport System Revenue, ARB | |||
Series A, AMT, 6.50%, 07/15/30 | 1,000 | 1,001,673 | |
Series A, AMT, 6.63%, 07/15/38 | 3,000 | 3,004,815 | |
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series A, 1st Lien, 5.25%, 11/15/49 | 6,600 | 7,240,717 | |
City of Houston Texas, Refunding GO | |||
Series A, 5.00%, 03/01/36 | 665 | 745,222 | |
Series A, 5.00%, 03/01/37 | 900 | 1,002,962 | |
Series A, 5.00%, 03/01/38 | 535 | 593,246 | |
Series A, 5.25%, 03/01/40 | 350 | 392,385 | |
Series A, 5.25%, 03/01/43 | 570 | 629,122 | |
City of Marble Falls Texas, SAB(b) | |||
3.38%, 09/01/26 | 184 | 180,846 | |
3.88%, 09/01/31 | 200 | 189,494 | |
4.13%, 09/01/41 | 730 | 634,043 | |
4.38%, 09/01/51 | 1,000 | 836,376 | |
City of San Antonio Texas Electric & Gas Systems Revenue, RB, 4.00%, 02/01/37 | 10,000 | 9,754,542 | |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB | |||
5.00%, 02/01/47 | 3,530 | 3,588,581 | |
Series A, 5.25%, 02/01/42 | 9,155 | 10,122,902 | |
Series A, 5.25%, 02/01/43 | 6,515 | 7,173,137 |
Security | Par (000) | Value | |
Texas (continued) | |||
City of Seguin Texas, GO, Series A, 5.25%, 09/01/57 | $ | 10,000 | $ 10,576,585 |
Corpus Christi Independent School District, GO, (PSF), 4.13%, 08/15/53 | 5,000 | 4,736,371 | |
County of Harris Texas, Refunding GO | |||
Series A, 5.00%, 09/15/38 | 1,300 | 1,444,817 | |
Series A, 5.00%, 09/15/39 | 1,750 | 1,933,178 | |
Series A, 5.00%, 09/15/40 | 1,815 | 1,991,371 | |
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 | 3,170 | 3,373,973 | |
Dalhart Independent School District, GO | |||
(PSF), 5.00%, 02/15/41 | 755 | 812,657 | |
(PSF), 5.00%, 02/15/42 | 1,345 | 1,442,387 | |
(PSF), 5.00%, 02/15/43 | 500 | 534,621 | |
Dallas Area Rapid Transit, Refunding RB, Series B, Senior Lien, 5.00%, 12/01/47 | 10,000 | 10,606,890 | |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/40 | 2,220 | 2,444,060 | |
Fort Bend Independent School District, Refunding GO(d) | |||
Series A, (PSF), 08/15/43 | 3,640 | 3,927,742 | |
Series A, (PSF), 08/15/44 | 945 | 1,015,960 | |
Frisco Independent School District, Refunding GO, Series A, (PSF), 4.00%, 08/15/41 | 6,935 | 6,556,989 | |
Hidalgo County Regional Mobility Authority, RB, CAB(c) | |||
Series A, 0.00%, 12/01/42 | 3,000 | 1,175,965 | |
Series A, 0.00%, 12/01/43 | 3,000 | 1,111,721 | |
Series A, 0.00%, 12/01/44 | 3,000 | 1,051,032 | |
Series A, 0.00%, 12/01/45 | 4,000 | 1,326,693 | |
Series A, 0.00%, 12/01/46 | 6,000 | 1,877,932 | |
Series A, 0.00%, 12/01/47 | 6,125 | 1,809,514 | |
Series A, 0.00%, 12/01/49 | 7,135 | 1,866,991 | |
Series A, 0.00%, 12/01/50 | 5,145 | 1,268,565 | |
Hurst-Euless-Bedford Independent School District, GO, (PSF), 5.00%, 08/15/44 | 6,000 | 6,551,171 | |
Medina Valley Independent School District, GO, (PSF), 5.00%, 02/15/45 | 6,215 | 6,677,612 | |
Midland Independent School District, GO, (PSF), 5.00%, 02/15/50 | 5,375 | 5,518,750 | |
New Hope Cultural Education Facilities Finance Corp., Refunding RB | |||
Series A, 6.75%, 10/01/52 | 395 | 364,458 | |
Series B2, 4.50%, 10/01/26 | 2,030 | 1,982,975 | |
Northwest Independent School District, GO, (PSF), 5.00%, 02/15/48 | 14,310 | 15,198,666 | |
Permanent University Fund - University of Texas System, Refunding RB, Series A, 5.00%, 07/01/40 | 3,700 | 4,059,349 | |
Plano Independent School District, GO, 5.00%, 02/15/41 | 5,025 | 5,445,641 | |
Port Authority of Houston of Harris County Texas, ARB | |||
4.00%, 10/01/46 | 5,000 | 4,726,266 | |
1st Lien, 5.00%, 10/01/53 | 20,000 | 21,172,176 | |
Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28(b) | 27,045 | 23,701,320 | |
Port of Beaumont Navigation District, Refunding ARB, 07/01/26(d) | 20,000 | 20,003,800 | |
Port of Beaumont Navigation District, Refunding RB(b) | |||
Series B, 6.00%, 01/01/25 | 4,415 | 4,374,085 | |
Series A, AMT, 4.00%, 01/01/50 | 20,670 | 16,612,946 |
Security | Par (000) | Value | |
Texas (continued) | |||
Pottsboro Independent School District, GO, (PSF), 5.00%, 02/15/47 | $ | 5,400 | $ 5,710,104 |
San Jacinto Community College District, GO, Series A, 4.00%, 02/15/41 | 4,765 | 4,398,945 | |
State of Texas, GO, Series A, AMT, 5.00%, 08/01/38 | 6,935 | 7,433,989 | |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 | 10,000 | 10,494,384 | |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series B, (GNMA), 5.25%, 07/01/53 | 3,760 | 3,844,557 | |
Texas State University System, Refunding RB(d) | |||
03/15/25 | 1,515 | 1,530,350 | |
03/15/41 | 3,500 | 3,827,542 | |
Texas Water Development Board, RB | |||
5.00%, 08/01/39 | 1,950 | 2,160,384 | |
5.00%, 08/01/40 | 1,550 | 1,704,926 | |
4.00%, 10/15/44 | 4,420 | 4,323,686 | |
4.00%, 10/15/45 | 10,000 | 9,594,209 | |
Van Alstyne Independent School District, GO, (PSF), 5.00%, 02/15/47 | 6,900 | 7,348,089 | |
Wylie Independent School District/Collin County, GO, (PSF), 5.25%, 08/15/49 | 10,000 | 10,928,815 | |
417,035,727 | |||
Utah — 0.8% | |||
City of Phoenix Civic Improvement Corp., ARB | |||
Series A, AMT, 5.00%, 07/01/46 | 3,000 | 3,092,519 | |
Series A, AMT, 5.25%, 07/01/48 | 10,000 | 10,260,301 | |
City of Salt Lake City Utah Public Utilities Revenue, RB, 5.00%, 02/01/52 | 10,000 | 10,553,833 | |
Utah Charter School Finance Authority, RB(b) | |||
5.63%, 06/15/26 | 155 | 154,220 | |
5.00%, 06/15/42 | 1,190 | 992,319 | |
5.00%, 06/15/52 | 3,580 | 2,809,422 | |
5.63%, 06/15/54 | 4,930 | 4,362,882 | |
32,225,496 | |||
Virginia — 2.6% | |||
Albemarle County Economic Development Authority, RB, Series A, 5.00%, 06/01/42 | 5,450 | 5,967,040 | |
Ballston Quarter Community Development Authority, TA | |||
Series A-1, 5.50%, 03/01/46 | 2,765 | 2,665,703 | |
Series A-2, 7.13%, 03/01/30(g) | 6,638 | 5,011,033 | |
Cherry Hill Community Development Authority, SAB, 5.15%, 03/01/35(b) | 1,000 | 1,000,908 | |
Chesapeake Bay Bridge & Tunnel District, RB | |||
(AGM), 5.00%, 07/01/41 | 5,000 | 5,061,282 | |
5.00%, 07/01/46 | 6,850 | 6,931,897 | |
City of Norfolk Virginia Water Revenue, RB, 5.00%, 11/01/45 | 5,230 | 5,685,101 | |
County of Fairfax Virginia, GO, Series A, (SAW), 4.00%, 10/01/38 | 2,150 | 2,201,341 | |
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | 5,635 | 5,417,066 | |
Hanover County Economic Development Authority, Refunding RB | |||
5.00%, 07/01/38 | 125 | 112,009 | |
4.00%, 07/01/47(b) | 1,960 | 1,344,165 | |
Loudoun County Economic Development Authority, RB, CAB, 0.00%, 07/01/49(c) | 15,115 | 4,426,624 |
Security | Par (000) | Value | |
Virginia (continued) | |||
Lower Magnolia Green Community Development Authority, SAB(b) | |||
5.00%, 03/01/35 | $ | 2,700 | $ 2,679,807 |
5.00%, 03/01/45 | 2,780 | 2,647,960 | |
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 | 12,365 | 10,503,982 | |
Virginia College Building Authority, RB | |||
Series A, 4.00%, 02/01/42 | 5,180 | 5,116,225 | |
Series A, 4.00%, 02/01/44 | 5,000 | 4,886,774 | |
Virginia Commonwealth University Health System Authority, RB, Series A, 5.25%, 07/01/49 | 4,000 | 4,334,571 | |
Virginia Housing Development Authority, RB, M/F Housing, Series D, 3.90%, 10/01/48 | 10,000 | 8,641,354 | |
Virginia Housing Development Authority, RB, S/F Housing | |||
Series E-2, 4.40%, 10/01/44 | 680 | 665,442 | |
Series E-2, 4.55%, 10/01/49 | 1,965 | 1,918,635 | |
Virginia Small Business Financing Authority, RB | |||
AMT, 5.00%, 12/31/49 | 2,000 | 2,009,261 | |
AMT, 5.00%, 12/31/56 | 12,880 | 12,935,886 | |
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/29 | 175 | 171,987 | |
102,336,053 | |||
Washington — 2.6% | |||
County of King Washington Sewer Revenue, Refunding RB, Series A, 4.00%, 07/01/39 | 3,485 | 3,361,050 | |
Energy Northwest, Refunding RB, 5.00%, 07/01/41 | 5,235 | 5,647,201 | |
Mason County Public Hospital District No. 1, RB, 5.00%, 12/01/48 | 5,000 | 5,076,178 | |
Port of Seattle Washington, ARB, Series A, AMT, 4.00%, 05/01/43 | 5,000 | 4,561,585 | |
Seattle Housing Authority, Refunding RB, M/F Housing, 3.50%, 12/01/35 | 1,500 | 1,380,924 | |
Snohomish County School District No. 15 Edmonds, Refunding GO, (GTD), 12/01/42(d) | 4,000 | 4,384,167 | |
State of Washington, GO | |||
Series 2024-A, 5.00%, 08/01/43 | 24,025 | 26,251,726 | |
Series A-2, 5.00%, 08/01/42 | 3,105 | 3,377,665 | |
Series B, 5.00%, 02/01/43 | 2,325 | 2,535,259 | |
Series B, 5.00%, 06/01/47 | 6,675 | 7,184,045 | |
Series B, 5.00%, 06/01/48 | 16,270 | 17,480,698 | |
Series C, 5.00%, 02/01/46 | 10,000 | 10,873,461 | |
Series D, 5.00%, 06/01/46 | 7,000 | 7,621,428 | |
Washington State Housing Finance Commission, RB, Series A, 4.00%, 07/01/27(b) | 295 | 281,777 | |
100,017,164 | |||
Wisconsin — 0.6% | |||
Public Finance Authority, ARB | |||
AMT, 4.00%, 07/01/41 | 1,755 | 1,460,155 | |
AMT, 4.25%, 07/01/54 | 6,310 | 4,801,258 | |
Public Finance Authority, RB(b) | |||
6.00%, 06/15/24 | 135 | 134,888 | |
6.25%, 10/01/31(e)(f) | 1,285 | 179,900 | |
7.00%, 10/01/47(e)(f) | 1,285 | 179,900 | |
Class B, 7.00%, 12/01/30 | 1,825 | 1,724,330 | |
Series A, 7.00%, 11/01/46(e)(f) | 5,085 | 2,459,869 |
Security | Par (000) | Value | |
Wisconsin (continued) | |||
Public Finance Authority, RB(b) (continued) | |||
Series B, 5.50%, 06/15/25 | $ | 195 | $ 194,211 |
Public Finance Authority, Refunding RB | |||
Series B, 6.13%, 10/01/49(b) | 8,530 | 7,179,730 | |
AMT, 4.00%, 08/01/35 | 4,840 | 4,280,589 | |
Wisconsin Health & Educational Facilities Authority, RB, Series A, 5.75%, 08/15/59 | 1,575 | 1,592,042 | |
24,186,872 | |||
Total Municipal Bonds — 91.3% (Cost: $3,765,221,877) | 3,579,960,296 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(j) | |||
Florida — 1.7% | |||
County of Broward Florida Convention Center Hotel Revenue, RB, 5.00%, 01/01/47 | 33,830 | 35,620,931 | |
County of Miami-Dade Florida Transit System, RB | |||
5.00%, 07/01/48 | 13,815 | 14,533,708 | |
5.00%, 07/01/50 | 15,000 | 15,708,572 | |
65,863,211 | |||
Illinois — 0.3% | |||
Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/33 | 10,000 | 10,999,172 | |
Kentucky — 0.3% | |||
Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49 | 11,995 | 12,758,783 | |
Massachusetts — 0.9% | |||
Commonwealth of Massachusetts, GO | |||
Series C, 5.00%, 10/01/48 | 9,500 | 10,196,613 | |
Series D, 5.00%, 10/01/50 | 25,000 | 26,720,601 | |
36,917,214 | |||
Nebraska — 0.8% | |||
Omaha Public Power District, RB, Series A, 5.25%, 02/01/48 | 28,050 | 30,673,314 | |
New York — 0.3% | |||
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/50 | 12,000 | 12,806,160 | |
Texas — 0.5% | |||
Texas Water Development Board, RB, Series A, 5.00%, 10/15/44 | 16,930 | 18,264,701 | |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 4.8% (Cost: $183,283,927) | 188,282,555 | ||
Total Long-Term Investments — 96.9% (Cost: $3,985,425,804) | 3,801,157,382 |
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 3.5% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.26%(k)(l) | 137,858,519 | $ 137,872,305 |
Par (000) | |||
U.S. Treasury Obligations — 1.3% | |||
U.S. Treasury Bills, 5.36%, 06/11/24(m) | $ | 50,000 | 49,941,450 |
Total Short-Term Securities — 4.8% (Cost: $187,798,946) | 187,813,755 | ||
Total Investments — 101.7% (Cost: $4,173,224,750) | 3,988,971,137 | ||
Other Assets Less Liabilities — 0.9% | 35,331,105 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.6)% | (101,349,638 ) | ||
Net Assets — 100.0% | $ 3,922,952,604 |
(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) | Zero-coupon bond. |
(d) | When-issued security. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(h) | 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. |
(i) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(j) | 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. See Note 4 of the Notes to Financial Statements for details. |
(k) | Affiliate of the Fund. |
(l) | Annualized 7-day yield as of period end. |
(m) | Rates are discount rates or a range of discount rates as of period end. |
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 249,585,583 | $ — | $ (111,730,452 )(a) | $ 55,532 | $ (38,358 ) | $ 137,872,305 | 137,858,519 | $ 6,572,120 | $ — |
(a) | Represents net amount purchased (sold). |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 850 | 09/19/24 | $ 92,610 | $ (322,458 ) |
U.S. Long Bond | 613 | 09/19/24 | 71,395 | (270,680 ) |
5-Year U.S. Treasury Note | 538 | 09/30/24 | 56,999 | (174,929 ) |
$ (768,067 ) |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts(a) | $ — | $ — | $ — | $ — | $ 768,067 | $ — | $ 768,067 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 47,112,506 | $ — | $ 47,112,506 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ (3,198,099 ) | $ — | $ (3,198,099 ) |
Futures contracts: | |
Average notional value of contracts — long | $— (a) |
Average notional value of contracts — short | $615,173,342 |
(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Corporate Bonds | $ — | $ 32,914,531 | $ — | $ 32,914,531 |
Municipal Bonds | — | 3,579,960,296 | — | 3,579,960,296 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 188,282,555 | — | 188,282,555 |
Short-Term Securities | ||||
Money Market Funds | 137,872,305 | — | — | 137,872,305 |
U.S. Treasury Obligations | — | 49,941,450 | — | 49,941,450 |
Unfunded Commitments(a) | — | — | 66,552,404 | 66,552,404 |
$137,872,305 | $3,851,098,832 | $66,552,404 | $4,055,523,541 | |
Derivative Financial Instruments(b) | ||||
Liabilities | ||||
Interest Rate Contracts | $ (768,067 ) | $ — | $ — | $ (768,067 ) |
(a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Municipal Bonds | Unfunded Commitments | Total | |
Assets | |||
Opening balance, as of May 31, 2023 | $ 13,771,481 | $ — | $ 13,771,481 |
Transfers into Level 3 | — | — | — |
Transfers out of Level 3 | (13,771,481 ) | — | (13,771,481 ) |
Accrued discounts/premiums | — | — | — |
Net realized gain (loss) | — | — | — |
Net change in unrealized appreciation (depreciation)(a)(b) | — | 66,552,404 | 66,552,404 |
Purchases | — | — | — |
Sales | — | — | — |
Closing balance, as of May 31, 2024 | $ — | $ 66,552,404 | $ 66,552,404 |
Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2024(b) | $ — | $ 66,552,404 | $ 66,552,404 |
(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value | |
Assets | |||||
Unfunded Commitments | $66,552,404 | Income | Discount Rate | 10% - 10% | 10% |
$66,552,404 |
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
BlackRock California Municipal Opportunities Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Impact Municipal Fund | |
ASSETS | ||||
Investments, at value — unaffiliated(a) | $ 2,140,581,020 | $ 272,648,020 | $ 339,414,804 | $ 47,157,110 |
Investments, at value — affiliated(b) | 133,253,319 | 13,454,389 | 7,065,326 | 2,081,196 |
Cash pledged for futures contracts | 2,133,000 | — | — | 73,000 |
Receivables: | ||||
Investments sold | 2,080,556 | 180,000 | 305,000 | — |
Capital shares sold | 3,868,451 | 4,360,312 | 293,656 | — |
Dividends — affiliated | 446,450 | 41,276 | 32,762 | 6,285 |
Interest — unaffiliated | 21,472,164 | 3,965,426 | 4,796,237 | 645,568 |
Unrealized appreciation on unfunded commitments | 21,288,177 | — | — | — |
Prepaid expenses | 855,384 | 50,091 | 51,934 | 34,665 |
Total assets | 2,325,978,521 | 294,699,514 | 351,959,719 | 49,997,824 |
ACCRUED LIABILITIES | ||||
Payables: | ||||
Investments purchased | 14,569,928 | — | 5,997,139 | 875,000 |
Accounting services fees | 75,471 | 21,197 | 23,610 | 6,804 |
Administration fees | — | — | — | 1,778 |
Capital shares redeemed | 4,394,603 | 807,144 | 552,339 | 1,649 |
Custodian fees | 8,409 | 1,085 | 1,382 | 392 |
Income dividend distributions | 1,720,723 | 293,447 | 477,040 | 155,161 |
Interest expense and fees | 255,890 | — | — | — |
Investment advisory fees | 701,283 | 89,148 | 107,537 | 1,215 |
Trustees’ and Officer’s fees | 10,688 | 1,556 | 1,885 | 338 |
Other accrued expenses | 25,739 | 9,662 | 9,444 | 3,052 |
Professional fees | 65,789 | 64,985 | 72,667 | 63,426 |
Service and distribution fees | 168,005 | 30,124 | 28,466 | 35 |
Transfer agent fees | 213,373 | 37,929 | 50,236 | 81 |
Variation margin on futures contracts | 468,369 | — | — | 14,264 |
Total accrued liabilities | 22,678,270 | 1,356,277 | 7,321,745 | 1,123,195 |
OTHER LIABILITIES | ||||
TOB Trust Certificates | 17,659,983 | — | — | — |
Total liabilities | 40,338,253 | 1,356,277 | 7,321,745 | 1,123,195 |
Commitments and contingent liabilities | ||||
NET ASSETS | $ 2,285,640,268 | $ 293,343,237 | $ 344,637,974 | $ 48,874,629 |
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ 2,539,343,992 | $ 317,371,304 | $ 408,665,765 | $ 50,565,191 |
Accumulated loss | (253,703,724) | (24,028,067) | (64,027,791) | (1,690,562) |
NET ASSETS | $ 2,285,640,268 | $ 293,343,237 | $ 344,637,974 | $ 48,874,629 |
(a) Investments, at cost—unaffiliated | $2,220,882,868 | $275,511,715 | $351,988,309 | $47,997,821 |
(b) Investments, at cost—affiliated | $133,253,319 | $13,454,332 | $7,065,274 | $2,081,048 |
BlackRock California Municipal Opportunities Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Impact Municipal Fund | |
NET ASSET VALUE | ||||
Institutional | ||||
Net assets | $ 1,513,122,676 | $ 174,552,452 | $ 219,583,826 | $ 228,626 |
Shares outstanding | 127,523,624 | 17,228,935 | 22,696,701 | 23,739 |
Net asset value | $ 11.87 | $ 10.13 | $ 9.67 | $ 9.63 |
Shares authorized | Unlimited | Unlimited | Unlimited | 500 million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
Service | ||||
Net assets | N/A | $ 6,345,930 | $ 1,060,661 | N/A |
Shares outstanding | N/A | 626,359 | 109,509 | N/A |
Net asset value | N/A | $ 10.13 | $ 9.69 | N/A |
Shares authorized | N/A | Unlimited | Unlimited | N/A |
Par value | N/A | $0.10 | $0.10 | N/A |
Investor A | ||||
Net assets | $ 582,866,178 | $ 87,978,119 | $ 103,049,592 | $ 170,190 |
Shares outstanding | 49,164,816 | 8,676,698 | 10,639,347 | 17,660 |
Net asset value | $ 11.86 | $ 10.14 | $ 9.69 | $ 9.64 |
Shares authorized | Unlimited | Unlimited | Unlimited | 300 million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
Investor A1 | ||||
Net assets | $ 73,407,200 | $ 12,057,019 | $ 5,598,636 | N/A |
Shares outstanding | 6,186,522 | 1,188,671 | 577,779 | N/A |
Net asset value | $ 11.87 | $ 10.14 | $ 9.69 | N/A |
Shares authorized | Unlimited | Unlimited | Unlimited | N/A |
Par value | $0.10 | $0.10 | $0.10 | N/A |
Investor C | ||||
Net assets | $ 45,817,383 | $ 10,577,245 | $ 6,941,497 | N/A |
Shares outstanding | 3,860,936 | 1,044,266 | 716,807 | N/A |
Net asset value | $ 11.87 | $ 10.13 | $ 9.68 | N/A |
Shares authorized | Unlimited | Unlimited | Unlimited | N/A |
Par value | $0.10 | $0.10 | $0.10 | N/A |
Class K | ||||
Net assets | $ 70,426,831 | $ 1,832,472 | $ 8,403,762 | $ 48,475,813 |
Shares outstanding | 5,933,573 | 180,945 | 868,814 | 5,029,529 |
Net asset value | $ 11.87 | $ 10.13 | $ 9.67 | $ 9.64 |
Shares authorized | Unlimited | Unlimited | Unlimited | 500 million |
Par value | $0.10 | $0.10 | $0.10 | $0.10 |
BlackRock Strategic Municipal Opportunities Fund | |
ASSETS | |
Investments, at value — unaffiliated(a) | $ 3,851,098,832 |
Investments, at value — affiliated(b) | 137,872,305 |
Cash pledged for futures contracts | 5,000,000 |
Receivables: | |
Investments sold | 3,125,956 |
Capital shares sold | 4,933,357 |
Dividends — affiliated | 323,972 |
Interest — unaffiliated | 48,735,446 |
Unrealized appreciation on unfunded commitments | 66,552,404 |
Prepaid expenses | 2,607,919 |
Total assets | 4,120,250,191 |
ACCRUED LIABILITIES | |
Bank overdraft | 12,478 |
Payables: | |
Investments purchased | 79,440,546 |
Accounting services fees | 132,897 |
Capital shares redeemed | 9,130,413 |
Custodian fees | 18,183 |
Income dividend distributions | 3,556,688 |
Interest expense and fees | 984,645 |
Investment advisory fees | 1,586,172 |
Trustees’ and Officer’s fees | 138,753 |
Other accrued expenses | 73,590 |
Professional fees | 82,172 |
Proxy fees | 2,950 |
Service and distribution fees | 210,203 |
Transfer agent fees | 470,563 |
Variation margin on futures contracts | 1,092,341 |
Total accrued liabilities | 96,932,594 |
OTHER LIABILITIES | |
TOB Trust Certificates | 100,364,993 |
Total liabilities | 197,297,587 |
Commitments and contingent liabilities | |
NET ASSETS | $ 3,922,952,604 |
NET ASSETS CONSIST OF | |
Paid-in capital | $ 5,179,627,836 |
Accumulated loss | (1,256,675,232) |
NET ASSETS | $ 3,922,952,604 |
(a) Investments, at cost—unaffiliated | $4,035,352,686 |
(b) Investments, at cost—affiliated | $137,872,064 |
BlackRock Strategic Municipal Opportunities Fund | |
NET ASSET VALUE | |
Institutional | |
Net assets | $ 3,043,762,756 |
Shares outstanding | 292,405,362 |
Net asset value | $ 10.41 |
Shares authorized | Unlimited |
Par value | $0.10 |
Investor A | |
Net assets | $ 720,885,904 |
Shares outstanding | 69,283,551 |
Net asset value | $ 10.40 |
Shares authorized | Unlimited |
Par value | $0.10 |
Investor A1 | |
Net assets | $ 15,143,869 |
Shares outstanding | 1,455,010 |
Net asset value | $ 10.41 |
Shares authorized | Unlimited |
Par value | $0.10 |
Investor C | |
Net assets | $ 49,451,944 |
Shares outstanding | 4,750,002 |
Net asset value | $ 10.41 |
Shares authorized | Unlimited |
Par value | $0.10 |
Class K | |
Net assets | $ 93,708,131 |
Shares outstanding | 9,002,118 |
Net asset value | $ 10.41 |
Shares authorized | Unlimited |
Par value | $0.10 |
BlackRock California Municipal Opportunities Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock Pennsylvania Municipal Bond Fund | BlackRock Impact Municipal Fund | |
INVESTMENT INCOME | ||||
Dividends — affiliated | $4,726,956 | $495,743 | $334,697 | $57,999 |
Interest — unaffiliated | 83,199,670 | 11,820,550 | 14,330,362 | 1,941,224 |
Total investment income | 87,926,626 | 12,316,293 | 14,665,059 | 1,999,223 |
EXPENSES | ||||
Investment advisory | 8,602,312 | 1,536,963 | 1,890,099 | 217,289 |
Service and distribution — class specific | 2,134,649 | 378,785 | 363,593 | 331 |
Transfer agent — class specific | 1,354,489 | 226,399 | 405,252 | 360 |
Professional | 291,134 | 95,448 | 113,555 | 76,311 |
Accounting services | 241,987 | 64,274 | 71,407 | 20,626 |
Registration | 104,688 | 90,143 | 94,824 | 66,250 |
Trustees and Officer | 40,187 | 6,453 | 7,586 | 1,642 |
Printing and postage | 35,750 | 29,888 | 30,169 | 48,853 |
Proxy | 31,348 | 6,650 | 8,289 | 1,928 |
Custodian | 26,292 | 3,010 | 3,964 | 1,469 |
Administration | — | — | — | 20,522 |
Administration — class specific | — | — | — | 9,657 |
Miscellaneous | 83,573 | 26,817 | 27,626 | 12,920 |
Total expenses excluding interest expense | 12,946,409 | 2,464,830 | 3,016,364 | 478,158 |
Interest expense and fees — unaffiliated(a) | 1,775,774 | — | 91 | — |
Total expenses | 14,722,183 | 2,464,830 | 3,016,455 | 478,158 |
Less: | ||||
Administration fees waived | — | — | — | (3,151 ) |
Administration fees waived by the Manager — class specific | — | — | — | (9,626 ) |
Fees waived and/or reimbursed by the Manager | (348,381 ) | (463,093 ) | (457,483 ) | (206,680 ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | (265,162 ) | (84,564 ) | (236,644 ) | (251 ) |
Total expenses after fees waived and/or reimbursed | 14,108,640 | 1,917,173 | 2,322,328 | 258,450 |
Net investment income | 73,817,986 | 10,399,120 | 12,342,731 | 1,740,773 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (42,553,972 ) | (1,725,681 ) | (5,435,775 ) | (599,601 ) |
Investments — affiliated | 66,390 | 4,194 | 4,511 | 379 |
Futures contracts | 21,383,922 | — | — | 457,907 |
Payment by affiliate | 2,279 | — | — | — |
(21,101,381 ) | (1,721,487 ) | (5,431,264 ) | (141,315 ) | |
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 14,733,386 | 694,611 | 4,739,463 | 778,626 |
Investments — affiliated | (19,233 ) | (2,666 ) | (2,807 ) | (207 ) |
Foreign currency translations | (6 ) | — | — | — |
Futures contracts | (1,095,166 ) | — | — | 52,355 |
Unfunded commitments | 21,288,177 | — | — | — |
34,907,158 | 691,945 | 4,736,656 | 830,774 | |
Net realized and unrealized gain (loss) | 13,805,777 | (1,029,542 ) | (694,608 ) | 689,459 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $87,623,763 | $9,369,578 | $11,648,123 | $2,430,232 |
(a) All or a portion of is related to TOB Trusts. |
BlackRock Strategic Municipal Opportunities Fund | |
INVESTMENT INCOME | |
Dividends — affiliated | $6,572,120 |
Interest — unaffiliated | 170,069,041 |
Total investment income | 176,641,161 |
EXPENSES | |
Investment advisory | 22,750,028 |
Transfer agent — class specific | 3,562,000 |
Service and distribution — class specific | 2,667,576 |
Professional | 505,333 |
Accounting services | 394,652 |
Registration | 248,319 |
Proxy | 102,001 |
Trustees and Officer | 84,827 |
Printing and postage | 54,947 |
Custodian | 50,368 |
Miscellaneous | 147,177 |
Total expenses excluding interest expense | 30,567,228 |
Interest expense and fees — unaffiliated(a) | 3,016,795 |
Total expenses | 33,584,023 |
Less: | |
Fees waived and/or reimbursed by the Manager | (2,377,884 ) |
Total expenses after fees waived and/or reimbursed | 31,206,139 |
Net investment income | 145,435,022 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments — unaffiliated | (328,318,581 ) |
Investments — affiliated | 55,532 |
Futures contracts | 47,112,506 |
Payment by affiliate | 4,617 |
(281,145,926 ) | |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated | 206,183,564 |
Investments — affiliated | (38,358 ) |
Futures contracts | (3,198,099 ) |
Unfunded commitments | 66,552,404 |
269,499,511 | |
Net realized and unrealized loss | (11,646,415 ) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $133,788,607 |
(a) All or a portion of is related to TOB Trusts. |
BlackRock California Municipal Opportunities Fund | BlackRock New Jersey Municipal Bond Fund | |||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/24 | Year Ended 05/31/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||||
OPERATIONS | ||||
Net investment income | $73,817,986 | $72,467,128 | $10,399,120 | $10,368,294 |
Net realized loss | (21,101,381 ) | (81,035,207 ) | (1,721,487 ) | (9,386,074 ) |
Net change in unrealized appreciation (depreciation) | 34,907,158 | (2,793,898 ) | 691,945 | (1,372,460 ) |
Net increase (decrease) in net assets resulting from operations | 87,623,763 | (11,361,977 ) | 9,369,578 | (390,240 ) |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||
Institutional | (48,781,216 ) | (47,287,796 ) | (6,144,352 ) | (5,877,639 ) |
Service | — | — | (219,143 ) | (214,335 ) |
Investor A | (17,967,145 ) | (18,938,904 ) | (3,145,129 ) | (3,362,616 ) |
Investor A1 | (2,382,150 ) | (2,262,197 ) | (441,316 ) | (451,980 ) |
Investor C | (1,186,485 ) | (1,283,033 ) | (306,328 ) | (348,680 ) |
Class K | (2,413,479 ) | (2,191,985 ) | (77,868 ) | (79,862 ) |
Decrease in net assets resulting from distributions to shareholders | (72,730,475 ) | (71,963,915 ) | (10,334,136 ) | (10,335,112 ) |
CAPITAL SHARE TRANSACTIONS | ||||
Net decrease in net assets derived from capital share transactions | (261,395,347 ) | (419,640,427 ) | (8,198,135 ) | (31,860,802 ) |
NET ASSETS | ||||
Total decrease in net assets | (246,502,059 ) | (502,966,319 ) | (9,162,693 ) | (42,586,154 ) |
Beginning of year | 2,532,142,327 | 3,035,108,646 | 302,505,930 | 345,092,084 |
End of year | $2,285,640,268 | $2,532,142,327 | $293,343,237 | $302,505,930 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
BlackRock Pennsylvania Municipal Bond Fund | BlackRock Impact Municipal Fund | |||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/24 | Year Ended 05/31/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||||
OPERATIONS | ||||
Net investment income | $12,342,731 | $12,592,321 | $1,740,773 | $1,516,731 |
Net realized loss | (5,431,264 ) | (24,873,741 ) | (141,315 ) | (638,372 ) |
Net change in unrealized appreciation (depreciation) | 4,736,656 | 695,378 | 830,774 | (737,836 ) |
Net increase (decrease) in net assets resulting from operations | 11,648,123 | (11,586,042 ) | 2,430,232 | 140,523 |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||
Institutional | (8,028,690 ) | (8,259,921 ) | (6,953 ) | (4,088 ) |
Service | (34,160 ) | (30,318 ) | — | — |
Investor A | (3,551,558 ) | (3,583,608 ) | (4,395 ) | (3,066 ) |
Investor A1 | (204,345 ) | (212,195 ) | — | — |
Investor C | (201,361 ) | (241,670 ) | — | — |
Class K | (306,730 ) | (248,217 ) | (1,727,502 ) | (1,659,843 ) |
Decrease in net assets resulting from distributions to shareholders | (12,326,844 ) | (12,575,929 ) | (1,738,850 ) | (1,666,997 ) |
CAPITAL SHARE TRANSACTIONS | ||||
Net increase (decrease) in net assets derived from capital share transactions | (38,693,528 ) | (90,981,845 ) | 603,982 | 68,683 |
NET ASSETS | ||||
Total increase (decrease) in net assets | (39,372,249 ) | (115,143,816 ) | 1,295,364 | (1,457,791 ) |
Beginning of year | 384,010,223 | 499,154,039 | 47,579,265 | 49,037,056 |
End of year | $344,637,974 | $384,010,223 | $48,874,629 | $47,579,265 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
BlackRock Strategic Municipal Opportunities Fund | ||
Year Ended 05/31/24 | Year Ended 05/31/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||
OPERATIONS | ||
Net investment income | $145,435,022 | $165,357,411 |
Net realized loss | (281,145,926 ) | (516,639,186 ) |
Net change in unrealized appreciation (depreciation) | 269,499,511 | 170,372,790 |
Net increase (decrease) in net assets resulting from operations | 133,788,607 | (180,908,985 ) |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||
Institutional | (109,967,937 ) | (128,119,888 ) |
Investor A | (24,993,798 ) | (28,520,212 ) |
Investor A1 | (518,749 ) | (502,679 ) |
Investor C | (1,436,953 ) | (1,746,021 ) |
Class K | (4,512,265 ) | (3,417,734 ) |
Decrease in net assets resulting from distributions to shareholders | (141,429,702 ) | (162,306,534 ) |
CAPITAL SHARE TRANSACTIONS | ||
Net decrease in net assets derived from capital share transactions | (1,189,459,675 ) | (1,921,094,259 ) |
NET ASSETS | ||
Total decrease in net assets | (1,197,100,770 ) | (2,264,309,778 ) |
Beginning of year | 5,120,053,374 | 7,384,363,152 |
End of year | $3,922,952,604 | $5,120,053,374 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
BlackRock California Municipal Opportunities Fund | |||||
Institutional | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $11.74 | $12.05 | $13.08 | $12.21 | $12.71 |
Net investment income(a) | 0.38 | 0.33 | 0.25 | 0.25 | 0.27 |
Net realized and unrealized gain (loss) | 0.13 | (0.31 ) | (1.03 ) | 0.87 | (0.50 ) |
Net increase (decrease) from investment operations | 0.51 | 0.02 | (0.78 ) | 1.12 | (0.23 ) |
Distributions from net investment income(b) | (0.38 ) | (0.33 ) | (0.25 ) | (0.25 ) | (0.27 ) |
Net asset value, end of year | $11.87 | $11.74 | $12.05 | $13.08 | $12.21 |
Total Return(c) | |||||
Based on net asset value | 4.39 %(d) | 0.23 %(d) | (6.06 )% | 9.26 % | (1.85 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.55 % | 0.64 % | 0.49 % | 0.48 % | 0.57 %(f) |
Total expenses after fees waived and/or reimbursed | 0.52 % | 0.60 % | 0.47 % | 0.46 % | 0.55 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.44 % | 0.44 % | 0.44 % | 0.43 % | 0.43 % |
Net investment income | 3.25 % | 2.84 % | 1.95 % | 1.98 % | 2.13 % |
Supplemental Data | |||||
Net assets, end of year (000) | $1,513,123 | $1,646,282 | $1,907,899 | $1,922,918 | $1,865,633 |
Borrowings outstanding, end of year (000) | $17,660 | $83,195 | $147,795 | $143,145 | $148,145 |
Portfolio turnover rate | 77 % | 52 % | 82 % | 53 % | 117 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended May 31, 2020, the expense ratio would have been 0.56%. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock California Municipal Opportunities Fund (continued) | |||||
Investor A | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $11.73 | $12.04 | $13.07 | $12.19 | $12.70 |
Net investment income(a) | 0.35 | 0.31 | 0.22 | 0.22 | 0.24 |
Net realized and unrealized gain (loss) | 0.13 | (0.32 ) | (1.03 ) | 0.88 | (0.51 ) |
Net increase (decrease) from investment operations | 0.48 | (0.01 ) | (0.81 ) | 1.10 | (0.27 ) |
Distributions from net investment income(b) | (0.35 ) | (0.30 ) | (0.22 ) | (0.22 ) | (0.24 ) |
Net asset value, end of year | $11.86 | $11.73 | $12.04 | $13.07 | $12.19 |
Total Return(c) | |||||
Based on net asset value | 4.13 %(d) | (0.02 )%(d) | (6.30 )% | 9.09 % | (2.18 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.77 % | 0.87 % | 0.72 % | 0.72 % | 0.82 %(f) |
Total expenses after fees waived and/or reimbursed | 0.76 % | 0.85 % | 0.71 % | 0.71 % | 0.80 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.68 % | 0.68 % | 0.68 % | 0.68 % | 0.68 % |
Net investment income | 3.01 % | 2.60 % | 1.69 % | 1.74 % | 1.88 % |
Supplemental Data | |||||
Net assets, end of year (000) | $582,866 | $661,274 | $843,462 | $1,025,162 | $1,069,541 |
Borrowings outstanding, end of year (000) | $17,660 | $83,195 | $147,795 | $143,145 | $148,145 |
Portfolio turnover rate | 77 % | 52 % | 82 % | 53 % | 117 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock California Municipal Opportunities Fund (continued) | |||||
Investor A1 | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $11.74 | $12.05 | $13.08 | $12.20 | $12.71 |
Net investment income(a) | 0.37 | 0.32 | 0.24 | 0.24 | 0.26 |
Net realized and unrealized gain (loss) | 0.13 | (0.31 ) | (1.03 ) | 0.88 | (0.51 ) |
Net increase (decrease) from investment operations | 0.50 | 0.01 | (0.79 ) | 1.12 | (0.25 ) |
Distributions from net investment income(b) | (0.37 ) | (0.32 ) | (0.24 ) | (0.24 ) | (0.26 ) |
Net asset value, end of year | $11.87 | $11.74 | $12.05 | $13.08 | $12.20 |
Total Return(c) | |||||
Based on net asset value | 4.29 %(d) | 0.14 %(d) | (6.15 )% | 9.25 % | (2.01 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.62 % | 0.72 % | 0.57 % | 0.57 % | 0.65 %(f) |
Total expenses after fees waived and/or reimbursed | 0.61 % | 0.69 % | 0.56 % | 0.56 % | 0.63 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.53 % | 0.53 % | 0.53 % | 0.53 % | 0.51 % |
Net investment income | 3.16 % | 2.75 % | 1.85 % | 1.89 % | 2.08 % |
Supplemental Data | |||||
Net assets, end of year (000) | $73,407 | $78,960 | $88,442 | $103,726 | $103,229 |
Borrowings outstanding, end of year (000) | $17,660 | $83,195 | $147,795 | $143,145 | $148,145 |
Portfolio turnover rate | 77 % | 52 % | 82 % | 53 % | 117 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock California Municipal Opportunities Fund (continued) | |||||
Investor C | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $11.74 | $12.05 | $13.08 | $12.21 | $12.71 |
Net investment income(a) | 0.26 | 0.22 | 0.12 | 0.12 | 0.14 |
Net realized and unrealized gain (loss) | 0.13 | (0.31 ) | (1.03 ) | 0.87 | (0.50 ) |
Net increase (decrease) from investment operations | 0.39 | (0.09 ) | (0.91 ) | 0.99 | (0.36 ) |
Distributions from net investment income(b) | (0.26 ) | (0.22 ) | (0.12 ) | (0.12 ) | (0.14 ) |
Net asset value, end of year | $11.87 | $11.74 | $12.05 | $13.08 | $12.21 |
Total Return(c) | |||||
Based on net asset value | 3.35 %(d) | (0.77 )%(d) | (7.00 )% | 8.17 % | (2.82 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 1.54 % | 1.63 % | 1.48 % | 1.48 % | 1.57 %(f) |
Total expenses after fees waived and/or reimbursed | 1.52 % | 1.60 % | 1.47 % | 1.47 % | 1.56 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 1.44 % | 1.44 % | 1.44 % | 1.44 % | 1.43 % |
Net investment income | 2.25 % | 1.84 % | 0.93 % | 0.99 % | 1.14 % |
Supplemental Data | |||||
Net assets, end of year (000) | $45,817 | $62,713 | $84,141 | $107,235 | $144,972 |
Borrowings outstanding, end of year (000) | $17,660 | $83,195 | $147,795 | $143,145 | $148,145 |
Portfolio turnover rate | 77 % | 52 % | 82 % | 53 % | 117 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock California Municipal Opportunities Fund (continued) | |||||
Class K | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $11.74 | $12.05 | $13.08 | $12.21 | $12.71 |
Net investment income(a) | 0.39 | 0.34 | 0.26 | 0.26 | 0.28 |
Net realized and unrealized gain (loss) | 0.12 | (0.31 ) | (1.04 ) | 0.87 | (0.50 ) |
Net increase (decrease) from investment operations | 0.51 | 0.03 | (0.78 ) | 1.13 | (0.22 ) |
Distributions from net investment income(b) | (0.38 ) | (0.34 ) | (0.25 ) | (0.26 ) | (0.28 ) |
Net asset value, end of year | $11.87 | $11.74 | $12.05 | $13.08 | $12.21 |
Total Return(c) | |||||
Based on net asset value | 4.44 %(d) | 0.28 %(d) | (6.01 )% | 9.31 % | (1.80 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.48 % | 0.58 % | 0.43 % | 0.43 % | 0.51 %(f) |
Total expenses after fees waived and/or reimbursed | 0.47 % | 0.55 % | 0.42 % | 0.42 % | 0.50 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(g) | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.38 % |
Net investment income | 3.30 % | 2.87 % | 1.99 % | 2.02 % | 2.19 % |
Supplemental Data | |||||
Net assets, end of year (000) | $70,427 | $82,913 | $111,164 | $108,489 | $108,494 |
Borrowings outstanding, end of year (000) | $17,660 | $83,195 | $147,795 | $143,145 | $148,145 |
Portfolio turnover rate | 77 % | 52 % | 82 % | 53 % | 117 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(g) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund | |||||
Institutional | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.15 | $10.45 | $11.59 | $10.84 | $11.30 |
Net investment income(a) | 0.37 | 0.35 | 0.31 | 0.35 | 0.37 |
Net realized and unrealized gain (loss) | (0.02 ) | (0.30 ) | (1.15 ) | 0.75 | (0.46 ) |
Net increase (decrease) from investment operations | 0.35 | 0.05 | (0.84 ) | 1.10 | (0.09 ) |
Distributions from net investment income(b) | (0.37 ) | (0.35 ) | (0.30 ) | (0.35 ) | (0.37 ) |
Net asset value, end of year | $10.13 | $10.15 | $10.45 | $11.59 | $10.84 |
Total Return(c) | |||||
Based on net asset value | 3.46 % | 0.53 % | (7.37 )% | 10.23 % | (0.89 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.73 % | 0.75 % | 0.74 % | 0.73 % | 0.81 % |
Total expenses after fees waived and/or reimbursed | 0.52 % | 0.55 % | 0.56 % | 0.56 % | 0.63 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.52 % | 0.52 % | 0.52 % | 0.52 % | 0.52 % |
Net investment income | 3.64 % | 3.44 % | 2.70 % | 3.06 % | 3.27 % |
Supplemental Data | |||||
Net assets, end of year (000) | $174,552 | $168,721 | $190,069 | $215,903 | $188,512 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund (continued) | |||||
Service | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.15 | $10.45 | $11.59 | $10.84 | $11.30 |
Net investment income(a) | 0.34 | 0.32 | 0.27 | 0.32 | 0.34 |
Net realized and unrealized gain (loss) | (0.02 ) | (0.30 ) | (1.13 ) | 0.75 | (0.46 ) |
Net increase (decrease) from investment operations | 0.32 | 0.02 | (0.86 ) | 1.07 | (0.12 ) |
Distributions from net investment income(b) | (0.34 ) | (0.32 ) | (0.28 ) | (0.32 ) | (0.34 ) |
Net asset value, end of year | $10.13 | $10.15 | $10.45 | $11.59 | $10.84 |
Total Return(c) | |||||
Based on net asset value | 3.20 % | 0.28 % | (7.60 )% | 9.96 % | (1.13 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.96 % | 0.99 % | 0.96 % | 0.96 % | 1.02 % |
Total expenses after fees waived and/or reimbursed | 0.77 % | 0.80 % | 0.81 % | 0.81 % | 0.88 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.77 % | 0.77 % | 0.77 % | 0.77 % | 0.77 % |
Net investment income | 3.39 % | 3.19 % | 2.42 % | 2.77 % | 2.98 % |
Supplemental Data | |||||
Net assets, end of year (000) | $6,346 | $6,622 | $7,293 | $7,955 | $7,466 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund (continued) | |||||
Investor A | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.16 | $10.46 | $11.60 | $10.85 | $11.31 |
Net investment income(a) | 0.35 | 0.32 | 0.28 | 0.32 | 0.34 |
Net realized and unrealized gain (loss) | (0.03 ) | (0.30 ) | (1.14 ) | 0.75 | (0.46 ) |
Net increase (decrease) from investment operations | 0.32 | 0.02 | (0.86 ) | 1.07 | (0.12 ) |
Distributions from net investment income(b) | (0.34 ) | (0.32 ) | (0.28 ) | (0.32 ) | (0.34 ) |
Net asset value, end of year | $10.14 | $10.16 | $10.46 | $11.60 | $10.85 |
Total Return(c) | |||||
Based on net asset value | 3.21 % | 0.28 % | (7.59 )% | 9.96 % | (1.13 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.92 % | 0.95 % | 0.94 % | 0.93 % | 1.02 % |
Total expenses after fees waived and/or reimbursed | 0.77 % | 0.80 % | 0.81 % | 0.80 % | 0.88 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.77 % | 0.77 % | 0.77 % | 0.77 % | 0.77 % |
Net investment income | 3.40 % | 3.19 % | 2.45 % | 2.81 % | 3.01 % |
Supplemental Data | |||||
Net assets, end of year (000) | $87,978 | $99,046 | $112,909 | $128,040 | $106,048 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund (continued) | |||||
Investor A1 | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.17 | $10.47 | $11.60 | $10.85 | $11.31 |
Net investment income(a) | 0.36 | 0.34 | 0.29 | 0.34 | 0.36 |
Net realized and unrealized gain (loss) | (0.03 ) | (0.30 ) | (1.13 ) | 0.75 | (0.46 ) |
Net increase (decrease) from investment operations | 0.33 | 0.04 | (0.84 ) | 1.09 | (0.10 ) |
Distributions from net investment income(b) | (0.36 ) | (0.34 ) | (0.29 ) | (0.34 ) | (0.36 ) |
Net asset value, end of year | $10.14 | $10.17 | $10.47 | $11.60 | $10.85 |
Total Return(c) | |||||
Based on net asset value | 3.26 % | 0.44 % | (7.35 )% | 10.12 % | (0.97 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.78 % | 0.80 % | 0.79 % | 0.78 % | 0.85 % |
Total expenses after fees waived and/or reimbursed | 0.62 % | 0.65 % | 0.66 % | 0.65 % | 0.73 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.62 % | 0.62 % | 0.61 % | 0.62 % | 0.61 % |
Net investment income | 3.54 % | 3.34 % | 2.59 % | 2.96 % | 3.16 % |
Supplemental Data | |||||
Net assets, end of year (000) | $12,057 | $12,899 | $14,636 | $17,417 | $17,241 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund (continued) | |||||
Investor C | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.15 | $10.45 | $11.59 | $10.84 | $11.30 |
Net investment income(a) | 0.27 | 0.25 | 0.19 | 0.23 | 0.25 |
Net realized and unrealized gain (loss) | (0.03 ) | (0.30 ) | (1.14 ) | 0.75 | (0.45 ) |
Net increase (decrease) from investment operations | 0.24 | (0.05 ) | (0.95 ) | 0.98 | (0.20 ) |
Distributions from net investment income(b) | (0.26 ) | (0.25 ) | (0.19 ) | (0.23 ) | (0.26 ) |
Net asset value, end of year | $10.13 | $10.15 | $10.45 | $11.59 | $10.84 |
Total Return(c) | |||||
Based on net asset value | 2.43 % | (0.47 )% | (8.29 )% | 9.14 % | (1.87 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 1.69 % | 1.71 % | 1.70 % | 1.68 % | 1.76 % |
Total expenses after fees waived and/or reimbursed | 1.52 % | 1.55 % | 1.56 % | 1.56 % | 1.63 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 1.52 % | 1.52 % | 1.52 % | 1.52 % | 1.52 % |
Net investment income | 2.64 % | 2.44 % | 1.68 % | 2.06 % | 2.26 % |
Supplemental Data | |||||
Net assets, end of year (000) | $10,577 | $12,896 | $17,672 | $26,004 | $32,313 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock New Jersey Municipal Bond Fund (continued) | |||||
Class K | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.15 | $10.45 | $11.59 | $10.83 | $11.30 |
Net investment income(a) | 0.38 | 0.35 | 0.31 | 0.35 | 0.37 |
Net realized and unrealized gain (loss) | (0.03 ) | (0.30 ) | (1.14 ) | 0.76 | (0.47 ) |
Net increase (decrease) from investment operations | 0.35 | 0.05 | (0.83 ) | 1.11 | (0.10 ) |
Distributions from net investment income(b) | (0.37 ) | (0.35 ) | (0.31 ) | (0.35 ) | (0.37 ) |
Net asset value, end of year | $10.13 | $10.15 | $10.45 | $11.59 | $10.83 |
Total Return(c) | |||||
Based on net asset value | 3.51 % | 0.58 % | (7.32 )% | 10.39 % | (0.93 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.64 % | 0.66 % | 0.65 % | 0.64 % | 0.72 % |
Total expenses after fees waived and/or reimbursed | 0.47 % | 0.50 % | 0.51 % | 0.51 % | 0.58 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.47 % | 0.47 % | 0.47 % | 0.47 % | 0.47 % |
Net investment income | 3.69 % | 3.49 % | 2.75 % | 3.10 % | 3.32 % |
Supplemental Data | |||||
Net assets, end of year (000) | $1,832 | $2,322 | $2,513 | $2,902 | $2,075 |
Borrowings outstanding, end of year (000) | $— | $— | $16,739 | $17,972 | $22,054 |
Portfolio turnover rate | 10 % | 35 % | 20 % | 16 % | 21 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund | |||||
Institutional | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.69 | $10.18 | $11.29 | $10.75 | $11.11 |
Net investment income(a) | 0.34 | 0.30 | 0.27 | 0.33 | 0.38 |
Net realized and unrealized gain (loss) | (0.03 ) | (0.49 ) | (1.11 ) | 0.54 | (0.36 ) |
Net increase (decrease) from investment operations | 0.31 | (0.19 ) | (0.84 ) | 0.87 | 0.02 |
Distributions from net investment income(b) | (0.33 ) | (0.30 ) | (0.27 ) | (0.33 ) | (0.38 ) |
Net asset value, end of year | $9.67 | $9.69 | $10.18 | $11.29 | $10.75 |
Total Return(c) | |||||
Based on net asset value | 3.32 % | (1.82 )% | (7.56 )% | 8.20 % | 0.14 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.77 % | 0.79 % | 0.78 % | 0.79 % | 0.93 % |
Total expenses after fees waived and/or reimbursed | 0.54 % | 0.58 % | 0.59 % | 0.61 % | 0.75 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.54 % | 0.54 % | 0.54 % | 0.54 % | 0.54 % |
Net investment income | 3.49 % | 3.08 % | 2.47 % | 2.98 % | 3.44 % |
Supplemental Data | |||||
Net assets, end of year (000) | $219,584 | $240,595 | $325,614 | $403,080 | $370,399 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund (continued) | |||||
Service | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.70 | $10.19 | $11.30 | $10.76 | $11.13 |
Net investment income(a) | 0.31 | 0.28 | 0.24 | 0.30 | 0.35 |
Net realized and unrealized gain (loss) | (0.01 ) | (0.49 ) | (1.11 ) | 0.54 | (0.37 ) |
Net increase (decrease) from investment operations | 0.30 | (0.21 ) | (0.87 ) | 0.84 | (0.02 ) |
Distributions from net investment income(b) | (0.31 ) | (0.28 ) | (0.24 ) | (0.30 ) | (0.35 ) |
Net asset value, end of year | $9.69 | $9.70 | $10.19 | $11.30 | $10.76 |
Total Return(c) | |||||
Based on net asset value | 3.17 % | (2.05 )% | (7.79 )% | 7.93 % | (0.20 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.94 % | 0.99 % | 0.98 % | 0.97 % | 1.14 % |
Total expenses after fees waived and/or reimbursed | 0.79 % | 0.82 % | 0.84 % | 0.86 % | 1.00 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.79 % | 0.79 % | 0.79 % | 0.79 % | 0.79 % |
Net investment income | 3.24 % | 2.85 % | 2.21 % | 2.72 % | 3.19 % |
Supplemental Data | |||||
Net assets, end of year (000) | $1,061 | $1,067 | $1,350 | $2,367 | $1,986 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund (continued) | |||||
Investor A | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.70 | $10.19 | $11.30 | $10.76 | $11.13 |
Net investment income(a) | 0.31 | 0.28 | 0.25 | 0.30 | 0.35 |
Net realized and unrealized gain (loss) | (0.01 ) | (0.49 ) | (1.11 ) | 0.54 | (0.37 ) |
Net increase (decrease) from investment operations | 0.30 | (0.21 ) | (0.86 ) | 0.84 | (0.02 ) |
Distributions from net investment income(b) | (0.31 ) | (0.28 ) | (0.25 ) | (0.30 ) | (0.35 ) |
Net asset value, end of year | $9.69 | $9.70 | $10.19 | $11.30 | $10.76 |
Total Return(c) | |||||
Based on net asset value | 3.17 % | (2.05 )% | (7.78 )% | 7.93 % | (0.20 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.91 % | 0.93 % | 0.93 % | 0.94 % | 1.09 % |
Total expenses after fees waived and/or reimbursed | 0.78 % | 0.82 % | 0.83 % | 0.85 % | 1.00 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.78 % | 0.78 % | 0.78 % | 0.78 % | 0.79 % |
Net investment income | 3.25 % | 2.84 % | 2.23 % | 2.72 % | 3.19 % |
Supplemental Data | |||||
Net assets, end of year (000) | $103,050 | $117,457 | $142,514 | $161,081 | $131,336 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund (continued) | |||||
Investor A1 | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.71 | $10.20 | $11.30 | $10.77 | $11.13 |
Net investment income(a) | 0.33 | 0.29 | 0.26 | 0.32 | 0.37 |
Net realized and unrealized gain (loss) | (0.02 ) | (0.49 ) | (1.10 ) | 0.53 | (0.36 ) |
Net increase (decrease) from investment operations | 0.31 | (0.20 ) | (0.84 ) | 0.85 | 0.01 |
Distributions from net investment income(b) | (0.33 ) | (0.29 ) | (0.26 ) | (0.32 ) | (0.37 ) |
Net asset value, end of year | $9.69 | $9.71 | $10.20 | $11.30 | $10.77 |
Total Return(c) | |||||
Based on net asset value | 3.22 % | (1.91 )% | (7.56 )% | 7.99 % | 0.04 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.81 % | 0.83 % | 0.81 % | 0.82 % | 0.96 % |
Total expenses after fees waived and/or reimbursed | 0.64 % | 0.68 % | 0.69 % | 0.71 % | 0.85 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.64 % | 0.64 % | 0.64 % | 0.64 % | 0.64 % |
Net investment income | 3.39 % | 2.99 % | 2.37 % | 2.88 % | 3.34 % |
Supplemental Data | |||||
Net assets, end of year (000) | $5,599 | $6,354 | $7,651 | $8,925 | $9,462 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund (continued) | |||||
Investor C | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.70 | $10.19 | $11.30 | $10.76 | $11.12 |
Net investment income(a) | 0.24 | 0.20 | 0.16 | 0.22 | 0.27 |
Net realized and unrealized gain (loss) | (0.02 ) | (0.49 ) | (1.11 ) | 0.54 | (0.36 ) |
Net increase (decrease) from investment operations | 0.22 | (0.29 ) | (0.95 ) | 0.76 | (0.09 ) |
Distributions from net investment income(b) | (0.24 ) | (0.20 ) | (0.16 ) | (0.22 ) | (0.27 ) |
Net asset value, end of year | $9.68 | $9.70 | $10.19 | $11.30 | $10.76 |
Total Return(c) | |||||
Based on net asset value | 2.29 % | (2.79 )% | (8.48 )% | 7.12 % | (0.85 )% |
Ratios to Average Net Assets(d) | |||||
Total expenses | 1.71 % | 1.73 % | 1.70 % | 1.71 % | 1.85 % |
Total expenses after fees waived and/or reimbursed | 1.54 % | 1.58 % | 1.59 % | 1.61 % | 1.75 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 1.54 % | 1.54 % | 1.54 % | 1.54 % | 1.54 % |
Net investment income | 2.49 % | 2.08 % | 1.47 % | 2.00 % | 2.44 % |
Supplemental Data | |||||
Net assets, end of year (000) | $6,941 | $10,190 | $14,249 | $20,866 | $29,078 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Pennsylvania Municipal Bond Fund (continued) | |||||
Class K | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $9.69 | $10.18 | $11.29 | $10.75 | $11.11 |
Net investment income(a) | 0.34 | 0.31 | 0.28 | 0.33 | 0.38 |
Net realized and unrealized gain (loss) | (0.02 ) | (0.49 ) | (1.11 ) | 0.55 | (0.35 ) |
Net increase (decrease) from investment operations | 0.32 | (0.18 ) | (0.83 ) | 0.88 | 0.03 |
Distributions from net investment income(b) | (0.34 ) | (0.31 ) | (0.28 ) | (0.34 ) | (0.39 ) |
Net asset value, end of year | $9.67 | $9.69 | $10.18 | $11.29 | $10.75 |
Total Return(c) | |||||
Based on net asset value | 3.37 % | (1.77 )% | (7.52 )% | 8.25 % | 0.19 % |
Ratios to Average Net Assets(d) | |||||
Total expenses | 0.63 % | 0.65 % | 0.64 % | 0.65 % | 0.80 % |
Total expenses after fees waived and/or reimbursed | 0.49 % | 0.53 % | 0.54 % | 0.56 % | 0.70 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense(e) | 0.49 % | 0.49 % | 0.49 % | 0.49 % | 0.49 % |
Net investment income | 3.54 % | 3.15 % | 2.53 % | 3.01 % | 3.48 % |
Supplemental Data | |||||
Net assets, end of year (000) | $8,404 | $8,347 | $7,776 | $6,334 | $3,982 |
Borrowings outstanding, end of year (000) | $— | $— | $29,938 | $49,169 | $64,784 |
Portfolio turnover rate | 18 % | 46 % | 27 % | 27 % | 26 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Impact Municipal Fund | |||
Institutional | |||
Year Ended 05/31/24 | Year Ended 05/31/23 | Period from 03/14/22(a) to 05/31/22 | |
Net asset value, beginning of period | $9.50 | $9.81 | $10.00 |
Net investment income(b) | 0.34 | 0.30 | 0.03 |
Net realized and unrealized gain (loss) | 0.13 | (0.28 ) | (0.19 ) |
Net increase (decrease) from investment operations | 0.47 | 0.02 | (0.16 ) |
Distributions(c) | |||
From net investment income | (0.34 ) | (0.30 ) | (0.03 ) |
From net realized gain | — | (0.03 ) | — |
Total distributions | (0.34 ) | (0.33 ) | (0.03 ) |
Net asset value, end of period | $9.63 | $9.50 | $9.81 |
Total Return(d) | |||
Based on net asset value | 5.01 % | 0.27 % | (1.61 )%(e) |
Ratios to Average Net Assets(f) | |||
Total expenses | 1.08 % | 1.30 %(g) | 1.13 %(h)(i)(j) |
Total expenses after fees waived and/or reimbursed | 0.58 % | 0.57 % | 0.58 %(i) |
Net investment income | 3.56 % | 3.16 % | 1.44 %(i) |
Supplemental Data | |||
Net assets, end of period (000) | $229 | $122 | $98 |
Portfolio turnover rate | 18 % | 36 % | — % |
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 1.04%. |
(h) | Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 1.05%. |
(i) | Annualized. |
(j) | Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.77%. |
BlackRock Impact Municipal Fund (continued) | |||
Investor A | |||
Year Ended 05/31/24 | Year Ended 05/31/23 | Period from 03/14/22(a) to 05/31/22 | |
Net asset value, beginning of period | $9.50 | $9.81 | $10.00 |
Net investment income(b) | 0.32 | 0.28 | 0.02 |
Net realized and unrealized gain (loss) | 0.14 | (0.28 ) | (0.19 ) |
Net increase (decrease) from investment operations | 0.46 | — | (0.17 ) |
Distributions(c) | |||
From net investment income | (0.32 ) | (0.28 ) | (0.02 ) |
From net realized gain | — | (0.03 ) | — |
Total distributions | (0.32 ) | (0.31 ) | (0.02 ) |
Net asset value, end of period | $9.64 | $9.50 | $9.81 |
Total Return(d) | |||
Based on net asset value | 4.88 % | 0.03 % | (1.66 )%(e) |
Ratios to Average Net Assets(f) | |||
Total expenses | 1.27 % | 1.60 %(g) | 1.37 %(h)(i)(j) |
Total expenses after fees waived and/or reimbursed | 0.81 % | 0.81 % | 0.83 %(i) |
Net investment income | 3.32 % | 2.92 % | 1.19 %(i) |
Supplemental Data | |||
Net assets, end of period (000) | $170 | $97 | $98 |
Portfolio turnover rate | 18 % | 36 % | — % |
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 1.34%. |
(h) | Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 1.30%. |
(i) | Annualized. |
(j) | Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.02%. |
BlackRock Impact Municipal Fund (continued) | |||
Class K | |||
Year Ended 05/31/24 | Year Ended 05/31/23 | Period from 03/14/22(a) to 05/31/22 | |
Net asset value, beginning of period | $9.50 | $9.81 | $10.00 |
Net investment income(b) | 0.35 | 0.30 | 0.03 |
Net realized and unrealized gain (loss) | 0.13 | (0.28 ) | (0.19 ) |
Net increase (decrease) from investment operations | 0.48 | 0.02 | (0.16 ) |
Distributions(c) | |||
From net investment income | (0.34 ) | (0.30 ) | (0.03 ) |
From net realized gain | — | (0.03 ) | — |
Total distributions | (0.34 ) | (0.33 ) | (0.03 ) |
Net asset value, end of period | $9.64 | $9.50 | $9.81 |
Total Return(d) | |||
Based on net asset value | 5.17 % | 0.31 % | (1.60 )%(e) |
Ratios to Average Net Assets(f) | |||
Total expenses | 0.99 % | 1.23 %(g) | 0.75 %(h)(i)(j) |
Total expenses after fees waived and/or reimbursed | 0.53 % | 0.53 % | 0.53 %(i) |
Net investment income | 3.61 % | 3.20 % | 1.50 %(i) |
Supplemental Data | |||
Net assets, end of period (000) | $48,476 | $47,360 | $48,841 |
Portfolio turnover rate | 18 % | 36 % | — % |
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | Where applicable, assumes the reinvestment of distributions. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Includes non-recurring expenses of offering costs. Without these costs, total expenses would have been 0.96%. |
(h) | Includes non-recurring expenses of organization and offering costs. Without these costs, total expenses would have been 1.30%. |
(i) | Annualized. |
(j) | Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.40%. |
BlackRock Strategic Municipal Opportunities Fund | |||||
Institutional | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.36 | $10.84 | $11.95 | $10.90 | $11.70 |
Net investment income(a) | 0.35 | 0.29 | 0.25 | 0.27 | 0.29 |
Net realized and unrealized gain (loss) | 0.04 | (0.48 ) | (1.11 ) | 1.04 | (0.80 ) |
Net increase (decrease) from investment operations | 0.39 | (0.19 ) | (0.86 ) | 1.31 | (0.51 ) |
Distributions from net investment income(b) | (0.34 ) | (0.29 ) | (0.25 ) | (0.26 ) | (0.29 ) |
Net asset value, end of year | $10.41 | $10.36 | $10.84 | $11.95 | $10.90 |
Total Return(c) | |||||
Based on net asset value | 3.85 %(d) | (1.74 )%(d) | (7.34 )% | 12.18 % | (4.46 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.72 % | 0.83 % | 0.67 % | 0.67 % | 0.75 % |
Total expenses after fees waived and/or reimbursed | 0.66 % | 0.77 % | 0.63 % | 0.61 % | 0.70 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.60 % | 0.59 % | 0.55 % | 0.55 % | 0.54 % |
Net investment income | 3.38 % | 2.80 % | 2.10 % | 2.32 % | 2.53 % |
Supplemental Data | |||||
Net assets, end of year (000) | $3,043,763 | $3,992,499 | $5,736,839 | $6,514,428 | $6,827,755 |
Borrowings outstanding, end of year (000) | $100,365 | $103,390 | $745,620 | $764,712 | $869,463 |
Portfolio turnover rate | 70 % | 51 % | 106 % | 100 % | 119 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Strategic Municipal Opportunities Fund (continued) | |||||
Investor A | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.35 | $10.83 | $11.94 | $10.90 | $11.69 |
Net investment income(a) | 0.33 | 0.27 | 0.22 | 0.24 | 0.27 |
Net realized and unrealized gain (loss) | 0.04 | (0.48 ) | (1.11 ) | 1.04 | (0.79 ) |
Net increase (decrease) from investment operations | 0.37 | (0.21 ) | (0.89 ) | 1.28 | (0.52 ) |
Distributions from net investment income(b) | (0.32 ) | (0.27 ) | (0.22 ) | (0.24 ) | (0.27 ) |
Net asset value, end of year | $10.40 | $10.35 | $10.83 | $11.94 | $10.90 |
Total Return(c) | |||||
Based on net asset value | 3.64 %(d) | (1.95 )%(d) | (7.55 )% | 11.83 % | (4.59 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.92 % | 1.04 % | 0.89 % | 0.89 % | 0.98 % |
Total expenses after fees waived and/or reimbursed | 0.87 % | 0.98 % | 0.85 % | 0.84 % | 0.92 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.80 % | 0.80 % | 0.77 % | 0.77 % | 0.76 % |
Net investment income | 3.18 % | 2.60 % | 1.88 % | 2.10 % | 2.31 % |
Supplemental Data | |||||
Net assets, end of year (000) | $720,886 | $938,420 | $1,367,516 | $1,717,910 | $1,871,557 |
Borrowings outstanding, end of year (000) | $100,365 | $103,390 | $745,620 | $764,712 | $869,463 |
Portfolio turnover rate | 70 % | 51 % | 106 % | 100 % | 119 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Strategic Municipal Opportunities Fund (continued) | |||||
Investor A1 | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.35 | $10.83 | $11.94 | $10.90 | $11.70 |
Net investment income(a) | 0.34 | 0.29 | 0.24 | 0.26 | 0.29 |
Net realized and unrealized gain (loss) | 0.05 | (0.49 ) | (1.11 ) | 1.03 | (0.81 ) |
Net increase (decrease) from investment operations | 0.39 | (0.20 ) | (0.87 ) | 1.29 | (0.52 ) |
Distributions from net investment income(b) | (0.33 ) | (0.28 ) | (0.24 ) | (0.25 ) | (0.28 ) |
Net asset value, end of year | $10.41 | $10.35 | $10.83 | $11.94 | $10.90 |
Total Return(c) | |||||
Based on net asset value | 3.88 %(d) | (1.81 )%(d) | (7.42 )% | 11.99 % | (4.52 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.79 % | 0.90 % | 0.74 % | 0.75 % | 0.82 % |
Total expenses after fees waived and/or reimbursed | 0.73 % | 0.84 % | 0.71 % | 0.69 % | 0.76 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.66 % | 0.66 % | 0.63 % | 0.63 % | 0.60 % |
Net investment income | 3.33 % | 2.75 % | 2.03 % | 2.25 % | 2.48 % |
Supplemental Data | |||||
Net assets, end of year (000) | $15,144 | $16,987 | $21,176 | $24,645 | $23,881 |
Borrowings outstanding, end of year (000) | $100,365 | $103,390 | $745,620 | $764,712 | $869,463 |
Portfolio turnover rate | 70 % | 51 % | 106 % | 100 % | 119 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Strategic Municipal Opportunities Fund (continued) | |||||
Investor C | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.36 | $10.84 | $11.95 | $10.90 | $11.70 |
Net investment income(a) | 0.25 | 0.19 | 0.13 | 0.15 | 0.18 |
Net realized and unrealized gain (loss) | 0.04 | (0.48 ) | (1.11 ) | 1.05 | (0.80 ) |
Net increase (decrease) from investment operations | 0.29 | (0.29 ) | (0.98 ) | 1.20 | (0.62 ) |
Distributions from net investment income(b) | (0.24 ) | (0.19 ) | (0.13 ) | (0.15 ) | (0.18 ) |
Net asset value, end of year | $10.41 | $10.36 | $10.84 | $11.95 | $10.90 |
Total Return(c) | |||||
Based on net asset value | 2.84 %(d) | (2.70 )%(d) | (8.25 )% | 11.07 % | (5.39 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 1.70 % | 1.81 % | 1.65 % | 1.66 % | 1.73 % |
Total expenses after fees waived and/or reimbursed | 1.65 % | 1.75 % | 1.61 % | 1.61 % | 1.68 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 1.58 % | 1.57 % | 1.53 % | 1.54 % | 1.52 % |
Net investment income | 2.39 % | 1.82 % | 1.11 % | 1.35 % | 1.56 % |
Supplemental Data | |||||
Net assets, end of year (000) | $49,452 | $78,322 | $134,639 | $184,220 | $271,382 |
Borrowings outstanding, end of year (000) | $100,365 | $103,390 | $745,620 | $764,712 | $869,463 |
Portfolio turnover rate | 70 % | 51 % | 106 % | 100 % | 119 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
BlackRock Strategic Municipal Opportunities Fund (continued) | |||||
Class K | |||||
Year Ended 05/31/24 | Year Ended 05/31/23 | Year Ended 05/31/22 | Year Ended 05/31/21 | Year Ended 05/31/20 | |
Net asset value, beginning of year | $10.36 | $10.84 | $11.95 | $10.90 | $11.70 |
Net investment income(a) | 0.35 | 0.30 | 0.25 | 0.27 | 0.30 |
Net realized and unrealized gain (loss) | 0.05 | (0.48 ) | (1.11 ) | 1.05 | (0.80 ) |
Net increase (decrease) from investment operations | 0.40 | (0.18 ) | (0.86 ) | 1.32 | (0.50 ) |
Distributions from net investment income(b) | (0.35 ) | (0.30 ) | (0.25 ) | (0.27 ) | (0.30 ) |
Net asset value, end of year | $10.41 | $10.36 | $10.84 | $11.95 | $10.90 |
Total Return(c) | |||||
Based on net asset value | 3.94 %(d) | (1.66 )%(d) | (7.28 )% | 12.24 % | (4.39 )% |
Ratios to Average Net Assets(e) | |||||
Total expenses | 0.64 % | 0.75 % | 0.60 % | 0.61 % | 0.69 % |
Total expenses after fees waived and/or reimbursed | 0.58 % | 0.70 % | 0.56 % | 0.56 % | 0.63 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees(f) | 0.51 % | 0.51 % | 0.48 % | 0.49 % | 0.47 % |
Net investment income | 3.44 % | 2.88 % | 2.16 % | 2.37 % | 2.59 % |
Supplemental Data | |||||
Net assets, end of year (000) | $93,708 | $93,826 | $124,194 | $168,801 | $162,366 |
Borrowings outstanding, end of year (000) | $100,365 | $103,390 | $745,620 | $764,712 | $869,463 |
Portfolio turnover rate | 70 % | 51 % | 106 % | 100 % | 119 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details. |
Registrant Name | Fund Name | Herein Referred To As | Diversification Classification |
BlackRock California Municipal Series Trust | BlackRock California Municipal Opportunities Fund | California Municipal Opportunities | Diversified |
BlackRock Multi-State Municipal Series Trust | BlackRock New Jersey Municipal Bond Fund | New Jersey Municipal Bond | Non-diversified |
BlackRock Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond | Non-diversified | |
BlackRock Municipal Bond Fund, Inc. | BlackRock Impact Municipal Fund | Impact Municipal | Diversified |
BlackRock Municipal Series Trust | BlackRock Strategic Municipal Opportunities Fund | Strategic Municipal Opportunities | Diversified |
Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
Institutional, Service and Class K Shares | No | No | None |
Investor A Shares | Yes | No(a) | None |
Investor A1 Shares | No(b) | No(c) | None |
Investor C Shares | No | Yes(d) | To Investor A Shares after approximately 8 years |
(a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
(b) | Investor A1 Shares are subject to a maximum sales charge on purchases of 4.00% for all Funds other than Strategic Municipal Opportunities, which is subject to a maximum sales charge of 1.00%. The sales charge does not apply to dividend and capital gain reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans or, for California Municipal Opportunities only, fee based programs previously approved by the Fund, which are currently the only investors who may invest in Investor A1 Shares. |
(c) | Investor A1 Shares may be subject to CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders and, for California Municipal Opportunities only, fee based programs previously approved by the Fund. |
(d) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
(ii) | recapitalizations and other transactions across the capital structure; and | |
(iii) | market multiples of comparable issuers. | |
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
(ii) | quoted prices for similar investments or assets in active markets; and | |
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |
(iii) | relevant news and other public sources; and | |
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
Fund Name | Investment Name | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation) |
California Municipal Opportunities | Puerto Rico Electric Power Authority, Series B-1 | $14,519,362 | $ 14,519,362 | $17,161,202 | $ 2,641,840 |
Puerto Rico Electric Power Authority, Series B-2 | 70,284,037 | 70,284,037 | 88,930,374 | 18,646,337 | |
$ 21,288,177 | |||||
Strategic Municipal Opportunities | Puerto Rico Electric Power Authority, Series B-1 | $45,391,319 | $ 45,391,319 | $53,650,404 | 8,259,085 |
Puerto Rico Electric Power Authority, Series B-2 | 219,726,262 | 219,726,262 | 278,019,581 | 58,293,319 | |
$ 66,552,404 |
Fund Name | Interest Expense | Liquidity Fees | Other Expenses | Total |
California Municipal Opportunities | $ 1,560,092 | $ 156,087 | $ 58,255 | $ 1,774,434 |
Strategic Municipal Opportunities | 2,606,242 | 282,602 | 82,364 | 2,971,208 |
Fund Name | Underlying Municipal Bonds Transferred to TOB Trusts(a) | Liability for TOB Trust Certificates(b) | Range of Interest Rates on TOB Trust Certificates at Period End | Average TOB Trust Certificates Outstanding | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
California Municipal Opportunities | $ 38,084,536 | $ 17,659,983 | 3.38% — 3.38% | $ 44,179,024 | 4.02 % |
Strategic Municipal Opportunities | 188,282,555 | 100,364,993 | 3.36 — 3.46 | 75,112,535 | 3.96 |
(a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. |
(b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at May 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at May 31, 2024. |
Investment Advisory Fees | |||||
Average Daily Net Assets | California Municipal Opportunities | New Jersey Municipal Bond | Pennsylvania Municipal Bond | Impact Municipal | Strategic Municipal Opportunities |
First $1 billion | 0.38 % | 0.52 % | 0.52 % | 0.45 % | 0.55 % |
$1 billion — $3 billion | 0.36 | 0.49 | 0.49 | 0.42 | 0.52 |
$3 billion — $5 billion | 0.34 | 0.47 | 0.47 | 0.41 | 0.50 |
$5 billion — $10 billion | 0.33 | 0.45 | 0.45 | 0.39 | 0.48 |
Greater than $10 billion | 0.32 | 0.44 | 0.44 | 0.38 | 0.47 |
California Municipal Opportunities | New Jersey Municipal Bond | Pennsylvania Municipal Bond | Impact Municipal | Strategic Municipal Opportunities | ||||||
Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
Service | N/A | N/A | 0.25 % | N/A | 0.25 % | N/A | N/A | N/A | N/A | N/A |
Investor A | 0.25 % | N/A | 0.25 | N/A | 0.25 | N/A | 0.25 % | N/A | 0.25 % | N/A |
Investor A1 | 0.10 | N/A | 0.10 | N/A | 0.10 | N/A | N/A | N/A | 0.10 | N/A |
Investor C | 0.25 | 0.75 % | 0.25 | 0.75 % | 0.25 | 0.75 % | N/A | N/A | 0.25 | 0.75 % |
Fund Name | Service | Investor A | Investor A1 | Investor C | Total |
California Municipal Opportunities | $ — | $ 1,516,944 | $ 76,412 | $ 541,293 | $ 2,134,649 |
New Jersey Municipal Bond | 16,249 | 232,895 | 12,529 | 117,112 | 378,785 |
Pennsylvania Municipal Bond | 2,637 | 273,680 | 6,032 | 81,244 | 363,593 |
Impact Municipal | — | 331 | — | — | 331 |
Strategic Municipal Opportunities | — | 2,023,938 | 16,038 | 627,600 | 2,667,576 |
Average Daily Net Assets | Administration Fees |
First $500 million | 0.0425 % |
$500 million — $1 billion | 0.0400 |
$1 billion — $2 billion | 0.0375 |
$2 billion — $4 billion | 0.0350 |
$4 billion — $13 billion | 0.0325 |
Greater than $13 billion | 0.0300 |
Fund Name | Institutional | Investor A | Class K | Total |
Impact Municipal | $ 39 | $ 26 | $ 9,592 | $ 9,657 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
California Municipal Opportunities | $ 3,550 | $ — | $ 2,497 | $ 1,443 | $ 349 | $ 150 | $ 7,989 |
New Jersey Municipal Bond | 541 | 1,122 | 979 | 376 | 181 | 49 | 3,248 |
Pennsylvania Municipal Bond | 421 | 64 | 1,068 | 376 | 271 | 22 | 2,222 |
Impact Municipal | 74 | — | 35 | — | — | 133 | 242 |
Strategic Municipal Opportunities | 4,905 | — | 3,401 | 171 | 692 | 419 | 9,588 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
California Municipal Opportunities | $ 1,039,232 | $ — | $ 254,383 | $ 29,805 | $ 29,295 | $ 1,774 | $ 1,354,489 |
New Jersey Municipal Bond | 164,684 | 5,509 | 41,731 | 6,880 | 7,307 | 288 | 226,399 |
Pennsylvania Municipal Bond | 345,071 | 723 | 45,936 | 5,259 | 7,689 | 574 | 405,252 |
Impact Municipal | 181 | — | 46 | — | — | 133 | 360 |
Strategic Municipal Opportunities | 3,149,246 | — | 353,736 | 9,909 | 44,327 | 4,782 | 3,562,000 |
Fund Name | Investor A |
California Municipal Opportunities | $ 620 |
New Jersey Municipal Bond | 327 |
Pennsylvania Municipal Bond | 1,901 |
Impact Municipal | 27 |
Strategic Municipal Opportunities | 1,082 |
Fund Name | Investor A | Investor C |
California Municipal Opportunities | $ 30,475 | $ 1,321 |
New Jersey Municipal Bond | 2,600 | 398 |
Pennsylvania Municipal Bond | 1,319 | 8 |
Strategic Municipal Opportunities | 61,409 | 3,207 |
Fund Name | Fees Waived and/or Reimbursed by the Manager |
California Municipal Opportunities | $ 163,743 |
New Jersey Municipal Bond | 14,384 |
Pennsylvania Municipal Bond | 9,872 |
Impact Municipal | 1,695 |
Strategic Municipal Opportunities | 192,608 |
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K |
California Municipal Opportunities | 0.44 % | — % | 0.69 % | 0.54 % | 1.44 % | 0.39 % |
New Jersey Municipal Bond | 0.52 | 0.77 | 0.77 | 0.62 | 1.52 | 0.47 |
Pennsylvania Municipal Bond | 0.54 | 0.79 | 0.79 | 0.64 | 1.54 | 0.49 |
Impact Municipal | 0.58 | — | 0.83 | — | — | 0.53 |
Fund Name | Fees Waived and/or Reimbursed by the Manager |
California Municipal Opportunities | $ 184,638 |
New Jersey Municipal Bond | 448,709 |
Pennsylvania Municipal Bond | 447,611 |
Impact Municipal | 204,985 |
Administration Fees Waived by the Manager- Class Specific | ||||
Fund Name | Institutional | Investor A | Class K | Total |
Impact Municipal | $ 32 | $ 3 | $ 9,591 | $ 9,626 |
Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | |||||||
Fund Name | Institutional | Service | Investor A | Investor A1 | Investor C | Class K | Total |
California Municipal Opportunities | $ 261,487 | $ — | $ — | $ — | $ 2,404 | $ 1,271 | $ 265,162 |
New Jersey Municipal Bond | 79,908 | 2,258 | — | 658 | 1,452 | 288 | 84,564 |
Pennsylvania Municipal Bond | 230,007 | 194 | — | 2,243 | 3,627 | 573 | 236,644 |
Impact Municipal | 89 | — | 30 | — | — | 132 | 251 |
Expiring | ||
Fund Name/Fund Level/Share Class | 05/31/25 | 05/31/26 |
Impact Municipal | ||
Fund Level | $ 319,112 | $ 208,136 |
Institutional | 59 | 121 |
Investor A | 109 | 33 |
Class K | 9,534 | 9,723 |
Expired | |
Fund Name/Fund Level/Share Class | 05/31/24 |
Impact Municipal | |
Fund Level | $ 75,939 |
Institutional | 71 |
Investor A | 72 |
Class K | 2,155 |
U.S. Government Securities | Other Securities | |||
Fund Name | Purchases | Sales | Purchases | Sales |
California Municipal Opportunities | $ — | $ — | $ 1,670,128,700 | $ 1,927,846,112 |
New Jersey Municipal Bond | — | — | 27,462,363 | 34,550,384 |
Pennsylvania Municipal Bond | — | — | 63,837,411 | 85,069,833 |
Impact Municipal | — | — | 11,710,294 | 8,385,438 |
Strategic Municipal Opportunities | — | 836,521 | 2,972,995,358 | 3,847,091,477 |
Fund Name | Year Ended 05/31/24 | Year Ended 05/31/23 |
California Municipal Opportunities | ||
Tax-exempt income | $ 66,876,554 | $ 67,870,844 |
Ordinary income | 5,853,921 | 4,093,071 |
$ 72,730,475 | $ 71,963,915 | |
New Jersey Municipal Bond | ||
Tax-exempt income | $ 10,324,195 | $ 10,327,786 |
Ordinary income | 9,941 | 7,326 |
$ 10,334,136 | $ 10,335,112 | |
Pennsylvania Municipal Bond | ||
Tax-exempt income | $ 12,319,579 | $ 12,559,164 |
Ordinary income | 7,265 | 16,765 |
$ 12,326,844 | $ 12,575,929 | |
Impact Municipal | ||
Tax-exempt income | $ 1,729,238 | $ 1,515,228 |
Ordinary income | 9,612 | 7,724 |
Long-term capital gains | — | 144,045 |
$ 1,738,850 | $ 1,666,997 | |
Strategic Municipal Opportunities | ||
Tax-exempt income | $ 127,997,253 | $ 146,757,843 |
Ordinary income | 13,432,449 | 15,548,691 |
$ 141,429,702 | $ 162,306,534 |
Fund Name | Undistributed Tax-Exempt Income | Undistributed Ordinary Income | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Total |
California Municipal Opportunities | $ 6,035,890 | $ 195,000 | $ (201,467,113 ) | $ (58,467,501 ) | $ (253,703,724 ) |
New Jersey Municipal Bond | 265,711 | — | (21,603,340 ) | (2,690,438 ) | (24,028,067 ) |
Pennsylvania Municipal Bond | 644,608 | 5,420 | (51,218,397 ) | (13,459,422 ) | (64,027,791 ) |
Impact Municipal | 95,473 | 2,468 | (964,785 ) | (823,718 ) | (1,690,562 ) |
Strategic Municipal Opportunities | 5,788,817 | 226,780 | (1,139,898,580 ) | (122,792,249 ) | (1,256,675,232 ) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, amortization methods for premiums on fixed income securities, the treatment of residual interests in tender option bond trusts, the accrual of income on securities in default and the deferral of compensation to Trustees. |
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
California Municipal Opportunities | $ 2,335,930,033 | $ 46,209,216 | $ (104,676,717 ) | $ (58,467,501 ) |
New Jersey Municipal Bond | 288,792,846 | 6,961,382 | (9,651,820 ) | (2,690,438 ) |
Pennsylvania Municipal Bond | 359,939,552 | 1,935,666 | (15,395,088 ) | (13,459,422 ) |
Impact Municipal | 50,062,024 | 497,585 | (1,321,303 ) | (823,718 ) |
Strategic Municipal Opportunities | 4,077,828,569 | 143,600,862 | (266,270,883 ) | (122,670,021 ) |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
California Municipal Opportunities | ||||
Institutional | ||||
Shares sold | 53,049,231 | $ 621,864,509 | 96,231,929 | $ 1,128,888,983 |
Shares issued in reinvestment of distributions | 3,481,913 | 40,930,339 | 3,372,023 | 39,562,634 |
Shares redeemed | (69,281,569) | (803,634,422) | (117,689,708) | (1,377,420,158) |
(12,750,425) | $ (140,839,574) | (18,085,756) | $ (208,968,541) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 7,996,567 | $ 94,151,056 | 10,726,937 | $ 126,343,680 |
Shares issued in reinvestment of distributions | 1,401,606 | 16,459,571 | 1,491,331 | 17,474,979 |
Shares redeemed | (16,626,740) | (194,533,365) | (25,895,873) | (303,253,743) |
(7,228,567) | $ (83,922,738) | (13,677,605) | $ (159,435,084) | |
Investor A1 | ||||
Shares sold | 8 | $ 97 | 4 | $ 47 |
Shares issued in reinvestment of distributions | 121,118 | 1,424,184 | 116,443 | 1,366,084 |
Shares redeemed | (662,435) | (7,806,009) | (729,558) | (8,579,281) |
(541,309) | $ (6,381,728) | (613,111) | $ (7,213,150) | |
Investor C | ||||
Shares sold | 260,811 | $ 3,070,068 | 367,610 | $ 4,343,787 |
Shares issued in reinvestment of distributions | 98,999 | 1,163,128 | 107,152 | 1,256,693 |
Shares redeemed and automatic conversion of shares | (1,841,953) | (21,646,505) | (2,115,208) | (24,800,299) |
(1,482,143) | $ (17,413,309) | (1,640,446) | $ (19,199,819) | |
Class K | ||||
Shares sold | 2,528,118 | $ 29,601,099 | 6,244,561 | $ 73,318,861 |
Shares issued in reinvestment of distributions | 108,374 | 1,273,856 | 126,328 | 1,483,231 |
Shares redeemed | (3,765,053) | (43,712,953) | (8,532,267) | (99,625,925) |
(1,128,561) | $ (12,837,998) | (2,161,378) | $ (24,823,833) | |
(23,131,005) | $ (261,395,347) | (36,178,296) | $ (419,640,427) |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
New Jersey Municipal Bond | ||||
Institutional | ||||
Shares sold | 5,214,623 | $ 52,744,263 | 7,311,607 | $ 74,164,017 |
Shares issued in reinvestment of distributions | 477,553 | 4,844,957 | 436,671 | 4,417,305 |
Shares redeemed | (5,079,288) | (51,158,483) | (9,314,581) | (93,972,701) |
612,888 | $ 6,430,737 | (1,566,303) | $ (15,391,379) | |
Service | ||||
Shares sold | 6,028 | $ 61,724 | 226 | $ 2,310 |
Shares issued in reinvestment of distributions | 20,469 | 207,644 | 19,988 | 202,199 |
Shares redeemed | (52,308) | (527,464) | (65,749) | (672,908) |
(25,811) | $ (258,096) | (45,535) | $ (468,399) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 1,253,374 | $ 12,764,304 | 2,222,725 | $ 22,574,501 |
Shares issued in reinvestment of distributions | 271,160 | 2,752,571 | 298,802 | 3,024,217 |
Shares redeemed | (2,594,449) | (26,322,619) | (3,567,502) | (35,918,580) |
(1,069,915) | $ (10,805,744) | (1,045,975) | $ (10,319,862) |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class (continued) | Shares | Amounts | Shares | Amounts |
New Jersey Municipal Bond (continued) | ||||
Investor A1 | ||||
Shares sold | 2 | $ 12 | — | $ — |
Shares issued in reinvestment of distributions | 29,462 | 299,265 | 30,595 | 309,769 |
Shares redeemed | (109,626) | (1,106,611) | (160,283) | (1,612,737) |
(80,162) | $ (807,334) | (129,688) | $ (1,302,968) | |
Investor C | ||||
Shares sold | 109,912 | $ 1,124,113 | 170,876 | $ 1,724,832 |
Shares issued in reinvestment of distributions | 28,706 | 291,073 | 32,814 | 331,737 |
Shares redeemed and automatic conversion of shares | (364,779) | (3,696,172) | (624,357) | (6,324,275) |
(226,161) | $ (2,280,986) | (420,667) | $ (4,267,706) | |
Class K | ||||
Shares sold | 46,329 | $ 471,937 | 58,199 | $ 590,112 |
Shares issued in reinvestment of distributions | 6,986 | 70,772 | 7,264 | 73,439 |
Shares redeemed | (101,149) | (1,019,421) | (77,133) | (774,039) |
(47,834) | $ (476,712) | (11,670) | $ (110,488) | |
(836,995) | $ (8,198,135) | (3,219,838) | $ (31,860,802) |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Pennsylvania Municipal Bond | ||||
Institutional | ||||
Shares sold | 5,737,754 | $ 55,150,889 | 5,978,147 | $ 58,227,952 |
Shares issued in reinvestment of distributions | 381,309 | 3,675,274 | 381,833 | 3,711,770 |
Shares redeemed | (8,247,796) | (79,509,036) | (13,514,976) | (131,335,547) |
(2,128,733) | $ (20,682,873) | (7,154,996) | $ (69,395,825) | |
Service | ||||
Shares sold | 321 | $ 3,099 | 3,739 | $ 36,890 |
Shares issued in reinvestment of distributions | 3,494 | 33,705 | 3,091 | 30,079 |
Shares redeemed | (4,299) | (41,147) | (29,323) | (287,101) |
(484) | $ (4,343) | (22,493) | $ (220,132) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 1,115,641 | $ 10,830,091 | 1,300,214 | $ 12,786,109 |
Shares issued in reinvestment of distributions | 342,454 | 3,302,197 | 343,990 | 3,347,233 |
Shares redeemed | (2,924,879) | (28,250,922) | (3,519,802) | (34,137,743) |
(1,466,784) | $ (14,118,634) | (1,875,598) | $ (18,004,401) | |
Investor A1 | ||||
Shares issued in reinvestment of distributions | 14,092 | $ 135,968 | 14,162 | $ 137,858 |
Shares redeemed | (90,962) | (885,653) | (109,848) | (1,072,417) |
(76,870) | $ (749,685) | (95,686) | $ (934,559) | |
Investor C | ||||
Shares sold | 38,190 | $ 365,511 | 115,832 | $ 1,131,232 |
Shares issued in reinvestment of distributions | 20,429 | 196,824 | 24,303 | 236,481 |
Shares redeemed and automatic conversion of shares | (392,319) | (3,775,765) | (487,868) | (4,760,709) |
(333,700) | $ (3,213,430) | (347,733) | $ (3,392,996) | |
Class K | ||||
Shares sold | 296,547 | $ 2,851,052 | 502,139 | $ 4,903,559 |
Shares issued in reinvestment of distributions | 31,680 | 305,000 | 25,545 | 248,217 |
Shares redeemed | (320,862) | (3,080,615) | (430,098) | (4,185,708) |
7,365 | $ 75,437 | 97,586 | $ 966,068 | |
(3,999,206) | $ (38,693,528) | (9,398,920) | $ (90,981,845) |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Impact Municipal | ||||
Institutional | ||||
Shares sold | 12,032 | $ 110,006 | 2,776 | $ 26,120 |
Shares issued in reinvestment of distributions | 363 | 3,491 | 84 | 787 |
Shares redeemed | (1,516) | (14,204) | — | — |
10,879 | $ 99,293 | 2,860 | $ 26,907 | |
Investor A | ||||
Shares sold | 7,464 | $ 72,087 | 186 | $ 1,771 |
Shares issued in reinvestment of distributions | 123 | 1,196 | — | — |
Shares redeemed | (113) | (1,039) | — | — |
7,474 | $ 72,244 | 186 | $ 1,771 | |
Class K | ||||
Shares sold | 61,707 | $ 586,041 | 6,620 | $ 61,326 |
Shares issued in reinvestment of distributions | 910 | 8,766 | 87 | 831 |
Shares redeemed | (17,452) | (162,362) | (2,343) | (22,152) |
45,165 | $ 432,445 | 4,364 | $ 40,005 | |
63,518 | $ 603,982 | 7,410 | $ 68,683 |
Year Ended 05/31/24 | Year Ended 05/31/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Strategic Municipal Opportunities | ||||
Institutional | ||||
Shares sold | 114,237,454 | $ 1,175,973,009 | 277,486,248 | $ 2,901,319,523 |
Shares issued in reinvestment of distributions | 8,687,609 | 89,473,659 | 9,859,278 | 102,370,654 |
Shares redeemed | (216,035,902) | (2,207,671,380) | (431,090,290) | (4,477,392,025) |
(93,110,839) | $ (942,224,712) | (143,744,764) | $ (1,473,701,848) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 9,881,614 | $ 101,956,552 | 19,364,452 | $ 202,292,039 |
Shares issued in reinvestment of distributions | 2,168,899 | 22,331,725 | 2,479,260 | 25,735,126 |
Shares redeemed | (33,420,728) | (343,846,023) | (57,423,715) | (597,062,188) |
(21,370,215) | $ (219,557,746) | (35,580,003) | $ (369,035,023) | |
Investor A1 | ||||
Shares sold | — | $ — | 2 | $ 22 |
Shares issued in reinvestment of distributions | 28,497 | 293,629 | 30,047 | 311,823 |
Shares redeemed | (213,971) | (2,204,097) | (344,331) | (3,563,035) |
(185,474) | $ (1,910,468) | (314,282) | $ (3,251,190) | |
Investor C | ||||
Shares sold | 284,142 | $ 2,931,610 | 676,624 | $ 7,046,623 |
Shares issued in reinvestment of distributions | 132,525 | 1,364,313 | 159,235 | 1,653,491 |
Shares redeemed and automatic conversion of shares | (3,228,637) | (33,292,200) | (5,696,048) | (59,346,399) |
(2,811,970) | $ (28,996,277) | (4,860,189) | $ (50,646,285) | |
Class K | ||||
Shares sold | 13,634,612 | $ 141,625,126 | 9,609,145 | $ 100,482,155 |
Shares issued in reinvestment of distributions | 332,700 | 3,400,908 | 213,670 | 2,219,662 |
Shares redeemed | (14,024,446) | (141,796,506) | (12,223,513) | (127,161,730) |
(57,134) | $ 3,229,528 | (2,400,698) | $ (24,459,913) | |
(117,535,632) | $ (1,189,459,675) | (186,899,936) | $ (1,921,094,259) |
Fund Name | Institutional | Investor A | Class K |
New Jersey Municipal Bond | — | — | 18,124 |
Impact Municipal | 10,000 | 10,000 | 4,980,000 |
Fund | Financial Highlights |
BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock Pennsylvania Municipal Bond Fund, BlackRock Strategic Municipal Opportunities Fund | For each of the five years in the period ended May 31, 2024 |
BlackRock Impact Municipal Fund | For each of the two years in the period ended May 31, 2024 and for the period from March 14, 2022 (commencement of operations) through May 31, 2022 |
Boston, Massachusetts
July 24, 2024
Fund Name | Exempt-Interest Dividends |
California Municipal Opportunities | $ 69,547,620 |
New Jersey Municipal Bond | 10,280,300 |
Pennsylvania Municipal Bond | 12,626,568 |
Impact Municipal | 1,721,107 |
Strategic Municipal Opportunities | 129,325,975 |
Fund Name | Federal Obligation Interest |
California Municipal Opportunities | $ 2,033,323 |
Strategic Municipal Opportunities | 662,990 |
Fund Name | Interest Dividends |
California Municipal Opportunities | $ 8,254,252 |
New Jersey Municipal Bond | 2,800 |
Pennsylvania Municipal Bond | 5,421 |
Impact Municipal | 8,216 |
Strategic Municipal Opportunities | 13,944,165 |
Fund Name | Interest- Related Dividends |
California Municipal Opportunities | $ 8,254,252 |
New Jersey Municipal Bond | 2,800 |
Pennsylvania Municipal Bond | 5,421 |
Impact Municipal | 8,216 |
Strategic Municipal Opportunities | 13,944,165 |
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
Wilmington, DE 19809
Boston, MA 02114
Wilmington, DE 19809
New York, NY 10001
Boston, MA 02116
New York, NY 10019
Wilmington, DE 19809
Portfolio Abbreviation | |
AGM | Assured Guaranty Municipal Corp. |
AGM-CR | AGM Insured Custodial Receipt |
AMBAC | AMBAC Assurance Corp. |
AMT | Alternative Minimum Tax |
ARB | Airport Revenue Bonds |
BAB | Build America Bond |
BAM | Build America Mutual Assurance Co. |
BAM-TCRS | Build America Mutual Assurance Co. - Transferable Custodial Receipts |
CAB | Capital Appreciation Bonds |
COP | Certificates of Participation |
CR | Custodian Receipt |
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 |
NPFGC | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
Q-SBLF | Qualified School Bond Loan Fund |
RB | Revenue Bond |
S/F | Single-Family |
SAB | Special Assessment Bonds |
SAP | Subject to Appropriations |
SAW | State Aid Withholding |
SONYMA | State of New York Mortgage Agency |
ST | Special Tax |
TA | Tax Allocation |
Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7 |
Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – See Item 7 |
Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7 |
Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7 |
Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
Item 13 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 16 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
Item 19 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock California Municipal Series Trust
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock California Municipal Series Trust |
Date: July 24, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock California Municipal Series Trust |
Date: July 24, 2024
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock California Municipal Series Trust |
Date: July 24, 2024